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List of Signatures Page 1/2

Annual Report 2025 - TRYG A_S.pdf

Name	Method	Signed at
Carl-Viggo Johannes Östlund	BANKID	2026-01-22 07:39 GMT+01
Jørn Rise Andersen	MitID	2026-01-22 07:51 GMT+01
Anne Kjer Kaltoft	MitID	2026-01-22 07:35 GMT+01
Stefan Vastrup	MitID	2026-01-22 14:27 GMT+01
Lars Ulrik Bonde	MitID	2026-01-22 11:42 GMT+01
Thomas Peider Hofman-Bang	MitID	2026-01-22 07:59 GMT+01
Per Rolf Larssen	MitID	2026-01-22 14:21 GMT+01
Steffen Kragh	MitID	2026-01-22 11:21 GMT+01
MIKAEL KÄRRSTEN	BANKID	2026-01-22 08:06 GMT+01
Mengmeng Du	BANKID	2026-01-22 08:27 GMT+01
Jonas Bjørn Jensen	MitID	2026-01-22 08:26 GMT+01
Jukka Pekka Pertola	MitID	2026-01-22 08:50 GMT+01
Torben Jensen	MitID	2026-01-22 10:08 GMT+01

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List of Signatures Page 2/2

Name	Method	Signed at
Agerup, Benedicte E Bakke	BANKID	2026-01-22 09:39 GMT+01
Anna Lena Maria Darin	BANKID	2026-01-22 11:01 GMT+01
Allan Kragh Thaysen	MitID	2026-01-22 07:56 GMT+01
	MitID	2026-01-22 11:02 GMT+01
	MitID	2026-01-22 13:54 GMT+01
Tina Snejbjerg	MitID	2026-01-22 10:01 GMT+01
Charlotte Dietzer	MitID	2026-01-22 07:38 GMT+01
Osvold, Mette	BANKID	2026-01-22 09:46 GMT+01
Gunnar Elias Bakk	BANKID	2026-01-22 09:39 GMT+01

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Management's review

Introduction	က	Sustainability statement
A message from the Chair and Group CEO	4	ESG at a glance
Tryg at a glance	9	General disclosures
Events in 2025	7	Business model and value chain
Highlights 2025	6	Strategy and targets
Financial highlights Q4 2025	10	Material impacts, risks and opportunities
		Sustainability governance

ilessage il dili ule cilali alla al dap ceo	Г
/g at a glance	9
ents in 2025	7
ghlights 2025	6
iancial highlights Q4 2025	10

rategy	Ξ
ited Towards '27	12
parace towarde 2027 ambitions	1/,

	12	5 14
Strategy	United Towards '27	Progress towards 2027 ambitions

Resource use and circular economy

EU Taxonomy

Social

Climate change

Environment

Financial results	16
Income overview	17
Financial outlook	18
Tryg's results	20
Business areas	22
Private	23
Commercial	25
Investment activities	27
Tax governance	30

Consumers and end-users

Own workforce

Business areas	Private	Commercial	Investment activities	Tax governance

independent auditor's limited assurance report

Business conduct

Governance

Financial statements

Contents - Financial statements

	900
Governance	Cornorate governance

Governance	31	Statement by the Supervisory Board and the Executive Board
Corporate governance	32	Independent Auditor's Reports
Capital and risk management	36	Tryg A/S (Parent company)
Investor information	41	Quarterly outlines
Supervisory Board	43	Group chart
Executive Board	47	Glossary, key ratios and alternative performance measures

Disclaimer

49 52 52	53 54 55 65 67 67 105 110 112	123 124 125 200 207 212 213

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Introduction

Contents

our shareholders, and with this 2025 brought a strong start to share buyback programme. increased, as did dividends to report we launch a DKK 1bn the new strategy period and strong financial results. Customer satisfaction

Solid delivery across the Group

2025 was yet another eventful year for Tryg with and higher customer satisfaction despite the still strategy, United Towards '27, got off to a strong fast pace of macroeconomic and geopolitical with improving underlying profitability levels operations continued to deliver solid results start with multiple significant achievements customers and shareholders alike. The new across all three strategic pillars. Insurance clear deliveries on our commitments to

Good progress towards 2027 targets

7.9bn driven by a combined ratio of 80.3% and a for 2025 with an insurance service result of DKK Tryg is pleased to report strong financial results financial and strategic KPIs, Tryg is very much customer satisfaction rose to 82. Across return on own funds of 40.3%. Similarly, on track to reach its 2027 targets.

Strong start to the new strategy period

Tryg had a strong start to the new strategy period. Across all three strategic pillars,

scoring models have lifted Tryg's ability to price collaboration with Tata Consultancy Services Tryg's older IT systems. Within the 'Technical isks even more accurately. Lastly, within the TCS), who assumed ownership of a range of diversified Group that Tryg embodies. In the Scale & Simplicity' pillar, Tryg is particularly significant progress was made on reaping pleased with the expansion of its 15-year underwriting tool and smarter risk-based penefits of scale from the large and well-Excellence' pillar, the launch of a new

entered several new partnerships in the Swedish of the Trygg-Hansa brand with the aim of taking Customer & Commercial Excellence' pillar, we motor market to fire up the commercial engine a fairer market share of the profitable Swedish market for motor insurance.

Continued price-driven growth to offset

unpredictable global trade policies. Geopolitical continued to experience volatility following From a macroeconomic perspective, 2025

Annual Report 2025 | Tryg A/S | 4

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Financial results

Strategy

Introduction

Contents

the financial environment globally. However, the tensions remained high and continued to affect region for some time. Coupled with ongoing improvement measures, Tryg is particularly Scandinavian markets saw further positive momentum with a continued easing of the inflationary pressure that has affected the pleased to report a significant profitability price adjustments and other profitability improvement of 5.5pp in Norway.

2025 and continued to be mainly driven by price to gradually bring more balanced growth across new customers, cross- and upselling, and price pockets of growth emerging that are expected Across the Group, revenue grew by 3.8% in adjustments. Going into 2026, Tryg sees adjustments.

Maintaining a high level of customer

ultimately creates strong shareholder value, and prolonged period of necessary pricing initiatives fruit. The improvement is a strong step towards the 2027 target of 83. We are particularly proud The strong start to the new strategy period was as it rose to 82. This marks an improvement of of this achievement against the backdrop of a also evident in terms of customer satisfaction, to offset inflationary pressure on claims costs. This achievement was a demonstration of the point since 2024, driven by all countries and Customer & Commercial Excellence bearing pleased to see the significant efforts within employees. Customer satisfaction remains we continue to work diligently to meet and most notably Sweden, where we are very pivotal to Tryg's business model as this continuous customer focus of Tryg's exceed customer expectations.

Tryg's climate targets validated by the SBTi

A significant milestone for Tryg's climate efforts reduction targets. This underpins Tryg's support was reached in 2025 as Tryg committed to the achieved the SBTi's validation of its climate for the goal of the Paris Agreement to limit Science Based Targets initiative (SBTi) and global warming to 1.5°C.

average claim - demonstrating good progress on Simultaneously, we are persisting with our longelectricity consumption but, more importantly, activities where the majority of our total CO2e term strategic focus on reducing the climate concentrating on repairs and reuse. In 2025. reduce emissions from our own energy and impact of the claims handling processes by emissions occur, namely in the value chain At Tryg, this means that we are working to that we have set clear targets to address Tryg reduced CO₂e emissions by 9% per through our suppliers and investments. our 2027 target of 6%.

Corporate advocacy on the need for climate adaptation

assets, it is destroying the homes and memories three out of four Scandinavians expect weatherrelated damage to be more severe in the future. climate – most often felt as the impact of more of our customers. When asked, approximately water – is not merely damaging houses and In Tryg, we see firsthand how our changing One in ten has been personally affected by severe wet weather.

baton campaign inviting leading opinion makers to share their views on climate adaption. At the han 5,000 customers on their experiences and debate in Denmark, Tryg launched a pass-the-To bring relevant perspectives into the public same time, Tryg gathered insights from more

climate adaptation foundation. One that gathers be able to protect ourselves against the weather society – take the right preventive measures to of the future. But we cannot do it alone. That is why we have argued for the need for a national concerns related to climate change, which was At Tryg we consider it our societal duty to not only handle the claims when damage occurs, out to also proactively help customers – and sublished in the report 'KlimaTryg Fremtid'. orioritise, initiate and finance the necessary a range of relevant actors to collectively climate adaptation in Denmark.

We believe it is time for collective effort and collaboration in order for us to address the consequences of climate change.

ncreased shareholder remuneration

announces a further share buyback programme amounting to DKK 8.2 per share for the full year, share buyback programme that was announced cornerstone of Tryg's shareholder remuneration On 19 June 2025, Tryg concluded the DKK 2bn measured on operating earnings. A stable and May 2026. Throughout 2025, Tryg has paid a of DKK 1bn to be concluded no later than 13 on 4 December 2024 at the Capital Markets 5,024m and a dividend payout ratio of 82% corresponding to a total dividend of DKK ncreasing dividend payment remains a Day, Additionally, with this report Tryg stable quarterly dividend of DKK 2.05, commitment.

Thank you to all employees

his first year of the United Towards '27 strategy, employees. On behalf of The Supervisory Board As is evident from the strong progress made in extend a sincere thank you to all employees for he remarkable efforts that have made this and the Executive Board, we would like to 2025 has been a busy year for all Tryg

progress possible. Likewise, we would like to thank our customers for their loyalty and for taking part in our journey.

JUKKA PERTOLA

Chair

JOHAN KIRSTEIN BRAMMER

Group CEO

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Strategy

Introduction

Contents

ryg at a glance

Leading market position

Denmark, the third-largest in Sweden and Scandinavia. We are the largest player in Tryg is the leading non-life insurer in fourth-largest in Norway.

Around 6 million customers

Our 6,700 employees provide peace of mind for around 6 million customers and handle approximately 2 million claims on a yearly

ryg

Sustainability a strategic enabler

Tryg's strategic pillars. Our efforts are centred around three focus areas: Future-fit products, Sustainability and ESG is an enabler across Climate action and Empowering people.

Climate adaptation

TRYGG CHANSA. Sweden

Iryg works to help its customers protect their homes from climate-related damage through tailored products, prevention efforts and public advocacy.

dividend policy Attractive

Tryg aims to distribute a stable, nominal increase out 60-90% of operating in dividends and to pay earnings.

footprint

Revenue distribution

2025 22%

■ Denmark ■ Norway ■ Sweden

Events in 2025

Group

Implementing Puzzel to shape the future of customer experience

fryg is adopting Puzzel as its new Customer Experience (CX) platform across Denmark, important step towards strengthening the company's future customer experience. Norway and Sweden. This marks an

solution that unifies all customer interactions Fryg gains a competitive and future-ready CX organisations to deliver improved customer experiences through faster, more targeted enable employees in the sales and service across voice, chat, messaging and digital routing and real-time agent support, will Puzzel's Al-driven capabilities, including channels in one cloud-based platform. intelligent virtual agents, omnichannel and more personalised guidance.

Collaboration with Tata Consultancy Services (TCS) to scale our IT setup

partnership with one of the world's leading IT Tryg announced an expansion of our

partnership is driven by an ambition to take a echnological leap that will strengthen Tryg's experiences in the market through digital ability to deliver the strongest customer and technology companies, TCS. The services and technology. A simpler, more efficient IT landscape across everage our scale to benefit our customers and strengthen customer journeys through Scandinavia ensures the ability to better the development of customer-centric systems.

Iryg's climate targets validated by the Science Based Targets Initiative (SBTi)

SBTi. This means that our climate targets are Iryg has reached an important milestone in objectives of the 2027 strategy: Our climate argets have been officially validated by the now externally validated to meet the global ts sustainability work and one of the standard for science-based carbon eductions.

efforts to reduce CO2e emissions across our o meet our targets, we will continue our suppliers and asset managers to address own activities and work closely with our emissions across our value chain.

Inyg maintains its focus on DEI

For the fourth consecutive year, Tryg marked nternational Pride Month across Scandinavia n Copenhagen and Bergen. Tryg was the first n June and participated in the Pride parade rainbow certificate and recognised for its company in Denmark to be awarded a

inclusive working environment regardless of efforts to create equal opportunities and an gender or sexual orientation.

Recognised for sustainability performance

assessment considers insurers' performance procurement, investments and partnerships. Norway and Sweden, Tryg and Trygg-Hansa Irvg was recognised in Denmark, Norway sustainability performance. Specifically in insurance companies. The sustainability were awarded the top ranking among and Sweden as being among the best performers across the sector for our across claims handling, prevention,

Denmark

New AI model streamlines car damage case

handle car damage cases involving collisions Iryg has implemented a new Al model to significantly enhances the customer experience by enabling much faster between two vehicles. The solution

weeks can now be resolved within minutes or decisions: in 85 percent of cases, questions of fault that previously took days or even

Customer satisfaction in these types of cases is expected to increase by up to 30% due to the shorter waiting times. The AI model has continuously monitored by our experts to ensure optimal efficiency and high-quality been trained in 42,000 cases and is decisions.

The use of AI is a key element of Tryg's 2027 strategy, and this model is expected to be strengthen the customer experience. expanded to other areas to further

Commercial achieves strong position in the dental patient insurance market

Since 1 January 2025, it has been mandatory for private dentists to have patient insurance covering injury to patients during treatment. new insurance product and has successfully positioned Tryg as the market leader with a Commercial DK was first to market with a market share of over 50 percent.

High demand for Tryg's pregnancy insurance

child during pregnancy and immediately after Three years ago, Tryg launched a pregnancy insurance has been a high-demand product insurance that supports both mother and Swedish operations where pregnancy birth. The launch was inspired by our

Annual Report 2025 | Tryg A/S | 7

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Introduction

Contents

Sustainability statement

Annual Report 2025 | Tryg A/S | 8

Events in 2025

one year, that figure has risen to nearly one in The insurance has quickly become a sought-Denmark was insured with Tryg. After only after part of the pregnancy journey for a growing number of Danes, In 2024, just under one in ten pregnant women in ive (18 percent).

Norway

The Bergen Climate Festival 2025

Festival in spring 2025 by hosting the debate corporate citizen during the Bergen Climate Who Pays the Bill for Climate Change?". Tryg reinforced its role as a responsible

politicians, researchers and representatives sector to discuss financing mechanisms for climate adaptation and the management of from public administration and the private initiative strengthened Tryg's profile as a driving force for climate adaptation and growing climate risks in Norway. The The event brought together leading sustainable societal preparedness.

Strategic partnerships with real estate agencies

was strengthened, as the company became a nome buyer insurance. At the same time, the direct partner in the same product area from n 2025, Tryg entered strategic partnerships collaboration with OBOS Eiendomsmeglere property-related insurance market and put with the real estate chains Privatmegleren and Sem & Johnsen for the distribution of mportant step in the development of the 1 July. These agreements represent an ryg in a stronger position in a growing segment.

Profitability improvements at Tryg Norway

ratio has improved, revenue is increasing and strengthening of profitability. The combined cost discipline has been tightened further. Throughout the year, Tryg Norway has implemented a series of measures that collectively have delivered a clear

adjustments to product terms combined with mproved accuracy, particularly within water A significant part of the improvement stems profitability requirements. Enhanced use of more data-driven and precise risk-based pricing including the discontinuation of partner agreements that no longer met external data and in-house models has from targeted and differentiated price measures, higher deductibles and and motor claims.

materially. The cost base has been reduced Operational efficiency has also contributed over time, supported by increased

improvement in profitability for Tryg Norway. digitalisation, automation and the use of Al tools. Together, these initiatives have delivered a marked and sustainable

Sweden

Home insurance upgrade

Frygg-Hansa launched a redesign of its home compensation for consumer electronics. The service "The House Help" was also launched properties in order to prevent future claims. insurance in the autumn of 2025, the most to help homeowners identify risks in their comprehensive update in several years. against online fraud, ID theft and online Among the new features are protection harassment, as well as improved One of the upgraded products,

Villaförsäkring stor', is now ranked as the no.

1 house insurance on the market according

to The Swedish Consumers' Insurance

3ureau rankings.

New strategic partnership with the Swedish Hockey League

safety both on and off the ice. Trygg-Hansa's also offers a targeted supporter discount on well-known lifebuoy is once again visible on partner, entering a new chapter of creating the SHL's referee shirts, and Trygg-Hansa After 18 years, Trygg-Hansa rejoined the several insurance products to the clubs' Swedish Hockey League (SHL) as official supporters.

New partnerships in motor insurance

During the year, Trygg-Hansa entered new Subaru, Carla and Veho Import and also collaborations in motor insurance with expanded its collaboration with Hedin Automotive. The ambition with all the

partnerships is to reach more potential customers in order to grow in both the private and commercial markets.

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Strategy

Introduction

Contents

Highlights 2025

Financial highlights 2025

3.8%

Revenue growth (in local currencies)

Group underlying claims ratio improvement 0.3pp

2024: 0.3pp

(improvement)

2024: 4.1%

13.4% Expense ratio

2024: 13.5%

778m

7,945m

80.3%

Combined Ratio

Net investment result (DKK)

Insurance service result (DKK)

2024: 911m

2024: 7,056m

2024:81.7%

average, compared to 2024

highlights 2025 Non-financial

Customer satisfaction score

2027 target: 83

Use of straight-through processing for digitally reported claims

2027 target: > 55%

196%

Solvency ratio

CO₂e reduction per claim, on average 2027 target: 6% reduction per claim, on

Dividend per share (DKK) 8.20

Profit before tax (DKK)

2024: 7.80

2024: 6,303m

2024: 196%

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Strategy

Introduction

Contents

Governance

Financial highlights Q4 2025

Revenue growth (in local currencies)

0.3pp

13.6%

Expense ratio

Q4 2024: 13.3%

Group underlying claims ratio improvement

Q4 2024: 0.3pp (improvement)

Q4 2024: 3.6%

81.4%

Combined Ratio

1,918m

Net investment result (DKK) 171m Insurance service result (DKK)

Q4 2024: -265m

Q4 2024: 1,708m

Q4 2024: 82.5%

1,707m

2.05

Dividend per share (DKK)

Profit/loss before tax (DKK)

Q4 2024: 1.95

Q4 2024: 1,033m

Q3 2025: 204%

Accounting policy change

restated. The impact was mainly on Q2 related to long-tailed lines of business. and Q3 2024, while the impact on Q1 newsletter on an improvement in the hedging strategy for inflation risk 2024 was minor. No impact was In March 2025, Tryg published a Comparison figures have been recorded in Q4 2024.

The restatement simply moves income more details on the inflation hedge, see profit/loss before tax is unaffected. For and the investment result, and hence note 1 on general accounting policies between the insurance service result figures is shown below.

and the IR newsletter.

Quarterly results

Q4 2024

Q4 2025

DKKm		reported	restated

Insurance service result	1,918	1,708	1,708
Net investment result	171	-265	-265
Other income and costs	-382	-409	605-
Profit/loss before tax	1,707	1,033	1,033

Annual results

196%

Solvency ratio

	2025	2024	2024
DKKm		reported	restated

Insurance service result	7,945	7,324	7,056
Net investment result	778	643	911
Other income and costs	-1,511	-1,664	-1,664
Profit/loss before tax	7,212	6,303	6,303

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Strategy

Introduction

Contents

United Towards '27

Tryg hosted a Capital Markets Day on 4 December 2024, unveiling its 2027 financial and strategic targets.

Tryg hosted a Capital Markets Day in December targets for 2027 were unveiled under the theme 2024, during which its strategy and financial Leveraging Scale to Drive Technical and Commercial Excellence'.

Financial targets

(ROOF) of between 35% and 40%. These targets Norwegian businesses, which virtually doubled 8.0-8.4bn supported by a return on own funds following the acquisition of RSA's Swedish and and an insurance service result between DKK Tryg targets a combined ratio of around 81% leveraging the scale of the expanded Group are the most ambitious in Tryg's history, Tryg's insurance service result.

15-16bn for the period 2025-2027 and the DKK remuneration grounded in a robust and stable 2bn extraordinary share buyback launched in December 2024. This ambition underscores shareholder remuneration of DKK 17-18bn, Tryg's ongoing commitment to shareholder Tryg also communicated an ambition for comprising an ordinary dividend of DKK insurance business.

Strategic targets

Tryg identified three strategic targets in this new strategy period.

Customer satisfaction

objectives. For the new strategy period, Tryg has set a customer satisfaction score target of 83 by the customer satisfaction targets for 2024. Tryg improving customer satisfaction. Tryg believes entire Swedish business, which was not part of Therefore, achieving the customer satisfaction satisfaction baseline from 87 to 81 for the new improvement of 2 points against the old target. period. This difference arises from an updated scoring methodology and the inclusion of the that high customer satisfaction and retention rates contribute to lower distribution costs. The first strategic target is centred around target is crucial for realising the financial is therefore targeting a score of 83, an 2027. Tryg has rebased the customer

Straight-through processing

involve any manual touchpoint, thus only relying higher degree of automation results in increased efficiency, thus contributing to the realisation of through processing for digitally reported claims to over 55%, an improvement of 10 percentage STP as a claims handling process that does not on automated processes. Tryg believes that a points from the baseline of 45%. Tryg defines increasing straight-through processing (STP). Tryg is strongly focused on fast and efficient claims handling, aiming to increase straightcustomer satisfaction and improved cost The second strategic target focuses on the financial objectives.

strategic KPIs 2027 Financial and

Financial KPIs

Strategic KPIs

Annual Report 2025 | Tryg A/S | 12

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Introduction

Contents

Sustainability & ESG

continued focus on repairs and reused materials across Tryg's value chain activities. Tryg's target of reducing CO₂e emissions by 6% on average per claim by 20271 builds on a long-term and climate impact from Tryg's claims handling -The final strategic target aims to reduce the one of the most CO₂e intensive processes in the claims handling process.

and environmental impact from claims handling based emissions targets, and reducing climate sustainability targets, covering the three focus areas: Future-fit products, Climate action and adaptation and customer resilience, science-Empowering people. Central to the strategic focus areas is a concentration on climate supported by a strong commitment to The target forms part of Tryg's strategic diversity, equity and inclusion.

Read more about the sustainability strategy in the Sustainability Statement.

Strategic pillars supporting the targets

four enablers to support the strategy towards To achieve the financial and strategic targets, Iryg has identified three strategic pillars and

Tryg's size and scaling best practices across the nsurance service result by DKK 1bn by 2027. The three strategic pillars, Scale & Simplicity, Commercial Excellence, focus on leveraging Group. These pillars aim to increase the echnical Excellence, and Customer &

Scale & Simplicity

main contributors. The first one is to leverage utilising our size to become an even stronger and more efficient company. There are three the increased size from the RSA Scandinavia The first strategic pillar is focused around

one aims to deliver economies of scale in claims transaction to combine IT systems. The second through the digitalisation of claims handling, optimised procurement and increased fraud automation. In total, the target is to deliver a DKK 500m improvement in the insurance prevention. The third focus area aims to streamline the back-end tasks through service result by 2027.

Technical Excellence

to the rest of Tryg, to use more advanced pricing portfolio management competences in Sweden to deliver a DKK 300m insurance service result profitability and manage volatility. The target is to improve our risk selection and risk-correct standardisation in underwriting to increase disciplines. The aim is to scale world-class strengthening Tryg's technical insurance pricing, and to further leverage scale and The second strategic pillar focuses on impact by 2027.

Customer & Commercial Excellence

copy commercial successes across markets, e.g. customers and focuses on ensuring commercial scaling best practices in motor, partnership and position in each market to ensure a strong longexcellence across Tryg's business. We plan to by copying personal accident and online sales delivering DKK 200m to the insurance service rom Sweden to Denmark and Norway, and Norway to Sweden. These initiatives target The third strategic pillar is anchored in our customer satisfaction from Denmark and result by 2027 and also expanding Tryg's term business.

Enablers

customer experience, sustainability & ESG, data ensure we deliver holistically across the Group. & technology and people & culture. These will The strategy is supported by four enablers:

Strategic pillars 2027

Technical

Excellence

Simplicity Scale &

Commercial DKK 200m Excellence

ncrease in ISR

DKK 500m

DKK 300m

Scale world-class

everage increased size to combine IT systems, simplify

and underwriting with portfolio management and advanced pricing new data and technology

deliver economies of

processes and

Scale proven

commercial successes across the Group and further strengthen focus on customer satisfaction

Customer experience

Sustainability & ESG

Data & technology

People and culture

Annual Report 2025 | Tryg A/S | 13

Compared to 2024.

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Strategy

Introduction

Contents

Progress towards 2027 ambitions

Status update on 2027 targets

targets were published. The strategy period has report a strong start and solid progress towards concluded its first year, and Tryg is pleased to Markets Day where the 2027 strategy and reaching the 2027 ambitions for both the In December 2024, Tryg hosted a Capital financial and strategic targets.

Financial targets

service result between DKK 8.0-8.4bn, return on reports positive progress on the financial targets service result of DKK 7.9bn, and a return on own dividend and the extraordinary share buyback of DKK 2bn launched at the CMD 2024 as well as a new extraordinary share buyback of DKK 1bn in Excellence. Additionally, results were supported strategy period. The main financial targets are a remuneration of DKK 17-18bn1. For 2025, Tryg and targeted underwriting leveraging new tools during the strategy period reached DKK 8bn by claims ratio improved in 2025 mainly driven by Tryg has set ambitious financial targets for the with a combined ratio of 80.3%, an insurance price initiatives, active portfolio management weather claims. Shareholders' remuneration combined ratio of around 81%, an insurance funds of 40.3% for the year. The underlying the end of 2025, comprising the ordinary own funds of 35-40%, and shareholders' by lower-than-normal levels of large and as part of the strategic pillar Technical addition to the CMD target

Strategic targets

Tryg has set three strategic targets for 2027 as highlighted below.

Tryg is pleased to report a customer satisfaction an improvement in key processes relating to the customer satisfaction and retention are strongly To further enhance customer satisfaction, Tryg level of 82 at the end of 2025 mainly driven by correlated with lower distribution costs, which remains a key competitive parameter for Tryg. expanded its cooperation with TCS in autumn Simplicity. TCS assumed ownership of a range processes that improve the customer journey. of older IT systems, allowing Tryg to focus on momentum towards this target is critical for achieving the 2027 financial goals, as higher The first target is customer satisfaction, and developing customer-centric systems and 2025 under the strategic pillar Scale and customer journey. Maintaining strong

thereby improving cost efficiency and increasing customer satisfaction. For 2025, Tryg reported a STP level of 53%, which signals that Tryg is well various initiatives within motor, home and bike. Secondly, Tryg has a target for STP on digitally The increase in the STP ratio was impacted by reported claims. STP is an important tool for under way with reaching its 2027 ambitions. executing claims handling more swiftly and

sustainability agenda. Tryg is pleased to report emissions by 6% on average per claim by 2027 (compared to 2024) as part of the Group's Lastly, Tryg set a target of reducing CO₂e

and strategic targets Status on financial

2025	$\bigcirc$	45m (	$\bigcirc$	$\bigcirc$	$\bigcirc$	$\bigcirc$	$\bigcirc$
Status 2025	80.3%	DKK 7,945m	40.3%	DKK 8bn	82	53%	%6
Targets 2027	~81%	DKK 8.0-8.4bn	35-40%	DKK 17-18bn	83	>55%	% 9
Key Performance Indicators	Combined ratio	Insurance service result	Return on own funds (ROOF)	Shareholders' remuneration (during 2025-2027)¹	Customer satisfaction	Straight-through processing (STP)	Reduce CO ₂ e emissions per claim, on average
			Financial				Strategic

Annual Report 2025 | Tryg A/S | 14

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Strategy

Introduction

Contents

prioritising repairs and reuse whenever possible, solid progress and a CO₂e emissions reduction Performance is driven by a consistent focus on procurement cost savings and the claims mix. of 9% per claim by the end of 2025.

Progress on strategic initiatives

strategic domains: Scale & Simplicity, Technical implementing several key initiatives across its bridge the gap between current performance financial and strategic targets, Tryg reports a Excellence. These initiatives are designed to In addition to delivering solid progress on strong, ahead-of-schedule momentum in Excellence and Customer & Commercial and the Group's 2027 ambitions. Tryg demonstrates particularly strong progress further efforts to be initiated in 2026 and 2027 Excellence. So far, progress within Technical Excellence has been less pronounced, with on strategic initiatives in the pillars Scale & Simplicity and Customer & Commercial

development processes in a unified and efficient in Trygg-Hansa, which was initiated in 2024, and milestone. This expanded collaboration enables advancing the harmonisation of claims handling systems across its geographies. The final step in establishing the foundation for next generation the first product went live in Q4 2025. The rollexpansion of Tryg's strategic partnership with TCS in September 2025 marked a significant creating a clear path for leveraging scale and customer experiences. Additionally, Trygis Tryg to re-orchestrate the company's agile implementations in Denmark and Norway. way across countries and business units, Within the Scale & Simplicity pillar, the

Progress on implementation of strategic initiatives

Grow Personal Accident portfolio

Improve portfolio management

Technical Excellence

Scale & Simplicity

Simplify IT foundation

Enhance advanced pricing

Scale world-class claims handling

Customer & Commercial Excellence

strengthen position in small Improve online offering to commercial customers Grow profitable motor portfolio in Sweden

Optimise individual underwriting

process

(>)

Automate back-end operations

Focus on strategic partnerships in Sweden

Increase customer satisfaction to drive further cross-sales and

retention

Needs attention

On track

Ahead of plan

accelerating across the Group and, in Norway, where the tool is fully adopted, a significant

contribution to the portfolio's profitability

mprovement was evident in 2025.

towards its financial and strategic targets during Overall, Tryg has demonstrated clear progress constitutes a solid basis for the coming two lears and confirms that Tryg is on track to the first year of the strategy period. This achieve the company's 2027 ambitions. Annual Report 2025 | Tryg A/S | 15

Commercial Excellence, several initiatives have Denmark and Norway. In Sweden, Trygg-Hansa portfolio, leveraging experience from Denmark momentum, particularly in Sweden but also in and Norway. These partnerships are showing solid progress and are expected to contribute has entered multiple strategic partnerships aimed at accelerating growth in the motor been launched to strengthen commercial Under the strategic pillar Customer & more than SEK 130m in annual sales.

ollowing the product's expansion from Sweden. pregnant women now choose Tryg's offering. n both markets, approximately 20% of all

selection. A key initiative is the introduction of a new UW tool designed to improve underwriting Excellence, Tryg has initiated several initiatives riendly, Al-ready technical platform, the tool quality and pricing accuracy. Built on a userto improve profitability and enhance risk everages data-driven insights to support As part of the strategic pillar Technical underwriting decisions. Adaptation is

Furthermore, Tryg is seeing strong traction on

pregnancy insurance in Denmark and Norway

{17}------------------------------------------------

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Strategy

Introduction

Contents

Governance

Income overview

	%	970
DKKm	2025	2024	2025	2024	2023
NOK/DKK, average exchange rate for the period	63.75	63.24	63.74	64.30	65.37
SEK/DKK, average exchange rate for the period	66.79	96'59	67.28	65.33	64.88
Insurance revenue	10,293	9,734	40,356	38,596	37,135
Gross claims	-7,038	-6,466	-26,210	-25,596	-25,204
Insurance operating costs	-1,404	-1,299	-5,425	-5,196	-4,959
Insurance service expenses	-8,442	-7,766	-31,636	-30,792	-30,163
Profit/loss on gross business	1,851	1,969	8,720	7,804	6,972
Net expense from reinsurance contracts	29	-261	-775	-748	-507
Insurance service result	1,918	1,708	7,945	7,056	6,465
Net investment result	171	-265	778	911	565
Other income and costs	-382	605-	-1,511	-1,664	-2,001
Profit/loss before tax	1,707	1,033	7,212	6,303	5,029
Tax	-429	-247	-1,807	-1,488	-1,178
Profit/loss for the period	1,277	786	5,405	4,816	3,851
Run-off gains/losses, net of reinsurance	217	233	895	832	1,166
Key figures and ratios
Total equity	39,620	38,864	39,620	38,864	40,351
Return on equity after tax (%)	12.7	7.6	13.7	12.2	9.4
Return on Own Funds (%)	36.8	21.9	40.3	34.1	24.8
Return on Tangible Equity (%)	53.4	30.4	54.3	47.2	34.3
Number of shares (1,000)	602,020	613,165	602,020	613,165	617,455
Earnings per share (DKK)	2.09	1.25	8.83	7.71	80.9
Operating earnings per share (DKK)	2.38	1.54	10.00	8.90	7.26
Ordinary dividend per share (DKK)	2.05	1.95	8.20	7.80	7.40
Net asset value per share (DKK)	65.81	63.38	65.81	63.38	65.35
Revenue growth in local currencies (%)	4.1	3.6	3.8	4.1	4.8
Gross claims ratio	68.4	66.4	6.49	66.3	6.79
Net reinsurance ratio	-0.7	2.7	1.9	1.9	1.4
Claims ratio, net of reinsurance	67.7	69.1	6.99	68.3	69.2
Expense ratio	13.6	13.3	13.4	13.5	13.4
Combined ratio	81.4	82.5	80.3	81.7	82.6
Run-off, net of reinsurance (%)	-2.1	-2.4	-2.2	-2.2	-3.1
Large claims, net of reinsurance (%)	1.5	1.5	1.4	1.4	2.7
Weather claims, net of reinsurance (%)	1.7	2.8	1.5	2.4	3.4
Discounting (%)	-2.4	-2.1	-2.4	-2.3	-3.0
Combined ratio by business area
Private	82.0	83.5	82.1	83.7	84.3
Commercial	80.1	80.3	76.5	77.5	79.4

Note: Tryg has changed the presentation of externally given inflation assumptions measured as part of the insurance liabilities. Comparative figures have been restated accordingly. Note: ESRS disclosure points incorporated by reference in this section (ESRS ID): 58M-1_06.

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Introduction

Contents

Sustainability statement

Financial outlook

normalised inflation level and the effects of pricing initiatives. Insurance revenue growth will primarily come from the retail Fryg targets an insurance service result of DKK 8.0-8.4bn in 2027 driven by a combined ratio of around 81%. Return on segment, while the profitability outlook is supported by a own funds is targeted at between 35% and 40% in 2027.

been accelerating in recent years driven by price satisfaction is high. Growth in the industry has Historical long-term growth in the Private and The Scandinavian non-life insurance markets remain generally stable, as consumers cover adjustments to match inflationary pressure. Commercial segments has been hovering their insurance needs well and customer around low-to-mid single digit.

Capital markets day in London

own funds (ROOF) of between 35% and 40%. As 8.0-8.4bn in 2027 driven by a combined ratio of service result is anticipated to grow by DKK 1bn Tryghosted a Capital Markets Day in London in always, the financial targets assume unchanged financial and strategic targets. Tryg is targeting an insurance service result in the range of DKK weather claims, both at DKK 800m per annum, around 81%. Tryg is also targeting a return on levels of interest rates and currency exchange rom the normalised 2024 level to 2027 with Simplicity (DKK 500m), Technical Excellence rates, as well as the guided level of large and three pillars being the key drivers: Scale & during the strategy period. The insurance December 2024 and presented its 2027

initiatives are detailed in the CMD presentation. Excellence (DKK 200m). The most important (DKK 300m) and Customer & Commercial

Follow-up on 2025 results

guidance. Normalising large and weather claims, Insurance revenue grew 3.8% measured in local reported at DKK 7.9bn, in part driven by a more the current strategy period. The net investment result was impacted by positive developments claims outcome, while run-off was in line with in the financial markets and amounted to DKK the insurance service result amounted to just expectation of a gradual increase throughout currencies. The insurance service result was driven by the strong appreciation of the SEK. 778m, well above normalised expectations. 1.5bn, marginally higher than guided levels avourable-than-normal large and weather Other income and costs amounted to DKK above DKK 7.5bn in 2025, in line with the Return on own funds was 40.3%, a strong 2025 was a year of solid delivery for Tryg. delivery on the 35-40% target for 2027.

2026 outlook

Tryg's revenue growth in 2026 is expected to

come primarily from the retail portfolios (private & commercial), while growth in the upper part of he Commercial segment (the former Corporate ew years, insurance revenue growth has mainly segment) is likely to be more limited. In the past ryg continues to see this around 3.5% in 2026 nflation is the leading indicator to monitor, and been driven by price adjustments to offset nflationary pressure. Importantly, wage

customers as well as attracting new customers -onger term, Tryg anticipates growth gradually becoming more balanced through a focus on cross-selling and up-selling to existing hrough commercial activities.

hroughout the remainder of the strategy period 2025 and is targeting its highest ever insurance claims outcome - of just above DKK 7.5bn in avourable-than-normal large and weather The insurance service result is expected to As mentioned, Tryg reported an insurance ncrease gradually on a normalised basis service result of DKK 8.0-8.4bn in 2027. service result - adjusted for the more

and will continue its prudent reserving practices nistorically enabled Tryg to maintain stable and directed to shape the business for the future. As confident in the strength of its reserve position ousinesses in Scandinavia, Tryg expects a run-High retention levels in Scandinavia coupled off level of approximately 2%. Tryg remains continue, with reinvestments strategically a well-diversified insurer with three large ow expense ratios. This cost focus will with dedicated cost management have

Iryg's insurance business is generally stable but seasonal variations: 40% of these are expected events and large claims. These factors must be expected annual level of DKK 800m. Historical data suggests that weather claims will amount nevitable. Large claims are anticipated to be n Q1, 10% in Q2, 20% in Q3, and 30% in Q4. claims. Tryg is protected by a well structured evenly distributed across the quarters, at an nistorical data on large and weather-related to approximately DKK 800m annually with can be subject to volatility due to weather nonitored over extended periods, as their mpact can vary annually, as evidenced by reinsurance programme to mitigate this volatility, though some fluctuations are

therefore reporting a higher level of claims costs basis points drop in interest rates leads to a 100 basis points deterioration in the combined ratio, he discounting of Tryg's claims reserves. A 100 all else being equal, as Tryg would discount its claims reserves with a lower interest rate level, currency fluctuations, significant weakness in The general interest rate environment affects against the Danish currency would negatively mpact the insurance service result, and vice either the Norwegian or Swedish currencies combined ratio is virtually unaffected by in its profit/loss. Additionally, while the

Scandinavia acquisition, which is expected to be to be between negative DKK 1.4 and DKK 1.5bn For 2026, other income and costs are expected he primary item booked against this line is the intangibles amortisation from the RSA around DKK 800m per annum.

{20}------------------------------------------------

Strategy

Introduction

Contents

total free portfolio) with a two-year duration and

real estate (16% of the free portfolio). Tryg has

Q4 2025) are managed taking into consideration

Investment activities (DKK 59bn as per end of

the specifics of the non-life insurance business.

additionally disclosed that real estate will not be

Sustainability statement

ncreasing ordinary dividend on an annual basis. The targeted payout ratio of 60-90% (based on operating earnings) is secondary to the aim of increasing the annual dividend.

part of the asset mix in the long term - covered and government bonds will be the only asset class. (DKK 45bn at end-Q4 2025) and a free portfolio Invested assets are split into a match portfolio portfolio is primarily made up of Scandinavian (DKK 15bn at end-Q4 2025). The match

Sweden, which has the lowest corporate tax rate highest rate at 26%, including the special 'Arne at 20.6%, Norway, which has a corporate tax tax' for financial institutions. The investment expected to be approximately 24.5%. This reflects Tryg's earnings distribution across rate of 25%, and Denmark, which has the result may also weigh either positively or The overall full-year tax rate for 2026 is negatively on the tax rate. also booked as part of the match portfolio and is possible to zero, as capital gains or losses driven similar, but opposite, movements on assets and expected to be around DKK 200m per annum at

liabilities. The return on premium provisions is

return on the match portfolio to be as close as

insurance liabilities. The objective is for the

covered bonds (rated AAA) matching the

by interest rate movements should result in

funds targeted in the range of 35-40%, Tryg targets delivered with a high return on own

announced at the CMD in December 2024, Tryg

Following the de-risking of investments

the current level of interest rates.

expects a more stable return from the free

covered and government bonds (84% of the

portfolio, which currently comprises only

Tryg will continue to focus on disciplined capital continues to aim to offer a nominally stable and management, and with ambitious profitability

Financial KPIs 2027

35-40% ~81% Combined 8.0-8.4bn Insurance service

Return on own funds

ratio1)

result (DKK)1)

Ordinary dividends and extraordinary hare buyback²⁾

7-18bn

Strategic KPIs 2027

%9 Customer Straight-through

22%

eduction per claim Average CO₂e mission satisfaction

¹⁰ As always, assuming interest rates and currency levels are as at 4 December 2024 (GMD date) and guided large/weather claims ²¹ including DKK 15-16bn ordinary dividend range during 2025-2027 and the DKK 2bn extraordinary share buyback announced at GMD 2024

processing

{21}------------------------------------------------

Strategy

Introduction

Sustainability statement

Iryg's results

ratio for the Private segment improved by 20 basis points. The strong result was supported by weather and growth measured in local currencies was 3.8% mainly driven by price initiatives to mitigate claims inflation. The underlying claims ratio for the Group improved by 30 basis points in 2025, while the underlying claims programme of DKK 1bn on the disclosure date of the Annual Report 2025, after which the solvency ratio is result was DKK 778m (DKK 911m). Profit/loss before tax was DKK 7,212m (DKK 6,303m). Tryg is paying a large claims combined being DKK 442m below normalised levels of DKK 800m each. The investment ryg reported an insurance service result of DKK 7,945m (DKK 7,056m) in 2025. Insurance revenue dividend for the full year of DKK 8.20 per share and has in addition announced a share buyback

Results 2025

Irvg reported an insurance service result of DKK applies to both Group and Business area figures and impacts the consolidated insurance service disclosed in the IR Newsletter of March 2025 7,945m (DKK 7,056m) for 2025 driven by a Comparative figures for 2024 were restated (primarily impacting Q2 and Q3 2025). This following the updated hedging strategy as strong combined ratio of 80.3% (81.7%). esult and the investment return.

expectations. The result included large claims of 800m each. The underlying claims ratio (i.e. the claims ratio adjusted for volatile factors such as nterest rate movements) improved by 30 basis impacted by revenue growth measured in local both below the normalised annual level of DKK DKK 570m and weather claims of DKK 587m, points for the Group as a result of profitability currencies of 3.8% (4.1%) primarily driven by large and weather claims, run-off result and The insurance service result was positively the Private segment and in line with

2.2% (2.2%), in line with guidance of around 2% Commercial segments. The run-off result was The discount rate for claims provisions was 2.4% (2.3%), reflecting a largely unchanged initiatives in both the Private and the interest rate environment.

The improvement stems from both online across the Group and especially in Sweden. Tryg satisfaction as this is essential for share of wallet achieved as at end-2025, showcasing a strong market, but also for maintaining high retention continues to have a strong focus on customer channels and direct interactions with clients rates, supporting low distribution costs and start to the current strategy period towards expansion and commercial traction in the A customer satisfaction score of 82 was thereby achieving a low expense ratio.

The year 2025 was characterised by continued investment return was DKK 778m (DKK 911m low-risk investment portfolio means it is less macroeconomic uncertainty, but Tryg's very exposed to asset price volatility. Total

restated for the change in accounting practice expectations after de-risking the portfolio related to the inflation hedge) and above owards the end of 2024.

nsurance revenue

several initiatives were implemented to improve nsurance revenue amounted to DKK 40,356m was 2.0% (-1.3%) measured in local currencies. commercial and corporate customers), growth hrough price initiatives, and Tryg's main focus emained profitable growth. Across the Group, 3.8% in local currencies. Growth was primarily adjustments to mitigate inflation and improve profitability, particularly in Private Norway. In DKK 38,596m), corresponding to growth of driven by the Private segment growing 4.7% he commercial momentum, especially in the Commercial segment (including both The Commercial segment grew primarily sweden, including new and expanded 6.9%) as a result of continued price distribution partnerships.

Financial highlights 2025

7,945m

Insurance service result (DKK)

2024: 7,056m

7,212m

Profit/loss before tax 2024: 6,303m 66.9%

Claims ratio, net of reinsurance

2024: 68.3%

13.4%

Gross expense ratio

2024: 13.5%

80.3%

Combined ratio

2024:81.7%

Annual Report 2025 | Tryg A/S | 20

The solvency ratio at the end of 2025 was positively impacted by a temporary refinancing effect of 3pp related to the issuance of new restricted Tier 1 capital in November 2025 and subsequent call of the existing instrument in January 2026.

{22}------------------------------------------------

Introduction

Contents

testament to the strong focus on the underlying claims ratio and is fully in line with expectations. the Private segment, the underlying claims ratio (68.3%) for the year, showcasing a sound overal claims ratio for the Group improved by 30 basis The claims ratio, net of reinsurance, was 66.9% improved by 20 basis points on average during points driven by profitability initiatives in both the Private and the Commercial segments. In the year with an improving trend through the measures implemented in Norway. This is a profitability improvement. The underlying quarters, primarily driven by profitability

below the level in 2024, adding tailwinds to the 587m (DKK 933m), well below the guided level 555m), also well below the guided level of DKK Weather claims for the year amounted to DKK 800m. In total, weather and large claims were of DKK 800m for the year. Large claims were DKK 442m below guidance and DKK 330m benign and amounted to DKK 570m (DKK results when comparing to 2024.

The run-off result was in line with expectations at 2.2% (2.2%) and in line with Tryg's overall guidance of approximately 2%.

of 2.4% (2.3%). The overall interest level impacts claims cost being reported (all else being equal), The discounting impact was broadly unchanged from 2024 to 2025, resulting in a discount rate the discounting benefit. A higher discount rate of the liabilities implies a lower amount of which impacts the result positively.

cost controls and sees this as a key competitive advantage. The expense ratio is expected to be (13.5%). Tryg remains focused on having tight stable to slightly improving towards 2027 as The expense ratio was reported at 13.4%

disclosed at the Capital Markets Day in December 2024

nvestment activities

900m of real estate assets, reducing exposure to equities, corporate bonds and alternative assets. sold more than DKK 7bn of risky assets, such as announced that real estate would no longer be a conservative asset allocation. The free portfolio During 2025, the company sold more than DKK reported a result of DKK 320m (DKK 672m, the 778m (DKK 911m). The year was characterised The investment result for the year totalled DKK 536m) result, while other financial income and expenses totalled DKK -267m (DKK -297m). In changed the asset mix in the free portfolio and and replaced these with short-duration, liquid markets although volatility remained present. DKK 2.3bn from DKK 3.3bn in Q4 2024. The match portfolio reported a DKK 724m (DKK divested real estate assets were replaced by December 2024, Tryg disclosed that it had Scandinavian covered bonds. At its capital Tryg is among the European insurers least part of its asset allocation in the long term. by positive developments in the financial markets day in December 2024, Tryg exposed to asset risk due to its very covered and government bonds.

Other income and costs

Scandinavia transactions, which totalled around 1,511m (DKK 1,664m). The largest costs in this Other income and costs amounted to DKK relations, e.g. related to the Alka and RSA DKK 900m in 2025. In addition, this line line were the amortisation of customer ncludes other non-insurance costs.

Profit/loss before and after tax

5,405m (DKK 4,816m), implying an overall tax Profit/loss before tax was DKK 7,212m (DKK 6,303m), while profit/loss after tax was DKK

result was 2.1% (2.4%) and in line with guidance, was 2.4% (2.1%), reflecting a largely unchanged expense ratio of 13.6% and continues to focus while the discount rate for claims provisions interest rate environment. Tryg delivered an normalised level of DKK 240m. The run-off claims at DKK 174m were well below the 23.6%), broadly in line with Tryg's guidance and corresponding to an effective tax rate of 25.0% driven by the improved profitability in Norway. ryg's own funds amounted to DKK 13,570m expense of DKK 1,807m (DKK 1,488m),

Dividend and solvency

2025 and the subsequent call of the existing Tier announced a share buyback programme of DKK refinancing effect of 3pp related to the issuance was DKK 6,916m at the end 2025, resulting in a disclosure of the 2025 Annual Report, Tryg has strong delivery on the targeted level of 35-40% I capital instrument in January 2026. Tryg will solvency ratio of 196%. The solvency position be paying a full-year dividend for 2025 of DKK Ibn. Return on own funds (ROOF) is 40.3%, a while the solvency capital requirement (SCR) of new restricted Tier 1 capital in November 8.20 per share. Additionally, on the date of was positively impacted by a temporary n 2027.

will pay a flat quarterly dividend of DKK 2.05 per

2026 announced a share buyback programme

of DKK 1bn.

share. Additionally, Tryg has on 22 January

In accordance with Tryg's dividend policy, Tryg

382m (DKK 409m) and were broadly in line with

expectations.

Other income and costs amounted to DKK

on tight cost control and efficient operations.

Results Q4 2025

3.6%) with the Private segment contributing the In O4 2025, Tryg reported an insurance service growth measured in local currencies was 4.1% weather claims, run-off result and interest rate underlying claims ratio for the Private segment ilso improved by 30 basis points in the quarter movements) improved by 30 basis points as a adjusted for volatile factors such as large and Private and the Commercial segments. The combined ratio of 81.4% (82.5%). Revenue result of DKK 1,918m (DKK 1,708m) and a underlying claims ratio (i.e. the claims ratio result of profitability initiatives in both the most and in line with expectations. The

normalised level of DKK 200m, while weather experience of DKK 150m compared to the The result included benign large claim

{23}------------------------------------------------

Strategy

Introduction

Contents

Business areas

Private

insurance products including motor, content, house, accident, Private provides insurance products to private customers in Denmark, Sweden and Norway. Private offers a range of travel, motorcycle, pet and health.

of insurance revenue

Distribution channels

Franchises • Bancassurance • Car dealers • Real estate agents Online • Call centres • Own sales agents • Partner •

Commercial

including motor, property, liability, workers' compensation, travel sized commercial and corporate customers in Denmark, Sweden Commercial provides insurance products to small and mediumand Norway. Commercial offers a range of insurance products and health.

32%

of insurance revenue

Distribution channels

Own sales agents • Online • Call centres • Franchises • Insurance brokers • Partner • Bancassurance

Brands

{24}------------------------------------------------

2024 04

2025 8

Financial results

Strategy

Introduction

Contents

Private

Results 2025

Insurance service result

service result of DKK 4,931m (DKK 4,247m) and a combined ratio of 82.1% (83.7%). The higher line growth, an improvement in the underlying insurance service result was supported by tophigher run-off and a more favourable weather The Private segment reported an insurance initiatives continued to cater for inflationary claims experience. Motor claims frequency claims ratio driven by price adjustments, a eased during the year and average claims stabilised, while the implemented pricing pressure in the business.

Insurance revenue

geographies, growth was mainly driven by price largest in Norway and part of efforts to improve Insurance revenue amounted to DKK 27,525m and improve profitability. Pricing actions were 4.7% (6.9%) measured in local currencies and adjustments to mitigate inflationary pressure profitability, which has picked up significantly (DKK 26,100m), corresponding to growth of was in line with expectations. Across throughout the year.

mostly accepted by customers, demonstrating a trends in Denmark and Norway, while retention rates in Sweden improved throughout the year Competition generally remains healthy across stabilised and started to show slightly positive retention rates slightly declining in Denmark. Fowards the end of the year, retention rates Scandinavia, while price adjustments were high level of customer satisfaction despite

as a result of our continued efforts to improve customer satisfaction.

The company focuses on both the traditional car new and deepened partnerships based on many League as an official partner. In addition, several years of experience with strategic partnerships strengthen commercial momentum in Sweden. Trygg-Hansa has rejoined the Swedish Hockey was ranked as best in the market according to certified. The home insurance 'large-package' Several initiatives have been implemented to insurance product, which is environmentally entered and existing partnerships expanded. Trygg-Hansa to grow market shares through in Denmark and Norway. Additionally in Q4, dealerships and the online marketplace for electric and hybrid cars. The ambition is for Trygg-Hansa launched a redesigned home the Swedish Consumers Insurance Bureau. new partnerships within motor have been

Claims

a more favourable weather claims experience of The claims ratio, net of reinsurance, was 69.2% throughout the year. This positive development underlying development was supplemented by (70.9%). The underlying claims ratio improved was primarily driven by the strong profitability 1.5% (2.5%) in 2025. Run-off stood at 2.1%, a more normalised level compared to the level quarters with a positive and improving trend by 20 basis points in 2025, marking four improvement in Norway. The positive last year (1.3%).

Key figures - Private

DKKm	2025	2024	2025	2024
Insurance revenue	7,086	6,621	27,525	26,100
Gross claims	-4,933	-4,662	-18,891	-18,193
Insurance operating costs	-903	-810	-3,542	-3,337
Insurance service expenses	-5,836	-5,472	-22,433	-21,530
Profit/loss on gross business	1,249	1,150	5,092	4,570
Net expense from reinsurance contracts	29	-55	-161	-323
Insurance service result	1,278	1,095	4,931	4,247
Run-off gains/losses, net of reinsurance	131	125	569	351
Key figures and ratios
Revenue growth in local currencies (%)	5.3	8.9	4.7	6.9
Gross claims ratio	9.69	70.4	68.6	2.69
Net reinsurance ratio	-0.4	0.8	9.0	1.2
Claims ratio, net of reinsurance	69.2	71.2	69.2	70.9
Expense ratio	12.8	12.2	12.9	12.8
Combined ratio	82.0	83.5	82.1	83.7
Combined ratio exclusive of run-off	83.8	85.4	84.2	85.1
Run-off, net of reinsurance (%)	-1.8	-1.9	-2.1	-1.3
Large claims, net of reinsurance (%)	0.3	0.1	0.3	0.2
Weather claims, net of reinsurance (%)	1.2	3.0	1.5	2.5

vote: Comparative figures for 2024 were restated following the updated hedging strategy as announced in the IR Newsletter of March 2025.

The business area accounts for 68% of %89

Financial highlights 2025 the Group's total insurance revenue.

4.7%

4,931m 12.9%

Insurance service result

(DKK)

(in local currencies) Revenue growth

Expense ratio

2024: 12.8%

2024: 4,247m

2024: 6.9%

82.1% Combined ratio

2024:83.7%

Annual Report 2025 | Tryg A/S | 23

{25}------------------------------------------------

.2% (3.0%).

The current level of expenses allows for ongoing (12.2%). Quarterly fluctuations across segments the overall level is fully in line with expectations. and geographies occur from time to time, and The expense ratio increased slightly to 12.8% investments in commercial initiatives and ousiness development. Expenses

The expense ratio was 12.9% (12.8%), broadly in line with the same period last year. This reflects considered a key competitive advantage. a very efficient operational setup and is

Results Q4 2025

result was driven by steady top-line growth, an insurance service result of DKK 1,278m (DKK 83.5%). The increase in the insurance service avourable weather claims experience, partly mprovement in the underlying claims ratio driven by price adjustments, and a more The Private segment reported a Q4 2025 1,095m) and a combined ratio of 82.0% offset by a slightly higher expense ratio.

nsurance revenue

(DKK 6,621m), corresponding to growth of 5.3% nsurance revenue amounted to DKK 7,086m orice initiatives to offset inflationary pressure, out commercial efforts, especially in Sweden, are also beginning to show positive traction. across geographies was primarily driven by (6.8%) in local currencies. Top-line growth

Financial highlights Q4 2025

5.3%

Revenue growth (in local currencies)

04 2024: 6.8%

nsurance service result

Q4 2024: 1,095m

1,278m 12.8%

Q4 2024: 12.2%

82.0% Expense ratio

Combined ratio

Q4 2024: 83.5%

Annual Report 2025 | Tryg A/S | 24

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Strategy

Contents

{26}------------------------------------------------

Strategy

Introduction

Contents

Financial statements

Commercia

Results 2025

Insurance service result

corporate customers. The Commercial segment 3,015m (DKK 2,809m) and a combined ratio of From the beginning of 2025, the Commercial reported an insurance service result of DKK segment includes both commercial and 76.5% (77.5%).

The higher insurance service result builds on an increase in insurance revenue mainly driven by underlying claims ratio led by continued focus on profitability, as well as an ongoing focus on smaller and more profitable commercial price initiatives, an improvement in the customers.

Insurance revenue

customers, as indicated by retention rates in all Insurance revenue amounted to DKK 12,831m Denmark and Norway following the prolonged profitability. Retention rates dipped slightly in 2.0% (-1.3%) measured in local currencies, in whereas retention rates improved in Sweden. (DKK 12,496m), corresponding to growth of countries, which demonstrate a high level of period of inflation-linked price adjustments, Price adjustments were mostly accepted by loyalty and satisfaction within the customer line with expectations. Across geographies, growth was driven by price adjustments to offset inflationary pressure and improve

The claims ratio, net of reinsurance, was 61.8% (62.6%) and characterised by a slightly lower level of large claims at 3.9% (4.1%). Weather

claims ratio improved following profitability claims were lower than the same period last 2.5%, a more normalised level compared to initiatives across all geographies during the vear at 1.4% (2.2%). Run-off was lower at the level last year (3.9%). The underlying vear.

Expenses

The expense ratio improved to 14.7% (14.9%) reduce distribution costs by leveraging more organisation. The segment primarily aims to driven by tight cost control throughout the efficient sales channels.

Key figures - Commercial

DKKm	2025	2024	2025	2024
Insurance revenue	3,207	3,113	12,831	12,496
Gross claims	-2,105	-1,805	-7,320	-7,403
Insurance operating costs	-500	-489	-1,883	-1,859
Insurance service expenses	-2,605	-2,293	-9,203	-9,262
Profit/loss on gross business	602	819	3,628	3,234
Net expense from reinsurance contracts	38	-206	-614	-425
Insurance service result	639	613	3,015	2,809
Run-off gains/losses, net of reinsurance	98	109	326	481
Key figures and ratios
Revenue growth in local currencies (%)	1.5	-2.4	2.0	-1.3
Gross claims ratio	65.6	58.0	57.0	59.2
Net reinsurance ratio	-1.2	9.9	4.8	3.4
Claims ratio, net of reinsurance	64.5	9.49	61.8	62.6
Expense ratio	15.6	15.7	14.7	14.9
Combined ratio	80.1	80.3	76.5	77.5
Combined ratio exclusive of run-off	82.7	83.8	79.0	81.4
Run-off, net of reinsurance (%)	-2.7	-3.5	-2.5	-3.9
Large claims, net of reinsurance (%)	4.1	4.5	3.9	4.1
Weather claims, net of reinsurance (%)	2.8	2.3	1.4	2.2

vote: Comparative figures for 2024 were restated following the updated hedging strategy as announced in the IR Newsletter of March 2025. The business area accounts for 32% of the Groun's total incurance revenue the Group's total insurance revenue

Financial highlights 2025

2.0%

3,015m 14.7%

nsurance service result

Expense ratio

2024: 14.9%

2024: 2,809m

2024: -1.3%

(in local currencies) Revenue growth

76.5% Combined ratio

2024:77.5%

Annual Report 2025 | Tryg A/S | 25

{27}------------------------------------------------

Strategy

Introduction

Contents Ш

Results Q4 2025

The Commercial segment reported a Q4 2025 613m) and a combined ratio of 80.1% (80.3%) The quarter saw a lower level of large claims, nsurance service result of DKK 639m (DKK ncreased weather claims and lower run-off.

nsurance revenue

development.

mpacted by profitability initiatives, partly offset prolonged period of pricing initiatives to offset Insurance revenue totalled DKK 3,207m (DKK 3,113m), corresponding to a growth rate of by slightly lower retention rates following a mpacted by the de-risking of the corporate 1.5% (-2.4%) measured in local currencies. Across geographies, growth was positively nflationary pressure. Growth in 2024 was portfolio carried out during the year.

The underlying claims ratio improved during the The claims ratio, net of reinsurance, was 64.5% claims experience of 4.1% (4.5%) and a higher Additionally, run-off was lower at 2.7% (3.5%). 64.6%), impacted by a more favourable large quarter, driven by continued profitability evel of weather claims at 2.8% (2.3%). nitiatives.

Financial highlights Q4 2025

1.5%

639m

Insurance service result

Revenue growth (in local currencies)

Q4 2024: 613m

Q4 2024: -2.4%

Expense ratio

Q4 2024: 15.7%

80.1% 15.6%

Combined ratio

Q4 2024: 80.3%

Annual Report 2025 | Tryg A/S | 26

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Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 27

Investment activities

Investment result 2025

markets, central banks have been lowering their short-term interest rates with Europe taking the economic outlook and demand. To cater for the uncertainty weighed negatively on consumer countries and goods, which created a more In 2025, the global investment climate was volatile market environment and impacted introduction of trade tariffs across various inflation expectations and slower labour negative effects, and as a result of lower characterised by increasing geopolitical spending and general confidence in the investors' risk appetite adversely. The tensions and the US administration's

following the introduction of tariffs, whereas the recent interest rate cut in December 2025. The Swedish krona appreciated and the Norwegian lead and the US following, enacting its most US dollar generally depreciated in 2025 krone remained rather stable.

Tryg has benefitted from its low-risk investment towards Scandinavian covered bonds and very strategy with the majority of its exposure limited exposure towards risky assets.

portfolio was DKK 59bn at the end of Q4 2025 The investment portfolio is split into a match The total market value of Tryg's investment portfolio and a free portfolio. The match

nterest rate risk and lower capital consumption 'ixed-income securities designed to minimise portfolio of DKK 45bn is made up of low-risk by matching the duration of the insurance portfolio had a market value of DKK 15bn. iabilities. At the end of Q4 2025, the free

strong return of DKK 778m (DKK 911m in 2024 restated for the change in accounting practice 2024 figures include a positive impact of DKK n 2025, the investment portfolio reported a related to the inflation hedge). The restated 268m from the inflation hedge.

inancial income and expenses in addition to the The total investment result includes other ree and match portfolios.

Match portfolio

The match portfolio reported a solid result of DKK 724m (DKK 536m). The match result is portfolio also significantly benefitted from a ightening of covered bond spreads.

Total investment return (DKK)

Match portfolio (DKK)

Free portfolio (DKK)

778m

premium provisions, but from time to time, and portfolio is designed to yield the return on the particularly during periods of volatility, larger Over time, the hedging strategy of the match mismatches can occur in both a positive and negative direction. nsurance provisions are discounted with swap based interest rates and hedged with a

Total investment return

Match portfolio

Free portfolio

Financial highlights 2025

mainly driven by the yield from interest income on premium provisions, but in 2025 the match

Financial highlights Q4 2025

covered bonds and interest rate swaps. Hence, developments in the spread between covered combination of short-duration Scandinavian

Short-term Scandinavian interest rates declined the match portfolio. A narrowing of the spreads premiums provisions going forward (at current bonds and swap rates determine the return of interest rate levels) will be around DKK 200m constitutes a gain, while a widening of the in 2025, therefore the expected return on spreads constitutes a loss annually.

ree portfolio

eported a return of 3.1%. Real estate reported a due to the de-risking of the free portfolio carried Scandinavian covered bonds, reported a return 320m (DKK 672m), which is lower than 2024 positive return of DKK 8m. At the end of Q4 epresented some 84% of the free portfolio, The free portfolio reported a result of DKK of 2.6%, while the government bonds (a significantly smaller asset class for Tryg) out late last year. Tryg's asset of choice, 2025, covered and government bonds while real estate represented 16%.

ong term, as disclosed at the CMD in 2024, and owering (all else being equal) the SCR by some Real estate will not be an asset of choice in the in 2025 Tryg managed to reduce real estate exposure by more than DKK 900m, thereby JKK 95m.

Other financial income and expenses

rryg books various items against this line. On a funds, the net result of the inflation hedge and subordinated loans. Also included are costs normalised basis, approximately half of the amount is made up of interest expenses on elated to currency hedges to protect own

320m

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Financial results

Strategy

Introduction

Contents

costs related to running the investment activities.

Other financial income and expenses amounted to DKK -267m (DKK -297m), better than guidance of DKK -300m annually.

Investment result Q4 2025

In O4 2025, the investment portfolio produced a and match portfolios. During Q4 2025, Tryg sold DKK 201m as well as strong returns on the free real estate exposure amounting to DKK 500m, increase was mainly driven by other financial total return of DKK 171m (DKK -265m). The income and expenses being less negative by reducing (all else being equal) the SCR by approximately DKK 50m.

The match portfolio reported a result of DKK 187m (DKK 56m). The return of the match

portfolio is designed to yield the interest income on the premium provisions, but in this quarter the match portfolio also benefitted from a tightening of covered bond spreads.

(DKK -73m). Tryg's investments in Scandinavian the government bonds, constituting only a small covered bonds reported a return of 0.4%, while equal to an annualised return of 1.4% and 1.9%, The free portfolio reported a result of DKK 31m part of the portfolio, reported a return of 0.5%, respectively. Real estate reported a negative return of DKK -14m (DKK -53m), a positive development from 2024. Other financial income and expenses amounted negative impacts from inflation and FX hedging. to DKK -47m (DKK -248m), notably better than guided. The comparison period included

Modelling the free portfolio

duration of 2 years as well as approx. 15% in real estate. To The free portfolio is made up of approx. 85% Scandinavian RCMB2 and 50% NYKRCMG2. The real estate portfolio is assumed to produce a normalised annual return of 6.5%, following two Bloomberg indexes can be used, 50% NYK government bonds' portfolio, a weighted average of the covered bonds and government bonds with an average model the return of the Scandinavian covered and as disclosed at the CMD in December 2024.

Return - Investments

	6 %	97			Market value	value
DKKm	2025	2024	2025	2024	31.12.2025	31.12.2024
Free portfolio, gross return	31	-73	320	672	14,714	16,560
Match portfolio	187	99	724	536	44,550	43,969
Other financial income and expenses	-47	-248	-267	-297	1	1
Investment result	171	-265	778	911	59,264	60,529

Return - free portfolio

	δ	4	04	04					Market value	alue
DKKm	2025	2025 (%)	2024	2024 (%)	2025	2025 (%)	2024	2024 (%)	31.12.2025	31.12.2024

Covered Bonds	41	0.4	65	9.0	287	2.6	237	3.3	11,519	13,058
Government Bonds	4	0.5	0	0.1	26	3.1	16	2.3	854	224
Real Estate	-14	9.0-	-53	-1.6	00	0.3	-142	-4.2	2,342	3,278
De-risked investments	0	0.0	69-	-1.8	0	0.0	561	10.7	0	0
Total	31	0.2	-73	-0.4	320	2.2	672	3.6	14,714	16,560

Annual Report 2025 | Tryg A/S | 28

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Financial results

Strategy

Introduction

Contents

Responsibility in investments

firmly anchored in responsible principles aligned Iryg manages its investment portfolio through a combination of in-house expertise and external aligned with the Paris Agreement. The target asset managers. The investment strategy is Under UN SDG 13: Climate Action, Tryg has initiative (SBTi) and set an investment target with Agenda 2030 and the UN Sustainable Development Goals (SDGs) with a strong committed to the Science Based Targets emphasis on stability and transparency. was validated by SBTi in 2025.

SBTi-aligned investment target

covered bond investment portfolio by 45.9% per operational GHG emissions from its real estate Tryg has committed to reducing all in-use square meter by 20301.

Sustainability risks and portfolio exclusions

Subject to market conditions, green bonds are The majority of Tryg's investment portfolio is financing private homes and office buildings. climate change mitigation while maintaining selectively added to the portfolio to support investments are primarily directed towards government and covered bonds, essentially allocated to Scandinavian covered bonds, recognised as low-risk and well-regulated alignment with the company's risk-return instruments. This approach significantly reduces sustainability-related risks, as profile.

activities that conflict with our ethical standards controversial, environmentally harmful or other Given the investment focus on covered bonds, companies that fail to address confirmed companies involved in thermal coal, oil, Tryg does not have equity exposure to nuclear power or any other sectors or

Compared to base year 2024

Annual Report 2025 | Tryg A/S | 29

alcohol, mining and the chemical industries services, tobacco, pornography, gambling, - including all types of weapons, military

All investments are regularly screened to ensure compliance with Tryg's commitments under the UN Global Compact and Tryg's overall strategy for sustainability towards 2027.

External manager selection and monitoring

Tryg conducts a thorough due diligence process products classified under Article 8 and Article 9 When selecting external investment managers, followed by ongoing monitoring to ensure they Regulation (SFDR), or those with a comparable effectively manage sustainability-related risks and contribute to positive environmental and social outcomes. Tryg prioritises financial of the EU Sustainable Finance Disclosure level of ESG integration.

(UN PRI) and most have made explicit net-zero coalitions promoting sustainable development All Tryg's external managers are signatories of the UN Principles for Responsible Investment commitments and actively participate in and the green transition.

Policy for governing responsible investment

consideration for sustainability-related risks and their potential adverse societal impacts, and to support sustainability-related outcomes in line Fryg's Responsible Investment Policy governs investment activities are managed with due with Tryg's SBTi-aligned investment target. the company's approach to ensuring that

Responsible investment policy (link)

Ethical screening process

Global Compact's Ten Principles. The screening includes data from an external ESG provider and controversial weapons and violations of the UN holdings are screened annually for exposure to Confirmed breaches trigger a formal escalation considers relevant UN and EU regulations. sustainability strategy and ambitions, all o ensure alignment with Tryg's values,

Process for ethical screening (link)

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Introduction

Contents

Sustainability statement

Fax governance

Tryg Group acknowledges that the taxes we pay Iryg Group is a transparent and responsible tax paid are fair and in accordance with legislation. compliance focus is on ensuring that all taxes are a significant contribution to sustainable societies in the countries we do business in. payer, and our tax governance and key tax

the Tryg Tax Policy inspired by GRI Sustainability Reporting standard #207 regarding tax. The Tax Policy governs all entities in the Tryg Group, all taxes paid by the Tryg Group and, to the extent The tax governance approach is embedded in possible, also to investments made by Tryg

the Supervisory Board of Tryg. Our approach to the Tryg Group's risk management and actively The Tryg Tax Policy is overseen by the Chair of approved annually by the Executive Board and tax risk management is therefore aligned with within the strategic and business objectives. the Tryg Risk Committee and reviewed and monitored to ensure that tax positions are

and overseen by the Group CFO. Tax operations and tax risk management are undertaken on a Tax matters are a part of the finance function day-to-day basis by the tax team in Tryg.

The Tryg Tax Policy is available on our website at https://tryg.com/en/governance/policies.

Corporate income tax 2025

1,807m (DKK 1,488m), corresponding to an Corporate income tax amounted to DKK effective tax rate for Tryg Group of 25%.

three Scandinavian countries. Tryg Group did geographical split of the business across the not receive any tax relief or tax grants from The tax rate is primarily impacted by the governments in 2025. The effective tax rate for 2026 is expected to be approximately 24.5%.

and Employer Taxes.

Pillar II - Global minimum tax regime

minimum tax regulations, also known as Pillar II exception, Tryg has assessed that no entities in Tryg Group is within scope of the OECD global the Group will be impacted by a top-up tax in (EU Minimum Tax Directive and OECD Safe Harbour rules). Based on the mandatory 2025.

Total tax impact - the Tryg Tax Impact

number of jurisdictions. The contributions arise from our operations and business activities and Through various taxes and contributions, Tryg Contribution (the Tryg Tax Impact). The Total Tax Contribution amounts to DKK 6,675m in Group contributes to tax authorities, etc. in a are collectively Tryg Group's Total Tax 2025.

customers and employees, and comprise mainly Faxes arising from Tryg Group's operations and business transactions, investments and profits, tax authorities, etc. Taxes borne by Tryg Group such as income tax, withholding taxes and VAT Group or collected by Tryg Group on behalf of are those imposed as a result of Tryg Group's Taxes collected relate mainly to Tryg Group's insurance premium tax, stamp duties, payroll business activities are either borne by Tryg

axes and other contributions such as guarantee und taxes, natural hazard tax and similar.

For reporting purposes, Tryg's Total Tax

For further details on Tryg Group's Total Tax Impact, please refer to note 13.

ive categories: Corporate taxes, VAT, Insurance Premium Tax and contributions, Employee Tax Contribution is consolidated into the following

Tryg Group's Total Tax Impact

Our customers

Insurance premium
Taxes and other contributions
Stamp duties

Our business & people

Employee and employer Corporate income tax
VAT

tax (tax on payroll)

Our investments

Withholding taxes
Stamp duties and transaction taxes

Faxes born + taxes collected = Total Tax Contribution

Annual Report 2025 | Tryg A/S | 30

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Strategy

Introduction

Corporate governance

'comply-or-explain' principle for each individual the Committee on Corporate Governance. The with the Danish recommendations prepared by corporate governance and generally complies Recommendations on Corporate Governance recommendation. This section on corporate are available at corporategovernance.dk. At corporate governance report based on the ryg focuses on managing the company in governance is an excerpt of the corporate tryg.com, Tryg has published its statutory accordance with the principles of good governance report.

Governance Report at www.tryg.com/en/ Download Tryg's Statutory Corporate downloads-2025

Dialogue between Tryg, its shareholders and other stakeholders

maintains regular contact with analysts and Tryg's Investor Relations (IR) department investors.

conference calls and participates in conferences Together with the Executive Board, the Investor Relations team organises investor meetings, in Denmark and abroad.

stakeholders. Tryg has an IR policy which states The Supervisory Board is regularly informed about the dialogue with investors and other that all company announcements may be published in English only. Tryg publishes quarterly interim reports in English.

presentations which are used in the dialogue Tryg also prepares quarterly investor

available at tryg.com. This material provides all with investors and analysts. Additionally, Tryg stakeholders with a comprehensive picture of relevant topics. All announcements, financial reports, presentations and newsletters are also regularly publishes IR newsletters on Tryg's position and performance.

Standards. At tryg.com, stakeholders are invited and stock exchange codes of conduct. Tryg has presented in accordance with IFRS Accounting sensitive information complies with legislation guidelines ensure that the disclosure of priceadopted a number of policies describing the relationship between different stakeholders. The consolidated financial statements are to subscribe to press releases, company announcements. A number of internal announcements and insider trading

See the IR Policy at www.tryg.com/en/ governance/policies

Annual General Meeting

Shareholders may also opt to receive the notice meeting virtually, as well as an agenda for the Tryg holds an Annual General Meeting (AGM) company announcement and at tryg.com information about the time and venue, or echnical requirements for attending the Association, the AGM is convened via a subject to at least three weeks' notice. Companies Act and Tryg's Articles of by post or email. The notice contains every year. As required by the Danish

safeguards for shareholders' participation rights uestions and submit comments and cast votes, will be made available on Tryg's website and in hrough electronic means, detailed information neetings. Thus, there will be clear instructions All shareholders are encouraged to attend the he notice convening such electronic general decides to hold general meetings exclusively concerning registration and procedures for and feedback channels ensuring sufficient general meeting. If the Supervisory Board virtual attendance, including how to ask at potential future virtual-only meetings.

appoint the Supervisory Board or a third party as Shareholders may propose items to be included Shareholders may vote at the AGM, by post, or tem on the agenda. The proxy form and form their proxy. Shareholders may consider each or voting by post are available at tryg.com on the agenda for the AGM and may ask questions before and at the meeting. before the AGM.

nvites shareholders to submit written questions -urthermore, prior to the general meeting, Tryg communicated to shareholders and published nformation on how to exercise shareholders' o be considered at the general meeting. ights at the general meeting is clearly at tryg.com.

Share and capital structure

49.4%1 of the shares and is the only shareholder class, and all shares rank pari passu. The largest owning more than 5% of the company's shares. Iryg's share capital comprises a single share shareholder, TryghedsGruppen smba, owns

Annual Report 2025 | Tryg A/S | 32

capital structure is aligned with the needs of the Group and the interests of its shareholders and contingency capital plan, which are reviewed applicable to Tryg as a financial undertaking, The Supervisory Board ensures that Tryg's hat it complies with the requirements ryg has adopted a capital plan and a annually by the Supervisory Board.

the Supervisory Board proposes the distribution adjustment of the capital structure is required. Depending on the financial results, each year extraordinary annual dividend if a further of quarterly dividends, and possibly an

Outies, responsibilities and composition of the Supervisory Board

egular and systematic reviews of strategy and nonitoring targets and frameworks based on business setup is robust. This is achieved by The Supervisory Board is responsible for the central strategic management and financial control of Tryg and for ensuring that Tryg's isks.

decide on and/or adjust the Group's strategy to developments and Group performance, capital The Executive Board reports to the Supervisory Board on strategies and action plans, market equirements and risks, etc. The Supervisory achieve its strategic targets. The Supervisory Executive Board works with the Supervisory Board to ensure that the Group's strategy is sustain value creation in the company. The developed and monitored. The Supervisory Soard ensures that the necessary skills and inancial resources are available for Tryg to Board holds an annual strategy seminar to

Calculated excluding Tryg's own shares

{34}------------------------------------------------

2024

2025

Number

9 0 0 2 2 6 7

0 0

GOV-1 07 Independent Supervisory Board members (%)

GOV-1_03 Number of employee representatives

GOV-1 02 Number of executive members

Number of non-executive members

GOV-1 01

Size and roles

ESRS ID

30ard members age group, under 30 years

Diversity metrics

GOV-1 05

0 3

Board gender diversity ratio, shareholder-elected (female %)

GOV-1_06

Soard members age group, 50 and above Soard members age group, 30-49 vears

Board gender diversity ratio, shareholder-elected

Soard gender diversity ratio, employee-elected

Female

Male

Female

Male

Strategy

Introduction

Contents

Board specifies its activities in a set of rules of procedure and an annual cycle for its work.

adopts the rules of procedure of the Supervisory and report on compliance with limits defined by Each year, the Supervisory Board reviews and relevant information to the Supervisory Board relevant policies, guidelines and instructions Board and the Executive Board, comprising requires the Executive Board to disclose all requirements for communication with the Executive Board. Financial legislation also he Supervisory Board and in legislation. describing reporting requirements and

Supervisory Board composition and diversity of

The other four members are dependent, as they Recommendations on Corporate Governance. Supervisory Board were elected by the Annual General Meeting for a term of one year. Of the meeting, six (60%), and thus the majority, are are appointed by Tryg's largest shareholder, ten members elected at the annual general The current ten external members of the fryghedsGruppen. See pages 43-46 for independent, thus complying with recommendation 3.2.1. in the

office for a maximum of twelve years. B

elected by the annual general meeting may hold

talent into the Supervisory Board, members

members. To ensure the integration of new

members in the section Supervisory Board See details about the independent board on pages 43-46 and at www.tryg.com/ en/governance/management/ supervisory-board The Supervisory Board has 15 members in total, employee-elected members. In total, the Board all of whom are non-executive, including five

Composition of the Supervisory Board members elected at the Annual General Meeting employee representatives). Three out of the ten currently comprises seven women and eight men (including one male and four female are women.

General Meeting and employee representatives one gender and three of the other for members reached with four members of one gender and Annual General Meeting, and two members of by 30 June 2026. With the current size of the Supervisory Board members elected by the six of the other for members elected by the Supervisory Board, gender balance will be Tryg must target gender balance among elected by the employees.

members, one is male and four are female, also Among the ten members elected by the Annual General Meeting, seven are men and three are Meeting-elected members will be six men and candidate has been nominated for election at underrepresented gender. With reference to women, below the threshold of four women our women (60/40), meeting the target for As of today, Tryg does not meet this target. the upcoming Annual General Meeting. If (40%). Among the five employee-elected below the required two members of the Company Announcement no. 40-2025, elected, the distribution among General published 4 December 2025, a female gender balance.

the composition of the Supervisory Board with Tryg wishes to keep a balanced distribution in members are aged between 39 and 70 years, are from Denmark, Norway and Sweden and represent the markets that Tryg operates in. respect to gender, nationality and age. The

Accounting policies

Size and roles

The Supervisory Board consists solely of non-executive members, meaning they have no nanagement responsibilities in Tryg. In addition, the Board also includes employee epresentatives elected for four-year terms [GOV-1_01-03]

ryg's website, or in the CVs on pages 43 - 46. Figures exclude employee representatives ndependent Supervisory Board members are assessed based on their relationship to ryghedsGruppen, Details on Board composition and independence are available on GOV-1 07].

Diversity metrics

expressed in numbers, is reported in accordance with the Danish Gender Balance Act (Act The gender diversity ratio represents the average ratio of female to male board members Age and gender diversity are calculated as of the end of the reporting period [GOV-1_05] No. 1602 of 17/12/2024), which defines gender as female and male. Gender balance is assessed separately for shareholder-elected and employee-elected Board members. or shareholder-elected positions [GOV-1_06]. The Board's gender diversity ratio,

information on the individual Supervisory Board

30V-1

A7D1095E124040D6A37B58B63C1EFC93

{35}------------------------------------------------

Introduction

Contents

Governance

meeting frequency, responsibilities and

activities during the year

Sustainability statement

and report on compliance with limits defined by

discusses Tryg's activities to guarantee diversity composition, development, risk and succession plans of the Executive Board in connection with number of women in management positions to consitions increased from $41\%^2$ in 2024 to 43% 40%². The number of women in management has been driven by having a continuous focus the annual evaluation of the Executive Board, valance in management that sets out specific diversity and has been aiming to increase the n 2025, exceeding the initial target. Progress several years, Tryg has had a strong focus on neetings. Each year, the Supervisory Board positions for qualified men and women. For levels. Tryg has adopted a Policy on gender at management levels. Tryg attaches great mportance to diversity at all management opportunities and access to management and regularly in connection with Board The Supervisory Board considers the argets to ensure diversity and equal

www.tryg.com/en/governance/policies See the General action plan for diversity including women in management at

members with ESG experience, as reflected in

the CVs of each board member.

The Board has broad representation of

Iryg has an Audit Committee, a Risk Committee, a Nomination Committee, a Remuneration Committee and an IT Data Committee. The frameworks for the committees' work are defined in their terms of reference.

reference can be found at www.tryg.com/ supervisory-board/board-committees including descriptions of members, The Board Committees' terms of en/governance/management/ S

Annual Report 2025 | Tryg A/S | 34

he Supervisory Board and in legislation.

regulatory compliance, insurance - commercial

development, financial services, risk and

Tryg's employees are entitled to elect a number

of Board representatives, who have the same rights, duties and responsibilities as any other member of the Supervisory Board. To ensure

and product insurance - technical/financial

modelling, IT & digitalisation, value chain

optimisation and customer journey.

on the recruitment and HR processes.

3oard committees

section Supervisory Board on pages 43-46

and at www.tryg.com/en/governance/

management/supervisory-board

See CVs and descriptions of skills in the

including the committee chair, are independent including the committee chair. Two out of three All members of the Audit Committee and three members of the Nomination Committee are Remuneration Committee are independent, independent, including the committee chair. out of five members of the Risk Committee, Committee are independent, including the Three out of five members of the IT Data Three out of the five members of the committee chair.

board memberships held by the members of the

As part of the evaluation, the Supervisory Board

representatives are divided across the three

geographic representation, employee

Denmark, two from Sweden and one from

Norway.

countries with two representatives from

also focuses on other executive positions and

each position to prevent potential overboarding.

commitment and workload associated with

Supervisory Board, including the level of

The evaluation is based on the individual board

composition, development, risk and succession plans of the Executive Board in connection with

The Supervisory Board considers the

the annual evaluation of the Executive Board,

member's ability to devote the necessary time

for preparation, their performance, attendance

and participation at committee and board

meetings in Tryg.

The overall conclusion of the 2025 evaluation

governance principles. The evaluation resulted

professional Supervisory Board that works

Iryg attaches great importance to diversity at all

management levels. Tryg has adopted a policy

discusses Tryg's activities to guarantee diversity

at management levels.

meetings. Each year, the Supervisory Board

and regularly in connection with Board

on gender balance in management that sets out

positions for qualified men and women. Read

more about the policy, specific initiatives.

targets and progress on pages 96 - 99.

opportunities and access to management

specific targets to ensure diversity, equal

was that Tryg has a value-adding and

efficiently and in accordance with sound

in a continued strong focus on ESG, Diversity

and Digitalisation.

considered important by the Supervisory Board. exclusively prepare matters for decision by the orimarily on the basis of their specialist skills representatives in the committees is also Soard committee members are elected considered important. The committees The involvement of the employee entire Supervisory Board.

governance/management/supervisory-The specialist skills of all members are also described at www.tryg.com/en/ board/about-board B

Remuneration of management

ryg has adopted a remuneration policy for Tryg in general that includes specific schemes for the other employees in Tryg whose activities have a company - risk-takers. The remuneration policy Supervisory Board, the Executive Board and January 2025 and approved by the annual was adopted by the Supervisory Board in material impact on the risk profile of the general meeting on 26 March 2025

Duties and composition of the Executive Board Each year, the Supervisory Board reviews and S duties in the best possible way. In addition to the evaluation of its work and skills to ensure that it possesses the expertise required to perform its The Supervisory Board performs an annual

management, general management, CFO/audit, facilitated with external assistance every three primarily on the following qualifications and skills: business judgement, problem solving, years to ensure objectivity in the evaluation networking, risk management, succession annual self-evaluation, an assessment is process. The Supervisory Board focuses people and organisation, ESG, business

adopts the rules of procedure of the Supervisory

relevant policies, guidelines and instructions

Board and the Executive Board, comprising

ESRS disclosure points incorporated by reference in this section (ESRS ID): GOV-1_04, 15, 16, 17

relevant information to the Supervisory Board

requires the Executive Board to disclose all

requirements for communication with the

describing reporting requirements and

Executive Board. Financial legislation also

2 As referenced in Tryg's Gender balance policy

Skills and expertise available - Supervisory

{36}------------------------------------------------

Introduction

Contents

connection with the review of the annual report Supervisory Board for the current financial year The Chair of the Supervisory Board reports on shareholders at the annual general meeting. at the annual general meeting. The Board's Tryg's remuneration policy each year in proposal for the remuneration of the is also submitted for approval by the

Remuneration of the Supervisory Board

scope of the Supervisory Board's work, including received by the Chair of the Supervisory Board is the number of meetings held. The remuneration Members of Tryg's Supervisory Board receive a scheme. Their remuneration is based on trends three times that received by ordinary members, while the Deputy Chair's remuneration is twice incentive or severance programme or pension account the required skills and efforts and the in peer companies and benchmarked against fixed fee and are not covered by any form of Nasdag Copenhagen OMX C25, taking into that received by ordinary members of the Supervisory Board.

Remuneration of the Executive Board

Members of the Executive Board are employed Supervisory Board within the framework of the on a contractual basis, and all terms of their remuneration are established by the approved remuneration policy.

company's shareholders in the short and long Tryg wants to strike an appropriate balance predictable risk and value creation for the between management remuneration,

The Executive Board's remuneration consists of 25% of the base salary and other benefits. The a fixed base salary, a pension contribution of appropriate for the market and provide base salary must be competitive and

Executive Board to do their best to realise the sufficient motivation for all members of the company's defined targets.

The Audit Committee chair deals with any matters that need to be reported to the

the presence of the Executive Board.

Furthermore, Tryghas an incentive programme for the Executive Board with a variable pay element of up to 50% of the fixed salary including pension.

Deviations and explanations

Supervisory Board.

Corporate Governance.

Incentive Programme (LTI) and a Short-Term The variable pay consists of a Long-Term Incentive Programme (STI).

question in Tryg and to contribute to Tryg's longensure alignment of financial interests between The purpose of the incentive programmes is to create correlation between remuneration and the participants and Tryg's shareholders, to performance, to retain the participants in term results.

Read more about remuneration at Tryg in Remuneration Report at www.tryg.com/ the Remuneration policy and in the en/governance/remuneration

Independent and internal audit

auditor attends the annual board meeting where Committee and Risk Committee. Involvement of The Supervisory Board ensures monitoring by the internal audit function is also extended to ESG and CSRD assurance. The independent competent and independent auditors. The meetings in the Audit Committee and Risk Group's internal auditor attends all board meetings as well as meetings in the Audit the annual report is presented as well as Committee.

Supervisory Board. At least once a year, the independent auditor recommended by the The annual general meeting appoints an

{37}------------------------------------------------

Introduction

Contents

Capital and risk management

Tryg's risk management is based on the targets Risk management is a key function at Tryg. The requirement constitute a core element in the and strategy and the risk exposure limits assessment and management of Tryg's aggregated risk and associated capital management of the company.

Tryg's Supervisory Board defines the framework Investment risk and Operational risk. A detailed thereby the capital which must be available to description of these can be found in the tables management is based on four risk categories: for the company's target risk appetite and Strategic and business risk, Insurance risk, determined by the Supervisory Board. cover any losses. The company's risk

Strategic and business risk

Definition

Financial losses or lost opportunities due to a lack of ability to carry out business plans and strategies.

adjust to changing market conditions in a This includes the risk of not being able to timely fashion.

Risk Management

Tryg is one of the most successful non-life

Strategy

insurance companies in Scandinavia.

The risk management policy adopted by the Supervisory Board sets out tolerance limits and guidelines for risk management. The strategy process sets out overall strategic process where the individual business units contribute with concrete business plans. objectives. This is done as a bottom-up

decentralised organisation with a large degree

Tryg has chosen to implement a

ensures a timely reaction to changing market

of autonomy for each business unit. This

conditions in the separate business units.

Objectives and methods

business risks are reported to the Supervisory identification and assessment to ensure that close monitoring of each business unit with Board on a quarterly basis - thus providing Risk management carries out ongoing risk regard to their performance towards the all existing and emerging strategic and overall strategic objectives. Annual Report 2025 | Tryg A/S | 36

{38}------------------------------------------------

Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 37

Insurance risk

Definition

insufficient to cover the compensation and other costs associated with the insurance The risk that insurance premiums are business.

The risk of the insurance provisions being inadequate.

Strategy

aking on insurance risk is the cornerstone of Tryg's business model. It is therefore naturally the area where Tryg has the largest risk appetite.

segment. The Private and Commercial businesses are considered the most attractive segments due to their higher margins while volatility and capital business in Scandinavia with a focus on the retai Tryg's main focus is to write non-life insurance requirements are lower than other segments. The insurance portfolio is well-diversified and profitable with an overweight on the retail segment.

Tryg has a conservative approach to claims provisioning

Risk Management

Supervisory Board sets out general guidelines for permitted insurance risk. This includes The insurance risk policy adopted by the profitability measuring, reinsurance, etc. underwriting principles, new products, guidelines for provisioning, general

Capital Markets Day targets for ROOF and UW results set the overall ambition for profitability versus capital consumption (measure of unexpected risk).

Objectives and methods

Day-to-day monitoring of developments in the underlying profitability, capital consumption, etc.) is key to ensuring development in line insurance business (premium growth, with desired risk appetite.

a sufficient degree via ordinary diversification. The risk in situations where this cannot be achieved to capacity of the reinsurance programme is set so Reinsurance is used to reduce the underwriting retention limit specifies the maximum loss that Tryg is willing to take on a specific event. The that it is very unlikely that a breach will occur. Both the retention limit and the capacity are approved by the Supervisory Board.

The internal model used to calculate the solvency allocate capital consumption to the business and capital requirements in Solvency II is used to thereby ensure sufficient profitability in the insurance business.

provisions based on the guidelines set out in the The actuary function calculates the insurance insurance risk policy. These are regularly presented to the Supervisory Board.

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Introduction

Contents

Investment risk

Definition

Financial losses due to changes in the value of financial assets or liabilities.

Strategy

Tryg has decided to divide its investment assets into the free portfolio and the match portfolio.

The strategy for the match portfolio is to mitigate interest rate risk from provisions.

Tryg's free portfolio mainly consists of highrated covered bonds and the strategy is to support Tryg's dividend policy and ROOF target.

Risk Management

The investment risk policy adopted by the Supervisory Board sets out general guidelines and specific tolerance limits for permitted investment risk.

Objectives and methods

Daily reporting on investment return on all asset classes.

Independent daily control ensures compliance with permitted risk-taking.

Operational risk

Definition

Operational risk is understood as the risk of loss due to inadequate or failed internal processes, people and/or system errors, or as a result of external events.

Risk Management

The Supervisory Board sets out the overall

Strategy

strategy regarding operational risk.

The operational risk policy adopted by the Supervisory Board sets out tolerance limits and general guidelines for operational risk. This includes general guidelines for IT security, physical security, compliance, fraud, money laundering, contingency planning and model risk.

Objectives and methods

Ongoing identification, measurement, management, monitoring and reporting on risks and incidents potentially resulting in a loss or a near loss for Tryg.

This is ensured by implemented methods covering incident management, operational risk self-assessments and internal controls, and through business continuity

management.

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Introduction

Contents

Sustainability statement

requirement (SCR), which resulted in a slightly deducted from own funds from Q1 2026. The development in own funds was followed by a slight decrease in the solvency capital lower solvency ratio.

central and key functions of the finance team at

Irvg. Capital management broadly covers the

requirements, capital allocation to the different

company's current and future capital

Capital management and capital modelling are

Capital management

able to honour its obligations in 199 out of 200 6,916m compared to DKK 6,769m at year-end years. At year-end 2025, Tryg's SCR was DKK calculated in such a way that Tryg should be The solvency capital requirement (SCR) is 2024.

dividend outlook and the ability of the company

addition, capital management analyses the

lines of business and required returns. In

to meet its return on own funds target (ROOF).

Tryg's solvency ratio continues to display low sensitivity towards movements in the capital markets.

insurance risk internally, while all other models are based on the standard formula. The capital

partial internal model). Tryg has modelled the

capital requirement (based on the approved

developments in own funds and the solvency

Iryg's solvency ratio is a function of

model is based on Tryg's risk profile and takes

into consideration the composition of Tryg's

Fixed-income securities represent some 95% of sensitivity towards interest rate risk is due to an widening/tightening of 100 basis points would impact the solvency ratio by approximately 15 active strategy of mitigating interest rate risk Tryg's invested assets, therefore the highest percentage points (covered bonds). The low through the match investment portfolio and sensitivity is towards spread risk, where a interest rate swaps.

insurance portfolio, geographical diversification,

was 196% at year-end 2025 compared to 196%

at year-end 2024. The solvency position was

overall level of profitability. The solvency ratio

reinsurance programme, investment mix and

positively impacted by a temporary refinancing

the subsequent call of the existing Tier 1 capital

instrument in January 2026.

restricted Tier 1 capital in November 2025 and

effect of 3pp related to the issuance of new

risk on the balance sheet and thereby protecting The relatively low sensitivity towards currency risk is due to Tryg's FX strategy of reducing FX the solvency ratio and dividend capacity.

earnings forecasts and balance sheet needs. The The Supervisory Board regularly assesses Tryg's company's strategy for the coming years and projections include initiatives set out in the are also based on the most significant risks capital structure in light of future internal identified by the company. Annual Report 2025 | Tryg A/S | 39

Shareholders' remuneration

at year-end 2025 vs DKK 13,239m at year-end

future profit. Own funds totalled DKK 13,570m

The key components of Tryg's own funds are

shareholders' tangible equity, qualifying debt instruments (both Tier 1 and Tier 2 debt) and SEK 1.0bn RTier 1 which was not bought back in

connection with the issue of new RTier 1 in

November 2025. The residual part will be

include the residual part (approx. 30%) of the

at the end of 2025. Furthermore, own funds

Report 2025 and fully deducted from own funds

announced in connection with the Annual

extraordinary share buyback of DKK 1bn

The development includes an

{41}------------------------------------------------

Financial results

Strategy

Introduction

Contents

Tryg continues to aim to offer a nominally stable

and increasing ordinary dividend on an annual

basis. The targeted payout ratio of 60-90%

(based on operating earnings) is secondary to

the aim of increasing the annual dividend.

financial strength rating (IFSR) from Moody's. Tryg has an 'A1' (positive outlook) insurance The rating agency highlights Tryg's strong position in the Nordic P&C market, robust

Tryg's strategic targets, including the return on Capital adequacy is measured in relation to own funds target (ROOF) and the dividend

dividend for the first nine months of DKK 6.15 per share, bringing the total for the full year to 2.05 on 27 January 2026 after having paid a Tryg will pay a Q4 dividend per share of DKK DKK 8.20 per share.

Tryg announced a share buyback of DKK 1bn in TryghedsGruppen, Tryg's largest shareholder, is connection with the Annual Report 2025. not participating in the buyback.

TryghedsGruppen owns 49.4%** of the shares, increased ownership level towards the stated with the ongoing buyback facilitating an 50% plus target.

assigned an 'A3' rating to Tryg's Tier 2 debt and relatively low financial leverage. Moody's also profitability, very good asset quality and a 'Baa3' rating to Tryg's Tier 1 debt.

Shareholder remuneration (DKK per share)

Solvency Capital Requirement

Own funds

Ordinary
Extraordinary Share buyback (5bn)
Extraordinary Share buyback (1bn)
Extraordinary Share buyback (2bn)

Solvency ratio development (%)

6,916

6,769

204

fund the acquisition of RSA Scandinavia

Annual Report 2025 | Tryg A/S | 40

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

04 2025

04 2024

04 2025

042024

** Calculated excluding Tryg's own shares

2021 DPS impacted by the higher number of shares at 653m (301m end of 2020) following the DKK 37bn rights issue to

13,570

13,239

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Governance

Financial results

Investor information

information requirements are met at the highest possible level. IR is in charge of communication financial results. For this reason, Tryg's IR team Investor Relations (IR) is responsible for Tryg's communication with the capital markets. It is with equity investors, fixed income investors stakeholders can form a true and fair view of important that investors, analysts and other company developments, including Tryg's strives to be as open and transparent as possible to ensure that stakeholders' and rating agencies.

team met around 300 investors from all over the conferences at a local and global level. In 2025, shareholders and potential investors. Quarterly meetings and conferences were held in-person Iryg's Executive Board and Investor Relations After the publication of quarterly and annual Copenhagen and London. Tryg also attends world. The majority of analyst and investor analyst presentations are typically held in reports, Tryg's management and IR team ordinarily travel extensively to meet with investor meetings and various financial across Europe and North America.

on 4 December 2024 in London, where financial targets for 2027 were disclosed. Tryg targets an recommendations and earnings forecasts. Tryg insurance service result of between DKK 8.0bn three years. Tryg hosted a Capital Markets Day selected aspects of the business, while a more financial targets are unveiled, is hosted every in-depth Capital Markets Day, where new The Tryg share is currently covered by 20 hosts an annual Analyst Day focusing on analysts, who continuously update their

an ordinary dividend range of DKK 15bn to 16bn and total cumulative shareholder repatriation of and an extraordinary share buyback of DKK 2bn between DKK 17bn and 18bn divided between and DKK 8.4bn, a combined ratio around 81, a return on own funds of between 35% and 40% commenced on 4 December 2024 and concluded on 30 June 2025.

The Tryg share

announcements and trading announcements are published in English - and in Danish on an optional basis. Interim reports and annual The Trvg share is listed on the NASDAO reports are published in English only. Copenhagen exchange. Company

The Tryg share started the year at a price of DKK inflation environment and the positive impact of return (price and dividends) on the share was a pressure in the first part of the year, which was characterised by a flat share price and elevated positive 14.21%. The Tryg share came under 151.5 and ended 2025 at DKK 166.5. Total improved, supported by a more favourable profitability initiatives on financial results. volatility. From late spring, performance

fluctuations and investment operations focused continued to trigger occasional market shocks. stable and generates strong cash flows. Equity markets overall benefited from easing inflation on low-risk assets. The business is considered Tryg remains a defensive stock, with revenue and declining interest rates in 2025, though relatively insulated from macroeconomic geopolitical uncertainty and trade tariffs

Share capital and ownership

Frvg's share capital totalled DKK 3,056,871,610 shareholder holding more than 5% of the share at 31 December 2025. There is one share class 611,374,322 shares with a nominal value of largest shareholder, TryghedsGruppen smba, capital. TryghedsGruppen supports peace of nind and healthcare activities in the Nordic DKK 5), and all shares rank pari passu. The owns 49.4%* of the shares and is the only

Quarterly dividends

The Tryg share has a distinct income profile due Tryg started paying quarterly dividends in 2017. to the business generally growing in line with GDP, thus producing high margins that are mostly returned to shareholders.

capital to shareholders. Tryg's dividend policy is business and the company's focus on returning nsurance is one of the sectors offering the nighest dividend yield. From an investment perspective, a quarterly dividend is a clear eminder of the high profitability of Tryg's based on the following premises:

an aspiration to distribute a steadily increasing dividend in nominal terms on a full-year basis.
a general objective of creating long-term value or the company's shareholders.

a competitive dividend policy compared to the

annual distribution of 60-90% of operating policies of Tryg's Nordic competitors.
the capital level must at all times reflect Tryg's argets for return on own funds and statutory apital requirements.

TryghedsGruppen

DKK 1.1bn in member bonuses Denmark, corresponding to 6% of the annual premiums paid in 2024. TryghedsGruppen owns In 2025, and for the tenth year 49.4%* of the shares in Tryg. IryghedsGruppen, paid out to Tryg's customers in running, Tryg's largest shareholder,

TrygFonden

annually to projects that create contributes around DKK 775m peace of mind, such as coastal TrygFonden is the leading and supporting over 700 activities peace of mind in all parts of best-known peace-of-mind lifeguards, cuddle bears for that contribute to creating defibrillators. TrygFonden children in hospital and promoter in Denmark, Denmark.

* Calculated excluding Tryg's own shares

Annual Report 2025 | Tryg A/S | 41

{43}------------------------------------------------

Financial results

Strategy

Introduction

Contents

Financial calendar 2026

extraordinary dividends or share buybacks The capital level may be adjusted via

Annual general meeting

Tryg's annual general meeting will be held on 26 advertised in the daily press in February 2025 March 2026 at 15:00 CET. The notice will be and sent to shareholders upon request.

Update on Danish Ombudsman case

receive a ruling from the Danish Supreme Court During the first quarter of 2026, Tryg is likely to business-to-consumers segment in the period case in every quarterly report during 2025 and between 2016 and 2020. Tryg referred to this stated, the case is deemed to have immaterial consequences for Tryg's equity and solvency all annual reports since 2020. As previously on a previous pricing practice in the Danish

23 Jan. 2026 Tryg shares are traded ex-dividend 13 July 2026 Tryg shares are traded ex-dividend 12 Oct. 2026 Tryg shares are traded ex-dividend 16 Apr. 2026 Tryg shares are traded ex-dividend 10 July 2026 Interim report Q2 and H1 15 July 2026 Payment of Q2 dividend* 14 Oct. 2026 Payment of Q3 dividend* 26 Mar. 2026 Annual general meeting 20 Apr. 2026 Payment of Q1 dividend* 27 Jan. 2026 Payment of Q4 dividend 09 Oct. 2026 Interim report Q1-Q3 15 Apr. 2026 Interim report Q1

United Kingdom Rest of Nordic United States Luxembourg Denmark Others Free float - geographical distribution Note: Free float is excl. TryghedsGruppen. Source: Bloomberg %95

Shareholder distribution

DKKm	2025	2024	2023	2022	2021
Dividend	5,024	4,844	4,734	4,118	2,802
Dividend per share (DKK)	8.2	7.8	7.4	6.29	4.28
Payoutratio	101%	101%	123%	183%	89%
Extraordinary share buyback programme	1,000	2,000	1,000	5,000

{44}------------------------------------------------

Tina Snejbjerg (1962) Charlotte Dietzer (1974) Torben Jensen (1967) Contents

Mette Osvold (1978)

Board member, Employee Many years of experience epresentative

finance and risk management, governance, acquisitions and evel corporate management. mergers, strategy and business development, and Competencies include highcommunication at many Board member rom the insurance industry eadership and as Chair of inansforbundet in Tryg. management, change development, project vithin business

Thomas Hofman-Bang (1964) Board member

professional services industry in various roles as CEO, CFO, COB Foundation. Extensive global environment and within the CEO of the Danish Industry or NED for world class and market leading companies. experience in the B2B

engineering, his latest position the IT and telecommunication Denmark from 2002 to 2017. management experience in industry and electrical being CEO of Siemens

Anne Kaltoft (1961) Board member

Foundation.

Many years' experience from within the Danish healthcare top management positions Director of the Danish Heart system and as Managing

Engagement Manager in Tryg knowledge from his years in the industry, business know-Forsikring, Solid insurance how and judgement. Product & Strategic

Board member, Employee

experience of the insurance Manager advisor in Claims Denmark, Tryg Forsikring. Has solid knowledge and industry. Environmental, Social and Governance knowledge.

Board member, Employee

solid business know-how by and HR-related issues in the working with management financial sector, specifically

the insurance industry.

Board member, Employee Many years of experience,

representative

Elias Bakk (1975)

representative

Jukka Pertola (1960) Chair

More than 25 years of top

Board member, Employee Lena Darin (1961) representative Carl-Viggo Östlund (1955)

well as life. Business know-how insurance industry, non-life as understanding of digitalisation and judgement, banking and Solid background from the and risk management, ESG. finance know-how, Board member

Benedicte Bakke Agerup (1964) Board member

extensively with capital and risk management and has in-depth understanding of the financial positions in complex and large CFO and senior management organisations. Has worked services sector. as a claims handler in the insurance Since 1989, Lena Darin has worked

industry. Solid knowledge and experience of the insurance

Jonas Bjørn Jensen (1986) Board member

Board experience from By & Havn I/ S, Metroselskabet, Vestforbrænding, development, political leadership from the City of Copenhagen with a and other large public companies seat on the finance committee. within infrastructure and

Mengmeng Du (1980) Board member

leading positions within Marketing and Operations at Spotify and COO Thorough knowledge of the Tech international experience from startup space as well as

trade unions as well as board seats management positions in Danish Union Chairman of the Danish Customs and Tax Union. Many years of experience from top

in financial companies.

at Acast.

Jørn Rise Andersen (1956) Board member

consumer space where Deputy Chair

Steffen Kragh (1964)

24 years' experience heading an technology, data, subscription, and user experience are key international company with 6,000 employees within the

{45}------------------------------------------------

Strategy

Introduction

Contents

Sustainability statement

Annual Report 2025 | Tryg A/S | 44

Supervisory Board

Jukka Pertola^a)

Born in 1960. Joined the Supervisory Board in 2017. Finnish citizen. Career Professional board member. Former CEO of Siemens Denmark

Education MSc in Electrical Engineering

Siemens Gamesa Renewable Energy A/S, COWI Holding Board seats, Chair Tryg A/S and Tryg Forsikring A/S, A/S. GN Store Nord A/S

experience in the IT and telecommunication industry and Committee in Tryg A/S, Nomination and Remuneration Committee in COWI Holding A/S (Chair), Remuneration Committee, Nomination Committee and Technology & Committee memberships Remuneration Committee Innovation Committee (Chair) in GN Store Nord A/S Experience More than 25 years of top management (Chair), Nomination Committee (Chair) and IT Data

strategy and business development. Understanding and telecommunication, IT, digitalisation, business models, experience of risk management, M&A, ESG, business Competencies Solid technological background in know-how and judgement as well as insurance responsibilities in both BtC and BtB Number of shares 13,000

Steffen Kragha)

Change in portfolio since the start of 2025 0

Born in 1964. Joined the Supervisory Board in 2023. Danish citizen.

International Holding Group since 2001. Previously CEO Career President & CEO of Egmont Fonden and Egmont banking group Hafnia Holding A/S and stockbroker Erik of Egmont subsidiaries, employment in insurance and Møllers Efterfølgere A/S

Board seats, Chair Various Egmont companies Forsikring A/S, Nordic Bioscience Holding A/S Board seats, Deputy Chair Tryg A/S and Tryg Board member: Various Egmont companies Education MSc in Economics and MBA

Nomination Committee, Audit and Risk Committee in Committee memberships Remuneration Committee,

Experience 24 years' experience heading an international Remuneration and Nomination Committees, and chair of company with 6,000 employees within the consumer Former chair of Nykredit, including roles in Audit, Risk, space where technology, data, subscription and user experience are key elements.

financial business, and corporate management including finance and accounting, capital markets, securities and Competencies Experience within strategy, economics, funding, legal and regulatory matters of importance to business development, data, technology and ESG

Lundbeckfonden and Lundbeckfond Invest A/S

Change in portfolio since the start of 2025 0 Number of shares 6,500

Benedicte Bakke Agerupa)

Born in 1964. Joined the Supervisory Board in 2024. Norwegian citizen.

international experience with global and regional business

electrical engineering. His latest position being CEO of

Siemens Denmark from 2002 to 2017. Broad

Previously CFO of Wilh, Wilhelmsen ASA and CFO of KLP Insurance. Advisor and mentor for various startup Career CEO of Laho AS, Procerta AS since 2018.

Administration ("siv.øk") from the Norwegian School of Management Program at Harvard Business School. Education Degree in Economics and Business Economics ("NHH"), completed the Advanced

AS, Laboratoriebygg AS, KGJ Partnership IX AS and Inven2 Infrastructure GP L.L.C., Unifor, Søren Bulls Vei 25 Invest Board member Tryg A/S and Tryg Forsikring A/S, Altera Board seats, Chair Puregas AS, Laer & Co AS AS

Committee in Tryg A/S, Chair Audit Committee of Altera Committee memberships Audit Committee and Risk Infrastructure GP L.L.C.

unlisted companies within insurance, maritime, energy executive. Previous directorships in several listed and complex and large organisations. Wealth and pension Experience CFO and senior management positions in management experience and as a broad business and renewables and finance

ncludes strategy, restructuring, financial investments and communication, business development and governance risk management and has in-depth understanding of the Competencies Has worked extensively with capital and inancial institutions are subject to. Business know-how driven businesses and the regulatory implications that inancial services sector. Familiar with balance sheet-Number of shares 1,500

Change in portfolio since the start of 2025 +1,500

Carl-Viggo Östlunda)

Born in 1955. Joined the Supervisory Board in 2015. Swedish citizen. Career Former CEO of Swedish banks SBAB and Nordnet entrepreneur, professional board member and investor Education BSc in International Business and Finance & and the insurance company SalusAnsvar. At present Accounting, Stockholm School of Economics

Gladsheim Fastigheter AB, Ywonne Media Group Sweden 3oard seats, Chair Coeli Finans AB, Fondo Solutions AB, AB, Juvinum Food & Beverage AB, Nedvi Fastigheter AB and Ponture AB

3oard member Tryg A/S and Tryg Forsikring A/S, Allert Sstlund AB, Delimport Ltd, Goobit Group AB including Wonderbox AB, Director Delimport Ltd and RiQuest Goobit AB and Goobit Blocktech AB, Havsgaard AB, Group AB

Committee memberships IT Data Committee (Chair) and Remuneration Committee in Tryg A/S

Substitute member Irisande Care Group AB

Experience from the following industries: manufacturing Director in local and international environments in both Experience More than 30 years as CEO and Managing isted and privately held companies as well as banks. ogistics, insurance, finance and banking

understanding of digitalisation and risk management, ESG ndustry, non-life as well as life. Business know-how and Sompetencies Solid background from the insurance

Change in portfolio since the start of 2025 -3000 Jumber of shares 4,787

Thomas Hofman-Banga)

30rn in 1964. Joined the Supervisory Board in 2022. Janish citizen

Career CEO of the Danish Industry Foundation

Private Equity 2019 K/S, K Alternativ Private Equity 2020 Private Equity 2022 K/S, K Alternativ Private Equity 2023 Private Equity 2025 K/S, K Alternativ Private Equity 2026 Board seats, Chair CBS Academic Housing, K Alternativ </>
K.S. K Alternativ Private Equity 2024 K/S, K Alternativ V.S, K Alternativ Private Equity 2021 K/S, K Alternativ </>
C/S, Half Double Institute fmba, Tranes Fond Education Certified Public Accountant

Board member Tryg A/S, Tryg Forsikring A/S, Foreningen Roskildefestivalen, William Demant Fonden, William Demant Invest.

Committee memberships Audit Committee (Chair) and Risk Committee (Chair) in Tryg A/S

environment and within the professional services industry culture, transparency, integrity, strong team performance. Extensively involved in development and dissemination of in various roles as CEO, CFO, COB, non-executive director oositions as CEO KPMG Denmark (5 years), President and or world class and market-leading companies, including Group CEO NKT (8 years) and Group CFO NKT (6 years) Competencies Key competencies include leadership, Experience Extensive global experience in the B2B strategies focused on value creation, performance development and execution of ambitious growth knowledge in sustainability.

Number of shares 12,233

Change in portfolio since the start of 2025 0

Mengmeng Dua)

30rn in 1980. Joined the Supervisory Board in 2022. Swedish citizen.

professional board member. Former leading positions at Career Independent advisor to tech startups and Spotify and Acast Education MSc in Economics and Business Administration Board member Tryg A/S and Tryg Forsikring A/S, Dometic rom Stockholm School of Economics, MSc in Computer science from Royal Institute of Technology (KTH) Group AB, Swappie Oy and Clas Ohlson AB

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Introduction

Contents

Sustainability statement

Supervisory Board

Committee memberships IT Data Committee in Tryg A/S, Experience 10+ years of top management experience and startup space as well as international experience from People and Remuneration Committee in Swappie Oy as board member. Thorough knowledge of the Tech

Competencies General top management experience from the Tech industry. Extensive experience in the areas of IT & digitalisation, transformation, marketing, organisation, from Retail, Life Insurance and Aviation. Member of Sweden's National Innovation Council

Spotify and COO at Acast. Extensive board experience

leading positions within Marketing and Operations at

Change in portfolio since the start of 2025 0 Number of shares 3.000

strategy, business development and sustainability

Torben Jensenb)

Born in 1967. Joined the Supervisory Board in 2025.

Career CEO at SAGRO. CEO at SAGRO IT og Ejendomme (change management), Reserve Officer, Executive board Education Master of Science in Agriculture, E-MBA A/S, SAGRO Time ApS and Director of SAGRO I/S education, board education from the Forsikringsakademiet

Formue A/S, Den Erhvervsdrivende Forening Agro Holding Board seats, Chair Landbo Gruppen A/S, Landbo Gruppen Insurance S.A., Jysk IT ApS, Dalico P/S, SAGRO Finans & Jysk ApS, ØkologiRådgivning Danmark ApS, Agro Ref.m.b.a. and Dalico Komplementarselskab ApS

Board member Tryg A/S and Tryg Forsikring A/S, DLBR P/ A/S, SAGRO IT og Ejendomme A/S and TryghedsGruppen S (dansk Landbrugsrådgivning), DLBR Forsikringsmægler smba

Experience Many years' experience as a top executive in advisory and industrial companies

Competencies High-level corporate management, finance and risk management, governance, acquisitions and mergers, strategy and business development, and communication at many levels

Change in portfolio since joining Supervisory Board in

Jonas Bjørn Jensen^b)

Born in 1986. Joined the Supervisory Board in 2025. Danish citizen.

Fechnical and Environmental Administration of the City of Career Unit Manager for Behaviour and Strategy in the

Board member Tryg A/S and Tryg Forsikring A/S, Education Master of Science in Geography and Communications from University of Roskilde

TryghedsGruppen smba

companies within infrastructure and development, as well as political leadership from the City of Copenhagen with a Metroselskabet, Vestforbrænding and other large public Experience Board experience from By & Havn I/S, seat on the finance committee

Competencies Strategic leadership, business

development, member involvement, societal financial management and risk management

Change in portfolio since joining Supervisory Board in Number of shares 0

Anne Kaltoftb)

Born in 1961. Joined the Supervisory Board in 2023. Danish citizen. Career Former Managing Director of the Danish Heart

Management. Pathfinder (a leadership development Education MSc in Medicine, Medical Specialist in cardiology, PhD in cardiology, Master of Public programme).

Board member Tryg A/S, Tryg Forsikring A/S, TryghedsGruppen smba Committee memberships TrygFondens bevillingsudvalg system and as Managing Director of the Danish Heart Experience Many years' experience from top

strategy and business development, communication and governance, optimisation of structure and processes, Competencies Competencies within management,

communication training courses. Supervisory Board programme at Forsikringsakademiet inancial management and social development within

Change in portfolio since the start of 2025 0 Number of shares 0

Committee memberships IT Data Committee in Tryg A/S

Board member Tryg A/S and Tryg Forsikring A/S

Experience Division partner in Tryg A/S and examiner at

Competencies Solid knowledge and experience of the nsurance industry. Excellent interpersonal and verbal

-orsikringsakademiet

Governance knowledge

Career Union Chair of Dansk Told og Skatteforbund (the

Education 3-year education in the Danish Customs

Danish Customs and Tax Union)

Authorities. Various accounting courses (business

3 Sorn in 1956. Joined the Supervisory Board in 2022.

Danish citizen.

Jørn Rise Andersen^b)

communication skills. Environmental, Social and

Change in portfolio since the start of 2025 +1113 Number of shares 954

Fina Snejbjerg^b)

diploma level), such as internal and external accountancy,

3oard seats, Chair Dansk Told og Skatteforbunds

organisation and tax law

-ælleslegat, TryghedsGruppen SMBA

30rn in 1962. Joined the Supervisory Board in 2010. Danish citizen.

Employed since 1987

Career Board member of Tryg A/S and Tryg Forsikring A/S Education Insurance training

Committee memberships Risk and Remuneration Board member Tryg A/S and Tryg Forsikring A/S

Committees in Tryg A/S

Committee memberships Remuneration Committee and

Nomination Committee in Tryg A/S, Chair of the Audit

Organisation), CO10 (The Central Organisation of 2010)

and Forenede Gruppeliv

Soard member Tryg A/S and Tryg Forsikring A/S, Lån og

spar Bank A/S, Fondet af 1844, Fagbevægelsens

Hovedorganisation (the Trade Union Central

Committee and Remuneration Committee in Lân og Spar

Committee in Lån og Spar Bank A/S, member of the Risk

management positions in Danish trade unions as well as

Experience Many years of experience from top

Bank A/S

inance and risk management, member loyalty and care,

nvestments and capital management, political flair

Change in portfolio since the start of 2025 0

Number of shares 0

Charlotte Dietzerb)

Competencies Understanding of the financial sector,

board seats in financial companies

operations, strategy, negotiating agreements and engaged Deputy Chair of the local branch of Forsikringsforbundet Experience From 1987 to 2001, Tina Snejbjerg worked with insurance sales to both private and commercial customers. From 2001-2009, Tina Snejbjerg was the and since 2009 she has been the Chair, working with customers as well as providing insurance advice to in recruiting and retaining members

with management and HR-related issues in the financial udgement, problem-solving abilities, and has worked Snejbjerg has acquired solid business know-how and Competencies Many years of experience mean Tina sector, specifically the insurance industry

Change in portfolio since the start of 2025 +113 Number of shares held 2,905

Elias Bakk^b)

3 Sorn in 1974. Joined the Supervisory Board in 2020.

30rn in 1975. Joined the Supervisory Board in 2017. Danish citizen.

Employed since 2006

Education Insurance education at Forsikringsakademiet

level 5) as well as various management and

Career Manager advisor in Claims Denmark, Tryg

Employed since 1998

Danish citizen.

{47}------------------------------------------------

Financial results

Strategy

Introduction

Contents

Supervisory Board

Career Product & Strategic Engagement Manager in Tryg

Lena Darinb)

Education Norra Real Gymnasium, financial services & insurance at Företagsekonomiska Institut Stockholm. Programme at Forsikringsakademiet for new board

Born in 1961. Joined the Supervisory Board in 2022.

Swedish citizen.

Committee memberships IT Data Committee in Tryg A/S Board member Tryg A/S and Tryg Forsikring A/S

members

years, Business and Product development in Moderna and Experience Team Manager in Moderna Affinity for 12 Irygg-Hansa Affinity for 7 years

Competencies Solid insurance knowledge from his years experience with organisation development, business in the industry, business know-how and judgement, development, customer handling and interaction Number of shares 5,000

claims handler in the insurance industry. Former Board Employee representative at Trygg-Hansa (2012-2015) Competencies Solid knowledge and experience of the

Experience Since 1989, Lena Darin has worked as a

Board member Tryg A/S and Tryg Forsikring

Board seats, Chair Chair of Akademikerföreningen of

Education Cand.jur/LLM Trygg-Hansa since 2012

Career Claims handler Employed since 1989

Change in portfolio since the start of 2025 +865

Mette Osvold^b)

Born in 1978. Joined the Supervisory Board in 2022.

Norwegian citizen.

Employed since 2003

training in board governance, strategic leadership, and Brookes University. Executive Board Programme "The Board as a Strategic Force", NHH Executive. Advanced Education BSc in Business and Finance from Oxford Career Chair of Finansforbundet in Trvg value creation in complex organisations

Board member Tryg A/S and Tryg Forsikring A/S and Finansforbundet (Central)

Experience Many years of experience from the insurance Finansforbundet in Tryg, with responsibility for strategic employee representation, organisational development Competencies Solid insurance knowledge, experience management, change leadership and as Chair of industry within business development, project and cooperation with executive management

customer interaction and culture Number of shares held 945

human resources, organisation, negotiations, processes, with strategy and business development, management,

Change in portfolio since the start of 2025 +113

Committee meetings overview 2025

Supervisory Audit	Supervisory	Audit	Risk	Nomination	Nomination Remuneration	IT Data
Name	Board	Committee	Committee	Committee	Committee	Committee
Jukka Pertola	10/10			10/10	4/4	5/2
Steffen Kragh	10/10	9/9	9/9	10/10	4/4
Jørn Rise Andersen	10/10			9/10	4/4
Carl-Viggo Östlund	10/10				4/4	5/2
Thomas Hofman-Bang	10/10	9/9	9/9
Mengmeng Du	10/10					5/2
Anne Kaltoft	9/10
Benedicte Bakke Agerup	10/10	9/9	9/9
Torben Jensen a)	8/10
Jonas Bjørn Jensen a)	9/10
Charlotte Dietzer	10/10					5/2
Tina Snejbjerg	10/10		9/9		7/7
Elias Bakk	10/10					5/2
Mette Osvold	10/10
Lena Darin	10/10

Members of the Supervisory Board are elected for a term of one year. Employee representatives are, however, elected for a term of four years.

Change in portfolio the start of 2025 +113

Number of shares held 223

insurance industry

Independent member of the Supervisory Board as per the

definition in Recommendations on Corporate Governance Dependent member of the Supervisory Board

a) Joined the Board 26 March 2025. Please note that 1 board meeting was held prior to 26 March 2025, and 9 were held

after 26 March 2025.

{48}------------------------------------------------

{49}------------------------------------------------

Introduction

Contents

Executive Board

Johan Kirstein Brammer Group CEO

Born in 1976. Joined Tryg in 2016.

Joined the Executive Board in 2018.

Graduate Diploma (HD-Finance) Copenhagen Business Education: LL.M., University of Copenhagen, MBA Australian Graduate School of Management, and

management experience from a range of industries. Prior Experience: Johan Kirstein Brammer has extensive top to joining Tryg's Executive Board, Johan headed Tryg's Private Lines business in Denmark. Before joining Tryg, Johan held numerous executive roles with TDC before joining the company's Board as Head of Consumer and Group Chief Marketing Officer. Prior to this, Johan was Denmark. This range of experience has provided Johan with a broad, diverse toolbox, having held strategic and with McKinsev & Co as a strategy consultant based in Australia and the UK. Before joining McKinsev & Co. P&L responsibilities across multiple industries in an Johan was an attorney with Kromann Reumert in international setting.

time as a management consultant as well as a number of with a strong commercial sense and a desire to grow the business and improve the customer experience through strategic roles across several industries. He couples this international and strategic mindset developed from his experience within transformative M&A across borders innovation and digitalisation. Johan has extensive Competencies: Johan Kirstein Brammer has an and sectors

Number of shares held at the start of 2025: 91,131 Number of shares held: 97,518 Change in portfolio: +6,387

Allan Kragh Thaysen Group CF0

Born in 1977. Joined Tryg in 2018.

Joined the Executive Board in 2023.

an MSc in Business Economics and Auditing (CMA) from Education: Graduate Diploma (HD/R) in Accounting and Copenhagen Business School

Experience: Since May 2018, Allan Kragh Thaysen has been SVP of Group Finance in Tryg. Before then he held

from 2005 to 2018, where he became Financial Director several positions in the Norwegian company Gjensidige management within non-life insurance. He has for many reporting, financial planning and analysis, reserving, risk Allan Kragh Thaysen is deeply rooted in the insurance for the Danish and Swedish operation of the business years been in management positions within the core finance areas: accounting, tax, external and internal sector and has extensive experience from finance from 2010 to 2018. He started his career as an accountant at Deloitte from 1998 to 2005.

Throughout his career he has been part of several M&A transactions and integration cases, and he played a Scandinavian businesses, Trygg-Hansa and Codan pivotal role for Tryg in the acquisition of RSA's Norway.

management and capital modelling.

technical and commercial focus and understanding of the internal reporting, FP&A, reserving, risk management and Competencies: Allan Kragh Thaysen's key competencies capital modelling. Allan Kragh Thaysen is a commercially include management, accounting, tax, external and oriented finance executive with a strong strategic,

Number of shares held at the start of 2025: 8,000 Number of shares held: 13,748 Change in portfolio: +5,748 business.

Alexandra Bastkær Winther Group

ပ္ပ

Born in 1985. Joined Tryg in 2020.

Joined the Executive Board in 2023.

Education: Mphil in Finance, University of Cambridge and MSc in Economics, University of Copenhagen Experience: Alexandra Bastkær Winther is an Board seats: Forsikring og Pension

accomplished executive leader with experience spanning up Alka Forsikring, acting as 'CEO'. Here, she was a board Trygg-Hansa and Codan NO. Subsequently, she headed Alexandra was with Boston Consulting Group (BCG) for Alexandra initially led the transformative acquisition of member of Alka Liv II and Alka Fordele. Prior to Trvg. across multiple industries and geographies. At Tryg,

across more than 20 countries and numerous industries before she specialised in Financial Institutions, M&A and almost a decade, working as a management consultant ransformation. Prior to BCG, Alexandra was with J.P. Morgan Chase & Co. in London, where she worked in capital markets, focusing on equity derivates for institutional investors.

Competencies: Alexandra Bastkær Winther comes with This is supported by a strong implementation capacity, driving better outcomes for customers and employees. deep experience in strategy development & execution, nnovative and commercial mindset with a continuous focus on identifying potential for further improvement. ocus on leadership & change management, ultimately M&A and large-scale transformations. She has an Number of shares held: 12,060

Number of shares held at the start of 2025: 7,111 Change in portfolio: +4,949

Lars Bonde Group COO

loined the Executive Board in 2006. Born in 1965. Joined Tryg in 1998.

Education: Insurance training, LL.M., University of

-orsikringsakademiet and F&P Arbejdsgiver Board seats, Chair: P/F Betri Trygging.

consecutive positions as leader and business-responsible Experience: With more than 35 years' experience in the ndustry knowledge. Throughout his tenure, he has held nsurance industry, of which more than 15 years have for claims and all Tryg's business units, some of which were alongside his role as a member of the Executive Soard. Lars Bonde has over 10 years of international been as a top executive, Lars Bonde has extensive experience from board positions.

development, digitalisation, innovation, legal and M&A Competencies: Comprehensive experience from the nsurance industry. Experienced in strategy, business nternational experience. Extensive board experience Management and leadership experience, including

Number of shares held at the start of 2025: 159,616 Number of shares held: 164,929 Change in portfolio: +5,313 Annual Report 2025 | Tryg A/S | 48

Mikael Kärrsten Group CTO

30rn in 1975. Joined Tryg in 2022.

Education: Master in Business Economics Joined the Executive Board in 2023.

Hansa and Codan Norway in April 2022, he held positions underwriting, pricing and product management. Over the past 20+ years he has held management positions within as Underwriting Director for Trygg-Hansa (2016-2018) Experience: Mikael Kärrsten has extensive experience Before joining Tryg as part of the acquisition of Tryggechnical field, including portfolio management, case underwriting, both in commercial and personal lines. rom insurance management, particularly within the Board member: Trafikförsäkringsföreningen Soard seats, Chair: Tryg Livsforsikring A/S

profitability, analytics, portfolio management and product Competencies: Mikael Kärrsten's key competencies include management, case underwriting, pricing,

Director, and in 2023 Mikael joined the Executive Board of

company as PPU (price, product and underwriting)

experience was brought into Tryg when Mikael joined the

particular a competitive edge through in-depth portfolio

gained RSA Scandinavia in general and Trygg-Hansa in

of the insurance technical excellence programme that

understanding and proactive action management. This

In RSA Scandinavia, Mikael was one of the key architects

and Chief UW Officer for RSA Scandinavia (2018-2022).

as focus on setting and achieving ambitious goals. Having nsurance executive with a strong strategic focus as well ability to connect dots and simplify complex issues and understanding of most insurance activities and has the Mikael Kärrsten is a commercially oriented, technical spent two decades within insurance, he has an generate results through proactive leadership.

Number of shares held: 7,870

Number of shares held at the start of 2025: 6,332 Change in portfolio: +1,538

{50}------------------------------------------------

{51}------------------------------------------------

Strategy

ntroduction

Contents

reducing climate impact from claims handling – supported by Tryg's sustainability efforts focus on climate adaptation and customer resilience, science-based emissions targets and a strong commitment to diversity, equity and inclusion. ESG at a glance

Three strategic focus areas guide Tryg's efforts

Future-fit products

customers from unforeseen events by Tryg is committed to protecting our helping to prevent damage.

ryg is committed to mitigating the

Climate action

climate impact of its activities and

hose in its value chain.

Climate adaptation

climate change and prevent damage. aligned to help customers adapt to Product categories Taxonomy-

targets are validated by the Science

Sased Targets initiative.

Science-based reduction targets Tryg's CO₂e emissions reduction

Prevention

including sending SMS alerts ahead of nspiration for prevention measures Offering customers advice and weather events.

partial repairs and restoring where

ossible.

Repairing and reusing spare parts,

Claims handling

Empowering people

Iryg wants to be an inclusive and employee can be their true self. diverse workplace where every

Diversity, equity and inclusion

A key driver to unlock the full talent pool - among existing and potential employees.

Internal resource groups

Employee-led resource groups for -GBTQ+, invisible disabilities and awareness, understanding and ethnic minorities to create

Annual Report 2025 | Tryg A/S | 50

{52}------------------------------------------------

Strategy

Introduction

Contents

Progress on target Progress below target

Annual Report 2025 | Tryg A/S | 51

2025 progress on strategic targets

	Targets	Progress
Ø-Ø	30 product categories aligned with the EU Taxonomy climate adaptation criteria by 2027	25 product categories Taxonomy-aligned
Future-fit products	10% reduction in use of new material per claim by 2027	1.2 % reduction in use of new material per claim
	42% CO ₂ e reduction in Scope 1 by 2030	15% reduction in Scope 1 emissions
	100% annual sourcing of renewable electricity in Scope 2 by 2030	100% use of renewable electricity
(S	40% of suppliers (by spend) have set SBTi targets by 2029	23% of suppliers have set targets
Climate action	45.9% reduction in all-in use operational $\mathrm{CO}_2$ e emissions from real estate covered bond portfolio by 2030	$20\% \text{CO}_2$ e reduction per m $^2$
	6% CO ₂ e reduction per claim by 2027	9% CO ₂ e reduction per claim
	100% of premiums from fossil fuel customers covered by green transition plans by 2027	86% of premiums covered by green transition plans
8		41/59 at all management levels (female/male)
Empowering people	Min 40/60 gender representation at each management level by 2030	36/64 at director level (female/male)
		34/66 at top management level (female/male)

Note: Target base year 2024

{53}------------------------------------------------

Contents

Sustainability & ESG are embedded in Tryg's 2027 strategy and governance, supporting Tryg's purpose 'As the world changes, we make it easier to be tryg1- today and tomorrow.'

Strategy, business model and value chain

Strategy and targets
Material impacts, risks and opportunities
Stakeholder engagement

Governance

Sustainability governance
Due diligence

Basis for preparation

Risk management and internal controls

Double materiality assessment

Index of material disclosures

'tryg' means to feel safe, protected and cared for in Danish.

Annual Report 2025 | Tryg A/S | 52

{54}------------------------------------------------

Contents

Introduction

Business model and value chain

In its essence, insurance is about creating peace damaged, if we are burgled, or if a building burns of mind. Peace of mind means that we are not alone with the consequences if our car is to the ground.

Tryg's purpose, 'As the world changes, we make its customers by helping to protect their assets, it easier to be tryg', underlines its commitment to being a proactive peace-of-mind creator for consequences of unforeseen events. health and belongings against the

This implies a strong focus on providing relevant products and coverage, properly assessing and pricing insurance risks, and identifying relevant preventive measures while providing efficient claims handling.

The most visible delivery to customers is claims handling, making sure that customers' claims pushing an agenda towards greater reuse of across its network to ensure this while also are handled in an efficient and satisfactory manner. Tryg works closely with suppliers

materials and repairs in claims handling instead of replacements.

already causing significant disruption to society as a result of more frequent and severe damage to infrastructure and to people's personal lives apparent right now is climate change, which is particularly due to more water intrusion from In addition to its core, insurance is also about being at the forefront and understanding the isks faced by customers and society. Most the seas, the sky, rivers and the ground.

climate events – including those that are far in prevent claims from occurring in a world with As an insurance company, Tryg aims to help understand, price and prevent the impact of customers adapt to climate change and to increasingly severe weather. Tryg can help the future. Iryg's purpose is also founded on a strong social neritage. Tryg's iconic lifebuoy, which hangs in strives to create security through preventive Scandinavia, is a clear symbol of how Tryg more than 150,000 locations across measures.

people, ensure a safe and secure night life, and ourpose of preventing harm and damage, Tryg works to support the mental health of young /ia a number of partnerships, all with the to educate school pupils about personal inances and insurance.

Tryg's value chain and material impacts, risks and opportunities

Downstream	Insurance coverage	Prevention measures High climate-impact sectors	Insurance products Data protection
Own operations	Products & Price & Sales & Service & Claims coverage underwriting marketing support management	Severe weather events	Cyber threat Diversity, equity & inclusion Gender pay inequality	Economic crime e.g. corruption and bribery
Upstream	Reassurance Procurement Funds management	E Claims handling	v	G Supplier management

government bonds, including green bonds.

portfolio of Nordic covered bonds and Tryg primarily invests in a diversified

nvestments

These bonds are known for their stability

and reliability and reinforce Tryg's low-risk

approach to investments.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Annual Report 2025 | Tryg A/S | 53

{55}------------------------------------------------

Introduction

Contents

Governance

Sustainability statement

Sustainability strategy and targets

Scale & Simplicity, and Technical Excellence. Three strategic focus areas guide Tryg's targets and initiatives within sustainability & ESG as outlined below. Sustainability & ESG is a key enabler across the three strategic pillars of Tryg's United 2027 strategy: Customer & Commercial Excellence,

Products adapted to the future weather -uture-fit products -

Fryg works actively with its defined climate targets to play

CO₂e reductions across the value chain

Climate action -

ts part in mitigating the climate impact of its business.

Specific targets are validated by the Science Based

Fargets initiative (SBTi), underlining Tryg's contribution to

the Paris Agreement

prevent climate-related claims through proactive support rive is committed to nudging and helping customers to and effective solutions.

implement preventive measures, Tryg helps both private buildings, belongings and assets from severe weather. and commercial customers safeguard their homes, By communicating and incentivising customers to

amount of new materials used in the claims handling materials to rebuild. Tryg is specifically targeting the If a claim occurs, it often requires large amounts of process to ensure a resource-efficient approach.

Fargets:

30 product categories aligned with the EU Taxonomy, corresponding to approximately 60% of all product

Diversity, equity and inclusion Empowering people -

passionate people with diverse skills across the entire Creating peace of mind in a changing world requires organisation. Diversity, equity and inclusion are key drivers to unlocking the full talent pool, both among existing and potential employees.

engagement, a diverse and inclusive culture, and strong initiatives to ensure that every employee can be 'tryg as talent retention. This includes continuous efforts and fryg builds on a strong foundation of high employee

process through its long-term focus on repairs and reuse

of material,

In addition to SBTi targets, Tryg continues to focus on

reducing CO₂e emissions from the claims handling

For its downstream emissions, Tryg has defined a target

for the purpose of engaging with high-climate impact

customers on their green transitions.

Minimum 40/60 gender representation at each management level (2030)

42% CO₂e reduction² in Scope 1 from company cars

Targets:

categories¹ in scope for climate adaptation (2027)
10% reduction² in use of new materials per claim

A product category is defined as one or more insurance products insuring the same object, e.g., a house. Tryg counts the number of product categories per country and business unit, meaning that, for instance, the product category"House/Villa" is counted three times because all three countries offer this insurance category. Relative to base year $2\,024$ .

100% of premiums from fossil fuel customers covered

by transition plans (2027)

45.9% CO₂e reduction² per m² across the real estate

covered bond investment portfolio (2030).

6% CO₂e reduction² per claim (2027)

40% of suppliers (by spend)² have set SBTi targets

covered by renewable energy (2030)

100% annual electricity consumption in scope 2

and natural gas (2030)

Annual Report 2025 | Tryg A/S | 54

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Strategy

Introduction

Contents

Opportunity Risk @ 0

Potential Actual

Negative Positive

3 6

Material impacts, risks and opportunities

the material IROs, including the identification of assessment (DMA) has led to some changes in previously identified material positive impacts The 2025 review of the double materiality two material risks. Tryg has removed its following available guidance.

efforts of mitigation and where thus excluded. The positive impacts were considered to be

Negative environmental impacts centre around identified for both climate change and resource use. Customer-related impacts centre around claims handling, where material impacts are

IT systems. Impacts in its own operations centre and the management and protection of data and the products Tryg offers, the sectors it insures around diversity, equity and inclusion (DEI).

strategic sustainability focus areas and targets The material IROs are closely linked to the

defined under Tryg's 2027 strategy.

More details on governance and the initiatives in the topical sections under Environment, Social place to respond to these IROs are provided in and Governance.

© Climate change Cope amissions from claims than difficent changes writigation Some washed climate changes adoption Some perations Cope amissions from claims chanding Some perations Cope amissions from claims changed climate changed sectors Some perations Cope amissions from claims changed sectors Some perations Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer weather events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events Soverer events	Standard and topic	IRO	Valuechain	Description	Time horizon	Page
1	E1 Climate change				Shart Medium Long
Coordinate Coordinate Providing insurance to high climate-impact sectors	Climate change mitigation	©	Upstream	$CO_2^{}$ e emissions from claims handling		29
recular economy Prevention measures esource use Own operations Prevention measures esource use Own operations Gender pay inequality at pay for work of equal value Own operations Gender pay inequality A-users Own operations Fostering and enabling diversity, equity and inclusion A-users Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ests Own operations Cyber threat ces Own operations Cyber threat ces Own operations Cocial and environmental requirements to suppliers 11 ces Own operations Economic crime e.g. corruption and bribery 11		3	Downstream	Providing insurance to high climate-impact sectors		29
Own operations Prevention measures Own operations Gender pay inequality Own operations Content and enabling diversity, equity and inclusion Own operations Postering and enabling diversity, equity and inclusion Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	Climate change adaption	œ	Own operations	Severe weather events		29
Upstream Material use in claims handling Own operations Gender pay inequality Own operations Fostering and enabling diversity, equity and inclusion Own operations Cyber threat Own operations Cyber threat Downstream Insurance responding to societat risks Upstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery		0	Own operations	Prevention measures		29
Upstream Own operations Own operations Own operations Cobar ing and enabling diversity, equity and inclusion Own operations Cober threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cocial and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery Own operations Economic crime e.g. corruption and bribery	Es Resource use and circular economy
Own operations Gender pay inequality Own operations Fostering and enabling diversity, equity and inclusion Own operations Fostering and enabling diversity, equity and inclusion Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Cyber threat Own operations Cyber threat Own operations Cyber threat Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat	Resources inflows, incl. resource use	©	Upstream	Material use in claims handling		8
Own operations Gender pay inequality Own operations Fostering and enabling diversity, equity and inclusion Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Social and environmental requirements to suppliers Cown operations Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	S1 Own workforce
Own operations Fostering and enabling diversity, equity and inclusion Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Own operations Cyber threat Cyber threat Own operations Cyber threat Own operations Cyber threat Cyber threat Own operations Cyber threat Own operations Social and environmental requirements to suppliers	Gender equality and equal pay for work of equal value	3	Own operations	Gender pay inequality		98
Downstream Data protection Responding to societal risks Downstream Insurance responding to societal risks Upstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	Diversity	a	Own operations	Fostering and enabling diversity, equity and inclusion		98
Downstream Data protection Own operations Cyber threat Downstream Insurance responding to societal risks Upstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	S4 Consumers and end-users
Own operations Cyber threat Downstream Insurance responding to societal risks Downstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	Privacy	0	Downstream	Data protection		105
Downstream Insurance responding to societal risks Operations Own operations Economic crime e.g. corruption and bribery	Information-related impacts for consumers and/or end-users	œ	Own operations	Cyber threat		105
Upstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	Access to products	0	Downstream	Insurance responding to societal risks		105
Upstream Social and environmental requirements to suppliers Own operations Economic crime e.g. corruption and bribery	G1 Business conduct.
Own operations Economic crime e.g. corruption and bribery	Management of relationships with suppliers including payment practices	0	Upstream	Social and environmental requirements to suppliers		112
	Corruption and bribery	@	Own operations	Economic crime e.g. corruption and bribery		112

{57}------------------------------------------------

Introduction

Contents

Double materiality assessment

Reporting Standards (ESRS), Particular attention reviewed and updated during the year based on insights and experience gathered from year one The double materiality assessment (DMA) was risks to ensure that the assessment follows the was paid to reassessing positive impacts and reporting under the European Sustainability new guidance available.

significant change to the areas of focus. The review has led to alterations but no

Identification of impacts, risks and opportunities

chain and in its own operations. In the upstream Impacts, risks and opportunities were identified primarily motor and building, which are the two has been on the most climate-intensive sectors. value chain, focus has been on claims suppliers, across Tryg's upstream and downstream value largest groups of claims. Downstream, focus

Each pre-defined ESRS topic, sub-topic and subsub topic was considered in terms of potential and actual positive or negative impacts as well as financial risks and opportunities.

opportunities, initial suggestions for alterations gathered from a more thorough understanding benchmarks and analyses of CSRD reports and were based on internal subject matter insights of the ESRS standards, from publicly available rom insights from an internal peer analysis. When reassessing impacts, risks and

areas and insights from due diligence processes supported by internal interviews of relevant For specific areas, the reassessment was

such as supplier screenings and engagement surveys. Internal proxies provided insights on specific areas relevant for e.g. investors, suppliers or customers.

Assessing impact materiality

Potential impacts were also considered in terms Each identified impact was assessed according to severity (scale, scope and irremediability). iterations to ensure that the final result was of likelihood. Reviews were performed in complete.

potential impacts on human rights scored above For impacts on people, a separate human rights review was performed to ensure that no the materiality threshold for severity.

Yet, as part of a final completeness review it was did not meet the impact threshold of 3 (out of 4). Own workforce' (gender pay gap and diversity) material due to both their strategic importance to Tryg and to current societal and regulatory Two impacts related to the topical standard considered that these two are nevertheless attention.

Assessing financial materiality

Risks and opportunities were assessed in terms flow, development, performance, position, cost of capital and access to finance. The potential of their potential effect on, respectively, cash finance and risk management and based on various sources of input, such as financial collaboration with key stakeholders from inancial effects were assessed in close

management framework, estimates and argets and performance, existing risk ssumptions.

on a stand-alone basis. Rather, they are viewed as part of the company's overall risk taxonomy and are considered in the established ongoing Sustainability-related risks are not considered defined thresholds for risk appetite in relevant risk management processes, including the areas.

with the threshold for Tryg's risk management determined to be 9 (out of 12) and is aligned The financial materiality threshold was framework

he Sustainability & ESG Board and finally by the Audit Committee, as the preparatory body for opportunities was reviewed and approved by Once considered complete, the consolidated overview of material impacts, risks and the Supervisory Board.

Thresholds and identification of material data

considered and mapped against the respective disclosure requirement and associated data Once completed, the result of the DMA was points of the ESRS. The conclusion of the assessment was mapped explanation and documentation for which data in the EFRAG's IG3 data point index to ensure points were in scope for reporting.

Resource use and circular economy

screenings or consultations were conducted knowledge, as it has been a strategic target and the assessment was based on existing mpacts, risks and opportunities related to resource inflow focus on claims suppliers. The inflow of resources is considered at a consolidated level across suppliers. No or Tryg in recent years.

Pollution, water and marine resources, and

of the insurance business, no dependencies, downstream value chain. Due to the nature suppliers. For water and marine resources, hematic ESRS standards on pollution, the assessment has focused on Tryg's claims transitional or physical risks are identified with regards to biodiversity. One systemic biodiversity is identified but not assessed material for Tryg at this point in time. No mpacts, risks and opportunities for the consultations have been conducted on or the purpose of identifying material assessed. For biodiversity, actual and assessed across Tryg's upstream and only Tryg's own activities have been risk related to customers' impact on potential impacts are identified and hese topics.

Business conduct

Tryg's own operations, as such criteria are Business conduct is considered across defined as the insurance sector in the Nordic region. Annual Report 2025 | Tryg A/S | 56

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Strategy

Introduction

Contents

Sustainability statement

Stakeholder engagement

Tryg engages with its key stakeholder groups across a number of channels and for different purposes. The table describes the nature, outcome and anchoring of the engagements.

Stakeholders	Purpose of engagement	How we engage	Use of stakeholder input
Employees	Attract and retain employees. Ensuring that employees can perform and thrive.	Annual and bi-annual employee engagement and pulse surveys Annual DEI survey Survey of physical workspace Work committees One-on-one performance dialogues Development plan and training	Feedback from engagement survey and pulse are analysed and, if relevant, further actions are defined as part of the ongoing focus on creating an attractive workplace covering themes such as general working conditions, leadership and management, training & development, and DEI. Examples: Employee engagement survey, DEI survey and internal focus on employee wellbeing.
Customers	Protect customers from unforeseen events and damage through relevant products, proper risk assessment and guidance, and efficient claims handling. Ensure transparent and efficient claims handling.	Regular customer and partner interaction Customer service Newsletters, including advice on prevention Risk assessments and mitigation advisory Complaints handling Customer satisfaction surveys	Informs general customer communication, advisory and product development, and claims handling processes. Delivering greater value to customers is the centric focus point of the 2027 strategy. Example: Partnerships to help customers prevent climate-related damage to house and buildings.
Society at large	Insurance plays a crucial role in society as a financial safety net, protecting private and commercial customers against the consequences of unforeseen events.	Communication through social and established media Dialogue with local trade associations in Denmark, Norway and Sweden Dialogue with the Financial Supervisory Authorities and other supervisory authorities Partnerships Ownerships: TryghedsGruppen and TrygFonden	Provides insights into the general expectations that society and customers have of the role of insurance in society. Can directly inform new product areas of focus, areas of improvement, new market opportunities, etc. Example: Advocating for collective action towards climate adaptation.
Suppliers	Manage supplier relations based on decent social and environmental performance while pushing for more repairs and use of reused material in claims handling.	Supplier relations management Supplier self-assessment questionnaires Supplier workshops	Enables insight into supplier-specific performance and areas of improvement. Can also highlight trends that are necessary for Tryg to act on. Example: Industry standard for ESG questionnaire for auto repair shops.
Owners and Investors	Be transparent and provide insights into the financial and non-financial performance of Tryg,	Quarterly and annual reports Investor roadshows, conferences and meetings Annual general meeting	Managing and meeting owners' and investors' expectations. Underlining Tryg's position as a stable equity. Examples: Investor feedback and ESG ratings.

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Introduction

Contents

Sustainability statement

Annual Report 2025 | Tryg A/S | 58

Sustainability governance

Supervisory Board

enablers: People, Data, IT and Sustainability & anchored with Tryg's Supervisory Board, who oversees the Group's strategy, including the Responsibility for ESG and sustainability is

representing the business and central functions.

Sustainability & ESG Board, chaired by Tryg's

COO and composed of Senior Executives

At the Executive level, Tryg has a dedicated

Executive Board

At quarterly meetings, the Sustainability & ESG

Board oversees performance on the strategic

ESG targets, including targets for climate,

suppliers, climate-adapted products, material

use in claims handling and gender diversity.

The composition of the Sustainability & ESG

knowledge and decision-making across the organisation. In 2025, this board has paid

Board is designed to leverage relevant

status update on the strategic sustainability & defined thresholds for risk appetite related to ESG targets and on performance against the The Supervisory Board receives a quarterly sustainability themes. Four board committees are responsible for ESGrelated aspects, as reflected in the committee charters:

quality, internal controls and the annual double report, including external ESG reporting, data The Audit committee oversees the annual materiality assessment.

strategic sustainability focus areas of Tryg's

particular attention to implementing the

2027 strategy, including climate-adapted products, geopolitical developments and climate adaptation and mitigation efforts.

and emerging risk profile, including risk appetite. The Risk committee monitors the Group's risk

ensuring that Supervisory Board members have competencies and experience, also with regard The Nomination committee is responsible for adequate collective knowledge, professional to ESG-related aspects.

approves the variable salary programme of the Executive Board, including the specific ESG The Remuneration committee reviews and

Sustainability oversight

act upon the impact of the turbulent geopolitical senior executives oversees the work of the task established so Tryg could monitor, predict and force. The recommendations of the task force environment. A steering group composed of are processed and discussed by the Risk In 2025, a Geopolitical task force was committee.

themes as appropriate, such as compliance with The Compliance Board and Executive Board's Risk committee further discuss relevant ESG upcoming regulation or risk appetite.

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Remuneration

performance into incentive schemes Integration of sustainability-related

other leaders based on their organisational level. Executive Board, Executive Leader Forum and Tryg has incentive programmes for the

Tryg's management incentive programmes are industry, promotes collaborative engagement shared targets that reward performance in a way that is commensurate with shareholder increased talent attraction through marketdesigned to mobilise management around interests, consistent with the nature of the and performance, and which can lead to aligned structures.

Sustainability & ESG targets constituted 20% of the variable salary for the short-term incentive Specifically for the Executive Board, scheme (STI) in 2025. The ESG targets cover targets for CO₂e emission targets is not publicly disclosed. Performance is targets for the STI are approved annually by the emission reductions for claims, gender balance engagement. The weight of the respective ESG reductions from Tryg's own operations, CO₂e based on specific milestones and thresholds within each of the categories. The specific in management and level of employee Supervisory Board.

The two climate targets are also included in the annual employee bonus scheme. Read more in Tryg's Remuneration Report 2025 (Link)

Annual Report 2025 | Tryg A/S | 59

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Financial results

Strategy

Introduction

Contents

Due diligence

Human rights statement

conditions, and will comply with any applicable fundamental human rights and decent working fundamental human rights and decent working laws and regulations, including internationally recognised conventions, on the protection of At Tryg, we are committed to respecting all conditions.

Rights from 1966, the UN Convention on Civil Convention on Economic, Social and Cultural internationally recognised human rights that and Political Rights from 1966, and the ILO's core conventions on fundamental rights and follow from, among other sources, the UN Fundamental human rights refer to principles in working life.

human and labour rights of own employees, describes its commitment to respecting the suppliers and customers. See description of content under the sections Own workforce, Consumers and end-users, and Business Tryg's Human and Labour Rights policy conduct.

Human and labour rights policy (Link)

and business relations, and in the supply chain. human and labour rights in its own operations, contribute or be linked to adverse impacts on through its products and services, customers Tryg recognises that it can potentially cause,

mitigate risks of adverse impacts on human and Business and Human Rights, which means that it continuously seeks to identify, prevent and Tryg supports the UN Guiding Principles on

4-VOD

labour rights both internally in the organisation and across the value chain.

questionnaires and the continuous monitoring initiatives, such as the annual and bi-annual This is done through various channels and employee engagement surveys, supplier of claims decisions and complaints.

Transparency Act. Read more on page 122 Tryg Norway is subject to the Norwegian

Core elements of due diligence	Sections in the Sustainability Statement
Embedding due diligence in governance, strategy and business model	Strategy and business model, p. 53 - 54 Sustainability governance, p. 58
Engaging with affected stakeholders in all key steps of the due diligence	Stakeholder engagement, p. 57 Employee engagement survey, p. 96 Customer engagement, p. 108 Supplier screenings, p. 115 - 116
Identifying and assessing adverse impacts	Employee engagement survey and communication committees, p. 96 Supplier screenings, p. 115 - 116 Corruption and bribery risk assessment, p. 113 - 114
Tracking the effectiveness of these efforts and communicating	Employee engagement survey process, p. 96 Supplier screenings, p. 115 - 116

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Introduction

Contents

Governance

Basis for preparation

statutory Sustainability Statement in accordance with the EU's Corporate Sustainability Reporting The Sustainability Statement represents Tryg's Directive (CSRD) and the associated European Sustainability Reporting Standards (ESRS)1.

(EFRAG), while the quantitative ESRS data points European Financial Reporting Advisory Group in the report are referenced using the specific ESRS ID numbers in accordance with EFRAG's Implementation Guide 3: List of ESRS Data implementation guidance provided by the Furthermore, Tryg has followed the Points (IG-3)2.

reporting on the Danish Gender Balance Act (Act comprises information for communicating on underlines Tryg's ongoing commitment to the progress to the UN Global Compact and thus No. 1602 of 17/12/2024). Finally, the report Ten Principles on human and labour rights, The statement also covers Tryg's statutory environment and anti-corruption.

ESRS data points identified as material under the included in the statement. All data points in the Sustainability Statement are subject to limited Voluntary data points under the ESRS are not Tryg's Sustainability Statement only includes double materiality assessment (DMA) and mandatory under the ESRS framework. assurance.

disclosures and their respective location in the across the annual report. This is marked in the reference' is applied to ensure integration report. Where relevant, 'Incorporation by The index on page 63 lists the material

index, and the relevant specific data points are clearly marked in the text. References to other EU legislation as defined by ESRS 2 Appendix B is available on page 117.

shows both strategic and foundational targets. topical sections. For the sections on 'climate Targets are presented under the respective change' and 'own workforce' the overview objectives that ensure compliance and Foundational targets refer to essential operational integrity at Tryg.

Scope and consolidation

and value chain' and 'Material impacts, risks and further details in the sections: 'Business model upstream and downstream value chain. See The Sustainability Statement covers Tryg's opportunities' on pages 53 and 55.

statements and covers all operations within the Tryg Group and its subsidiaries (see Group charl and has no material impact on the data, as Tryg figures. This adjustment ensures completeness loss. Any other scope deviations are described Trade represents less than 1% of total profit/ on page 212). The only change compared to in the accounting policies under the relevant 2024 is that Tryg Trade is now included in all The scope of the Sustainability Statement is aligned with Tryg's consolidated financial ndicators. ESG data is collected and consolidated per legal entity and activity on a line-by-line basis. The principles as financial reporting and includes ESG data follows the same consolidation

assets that are financially owned and operated. agreements are treated as capital assets, Assets that are leased under long-term according to IFRS 16.

medium-term as up to five years, and long-term assessment. Short-term is defined as one year and are consistent with the double materiality from 1 January 2025 to 31 December 2025, reporting period, aligned with the fiscal year The time horizons used follow the financial as more than five years. Comparative figures are presented for metrics disclosed in one prior reporting period (2024), which marks the first year in which definitions and scope were aligned with the ESRS and serves as the baseline for target setting.

Estimation and uncertainty

calculation of emissions using emission factors measurement data and by standardising the ryg aims to disclose data as correctly and accurately as possible by using primary rom Tryg's carbon accounting system.

Spend-based, 2) Activity-based or 3) Hybrid. Tryg relies on the following key methods of recommendations of the GHG protocol: 1) measurement aligned with the

such as industry benchmarks, judgment-based Irvg does not use any indirect data sources, rvg applies estimates in its reporting on estimates or sector averages, in order to ninimise potential uncertainties in data calculations.

data. A defined process for risk assessment and mitigation controls is in place, including defined thresholds for when to adjust. These processes procedures and reliance on supplier-provided ensure that any potential impact on data If measurement uncertainty arises from selected data points due to fast close accuracy is minimal.

assumptions or estimates, it is explained in the accounting policies for each disclosure.

Use of estimates and potential uncertainties

uncertainty Potential

mpact

Key accounting estimates

	Low	-
	Tryg's fast-close process required using estimates for parts of Q4 2025, since invoice-based data was not yet accessible when reporting. Locations under $750~\text{m}^2$ are based on estimations. Mitigation controls in Q1.	Tryg's fast-close process required using estimates for
	Scope 1–3 – Internal E1-6 operations: Consumption data from Tryg's locations	Scope 3-C1. Purchased
ESRS ID	E1-6	1

	Low	Low
Dased on estimations. Mitigation controls in Q1.	Tryg's fast-close process required using estimates for parts of Q4 2025, since invoice-based data was not yet accessible when reporting. Mitigation controls in Q1.	Tryg's fast-close process required using estimates for parts of Q4 2025, since invoice-based data was not yet Low accessible when reporting Mitigation controls in Q1
	E1-6 Scope 3-C1. Purchased goods and services	E5-4 Resource inflows

Annual Report 2025 | Tryg A/S | 61

Commission delegated regulation (EU) of 2023/2772 of 31 July 2023.

EFRAG IG 3 List of ESRS Data Points, May 2024.

of the document.

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Strategy

Contents

Changes in preparation or presentation of sustainability information

reporting periods. If data has been restated, this restatements should be carried out, including those related to changes or deviations in prior restating quantitative information in cases of changes in reporting or reporting deviations. Materiality thresholds have been defined for Procedures have been established for how will be clearly disclosed under the specific disclosure point.

As part of Tryg's ongoing efforts to ensure that disclosures reflect material topics identified through the DMA, and since 'waste' has not

included in the report to ensure transparency on been assessed as a material topic, the E5-5 data internally. Total CO₂e emissions associated with management remains an operational priority for Tryg, with targets set for both 2027 and 2030. table on resource outflows has been removed waste under Scope 3, Category 5, will still be from the Sustainability Statement. Waste Progress will continue to be monitored climate-related impacts.

	•	•
202			Restatements due to revised data
Diff. fron

		Reasons for restatement	Units	baseline
ESRS ID E1-6_11	Scope 3-C1. Purchased goods and services	Baseline restatement due to multiple factors such as updated methodology, improved data completeness, adjustments for currency and inflation effects, and updates to category definitions.	tCO ₂ e	-93,083
E1-6_11	E1-6_11 Scope 3-C2. Capital goods	The baseline has been restated due to a methodological update, with calculations now based on Tryg's finance asset register and recorded assets, thereby aligning calculations with financial depreciation.	tCO ₂ e	563
E1-6_11	E1-6_11 Scope 3-C15. Investments	The baseline has been restated to reflect changes in the underlying assets, driven by a shift towards more energy-efficient assets within ship credits.	tCO ₂ e	-73,351
E1-6_22	Share of Scope 2 covered by contractual instruments	The baseline has been revised following the identification of a calculation discrepancy in 2024.	% point	36
E5-4_02	Total weight of products, E5-4_02 technical and biological materials used	The transition from spend-based to activity-based calculation methodologies in 2025	Tonnes	102
E5-4_04	Total weight of secondary reused or recycled components including packaging	necessitated the restatement of the 2024 baseline.	Tonnes	30

Risk management and internal controls

Scope, main features and components

Risk assessments are integrated into Tryg's data nformation, statements, figures or conclusions collection process to prevent misleading based on inaccurate or incomplete data.

Risks are identified as incidents that can have an and described in relation to the audit objectives impact on the audit objectives: Completeness, collection process for the specific data points information'. Risks are identified in the data Appendix B: 'Qualitative characteristics of ogether with relevant mitigation actions. accuracy and consistency from ESRS 1,

Main risks identified, mitigation strategies and related controls

material misstatements are likely to arise in the assessment has been performed for all main data collection process. A risk mapping and data points. Mitigation actions and quality The risk assessment methodology for the Sustainability Statement identifies where controls are described per identified risk.

control environment based on robust preventive controls – as opposed to corrective or detective controls – in order to be able to identify risks as early as possible in the data collection process. Tryg's mitigation strategy aims to establish a Both manual and automated controls are in place and, going forward, Tryg will work to automate as many controls as possible.

reporting. Audits are performed by both internal process of the financial audit. The results of the the Audit committee through periodic reporting Tryg's Supervisory Board on matters related to observations or identified risks, are reported to connection with periodical internal or external and external auditors, which is in line with the limited assurance process, including potential responsible for monitoring and assessing the risk management systems established for the of key findings. As the preparatory body for The risk control activities are performed in ESG reporting, the Audit committee is inancial and ESG reporting process.

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Financial statements

Contents

ESRS standard	DR Description	Page
	BP-1 General basis for preparation of Sustainability statement	61 - 62
	BP-2 Disclosures in relation to specific circumstances	61-62
	GOV-1 The role of the administrative, management and supervisory bodies	33 - 341; 58
	GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	28
	GOV-3 Integration of sustainability-related performance in incentive schemes	59
ESRS 2	GOV-4 Statement on due diligence	09
	GOV-5 Risk management and internal controls over sustainability reporting	62
	SBM-1 Strategy, business model and value chain	6; 22; 17; 1002; 53 - 54
	SBM-2 Interests and view of stakeholders	22
	SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	55; 67; 81; 95; 105; 112
	IRO-1 Description of the process to identify and assess material impacts, risks and opportunities	95
	IRO-2 Disclosure requirements in ESRS covered by the undertaking's sustainability statement	56; 63 - 64; 117 - 119
	E1-1 Transition plan climate change mitigation	89
	E1-2 Policies related to climate change mitigation and adaptation	69
ī	E1-3 Actions and resources in relation to climate change policies	69 - 71
.	E1-4 Targets related to climate change mitigation and adaptation	75
	E1-5 Energy consumption	78
	E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	77
	E5-1 Policies related to resource use and circular economy	81
H	E5-2 Actions and resources related to resource use and circular economy	81-82
£ .	E5-3 Targets related to resource use and circular economy	82
	E5-4 Resource inflows	83
	S1-1 Policies related to own workforce	96
51	S1-2 Process for engaging with own workforce and workers' representatives about impacts	96
	S1-3 Process to remediate negative impacts and channels for own workforce to raise concerns	96

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Contents

S1-4 Paking action on material impacts on own workforce and ap opportunities related to own workforce, and effectiveness of S1-5 Targets related to managing material negative impacts, adva S1-6 Characteristics of the undertaking's employees S1-8 Characteristics of non-employees in the undertaking's own v S1-8 Collective bargaining coverage and social dialogue S1-9 Diversity metrics S1-13 Training and skills S1-14 Remuneration metrics (pay gap and total remuneration) S1-15 Remuneration metrics (pay gap and total remuneration) S1-16 Remuneration metrics (pay gap and total remuneration) S1-17 Incidents, complaints and severe human rights impacts S4-1 Policies related to consumers and end-users about in S4-3 Process for engaging with consumers and end-users about in S4-3 Process to remediate negative impacts and channels for consumers and end-users, and effect opportunities related to consumers and end-users, and effect opportunities related to managing material negative impacts, adva G1-1 Corporate culture and business conduct policies G1-1 Ananagement of relationships with suppliers	ESRS standard	DR	DR Description	Page
S1-5 Targets related to managing material S1-6 Characteristics of the undertaking's e S1-7 Characteristics of non-employees in interpretation in the state of non-employees in interpretation in the state of non-employees in interpretation in the state of non-employees in interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpretation interpre		51-4	S1-4 Taking action on material impacts on own workforce and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	97 - 99
S1-6 Characteristics of the undertaking's e S1-7 Characteristics of non-employees in 1 S1-8 Collective bargaining coverage and sc S1-19 Diversity metrics S1-13 Training and skills S1-16 Remuneration metrics (pay gap and t S1-17 Incidents, complaints and severe hun S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impact S4-4 Opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-5	Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities	66
S1-7 Characteristics of non-employees in 1 S1-8 Collective bargaining coverage and sc S1-13 Training and skills S1-16 Remuneration metrics (pay gap and t S1-17 Incidents, complaints and severe hun S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impacts on S4-4 Taking action on material impacts on S4-5 Targets related to consumers G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-6	Characteristics of the undertaking's employees	100 - 101
S1-8 Collective bargaining coverage and s S1-9 Diversity metrics S1-13 Training and skills S1-16 Remuneration metrics (pay gap and t S1-17 Incidents, complaints and severe hun S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impacts on S4-4 Opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-7	S1-7 Characteristics of non-employees in the undertaking's own workforce	100
\$1-9 Diversity metrics \$1-13 Training and skills \$1-16 Remuneration metrics (pay gap and t \$1-17 Incidents, complaints and severe hun \$4-1 Policies related to consumers and en \$4-2 Process for engaging with consumers \$4-3 Process to remediate negative impacts on opportunities related to consumers a \$4-4 Opportunities related to consumers \$4-5 Targets related to managing material \$1 Corporate culture and business cond \$1 Drayontion and dataction of contracting	LS	S1-8	Collective bargaining coverage and social dialogue	101
S1-13 Training and skills S1-16 Remuneration metrics (pay gap and t S1-17 Incidents, complaints and severe hun S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impact S4-4 Opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-9	Diversity metrics	102
S1-16 Remuneration metrics (pay gap and t S1-17 Incidents, complaints and severe hun S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impact S4-4 Taking action on material impacts on S4-5 Targets related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-13	Training and skills	103
S4-1 Policies related to consumers and en. S4-2 Process for engaging with consumers S4-3 Process to remediate negative impacts on apportunities related to consumers opportunities related to consumers a S4-4 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-16	Remuneration metrics (pay gap and total remuneration)	104
S4-1 Policies related to consumers and en S4-2 Process for engaging with consumers S4-3 Process to remediate negative impacts on S4-4 Taking action on material impacts on opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S1-17	Incidents, complaints and severe human rights impacts	104
S4-2 Process for engaging with consumers S4-3 Process to remediate negative impac S4-4 Taking action on material impacts on opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S4-1	Policies related to consumers and end-users	106; 108
S4-4 Taking action on material impacts on S4-4 opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su		S4-2	Process for engaging with consumers and end-users about impacts	108
S4-4 Taking action on material impacts on opportunities related to consumers a S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su preventions of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruntity and dataction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corruction of corr	75	84-3	S4-3 Process to remediate negative impacts and channels for consumers and end-users to raise concerns	108
S4-5 Targets related to managing material G1-1 Corporate culture and business cond G1-2 Management of relationships with su G1-3 Preparation and detaction of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corrupting of corr	5	9- 4	S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	106 - 107; 108
		24-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	109
		G1-1	Corporate culture and business conduct policies	113-114
C1-2 Drayantion and detection of corruption and heibeny	G1	G1-2	Management of relationships with suppliers	115 - 116
מובס ונופאפוווים ומפובריותו מו רמו וחליוים וויח סוו סבו א		G1-3	G1-3 Prevention and detection of corruption and bribery	113

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Environment

reduce its CO₂e footprint across its business and committed to supporting customers in adapting happening. On the other, Tryg works actively to value chain through validated climate targets. to climate change and to prevent claims from Tryg maintains a dual strategic focus in its climate efforts. On the one hand, Tryg is

Environmental highlights Climate change

Climate transition plan
SBTi-validated emission reduction targets
CO₂e reductions in claims handling

Resource use and circular economy

Reducing use of new materials in claims handling

EU Taxonomy

Products to help customers adapt to climate change

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Environmental highlights

Helping customers adapt to climate change

25 product categories aligned with customers in adapting to climate change and preventing climatethe EU Taxonomy, supporting related damage.

Ahead of forecasted storms and cloudbursts,

Campaign for a climateresilient future

need for national climate adaptation. Campaign launched to spotlight the

reuse of material and procurement

cost savings.

By means of increased repairs and

9% CO₂e reduction per

Over 450,000 preventive SMS alerts sent to customers

First products eco-labelled

with Bra Miljöval

Trygg-Hansa's house, content and cabin products are the first products in Tryg to earn the Bra Miljöval ecolabel, a Type I

ecolabel meeting Sweden's largest

Naturskyddsföreningen's criteria. environmental organisation

Tryg sends targeted SMS alerts, providing nouse insurance customers with practical guidance to help prevent weather-related damage.

SBTi-validated emission

Tryg's climate emission reduction

reduction targets

targets were validated by SBTi in

2025.

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Annual Report 2025 | Tryg A/S | 67

Climate change

Material impacts, risks and opportunities

For the standard 'Climate change', four material IROs1 are identified: Two negative impacts, one risk and one opportunity.

Negative impacts

Claims handling

replacing and employing used materials instead collaborating with claims suppliers to build and business. The climate impact of materials used of new. Tryg's policies and initiatives related to Claims handling is a resource-heavy process closely linked to the core of Tryg's insurance to handle around 2 million claims annually is significant. Tryg has a long-term focus on expand practices for repairing instead of claims handling are described under E5.

Insuring high climate-impact sectors

producers, are recognised and obvious. The role process of reducing their CO₂e emissions, while of insurance here is still being discussed and will taking responsibility and pushing for change in ensure that companies active in the extraction negative repercussions of high climate-impact years. Regardless, Tryg has defined a target to Iryg's commercial customers span a range of presumably become clearer over the coming others have not progressed that far yet. The limitations, the target is a first step towards sectors, such as fossil fuel extractors and sectors, some of which are already in the and production of fossil fuels have green transition plans in place. Recognising its its downstream value chain.

Severe weather events

weather events impact claims patterns in terms Tryg's customers has increased by 112%. Tryg reserving, claims forecasting, underwriting and reinsurance to mitigate the financial impact of the physical climate risk. Developing products number of weather-related claims made by based prevention mechanisms, is a another means of reducing the impact of climate on for climate adaptation, including incentiveleverages its technical expertise in pricing, of both number and size. Since 2020, the The increasing frequency and severity of Tryg's financial performance.

Opportunity

Prevention

for Tryg and consequently central to its ambition Advising customers on how to prevent damage offerings is identified as a financial opportunity claims, thereby also limiting resource use and can positively impact the number and size of the associated emissions required to handle of being a proactive peace-of-mind creator. Including preventive measures in product

Integrating preventive measures across product categories is a strategic focus area for Tryg. It is severe weather events, as defined under the EU helping customers protect themselves against Taxonomy – one of Tryg's key strategic focus specifically addressed in connection with climate-adapted products as a means for

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greatest challenges of our time. Tryg's transition emission levels are available on page 75 and 77. consequences of climate change is one of the mitigating the impact of its business activities plan outlines the key targets and levers for and value chain. Progress on targets and Slowing down and minimising the

validated SBTi targets covering Scope 1, 2 and 3. The SBTi validation underpins Tryg's support for the emissions stemming from resource use in the goal of the Paris Agreement to limit global warming to 1.5°C. Additionally, to account for The transition plan centres around Tryg's the claims handling processes,

approach for engaging with customers around within the extraction and production of fossil fuels is a first step towards a more proactive used and the associated CO₂e emissions. A specific target regarding customers active Tryg has defined reduction targets for, respectively, the amount of materials their green transition. For each target, clear governance and roadmaps Benchmarks. The transition plan is approved by are in place to ensure ownership and progress, described in the following sections. Tryg is not Details about the specific action plans are excluded from the EU Paris-aligned the Sustainability & ESG Board.

measures and text message alerts. The strategy product categories with the criteria for climate therefore includes a specific target to align 30 adaptation as defined by the EU Taxonomy. sustainability focus areas - Future-fit products The targets are an integral part of Tryg's 2027 An integrated part of Tryg's 2027 strategy strategy and of two of the three strategic

undertaken to protect citizens, companies and mobilising across sectors to shed light on and adaptation with the overarching purpose of Additionally, in 2025, Tryg has launched a national campaign in Denmark on climate bring attention to the necessary collective efforts and political action that must be communities from climate change.

weather-related claims, and the larger the claim

the greater the climate footprint for handling it.

connected to climate mitigation actions. As the

For Tryg, climate adaptation is closely

and Climate action.

frequency and severity of weather events

increases, so do the number and size of

As part of its transition plan, Tryg therefore also

criteria of the EU Taxonomy, in terms of helping

sustomers protect their assets and buildings rom changing weather through preventive

ocuses on climate adaptation, in line with the

process and being continuously matured and The decarbonisation levers are considered capable of reaching the targets. Each is in ntegrated

Climate transition plan

methods, collaborating with suppliers, communicating to customers Claims handling: Increasing repairs and reuse: Establishing new Investments: Structured dialogues and regular screenings Decarbonisation levers Fossil fuel customers: motivate and push Transition away from natural gas heating Supplier engagement SBTi commitment Energy efficiency across locations towards green transition plans Electrified company cars Guarantees of Origin Scope 1 Scope 2 Scope 3

Targets

Scope 1

42% reduction in CO,e emissions1 sBTi

Scope 2

100% annual sourcing of renewable electricity | SBTi

Scope 3

40% of suppliers to set SBTi targets2 sBTi 45.9% CO,e reduction per m2 in SBTi

100% of premiums from fossil fuel covered bonds

customers covered by green transition plans³ 5% CO,e reduction per claim3 10% reduction in use of new

material per claim3

Annual Report 2025 | Tryg A/S | 68

Baseline 2024

¹⁾ Target year 2030 ²⁾ Target year 2029 ³⁾ Target year 2027

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Policies related to climate change mitigation

and adaptation

Tryg's Climate and environmental policy guides its efforts to mitigate negative impacts. As an offices and company cars constitute only a insurance company, direct emissions from fraction of total emissions. The majority of emissions are indirect and stem from, for example, the claims handling process.

adaptation in terms of managing climate-related risks. The policy applies to all legal entities and The policy also addresses climate change business areas. It is owned by the Head of Sustainability & ESG.

Climate and environmental policy (Link)

ISO 14001 environmental management certification guides our efforts

system ISO 14001. In 2025, Tryg was recertified Efforts to ensure protection of the climate and environment, including biodiversity, are driven environmental management system supports Fryg by ensuring continuous focus, planning, by the certified environmental management implementation, improvements and targets to the standard across all its locations in elated to the environment and climate. Denmark, Norway and Sweden. The

Eco-Lighthouse certification in Norway

focuses on the environment and a safe working Irvg Norway is also certified under the national Eco-Lighthouse certification scheme, which environment for employees

Actions and resources in relation to climate change policies

cover Tryg's Scope 1 and 2 emissions – focusing investments. See more details about the specific targets were validated by the SBTi. The targets Science-based targets and actions on targets on reducing emissions from the company car emissions, namely from its supply chain and fleet and energy and electricity use. Scope 3 In 2025, Tryg's climate emission reduction targets address the largest bulk of Tryg's targets on page 75.

Supply chain

To push for change across its supply chain, Tryg is now integrated into the ongoing dialogue and collaboration with suppliers. The approach is to targets by the end of 2029. Acting on this, SBTi measured by spend should set science-based has defined a target that 40% of suppliers embed SBTi as a core element of any ESG discussion with suppliers.

incorporated into Tryg's contractual agreements limitations faced by smaller suppliers in terms of In 2025, an SBTi commitment requirement was for suppliers to maintain their commitment and smallest suppliers to join SBTi is not considered and contract renewals, including an obligation actively work towards their targets throughout Tryg will be able to motivate companies across the duration of the contract. Recognising the suppliers. The expectation is that, over time, the contractual requirements, requiring the realistic. Focus is therefore on the largest ts related industries to join SBTi.

To assess the maturity of potential and existing suppliers in relation to SBTi, relevant questions are included in the tender process as well as in Tryg's ESG supplier screening questionnaires.

nvestment portfolio consists primarily of Nordic covered bonds. Under SBTi, Tryg has committed emissions from its real estate covered bond Fo fulfil the goal of a stable, low-capital to reducing all in-use operational GHG consuming investment profile, Tryg's oortfolio by 45.9% per m² by 2030¹.

process and, all else being equal, Tryg prioritises considerations are embedded in the investment issuers to understand and encourage efforts to climate-conscious options, including green Iryg maintains a structured dialogue with reduce carbon footprints. Sustainability conds.

Fossil fuel customers

olace. Tryg has defined a process for engaging in nformation package has been developed for the sustomers should have green transition plans in oe noted that this sector constitutes only a small the extraction and production of fossil fuels. An dialogues with customers or brokers. It should As a first step towards taking responsibility for dialogue with its customers who are active in Nonetheless, this is considered a first step defined a target that this specific group of underwriters or sales team to use in their commercial customer portfolio, Tryg has owards addressing customer impacts. share of Tryg's commercial portfolio. ts underwritten emissions from the

ollow-ups, Trygaims to engage the customers that still do not have transition plans in place Through continuous tracking and customer and to urge them to accelerate their efforts. Read about Tryg's efforts to reduce material use and emissions from its claims handling in the section 'Resource use and circular economy' Annual Report 2025 | Tryg A/S | 69

Irygg-Hansa was granted Bra Miljöval license or house, contents and cabin products

recognised as one of the Nordics' most rigorous managed by Naturskyddsföreningen, Sweden's Trygg-Hansa obtained the Bra Miljöval license products in 2025. Bra Miljöval is an eco-label for its house, contents and cabin insurance argest environmental organisation, and is ndependent eco-labels.

nake a conscious choice without compromising international ISO 14024 standard for third-party environmental certifications. By choosing Bra nouses, cabins, rental apartments and owner-The eco-label covers insurance products for Miljöval-labelled insurance, customers can occupied apartments. It is based on the on coverage or service.

The eco-label confirms that Trygg-Hansa meets their operations. It also requires Trygg-Hansa to where possible, and supplier engagement to nandling prioritising repair over replacement integrate environmental considerations into requirements for claims prevention, claims heating, and to invest premiums prudently, excluding companies involved in fossil fuel offices, including the use of electricity and minimise the environmental impact of its Naturskyddsföreningen's environmental extraction, production or distribution.

The eco-labelled products were launched in January 2026, benefiting approximately 300,000 existing customers.

Base year 2024

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Helping customers prevent damage

Helping customers and society prevent claims from happening is considered a central part of necessary precautions to protect their assets Irvg's delivery to its customers. Tryg aims to help and to nudge customers to take the and belongings against damage.

benefits Tryg, customers are also able to avoid a products and markets. These types of initiatives reduction in the amount of resources needed to claims will, all things being equal, also lead to a Tryg has a long-term focus on prevention and potential loss or damage. Fewer and smaller has a number of measures in place across can help prevent or minimise the damage caused by e.g. water or fire. This not only handle the claim.

weather events with both human and economic measures are in place - at a private, commercial consequences, there is an indisputable need to Iryg's insights on claims, weather patterns and solutions to how they can, for example, protect and societal level - in order to be prepared for proactively ensure that adequate prevention Customers are seeking advice and concrete expected to continue to occur in the future. their homes and buildings against flooding. In light of another year marked by severe risks enables Tryg to guide its customers the severe weather events that must be towards the most efficient measures for prevention.

housing or building insurance obtain discounted preventive measures. For products aligned with he criteria for climate adaptation under the EU approach, where customers with, for example, Taxonomy, this includes an incentive-based initiatives to encourage customers to take Each business area in Tryg has launched premiums or zero excess if they install a

opportunity to buy dedicated climate coverage that offers additional claims compensation for climate-related preventive measures that can backflow prevention valve. Commercial customers in Denmark also have the help avoid repeated claims.

customers. In 2025, Tryg established a baseline Sweden, who have implemented measures to for the proportion of private house insurance prevent climate- and weather-related claims. Central to reaping the benefits of preventive measures is that these are also activated by The baseline enables better tracking of the customers across Denmark, Norway and impact of Tryg's customer advice and the effectiveness of these measures.

Targeted SMS weather alters to customers

events such as cloudbursts or storms. Through receives alerts when forecasts predict extreme include practical advice on how to protect their targeted, focusing on customers in areas most affected customers via SMS. These messages property and belongings. The alerts are highly data partnerships with local suppliers, Tryg warns customers ahead of severe weather weather events and immediately informs To help prevent damage, Tryg proactively at risk for the specific event.

benefits are mutual, as Tryg sees great potential Denmark, Norway and Sweden. In a follow-up prevent damage from a forecasted storm. The terms of claims costs, customer retention and in these proactive customer engagements in answered that they acted on the advice to In 2025, more than 450,000 text message private customers in Denmark, two-thirds survey on the text message alerts sent to alerts were sent to private customers in customer satisfaction.

Examples of preventive measures

'Secured & Insured'

Irygg-Hansa offers its customers a security Through a unique collaboration with Avarn, nterruption time and improving damage package that contributes to increased business continuity by shortening management for the customer.

assets against winter weather by e.g. storing

their boat or vehicles inside, or installing a

heat pump in vacation homes to prevent

oipe bursts caused by freezing

temperatures.

n Norway, financial incentives are in place

Protect assets against weather

to encourage customers to protect their

Hotline for weather preventive measures

In Denmark, Tryg has expanded its existing Bolig hotline', available for customers with house insurance, to also include guidance and inspiration on how to protect their homes against severe weather.

Commercial customers in Denmark can Prevention as part of climate coverage enhance their building insurance with optional climate coverage, providing

climate-related preventive measures that additional compensation not only for the claim itself but also for implementing nelp reduce the risk of future claims. Annual Report 2025 | Tryg A/S | 70

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climate adaptation

It is clear that further action is needed if we are to withstand the effects and protect our shared efficient climate adaptation requires collective weather of the future. Tryg is convinced that companies and civil society – all must come assets, natural environment, infrastructure, homes and local communities against the efforts: Politicians, authorities, experts, together to develop the best solutions. worsen over time. In Denmark, three out of four and Norway that climate-related damages will showing broad concern in Denmark, Sweden Scandinavia, Tryg experiences directly how a customers. In 2025, Tryg conducted a survey As one of the largest insurance companies in Advocating for collective action towards changing climate impacts the life of its

In 2025, Tryg launched a campaign on climate and demonstrating its commitment to political advocacy.

more than one in three are concerned that their

homes will be affected1.

expect the consequences of weather-related

water damage will increase in the future and

As part of its campaign, Tryg published the Based on more than 7,200 respondents, Denmark and created awareness and

foundation to be established. One that gathers a range of relevant actors to collectively prioritise,

Trvg wishes for a national climate adaptation

homes, memories and personal belongings are

what is lost.

Tryg sees first-hand how water is not merely

damaging houses and assets, as people's

climate adaptation, so that ordinary citizens are

not left to shoulder the burden and cost alone.

political responsibility to ensure the necessary

necessary in Denmark. In Tryg's view, it is a

initiate and finance the climate adaptation

addressing the increasing weather-related risks adaptation with the overarching purpose of protecting customers' homes and tackling concerns through active engagement and report 'KlimaTryg Fremtid' (climate-safe future). nature and the society - today and in the future understanding of the implications for families, experts, stakeholders and public data sources, Tryg has mapped out the changing climate of

Tryg|⊕

KlimaTryg Fremtid

835%

concerned that their homes will be More than one out of three are affected.

Three out of four expect the consequences of weather-related water damage will increase in the future.

Annual Report 2025 | Tryg A/S | 71

Read the report 'KlimaTryg Fremtid' (Link).

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Climate-related risks

monitors developments in climate-related risks and financial planning as well as in pricing and to ensure that they are reflected in prognoses Climate-related risks are an integral part of underwriting processes. Tryg continuously Iryg's portfolio management, pricing and underwriting activities.

on a short, medium and long-term time horizon relation to Tryg's portfolio and claims patterns and high emission scenarios are considered in business. The impacts of these low, medium (RCP2.6, RCP4.5 and RCP8.5) to assess the potential impact of climate change on its Representative Concentration Pathways to understand the physical climate risks. Tryg applies consensus-based UN

Physical climate risks

drought. Also, coastal flooding is expected to be a significant issue on a global scale due to rising flooding, the increase is also expected to impact unchanged. Recent research indicates, however temperatures and sea levels are expected to be The scenario analysis shows that the effects of wind storms had been expected to be relatively events, i.e., heavy precipitation and flooding or within this century, with visible changes from the interface of what can be insured and what climate change are expected to be significant measures or services. Risks associated with dependent upon developments in emission frequency and severity of extreme weather will be covered through national schemes, sea levels. Particularly in terms of coastal followed by a significant increase in the decade to decade. Increases in average hat average wind speed can increase -

customers. The sections below outline how Tryg Regardless, more volatility is expected to cause continuously works to mitigate these effects. an increase in the frequency and severity of weather-related claims across all Tryg's

As the majority of Tryg's insurance policies are renewed annually, it is expected that Tryg to a higher degree can adapt to trends through annual price adjustments.

externally sourced geodata such as height, slope and drainage with Tryg's large pool of historical claims data. This enables Tryg to increase price customers will be charged higher prices while others lower – essentially, this improves Tryg's To further improve pricing practices and risk sources. Private in Norway has developed a differentiation, Tryg continuously works to Topographical Wetness Index combining develop and acquire new advanced data differentiation across customers: Some pricing sophistication.

Underwriting risks

dispersion cannot be achieved through standard insurer's exposure to high-severity and weatherportfolio diversification. This serves to limit the mitigation mechanism to reduce underwriting At present, reinsurance is employed as a risk risk in circumstances where adequate risk related claims.

Standard Formula scenario, which corresponds reinstatement. Tryg maintains its expectation In the event of large-scale incidents involving to an event occurring more than once over a applicable to such events is DKK 300m plus reinsurance programme provides coverage damage to buildings and contents, Tryg's consistent with the Solvency II Directive's period of 200-250 years. The retention

:hat weather-related claims on an annual basis will amount to DKK 800m. n Denmark, compensation for claims caused by Hazards Council (Naturskaderådet), pursuant to aw. Sweden currently does not have a setup for provided through the Norwegian Natural Perils national legislation. In Norway, compensation nsurance scheme established under national storm surges is provided through a statutory scheme administered by the Danish Natural ool (Norsk Naturskadepool), a mandatory or claims resulting from natural perils is oublic climate compensation.

Product development

weather-related claims, the transition towards a measures as part of the claims handling to avoid changing consumer preferences emphasise the includes specific climate coverage for buildings, relevance of Tryg's existing insurance products, particularly products helping customers adapt to climate change and implement preventive The expected future increase in climate and measures to protect their belongings. This ow-carbon economy and the associated enabling customers to install preventive recurring claims in the future.

to 60% of all relevant product categories across aligning 30 product categories, corresponding Under its 2027 strategy, Tryg is committed to the Group, with the EU Taxonomy. This will guide Tryg's efforts to ensure that climate Annual Report 2025 | Tryg A/S | 72

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More specifically, Tryg advises its customers on how to protect their assets from climate-related damage e.g. by storing vehicles or boats inside and installing measures to prevent water damage or pipe bursts.

Tryg also works closely with local authorities to

through, for example, a commitment to share

prevent damage to buildings and assets

data on areas that are exposed to weather-

related claims

The difficulty when considering climate change acceptable level. However, climate change risk will require more and more focus in the future. much longer than the time horizon used in the is to reconcile the fact that the time horizon is climate change and extreme weather events insurance portfolio. The climate change risk landscape is currently assessed to be at an Strengthening organisational response to strategic planning periods. The challenge resides within the long-term dynamics of climate change and how they impact the

and Group-wide approach to the climate, and to Iryg's Technical excellence. The purpose of the Climate Excellence lead is to ensure a common develop scalable solutions for pricing, products central 'Climate Excellence' lead in 2025 under ousiness areas and national borders. This new unit will ensure that Tryg utilises its combined Fo take this into account, Tryg established a and prevention that can be applied across strengths and capabilities across the Scandinavian organisation.

Shedding light on the societal implications of climate change

societal actors to share their perspective on the As part of Tryg's national campaign in Denmark focusing on the necessary collective efforts and need for climate adaptation. Read about Tryg's protect citizens, companies and communities political actions that must be undertaken to against the impact of climate change, Tryg initiated a social media baton inviting key campaign on page 71.

Climate-related risk categories - how climate change can impact claims patterns

A climate-related risk taxonomy focuses on identifying and defining risk categories associated with climate-related hazards. The table below shows examples of the physical climate-related hazards that can impact Tryg's customers and claims costs.

impact the risk of traffic incidents as well particularly variability around 0°C, can Changes to temperature variability, Temperature-related as accidental falls.

Water-related

More heavy precipitation (rain, hail, snow/ ice) – especially cloudbursts – damages both the property and vehicles of our customers. hurricanes damage our customers' homes,

buildings, effects and infrastructure in

society.

Changing wind pattens and storms &

Wind-related

vehicles and machinery and interrupts our More flooding damages properties, customers' businesses. Annual Report 2025 | Tryg A/S | 73

$\mathcal{U}$

Solid mass-related

without a place to live and our business customers with interrupted businesses. infrastructure and leave our customers More landslides destroy property and

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The transition to a global low-carbon economy Iryg these are primarily viewed as operational, is also associated with transitional risks. For strategic, regulatory and reputational. From an operational and strategic perspective, reference or best practice examples. There is a existing data models and to reassess how risks need to integrate new types of data within underwriting, pricing, reserving and capital modelling is a complex task with no clear integrating climate considerations into are analysed.

regulatory requirements is expected to have The increase in climate-related policies and significant implications for Tryg in terms of ways-of-working, documentation and data requirements, etc.

associated with external perceptions of Tryg's Finally, and closely connected to the above climate-related actions and disclosures. transition risks, is the reputational risk

making it a turbulent and complex risk picture to Originating from shifts in consumer preferences, expectations on reasonable climate actions for an insurance company are still fragmented, stakeholder concerns, the general societal stigmatisation of sectors and increased

mitigation and for accumulating and integrating and market changes, actions for adaptation and transitional risks due to climate-related policies more data are essential for Tryg to be able to navigate these challenges and maintain In summary, while Tryg faces several competitiveness.

applied to the assessment of transition risks, yet dependent on scenarios, the severity levels of The climate scenarios have not directly been transitional risks will differ.

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Climate targets

suppliers and investments. For all targets, internal stakeholders across relevant functions have been closely involved in defining scope, data sources Tryghas defined emission reduction targets for Scope 1, 2 and 3, addressing its own emissions and the primary indirect emissions relating to and target levels.

				Base year	Targets		Progress
	Strategic targets		2025	2024	2027	2030
ESRS ID			%	%	%	%
	Future-fit products	30 product categories aligned with the EU Taxonomy (No.)	25	18	30	N/A	•
E5-3_04		10% reduction in use of new materials per claim	1.2	0	10	N/A	0
		SBTi targets
E1-4_07		42% CO ₂ e reduction in Scope 1	15	0	N/A	42	•
		100% sourcing of renewable electricity in Scope 2	100	100	100	100	•
		40% of suppliers have set SBTi targets ^a)	23	10	N/A	40	•
	Climate action	45.9% CO ₂ e reduction per m ²	20	0	N/A	45.9	•
		Other climate targets
E5-3_03		6% CO ₂ e reduction per claim	6	0	9	N/A	•
		100% of premiums from fossil fuel commercial customers covered by green transition plans	86	78	100	N A N	•

Foundational targets

.07	2	0	-20	CO ₂ e reductions from business travel, air
9	8	0	9	CO ₂ e reduction from waste in own operation	Operational targets	E5-3_06
15	7.5	0	34	CO ₂ e reduction from energy consumption		E1-4_10
8	%	%	9/

Progress on target Progress below target

Accounting policies

Strategic targets

Product categories aligned with the EU Taxonomy:

Product categories are determined in accordance with the EU Taxonomy and the related technical screening criteria. house. Product categories are identified and assessed by A product category comprises one or more insurance products covering the same insured object, such as a business unit and country. Reduction in use of new materials per claim: All claims that include reused materials or repairs. Progress is measured as an average reduction across all claims. See Accounting policies on E5-4, page 83.

CO₂e reduction in Scope 1: See accounting policies on E1-6_07, page 79.

Sourcing of renewable electricity: See accounting policies on E1-6_08, page 79.

i.e. the suppliers covering 40% of spend. SBTi commitment Suppliers have set SBTi targets: Target is based on spendis assessed through ESG questionnaires. Reduction per m² in covered bond portfolio: Based on data on the underlying real estate loans financing EPC-certified buildings, calculated per square metre of the financed properties in the issuers' cover pools. See Accounting policies for Scope 3, C15 on page 80.

materials, repairs or avoided transportation are included and measured as an average reduction across all claims. See Accounting policies for Scope 3, C1 and C2 on page CO₂e reduction per claim: All claims that include reused

Premiums from fossil fuel customers that have transition plans: Covers customers active within the extraction and Agreement and/or specific initiatives or investments for decarbonisation. It is solely based on publicly available Fransition plans include targets aligned with the Paris production of fossil fuels (defined by NACE codes). information.

Foundational targets

business travel, air: See the accounting policies regarding CO₂e reduction from waste in own operation and from CO₂e reduction from energy consumption: See the E1-6_11, respectively, category 5 and 6, page 80. accounting policies regarding E1-6_09, page 79.

A7D1095E124040D6A37B58B63C1EFC93

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Foundational targets

Developments climate targets

Strategic targets

Future-fit products

adapted product categories to 25 - well on track adapted seven product categories to the criteria to reach 30 product categories in 2027. Among of the EU Taxonomy, bringing the total number the product categories added during the year are insurance products for agriculture, cabin, Climate adapted products: In 2025, Tryg light truck, car and tractor.

slightly below expectations due to, among other windshields. A number of projects are expected use of new materials per claim by 1.2% relative to 2024. Performance is driven by initiatives to Material reduction per claim: Tryg reduced the repair and reuse, in particularly an increase in covers motor claims in Denmark, Norway and become available these will be included. The factors the increased complexity in repairing the use of reused spare parts. Data currently target is set for all claims types. Results are to further accelerate progress on the target Sweden. As data from other claims areas going forward.

Climate actions

fuels. A smaller share of Scope 1 is composed of Scope 1 emissions is driven by an internal focus CO₂e reductions in Scope 1: 15% reduction in company car instead of one running on fossil on nudging employees to select an electrical emissions from natural gas. A shift to district heating at one of the largest sites has further contributed to the improvement. Only one minor location is now using natural gas. Sourcing of renewable electricity (Scope 2): Tryg continues to work to minimise its electricity use across sites through energy efficiency projects and conversion to LED lightning. In 2025, Tryg vacated one of its locations in Ballerup which

consumption. For the electricity consumption, Tryg purchased Guarantees of Origin (GO) has further added to the decrease in certificates.

Scope 3 emissions

Suppliers have validated SBTi targets: During the validated. Tryg has incorporated requirements been good progress compared to the baseline, first year of working with the target, there has with more suppliers having their SBTi targets to the larger suppliers into contractual agreements and dialogues.

page 78.

CO₂e reduction per m² in covered bonds:

s the 2030 target level. Total waste level

underlying assets towards more energy-efficient improvement is primarily due to changes in the assets in the ship credits and other covered Emissions per m² from Tryg's investments, decreased by 20% during the year. The bonds in which Tryg invests.

DEFRA (2024), it translates into a CO₂e

reduction.

CO₂e reductions per claim: Tryg has reached a Performance is driven by positive contribution across each country to continue repairing and measures, and the claims mix of the year with these factors resulted in a 2025 performance using reused material, significant cost-saving beyond expected, exceeding the 2027 target. e.g. fewer building related claims. Together, CO₂e reduction of 9% per claim, which is significantly beyond expected.

general increase in longer flights, which

customers active in extraction and production Fossil fuel customers: 86% of premiums from of fossil fuels are covered by green transition plans. Tryg will engage in dialogue with the remaining customers.

arget of 15%. The reduction is primarily a result emissions from energy consumption decreased of inventory associated with a previous location However, due to updated emission factors from during the year. This is a negative trend towards CO₂e from waste in own operations: The CO₂e emissions from waste decreased by 6%, which from one of the locations in Ballerup, disposing 20₂e from business travel, air: CO₂e emissions general energy-efficiency projects. The energy ncreased during 2025 as a result of relocating nove in Sweden and the inclusion of IT waste. of closing a location in Ballerup, together with the target of 5% reduction by 2030. There is a rom business travel by air increased by 20% ov 34% during the year, well above the 2030 ncreases the number of kilometres travelled. consumption mix is available in the table on CO₂e from energy consumption: The CO₂e

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Financial results

Strategy

Introduction

Contents

Total Scopes 1, 2 and 3 and total GHG emissions

The table presents Tryg's total GHG Scope 1-3. Accounting policies for the respective figures are described under the Accounting policies for E1-6 on page 79-80.

		Base year		2	Milestones and target years	get years		Annual % target/
	2025	2024	2025/2024	2027		2030		Base year
ESRS ID	tCO ₂ e	tCO ₂ e	%	tCO ₂ e	%	tCO ₂ e	%	%
Scope 1 GHG emissions
E1-6_07 Gross Scope 1 GHG emissions	955	1,120	15	N/A	N/A	649	42	7 c)
$E1-6_08$ Scope 1 GHG emissions from regulated emission trading schemes (%)	100	100	0	N/A	100	N/A	100	N/A

Scope 2 GHG emissions
E1-6_09 Gross location-based Scope 2 GHG emissions	879	826	34	902	7.5	831	15	3 c)
E1-6_10 Gross market-based Scope 2 GHG emissions	272	332	18	N/A	N/A	N/A	N/A	N/A

Significant Scope 3 GHG emissions
E1-6_11 Total gross indirect (Scope 3) GHG emissions	492,929	589,735	16	N/A	N/A	N/A	N/A	N/A
C1. Purchased goods and services ^a l	210,147	238,659 d)	12	N/A	(q 9	N/A	N/A	N/A
C2. Capital goods	80	732 d)	88	N/A	(q 9	N/A	N/A	N/A
C3. Fuel and energy-related activities	969	518	-34	N/A	N/A	N/A	N/A	N/A
C5. Waste	105	112	9	108	8	105	9	1 c)
C6. Business travelling	3,184	2,741	-16	2,686	2	2,604	5	1 c)
C15. Investments	278,717	346,972 d)	20	N/A	N/A	196,306	45.9	7 c)

Total GHG emissions
E1-6_12 Total GHG emissions (location-based)	494,532	591,833	16	A/N	N/A	A/N	N/A	N/A
E1-6_13 Total GHG emissions (market-based)	494,156	591,186	16	N/A	N/A	N/A	N/A	N/A

Developments GHG emissions

Developments related to climate targets are described on p. 76.

Scope 3-C2. Capital goods: The figure has been restated in 2025. The decrease is driven by a general focus on procurement cost savings. Emissions decreased as a result of a companywide focus on reducing procurement spend as Scope 3-C1. Purchased goods and services:

saving initiatives such as repairs and reuse in the

well as positive contributions from emissions-

the main categories of building, motor, content

and travel claims.

claims handling process across in particularly

a) Scope 3 C11. has been merged with Scope 3 C1. to consolidate into a single total SBTi target.

c) Annual % Target/base year are calculated on the 2030 target.

Pigures are restated see Basis for preparation for details.

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Energy consumption and mix

		2025	2024
ESRS ID		MWh	MWh
	Non-renewable sources
	Total energy consumption from electricity and district heating	13,992	15,490
E1-5_02	E1-5_02 Total energy consumption from fossil sources	3,601	4,533
E1-5_01	E1-5_01 Total energy consumption related to own operations	17,593	20,023

	Renewable sources
E1-5_06	E1-5_06 Fuel consumption from renewable sources	4	122
E1-5_07	E1-5_07 Renewable energy consumption (market-based)	12,742	13,933
E1-5_05	E1-5_05 Total energy consumption from renewable sources	12,745	14,056
E1-5_09	E1-5_09 Renewable sources in total energy consumption (%)	72	7.0

GHG emissions

Share of Contractual instruments E1-6_22 Scope 2 GHG emissions covered by contractual instruments (%) GHG intensity based on insurance revenue GHG emissions intensity, location-based (total GHG emissions (tCO ₂ e) per insurance revenue) GHG emissions intensity, market-based GHG emissions intensity, market-based
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second second secon

a) Figures are restated see Basis for preparation for details.

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Accounting policies GHG emissions

GHG emissions: E1-6 Gross Scopes 1, 2 and 3 and total GHG emissions

by the Greenhouse Gas Protocol Initiative (GHG external systems. The carbon footprint analysis Corporate Accounting and Reporting Standard, Council for Sustainable Development (WBCSD) Resources Institute (WRI) and World Business overview of Tryg's greenhouse gas emissions converted into CO₂ equivalents (CO₂e). It is Irve's carbon footprint provides a general based on reported data from internal and is based on the international standard: A Protocol) and developed by the World

The calculation is based on the 'financial control' well as in the different emission Scopes 1-3. The source type, the physical or operational origin of reporting period follows the financial reporting period [E1-6_16]. The reporting is presented by should be included in the carbon inventory as greenhouse gases; all converted into Carbon consolidation approach, which defines what methodology provided by the GHG Protocol. Dioxide Equivalents (CO₂e) based on the The reporting considers the following

For the reporting year 2025, there have been no material changes to the definitions applied or to greenhouse gas (GHG) emissions [E1-6_14]. the structure of the value chain that would impact the comparability of the disclosed

Emissions reporting and calculations

The key external sources used as a basis for the CO2e calculations in this report are the International Energy Agency (IEA), the

Cycle Inventory (LCI) Database, and DEFRA (UK emission factors are chosen at the beginning of appropriate emission conversion factors are to recommended by Tryg's carbon calculation IT solution and compared to best practices. The Intergovernmental Panel on Climate Change Climate Change (DECC), the ecoinvent Life Department for Environment, Food & Rural use the most recent and relevant schemes the reporting period to ensure consistency (IPCC), the UK Department of Energy and Affairs). The principles for selecting the throughout the period [E1-6_14-15].

consolidated accounting groups [E1-6_02]. The majority of Scope 1 and Scope 2 emissions, as well as part of Scope 3, originate from facility data provided by external suppliers, which is Scope 1 and 2 emissions all come from fully received with a delay relative to the time of consumption.

exceeding 750 m². For facilities below 750 m², based assumptions to ensure consistency and emissions are estimated using consumption-Emissions factors for Scope 1-2 and part of Scope 3 are determined based on actual consumption data from Tryg's facilities completeness of reporting.

relevant data from previous periods adjusted for any known changes. When actual data becomes available, updates are made in the next external report if the variance exceeds the materiality Due to Tryg's rapid year-end closing process, parts of Q4 figures are estimated based on

Further details regarding methods and assumptions are provided under each disclosure for Scope 1-3.

Scope 1 GHG emissions

The percentage of Scope 1 GHG emissions from Norway as part of the European Economic Area Frading System (EU ETS), which applies to both EU member states (Denmark and Sweden) and [E1-6_08]. In 2025, the target has been aligned Scope 1 consists of the total energy emissions regulated emission trading schemes refers to under these schemes. In the Nordic countries emission trading scheme is the EU Emissions from fossil fuel sources, which are emissions from company cars in Denmark and Sweden the share of total Scope 1 emissions that fall and from stationary combustion [E1-6_07]. therefore no interim target is set for 2027. where Tryg is located, the main regulated and validated with the SBTi for 2030, and

Scope 2 GHG emissions

The gross location- and marked-based Scope 2 electricity and heating/cooling at Tryg facilities. emissions are calculated as both location- and emissions related to purchased energy, i.e. greenhouse gas emissions include indirect According to the GHG protocol, Scope 2 marked-based [E1-6_09-10].

Scope 2 emissions with renewable contractual instruments

now much of the total consumed energy comes unbundled energy with attribute claims, relative rom renewable sources. The indicator includes to Scope 2 GHG emissions, represent Tryg's consumption of energy that contains energy Percentage of contractual instruments for

from electricity generated through Guarantee of Origin (GO) certificates, which according to the Renewable Energy Certificates (RECS). Tryg covers 100% of its electricity consumption GHG protocol is considered the same as through GO certificates [E1-6_22].

Non-renewable sources

heating, stationary combustion and electricity energy consumption from fossil fuels, district operations is derived from utility activity data, including meter readings and documentation otal energy consumption within Tryg's own provided by suppliers. This encompasses used across Tryg's facilities.

company cars. Stationary combustion accounts Company cars are owned or leased in Denmark for less than 1% of fossil fuel consumption and emergency generators. Electricity consumption reflects the Nordic energy mix under the Nordic Fossil fuel consumption is categorised into two Tryg does not utilise any direct nuclear energy energy cooperation framework [E1-5_01-02]. segments: company cars and on-site usage. includes natural gas and diesel used for and Sweden; Norway does not operate sources. [E1-5_03].

Renewable sources

Renewable energy consumption is divided into two categories:

Fuel consumption from renewable sources, proportion of biogas. The biogas share is which includes natural gas containing a based on figures published by https:// groengas.dgc.dk/ (2022) [E1-5_06]. Annual Report 2025 | Tryg A/S | 79

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market-based emission factors to ensure a based on purchased or acquired electricity conservative and representative approach. sources (market-based), calculated using heat, steam and cooling from renewable The renewable energy consumption is $[E1-5_07]$ 2

The proportion of renewable sources in total energy consumption represents the share of energy derived from renewable sources [E1-5_09].

Scope 3 GHG emissions

according to Tryg's value chain. Emissions from each category are reported separately to ensure Scope 3 covers a total of 15 categories of which transparency regarding their impact on the total 6 categories are currently determined in scope igure [E1-6_11]. The following Scope 3 GHG emission categories explanations for these exclusions are provided have been excluded from the inventory; below.

of components. Plans are in place to include distribution: Tryg does not produce physical goods and therefore has no transportation transportation related to indirect products Category 4. Upstream transportation and and services in the coming years.
modes of transportation. The calculation of subject to significant uncertainty. This will Category 7. Employee commuting: Tryg's these figures is currently assessed to be be further evaluated in the coming years. employees commute from their private homes to Tryg locations using various
under long-term agreements are included in Category 8. Upstream leased assets: All emissions from leased assets operating accordance with the GHG Protocol. Scope 1 -2 (purchased energy), in

methodologies and adjustments for

Category 9. Downstream transportation and distribution: Tryg has no physical products that require transportation or distribution after the point of sale.
the production of other companies' goods or Tryg does not sell products that are used in Category 10. Processing of sold products: services.
Category 11. Use of sold products: The act emissions under use of sold products but, of handling claims does not generate
Category 12. End-of-life treatment of sold rather, falls under C1.
generate waste at the end of their life cycle. products: Tryg does not offer products that Category 13. Downstream leased assets: Tryg does not lease assets to other companies.
Category 14. Franchises: Tryg does not operate any franchises.

Scope 3 includes direct and indirect emissions from Tryg's facilities and activities in the value

Category 1. Purchased goods and services: chain:
procurement systems and activity data from therefore the category has been restated for based calculations for Motor Denmark have the baseline year and 2025. There has been procurement activities and claims handling 11 was merged into Category 1 and spendcalculations. The data foundation has been a definition adjustment whereby Category Emissions are calculated based on spend implemented to improve data quality and the claims handling system. A number of data sourced from Tryg's financial and improvement measures have been This category includes both Tryg's been replaced with activity-based

accuracy and comparability across reporting years. Baseline has been restated see Basis currency and inflation factors to ensure or preparation for details.

long-term leased assets used in operations. financial depreciation practices, and due to registered assets, ensuring alignment with updated emission factors, exchange rates, and the inclusion of inflation adjustments. methodology has been updated to utilise assets owned by the company as well as Category 2. Capital goods: This category ryg's finance-related asset register and Baseline has been restated see Basis for includes Tryg's capital goods and fixed For baseline and 2025 reporting, the preparation for details.
activities (not included in Scope 1 or 2): Data multiplying the total facilities and transport point based on the derived distribution by consumption figures by the relevant Category 3. Fuel and energy-related emission factor.
more comprehensive. Since it is refurbished, Category 5. Waste generated in operations: based on invoices from waste management Waste is generated in own operations and emissions. In 2025, IT waste was added to Tryg's waste fractions to make reporting t does not result in any additional CO2e supplier. The waste is characteristic of classic office waste, and therefore not further granulated than for the CO₂e emissions.
Category 6. Business travel: Includes flights, From 2025, air travel registrations in Tryg's external travel management systems and combines travel distance and spend data. Iryg's expense system. The inventory public transportation, taxis and other business travel. Data is sourced from travel and expense solution are also

travel compared to the baseline, as most air ravel is recorded in the external system. representing about 2% of total business ncluded. This addition is minor,

these two CO2e emission figures on covered Capital Market Partners (CMP). CMP collect issuer updated its emissions data, requiring accordingly. Baseline has been restated see Swedish and Norwegian issuers are not yet Category 15. Investments: CO₂e emissions publicly available data from the respective 2024 financed emissions figure following a from Tryg's investments in covered bonds issuers in Denmark. CO₂e emissions from bonds are calculated using a key figure for significant historical revision by one of the emissions per million in DKK) supplied by the Danish portfolio. Tryg has restated its are calculated by using key figures (CO₂e possible for them to produce. Therefore, bond issuers in which Tryg invests. The the reported figure to be adjusted Basis for preparation for details.

are based on a sum of Scope 1, 2, and reported ocation-based and market-based figures and Total GHG emissions are expressed in both Scope 3 categories [E1-6_02, 12-13].

Share of Scope 2 emissions covered by

contractual instruments Percentage of Scope 2 energy (electricity and district heating) covered by renewable contractual instruments (GOs). Baseline has been restated see Basis for preparation for details.

GHG intensity based on insurance revenue

are based on the total GHG emissions (location-GHG emissions per net insurance revenue, and insurance revenue from the Income overview Tryg's GHG emissions intensity is Tryg's total based or market-based) in tCO₂e divided by on page 17 [E1-6_30-31]. Annual Report 2025 | Tryg A/S | 80

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Governance

Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 81

Resource use and circular economy

Material impacts, risks and opportunities

identified related to resource use in the claims For the standard 'Resource use and circular economy', one IRO - a negative impact - is handling process.

Negative impact

Resource use in claims handling

extracting and producing materials as well as on requires substantial amounts of materials, such customers need to rebuild their house, repair a car or replace technical equipment. Extensive environment and nature in connection with Resolving around 2 million claims per year the climate due to the related emissions. as wood, metal, plastic and glass when use of resources puts pressure on the

claims handling process. Through its established specific strategic targets for reducing resource partners and suppliers who replace, repair or use and associated CO₂e emissions from the claims, and increasingly also building claims, supplier network, particularly within motor practices for efficient repairs and increased restore the broken items. Tryg has defined Claims handling is performed by external efforts are being made to establish new employment of used materials.

Policies related to resource use and circular

enewable resources. It is owned by the Head of expresses Tryg's commitment to minimising resource use in the claims handling process, policy does not currently address the use of particularly the use of virgin materials. The Tryg's Climate and environmental policy

relevant functions, e.g. procurement and claims. responsibility for implementation allocated to Climate and environmental policy (Link) the Sustainability & ESG function, with

Actions for advancing repairs and reuse

the claims handling process, Tryg has for several resource use and associated CO₂e emissions in years worked to further the use of repairs and the employment of reused materials in close To address the negative material impact of collaboration with suppliers.

established both internally in Tryg and externally practices around reuse and repair across Tryg's However, efforts are also maturing across other at the claims suppliers. The availability of highcustomers to accept the use of recycled spare where most progress is currently being made. claims areas such as contents and electronics. concept that requires a shift in the mindset of This requires new ways of working, with new Tryg started by focusing on its largest claims areas, namely motor and building, and this is quality used spare parts and materials in the different supplier groups and sectors varies. engaged in through partnerships. It is also a parts and materials. Maturity in relation to practices and supply chains having to be market is a prerequisite to advancing the agenda, and is something Tryg is actively

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Strategy

Introduction

Contents

among other factors the increased complexity in

repairing windshields. A number of projects are

expected to further accelerate progress on the

arget going forward.

be included. The target is set for all claims types.

Results are slightly below expectations due to,

in Denmark, Norway and Sweden. As data from other claims areas become available these will

In 2025, Tryg has focused on its two new targets and windshields as well as the utilisation of used electronics, mobile phones, tablets, computers, example repair of windows, doors, floors, tiles, practices for motor, building and contents, for car bumpers, rims, headlights, car body parts CO, e emissions. Efforts build on established respectively, the use of new material and of related to claims handling: reduction of, spare parts.

Responsibility and profitability go hand in hand

handling claims once practices are established example of how responsibility and profitability repairs are often a cost-effective approach to It is important to underline that repairs or the compromise safety or quality for customers. can go hand in hand. Used spare parts and Irvg's efforts to push for more repairs and employment of reused material is a good utilisation of used spare parts will never

Incorporated in terms and contracts

used spare parts can be a more complex task for suppliers than merely replacing with new. Close clear expectations are therefore crucial in Tryg's collaboration and knowledge sharing as well as always fully established and trying to locate As it is still early days, supply chains are not ongoing supplier dialogues.

before the claim occurred. Specifically for glass, to repair the car and utilise used spare parts as to the damage, meaning that Tryg has the right car, it should be restored to the condition prior motor. It states that if Tryg decides to repair a repaired, Tryg has the right to require a repair long as it is restored to the same condition as For customers, a section is included in the insurance terms, though currently only for the term states that if the damage can be nstead of a replacement.

Specific KPIs for repair rates are now included in performance on repair rates and use of material. contracts with suppliers in the motor category and for the first group of building suppliers. To dashboard has been rolled out to parts of the monitor progress, a digital supplier reporting Denmark, enabling Tryg and the respective supplier network for motor and building in suppliers to follow the KPIs and their

of the specific initiatives in place, such as rims or development, Tryg is explicitly concentrating on building capacity across suppliers by facilitating claims to the actual claims assessors are aware the sharing of best practices and new methods. ensuring that everyone from procurement to Internally, knowledge sharing is critical for Recognising that this is an area under car bumper repairs.

Quarterly reports to management ensure continuous tracking of performance and investigation of root causes.

Exploring new possibilities

impact and data foundation of a given technique projects to assess the applicability, feasibility, Norway and Sweden regularly conduct pilot different business areas across Denmark, To expand the number of initiatives, the or process.

donating used and undamaged building material awareness around how to reuse undamaged material and more circular ways of working. In 2025, some of these focused on building to organisations. Together with Trondheim materials with Tryg testing the concept of Municipality, Tryg has passed on wooden parquet floors to the municipality for the purpose of reuse. This contributes to an

Another example of a Norwegian pilot project is use new spare parts within the warranty period han 5 years old. The market standard is to only a partnership with one of the largest car repair shops across Norway. Motivated by this, other expanded to the suppliers' certified car repair part is never older than the rest of the car and that customers' warranties remain intact, the explored. This expands the scope of potential out this partnership tested these boundaries. Inder the prerequisite that the reused spare within the warranty period – i.e. for cars less epairs and thus increases the potential for shop chains on the use of reused car parts actors have also expressed an interest in project has progressed well and is being something similar, which is being further working with resource efficiency.

naterials used across all claims categories. With

the overarching objective of reducing the amount of new materials used in claims

The target applies to resource inflows, i.e. the

of reused materials or repair techniques and the

consequential decrease in the use of primary

new raw materials.

nandling, the target relates to the increased use

Resale to reduce scrapping

ryg might compensate customers for products that are still functional and which could be given scrapped products from claims. In some cases partnership with a company that helps to resell claims handling by repairing and reusing more, a new lease of life. In other instances, the stilln addition to reducing the climate impact of unctioning item is resold through external partners. For example, Trygg-Hansa has a Iryg is also trying to limit the amount of these products at a discount.

The target is included in the overview of Climate

targets on page 75

economy. No external stakeholders have been

nvolved in setting the target.

As such, this does not address circular product

design, waste management or other matters

related to resource use and the circular

Jse of new materials

ryg has set a strategic intensity target to reduce he use of new materials per claim by 10% by 2027 compared to 2024.

per claim by 1.2% relative to 2024. Performance spare parts. Data currently covers motor claims In 2025, Tryg reduced the use of new materials s driven by initiatives to repair and reuse, in particularly an increase in the use of reused

Annual Report 2025 | Tryg A/S | 82

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Financial results

Strategy

Introduction

Contents

Resource inflows

	2025	2024
ESRS ID	Tonnes	Tonnes
Resource inflows
E5-4_02 Total weight of products, technical and biological materials used	5,238	5,657 a)
E5-4 0.4 Total weight of secondary relised or recycled components including nackaging	867	(e 772 a)

Developments resource inflows

driven by a company-wide focus on repairs and possible to identify more specific parts thereby reuse, thereby reducing material consumption. Improvements in data availability have made it handling is slightly declining. The reduction is making it possible to add the right average The amount of materials used for claims weight factor resulting in more accurate

Accounting policies

Resource inflows E5-4

427 a) (e 259)

E5-4 04]. Both figures include estimates for parts of Q4 2025, as invoice-based data was not yet available at the new parts but applies categories for reuse and recycling more activity-based calculations, the 2024 baseline has echnical/biological materials used. The most resourcetime of reporting. Due to the shift from spend-based to Claims handling is considered a material sustainability systems in Denmark, Norway and Sweden. All systems intensive areas are motor and building claims. In 2025, spare parts. Reporting follows the same method as for reporting focuses on motor, with data collected from including packaging, is based on reused and recycled 06]. The total weight of reused or recycled materials, from the Nordic circular auto parts system [E5-4_02, track spare parts in tonnes, applying weight factors matter, covering the total weight of products and been restated.

Annual Report 2025 | Tryg A/S | 83

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Strategy

Introduction

Contents

Examples of repair or reuse initiatives in claims handling

Repair of most frequently replaced car parts, such as headlights, bumpers and body parts

Continuously working to increase repair rates at auto shops through close collaboration with preferred suppliers.

SMART repair motor

vehicles. One-stop-shop for minor damage focused on Smarter and more time-efficient repair methods for repairs and reduced leap time.

Restoration and repair of building components

targeted techniques, and restoring window frames and Repairing chipped stone floors and countertops using exterior doors instead of doing a full replacement.

on repairing the specific damage to walls, ceilings or

Partial repairs of interiors

Instead of replacing or restoring a full living room, focus is

extensive demolition and allowing for partial repairs of

wet room membranes.

Efficient moisture-proofing in wet areas to avoid Smarter solutions in wet room repairs

Repairing mobile phones and computers, or refurbishing Repair and refurbishment of consumer electronics by giving new life to used spare parts.

Annual Report 2025 | Tryg A/S | 84

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EU Taxonomy

Scope and basis for preparation

structural changes, and the quantitative figures and material year-over-year developments that reproduced in their original format without any 2020/852 (the EU Taxonomy) for the financial Narrative disclosures explain scope, methods year 2025. It covers Tryg's non-life insurance are presented exclusively in those templates. This section constitutes Tryg's reporting activities and investment activities. The pursuant to Article 8 of Regulation (EU) accompanying Article 8 templates are underpin the KPI tables.

for insurance and reinsurance undertakings has Commission has clarified that undertakings may opt to use the previous version for this reporting Omnibus package, the KPI template in Annex X template for its Taxonomy alignment reporting cycle. Tryg has chosen to apply the previous been revised. While the updated template is simplify sustainability reporting under the As part of the EU Commission's efforts to expected to apply from 1 January 2026 (covering the 2025 financial year), the for the 2025 financial year.

Non-life insurance activities

KPI definition

directly support customers and other activities contribute to the EU's environmental objective in adapting to physical climate-related risks. 'climate change adaptation' when products Under the Taxonomy Regulation, non-life insurance is an enabling activity that can

The insurance-based Taxonomy alignment ratio represents the portion of Tryg's gross premiums Taxonomy, that meets the technical screening written, both covered and not covered by the objectives (DNSH) and comply with minimum significant harm to other environmental criteria (substantial contribution), do no social safeguards (MSS).

Annual Report 2025 | Tryg A/S | 85

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Strategy

Introduction

Contents

Nature, objective and evolution of Taxonomyaligned economic activities

calculation methodology, where the scale of the denominator relative to the numerator limits the Faxonomy-aligned products are reflected in the climate-adapted products increased from 18 in 2024 to 25 in 2025, the Taxonomy aligned ratio As of 31 December 2025, DKK 940,431,934 representing 2.6% of Tryg's gross premiums is unchanged year on year. This reflects the written - are aligned with the EU Taxonomy, same ratio as in 2024. While the number of extent to which incremental additions of

Tryg does not offer reinsurance products; therefore, A.1.2 and A.1.2.1 (incoming reinsurance) are not applicable.

Driving Taxonomy alignment across all markets and product segments

In 2023, Tryg began aligning insurance products with the EU Taxonomy, starting with house and Commercial in Denmark, Norway and Sweden. building insurance across both Private and

coverage. Meanwhile, Tryg Norway expanded its In 2024, Commercial in Denmark advanced this contents, car, moped, motorcycle, snowmobile, motorhome and boat insurance. Trygg-Hansa portfolio of aligned products to include cabin, also aligned products for business and boat insurance product, including new climate measures to its already aligned building work by introducing climate adaptation insurance.

Product categories aligned with the EU Taxonomy as of 2025

		Denmark	Norway	Sweden
	Private	House, cabin	House, cabin, contents, car, caravan, moped & MC, tractor, snowmobile, motorhome, boat	House, boat, cabin, car, light truck
ts "	Commercial	Building, agriculture	Building, agriculture Building, residential property	Building, movable property, car, light truck

EU Taxonomy - Insurance activities

	Substantial co	Substantial contribution to climate change	nate change			ONCH (Do No Cimificant Usum)	nificant Haum)
		adaptation				RICONION) DENIO	milcaint naimi
Fronomic activities	Absolute premiums	Proportion of premiums	Proportion of premiums	Climate change mitigation	Water and marine resources	Circular economy	Pollution	Biodiversity and ecosystems	Minimum safeguards
	DKK	%	%	N/X	N/A	N/X	N/X	Y/N	N/X
	2025	2025	2024
A.1 Non-life insurance and reinsurance underwriting
Taxonomy-aligned activities (environmentally sustainable)	940,431,934	2.6	2.6	>	A/N	N/A	N/A	N/A	>
A.1.1 Of which reinsured	40,057,538	0.1	0.1	>	N/A	N/A	N/A	N/A	>
A.1.2. Of which stemming from reinsurance activity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A.1.2.1 Of which reinsured (retrocession)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A.2 Non-life insurance and reinsurance underwriting Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)	2,538,285	0	0
B. Non-life insurance and reinsurance underwriting Taxonomy-non-eligible activities	35,022,344,389	97.6	97.6
Total (A.1 + A.2 + B)	35,965,314,608	100	100

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Introduction

Contents

In 2025, Tryg Denmark launched two additional insurance products for private and commercial Norway added tractor insurance to its already extensive list of aligned products, and Trygg-Hansa aligned car insurance and light truck commercial customers, respectively. Tryg Taxonomy-aligned products: cabin and agriculture insurance for private and customers.

31 December 2025, corresponding to 50% of all In total, 25 products were Taxonomy-aligned by relevant product categories in Tryg.

products can be aligned with the EU Taxonomy reducing measures to help customers adapt to adapt an even broader range of products. This 2027, clear targets have been set to climate-As part of Tryg's strategic roadmap towards includes enabling business units to assess whether newly developed or redesigned criteria and to incorporate effective riskclimate change.

Meeting the technical screening criteria

To make a substantial contribution to climate change adaptation, Tryg has ensured that the aligned products comply with the technical screening criteria for insurance activities.

on historical trends but also integrate forwardmodelling - using techniques that not only rely Screening criteria 1: State-of-the-art price looking climate scenarios.

other risk types to ensure accurate pricing and rryg models climate risks independently from cloudbursts, storms or floods - are integrated risk assessment. For each product, the most relevant climate-related perils - such as into the pricing model.

alongside external weather sources, including Tryg leverages historical internal claims data

the Danish Meteorological Institute (DMI), the Norwegian Meteorological Institute, and the Institute (SMHI). These datasets incorporate Swedish Meteorological and Hydrological climate projections based on IPCC RCP scenarios.

environment, refining data inputs and modelling techniques to reflect evolving weather patterns To maintain relevance and accuracy, business units continuously update their analytical and emerging climate risks.

homes to prevent pipe bursts caused by freezing temperatures. The implementation of incentives proactive claims prevention measures - such as example, customers may benefit from reduced premiums or waived excesses when they take includes risk-based prevention incentives. For varies across product categories, Private and embedding risk-based rewards to encourage customers to prevent climate-related claims. buildings, storing contents above basement For each Taxonomy-aligned product, Tryg lightning, or fitting heat pumps in vacation level, keeping vehicles and boats indoors, installing transient protection systems to installing backflow prevention valves in mitigate overvoltage and fire risks from Screening criteria 2: Product design -Commercial and countries.

In addition to offering financial incentives, Tryg and targeted text message alerts sent ahead of customers to take preventive measures. These customers to promote climate adaptation and claims prevention. This includes newsletters text message alerts are based on hyperlocal orecasts provided by data partners and are directed at customers in the areas affected. engages in proactive communication with extreme weather events, encouraging

climate-related coverage, Tryg has conducted a nsights into customers' actual experiences and coverage solutions - including coverage against expressed concerns regarding climate-related meet customers' needs and expectations for To ensure that Taxonomy-aligned products associated with the targeted products. This assessment draws on analyses of climate-Norwegian Natural Perils Pool - as well as relevant insurance schemes - such as the Screening criteria 3: Innovative insurance related claims covered by Tryg and other review of relevant climate-related perils Danish Natural Hazards Council and the climate-related perils (e.g., storms and cloudbursts) relevant to customers. risks.

demands, Implementation varies across product The evaluation can include claims data, climate isk scenarios, interviews with claims handlers remain responsive to evolving needs, Tryg will insights to ensure that future products reflect and sales teams, and customer surveys. To continue to incorporate relevant customer both current and emerging climate-related categories, business units and countries.

Screening criteria 4: Data sharing - Making loss data available to public authorities for the ourpose of analytical research.

To support climate adaptation in society, Tryg authorities in Denmark, Norway and Sweden. will, upon request and free of charge, share climate-related claims data with public

insurance industry shares claims data with the protection and land-use planning. Additionally, through its partnership with Climate Futures, Norwegian Knowledge Bank to support civil n Norway, Tryg together with the non-life orecasts and climate simulations into risk Iryg shares data and integrates seasonal

Annual Report 2025 | Tryg A/S | 87

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Financial results

Strategy

Introduction Contents

planning. The collaboration aims to co-create models - enabling proactive customer advice, insights that benefit both Tryg and the wider premium adjustments and contingency insurance sector. Screening criteria 5: High level of service in postdisaster situations - handling climate-related claims fairly with respect to customers.

customers, ready to be activated in response to disasters. Customer satisfaction - particularly in Trvg. Notably, satisfaction levels have remained Across all markets, Tryg has contingency plans consistently high, even during years marked by major claims events linked to various climaterelated risks. Claims handlers at Tryg undergo frequent and severe weather events affecting regular internal training to ensure claims are claims handling - remains a core priority for managed in full compliance with applicable laws, including during large-scale natural in place for both Private and Commercial

Turnover-based share of insurance premiums

manufacture of fossil fuels (coal, oil and gas) and insurance of assets dedicated to these purposes from the Taxonomy alignment numerator. Tryg activities, and commercial lines business areas governance and fair-competition programmes monitoring. There were no convictions in 2025 applies relevant NACE codes to identify such Complying with minimum social safeguards Guidelines for Multinational Enterprises and identify and exclude the affected premiums Business and Human Rights and the OECD operations, suppliers and customers. Tryg with annual risk assessments, training and Tryg follows the UN Guiding Principles on applies due-diligence processes across maintains strong anti-corruption, tax related to these topics. accordingly.

Contextual information - calculation method and data

Alignment

cloudbursts, storms, droughts and floods - in the insufficient to accurately identify and document premiums. In cases where product-level data is Tryg includes only the portion of the premium attributable to climate-related perils - such as the climate-related premium, the amount is calculations. For multi-risk products, this numerator of its Taxonomy-alignment proportionally based on gross written climate-related share is calculated classified as 'non-eligible'.

This methodology was introduced for the 2024 reporting year and remains in use following clarifications issued by the European Commission.

Investment assets

Tryg has excluded premium income related to

Doing no significant harm

the extraction, storage, transport or

either in full or proportionally. As a conservative climate-related coverage is explicitly included in Tryg considers premiums as eligible only when the product and can be reliably documented precaution, and due to limitations in data

currently reflects only the aligned premiums, for which sufficient and verifiable documentation is extraction and documentation across various available, excluding DNSH-related premiums. ines of business, Tryg's eligibility figure

Voluntary information:

Strategy 2027: Supporting customers in adapting to climate change

As part of Tryg's Strategy 2027, Tryg has set a target for the number of Taxonomy-aligned product product categories by 2027, representing approximately 60% of all relevant product categories in elevant products with the EU Taxonomy criteria for climate adaptation. The target is to align 30 categories*. Private and Commercial in Denmark, Norway and Sweden is committed to aligning Tryg.

customers to install effective preventive solutions, so more people can reduce the risk of climate The ambition goes beyond Taxonomy compliance, as it is essential for Tryg that these products not only meet regulatory criteria but also help customers actively adapt to climate change. This includes clearly communicating the benefits - such as prevention incentives - and encouraging related claims and enjoy peace-of-mind.

Faxonomy-aligned investments

Global Compact, with a strong focus on stability and transparency. The majority of the portfolio managers. The investment strategy is rooted in investment assets using a combination of inis invested in Scandinavian covered bonds. responsible principles aligned with the UN Tryg manages a substantial portfolio of which are considered low-risk and wellhouse management and external asset regulated instruments.

adaptation. The methodology and data sources contribute to climate change mitigation and/or used for KPI calculations are described in the according to the EU Climate Delegated Act, Economic activities related to Tryg's total investment assets have been categorised including Annexes I and II, as they may relevant documentation.

Covered bonds

Currently, there is insufficient data to determine which are only considered Taxonomy-aligned if conservatively assumed to be non-aligned. A portion of the holdings includes green bonds, Faxonomy eligibility is assessed using NACE they meet eligibility criteria based on NACE codes from the EU Taxonomy Compass alignment, and eligible exposures are code screening.

Sovereign, supranational and agency bonds

bonds, but they are also conservatively assumed These assets are excluded from Taxonomy KPI calculations. Some holdings include green to be non-aligned due to current data limitations.

Derivatives

derivatives. These instruments are not included The portfolio includes primarily fixed-income in the Taxonomy KPI calculations.

Real estate

investment funds. Fund-reported data is used to exposures are considered fully Taxonomy assess Taxonomy alignment, and all fund Real estate exposures are held through eligible.

Other unlisted exposures

Where applicable, fund-reported data is used to assess Taxonomy alignment. Due to the limited limited exposure to other unlisted investments. size of these holdings, they have an immaterial Aside from the abovementioned, Tryg has impact on overall KPI calculations.

Total Taxonomy-alignment - Investment activities

Proportion of Tryg's insurance and reinsurance investments that are Taxonomy-aligned relative to total investments.

2025

The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below:

Turnover-based:	392,031,886	Capital expenditures-based:	392,031,886
Turnover-based:	0.70	Capital expenditures-based:	0.70

Assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities.

Coverage:	55,684,535,496
Coverage ratio:	92.59

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Additional complementary disclosures - investment assets

2025
%	DKK
The percentage of derivatives relative to total assets covered by the KPI.	The value in monetary amounts of derivatives
0	0
The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of	Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive
Precure 2019/39/LD Over total assets covered by the NT. For non-financial undertakings:	בסוס סבר. For non-financial undertakings:
7.43	4,134,711,681
For financial undertakings:	For financial undertakings:
92.57	51,549,823,815
The proportion of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI. For non-financial undertakings:	Value of exposures to financial and non-financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU. For non-financial undertakings:
3.92	2,184,904,017
For financial undertakings:	For financial undertakings:
14.19	7,899,303,424
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI. Non-financial undertakings:	Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU. Non-financial undertakings:
0	0
Financial undertakings:	Financial undertakings:
0	0
The proportion of exposures to other counterparties and assets over total assets covered by the KPI. 0	Value of exposures to other counterparties and assets over total assets covered by the KPI.
The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities.	Value of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities. 385,136,756
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative to the value of total assets covered by the KPI.	Value of all the investments that are funding economic activities that are not Taxonomy-eligible.
94.37	52,551,595,262
The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy- aligned relative to the value of total assets covered by the KPI.	Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of total assets covered by the KPI.
76,4	2,740,306,346

Annual Report 2025 | Tryg A/S | 90

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Sustainability statement

Strategy

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Additional complementary disclosures - investment assets

Breakdown of numerator of the KPI

2025 %

8 8
The proportion of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles	Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a
19a and 29a of Directive 2013/34/EU over total assets covered by the KPI.	and 29a of Directive 2013/34/EU.
For non-financial undertakings:	For non-financial undertakings:

For non-financial undertakings:	For non-financial undertakings:
Turnover-based:	Turnover-based:
0	0
Capital expenditures-based:	Capital expenditures-based:
c

For financial undertakings:	For financial undertakings:
Turnover-based:	Turnover-based:
0	0
Capital expenditures-based:	Capital expenditures-based:
C

The proportion of the insurance or reinsurance undertaking's investments other than investments held in	Value of insura
respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at	insurance con
funding, or are associated with, Taxonomy-aligned.	associated wit
Turnover-based:	Turnover-hace

The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned.	Value of insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned.
Turnover-based:	Turnover-based:
69.0	385,136,756
Capital expenditure-based:	Capital expenditure-based:
69.0	385,136,756

The proportion of Taxonomy-aligned exposures to other counterparties and assets in over total assets covered by the KPI.	Value of Taxonomy-aligned exposures to other counterparties and assets in c	KPI.
	he proportion of Taxonomy-aligned exposures to other counterparties and assets in over total assets cover	e K

over total assets covered by the

i ul ilovei -Daseu.	0	Capital expenditure-based:


i diliovei-based.	0	Capital expenditure-based:
		_

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Sustainability statement

Taxonomy-aligned activities

Provided 'do-no-significant-harm' (DNSH) and social safeguards positive assessment

2025

			Transitional activities:	ctivities:
(4) Climate advantage mitigation	Turnover:	0.70	0.70 Turnover	0.62	0.62 CapEx	0.62
(1) Cilliate change illitigation	CapEx:	0.70	0.70 Enabling activities:	rities:
			Turnover	0.70	0.70 CapEx	0.70

			Transitional activities:	ctivities:
(c) Climate of a charter	Turnover:	0.62	0.62 Turnover	0	0 CapEx	0
(z) Cilliate Change adaptation	CapEx:	0.62	0.62 Enabling activities:	ities:
			Turnover	0.62	0.62 CapEx	0.62

Nuclear- and fossil gas-related activities (Appendix XII)

Nuclear energy related activities

2025

Nuclear energy related activities

evelopment, n facilities th the fuel cycle	on and safe cess cesses such as vailable	ion of existing ding for the en production
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process 2 heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
_	2	3

Fossil gas related activities

	The undertaking carries out, funds or has exposures to construction or operation
4	4 of electricity generation facilities that produce electricity using fossil gaseous	0N
	fuels.
	The undertaking carries out, funds or has exposures to construction,
2	5 refurbishment, and operation of combined heat/cool and power generation	0N
	facilities using fossil gaseous fuels.
	The undertaking carries out, funds or has exposures to construction,
9	6 refurbishment and operation of heat generation facilities that produce heat/cool	ON O
	using fossil gaseous fuels.

Contextual information

exposure to real estate. Accordingly, the portfolio does not contain investments in economic activities related to nuclear energy or fossil gas as defined under the EU The investment portfolio consists mainly of Nordic covered bonds and a limited Taxonomy.

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Social

Tryg aims to offer a working environment where every employee can thrive and be $tryg^1$ as they are. Diversity, equity and inclusion are central to being able to attract, retain and develop employees to fulfil Tryg's obligation to its customers and help protect them against unforeseen events.

Social highlights Own workforce

Diversity, equity and inclusion

Consumers and end-users

Protecting customers against unforeseen events
Protecting personal data

'tryg' means to feel safe, protected and cared for in Danish.

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on young people's mental health.

Social highlights

Gender representation

epresentation in Top management, percentage points relative to 2024. representing an increase of two 34/66 gender (female/male)

Resource groups to enhance inclusion

-GBTQ+, invisible disabilities and ethnic Internal employee resource groups awareness and understanding of focusing on increasing internal minorities.

Cyber awareness

Tryg participates in the initiative "Hele societal awareness around the risks and implications related to cyber Danmark øver" to help increase attacks.

High level of employee engagement

Employee engagement score of 79.

Norway and Sweden through e.g. the Fwo-point increase compared to last safety for young people out to enjoy he nightlife and Bris, which focuses Local social initiatives safety, the Night Owls supporting lifebuoy scheme supporting water year, and well above the industry Strong local engagement and partnerships across Denmark, benchmark of 76.

Tryg continues to expand its focus on

prevention for health-related

Mastering own health

treatment, recovering from long-term products related to e.g. psychological

illness, or pregnancy.

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Own workforce

Material impacts, risks and opportunities

For the standard 'Own workforce', two material IROs are identified: Two negative impacts. One potential impact related to diversity, equity and inclusion, and one actual impact related to gender pay equality.

Negative impacts

Diversity, equity and inclusion

core values, and as a central tool for bringing the and feeling of inclusion if it does not ensure that and inclusion (DEI) across the organisation. This competences. DEI is recognised as one of Tryg's place to facilitate and promote diversity, equity Tryg can negatively impact its employees' right appropriate measures and structures are in ensuring a complementary set of skills and can also give rise to challenges in terms of attracting and retaining employees and of full pool of talent into play.

Gender pay equality

systemic issue requiring a variety of measures in order to address the complex underlying causes. The pay gap is not limited to specific groups of Identified as an actual impact, Tryg recognises that gender pay inequality does exist in the organisation, but is also aware that it is a employees.

also pushing towards more equal representation creating a workplace with a focus on diversity, help promote the overall DEI agenda, thereby number of initiatives have been launched to Tryg has for many years been dedicated to equity and inclusion. In previous years, a and pay between men and women.

foundation and understanding the mechanisms Efforts include establishing an adequate data behind gender pay equality.

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Policies related to own workforce

included and is comfortable being their true self fryg's DNA - and embedded in its name. Under company culture where everyone feels equally the tagline 'Tryg as you are', Tryg strives for a -eeling safe, secure and protected is part of hereby releasing their full potential.

employees in Tryg and are approved annually by procedures for creating an inclusive and engaging workplace. Each applies to all Five policies establish guidelines and the Supervisory Board.

Sustainability policy (link)

Human and labour rights policy (link)

Policy on gender balance in management (link) Iryg's Code of Conduct (CoC) (link)

Tryg's remuneration policy (link)

opportunities and refrain from discrimination of responsibility in terms of acting as role models Common to these is Tryg's commitment to describes how employees are expected to human and labour rights. The CoC further actively contribute to promoting equal any kind. Managers carry an additional and taking action against inappropriate pehaviour.

Gender diversity

neutral with all employees enjoying equal rights the same job or a job of the same value. Further also focuses on promoting equal pay and equal opportunities for women and men performing Specifically for gender diversity, Tryg's gender across genders at all levels of management. It objectives of achieving equal representation to this, Tryg's remuneration policy is genderbalance policy describes the long-term regardless of gender

Process for engaging with own workforce workforce on human and labour rights Engagement with and remediation for

identify actual and potential adverse impacts on insights, such as employee cases raised and the Tryg continuously assesses relevant data and outcome of the employee engagement and pulse surveys, as part of its due diligence to employees.

Employee engagement survey

Employee feedback is critical for Tryg to create engagement, motivation and wellbeing. During and ensure a working environment focused on engagement survey and a shorter pulse survey to enable employee feedback and dialogues the year, Tryg conducts an employee around areas of improvement.

conditions, payment, terms of employment, and to previous years, these questions received the perception of feeling safe and included. Similar The survey covers themes such as motivation, offensive behaviour. The survey also includes training and development. Specific questions cover employee exposure to harassment or management, team collaboration, working specific questions about the employees' highest scores across all categories.

follow-up plans is in place to ensure that the A formal process for team discussions and insights feed into actions. The HR function is responsible for conducting the engagement survey and managers are responsible for following up.

and considered a strong score for a company of increase in the level of engagement to 79 out of 76. This is an increase of two points since 2024 100 - above the Nordic industry benchmark of The result of the 2025 survey showed an

condition in the markets that Tryg operates in, it s satisfying to see the level of engagement increase, indicating a healthy organisation. Iryg's size. With change a fundamental

n addition to the employee engagement survey ongoing dialogue with their leader focusing on performance, development and engagement. and the pulse survey, employees have two ormal conversations during the year and

hink tank, Equalis. The partnership includes an nclusion survey sent to employees once a year with the purpose of making DEI actionable and agreement with an external consultancy and Specifically focusing on diversity, equity and nclusion, Tryg has entered into a pro bono neasurable. The results of the 2025 survey showed that Tryg efforts to advance the DEI agenda, but they also can be made. These were gathered in an action nighlighted the areas in which improvements plan that guided efforts throughout the year. already has a strong foundation in terms of

To ensure that Tryg provides the best possible been conducted for the purpose of gathering nput and feedback on areas of improvement This is one of the elements in Tryg's focus on physical working environment, a survey has employee wellbeing.

Engagement with trade unions

Fo facilitate dialogues with trade unions, Tryg has works councils in place at a national level epresentatives, HR leadership and employee Committee ensures alignment and Executive understanding and acceptance through open representatives. A Nordic Communication Soard representation. The purpose of the committees is to promote mutual composed of local management

dialogue and information exchange across the organisation at quarterly meetings or more frequent interactions or negotiations.

Remediation process

generally encourages and aims for any potential representative, occupational health and safety representative, HR or, alternatively, use Tryg's Employees also have the option of involving a anonymous whistleblower mechanism. Tryg disputes to be handled by the manager, the nanager's manager, or with the help of HR. concerns with their direct manager, staff Employees at Tryg can at any time raise workers' representative.

suspected lack of respect for human and labour employee is expected to report any concerns rights, to their direct manager, HR or Group about non-compliant conduct, or actual or Iryg's CoC explicitly addresses how every compliance or through the whistleblower scheme, if applicable.

mechanism and Code of Conduct on pages 113 Read more about Tryg's whistleblower - 114.

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Annual Report 2025 | Tryg A/S | 97

Taking actions on material impacts on own

Diversity, equity and inclusion are part of Tryg's DNA and a number of specific initiatives are in place to further DEI efforts across the organisation.

explains how they can engage in this work and participate in existing or create new employee information on Tryg's internal DEI efforts and An internal DEI portal, available in all local languages, provides employees with resource groups.

dinner was hosted at the main office in Ballerup promoted and paid attention to in several ways example, DEI training and workshops were part related topics and, in Denmark, a big Ramadan of the summit for Swedish leaders. In Norway, programme, conducted case studies on DEIrryg's Next step programme, a young talent as a natural part of Tryg's processes. For for all employees who wanted to attend. During the year, DEI as a topic has been

In 2025, Tryg also increased its internal focus on including a reminder of the resources and tools DEI. A comprehensive internal wellbeing portal available for employees to take active steps to has been established, and wellbeing webinars on physical, mental and relational health have employee wellbeing, a topic closely linked to employees, Tryg also marked World Mental Health Day in October with internal articles, been hosted in all countries. To activate ensure their wellbeing.

Employee resource groups to foster inclusion and understanding

internal resource groups: the Rainbow network gender, age, sexual orientation, ethnic origin, Understanding is key to creating an inclusive in Denmark, focusing on LGBTQ+ rights; the religious beliefs or other facets or needs. To workplace with a diverse representation of health status, disabilities, political opinion, acilitate this. Trvg has four employee-led

resource groups is a dedicated purpose to share workplace where everyone is comfortable being weden; a newly started network focusing on ethnic minority colleagues. The networks are nsights, create engagement and ultimately a disabilities and present both in Denmark and Sunflower network, focusing on invisible open to all employees. Common to the heir true self.

/oluntary task forces are established within the

events together with Tryg to further shed light,

educate and involve colleagues in the agenda.

individuals and allies to address challenges and

Rainbow network, uniting passionate LGBTQ+

-GBTQ+ rights

activities during Pride week and Pride parades in

community and workplace. Among these

nitiatives are planning and coordinating

drive positive change within the LGBTQ+

working on initiatives that supports the LGBTO+

Copenhagen and Bergen; identifying and

Denmark, Norway and Sweden through internal month is celebrated and acknowledged across environment for LGBTQ+ individuals. Pride opportunities and an inclusive working Irvg continues its work to create equal activities and communication.

nspirational sessions and social gatherings; and being the go-to-persons for the organisations on

all topics relating to the LGBTO+ community. In

Denmark, the Rainbow network visited all the

Danish offices and hosted a LGBTQ+-webinar

or our leaders.

practices and physical environments to create a

signatures, gender-neutral restrooms, policies,

community, such as pronouns in email

safe and supportive atmosphere; planning and

organising events such as educational /

organisation LGBT+ in Denmark. The purpose of n 2025, as the first company in Denmark, Tryg -GBT + individuals in the labour market and to notivate companies to take concrete steps he certificate is to ensure the wellbeing of received a rainbow certificate from the owards better inclusion.

nclusion by creating a forum for discussing and Iryg's Rainbow network works to advance engaging around LGBTQ+ employees conditions and wellbeing.

which is the exact purpose: creating an inclusive quarter to discuss specific conditions or barriers The network is both for employees who identify Pride month, the network is active in co-hosting emedy these. In connection with international collective efforts – and here, allied colleagues as LGBTQ+ and employees who act as allies, olay a crucial role. The network meets every workplace and suggestions for activities to and safe working environment based on hat LGBTQ+ persons might face in the

want everyone to be Tryg just representation. Belonging is the end goal. At Tryg, we "Diversity is about the the way you are."

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Making the invisible visible

With the purpose of making the invisible visible. programme working to ensure the inclusion of people with invisible disabilities and special Programme, which is an international Irvg supports the Hidden Disabilities

accommodating the challenges, as they cannot everyday life demanding, and other people can anxiety, or visual, voice or hearing impairment. neurodiversity, mental illness, chronic pain or iving with an invisible disability can make be seen. Invisible disabilities include have difficulties understanding and

visiting Tryg's Danish offices can choose to wear support those with special needs. All customerfacing employees have been trained to answer Sunflower' calls, where the caller might need the hidden disabilities Sunflower lanyard to For customers, a special hidden disabilities Sunflower phone line has been created to emotional support. Employees and guests signal that they might need help, support, more patience, extended explanations or patience or more time. Several internal efforts have been undertaken in employees, and all leaders have been invited to employees. In Denmark, a webinar was hosted disabilities. In Sweden, an information session on how to support colleagues with invisible a deep-dive on how to lead neurodiverse on neurodiversity has been offered to all order to increase knowledge of invisible disabilities, such as anxiety or PTSD.

groups enable employees to engage in the topic fully understand the challenges that colleagues suitable conditions for all. It can be difficult to Internal Tryg Sunflower employee resource and discuss how Tryg can create the most

where people do not feel safe. The networks can with invisible disabilities face, which can lead to structures or behaviour that are not inclusive or Sweden and they meet approximately every help Tryg identify blind spots where further conditions and wellbeing for all employees. action is needed in order to ensure optimal There is a network both in Denmark and other month.

Ethnic minorities

increase inclusion and a sense of belonging for colleagues with ethnic minority backgrounds internal networks, the purpose is to to create was established in 2025. Similar to the other A new employee-led network focusing on awareness and understanding of how to employees with different backgrounds.

Gender diversity at management level

developing a strong pipeline of female leaders Tryg continues its focus on identifying and and managers.

focusing on both internal processes as well as on altering some of the structural issues that The efforts cut across numerous initiatives can potentially be an obstacle to equal representation and pay.

place when recruiting for leadership positions to management positions in cases where the level capacity and awareness of the issue. This also stringent recruitment and approval process in limited. All recruitment partners are trained in ensuring inclusion and minimising bias in the recruitment process. In Denmark, Tryg has a Among the initiatives in place is a focus on avoiding unconscious bias in, for example, of diversity in the pool of applicants is too reviews by continuously building internal recruitment, succession plans and talent entails external candidate searches for

maternity / paternity leave for women, men and population. On a more structural level, Tryg ensure a diverse and gender-balanced continues to offer equal conditions of co-parents.

Diverse management teams

management team is considered diverse when it has a minimum of two out of the following three and values experience from, both insurance and parameters: Gender, age and experience. The latter means that Tryg distinguishes between, rryg also focuses on actively promoting diversity across management teams. A other sectors.

Focus on mitigating gender pay gap

might be differences as well as their respective oot causes. This includes preparations for the EU pay transparency directive that will come Iryg continues its work to improve data and analyses to better understand where there nto effect in June 2026. Fryg's job architecture with regards to job levels stepping stone in this regard. Continuing efforts distinguish between job families and functions to further refine the job architecture to also and salary bands represents an important will underpin development going forward.

This way of working will enable Tryg to increase penchmarks. The job architecture also provides degree of responsibility – and not based on the The job levels are defined by impact and value fairness and transparency, as salary packages specific person currently holding the position. evels and salary packages tied to these. Tryg a clear structure and governance for the job to the company as well as complexity and employee as well as internal and external has completed an audit of existing salary will be based on the role and level of an

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A7D1095E124040D6A37B58B63C1EFC93

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packages, ensuring alignment and compliance with the job architecture governance and thus eliminating hidden salary differences. As part of the annual salary reviews, leaders are trained to improve their ability to make fair and objective decisions on salary development.

Allocation of resources

and resource use for operationalising the targets responsibility for ensuring adequate measures for employee-related impacts. One person has dedicated responsibility for advancing the DEI agenda across Tryg. In practice, responsibility and ambitions is decentralised across the Irve's HR department has operational organisation.

Targets

Management level

To guide its efforts, Tryg has defined targets across the different levels of management.

balance as when neither women nor men have a organisation with the primary focus being on the Tryg follows market practice and defines gender nternally. The table shows the targets for 2030 management levels, the aspiration is to ensure most senior levels as these currently have the lowest female representation. By focusing on that relevant and necessary measures are in representation of less than 40%. The target covers all levels of management across the gender proportionality across the different place to be able to advance female leaders

Foundational targets

quarterly basis by the Supervisory Board and The strategic targets are monitored on a shared with the Works Council. Specifically for Tryg A/S, a 2026 target for 'Other management levels' is defined according to the legal requirements of the Gender Balance Act.

gender and six of the other. Tryg currently has For shareholder-elected members, gender The new regulation only applies to Tryg A/S - the Holding company, which has a very small employee base.

Supervisory Board level

Balance Act, gender balance must be reached at Pursuant to section 4 of the Danish Gender

balance requires at least two members of one

-or employee-elected members, gender

three women and seven men.

gender and three of the other. The current division is four women and one man. balance is reached with four members of one Tryg will continue its efforts to ensure gender representation across the Supervisory Board towards 30 June 2026.

the Supervisory Board.

Social targets

Description of developments and accounting policies are covered under S1-9 (management levels) on page 102 and Corporate Governance (Supervisory Board).

Progress
2030	%		09	40		09	05		09	040
Targets 2027	%		N/A	N/A		N/A	N/A		N/A	N/A
Base year 2024	%		22	43		69	35		89	32
2025	%		59	41		9	36		99	34
80		All management levels	Male	Female	Director	pple Male	Female	Top management	Male	Female
Social Strategic targets						Empowering people

		9 9 2	3 3 4		1 3	4 4 2		5 5 4	1 1 2
Supervisory Board:	Gender diversity ratio, shareholder-elected	Male	Female	Supervisory Board: Gender diversity ratio, employee-elected	Legal requirements. Male	Female	Other levels of management: Gender diversity ratio, Tryg A/S	Male	Female

N N

30-06-2026 Number

Number

A A

N N

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

a) The numbers and targets are set in accordance with the Gender Balance Act (LOV nr. 1602 af 17/12/2024), where gender is defined as female and male, and targets are set to 30-06-2026.

Annual Report 2025 | Tryg A/S | 99

Progress below target Progress on target

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Financial results

Strategy

Introduction

Contents

Characteristics of own workforce

Accounting policies

Characteristics of own workforce S1-6

non-guaranteed hourly paid employees. The figures female, not reported and others in the organisation, countries of operation: Denmark, Norway, Sweden represent the average monthly headcount for the month. The employees are divided by gender and country. The gender distribution is split into male, specified by the employees themselves [S1-6_02]. and others. Others are represented by Tryg Trade figures [S1-6_02]. This includes the employment and also reported as respective ratios. Gender is Employee numbers are presented as headcount reporting period, calculated at the end of each The country distribution is split into the main types; permanent, temporary and 51-6 05].

0 0

Non-employee workers in own workforce S1-7

following the same method as described above. The Non-employee workers are people not employed or salaried by Tryg. They are reported as a headcount, employment type 'External' is used for registering non-employee workers who have either a direct companies (classified under NACE Code N78) employees that are supplied by third-party contract with Tryg to supply labour or are [51-7_02].

7,794 7,016 138

Total

049

Employment types and gender S1-6

7,587 6,751 163 673

employment types: permanent, temporary and nonguaranteed hourly paid employees, divided by The workforce is split into the following gender [S1-6_09, AR 55 T3].

Annual Report 2025 | Tryg A/S | 100

		2025		2024
ESRS ID		Number	%	Number
	Employees in own workforce
S1-6_02	S1-6_02 Number of employees	7,794		7,587
S1-6_02	S1-6_02 Total gender distribution
	Male	4,251	55	4,087
	Female	3,540	45	3,499
	Others	0	0	0
	Not reported	8	0	_
S1-6_05	S1-6_05 Country distribution
	Denmark	3,781		3,743
	Norway	1,520		1,492
	Sweden	2,420		2,352
	Others	73		N/A
	Non-employee workers in own workforce S1-7
S1-7_02	S1-7_02 Non-employee workers in the own workforce	3,326		2,804

Employment types and gender

20	2025 Female	Male	Other	Other Not reported
ESRSID
S1-6_09 Number of employees	3,540	4,251	0	8
S1-6_09 Number of permanent employees	3,181	3,832	0	3
S1-6_09 Number of temporary employees	7.1	29	0	0
S1-6_09 Number of non-guaranteed hours employees	288	352	0	0
20	2024

ESRSID
S1-6_09 Number of employees	3,499	4,087	_
S1-6_09 Number of permanent employees	3,102	3,648	_
S1-6_09 Number of temporary employees	74	89	0
S1-6_09 Number of non-guaranteed hours employees	323	350	0

Developments employment types

The number of employees remain steady with no significant variation.

The number of temporary employees has decreased as a result of organisational changes and restructuring, in particularly the expansion of the partnership with TCS taking over the operation of a number of Tryg's existing IT solutions. This has also impacted the number of nonguaranteed hourly paid employees and non-employees.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Note: ESRS disclosure points incorporated by reference in this section (ESRS ID): SBM-1_04

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Introduction

Contents

	2025		2024
ESRS ID	Number	%	Number	%
Employee turnover S1-6
S1-6_11 Employees who have left undertaking	1,339		1,730
S1-6_12 Employee turnover		17		22
Share of voluntary leavers (of turnover rate)		10		12
Share of involuntary leavers (of turnover rate)		5		8

Developments employee turnover

The employee turnover rate decreased from previous year. Organisational changes and restructuring of the IT organisation impact the 2025 figures.

Collective bargaining coverage and social dialogue

ESRS ID		%	%
S1-8_01 Employ	S1-8_01 Employees covered by collective bargaining agreements
Total		93	93
Denmark	nark	89	88
Norway	vay	96	94
Sweden	Jen	100	100

S1-8_06 Employ	S1-8_06 Employees covered by workers' representatives
Denmark	ark	89	88
Norway	>	96	96
Sweden		100	100

Social dialogue	Workplace representation (EEA only)	Denmark Norway Sweden
2025 Collective bargaining coverage	Employees – EEA	Denmark Norway Sweden
2025	Coverage Rate	80-100%

Developments collective bargaining

The development is stable compared to previous year, emphasising the strong representation of collective bargaining and social dialogue across Tryg. Annual Report 2025 | Tryg A/S | 101

Accounting policies

Employee turnover S1-6

leavers by the average total headcount. The number covers all employees, including temporary and nonof employees leaving within the year divided by the leavers within the year is calculated by dividing the Employee turnover rate is based on the total share number covers all employees, including temporary number of, respectively, voluntary and involuntary average headcount during the financial year. The voluntary and involuntary leavers. The share of guaranteed hourly paid employees [S1-6_11]. and non-guaranteed hourly paid employees Employees who have left Tryg include both [51-6_12].

Collective bargaining coverage and social dialogue

2024

2025

workers' representatives is split by country due to Sweden. Tryg does not have employees outside of different legislation across Denmark, Norway and different collective bargaining agreements across excluding other countries than Denmark, Norway agreement are divided by headcount per country and Sweden [S1-8_01]. There is a total of seven Tryg. The percentage of employees covered by Employees that have a collective bargaining the EEA [S1-8_06, AR70_T1].

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Financial results

Strategy

Introduction

Contents

Diversity metric: Gender distribution at management levels

	2025		2024
ESRS ID	Number	%	Number	%
Gender distribution, all management levels - Tryg Group
Male	415	59	432	22
Female	285	41	332	43
Others	0	0	0	0
Not reported	0	0	0	0
Gender distribution, director level - Tryg Group
Male	189	99	199	99
Female	108	36	112	36
Others	0	0	0	0
Not reported	0	0	0	0
S1-9_02 Gender distribution, top management level - Tryg Group
Male	52	99	61	89
Female	27	34	29	32
Others	0	0	0	0
Not reported	0	0	0	0
Gender distribution, other levels of management - Tryg Group
Male	24	69	25	71
Female	1	31	10	29
Others	0	0	0	0
Not reported	0	0	0	0
Gender distribution, other levels of management - Tryg A/S ^a)
Male	Ω	83	5	83
Female		17	_	17

a) The numbers are in accordance with the Gender Balance Act (LOV nr. 1602 af 17/12/2024), where gender is defined as female and male. Target for 30 June 2026.

Developments gender distribution

Alt management levels: As a result of changes to definition, there is a general decrease in the number of manager and a bit more for female leaders. However, still maintaining gender representation with 41% women.

Director level: The level of gender diversity remains stable.

op management level: Two percentage points improvement in the share of women driven by general ongoing efforts and focus on gender balance at higher management levels. Other levels of management, Tryg Group: The share of women increases as a result of the general focus on gender balance at higher management

Other levels of management, Tryg A/S: This group is only composed by members of the Executive Board and one other person. This is the first year of reporting according to the Danish Gender Balance Act. There has been no development compared to 2024,

Accounting policies

Gender distribution, all management levels

temporary. The indicator covers Tryg's four levels of manager must be classified as an active employee employees across all management levels is based with an employment type of either permanent or management role during the final month of the reporting period at year-end. To be included, a on a headcount of individuals who held a management.

Gender distribution, director, top management and other levels of management - Tryg Group

Other levels of management for Tryg Group follows evel, the director level, is based on job level or role management', consisting of 'Senior Vice President' The gender distribution at top management level the definition of the Danish Companies Act: Two tiers below the Supervisory Board (see definition Vice President' and 'Executive Board' [S1-9_02]. Gender distribution at the second management covers the upper level in Tryg called 'Top

Gender distribution, other levels of management

management levels is reported in absolute numbers and individuals who are organisationally at the same Supervisory Board: First level is the Executive Board and in accordance with the Danish Gender Balance conducted at the company level for Tryg A/S, not at the Group level. 'Other levels of management' are Act (Act No. 1602 of 17 December 2024), which defined according to Section 139c of the Danish Companies Act and refer to two tiers below the defines gender as female or male. Reporting is managers with staff responsibilities reporting directly to members of the Executive Board. The gender distribution for other levels of

Annual Report 2025 | Tryg A/S | 102

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Financial results

Strategy

Introduction

Contents

Developments employee age groups

No signification deviations across age splits.

Training and skills development

	2025		2024
ESRS ID	Number	%	Number	%
S1-13_01 Employees who participated in regular performance and career development		94		09
S1-13_02 Employees who participated in regular performance and career development by gender
Male	1,871		2,414
Female	1,689		2,120
Others	0		0
Not reported	2		0
S1-13_04 Average employee training hours per person	3		3
S1-13_04 Average employee training hours by gender
Male	cc		8
Female	cc		8
Others	0		0
Not reported	0		0

Developments

goals only in time for the year-end conversations (Q1 2026) and other systems used for goal setting in parts of the organisation. It is common practice to The decrease in the share of employees participated in regular performance and career development in 2025 is due to common practice of creating the set goals in all parts of the organisation to guide performance.

Accounting policies

Employee age groups S1-9

of the reporting period and include all headcounts in The employee age groups are calculated at the end Iryg [S1-9_03-05].

Training and skills development S1-13

employees not in scope for career development and session [S1-13_01]. The number of employees who training e.g. students. The performance reviews are have participated in performance and development number of employees (permanent) in Tryg minus Figures are managed in Tryg's global HR system. participated in regular performance and career conducted annually with a mid-year follow-up reviews is broken down by gender [S1-13_02]. development reviews are divided by the total The percentage of employees who have

Average employee training hours per person and by average per person and split by gender. The figures compliance training. The figure is reported as an are managed in Tryg's three learning platforms gender. The indicator only includes mandatory [51-13 03-04].

Annual Report 2025 | Tryg A/S | 103

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Strategy

Introduction

Contents

Accounting policies

Pay ratio S1-16

remuneration ratio of the highest paid employees to and is expressed as a percentage of the average pay This indicator measures the average female-male females that are included in the headcount figure, Norway and Sweden [S1-16_01]. The total annual level of male employees. The indicator is split per country excluding other counties than Denmark, employees excludes the highest paid employee pay gap by calculating the difference between average gross monthly earnings of males and the median annual total remuneration for all [51-16 02].

Incidents of discrimination S1-17

representatives or through Tryg's Whistleblower other types of harassment that can occur at the discrimination, bullying, sexual harassment and department through leaders, unions, employee Discrimination is a collective term for cases of workplace. Cases are reported to the HR notline [S1-17_02].

Pay ratio

		2025	2024
ESRS ID		%	%
51-16_01	S1-16_01 Gender pay ratio - Denmark	12	13
51-16_01	S1-16_01 Gender pay ratio - Norway	12	15
51-16_01	S1-16_01 Gender pay ratio - Sweden	∞	13
	Remuneration ratio
51-16_02	S1-16_02 Annual total remuneration ratio	29	21

Developments pay ratio

increased focus on pay ranges in the hiring process as well There is a minor improvement in the unadjusted gender pay ratio across all three countries. This is a result of an as a generally improved data foundation.

The ratio increase is due to variations in effectuation of pay been a general increase in the median salary of employees. The annual total remuneration ratio increased. There has changes between managers and employees.

Incidents of discrimination

		2025	2024
ESRS ID		Number	Number
S1-17_02	Incidents of discrimination	6	11

Developments incidents of discrimination

The number of incidents of discrimination has decreased communicate this through employee and leader training. zero tolerance towards discrimination and continuously slightly compared to 2024. Tryg remains dedicated to a

Annual Report 2025 | Tryg A/S | 104

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Strategy

Introduction

Contents

Consumers and end-users

Material impacts, risks and opportunities

opportunity, one potential negative impact and For the standard 'Consumers and end-users', three material IROs are identified: One

the focal point for determining risks, setting the right price, identifying preventive measures and home, their health and their belongings. Data is The core of Tryg's societal responsibility is to services to help our customers protect their deliver relevant products and prevention handling claims.

Financial opportunity

Insurance as a societal mirror

peace of mind for customers by protecting them environmental- or social-related risks that might against unforeseen events. Responding to new negatively impact its customers is identified as develop products to make sure that customers cyber threat or health, Tryg works to adapt and relate to climate change, economic instability, an opportunity for Tryg. Whether those risks In its essence, insurance is about providing are protected in the best possible way.

Negative impact

Protecting customers' private data

determine risks, set prices and coverage, handle processes for protecting customers against the sensitive data, comes with a responsibility for systemic risk of of data or privacy breaches. Data is a prerequisite for Tryg to be able to Managing a vast amount of data, including Complying with applicable legislation and claims and safeguard its business model. ensuring robust, transparent and ethical

and procedures are in place to guide employees guidelines on the matter is embedded in Tryg's compliance culture - and governance, policies and managers.

Financial risk

Risk of cyber attacks

personal data is a material financial risk related to cyber attacks of any kind against Tryg. Cyber Closely connected to managing and protecting handling or protection of private information. Tryg has an established compliance setup to attacks may not only potentially impact Tryg negatively in terms of financial costs but can continuously monitors the evolution of the also impact the operation of the company, ensure strong information security, and it negatively impacting customers' claims surrounding cyber threat landscape.

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Strategy

Introduction

Contents

patience, extended explanations or emotional these calls and understand the need for more Fryg in Denmark has established a dedicated employees have been trained in answering Sunflower customer service phone line to customers might have. Customer-facing support when filing a claim or having to During the year, Trygg-Hansa also established a customer phone line specifically for customers with extra needs.

machine-readable, that the language is clear and structured, that readability in terms of colours, understandable, that information is logically Accessibility prescribes an optimisation of digital solutions to make sure they are also usable for people with a disability. Specific contrasts and fonts is optimal and that any initiatives include ensuring that content is sell online.

information are accessible to customers when business areas and countries has executed on he project. It is critical for Tryg to ensure that adaptations to improve the customer journey. products, insurance terms and other relevant websites to identify areas of improvement. A cross-organisational project group across ryg has assessed all its customer-facing hey need it, and to make the necessary

Insurance: A societal mirror

To fulfil the purpose of insurance - to provide a financial safety net for customers - Tryg must ensure that its product portfolio matches the continuously track market developments to risks faced by customers and society.

Policies related to product development

customers, and that the product provides value when developing products for addressing new for the customer. This is particularly relevant appropriate measures have been taken to prevent or mitigate any adverse effects on Tryg's product approval process works to unfavourable effects for customers, that ensure that its products do not have societal challenges,

factors. Insurance products are also assessed as Directive's Product Oversight and Governance In accordance with the Insurance Distribution Faxonomy regulation or have the potential to applying to new and significant adaptation of integrates climate, environmental and social existing products. This specifically includes instructions and formal processes in place, become Taxonomy-aligned over time. The consideration as to whether the product to whether they are aligned with the EU "POG") requirements, Tryg has written instruction is approved annually by the Executive Board's Risk Committee.

Actions to pursue opportunities

Pursuing opportunities related to Tryg's core across its product categories. This can range developing insurance products. To increase preventive measures to the extent possible from offering discounts on the purchase of specific devices and building awareness to products centre around more than merely value for customers, Trygaims to include offering more efficient claims handling.

As a financial sector actor, and a company with improving digital security in Denmark. Through sized enterprises, Tryg wants to contribute to a strong presence among small- and medium-Awareness and mitigation of cyber risks

Read more about how Tryg works with climate adaptation and prevention under the sections Climate change and the EU Taxonomy.

advance understanding and awareness of cyber

security. In particular, Tryg helps build the

competences and resilience of SMEs by

('Cybersikkerhedspagten'), Tryg aims to help

initiatives such as the Cyber Security Pact

contributing to developing recommendations

and guidance around cyber threats.

Enabling customers to master their own health

products, but can also be considered in terms of claims handling. This is particularly relevant in terms of health-related claims, where focus is effective treatments, enabling customers to on providing access to the most viable and Prevention efforts are not only limited to master their own health.

Additionally, to help create awareness about the

implications and risk of cyber attacks, Tryg is an

active partner in the national emergency drill

Hele Danmark øver' (Denmark practices),

hosting a drill for more than eighty companies at

its headquarter in Ballerup.

the most effective for customers, and can help online portal with exercises. This is considered sessions with a psychologist and access to an osychological disorders. Customers will most often be offered a combination of physical development of targeted treatment for One example of this in 2025 was the

Together, these initiatives are intended to help

build societal resilience towards cyber risks.

As a response to the increasing frequency of

Climate resilient customers

As part of its risk advisory for customers, Tryg

has a tool that can help SMEs understand the

risk and quantify the cost of a cyber attack.

nealth-related products to customers. As part of ts pregnancy insurance, Tryg grants customers with the purpose of preparing and supporting Iryg continues to focus on providing relevant ree access to an online midwife, information, webinars and videos relevant to childbirth, all soon-to-be parents in their new situation. prevent a relapse later.

ourpose of helping employees on long-term sick reatment, a tailored plan and support during Similarly, partnerships are in place for the eave return to work by offering targeted the process.

by customers in order to reap the benefits of the preventive measures. The idea is that customers

who make the effort and install e.g. a backflow

prevention valve, will protect their house from

water-related damage. In 2025, Tryg set a

baseline for the share of private house

available to customers, they must be activated

cover for climate-related hazards and those that

adapted products include those that provide

described under the EU Taxonomy, climate-

customers adapt to climate change. As

focus on developing products that can help severe weather events, Tryg has a strategic

offer incentives for prevention, e.g. a reduced

premium. As well as making the products

Annual Report 2025 | Tryg A/S | 106

weden who have adopted measures to prevent nsurance customers in Denmark, Norway and climate- and weather-related claims, enabling petter tracking of advice impact and measure effectiveness. s open every day.

Accessibility for customers

understand insurance terms, etc. The phone line nandle any special needs that certain groups of

accessibility to the products and services they Irvg is subject to the EU's Accessibility Act. which mandates that companies ensure

media content is transcribed.

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Preventive measures remain a central aspect of

Prevention

also help protect them from injury or to recover

more quickly.

customers the trouble of submitting claims and

correctly, preventive measures can help save

Iryg's delivery to its customers. If done

Introduction

Contents

Building awareness of cyber security

In Norway, Tryg has developed an e-learning in cyber security; and, together with external partners, Tryg has developed a mapping tool counselling session with an external expert for companies to understand their current employees; customers are offered a free course for customers to educate their

Lifebuoys

150,000 are placed around coastal areas in conic symbols of Tryg's mission to prevent accidents. Trygg-Hansa and Tryg Norway more than 70 years and today more than have been distributing the lifebuoys for The lifebuoy scheme is one of the most Scandinavia. Annual Report 2025 | Tryg A/S | 107

ensure safe handling of chemicals at work. An app developed by SEGES innovation to Denmark, making it easy to be informed Available for agricultural customers in

Tryg in Denmark and Norway offers various

Returning safely to work

donated more than 150,000 lifebuoys to coastal

areas around Norway and Sweden.

the 1950s, Trygg-Hansa and Tryg Norway have

society characterised by peace of mind. Since

On a societal level, Tryg plays an active role in

preventing accidents and contributing to a

services to help employees return to work

accident. A cross-functional approach and

Bris ('Children's rights in society'), enabling the

who can call in and talk to an adult. In Norway, organisation to be available 24/7 to children

Irvg has functioned as the secretariat of the

Night Owls organisation since the 1990s.

Trygg-Hansa has a long-term partnership with

ensure a plan that provides appropriate close collaboration with the employee

support at the right pace.

In Denmark, Tryg teaches school pupils in eighth

to tenth grade about personal finances and the

Finance' (Fat om Finanserne), Tryg aims to help prevent young people ending up in unfortunate

situations without insurance or in financial difficulties. The training courses are run by

volunteer Tryg employees.

insurance. Through the course 'Understanding

importance of budgeting and of having

after long-term illness or recover from an

about adequate protection measures.

The Night Owls - 'Natteravnene'

to enjoy the night life. Tryg Norway manages offer safety and support to young people out hosts an annual conference where the more streets of local communities in Norway to Voluntary groups of Night Owls walk the the secretariat, provides equipment and than 300 voluntary groups meet.

Family help - 'Familjehjälpen'

Familjehjälpen in Sweden provides guidance they need support from the public system to accidents, disabilities or other issues where Included in the child, pregnancy, sickness to families who perhaps face illness, create a better life for their family. and accident policies, the service

Examples of prevention efforts focusing on protecting and helping the individual are presented on the right.

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Strategy

Introduction

Contents

Engagement and process for remediation and

raising concerns

Policies for data protection and information

Protecting customers' private data

Iryg's processing of (personal) data is centred

Engagement around the potential impact of

obligation, which includes clear guidance on

relevant complaints channels.

on Tryg's information and transparency

EU Digital Operational Resilience Act

Through its five-pillar framework: ICT risk

companies ensure that they can withstand, party risk management; and information respond to and recover from all types of management, incident reporting; digital sharing, the purpose of DORA is to help operational resilience testing; ICT third-ICT-related disruptions and threats.

Policies for protecting data cut across the interrelated themes Personal data and security

information security.

internal instructions and further operationalised in SOPs across the organisation. For data ethics, ethical practices: Transparency, free choice and Tryg refers to the Data Ethical Codex from the Danish trade association Insurance & Pension Denmark covering the three aspects of data Protection of personal data is described in data security.

and information entrusted to Tryg by customers, Iryg's commitment and efforts to protect data suppliers, staff or other partners. The policy is aligned and compatible with financial services frameworks (e.g. ISO27001:2013, NIST Cyber Tryg's Information Security policy describes industry-recognised Information Security Security Framework).

information security is an integral part of Tryg's responsibility for overseeing the policy and for The policy represents the framework and sets rules and recommendations that apply to all the direction for Tryg's Information Security governance. It is complemented by specific facilitating the process for determining the employees and consultants to ensure that cyber risk appetite to be approved by the ways of working. Tryg's appointed Chief Executive Board and Supervisory Board. Information Security Officer (CISO) has

business areas within Tryg and is approved The policy applies to all legal entities and annually by the Supervisory Board.

As a financial sector company, Tryg is subject to

the EU Digital Operational Resilience Act

(DORA), which prescribes a distinct focus on

operational resilience towards severe

financial risk related to data and cyber security,

a range of actions and measures are in place

and continuously updated and advanced.

To mitigate the potential negative impact and

Actions for protecting data Information security disruptions caused by cyber security threats. An

requirements divided across five tracks. Each is developed and adapted as necessary to ensure with the implementation and is currently being IT control framework is critical to succeeding mplementation, Tryg has established an nternal programme for addressing the compliance with DORA. To drive progressing according to plan.

management are subject to mandatory annual Additionally, internal bursts ensure awareness aware of and understand the implications of a about how to spot a cyber attack and how to Equally important to having a robust control ramework, is to ensure that employees are raining on cyber and information security. potential cyber attack. All employees and ake adequate measures against it.

transparent about general information related to

agreement in a format understandable by the

the insurance product, its coverage and

distributors (BEK no. 1557 of 06/12/2024). This

implies an obligation to, for example, be

As an insurance company, Tryg is subject to an

information obligation under the Executive

order on good practice for insurance

Similarly, there is an explicit focus on ensuring hat externally managed data is kept within the geopolitical uncertainty, it remains relevant to be conscious of suppliers and partners and of strategies across suppliers of key systems or now and where data is stored. As part of its contingency planning, Tryg has defined exit uncertainty about future delivery stability. solutions where there might be potential n the light of another year marked by European Union.

Customers may also contact the data protection

officer regarding any questions about the

make sure that customers can always access it.

Customers may at any time contact Tryg and

complain about Tryg's data processing.

data is processed. This information is available

has an obligation to be transparent about how

customer. Specifically for personal data, Tryg

available on Tryg's websites and referenced in

in the Privacy and cookie notice, which is

customer letters, online information, etc. to

processing of their data and the exercise of their

rights under GDPR.

Iryg shares threat intelligence to support a high Fryg collaborates with and shares experiences carefully analysed to prevent future breaches. evel of information security in the insurance authorities as part of its memberships of the Norway and Sweden. To the extent possible, ndustry and in society. Any data breach is on data security with the industry and the espective trade associations in Denmark,

Fryg participates in regulatory sandbox

is the interface between data protection and the One of the primary areas of concern at present advanced use of AI. To help establish practice, innovation, Tryg participated in the regulatory Protection Agency and the Agency for Digital sandbox – a project from the Danish Data highlight challenges and support future Government.

summarise claims information, medical journals The aim is to handle claims at a faster pace than projects. Tryg entered with a project to develop nandling claims related to personal accidents. ryg was of the two companies selected from and other relevant medical documents when among applicants to test their respective Al an Al assistant that can help structure and at present. From a societal perspective, the discussions and establish practices and explore opportunities for protection while also getting the chance to have apportunity to contribute to developing general guidelines and practices around AI and data conclusions from the two projects helped uture Al projects. For Tryg, it was an a proposed project evaluated. Annual Report 2025 | Tryg A/S | 108

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Tracking effectiveness

actions for data management and cyber security making sure that Tryg continuously improves its reporting to the management's Risk Committee business and staff functions with the purpose of continuous authority oversight. Defined regular where specific risk thresholds are defined. No ensures adequate oversight of developments. themes. Deviations or non-compliances are Tracking the effectiveness of policies and is deeply embedded in Tryg's governance ways of working with compliance-related captured through the governance system, example related to GDPR, are defined for Each year, specific compliance KPIs, for model, its three lines of defence and the specific targets are defined.

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Governance

Responsible business conduct is fundamental to Tryg's business, its credibility and its ability to succeed with its strategy. It is a responsibility that Tryg promotes throughout its value chain and expects employees, suppliers and business partners to comply with.

Governance highlights Business conduct

Prevention of corruption and bribery
Whistleblower mechanism

Supplier management

• ESG screenings

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Governance

Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 111

Governance highlights

training in business Mandatory annual conduct

complete annual e-learning in Tryg's All employees are required to Code of Conduct, Information Security and GDPR.

Supplier screenings

the contractual agreements to assess heir compliance with Tryg's Supplier All suppliers are screened as part of Code of Conduct and their general ESG performance.

Whistleblower mechanism

employees and suppliers

Code of Conduct for

Tryg's Code of Conduct defines

expectations and guidelines

defined individuals to speak up about any suspected violation of the law or allows employees and specifically Tryg's Whistleblower mechanism other serious matters.

applicable to all employees, while the

Supplier Code of Conduct outlines

specific ESG requirements for

suppliers.

Sector standard for ESG questionnaires

information to be submitted as part of association Insurance & Pension, has developed a common questionnaire Tryg, together with other insurance for the automotive industry to help companies and the Danish trade ease the burden of the ESG the supplier screenings.

Annual supplier theme days

to ensure safe working conditions for comply with the legislation and how To build capacity, Tryg hosts annual specific themes. This year's theme theme days for suppliers around was asbestos, including how to

workers.

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Introduction

Business conduct

Material impacts, risks and opportunities

crime, including corruption and bribery, and one negative impacts. One related to economic material IROs are identified: Two potential For the standard 'Business Conduct', two related to supplier management.

Negative impacts

Corruption and bribery

Potential incidents of corruption and bribery are primarily considered in externally-facing procurement, contracts and distribution. functions, such as claims handling,

preventive measures are in place. These include members of management, clear guidelines and credibility. Tryg relies on its strong compliance disadvantaged position and will damage Tryg's setup for ensuring that adequate and efficient policies, as well as dedicated efforts in areas Any incident will leave some parties in an mandatory training of all employees and considered most at risk.

Supplier management

private hospitals and services. Negative impacts item. Suppliers range across numerous sectors, supplier base to replace or repair the damaged To be able to resolve claims, Tryg relies on its can occur, with some sectors more exposed from auto repair shops and carpenters to performance requirements are not clearly than others, if social and environmental defined.

the contractual agreements with suppliers and Tryg's Supplier Code of Conduct is included in conducted with respect to governance and additional ESG supplier assessments are performance.

Annual Report 2025 | Tryg A/S | 112

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Strategy

Introduction

Contents

Business conduct

Business conduct policies and corporate

business, its credibility and its ability to succeed with its strategy. It is a responsibility that Tryg expects employees, suppliers and business As a financial sector company, responsible business conduct is fundamental to Tryg's promotes throughout its value chain and partners to comply with.

accountability, good business conduct, effective agreements with Tryg. It covers themes such as and free competition, duty of confidentiality, Tryg's Code of Conduct (CoC) describes the expectations and guidelines applicable to all undertaken to comply with the CoC in their sensitive data, and security and economic employees and other partners who have

The CoC is based on the rules applicable to Tryg Nations Global Compact and, more specifically, Corruption. The CoC is reviewed annually and international standards such as the United the United Nations Convention against as an insurance company as well as approved by the Executive Board.

Establishing, developing, promoting and evaluating corporate culture

Tryg administers a special trust from the public in providing economic security for customers compliance setup is therefore critical to how and this must not be jeopardised. A strong Tryg conducts business.

business areas and Group functions responsible In Tryg's governance model, initial precautions environment through the 1st, 2nd and 3rd line are taken to ensure an appropriate control or day-to-day risk management. They are of defence. The 1st line of defence is the

based on Tryg's policies and instructions and are responsible for compliance with both internal responsible for carrying out everyday work and external requirements.

adequacy of the provisions, and for facilitating legislation and internal policies, assessing the monitoring compliance with applicable laws, and monitoring effective risk management Actuarial and Risk Management functions, which are responsible for overseeing and The 2nd line consists of the Compliance, practices as well as reporting.

function, which is responsible for ensuring an The 3rd line consists of the Internal Audit management and governance processes. independent and objective audit of the organisation's internal controls, risk

The governance setup provides the foundation for ways of working in Tryg, and it is regularly monitored through internal and external assessments to ensure compliance with legislation and regulation.

Business conduct training

CoC on an annual basis to ensure that they are principles for ethical business behaviour. This are required to complete e-learning on Tryg's All employees and members of management whistleblowing and good business practice. aware of and understand Tryg's values and includes training in anti-corruption,

handling, procurement and contracts. Based on likelihood of a breach occurring. Group Security has implemented a process to track and control the maturity and effectiveness of the mitigating customer-facing functions, such as claims Areas of higher risk are considered to be implemented processes to mitigate the a risk assessment, these areas have

Measures include a management commitment, risk assessments, communication and training. The established internal governance holds each compliance with the procedure and for business area responsible for ensuring neasures in the higher risk areas. Investigation of suspected corruption and bribery incidents ollows the established process for internal

In case of suspected noncompliance with the contacted to ensure an independent and nanagement's Risk Committee can be procedure, Group Security, HR, the Whistleblower mechanism or the

Preventive measures must be designed to foster

ryg helps to counter bribery and corruption.

n place for the purpose of establishing how

a culture for detecting and combating incidents

of corruption.

qualified investigation of the specific case.

controls are established for approval flows and

the monitoring of transactions.

employee training, Tryg has a written procedure

n addition to Tryg's CoC and the annual

Prevention and detection of corruption and

nvestigation

developing necessary guidance or training for

their respective employees. Furthermore,

Prevention of corruption and bribery

	2025	2024
ESRS ID	%	%
G1-3_07 Functions-at-risk covered by training programmes	100	100

Developments prevention of corruption and bribery

training, which also cover corruption and bribery. The percentage of functions-at-risk covered by All employees and members of management are obliged to complete annual Code of Conduct training therefore remains 100%.

Accounting policies

Prevention and detection of corruption and bribery G1-3

approach to corruption and bribery. The training covers Code of Conduct, anti-corruption and bribery, Percentage of functions-at-risk subject to training programmes are covered through mandatory training for all Tryg employees (permanent and temporary). Tryg operates with a zero-tolerance whistleblower, business ethics and practice, and IT security [G1-3_07].

Annual Report 2025 | Tryg A/S | 113

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Contents

Whistleblower scheme

violations of the law or other serious matters are Tryg wishes to ensure that its credibility cannot be questioned and that any suspected investigated.

individuals, such as persons working under the customers, can speak up about any suspected violation of the law or other serious matters supervision of suppliers or consultants and relating to Tryg through its Whistleblower Employees and other specifically defined mechanism, which is available via Tryg's external websites and on the intranet.

Tryg's Whistleblower mechanism (link)

of competition rules, or other suspected serious including bribery, fraud or corruption, violation suspected violations of financial regulations or the Anti-Money Laundering Act, suspicion of matters directed against employees, e.g. any Among the matters that can be reported are form of physical or psychological violence, serious offences, such as financial crime, discrimination, human rights violations, harassment or violations of Tryg's CoC.

nature of the report is covered by the scope of the Whistleblower mechanism and as long as In certain cases, whistleblowers have special the report is based on reasonable cause and protection against retaliation insofar as the

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Strategy

Introduction

Contents

Supplier management

integral part of the procurement processes. Tryg collaboration. Tryg has standard payment terms ensuring a steady flow of work to suppliers. The aims to direct claims to suppliers in its network of claims suppliers. This benefits Tryg in terms with respect to suppliers included in contracts Fryg is a large buyer with a substantial annual of having an established supplier base while create a high impact, so sustainability is an spend across claims suppliers and indirect procurement categories. A large spend can benefits are mutual and require close to prevent late payment.

purposes: one, to ensure that potential negative upon; and two, to drive a change towards more repair practices and the employment of reused are closely monitored and, if necessary, acted social, environmental or governance impacts materials in the claims handling processes. Tryg engages with suppliers for two main

sustainability as a tool for ongoing dialogue and development with its suppliers. Tryg's sourcing sustainability is an integral part of any supplier request for proposal', also for indirect supplier supplier contracts, which enables Tryg to use suppliers. This year, ESG was included as a suppliers to share Tryg's approach to more managers engage in regular dialogue with standardised process for including ESG in resource-efficient claims handling and to agreements such as canteen or cleaning standard evaluation criteria. Tryg has a Iryg's procurement teams ensure that continuously improve data.

sustainable and responsible business conduct. It is based on the ten principles of the UN Global expresses the requirements and expectations for suppliers and partners with respect to Fryg's Supplier Code of Conduct (SCoC)

Compact covering business ethics, climate and environment, working conditions, employment practices, health and safety, and human rights.

breach of contract with Tryg, in which case Tryg timebound action plan to address the breaches cases of continued breaches, Tryg reserves the and a plan for remediation. As a last resort in engages in dialogue with the supplier with a requirements in the SCoC may constitute a right to terminate any agreement with the Repeated or serious violations of the supplier.

Supplier screenings

To facilitate the assessment of suppliers against the SCoC, Tryg systematically screens suppliers Global Compact based on their responses to an through an evaluation platform. This assesses suppliers' ESG risks and adherence to the UN ESG questionnaire.

programmes and training on health & safety in The questionnaire covers the topics of the UN Global Compact. For example, with respect to human and labour rights, in terms of whether place, or their due diligence process more the supplier has a human rights policy or generally.

actual risk areas where collaboration should be assesses whether further action is needed and engages in dialogue with suppliers accordingly their responses to the ESG questionnaire, Tryg which enables Tryg to identify any potential or questionnaires covering ESG topics. Based on Currently, 1,600 suppliers have received advanced as a means of improving performance. Tryg pays close attention to and tracks supplier responses to the questionnaire. This includes dialogues with, often smaller, suppliers who Annual Report 2025 | Tryg A/S | 115

accepted Tryg's SCoC, Tryg's Procurement team environmental issues at supplier level, issues of procedures for managing some of the social or resources available. In cases where a supplier understanding and interpreting questions, or nave difficulty answering the questionnaires. simply not having the necessary capacity or resolve the matter and, if needed, draw up a has not responded to the questionnaires or will engage in dialogue with the supplier to This can be due to a lack of formalised imebound action plan.

workers. It is based on an analysis of sectors and responses from the screening process. If gaps or dialogue with the supplier will be the first step to annual impact assessment to identify actual or As part of its due diligence, Tryg conducts an geographic location combined with supplier potential negative impacts on value chain dentifying what is needed to mitigate the ootential negative impacts are identified, situation.

workers in the value chain can at any time raise employees can voice grievances anonymously persons working under the supervision of the whistleblower scheme, which is available for suppliers to have a grievance mechanism or similar procedure in place to ensure their subcontractors, suppliers or consultants. and without fear of reprisal. Additionally, As expressed in the SCoC, Tryg expects concerns through Tryg's anonymous management of contracting parties,

Whistleblower mechanism is given under the A description of the process for tracking and monitoring issues raised through the section 'Whistleblower scheme'.

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Strategy

Introduction

Contents

Improving processes around supplier screenings and follow-ups

was to simplify systems and to achieve real time facility colleagues across the Nordics, where the platform and onboarded procurement teams as data flows to enable a more automated process practices and systems. The process for supplier This year, Tryg implemented a new screening well as suppliers across the Nordics. The goal screenings was further established amongst that taps into Tryg's other procurement scope, impact and purpose of supplier screenings were cemented.

basis ensures that Tryg's processes are aligned Building capacity internally and on an ongoing and that more knowledge on sustainability is established across the organisation.

questionnaire for suppliers to ensure that it is In 2025, Tryg revised and simplified its ESG

still relevant, understandable to both large and sustainability capacity amongst suppliers and guide efforts for risk mitigation or knowledge enables Tryg to better review responses and necessary guidance. This ultimately builds small suppliers, and that it provides the sharing.

Industry standard for ESG questionnaires

Increasing requirements for reporting ESG data needed to submit the necessary information to Danish trade organisation Insurance & Pension organisations in the automotive industry, Tryg and other insurance companies alongside the have impacted especially small suppliers in terms of the resources and qualifications their customers. Encouraged by industry developed and launched an ESG

questionnaire to simplify the process and enable nformation requested from this type of supplier capacity building. The questionnaire builds on the industry standard developed by EFRAG for SMEs. The purpose was to standardise the hereby lightening the burden of suppliers naving to report different data in different across insurance companies in Denmark, ormats to different companies.

Engagement with suppliers

High-performance suppliers

[G1-2_02].

Iryg hosts theme days or webinars with external also taking appropriate measures with regard to nelping customers as quickly as possible while facilitate knowledge-sharing on good practice, suppliers and partners. In 2025, focus was on asbestos and how to properly manage a claim where asbestos is involved - both in terms of To help build capacity across suppliers and he use of personal protective equipment. complying with applicable regulation and

Accounting policies

Suppliers screened

assess suppliers' compliance with Tryg's Supplier Code of Conduct and sustainability performance

fryg systematically screens contract and claims

suppliers through an evaluation platform to

Code of Conduct and have a documented positive contribution within a selected sustainability area Small suppliers (1-5 employees) are classified as for both contract suppliers and claims suppliers. within areas of sustainability, they are classified as 'high-performance suppliers'. This is tracked Code of Conduct and has a policy or certificate When a supplier has accepted Tryg's Supplier high-performance if they accept the Supplier G1-2 02].

Management of relationships with suppliers

		2025	2024
ESRS ID		%	%
G1-2_02	G1-2_02 Suppliers screened
	Contract suppliers	93	89
	Suppliers w/ claims	94	26

G1-2_02	G1-2_02 High-performance suppliers
	Contract suppliers	61	77
	Suppliers w/ claims	62	95

Developments management of relationships with suppliers

There has been no significant changes to the share of contract and claims suppliers screened during the year,

The share of high-performing suppliers increased significantly primarily due to improvements in the data foundation as a result of changes to the supplier screening platform. During 2026, the concept of high-performing suppliers will be further developed and the criteria will be adjusted.

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Strategy

Contents

Data points deriving from other EU legislation

Disclosure Requirement and related data point	SFDR (23)	Pillar 3 ( 24 )	Benchmark Regulation ( 25 )	EU Climate Law (26)
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	p.33		p. 33
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e)			p. 33
ESRS 2 GOV-4	p.60
Statement on due diligence paragraph 30
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	Not material	Not material	Not material
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	Not material		Not material
ESRS 2 SBM-1 Involvement in activities related to controversial weapons naragraph 60 (d) iii	Not material		Not material
ESRS 2 SBM-1 In activities related to cultivation and production of tobacco paragraph 40 (d) iv			Notmaterial
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				p. 68
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		p. 68	p. 68
ESRS E1-4 GHG emission reduction targets paragraph 34	p.75	p. 75	p. 75
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	Not material
ESRS E1-5 Energy consumption and mix paragraph 37	p.78
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	Not material
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	p.77	p.77	p. 77
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	p.78	p.78	p. 78
ESRS E1-7 GHG removals and carbon credits paragraph 56				Not material
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Material (phase-in)
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)		Material (phase-in)
ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).		Material (phase-in)
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Material (phase-in)
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69			Material (phase-in)

{119}------------------------------------------------

Disclosure Requirement and related data point	SFDR (23) Pillar 3 (24)
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer	Not material
Register) emitted to air, water and soil, paragraph 28
ESRS E3-1	Not material
Water and marine resources paragraph 9
ESRS E3-1 Dedicated policy paragraph 13	Not material
ESRS E3-1	Not material
Sustainable oceans and seas paragraph 14
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	Not material
FSRS E3-4	Not material
Total water consumption in m3 per net revenue in own operations paragraph 29
ESRS 2- SBM 3 - E4 paragraph 16 (a) i	Not material
ESRS 2- SBM 3 - E4 paragraph 16 (b)	Not material
ESRS 2- SBM 3 - E4 paragraph 16 (c)	Not material
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	Not material
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d)	Not material
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	Not material
ESRS 2-SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	Not material
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	Not material
ESRS S1-1 Human rights policy commitments paragraph 20	p.60
ESRS 51-1 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8, paragraph 21		p. 60
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	Not material
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	Not material
ESRS 51-3	p.114

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

{120}------------------------------------------------

No. robbin better of work-related accidence paragraph 88 (e) No. robbin better of work-related accidence by and (c) No. robbin better of work-related accidence by and cold broad and control of the work-related accidence by and cold broad and related accidence by and cold broad and related accidence by any paragraph 88 (e) D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1046 D. 1	Disclosure Requirement and related data point	SFDR (23) Pillar 3 (24)	Regulation (25)
D. 104 D. 104 D. 104 Not material Not material Not material Not material Not material Not material Not material Not material Not material Not material D. 106, p. 108 D. 60 Not material D. 113 D. 114 Material (postponed)	atalities and number and rate of work-related accidents paragraph 88 (b) and (c)	t material	Not material
p. 104 p. 104 Not material Not material Not material Not material Not material Not material Not material Not material Not material Not material P. 106, p. 108 p. 60 Not material P. 113 p. 114 Material (postponed)	ays lost to injuries, accidents, fatalities or illness paragraph 88 (e)	t material
p. 104 Not material Not material Not material Not material Not material Not material Not material Not material Not material Not material Pp. 106, p. 108 Pp. 60 Not material Pp. 113 Pp. 113 Pp. 114 Material (postponed)	gender pay gap paragraph 97 (a)	104	p. 104
D. 104 Not material Not material Not material Not material Not material Not material Not material Not material D. 106, p. 108 D. 106, p. 108 D. 113 D. 113 D. 114 Material (postponed)	EO pay ratio paragraph 97 (b)	104
Not material Not material Not material Not material Not material Not material Not material P. 106, p. 108 P. 60 Not material P. 113 P. 113 P. 114 Material (postponed)	discrimination paragraph 103 (a)	104
Not material Not material Not material Not material Not material Not material D. 106, p. 108 p. 0.0 Not material P. 113 p. 114 Material (postponed)		t material	Not material
Not material Not material Not material Not material Not material P. 106, p. 108 P. 60 Not material P. 113 P. 114 Material (postponed)		t material
Not material Not material Not material Not material Not material p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed)	nts policy commitments paragraph 17	t material
Not material Not material Not material Not material p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed)		t material
Not material Not material Not material D. 106, p. 108 D. 60 Not material D. 113 D. 114 Material (postponed)	OECD guidelines paragraph 19	t material	Not material
Not material Not material Not material p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed)	ESRS 52-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19		Not material
Not material Not material D. 106, p. 108 D. 60 Not material p. 113 p. 114 Material (postponed)	nts issues and incidents connected to its upstream and downstream value chain paragraph 36	t material
Not material Not material p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed)	nts policy commitments paragraph 16	t material
Not material p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed) Material (postponed)		t material	Not material
p. 106, p. 108 p. 60 Not material p. 113 p. 114 Material (postponed)	the increase and incident an accordance of	+ + + + + + + + + + + + + + + + + + + +
p. 60 Not material p. 113 p. 114 Material (postponed)		106, p. 108
Not material p. 113 p. 114 Material (postponed) Material (postponed)	elines paragraph 17	0.9	p.60
p. 113 p. 114 Material (postponed) Material (postponed)		t material
p.114 Material (postponed) Material (postponed)		13
Material (postponed) Material (postponed)		14
		terial (postponed)	Material (postponed)
	of anti-corruption and anti-bribery paragraph 24 (b)	terial (postponed)

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

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Contents

Independent auditor's limited assurance report on Sustainability Statement

To the stakeholders of Tryg A/S

Limited assurance conclusion

We have conducted a limited assurance engagement on the sustainability statement of Tryg A/S (the "Group") included in the management's review (the "Sustainability Statement") for the financial year 1 January – 31 December 2025.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Insurance Business Act Chapter 17, including:

compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the "Process") is in accordance with the description set out in the section "Double materiality assessment"; and
compliance of the disclosures in the section "EU Taxonomy" of the Sustainability
Statement with Article 8 of EU Regulation
2020/852 (the "Taxonomy Regulation").

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information ("ISAE 3000 (Revised)") and the additional requirements applicable in Denmark.

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the 'Auditor's responsibilities for the assurance engagement' section of our report.

Our independence and quality management

We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Management's responsibilities for the Sustainability Statement

Management is responsible for designing and implementing a process to identify the information reported in the Sustainability

Statement in accordance with the ESRS and for disclosing this Process as included in the section "Double materiality assessment" of the Sustainability Statement. This responsibility

includes:

understanding the context in which the Group's activities and business relationships take place and developing an understanding of its affected stakeholders;
- the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;
- the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and making assumptions that are reasonable in

the circumstances.

Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Insurance Business Act Chapter 17, including:

compliance with the ESRS;
preparing the disclosures as included in the section "EU Taxonomy" of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation;
designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement

that is free from material misstatement, whether due to fraud or error; and

the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.

Auditor's responsibilities for the assurance engagement

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.

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Financial results

Strategy

Introduction

Contents

corresponding disclosures in the financial

Evaluated the methods, assumptions and

looking information; and

statements and management's review;

Annual Report 2025 | Tryg A/S | 121

Our responsibilities in respect of the Process include:

Obtaining an understanding of the Process, conclusion on the effectiveness of the Process, including the outcome of the but not for the purpose of providing a Process:
Considering whether the information identified addresses the applicable
evaluate whether the Process is consistent with the Group's description of its Process, disclosure requirements of the ESRS; and Designing and performing procedures to as disclosed in the section "Double materiality assessment".

Our other responsibilities in respect of the Sustainability Statement include:

Identifying where material misstatements are likely to arise, whether due to fraud or error; and
misstatements are likely to arise. The risk of resulting from fraud is higher than for one resulting from error, as fraud may involve Sustainability Statement where material collusion, forgery, intentional omissions, Designing and performing procedures not detecting a material misstatement misrepresentations, or the override of responsive to disclosures in the internal control.

Summary of the work performed

misstatements are likely to arise, whether due to the identification of disclosures where material about the Sustainability Statement. The nature, depend on professional judgement, including raud or error, in the Sustainability Statement. performing procedures to obtain evidence A limited assurance engagement involves timing and extent of procedures selected

engagement, with respect to the Process, we: In conducting our limited assurance

Obtained an understanding of the Process internal documentation of its Process; and by performing inquiries to understand the management; and reviewing the Group's sources of the information used by
with the description of the Process set out in implemented by the Group was consistent Evaluated whether the evidence obtained from our procedures about the Process the section "Double materiality assessment".

Sustainability Statement.

engagement, with respect to the Sustainability In conducting our limited assurance Statement, we:

CVR no 33771231

control activities, obtaining evidence about preparation of the Sustainability Statement obtaining an understanding of the Group's preparation of its Sustainability Statement Obtained an understanding of the Group's but not evaluating the design of particular including the consolidation processes by control environment, processes and their implementation or testing their information systems relevant to the reporting processes relevant to the operating effectiveness:

State Authorised Public Accountant

nne24822

Per Rolf Larssen

identified by the Process is included in the Evaluated whether the information Sustainability Statement;
presentation of the Sustainability Statement Evaluated whether the structure and the are in accordance with the ESRS;
information in the Sustainability Statement; procedures on selected information in the Performed inquiries of relevant personnel and analytical procedures on selected Performed substantive assurance Sustainability Statement;
Where applicable, compared disclosures in the Sustainability Statement with the

data for developing estimates and forwardtaxonomy-aligned economic activities and Obtained an understanding of the Group's process to identify taxonomy-eligible and Statsautoriseret Revisionspartnerselskab the corresponding disclosures in the

Hellerup, 22 January 2026 PricewaterhouseCoopers Godkendt på generalforsamlingen den 26. marts 2026

Klaus Søgaard, Dirigent

State Authorised Public Accountant mne32126

{123}------------------------------------------------

Introduction

Norwegian Transparency Act 🐇

Transparency Act. This section constitutes the ryg Norway is subject to the Norwegian For general information regarding Tryg's business and value chain see page 53. reporting according to its criteria.

Human and labour rights due diligence

mitigation. The company has high ambitions to sustainable solutions internally for employees conduct extends beyond compliance and risk foster a diverse culture and to push for more Tryg's commitment to responsible business through collaboration with suppliers, and through engagement with customers.

example, the International Bill of Human Rights decent working conditions as expressed in, for (ILO) core conventions on fundamental rights and the International Labour Organisation's As expressed in Tryg's Human and Labour Rights policy, Tryg is fully committed to and principles in working life.

through its products and services, its customers environmental impacts across its operations, contribute or be linked to adverse social and and business partners, and across its supply Tryg recognises that it can potentially cause,

principles in line with the UN Guiding Principles identifying, assessing and mitigating actual or and the OECD Guidelines of continuously Tryg therefore works with due diligence potential adverse impacts.

The assessment considers severity, likelihood and level of complicity of potential adverse impacts.

highlighted areas of potentially heightened risk customers and suppliers, Tryg identified and The purpose of the assessment was to map potential impacts and ensure that existing processes, governance and actions for assessment across its own employees, Using a desk-based human rights risk mitigation are in place.

Own employees

For its own employees, the general risk of being complicit or contributing to adverse impacts on human and labour rights is considered low. This location of its operations, i.e. Denmark, Norway is due to the nature of the work - primarily office-related, high-skilled work – and the and Sweden.

survey, which is supported by a mandatory preinequalities. Among the measures for tracking current situation is the employee engagement identified under the ESRS standard 'S1 Own Workforce', namely related to gender pay developments and gaining insight into the Findings from the impact risk assessment defined process for team discussions and correspond to material negative impacts follow-up.

representatives, both at local and regional level, Additionally, close collaboration and frequent ensure that relevant employee issues can be meetings with unions and union raised and managed

Read more in the section "Own Workforce" on bage 95.

ESG risks, opportunities and their adherence to Fhrough the platform, Tryg evaluates suppliers nonitor and assess potential impacts and poor performance across social and environmental ssues. To facilitate the evaluation of suppliers against the SCoC, Tryg systematically screens the ten principles of the UN Global Compact neasures and governance to continuously suppliers through an evaluation platform. n the supply chain, Tryg has established pased on their responses to an ESG questionnaire.

Global Compact, for example related to human programmes and training on health & safety in place, or more generally about what their due The questionnaire covers the topics of the UN and labour rights, for instance whether the supplier has a human rights policy or diligence process entails.

urther action is needed and engages in dialogue to the ESG questionnaire, Tryg assesses whether with suppliers accordingly, which enables Tryg covering ESG topics. Based on their responses where collaboration should be advanced as a o identify any potential or actual risk areas received and responded to questionnaires Surrently, a total of 1,550 suppliers have neans of improving performance.

suppliers. Nevertheless, realising that Tryg's The outcome of the screenings shows a generally low risk of adverse impacts at

Annual Report 2025 | Tryg A/S | 122

suppliers include industries that are potentially and to more precisely determine, address and mitigate the specific risks that might occur at continuously works to improve its processes more exposed to labour rights issues. Tryg supplier level.

esponsible supply chain management on page Read more about how Tryg works with

Customers

environmental impacts through the commercial customers to follow the ten principles of the UN communicating its expectations to commercial sustomers it insures. Tryg is therefore actively Global Compact. This is part of the insurance ryg can be linked to adverse social and conditions.

rom the previous customer screening setup, it is central that ESG parameters are assessed as step Tryg Norway rolled out the new checklist ncluding ESG questions in Q4 2025. Next step or 2026 is to update the process for Denmark underwriting process. Building on experience The project is defined in phases, and as a first ntegrated part of the overall risk assessment. part of the underwriting process and as an ryg is currently making efforts to better integrate relevant ESG factors into the and eventually Sweden.

{124}------------------------------------------------

Strategy

Introduction

Contents

Contents - Financial statements

Tryg Group's financial statements are prepared in accordance with IFRS Accounting Standards

Trys	Tryg Group
Note	(I)	_	Note
	Statement by the Supervisory Board and the	127.	7	Net finance income/expenses from reinsurance	- α	Tryg A/S (parent company)
	Executive Boald	177	- (	COllidates	0 1	Income and comprehensive income statement	7
	Independent Auditor's Reports	125	1.2	Other income and costs	158	Statement of financial position	2
	Income and comprehensive income statement	129	13	Tax	159	Statement of changes in equity	2
	Statement of financial position	130	14	Intangible assets	162	Notes	2
	Statement of changes in equity	131	15	Property, plant and equipment	168
	Cash flow statement	132	16	Investment property	170	Renorting for O.
	General accounting policies	133	17	Equity investments in associates	171	Outertout line Commonts	C
2	Risk and capital management	138	18	Financial assets	171	Quarterly outline - Jegillells	4 C
	Insurance risk	140	19	Assets from reinsurance contracts	176	Qualterly outline - Geography	7
	Underwriting risk	140	20	Equity	178
	Reserving risk	140	21	Subordinated loan capital	180	Information
	Investment risk	144	22	Insurance contracts liabilities	182	Group chart	7
	Operational risk	147	23	Pensions and similar obligations	186	Glossary, key ratios and alternative performance	(
	Other risks	147	24	Deferred tax	187	measures
	Liquidity risk	148	25	Other provisions	189	Disclaimer	.7
3	Operating segments	149	26	Earnings per share, operating earnings per share	189
4	Insurance service result by geography	151	27	Other debt	190
2	Insurance service result by line of business	153		Contractual obligations, collateral and contingent
9	Insurance revenue	155	28	liabilities	191
7	Insurance service expenses	155	29	Related parties	192
$\infty$	Interest and dividends	157	30	Share-based payments	195
6	Value adjustments	157	31	Financial highlight	199
10	Net finance income/expenses from insurance contracts	158

200 201 202 203

207

{125}------------------------------------------------

Introduction

Contents

Sustainability statement

Annual Report 2025 | Tryg A/S | 124

Statement by the Supervisory Board and the Executive Board

have today considered and adopted the Annual The Supervisory Board and Executive Board Report of Tryg A/S for the financial year 1 January - 31 December 2025.

Accounting Standards as adopted by the EU and Insurance Business Act. Management's Review further requirements in the Danish Insurance companies and the requirements of NASDAQ financial statements of listed companies. The been prepared in accordance with the Danish The Consolidated Financial Statements have Parent Company Financial Statements have has been prepared in accordance with the Copenhagen for the presentation of the Business Act for listed financial services been prepared in accordance with IFRS Danish Insurance Business Act.

December 2025 and of the results of the Group Statements and the Parent Company Financial cash flows of the Group for the financial year 1 and the Parent Company operations and the In our opinion, the Consolidated Financial Statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position as at 31 January - 31 December 2025.

In our opinion, Management's Review includes a fair review of the development in the operations the Parent Company as well as a description of the Parent Company, of the results for the year and financial circumstances of the Group and and of the financial position of the Group and uncertainty, which the Group and the Parent the most significant risk and elements of Company are facing.

Additionally, the sustainability statement, which is part of Management's Review, is prepared, in process undertaken by Management to identify Act and rules issued accordingly. This includes accordance with the description set out in the Reporting Standards (ESRS) including that the Chapter 17 of the Danish Insurance Business compliance with the European Sustainability the reported information (the "Process") is in (IRO-1). Furthermore, disclosures within the subsection Double materiality assessment Environmental section of the sustainability accordance with Article 8 of EU Regulation statement are, in all material respects, in all material respects, in accordance with 2020/852 (the "Taxonomy Regulation").

assumptions about events that may occur in the future and possible future actions by the Group. The sustainability statement includes forwardlooking statements based on disclosed

Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.

2025 with the file name tryg-2025-12-31-en.zip In our opinion, the Annual Report of Tryg A/S for the financial year 1 January to 31 December is prepared, in all material respects, in compliance with the ESEF Regulation.

We recommend that the Annual Report be adopted at the Annual General Meeting.

Ballerup, 22 January 2026

Executive Board

May Dayles

Johan Kirstein Brammer Group CEO

Supervisory Board

month Jukka Pertola Chairman

orben Jensen

Saffer last Group CFO

Gurdick Baube Ageng Benedicte Bakke Agerup

Deputy Chairman

Steffen Kragh

Tina Snejbjerg

Charlotte Dietzer

Jørn Rise Andersen

Comprise.

T. Snejbjeg

Wilm last

Mikael Kärrsten Group CTO

Alexandra Bastkær Winther Hoxandra 4 instrum

Lars Bonde Group COO

Allan Kragh Thaysen

Group CCO

h Amon Ban

Thomas Hofman-Bang

Mengmeng Du

Gunnar Elias Bakk

Ionas Bjørn Jensen

Mote Brodd In Dir Mette Osvold

{126}------------------------------------------------

Strategy

Contents

Independent Auditor's Reports

To the shareholders of Tryg A/S

Report on the audit of the Financial Statements

Group's financial position at 31 December 2025 and of the results of the Group's operations and cash flows for the financial year 1 January to 31 Accounting Standards as adopted by the EU and further requirements in the Danish Insurance Statements give a true and fair view of the In our opinion, the Consolidated Financial December 2025 in accordance with IFRS Business Act.

Financial Statements give a true and fair view of December 2025 and of the results of the Parent Moreover, in our opinion, the Parent Company January to 31 December 2025 in accordance the Parent Company's financial position at 31 Company's operations for the financial year 1 with the Danish Insurance Business Act.

Long-form Report to the Audit Committee and Our opinion is consistent with our Auditor's the Board of Directors.

What we have audited

3asis for opinion

statement of financial position, the statement of The Consolidated Financial Statements of Tryg changes in equity, the cash flow statement and notes, including material accounting policy December 2025 comprise the income and A/S for the financial year 1 January to 31 comprehensive income statement, the nformation.

statement of financial position, the statement of changes in equity and notes, including material The Parent Company Financial Statements of Tryg A/S for the financial year 1 January to 31 December 2025 comprise the income and comprehensive income statement, the accounting policy information.

Collectively referred to as the "Financial Statements"

Independence

We are independent of the Group in accordance for Accountants' International Code of Ethics for public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in applicable to audits of financial statements of with the International Ethics Standards Board accordance with these requirements and the Professional Accountants (IESBA Code) as ESBA Code.

described in the Auditor's responsibilities for the

nternational Standards on Auditing (ISAs) and We conducted our audit in accordance with

Denmark, Our responsibilities under those he additional requirements applicable in

standards and requirements are further

audit of the Financial Statements section of our

obtained is sufficient and appropriate to provide

a basis for our opinion.

We believe that the audit evidence we have

Article 5(1) of Regulation (EU) No 537/2014 prohibited non-audit services referred to in To the best of our knowledge and belief, were not provided.

Appointment

have been reappointed annually by shareholder We were first appointed auditors of Tryg A/S on 26 March 2021 for the financial year 2021. We engagement of 5 years including the financial resolution for a total period of uninterrupted

{127}------------------------------------------------

Contents

Sustainability statement

Independent Auditor's Reports

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Measurement of insurance contract liabilities

premium provisions (liability for remaining coverage, LRC) and The Group's Insurance contract liabilities total DKK 47,153 liabilities. Insurance contract liabilities primarily comprise million, which constitutes 45% of the total equity and claims provisions (liability for incurred claims, LIC).

The IFRS 17 premium allocation approach (PAA) is applied for measurement of groups of insurance contracts.

remaining coverage, where the expected fulfilment cash flows Subsequently, the carrying amount of the LRC is increased by Services are primarily provided based on passage of time. If a group of contracts is onerous, the liability is increased for the service period. Insurance acquisition costs are expensed as provisions (LRC) is recognised as the premiums received. covers direct and indirect costs relating to the remaining recognised as insurance revenue for services provided. any premiums received and decreased by the amount On initial recognition the carrying amount of premium

the time value of money and the associated financial risks, and a risk adjustment for non-financial risks. The estimate includes comprise estimates of future cash flows, adjusted to reflect expected fulfilment cash flows relating to insurance events occurred at the statement of financial position date, which Claims provisions (LIC) are measured as the total of the direct and indirect claims handling costs that arise from events occurred at or before the statement of financial

labilities is an experience-based estimate involving use of historic claims data and complex actuarial methods and frequency and extent of insurance events relating to the Accounting estimates in respect of insurance contract models, which involve significant assumptions on the

liabilities, as the accounting estimate is by nature complex and influenced by subjectivity and thus to a large extent associated We focused on the measurement of insurance contract

Recoverability of the carrying amount of goodwill, trademarks and customer relations Statements of "Risk and capital management" in Note 2 and in "Accounting policies" sections "Significant accounting Reference is made to the description in the Financial

The Group's goodwill, trademarks and customer relations total DKK 29,428 million, which constitutes 28% of the total assets estimates and assessments" and "Insurance and reinsurance

assessment of the future timing and amount of projected cash are specific risks related to the impact on future earnings from flows that are used to assess the recoverability of the carrying amount of goodwill, trademark and customer relations. There competition and economic trends in key markets. Bearing in significant assumptions are Management's view of expected nsurance revenue growth, gross claims ratio, reinsurance mind the generally long-lived nature of the assets, the The principal risks are in relation to Management's ratio, gross expense ratio and discount rate.

relevant controls relating to claims processing and insurance

these were designed and implemented effectively to address the risk of material misstatement. For selected controls that we planned to rely on, we tested whether these controls had

provisioning. In respect of controls, we assessed whether

We performed risk assessment procedures with the purpose of achieving an understanding of it-systems, procedures and

How our audit addressed the key audit matter

contracts" in Note 1.

exercised by Management in estimating future cash flows and We focused on this, as there is a high level of subjectivity the models used are complex.

insurance contract liabilities, we tested the calculation and the

data used in the underlying documentation.

assumptions applied, and calculations made. For a sample of

We used our own actuaries in the evaluation of the actuarial

been performed on a consistent basis.

methods and models applied by the Group as well as

industry knowledge with a view to ensure that these are in line

with regulatory and accounting requirements, including IFRS

This comprised an assessment of the continuity in the

basis for the calculation of insurance contract liabilities.

We tested the calculation of insurance contract liabilities on a

We assessed whether the disclosures on insurance contract

liabilities were adequate.

significant assumptions applied based on our experience and

We assessed and challenged the methods and models and

The key assumptions and accounting treatment are described Significant accounting estimates and assessments" in Note 1. in Note 14 "Intangible assets" in the Financial Statements, in Customer relations" and in "Accounting policies" sections section "Measurement of Goodwill, Trademarks and

How our audit addressed the key audit matter

understanding of IT systems, business processes and relevant controls related to the assessment of the carrying amount of goodwill, trademarks and customer relations. In respect of controls, we assessed whether these were designed and implemented effectively to address the risk of material We considered the appropriateness of Management's defined goodwill, trademarks and customer relations and the process required and evaluated whether there were any indications of impairment of the assets. We analysed the reasonableness of significant assumptions in relation to the ongoing operations CGUs within the business. We examined the methodology determine compliance with IFRS. We performed detailed used by Management to assess the carrying amount of for identifying CGUs that require impairment testing to testing for the assets where an impairment review was related to the assets.

Management, including assessment of expected insurance revenue growth, gross claims ratio, reinsurance ratio, gross accuracy of the relevant value-in-use models prepared by We evaluated and challenged the assumptions used by

including sensitivity analyses prepared for the significant

{128}------------------------------------------------

Governance

Financial results

Independent Auditor's Reports

Statement on Management's Review

Management is responsible for Management's

not cover Management's Review, and we do not Our opinion on the Financial Statements does as part of the audit express any form of assurance conclusion thereon.

Management's Review and, in doing so, consider otherwise appears to be materially misstated. inconsistent with the Financial Statements or whether Management's Review is materially In connection with our audit of the Financial Statements, our responsibility is to read our knowledge obtained in the audit, or

Management's Review includes the disclosures required by the Danish Insurance Business Act. This does not include the requirements in the issued accordingly related to the sustainability Financial Insurance Act Chapter 17 and rules statement covered by the separate auditor's Moreover, we considered whether limited assurance report hereon.

with the Consolidated Financial Statements and requirements of the Danish Insurance Business he Parent Company Financial Statements and Act, except for the requirements related to the sustainability statement, cf. above. We did not Based on the work we have performed, in our view, Management's Review is in accordance has been prepared in accordance with the identify any material misstatement in Management's Review.

Management's responsibilities for the Financial Statements

Accounting Standards as adopted by the EU and Management determines is necessary to enable of consolidated financial statements and parent Management is responsible for the preparation the preparation of financial statements that are free from material misstatement, whether due company financial statements that give a true urther requirements in the Danish Insurance Business Act, and for such internal control as and fair view in accordance with IFRS to fraud or error.

applicable, matters related to going concern and operations, or has no realistic alternative but to unless Management either intends to liquidate he Group or the Parent Company or to cease Management is responsible for assessing the Group's and the Parent Company's ability to using the going concern basis of accounting continue as a going concern, disclosing, as n preparing the Financial Statements,

Auditor's responsibilities for the audit of the Financial Statements

and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of additional requirements applicable in Denmark economic decisions of users taken on the basis assurance, but is not a guarantee that an audit statements as a whole are free from material nisstatement, whether due to fraud or error, when it exists. Misstatements can arise from raud or error and are considered material if, conducted in accordance with ISAs and the will always detect a material misstatement ndividually or in the aggregate, they could easonably be expected to influence the Our objectives are to obtain reasonable assurance about whether the Financial of these Financial Statements.

As part of an audit in accordance with ISAs and Denmark, we exercise professional judgement the additional requirements applicable in and maintain professional scepticism hroughout the audit. We also:

is higher than for one resulting from error, as those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis material misstatement resulting from fraud intentional omissions, misrepresentations, for our opinion. The risk of not detecting a misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to Identify and assess the risks of material fraud may involve collusion, forgery, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit expressing an opinion on the effectiveness circumstances, but not for the purpose of of the Group's and the Parent Company's procedures that are appropriate in the nternal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of disclosures made by Management. accounting estimates and related
auditor's report to the related disclosures in our auditor's report. However, future events ability to continue as a going concern. If we conclude that a material uncertainty exists, basis of accounting and based on the audit Parent Company to cease to continue as a conditions that may cast significant doubt on the Group's and the Parent Company's opinion. Our conclusions are based on the or conditions may cause the Group or the disclosures are inadequate, to modify our audit evidence obtained up to the date of Management's use of the going concern we are required to draw attention in our evidence obtained, whether a material uncertainty exists related to events or Conclude on the appropriateness of the Financial Statements or, if such going concern.
Evaluate the overall presentation, structure including the disclosures, and whether the and content of the Financial Statements, underlying transactions and events in a manner that gives a true and fair view. Financial Statements represent the

Annual Report 2025 | Tryg A/S | 127

{129}------------------------------------------------

Contents

Sustainability statement

Annual Report 2025 | Tryg A/S | 128

Independent Auditor's Reports

entities or business units within the group as are responsible for the direction, supervision Consolidated Financial Statements and the Parent Company Financial Statements. We and review of the audit work performed for Plan and perform the group audit to obtain regarding the financial information of the purposes of the group audit. We remain solely responsible for our audit opinion. sufficient appropriate audit evidence a basis for forming an opinion on the

governance regarding, among other matters, the significant deficiencies in internal control that We communicate with those charged with planned scope and timing of the audit and significant audit findings, including any we identify during our audit. We also provide those charged with governance taken to eliminate threats or safeguards applied independence, and to communicate with them independence and, where applicable, actions with a statement that we have complied with all relationships and other matters that may relevant ethical requirements regarding reasonably be thought to bear on our

report unless law or regulation precludes public period and are therefore the key audit matters. charged with governance, we determine those matters that were of most significance in the From the matters communicated with those We describe these matters in our auditor's disclosure about the matter.

Report on compliance with the ESEF Regulation

on whether the annual report of Tryg A/S for the we performed procedures to express an opinion prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) As part of our audit of the Financial Statements inancial year 1 January to 31 December 2025 equirements related to the preparation of the 2019/815 on the European Single Electronic with the filename tryg-2025-12-31-en.zip is annual report in XHTML format and iXBRL Format (ESEF Regulation) which includes agging of the Consolidated Financial Statements including notes.

Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:

The preparing of the annual report in XHTML format;
The selection and application of appropriate XBRL tags, including extensions to the ESEF elements in the taxonomy, for all financial nformation required to be tagged using udgement where necessary;
Ensuring consistency between iXBRL tagged Statements presented in human-readable Format: and
For such internal control as Management determines necessary to enable the

preparation of an annual report that is compliant with the ESEF Regulation.

with the ESEF Regulation based on the evidence orepared, in all material respects, in compliance auditor's judgement, including the assessment whether due to fraud or error. The procedures extent of procedures selected depend on the we have obtained, and to issue a report that includes our opinion. The nature, timing and requirements set out in the ESEF Regulation, of the risks of material departures from the assurance on whether the annual report is Our responsibility is to obtain reasonable

Hellerup, 22 January 2026

Statsautoriseret Revisionspartnerselskab

CVR No 33771231

PricewaterhouseCoopers

Testing whether the annual report is prepared in XHTML format;
company's iXBRL tagging process and of internal control over the tagging process; Obtaining an understanding of the
Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes;
from the ESEF taxonomy and the creation of company's use of iXBRL elements selected element in the ESEF taxonomy has been extension elements where no suitable Evaluating the appropriateness of the
elements to elements in the ESEF taxonomy; Evaluating the use of anchoring of extension

Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.

2025 with the file name tryg-2025-12-31-en.zip In our opinion, the annual report of Tryg A/S for the financial year 1 January to 31 December is prepared, in all material respects, in compliance with the ESEF Regulation.

Per Rolf Larssen

State Authorised Public Accountant mne24822

Stefan Vastrup

State Authorised Public Accountant mne32126

{130}------------------------------------------------

2024

2025

4,816

5,405

Tax on actuarial gains/losses on defined-benefit pension plans

Actuarial gains/losses on defined-benefit pension plans

reclassified as profit or loss

Other comprehensive income which can subsequently be

Tax on hedging of currency risk in foreign entities

Total other comprehensive income

Comprehensive income

Exchange rate adjustments of foreign entities Hedging of currency risk in foreign entities

reclassified as profit or loss

Other comprehensive income which cannot subsequently be

Profit/loss for the period

DKKm

Financial results

Strategy

Introduction

Contents

Income and comprehensive income statement

Insurance revenue Insurance service expenses Expenses from reinsurance contracts held Income from reinsurance contracts held Income from reinsurance contracts held Investment activities Investment activities Income from investment property Interest income and dividends Value adjustments Interest expenses Income from investment property Interest income and dividends Value adjustments Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Interest expenses Inte	DKKm		2025	2024
Insurance revenue Insurance service expenses Expenses from reinsurance contracts held Income from reinsurance contracts held Income from reinsurance contracts held Income from reinsurance contracts held Insurance service result Investment activities Profit/loss from associates Investment property Interest income and dividends Value adjustments Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Set of the rincome Other income Other income Other costs Profit/loss for the period Earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings	Note
Expenses from reinsurance contracts held income from reinsurance contracts held income from reinsurance contracts held income from reinsurance contracts held income from reinsurance contracts held income from reinsurance contracts held income from investment property income from investment property interest income and dividends value adjustments Nature adjustments Investment return Net finance income/expense from insurance contracts 5 Net finance income/expense from reinsurance contracts 5 Net finance income from insurance contracts 5 Net finance income from insurance contracts 5 Net finance income from insurance contracts 778 Other income 7,212 Tax Profit/loss for the period 5,405 Earnings per share 8,83 Dillined earnings per share 8,80 Politined earnings per share 8,80	9	Insurance revenue	41,515	39,974
Expenses from reinsurance contracts held Income from reinsurance contracts held Insurance service result Investment activities Profit/loss from associates Income from investment property Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Set of the rincome Other income Other income Other costs Profit/loss for the period Earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share Builtned earnings per share	_	Insurance service expenses	-32,795	-32,171
Insurance service result Investment activities Profit/loss from associates Income from investment property Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Interest expenses Administration expenses from insurance contracts Investment return Net finance income/expense from reinsurance contracts Net finance income/expense from reinsurance contracts Net finance income and dividends Investment result Other income Other costs Profit/loss before tax Tax Profit/loss for the period Earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined Earnings per share Billined		Expenses from reinsurance contracts held	-1,230	-1,349
Investment activities Profit/loss from associates Income from investment property Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other income Other costs Profit/loss before tax Tax Profit/loss for the period Earnings per share Dillined earnings per share By 888		Income from reinsurance contracts held	455	601
Investment activities Profit/loss from associates Income from investment property Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Administration expense from insurance contracts Investment return Net finance income/expense from reinsurance contracts Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expense Interest expe	3-5	Insurance service result	7,945	7,056
Profit/loss from associates Income from investment property Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Interest expenses Administration expenses from insurance contracts Investment return Net finance income/expense from reinsurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other income Other osts Profit/loss before tax Tax Profit/loss for the period Earnings per share Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Basilinary and starts Bas		Investment activities
12		Profit/loss from associates	-15	-48
Interest income and dividends Value adjustments Interest expenses Administration expenses in connection with investment activities Investment return Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other income Other costs Profit/loss before tax Tax Profit/loss for the period Earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share Builthad earnings per share		Income from investment property	12	22
Value adjustments Interest expenses Administration expenses in connection with investment activities Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other income Other costs Profit/loss before tax Tax Profit/loss for the period Earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share Builtrad earnings per share	$\infty$	Interest income and dividends	1,476	1,633
Administration expenses -295 Administration expenses in connection with investment activities -157 Investment return 1,111 Net finance income/expense from insurance contracts -339 Net finance income/expense from reinsurance contracts 5 Net investment result 778 Other income -1,626 Profit/loss before tax 7,212 Tax Farnings per share 8,83 Dillitad earnings per share 8,83	6	Value adjustments	91	559
Administration expenses in connection with investment activities Investment return	00	Interest expenses	-295	-392
Investment return Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other income Other costs Profit/loss before tax Tax Farings per share Earnings per share Dillitad earnings per share By 88		Administration expenses in connection with investment activities	-157	-239
Net finance income/expense from insurance contracts Net finance income/expense from reinsurance contracts Net investment result Other income Other costs Profit/loss before tax Tax Profit/loss before tax Farings per share Barnings per share Dillithad earnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share Barnings per share		Investment return	1,111	1,535
Net finance income/expense from reinsurance contracts 5 Net investment result 778 Other income 115 Other costs -1,626 Profit/loss before tax 7,212 Tax -1,807 Profit/loss for the period 5,405 Earnings per share 8,833 Dillinade annings per share 8,83 Dillinade annings per share 8,83	0	Net finance income/expense from insurance contracts	-339	-747
Net investment result 778 Other income 115 Other costs -1,626 Profit/loss before tax 7,212 Tax -1,807 Profit/loss for the period 5,405 Earnings per share 8.83 Dilliphed earnings per share 8.80	_	Net finance income/expense from reinsurance contracts	5	124
Other income Other costs Other costs Profit/Loss before tax Tax Profit/Loss for the period 5,405 Earnings per share 8.83 Dillinad earnings per share 8.83		Net investment result	778	911
1,626	2	Other income	115	132
Profit/loss before tax Tax -1,807 Profit/Loss for the period 5,405 Earnings per share 8.83 Dillinad earnings per share 8.83	2	Other costs	-1,626	-1,796
Tax -1,807 Profit/Loss for the period 5,405 Earnings per share 8.83 Dillined earnings per share 8.83		Profit/loss before tax	7,212	6,303
Profit/loss for the period Earnings per share Diluted earnings ner share 8.83	3	Тах	-1,807	-1,488
Earnings per share 8.83 Diluted earnings ner chare		Profit/loss for the period	5,405	4,816
Diluted parnings per chare	97	Earnings per share	8.83	7.71
	26	Diluted earnings per share	8.80	7.70

-837 -838 3,978

1,407 1,406 64

6,812

-1,030

1,545

DKKm		2025	2024
Note
9	Insurance revenue	41,515	39,974
7	Insurance service expenses	-32,795	-32,171
	Expenses from reinsurance contracts held	-1,230	-1,349
	Income from reinsurance contracts held	455	601
3-5	Insurance service result	7,945	7,056
	Investment activities
	Profit/loss from associates	-15	-48
	Income from investment property	12	22
$\infty$	Interest income and dividends	1,476	1,633
6	Value adjustments	91	559
$\infty$	Interest expenses	-295	-392
	Administration expenses in connection with investment activities	-157	-239
	Investment return	1,111	1,535
10	Net finance income/expense from insurance contracts	-339	-747
11	Net finance income/expense from reinsurance contracts	5	124
	Net investment result	778	911
12	Other income	115	132
12	Other costs	-1,626	-1,796
	Profit/loss before tax	7,212	6,303
13	Тах	-1,807	-1,488
	Profit/loss for the period	5,405	4,816
26	Earnings per share	8.83	7.71
26	Diluted earnings per share	8.80	7.70

{131}------------------------------------------------

2024

2025

38,864

39,620

2,575 47,153 57 2,780

62 2,836

2,921

2,982

46,969

1,048

1,361

3,684

747

6,068

12,677

11,316

100

104,376

103,665

Financial results

Strategy

Introduction

Contents

Statement of financial position

Note	DKKm		2025	2024	DKKm
Assets 31,398 30,692 Operating equipment 153 192 Group-occupied property 720 759 Investment property 874 951 Investment property 874 951 Investment property 874 951 Investment in associates 33 38 Equity investments in associates 33 38 Cotal investment in associates 33 38 Equity investments in associates 2,401 3,836 Unit trust units Bonds 60,481 59,687 Derivative financial investment assets 64,681 65,693 Total other financial investment assets 64,681 65,693 Total investment assets 704 472 Other receivables 704 472 Corrent tax assets 704 472 Total other assets 704 472 Cash at bank and in hand 2,102 2,103 Total other assets 704 472 Interest and arcrued income	Note				Note
Intangible assets 31,398 30,692 Operating equipment 153 192 Group-occupied property 720 759 Total property, plant and equipment 874 951 Investment property 874 951 Investment property 33 38 Equity investments in associates 33 38 Equity investments in associates 33 38 Equity investments 5,401 3,408 Derivative financial instruments 57 60,481 Reverse repurchase agreement 704 472 Total investment assets 64,648 65,633 Other receivables 704 472 Outrent tax assets 704 472 Outrent tax assets 704 472 Other prepayments and accrued income 590 574 Initerest and rent receivable 52024 2,105 Initerest and accrued income 890 962 Total prepayments and accrued income 890 962 Initerest and accrued incom		Assets				Equity and liabilities
Operating equipment 153 192 Group-occupied property 720 759 Total property plant and equipment 874 951 Investment property 0 429 Equity investments in associates 33 38 Total investments in associates 3,40 1,168 Bonds 0 3,40 1,168 Bonds 0 3,67 661 Reverse repurchase agreement 5,687 65,693 Total other financial instruments 6,648 65,693 Total other financial investment assets 6,648 65,693 Assets from relinsurance contracts 2,974 472 Other receivables 704 472 Current tax assets 6 43 Cash at bank and in hand 2,924 2,123 Total other assets 704 at assets 714 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376	14	Intangible assets	31,398	30,692	20	Equity	14	Intangible assets	31,398	30,692	20	Equity
Group-occupied property 720 759 Total property, plant and equipment 874 951 Investment property 0 429 Equity investments in associates 33 38 Total investments in associates 3,836 1,189 1,168 Bonds 0,017 trust units 1,189 1,168 3,40 Bonds 0,017 trust units 6,481 6,6,139 4,0 Bonds Total investment assets 6,468 6,5,631 6,5,631 Total crecivables Total investment assets 6,468 6,5,631 6,159 Assets from reinsurance contracts 2,194 2,974 472 Other receivables 704 472 472 Current tax assets 66 43 2,123 Total other assets 704 472 2,123 Total other assets 704 472 2,123 Total other assets 704 472 2,123 Total other assets 704 472 2,123		Operating equipment	153	192	21	Subordinated loan capital
Total property, plant and equipment 874 951 Investment property 0 429 Equity investments in associates 33 38 Total investments in associates 3,836 1,168 Equity investments 2,401 3,836 1,168 Bonds 0 3,40 3,40 Derivative financial instruments 60,481 59,687 661 Reverse repurchase agreement 6,468 6,593 2,00 Total other financial investment assets 64,681 64,681 65,159 Assets from reinsurance contracts 2,194 2,374 472 Other receivables 704 472 472 Current tax assets 704 472 472 Current tax assets 704 472 472 Other receivables 704 472 472 Total other assets 704 472 472 Current tax assets 704 472 472 Other prepayments and accrued income 890 962 <		Group-occupied property	720	759	C
Investment property 0 429 Equity investments in associates 33 38 Total investments in associates 33 38 Equity investments in associates 2,401 3,836 Unit trust units 1,189 1,168 Bonds 60,481 59,687 Derivative financial instruments 340 Reverse repurchase agreement 340 Total other financial investment assets 64,681 65,693 Total investment assets 64,681 65,159 Assets from reinsurance contracts 704 472 Other receivables 704 472 Current tax assets 704 472 Current tax assets 704 472 Total receivables 704 472 Current tax assets 704 472 Current tax assets 704 472 Total other assets 704 472 Interest and rent receivable 704 472 Other prepayments and accrued income 592 574	15	Total property, plant and equipment	874	951	77	Insurance contract liabilities
Equity investments in associates 33 38 Total investments in associates 33 38 Equity investments 2,401 3,836 Unit trust units 60,481 59,687 Bonds 60,481 59,687 Derivative financial instruments 60,481 59,687 Reverse repurchase agreement 60,481 66,159 Total other financial investment assets 64,681 65,693 Total investment assets 774 472 Assets from reinsurance contracts 774 472 Other receivables 704 472 Cash at bank and in hand 2,864 2,123 Total other assets 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 60 43 Other prepayments and accrued income 890 962 Total prepayments and accrued income 103,665 104,376	16	Investment property	0	429	23	Pensions and similar obligations
Total investments in associates 3.8 36 Equity investments 2.401 3,836 Unit trust units 60,481 59,687 Bonds 60,481 59,687 Bonds 340 340 Total other financial instruments 64,681 65,693 Total other financial investment assets 64,681 65,693 Total investment assets 64,681 65,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 103,665 104,376	17	Equity investments in associates	33	38	25	Other provisions
Equity investments 2,401 3,836 Unit trust units 1,168 Bonds 60,481 59,687 Bonds 57 661 Reverse repurchase agreement 340 Total other financial investment assets 64,681 65,693 Total investment assets 64,681 65,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 592 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Total investments in associates	33	38		Total provisions
Unit trust units 1,189 1,168 Bonds 60,481 59,687 Derivative financial instruments 0 340 Reverse repurchase agreement 64,648 65,693 Total other financial investment assets 64,681 66,159 Total content investment assets 64,681 66,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 104,376		Equity investments	2,401	3,836		Amounts owed to credit institutions
Bonds 60,481 59,687 661 Derivative financial instruments 577 661 340 Reverse repurchase agreement Total other financial investment assets 64,648 65,693 Total investment assets 64,681 66,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 552 574 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Unit trust units	1,189	1,168		Repurchase agreement
Derivative financial instruments 577 661 Reverse repurchase agreement 0 340 Total other financial investment assets 64,648 65,693 Total investment assets 64,681 65,693 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 552 574 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Bonds	60,481	29,687		Derivative financial instruments
Reverse repurchase agreement 0 340 Total other financial investment assets 64,648 65,693 Total investment assets 64,681 65,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Derivative financial instruments	577	199	13	Current tax liabilities
Total investment assets 64,681 65,693 Total investment assets 64,681 65,681 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 890 962 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Reverse repurchase agreement	0	340	27	Other debt
Total investment assets 64,681 66,159 Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,156 Interest and rent receivable 338 388 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 104,376 104,376	18	Total other financial investment assets	64,648	65,693		Total debt
Assets from reinsurance contracts 2,194 2,974 Other receivables 704 472 Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Total investment assets	64,681	66,159		Accruals and deferred income
Other receivables 704 472 Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,123 Interest and rent receivable 338 388 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376	19	Assets from reinsurance contracts	2,194	2,974		Total equity and liabilities
Total receivables 704 472 Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Other receivables	704	472		General accounting policies
Current tax assets 60 43 Cash at bank and in hand 2,864 2,123 Total other assets 2,924 2,166 Interest and rent receivable 338 388 Other prepayments and accrued income 552 574 Total prepayments and accrued income 890 962 Total assets 103,665 104,376		Total receivables	704	472	2	Risk and capital management
and in hand 2,864 2,123 ssets 2,924 2,166 sent receivable 338 388 rments and accrued income 552 574 ments and accrued income 890 962 103,665 104,376	13	Current tax assets	09	43	26	Earnings per share
ssets 2,924 2,166 ent receivable 338 388 ments and accrued income 552 574 ments and accrued income 890 962 104,376 104,376		Cash at bank and in hand	2,864	2,123	20	Collidactual obligations, collatel at and continued politics.
rent receivable 338 388 rments and accrued income 552 574 ments and accrued income 890 962 103,665 104,376		Total other assets	2,924	2,166	30	Netateu par ties Share-hased navment
ments and accrued income 890 890 103,665 104,		Interest and rent receivable	338	388	31	Financial highlights
ments and accrued income 890		Other prepayments and accrued income	552	574
103,665		Total prepayments and accrued income	890	962
103,665			1
		Total assets	103,665	104,376

{132}------------------------------------------------

Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 131

Statement of changes in equity

		Reserve for exchange rate adjust-	Other	Retained	Proposed	Non- controlling	Share- holders of	Additional
DККm	Share capital	menta	reservesb)	earnings	dividend	interest	Tryg	Tier 1 capital	Total equity
Equity at 31 December 2024	3,082	-2,633	4,361	31,864	1,202	-	37,877	987	38,864
2025
Profit/loss for the period			159	157	5,024	-	5,338	29	5,405
Other comprehensive income		1,406		_			1,407		1,407
Total comprehensive income	0	1,406	159	157	5,024	-	6,745	29	6,812
Nullification of own shares	-25			25			0		0
Dividend paid					-4,972		-4,972		-4,972
Dividend, own shares				29			29		29
Interest paid on additional Tier 1 capital							0	-67	19-
Purchase and sale of own shares				-1,803			-1,803		-1,803
Issue of additional Tier 1 capital							0	899	899
Share-based payment				52			52		52
Total changes in equity in 2025	-25	1,406	159	-1,502	51	-	88	899	756
Equity at 31 December 2025	3,057	-1,227	4,520	30,361	1,253	0	37,964	1,655	39,620
Equity at 31 December 2023	3,174	-1,796	4,547	32,263	1,174	-	39,364	987	40,351
2024
Profit/loss for the period			-186	84	4,844		4,742	73	4,816
Other comprehensive income		-837		-1			-838		-838
Total comprehensive income	0	-837	-186	83	4,844	0	3,905	73	3,978
Nullification of own shares	-92			92			0		0
Dividend paid					-4,816		-4,816		-4,816
Dividend, own shares				92			9/		92
Interest paid on additional Tier 1 capital							0	-73	-73
Purchase and sale of own shares				-707			-707		-707
Share-based payment				26			99		26
Total changes in equity in 2024	-92	-837	-186	-400	28	0	-1,487	0	-1,487
Equity at 31 December 2024	3,082	-2,633	4,361	31,864	1,202	-	37,877	186	38,864

a) Exchange rate adjustments of foreign entities deducted, Hedging of currency risk in foreign entities and Tax on hedging of currency risk in foreign entities and Tax on hedging of currency risk in foreign entities and Tax on hedging of currency risk in foreign entities and Tax on the season in the settlement of insurance provisions or otherwise for the benefit of the insured and are not available for dividend provisions of DKK 4,301m on 31 December 2024).
C) Proposed dividend per share is calculated as the total dividend proposed divided by the total number of shares at the end of the year 611,374,322 shares.

{133}------------------------------------------------

Strategy

Introduction

Contents

DKKm

Cash flow statement

operating activities ue received e expenses paid om reinsurance contracts insurance activities	38,886 -31,436 -663 -6786 -1,291 -392 -1,365 -826
	'
	-31
	9
	9

	-
	-

Corporate taxes -2,155
Other income and costs
Total cash flow from operating activities 6,869	5,649
Cash flow from Investment activities
Purchase/sale of equity investments and unit trust units	6,771
Purchase/sale of bonds (net)	-6,084
Purchase/sale of intangible assets	-819
Purchase/sale of operating equipment (net)	6-
Acquisition/sale of associate	-31
Sale of investment property 416	38
Hedging of currency risk	262
Total cash flow from investment activities 812	129
Cash flow from financing activities
Purchase and sale of own shares (net)	-707
Subordinated loan capital 239	0
Dividend paid	-4,816
Change in lease liabilities -182	-210
Change in amounts owed to credit institutions	-1,039
Total cash flow from financing activities	-6,772
Change in cash and cash equivalents, net	766-
Exchange rate adjustment of cash and cash equivalents, 1 January	-16
Change in cash and cash equivalents, gross	-1,009
Cash and cash equivalents at 1 January	3,132
Cash and cash equivalents at end of period 2,864	2,123

		Amounts
	Subordinated	owed to
2025	loansa	institutions	Total
Carrying amount at 1 January	3,894	686	4,881
Exchange rate adjustments	100	0
Amortisation	-2	0
Cash flow	239	-242
Carrying amount at 31 December	4,231	747	4,977
2024
Carrying amount at 1 January	4,018	2,028	6,045
Exchange rate adjustments	-126	0	-126
Amortisation	_	0
Cash flow	0	-1,039	-1,039
Carrying amount at 31 December	3,894	686	4,881

{134}------------------------------------------------

Strategy

Notes

General accounting policies

Danish disclosure requirements of the Danish Insurance Business Act on annual reports The deviations from the recognition and measurement requirements of IFRS Accounting presented by insurance companies and lateral pension funds issued by the Danish FSA Accounting Standards as adopted by the EU on 31 December 2025 and the additional statements are prepared in accordance with the executive order on financial reports The consolidated financial statements are prepared in accordance with the IFRS prepared by listed financial services companies. The parent company financial Standards are:

The Danish FSA's executive order allows not to provide for deferred tax of contingency reserves allocated from untaxed funds.

Changes in accounting policies

tailed lines; "workers compensation", "Swedish personal accident" and "motor third-party Trve has changed the presentation of externally given inflation assumptions measured as given inflation assumptions will be classified as part of the line item "Net finance income/ insurance risk according to the accounting policy choice in IFRS 17. Prior to the change, a part of the insurance contract liabilities. The inflation assumptions relates to the longexpense from insurance contracts" in the net investment result. Following the updated changes in externally given inflation, was presented as part of the line item "Insurance service expenses" in the insurance service result. Going forward, changes in externally hedging strategy of inflation risk accounting policy is changed to reflect the business liability". Tryg defines the externally given inflation as a financial risk rather than an model and to avoid accounting mismatch.

XX XX	Restated 2024	Change	Reported 2022
	77 774		4000
Insurance service expenses	-32,171	997-	-31,902
Insurance service result	7,056	-268	7,324
Net finance income/expenses from insurance contracts	-747	268	-1,016
Net investment result	911	268	643
Profit/loss for the period	4,816	0	4,816
Total equity	38,864	0	38,864

Aforementioned change will have no impact on profit or loss for the period or equity nence it is only a presentational change. -urthermore, the operating segments prior disclosed as "Commercial" and "Corporate" has been merged into one operating segment and disclosed as "Commercial" going orward.

Comparative figures have been restated accordingly. Except as noted above, the accounting policies have been applied consistently with last year

Accounting regulation

he International Accounting Standards Board (IASB) has issued amendments to the IFRS mplementation of changes to IFRS Accounting Standards and interpretations in 2025 Accounting Standards, and the International Financial Reporting Interpretations Committee (IFRIC) has also minor amendments to some interpretations.

mplemented for the period that began on 1 January 2025 that will have a significant ryg Group has assessed the amendments and no standards or changes have been mpact on the Group.

FRS Accounting Standards and interpretations not yet in force but which could affect the group significantly:

FRS 18 (Presentation and Disclosure in Financial Statements) was issued in April 2024 by defined performance measures (MPM's). IFRS 18 will supersede IAS 1 and is effective for he International Accounting Standards Board (IASB) and is not yet in force. IFRS 18 was requirements for the income statement and disclosure requirements for managementssued to improve reporting of financial performance by introducing new mandatory innual periods beginning on or after 1 January 2027.

The significant requirements introduced in IFRS 18 are:

Presentation of the income statement in the following five categories: operating, investing, financing, taxes and discontinued operations
New mandatory subtotals in the income statement: operating profit and profit before financing and income tax

Annual Report 2025 | Tryg A/S | 133

{135}------------------------------------------------

Sustainability statement

Notes

General accounting policies (continued)

Tryg Group has preliminary assessed the impact of the standard and IFRS 18 will have no assessing the presentational impact of the income statement and disclosure of MPM's. impact on profit or loss for the period or equity on implementation. The group is still

Significant accounting estimates and assessments

udgement in the process of applying the Group's accounting policies. The areas involving more judgement or complexity, or areas where assumptions and estimates are significant The preparation of financial statements under IFRS Accounting Standards requires the use of certain critical accounting estimates and requires management to exercise its to the consolidated financial statements are:

Insurance and reinsurance contracts (ref. section below)
Fair value of financial assets and liabilities, further described in note 18
Measurement of Goodwill, Trademarks and Customer relations, further described in note 14

Insurance and reinsurance contracts

The PAA is basically a simplified version of the GMM which may be used if a number of conditions have been met. Generally speaking, the key differences between the two methods are, for example, that the PAA involves simpler calculation of provisions for the remaining coverage period in line with the previous policies as well as fewer reporting requirements.

the PAA will not produce a materially different result than measurement according to the The PAA may be used for insurance contracts with a coverage period of one year or less as the effect of discounting on the provision for these will be limited. However, the PAA can also be used for insurance contracts with a coverage period of more than one year, provided it can be documented that measurement of technical provisions according to

The Tryg Group recognises all policies with a coverage period of one year or less under the PAA. The product groups Change of Ownership, Construction Policies and Affinity contracts, eligibility tests have been carried out to assess whether the conditions for have contracts with a coverage period of more than one year. For these groups of using the PAA have been met.

measurement according to the GMM. Tryg has thus chosen to use the PAA for the entire All product groups have proved to meet the conditions for using the PAA. Hence it has been assessed that the use of PAA will not produce a materially different result than nsurance portfolio.

delays, changes in settlement patterns, and fluctuations in claim severity. While estimates several uncertainty factors. The measurement of insurance contract liabilities is subject materially from these projections, which could impact future financial results. Similarly, epresent the Group's most critical accounting estimates, as these provisions involve Estimates of insurance contracts liabilities and especially liability for incurred claims during the coverage period. Such uncertainty is driven by factors including reporting variability in both the timing and the magnitude of compensation expenses incurred are based on historical data and actuarial assumptions, actual outcomes may differ to significant uncertainty arising from historical claims experience. This includes the estimation of recoveries from reinsurers may be significant.

decisions. Furthermore, alternative assumptions or methodologies could lead to different Oue to the inherent nature of estimates, the assumptions applied in determining claims provisions may prove to be incomplete, and unforeseen future events or circumstances may arise. Examples include changes in legislation, regulatory requirements, or court

subsequent run-off gains or losses. To address this, the provisions include a management estimate based on historical experience. However, there is uncertainty as to whether this Claims provisions relate to reported but unpaid claims as of the balance sheet date and does not possess all necessary information regarding these claims, which may result in are determined based on individual assessments. At the reporting date, the company estimate will correspond to the actual development of claims.

Changes in the following key assumptions may change the fulfilment cash flows materially:

assumptions about the contract boundary;
assumptions about level of aggregation;
assumptions about claims development; and
assumptions about discount rates, including any illiquidity premiums.

Annual Report 2025 | Tryg A/S | 134

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Sustainability statement

Strategy

Notes

General accounting policies (continued)

Fulfilment cash flows comprise:

estimates of future cash flows:
an adjustment to reflect the time value of money and the financial risks related to future cash flows, to the extent that the financial risks are not included in the estimates of future cash flows:
and a risk adjustment for non-financial risk.

The expected fulfilment cash flows are similarly applied to reinsurance contract assets.

The sensitivity of the key assumptions and the underlying assumptions and development of discount rates are disclosed in note 2.

Consolidation

Consolidated financial statements

The consolidated financial statements comprise the financial statements of Tryg A/S (the parent company) and the enterprises (subsidiaries) controlled by the parent company. The parent company is regarded as controlling an enterprise when it:

exercises a controlling influence over the relevant activities in the enterprise in auestion.
is exposed to or has the right to a variable return on its investment, and
can exercise its controlling influence to affect the variable return.

voting rights and exercises significant influence but no controlling influence are classified Enterprises in which the Group directly or indirectly holds between 20% and 50% of the as associates

Basis of consolidation

The consolidated financial statements are prepared based on the financial statements of Iryg A/S and its subsidiaries. The consolidated financial statements are prepared by combining items of a uniform nature. The financial statements used for the consolidation are prepared in accordance with the Group's accounting policies.

On consolidation, intra-group income and costs, intra-group accounts and dividends, and gains and losses arising on transactions between the consolidated enterprises are eliminated.

tems of subsidiaries are fully recognised in the consolidated financial statements.

Currency translation

A functional currency is determined for each of the reporting entities in the Group. Tryg's unctional currencies are DKK, SEK, NOK, EUR, CHF and GBP. Transactions in currencies other than the functional currency are transactions in foreign currencies. On initial recognition, transactions in foreign currencies are translated into the functional currency using the exchange rate applicable at the transaction date. Assets and liabilities denominated in foreign currencies are translated using the exchange rates applicable at he statement of financial position date. Translation differences are recognised in the ncome statement under value adjustments.

translated using the exchange rates applicable at the statement of financial position date. ncome and expense items are translated using the average exchange rates for the On consolidation, the assets and liabilities of the Group's foreign operations are

exchange rate differences arising on translation are classified as other comprehensive ncome and transferred to the Group's translation reserve. such translation differences are recognised as income or as expenses in the period in which he activities are divested. All other foreign currency translation gains and losses are recognised in the income statement.

The presentation currency in the annual report is DKK.

Annual Report 2025 | Tryg A/S | 135

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Strategy

Sustainability statement

Contents

Introduction

General accounting policies (continued)

Equity investments in Group undertakings

using the equity method. The parent company's share of the enterprises' profits or losses after elimination of unrealised intra-group profits and losses is recognised in the income The parent company's equity investments in subsidiaries are recognised and measured statement.

recognised at zero value. Any receivables from these enterprises are written down by the In the statement of financial position, equity investments are measured at the pro rata parent company's share of such negative net asset value where the receivables are share of the enterprises' equity. Subsidiaries with a negative net asset value are deemed irrecoverable.

recognised under provisions if the parent company has a legal or constructive obligation If the negative net asset value exceeds the amount receivable, the remaining amount is to cover the liabilities of the relevant enterprise.

Net revaluation of equity investments in subsidiaries is taken to reserve for net revaluation under equity if the carrying amount exceeds cost

translated using the exchange rates applicable at the statement of financial position date. denominated in foreign currencies are translated using the exchange rates applicable on statement using average exchange rates for the period unless they deviate significantly The results of foreign subsidiaries are based on translation of the items in the income the transaction date. Statement of financial position items of foreign subsidiaries are from the transaction day exchange rates. Income and costs in domestic enterprises

will be transferred to either assets held for sale or unquoted shares and when sold, it will When it is assessed that the parent company no longer has control over a subsidiary, it be derecognised.

nsurance and reinsurance contract classification

Contracts under which Tryg accepts significant insurance risk are classified as insurance contracts. Contracts held by Tryg under which it transfers significant insurance risk related to underlying insurance contracts are classified as reinsurance contracts.

nsurance and reinsurance contracts also expose the Group to financial risk, but does not nclude any savings contracts.

o a limited extent Tryg also issues reinsurance contracts to compensate other insurers or claims arising from one or more insurance contracts issued by them.

nsurance contracts

nsurance and reinsurance contracts accounting treatment

Iryg assesses its non-life insurance and reinsurance products to determine whether they Accounting Standard instead of under IFRS 17. After separating any distinct components, ryg applies IFRS 17 to all remaining components of the insurance contract. Currently, hese arrangements, there is a minimum guaranteed amount that the policyholder will guaranteed amounts have been assessed to be highly interrelated with the insurance some reinsurance contracts issued contain profit commission arrangements. Under component of the reinsurance contacts and are, therefore, non-distinct investment always receive – either in the form of profit commission, or as claims, or another contractual payment irrespective of the insured event happening. The minimum Iryg's products do not include any distinct components that require separation. contain distinct components which must be accounted for under another IFRS components which are not accounted for separately.

Presentation

ncome and expenses from reinsurance contracts are presented separately from revenue contracts, other than insurance finance income or expenses, are presented as "Expenses rom reinsurance contracts held" and "Income from reinsurance contracts held" in the and expenses from insurance contracts. Income and expenses from reinsurance ncome Statement.

ecognised for cash flows arising before the recognition of the related group of contracts portfolios of reinsurance contracts that are assets and those that are liabilities, are presented separately in the statement of financial position. Any assets or liabilities Portfolios of insurance contracts that are assets and those that are liabilities, and ire included in the carrying amount of the related portfolios of contracts. Tryg is subject to Solvency II capital requirements and regulation. The group's portfolios of

Annual Report 2025 | Tryg A/S | 136

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Strategy

Introduction

Contents

General accounting policies (continued)

insurance contracts are split in line of businesses on the basis of the Solvency II regulation.

Share capital

Shares are classified as equity when there is no obligation to transfer cash or other assets. Costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax.

Foreign currency translation reserve

Assets and liabilities of foreign entities are recognised using the exchange rate applicable respect of foreign entities is also offset in other comprehensive income in respect of the using the average monthly exchange rates for the period. Any resulting differences are at the statement of financial position date. Income and expense items are recognised recognised in Other comprehensive income. When an entity is wound up or sold, the balance is transferred to the income statement. The hedging of the currency risk in part that concerns the hedge.

Contingency fund reserves

Deferred tax on the Norwegian and Swedish contingency fund reserves is deducted in the Authority and when it is for the benefit of the policyholders. The Norwegian contingency Contingency fund reserves are recognised as part of other reserves under equity. The fund reserves include provisions for the Norwegian Natural Perils Pool and security reserve. The Danish and Swedish provisions comprise contingency fund provisions. reserves may only be used when so permitted by the Danish Financial Supervisory amounts presented.

Additional Tier 1 capital

elating to the issue of Perpetual Additional Tier 1 are recorded as dividend for accounting Perpetual Additional Tier 1 capital with discretionary payment of interest and principal is recognised as equity for accounting purposes. Correspondingly, interest expenses purposes. Interest is deducted from equity at the time of payment.

Dividends

Proposed dividend is part of equity until payment.

The purchase and sale sums of own shares and dividends thereon are taken directly to etained earnings under equity. Own shares include shares acquired for incentive programmes and share buyback programme. Proceeds from the sale of own shares in connection with the matching shares are taken directly to equity.

Cash flow statement

low statement has been prepared for the parent company because it is included in the The consolidated cash flow statement is presented using the direct method and shows cash flows from operating, investing and financing activities as well as the Group's cash consolidated cash flow statement. Cash flows from operating activities are calculated and cash equivalents at the beginning and end of the financial year. No separate cash whereby major classes of gross cash receipts and gross cash payments are disclosed. Cash flows from investing activities comprise payments in connection with the purchase and sale of intangible assets, property, plant and equipment as well as financial assets and deposits with credit institutions. Cash flows from financing activities comprise changes in the size or composition of Tryg's share capital and related costs as well as the raising of loans, repayments of interestbearing debt and the payment of dividends.

Cash and cash equivalents comprise cash and demand deposits.

Other

The amounts in the report are disclosed in whole numbers of DKKm. unless otherwise stated. The amounts have been rounded and consequently the sum of the rounded amounts and totals may differ slightly.

Refer to the notes in the Financial Statements for other material accounting policies.

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Governance

Strategy

Introduction

Contents

Risk and capital management

Risk management in Tryg

activities through policies and guidelines to the business supported by underlying business basis for the risk profile being in line with the specified risk appetite at all times. Tryg's risk processes and a power of attorney structure. The company's risk management forms the The Supervisory Board defines the basis for the risk appetite through the business model and the current strategy. The Supervisory Board has regulated the management of risk profile is continuously measured, quantified and reported to the management and the Supervisory Board.

In Tryg, we have adopted a three lines governance model across the organisation. This is to ensure robust governance and effective communication between the business areas, key function and internal audit as well as reporting to the Supervisory Board and the Supervisory Board's Risk Committee.

1st line is the Business Management
2nd line is Compliance-, Actuarial- and Risk Management function
3rd line is Internal Audit and Internal Audit function

The 1st line consists of the Business Management:

The business areas and group functions are responsible for the daily risk management and external requirements. This means that there must be procedures and guidelines in place for carrying out every day work based on Tryg's policies and instructions regarding the identified in a timely manner and necessary risk mitigation activities are implemented. management of risks and are responsible for being compliant with both internal and or vital areas, and that internal controls are carried out in such a way that risks are

The 2nd line consists of the Compliance-, Actuarial- and Risk Management function:

The compliance function is an independent function in the second line of defense with the responsibility for monitoring, control and reporting of compliance risks outside of the daymanagement with assessing and reporting on compliance. The key responsibility of the to-day operations and supporting the Supervisory Board and the Executive Board and actuarial function is to ensure and assess the adequacy of the provisions.

effective risk management practices and reporting of adequate risk-related information The risk management function is responsible for the facilitation and, monitoring of throughout the organisation.

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Strategy

Introduction

Contents

Risk and capital management (continued)

the organisation, risk assessment of the most significant risks at Group level and reporting The risk management function ensures a consistent approach to risk identification across to the Supervisory Board.

Furthermore, the function prepares specific recommendations in relation to capital management, reinsurance, investment risk management and more. The functions in the second line must have an overview of business processes and risks across the organisation.

How is the actual risk profile measured? Capital model Stress tests Internal controls Risk reports Tactically

The 3rd line consists of Internal Audit and Internal Audit function:

internal controls, risk management and governance processes. Internal audit reports The third line must ensure an independent and objective audit of the organisation's ndependently to the Supervisory Board and to its Audit Committee.

of the Supervisory Board. In addition to these 4 members, the Chief Financial Officer, Chief The Supervisory Board has organised their own Risk Committee consisting of 4 members

Risk Officer, Chief Compliance Officer and the Senior Vice President Group Legal attend the meetings in the Committee. The Supervisory Board's Risk Committee was established to ensure that all risk and capital elated topics are discussed thoroughly before discussed in the Supervisory Board.

Capital management

Irvg's capital management is based on the key business obiectives:

A solid capital base, supporting both the statutory requirements and a single 'A' rating from Moody's.
Support of a steadily increasing nominal dividend per share, with an ambition af a payout ratio in the interval 60-90% (of operating earnings)

Iryg's capital base currently consist of Tier 1 and 2 capital, such as shareholders' equity and subordinated loans.

The capital base is continuously measured against the capital requirement calculated based on Tryg's partial internal model, where insurance risks are modelled using an nternal model, while other risks are described using the standard formula

Danish Financial Supervisory Authority (DFSA) in December 2015. A major model change The model determines Tryg's required capital with a 99.5% confidence level over a 1-year norizon, which means that Tryg will be able to fulfil its obligations in 199 out of 200 years. The partial internal model has been used for several years and was approved by the was last approved by DFSA in October 2023.

Monitoring of the capital base also involves capital projections based on expected ousiness plans within the strategic planning period and selected stress scenarios.

Company's Own Risk and Solvency Assessment (ORSA)

calculation of solvency capital requirement is reasonable and is reflecting Tryg's actual risk principles, which implies that Tryg must assess all material risks that the company is or ORSA is the company's own risk and solvency assessment based on the Solvency II may be exposed to. The ORSA report also contains an assessment of whether the profile. Annual Report 2025 | Tryg A/S | 139

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Strategy

Introduction

Risk and capital management (continued)

the main results are reported to the Supervisory Board and its Risk Committee during the Tryg's risk activities are implemented via continuous risk management processes, where year. Therefore, the ORSA report is an annual summary document assessing all these processes.

Insurance risk

Insurance risk comprises two main types of risks: Underwriting risk and reserving risk.

Sensitivity analysis

DKKm	2025	2024
Effect of 1% change in:
Combined ratio (1 percentage point)	+/-415	+/- 400
Large single loss	-200	-200
Catastrophe event	-300	-300

Underwriting risk

uate to elines. act of

its of

ms he
offers to a 1

Annual Report 2025 | Tryg A/S | 140

Credit/Surety: Tryg's retention is 30% of DKK 500m for Credit, and for larger Surety clients the %-retention is adjusted to a maximum estimated loss of DKK 60m, however nominal maximum of DKK 120m for certain bond types.
Other Lines: There is also reinsurance coverage for other lines with a retention of DKK 100m.

diverse range of reinsurers with suitable ratings and adequate capital levels, as defined by The use of reinsurance introduces counterparty risk, which is managed by engaging a the Supervisory Board.

Concentration of underwriting risk

The geographical concentration of the Group's liabilities for incurred claims is noted below. The disclosure is based on the countries where the business is written.

DKKm			2025
	Denmark	Sweden	Norway	Other	Total
Income protection	8,546	8,136	3,412	0	20,094
Motor	1,609	7,422	813	0	9,844
Property	2,052	2,200	1,376	0	5,628
Liability	1,622	701	427	0	2,750
Other	1,357	520	724	103	2,704
Total	15,186	18,979	6,752	103	41,020
			2024
Income protection	8,793	8,078	3,065	0	19,936

9,202 6,581 2,777 2,451 40,947

0 0 0

840 1,572 501 373

606'9 2,699 959 168 18.511

1,453 2,309 1,620 1,726 15.901

Property Liability

Other Total

Motor

184 184

6.351

in 200-year event. The retention for such events is DKK 300m.
buildings and contents/ business interruption etc, Iryg's reinsurance program c protection for losses defined by the Solvency II Standard Scenario, equivalent to
Major Events like natural perils: For significant incidents involving damage to
retention for these large claims is DKK 200m.
incidents involving damage to buildings and contents/business interruption. Th
Large Claims: Tryg is protected by reinsurance on a per-risk basis for large clain
Tryg's reinsurance program include:
reduced through standard diversification. As of 1 January 2026, the main componen
Reinsurance is employed to mitigate underwriting risk when it cannot be sufficiently
insurance products.
Tryg assesses underwriting risk using its capital model to determine the capital impa
Supervisory Board and implemented via business procedures and underwriting quide
primarily managed through the company's insurance policy, which is defined by the
cover compensations and other costs related to the insurance business. This risk is
Underwriting risk refers to the possibility that insurance premiums may not be adequ

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Strategy

Introduction

Contents

Risk and capital management (continued)

Reserving risk

Supervisory Board lays down the overall framework for the handling of reserving risk in the associated with the calculation of claims reserves affects Tryg's results through the run-off insurance policy, while the overall risk is measured in the capital model. The uncertainty Reserving risk relates to the risk of Tryg's insurance provisions being inadequate. The on reserves.

risk is hedged by means of Tryg's match portfolio which is aligned to the discounted claims Long-tailed reserves in particular are subject to interest rate and inflation risk. Interest rate inflation risk through zero coupon inflation swaps. Tryg determines the claims reserves via reserves. In order to manage the inflation risk of claims reserves, Tryg has mitigated the statistical methods as well as assessments of individual claims.

At the end of 2025, Tryg's claims reserves net of reinsurance totalled DKK 38,956m (DKK 38,059m in 2024) with an average discounted duration of approximately 5.3 years (5.6 years in 2024) and average duration undiscounted 8.3 years (8.2 years in 2024).

Sellsitivity aliatysis
DKKm	2025	2024
1% change in inflation on person-related lines of business	L-867	+/-915
10% error in the assessment of long-tailed lines of business
(workers' compensation, motor liability, liability, accident)	+/-2,792	+/-2,734

THIS PLE OF	A WITH ELECT	ONE SIGNATURE
1		1

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Financial results

Strategy

Introduction

Contents

Annual Report 2025 | Tryg A/S | 142

2 Risk and capital management (continued)

⊙
d claims (L
incurred
ty for ii
Liabili

Gross (DKKm)	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Total
Estimated accumulated claims
End of year	13,776	11,982	11,851	12,767	15,236	16,002	16,459	25,442	27,807	27,805	27,244
1 year later	13,710	11,827	11,939	13,469	15,259	15,810	20,188	24,743	26,950	26,739
2 year later	13,679	11,756	12,145	13,433	15,225	16,787	18,522	24,700	27,312
3 year later	13,602	11,886	12,046	13,445	16,189	17,171	18,469	24,749
4 year later	13,629	11,861	12,039	14,264	16,019	17,313	18,537
5 year later	13,611	11,830	12,704	14,140	15,982	16,826
6 year later	13,578	12,311	12,592	14,107	16,054
7 year later	14,000	12,381	12,648	14,183
8 year later	13,927	12,299	12,611
9 year later	13,889	12,206
10 year later	13,852
	13,852	12,206	12,611	14,183	16,054	16,826	18,537	24,749	27,312	26,739	27,244	210,313
Cumulative payments to date	-13,153	-11,394	-11,664	-13,011	-14,705	-14,750	-16,159	-22,196	-23,555	-20,948	-14,455	-175,991
Provisions before discounting, end of year	869	812	247	1,172	1,350	2,076	2,378	2,553	3,757	5,791	12,788	34,323
Discounting	-157	-180	-216	-232	-285	-538	925-	-383	-471	-550	-856	-4,344
Reserves from 2014 and prior years												9,156
Gross provisions for claims, end of year												39,134
Debt related to Liability for incurred claims (LIC) and												1 00 5
סנוובן וווסמו מווכב וומסווונובס												1,000

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31 December 2025 to prevent the impact of exchange rate fluctuations.

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2 Risk and capital management (continued)

Asset for incurred claims (AIC)

Ceded business (DKKm)	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Total
Estimated accumulated claims
End of year	2,017	185	263	534	339	879	513	1,250	1,954	1,489	297
1 year later	1,824	229	360	586	410	754	591	814	1,043	696
2 year later	1,856	225	354	610	431	9/9	477	771	1,320
3 year later	1,837	219	364	620	421	621	447	869
4 year later	1,847	216	335	969	360	949	995
5 year later	1,860	216	327	564	436	879
6 year later	1,852	216	256	553	503
7 year later	1,848	216	341	629
8 year later	1,844	214	340
9 year later	1,848	213
10 year later	1,835
	1,835	213	340	629	503	879	995	869	1,320	696	297	7,998
Cumulative payments to date	-1,835	-211	-320	-622	-482	959-	-418	-634	-814	-295	-53	-6,331
Recoverable before discounting, end of year	0	2	20	22	21	31	48	99	909	929	244	1,668
Discounting	0	0	-	-2	-	-2	€-	-2	-17	-19	-11	-57
Reserves from 2014 and prior years												128
Recoverable for claims, end of year												1,738
Receivable related to Asset for incurred claims (AIC)												326

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31 December 2025 to prevent the impact of exchange rate fluctuations.

Annual Report 2025 | Tryg A/S | 143

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Introduction

Contents

Risk and capital management (continued) 7

AC)
d claims (A
r incurre
Asset for
.IC) and
=
claims
ncurred claim
red claim

Net of reinsurance (DKKm)	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Total
Estimated accumulated claims
End of year	11,759	11,797	11,588	12,233	14,897	15,324	15,946	24,192	25,853	26,316	26,947
1 year later	11,886	11,598	11,578	12,883	14,849	15,056	19,597	23,929	25,907	25,770
2 year later	11,823	11,532	11,792	12,823	14,795	16,111	18,045	23,929	25,992
3 year later	11,765	11,666	11,682	12,826	15,768	16,551	18,022	24,051
4 year later	11,782	11,645	11,704	13,668	15,659	16,670	18,071
5 year later	11,751	11,614	12,376	13,577	15,545	16,148
6 year later	11,726	12,095	12,336	13,554	15,551
7 year later	12,152	12,165	12,307	13,504
8 year later	12,083	12,085	12,271
9 year later	12,041	11,993
10 year later	12,016
	12,016	11,993	12,271	13,504	15,551	16,148	18,071	24,051	25,992	25,770	26,947	202,315
Cumulative payments to date	-11,318	-11,183	-11,344	-12,389	-14,223	-14,103	-15,741	-21,562	-22,741	-20,653	-14,403	-169,660
Provisions before discounting, end of year	869	810	928	1,115	1,328	2,045	2,330	2,489	3,251	5,117	12,544	32,655
Discounting	-157	-180	-216	-229	-284	-536	-473	-381	-454	-532	948-	-4,286
Reserves from 2014 and prior years												9,028
Liability for incurred claims (LIC) and AIC end of year												27 206

production of the same	LED WITH	LECTRONIC
Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan	$\Lambda$	1	MOIS
T#S	<.		NURE
1			F
-	-	-

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31 December 2025 to prevent the impact of exchange rate fluctuations.

3.05 % 3.70 %

2.93 % 3.81 %

2.63 % 3.94 %

2.41 % 4.00 %

2.25 % 4.30 %

3.17 % 3.81 %

3.11 % 3.95 %

2.88 % % 90.4

2.47 % 3.99 %

2.06 % 1.98 % 4.04 %

30 years

20 years

10 years 2024

5 years

30 years

20 years

10 years

5 years

1 year

Eiopa yield curves used on all contracts measured under PAA

Currency

DKK SEK NOK

Annual Report 2025 | Tryg A/S | 144

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Governance

Strategy

Introduction

Contents

Risk and capital management (continued)

Investment risk

The overall framework for managing investment risk is defined by the Supervisory Board in sensitivity as closely as possible. Tryg is monitoring and managing the risk of the Group's match portfolio and a free portfolio. The match portfolio corresponds to the value of the discounted insurance contracts liabilities with the purpose of hedging the interest rate Iryg's investment policy. In overall terms, Tryg's investment portfolio is divided into a interest rate risk on a daily basis.

and ROOF target. At the end of 2025, investment properties accounted for, 4.0% (including the investment policy. The strategy of the free portfolio is to support Tryg's dividend policy The free portfolio is subject to the framework defined by the Supervisory Board through property funds) (5.4% in 2024) of the total investment assets.

Scandinavian currencies due to its ongoing insurance activities. Cash flow from insurance herefore exposed to currency risk. Tryg is primarily exposed to fluctuations in the other revenue and gross claims in other currencies cause a natural currency hedge, for which reason other risk mitigation measures are not required for these activities. However, the currency risk. This risk is to a large degree hedged on an ongoing basis using currency part of tangible equity held in other currencies than Danish kroner will be exposed to Irve operates its insurance business in other currencies than Danish kroner. Trye is

concentration risk. These risks primarily relate to Tryg's investments in AAA-rated Nordic he investment policy and the framework for reinsurance defined in the insurance policy. and European government and mortgage bonds. These risks are also managed through In addition to the above-mentioned risks, Tryg is exposed to credit, counterparty and

	2025	2024
Sensitivity analysis Interest rates Effect of 1% increase in interest curve: NOK:
Impact of interest-bearing securities Higher discounting of insurance contracts liabilities Net effect of interest rate rise	-124 133 9	-121 124 3
SEK: Impact of interest-bearing securities Higher discounting of insurance contracts liabilities Net effect of interest rate rise	-901 1,124 223	-863 1,106 245
DKK, EUR and Other: Impact of interest-bearing securities Higher discounting of insurance contracts liabilities Net effect of interest rate rise	-704 543 -161	-823 623 -201
Equity market related to real estate exposure 15% decline in equity market related to real estate exposure Currency market	-348	-492
equity: 15% decline in exposed currency (exclusive of EUR) relative to DKK Impact of derivatives Net impact of exchange rate decline	-812 812 -1	-211 211 0
Insurance service result per year: Impact of 15% change in NOK exchange rates relative to DKK Impact of 15% change in SEK exchange rates relative to DKK	+/-174	+/-95

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Sustainability statement

2 Risk and capital management (continued)

The notes helow are based on Tr

Credit risk

	interiores below are based on 11/9 s.investment portions excluding the external customers share in 2024. In 2025 external customers share amount to DKK 0m.	DKK 0m.
DKKm		2025	2024
	Bonds portfolio including interest derivatives
	Duration 1 year or less	21,638	23,308
	Duration 1 - 5 years	19,240	20,849
	Duration 5 - 10 years	14,260	8,932
	Duration more than 10 years	2,773	1,964
	Total	57,912	55,053
	Duration	3.1	3.2

Equity investments

exposure, totals DKK 79m (DKK 88 in 2024). Unlisted equity investments are based on an Equity exposure, including share derivatives and excluding shares related to property estimated market price.

Exposure to currency risk

DKKm	2025			2024
	Assets and			Assets and
	debt	Hedge	Exposure	debt	Hedge	Exposure
OSD	1,277	-1,276	_	2,221	-2,221	0
EURa)	1,192	-1,198	9	1,868	-208	1,660
GBP	454	-495	41	365	-369	4
NOK	1,882	-1,873	6	-542	657	115
SEK	1,749	-1,706	43	-705	299	106
Other	54	-62	6	69	-75	9
Total			108			1,892

a) Due to correlation between DKK and EUR the exposure limit is higher than all other currencies.

	2025		2024
Bond portfolio by ratings	DKKm	%	DKKm	%
AAA	56,868	0.46	56,776	95.2
AA	2,901	4.8	1,368	2.3
A	148	0.2	1,032	1.7
BBB	0	0.0	0	0.0
BB	0	0.0	0	0.0
B or lower	563	6.0	207	0.8
Total	60,481	100.0	59,683	100.0
Reinsurance balances
AAA to A	2,041	6.86	2,825	97.8
Not rated	22	1.1	63	2.2
Total	2.064	100.0	2,888	100.0

(DKK 480m in 2024). In 2025 management performed impairment test of the receivables from reinsurance contracts. The total net impact of write-down and reversed write-down The maximum exposure to credit risk from reinsurance contracts amount to DKK 326m for 2025 amount to DKK 1m (DKK 4m in 2024). Reinsurance is ceded across all geographic areas in which Tryg operates. Tryg does not have a significant concentration of credit risk with any single reinsurer.

At 31 December 2025, the maximum exposure to credit risk from insurance contracts amount to DKK 1,799m (DKK 2,026m in 2024), which primarily relates to premiums receivable for insurance services which the Group has already provided.

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Risk and capital management (continued) 7

Operational risk

adequate control environment for its operations to mitigate operational risk. In practice, Operational risk relates to errors or failures in internal procedures, fraud, breakdown of this work is organised by means of procedures, controls and guidelines covering the various aspects of the Group's operations. The Supervisory Board defines the overall infrastructure, IT security and similar factors including ICT risks. Tryg focuses on an ramework for managing operational risk in Tryg's Operational risk policy and in the nformation Security Policy. A special crisis management structure is set up to deal with the eventuality that Tryg is hit by major crisis. This comprises a Crisis Management Team at Group level, national contingency teams at prepared contingency plans to address the most important areas among these ensuring servicing of customers. In addition, comprehensive IT contingency plans have been country level and finally business continuity teams in the individual areas. Tryg has established, primarily focusing on the business critical systems.

Other risks

Strategic risk

Supervisory Board in close collaboration with the Executive Board. Before determining the partners and changed market conditions. Tryg's strategic position is determined by Tryg's strategic position, the strategic decisions are subject to a risk assessment, explaining the The strategic risk is the risk of loss as a result of Tryg's chosen strategic position. The strategic position covers both business transactions, IT strategy, choice of business isk of the chosen strategy to Tryg's Supervisory Board and Executive Board.

Compliance risk

Code of conduct and GDPR training as part of the mandatory compliance training courses. subject to legal sanctions, authority sanctions, suffering financial losses or deterioration of management set-up and framework. Compliance risk is defined as the risk of Tryg being effectively. The compliance function conducts a risk assessment annually and identifies dentify and assess compliance risks until they are sufficiently mitigated. In addition, the Compliance function also facilities Tryg's ongoing training in compliance matters, e.g. eputation due to non-compliance with applicable laws, market standards or internal he areas to be reviewed in the coming years. The Compliance function continuously nethods and procedures for complying with the legislation are reliable and function egulations. The Compliance function controls, assess and reports whether Tryg's A compliance risk is considered as a non financial risk and is a part of Trygs risk

Emerging risk

Supervisory Board and Executive Board, and also at an operational level by the individual characteristics. The management of this type of risk is handled at a strategic level by the business areas, which monitor the market and adapt the products as the conditions Emerging risk covers both new risks and already known risks, with changing

Annual Report 2025 | Tryg A/S | 147

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Financial results

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Risk and capital management (continued)

Liquidity risk

Liquidity risk is the risk of loss as a result of not being able to meet payments when they fall due. For a non-life insurance company like Tryg, liquidity risk is practically non-existent, as premium payments fall due before claims payments. The majority of Tryg's investment portfolio are placed in AAA or AA rated bonds which can be either sold or repoed in a short-time span.

Maturity of the Group's financial obligations including interest

	2025			2	2024
DKKm	0-1 year	1-5 years	>5 years	Total	0-1 year	1-5 years	>5 years	Total
Subordinated Ioan capital ^a)	158	632	4,155	4,945	181	725	4,719	5,625
Amounts owed to credit institutions	747	0	0	747	989	0	0	989
Debt relating to repos	4,200	0	0	4,200	3,684	0	0	3,684
Other debt	4,373	0	0	4,373	890'9	0	0	6,068
Total	6,477	632	4,155	14,264	10,922	725	4,719	16,366

a) Interest on loans for a perpetual term has been disclosed for the first fifteen years.

DKKm	0-1 year	0-1 year 1-2 years	2-3 years		3-4 years 4-5 years	>5 years	Total
Expected cash flow from Insurance contracts liabilities and assets, not discounted
2025
Liabilities for incurred claims	15,613	6,055	3,884	2,804	2,208	18,693	49,257
Assets for incurred claims	-1,236	-419	-230	-98	-53	-130	-2,165
	14,377	5,636	3,654	2,706	2,155	18,563	47,092
2024
Liabilities for incurred claims	15,866	5,729	3,622	2,721	2,140	18,207	48,285
Assets for incurred claims	-2,217	-411	-129	-75	-28	-118	-2,978
	13,649	5,318	3,493	2,646	2.112	18.089	45,307

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Operating segments m

Accounting policy

financial reporting and supports the management decisions on allocation of resources and assessment of the Group's results divided into segments. The Executive Board is considered chief operating decision maker. The segment Segment information is based on the Group's management and internal reporting is based on the Group accounting policy. As mentioned in note 1, changes in accounting policies, comparative figures have been restated.

Private provides insurance products to private individuals in Denmark, Sweden sized commercial and corporate customers in Denmark, Sweden and Norway, The reportable operating segments in the Group are Private and Commercial. and Norway. Commercial provides insurance products to small and medium-Group items encompasses acquired portfolios cf. table below. Geographical information is presented based on the economic environment in which the Tryg Group operates in. The geographical areas are Denmark, Norway, Sweden and Other European countries.

comprise those items that can be directly attributed to each individual segment and those items that can be allocated to the individual segments on a reliable basis. Unallocated items primarily comprise assets and liabilities concerning Segment revenue and expenses as well as segment assets and liabilities investment activity managed at Group level.

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3 Operating segments

Nice result in Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Namagement's Na		2024
Commercial Review Group itemsed Group Private Commercial 12,831 40,356 1,159 41,515 26,100 12,496 -7,320 -26,210 -1,159 -27,369 -18,193 -7,403 -9,203 -5,425 0 -5,425 -3,377 -1,859 -614 -775 0 -775 -32,795 -21,530 -9,262 -614 -775 0 7,945 4,247 2,809 3,015 7,945 4,247 2,809 778 7,247 2,809 7,212 -1,511 4,247 2,809 2,062 0 1,970 31,398 26,683 2,242 5,062 0 1,970 31,398 26,683 2,242 1,784 0 308 2,194 207 2,332	Insurance service result in Management's			Insurance vice resu Manageme	ser- ult in nnt's
12,831 40,356 1,159 41,515 26,100 12,496 -7,320 -26,210 -1,159 -27,369 -18,193 -7,403 -1,883 -5,425 0 -5,425 -3,337 -1,859 -9,203 -31,636 -1,159 -32,795 -21,530 -9,262 -614 -775 0 775 -425 -775 0 7,945 4,247 2,809 -1,511 -1,511 -1,511 4,247 2,809 -1,511 -1,511 -1,1807 -1,1807 4,247 2,809 -1,511 -1,511 4,247 2,809 4,247 2,809 -1,511 -1,511 -1,1807 -1,1807 -1,1807 4,247 2,809 -1,807 -1,807 -1,307 31,398 26,683 2,242 -1,784 -1,784 -1,970 31,398 2,142 2,332	Review				view Group items ^a)	Group
-7,320 -26,210 -1,159 -27,369 -18,193 -7,403 -2,405 -2,425 -3,337 -1,859 -7,403 -2,405 -3,337 -1,859 -7,859 -3,337 -1,859 -3,362 -3,362 -3,362 -3,362 -3,262 -3,362 -3,262 -3,362 -3,262 -3,362 -3,262 -3,362 -3,362 -3,262 -3,362 -3,262 -3,362 -3,262 -3,262 -3,262 -3,262 -3,262 -3,262 -3,262 -3,262 -3,262 -3,242 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -4,254 -1,511 -1,511 -1,510 -1,510 -1,510 -1,510 -1,510 -1,510 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,540 -1,5			26,100		38,596 1,378	39,974
-1,883 -5,425 0 -5,425 -1,859 -1,859 -3,337 -1,859 -3 -9,203 -31,636 -1,159 -32,795 -21,530 -9,262 -3 -614 -775 0 -775 -323 -425 -42 3,015 7,945 0 7,945 4,247 2,809 7,947 -1,511 -1,511 -1,512 -1,512 1,787 895 0 895 351 481 2,062 0 1,970 31,398 26,683 2,242 33 38 2,194 207 2,332	•	1	-18,193	•	,	-26,975
-9,203 -31,636 -1,159 -32,795 -21,530 -9,262 -3 -614 -775 0 7,945 4,247 2,809 -425 3,015 7,945 0 7,945 4,247 2,809 -425 7,807 7,511 -1,511 -1,511 -1,511 -1,512 -1,807 326 895 0 895 351 481 -481 2,062 0 1,970 31,398 26,683 2,242 33 38 2,194 207 2,332			-3,337		-5,196 0	-5,196
-614 -775 0 -775 -323 -425 3,015 7,945 0 7,945 4,247 2,809 778 778 -1,511 -1,511 -1,512 -1,512 7,212 7,212 -1,807 -1,807 -1,807 481 326 895 0 1,970 31,398 26,683 2,242 1,784 0 308 2,194 207 2,332			-21,530		,792 -1,378	-32,171
3,015 7,945 0 7,945 4,247 2,809 778 -1,511 -1,511 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,307 -1,307 -1,307 -1,307 -2,242 -1,707 -1,704 -1,704 -2,149 -2,142 -2,242 -1,707 -2,144 -2,144 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -2,142 -			-323		-748 0	-748
778 -1,511 7,212 -1,807 -1,807 895 0 895 0 895 0 1,970 31,398 26,683 2,242 33 1,784 0 308 2,194 207 2,332			4,247		7,056 0	7,056
1,511 7,212 -1,807 326 895 0 895 2,062 0 1,970 31,398 26,683 2,242 33 1,784 0 308 2,194 207 2,332		778				911
7,212 -1,807 326 895 0 895 35,405 2,062 0 1,970 31,398 26,683 2,242 1,784 0 308 2,194 207 2,332		-1,511				-1,664
-1,807 -1,807 -1,807 5,405 2,062 0 1,970 31,398 26,683 2,242 33 1,784 0 308 2,194 207 2,332		7,212				6,303
5,405 895 0 895 351 481 2,062 0 1,970 31,398 26,683 2,242 33 33 1,784 0 308 2,194 207 2,332		-1,807				-1,488
326 895 0 895 351 481 2,062 0 1,970 31,398 26,683 2,242 33 1,784 0 308 2,194 207 2,332		5,405				4,816
2,062 0 1,970 31,398 26,683 33 33 207		0 895	351	481	832 0	832
33 1,784 0 308 2,194 207			26,683	2,242	0 1,768	30,692
1,784 0 308 2,194 207		33				38
			207	2,332	0 435	2,974
70,039		70,039				70,671
103,665		103,665				104,376
28,986 19,838 0 -1,671 47,153 28,876 19,679			28,876	19,679	0 -1,586	46,969
16,892		16,892				18,542
64,045		64,045				65,512

a) IFRS 17 requires that Liability for incurred claims (LIC) acquired shall be presented as Insurance revenue. The reclassification refers to Insurance revenue and Gross claims and Codan Norway acquisition. The presentation would have resulted in an artificial high Insurance revenue and Gross claims with no impact on the Insurance service result. Therefore, Tryg presents Insurance revenue and Gross claims as well as key ratios. This explains the difference between "Management's Review" and the Financial Statements. Key ratios are calculated based on the figures presented in "Management's Review".

Assets from reinsurance contracts and Insurance contracts liabilities allocated to segments pertain to debts and receivables from insurance contracts. Other assets and liabilities are managed at Group level and are not allocated to the individual segments.

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Financial results

Strategy

Introduction

Contents

Insurance service result by geography

	2025	2024	DKKm	2025	2024
Danish general insurance			Swedish general insurance
Insurance revenue	18,565	18,207	SEK/DKK, average rate for the period	67.28	65.33
Insurance service result	3,267	3,307	Insurance revenue	12,613	11,796
Run-off gains/losses, net of reinsurance	354	271	Insurance service result	3,323	3,032
Key ratios			Run-off gains/losses, net of reinsurance	378	434
Gross claims ratio	66.4	65.1	Key ratios
Net reinsurance ratio	1.7	2.7	Gross claims ratio	58.9	62.7
Claims ratio, net of reinsurance	68.1	67.8	Netreinsurance ratio	1.6	-1.2
Expense ratio	14.3	14.1	Claims ratio, net of reinsurance	60.5	61.5
Combined ratio	82.4	81.8	Expense ratio	13.2	12.8
Run-off, net of reinsurance (%)	-1.9	-1.5	Combined ratio	73.7	74.3
Number of full-time employees, end of period	3,321	3,154	Run-off, net of reinsurance (%)	-3.0	-3.7
Norwegian general insurance			Number of full-time employees, end of period	2,023	2,085
NOK/DKK, average rate for the period	63.74	64.30	Other European countries ^a)
Insurance revenue	8,762	8,282	Insurance revenue	416	311
Insurance service result	1,157	636	Insurance service result	199	81
Run-off gains/losses, net of reinsurance	149	114	Run-off gains/losses, net of reinsurance	15	14
Keyratios			Number of full-time employees, end of period	70	65
Gross claims ratio	73.1	76.3	Group items ^b)
Net reinsurance ratio	1.8	3.1	Insurance revenue	1,159	1,378
Claims ratio, net of reinsurance	74.8	79.5	Insurance service expenses	-1,159	-1,378
Expense ratio	11.9	12.9	Insurance service result	0
Combined ratio	86.8	92.3	a) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden.	ark, Norway and	Sweden.
Run-off, net of reinsurance (%)	-1.7	-1.4	b) Reclassification relating to claims provisions from the Trygg-Hansa and Codan Norway acquisition. Please refer	acquisition. Plea	serefer
A live or he had a second or second a live a second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second or live and second	0,000	1 210	to note 3 operating segments.

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Notes

4 Insurance service result by geography (continued)

Group (Total)
Insurance revenue	41,515	39,974
Insurance service result	7,945	7,056
Net investment result	778	911
Other income and costs	-1,511	-1,664
Profit/loss before tax	7,212	6,303
Run-off gains/losses, net of reinsurance	895	832
Key ratios
Gross claims ratio	64.9	66.3
Net reinsurance ratio	1.9	1.9
Claims ratio, net of reinsurance	6.99	68.3
Expense ratio	13.4	13.5
Combined ratio	80.3	81.7
Run-off, net of reinsurance (%)	-2.2	-2.2
Number of full-time employees, end of period	6,732	6,621

	6,724	1,460	24,083	5	32,272


by country
Non-current assets by country	Denmark	Norway	Sweden	Other	Total

6,776 1,510 23,350 8

Annual Report 2025 | Tryg A/S | 152

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5 Insurance service result by line of business

									Motor comprehensive	prehensive	СОШ	comprehensive
	Accident	and health		Health care	Worker's compensation	mpensation		Motor TPL		insurance		insurance
DKKm	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Gross premiums written	6,995	6,914	904	846	1,009	1,052	2,796	2,742	9,550	9,430	12,346	12,172
Insurance revenue	7,154	6,813	968	824	1,015	1,046	2,881	2,779	9,591	9,153	12,473	11,932
Gross claims	-4,093	-3,680	-637	-622	-789	-559	-2,532	-2,024	-6,444	-7,088	-8,976	-9,112
Insurance operating costs	-867	-834	-157	-107	-124	-132	-409	-430	-1,342	-1,262	-1,751	-1,691
Net expense from reinsurance contracts	2	2	0	0	-2		-51	17	-22	-89	-73	-71
Insurance service result	2,197	2,305	102	96	66	349	-110	342	1,782	715	1,672	1,057
Gross claims ratio	57.2%	24.0%	71.1%	75.4 %	77.7 %	53.4 %	87.9%	72.8%	67.2%	77.4 %	72.0%	76.4%
Combined ratio	69.3 %	66.2 %	88.6 %	88.4 %	90.2 %	% 2.99	103.8%	87.7 %	81.4%	92.2 %	86.6%	91.1%
Claims frequency ^a)	9.2 %	8.7 %	35.0 %	37.6 %	11.0 %	9.8 %	5.8 %	4.9 %	33.5 %	36.6 %	19.4 %	20.8 %
Average claims DKK ^b)	13,377	12,650	5,766	5,149	116,523	107,000	16,798	16,516	8,360	7,905	25,158	24,421
Total claims	333,739	314,150	108,575	120,833	7,210	6,570	135,206	116,801	757,314	866,173	892,520	982,974

	Marine, av cargo	Marine, aviation and cargo insurance	Fire al	Fire and contents (Private)	Fire an (Co	Fire and contents (Commercial)	Change of	Change of ownership	Liabilit	Liability insurance	Creditano	Credit and guarantee insurance
DKKm	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Gross premiums written	188	193	8,827	8,992	4,386	4,270	15	19	1,811	1,774	1,020	905
Insurance revenue	193	194	9,110	8,842	4,403	4,195	22	15	1,812	1,714	1,011	006
Gross claims	-63	-62	-6,380	-6,170	-2,128	-2,424	-18		-892	-883	-297	-165
Insurance operating costs	-29	-33	-1,259	-1,214	-618	-610	€-	0	-279	-258	-154	-134
Net expense from reinsurance contracts	-13	-59	-148	-289	-270	66-	0	0	-84	124	-178	-340
Insurance service result	89	41	1,323	1,168	1,388	1,063	1	00	556	869	382	262
Gross claims ratio	32.3%	31.9 %	70.0%	% 8.69	48.3 %	57.8 %	81.9%	44.1%	49.3 %	51.5 %	29.4%	18.3 %
Combined ratio	54.2 %	79.1%	85.5 %	86.8%	68.5 %	74.7 %	95.7 %	% 5'55	69.3 %	59.3 %	62.3 %	70.9%
Claims frequency ^a)	10.7 %	14.4 %	% 8.9	7.1 %	6.5 %	7.2 %	1.5 %	2.3 %	4.6 %	2.6 %	0.2 %	0.3 %
Average claims DKK ^b)	42,494	42,032	11,845	10,857	82,153	95,492	73,327	23,994	72,630	63,587	593,228	903,763
Total claims	2,166	3,078	542,429	574,873	26,289	29,898	220	252	13,297	15,176	494	653

a) The claims frequency is calculated as the number of claims in the year in proportion to the average number of insurance contracts in the year.
b) Average claims are total claims before run-off in the year relative to the number of claims in the year.

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5 Insurance service result by line of business (continued)

	Tourist	Tourist assistance			Total exclusive of Group	re of Group	Group Lif	Group Life, one-year
		insurance	Gro	Group items ^c)		Life ⁰		policies ^d)		Totale-1)
DKKm	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Gross premiums written	1,671	1,263	0	0	39,171	38,397	872	918	40,043	39,315
Insurance revenue	1,385	1,222	1,159	1,378	40,634	39,075	881	006	41,515	39,974
Gross claims	-1,072	-991	-1,159	-1,378	-26,504	-26,051	998-	-924	-27,369	-26,975
Insurance operating costs	-137	-132	0	0	-5,379	-5,144	95-	-52	-5,425	-5,196
Net expense from reinsurance contracts		-2	0	0	-768	-737		_	-775	-748
Insurance service result	175	97	0	0	7,983	7,143	-38	-87	7,945	7,056
Gross claims ratio	% 5.77	81.1%			64.2 %	65.5 %	98.3 %	102.6%	% 6.49	66.3 %
Combined ratio	87.3 %	95.0%			79.8 %	81.1%	104.3%	109.7 %	80.3%	81.7%
Claims frequency ^a)	27.4 %	25.7 %
Average claims DKKbi	5,534	5,484
Total claims	197,515	194,102

c) Please refer to note 3 regarding "Group items"

d) Group Life one-year policies related to Norway and Denmark
e) Claims prevention cost totalled 1% of claims cost (1% in 2024) and primarily related to Fire & contents (Private) but also Fire and contents (Commercial), Healthcare, Motor comprehensive and Accident and health of Key ratios are calculated based on the figures excluding amounts under "Group items"

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Notes

Insurance revenue 9

Accounting policy

expected premium receipts to each period of insurance contract services on the basis of the passage of time. If the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made based on the The insurance revenue for the period is the amount of expected premium receipts (excluding any investment component) allocated to the period. Tryg allocates the expected timing of incurred insurance service expenses.

acts and circumstances change. The change is accounted for prospectively as a change Tryg changes the basis of allocation between the two methods above as necessary, if n accounting estimate.

For the periods presented, revenue has primarily been recognised on the basis of the passage of time.

DKKm
_

ίΚm	2025	2024
Insurance revenue
Direct insurance, by location of risk
Denmark	18,545	18,183
Other EU countries ^a)	14,172	13,494
Other countries ^b)	8,712	8,217
Direct insurance total	41,429	39,894
Indirect insurance	98	80
Insurance revenue total	41,515	39,974

a) Primarily Sweden b) Primarily Norway

Insurance service expenses

Accounting policy

oss generally as they are incurred, excluding repayments of investment components and Insurance service expenses arising from insurance contracts are recognised in profit or comprise the following items:

Incurred claims
Insurance acquisition cash flows:
Losses on onerous contracts and reversals of such losses, cf. note 22
Adjustments to the liabilities for incurred claims that do not arise from the effects of the time value of money, financial risk and changes therein
Other insurance service expenses

As mentioned in note 1, changes in accounting policies, comparative figures have been restated.

Incurred claims

Claims are claims incurred during the year. Incurred claims include run-off gains/losses in respect of previous years. The portion which can be ascribed to unwinding and/or change in discount rates is transferred to insurance finance income and expenses.

inspecting and assessing claims, costs to prevent, control and mitigate damage and other ncurred claims include direct and indirect claims handling costs, including costs of direct and indirect costs associated with the handling of claims incurred in relation nsurance contracts in force.

experience set prior to the period where the insurance contract was incepted or sold. ncurred claims comprise bonus and premiums discounts based on defined claims

insurance service result and insurance finance income or expenses. Changes relating to Inyg disaggregates changes in the risk adjustment for non-financial risk between the the risk adjustment for non-financial risk are included in the insurance service result while discounting and externally given inflation effects are included in Net finance ncome/expenses from insurance contracts.

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Insurance service expenses (continued) 7

Insurance acquisition cash flows

directly attributable to the portfolio of insurance contracts to which the group belongs. starting a group of insurance contracts (issued or expected to be issued) that are Insurance acquisition cash flows arise from the costs of selling, underwriting and

measured under the PAA, if the coverage period for each contract in a group is one year Tryg chooses to expense insurance acquisition cash flows as they occur for contracts or less.

Other insurance service expenses

contracts e.g. some development and educational costs are expensed as 'Other costs' Other insurance service expenses represent administration expenses to administrate insurance contracts in force. Administration expenses are all other incurred expenses contracts or expenses that cannot be directly attributed to the portfolio of insurance attributable to the administration of existing contracts. Expenses relating to future as they incur.

DKKm	2025	2024
Gross claims	-27,369	-26,975
Insurance operating costs
Acquisition costs	-3,345	-3,531
Administration expenses	-2,080	-1,665

Gross claims	-27,369	-26,975
Insurance operating costs
Acquisition costs	-3,345	-3,531
Administration expenses	-2,080	-1,665
Insurance operating costs, gross	-5,425	-5,196
Insurance service expenses	-32,795	-32,171
Fees to the auditors recognised in insurance service expenses
PricewaterhouseCoopers, appointed by the annual general meeting	6-	6-
	6-	6-
The fee is divided into:
Statutory audit	9-	9-

or non-audit services provided by PricewaterhouseCoopers to the Group amount to	tK 1m (DKK 1m in 2024) and consists of general advice related to tax, accounting and
Fees for non-audit services pr	DKK 1m (DKK 1m in 2024) ar	ESG.

DKKm		2025	2024
Insurance operating costs, gross, classified by type	ed by type
Commissions		-433	-366
Staff expenses		-3,614	-3,460
Office expenses, fees and headquarter expenses	Senses	-636	-626
IT operating and maintenance costs, software expenses and fees	vare expenses and fees	-907	-878
Depreciation, amortisation and impairment losses and write-downs	nt losses and write-downs	-169	-185
Other income		333	318
		-5,425	-5,196

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Salaries and wages	-4.364	-4.291
		. )
Recognised expenses related to share-based payment	-56	-58
Pension, contribution plans	-618	-623
Other social security costs and payroll tax	-1,000	-924
	-6,038	-5,896

Total staff expenses are recognised in Insurance service expenses (gross claims and insurance operating costs), in investment activities and in other costs. Please refer to note 29 for specification of Remuneration for the Supervisory Board and Executive Board.

6,7
6,839
Average number of full-time employees during the year

0 6-

0 -6-

758

9
6,839
Average number of full-time employees during the year

Other audit assignments

Other services Tax advice

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Interest and dividends

DKKm	2025	2024
Interest income and dividends
Dividends	69	155
Interest income, bonds	1,350	1,426
Interest income, other	56	52
	1,476	1,633

Interest expenses
Interest expenses from subordinated loan capital, credit Institutions and
cash at bank	-158	-181
Interest expenses, other	-137	-211
	-295	-392
	1.180	1.241

Value adjustments 6

Accounting policy
Income from investment properties before fair value adjustment represents the pro
from property operations less property management expenses. Interest and dividen
represent interest earned and dividends received during the financial year and are
recognised as a separate line item in the income statement.

offit ands

Coupon on bond designated as fair value through profit or loss is recognised as interest and not part of the fair value adjustments.

for discounting, are recognised as value adjustments. Investment management charges currency translation adjustments and the effect of movements in the yield curve used represent expenses relating to the management of investments including salary and Realised and unrealised investment gains and losses, including gains and losses on derivative financial instruments, value adjustment of investment property, foreign management fees on the investment area.

DKKm	2025	2024
Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the	th value adjustm	ent in the
income statement:
Equity investments	-285	-261
Unit trust units	55	751
Bonds ^a)	340	295
Derivatives (Interest, currency and inflation)	221	-111
	332	673
Value adjustments concerning assets or liabilities that cannot be attributed to IFRS 9:	d to IFRS 9:
Investment property	-13	-28
Other statement of financial position items ^b)	-228	-86
	-241	-114
	91	559

a) Value adjustment on financial instruments designated at fair value through profit or loss amounts DKK 210m

(DKK 259m in 2024)

b) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value total
DKK-171m (DKK-57m in 2024)

Annual Report 2025 | Tryg A/S | 157

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Net finance income/expenses from insurance contracts 10

Accounting policy

insurance finance income and expenses comprise changes in the carrying amounts of groups of insurance and reinsurance contracts and arising from the effects of the time value of money, financial risk including externally given inflation and changes therein.

amounts risk adjustment for non financial risks and arising from the effects of the time Moreover, Insurance finance income and expenses comprise changes in the carrying value of money, financial risk and changes therein.

DKKm

Reinsurance contracts are presented separately from insurance contracts cf. note 11

As mentioned in note 1, changes in accounting policies, comparative figures have been restated.

Other income and costs 12

Accounting policy

Other income and costs include income and expenses which cannot be ascribed to the Group's insurance portfolio or investment assets eg. development and educational costs, sale of pension products and amortisation of intangible assets identified in Business combinations.

	2025	2024
Include income and costs which cannot be directly ascribed to the insurance portf	folio or investm	ent
assets

Other income

Other income Other income
----------------------------

Other costs

2025

-898	-150	-578	-1,626
	cts
Amortisation of customer relations	Costs related to the sale of non-insurance product	Other costs ^a)

-1,125 370 2024

-1,016

684

-747

-339

934 -153 -1,796 -1,664

-1,511

-709

a) Hereof DKK 159m related to IT investments and restructuring costs in 2025 (DKK 180m in 2024)

Net finance income/expenses from reinsurance contracts 7

DKKm	2025	202

Changed discount rate	-3
Unwinding	42
Exchange rate adjustment from reinsurance contracts	-34
	rc	12

10 10 75 39 24

Exchange rate adjustment from insurance contracts

Changed discount rate

DKKm

Jnwinding

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Tax 13

Accounting policy

Income tax

The Group expenses current tax according to the tax laws of the jurisdictions in which it justed for change in tax on prior years' taxable income and for tax paid under the onaccount tax scheme. Current tax assets are receivables concerning tax for the year statement of financial position as estimated tax on the taxable income for the year, operates. Current tax liabilities and current tax receivables are recognised in the idjusted for on-account payments and any prior-year adjustments.

DKKm	2025	2024
Tax on accounting profit/loss	1,875	1,639
Difference between Danish and foreign tax rates	-153	-141
Tax adjustment, previous years	47	-17
Adjustment of non-taxable income and costs	44	2
Change in valuation of tax assets	9-	0
Other taxes	0	_
	1,807	1,488
Effective tax rate	%	%
Tax on accounting profit/loss	26.0	26.0
Difference between Danish and foreign tax rates	-2.1	-2.2
Tax adjustment, previous years	9.0	-0.3
Adjustment of non-taxable income and costs	9.0	0.1
Change in valuation of tax assets	-0.1	0.0
Other taxes	0.0	0.0

Current tax

through profit/loss, except for items recognised directly in equity or other comprehensive Tax in the income statement comprises current and deferred tax. Taxes are recognised income, in which case the tax effect will also be recognised for those items.

26% compared to the statuary Danish corporate tax rate at 22%. The Difference between subject to an increased corporate tax rate relevant for financial institutions in Denmark at adjustment of income in previous years and non-taxable or non-deductible income and Current tax is calculated based on the relevant tax rate for each country. Tryg Group is Danish and foreign tax rates relates to differences in corporate tax rates on income generated in non-Danish subsidiaries and branches. Other differences relates to

Global Minimum Taxation - Pillar 2

rules entails Tryg Group to pay additional top-up taxes in jurisdictions where the Globe Tryg Group is within the scope of the OECD Pillar 2 model rules. The application of the effective tax rate is below 15%. Upon implementation of the Pillar 2 rules, transitional safe harbour rules have also been enacted. Tryg Group has performed a safe-harbour nformation about deferred tax assets and liabilities calculated under the Pillar 2 rules. assessment and identified, that no additional top-up tax is to be paid for the financial year. Further, Tryg Group applies the exception in IAS 12 to recognize and disclose

23.6

25.0

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Sustainability statement

Tax (continued) 13

Tax is adjusted by any tax related to previous periods.

DKKm		2025	2024
Net curi	Net current tax at 1 January	-844	-192
Exchan	Exchange rate adjustments	-35	5
Current	Current tax for the year	-1,922	-1,895
Current	Current tax on changes in equity	52	89-
Adjustm	Adjustments of current tax in respect of previous years	19	-58
Tax paid	Tax paid for the year	2,155	1,365
Net curi	Net current tax at 31 December	-576	-844
Current	Current tax is recognised in the statement of financial
Assets, a	Assets, current tax	09	43
Liabilitie	Liabilities, current tax	-636	-887
Net cur	Net current tax at 31 December	-576	-844

Tryg Total Tax Impact

Group does not have business activities or operations in jurisdictions which are perceived jurisdictions. These contributions arise from our operations and business activities, and activities are in Denmark, Norway and Sweden which is also why the majority of our tax contributions are made to tax authorities etc. in these jurisdictions. We note that Tryg are collectively Tryg Group's Total Tax Contribution. Tryg Group's main business Through various taxes, Tryg Group contributes to tax authorities in a number of to be tax havens, cf. EU's List of non-cooperative jurisdictions for tax purposes.

	2025			2024
	Profit/loss	ပ		Profit/loss	ပိ
DKKM	Derore tax	tax paid	tax paid Otner taxes	ретоге тах	tax paid	tax paid Other taxes
Denmark	3,066	876	2,310	2,658	707	2,324
Norway	1,310	190	1,256	954	249	1,378
Sweden	2,638	1,075	206	2,615	405	930
Other countries	198	12	47	9/	3	45
Total	7,212	2,155	4,520	6,303	1,365	4,676

Finland	65	∞	18	38	_	18
Germany	88	4	15	40	4	13
Netherlands	00	0	4	_	0	4
Austria	16	0	5	6	0	3
Switzerland		0	_		0

Activities in other countries than Denmark, Norway and Sweden consist of Credit &Surety business, Tryg Trade.

-5 -5

United Kingdom Belgium

Ireland Total

the taxes paid in the financial year to the tax authorities. Therefore, there is a difference in for the year and are paid in the year following the financial year. Corporate taxes paid are Current taxes represent the estimated taxes to be paid to authorities in respect of profit the accrual of the tax related to the profit/loss before tax for the year and the actual corporate income tax paid for the year. Annual Report 2025 | Tryg A/S | 160

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13 Tax (continued)

Total Tax Contribution

number of taxes, which are either borne by Tryg Group or collected on behalf of tax Through Tryg Group's business activities and operations the Group is subject to a authorities or similar authorities. Collectively the taxes borne and taxes collected represent the Total Tax contribution. Tryg's Total Tax Contribution is split into the following five main categories: Corporate Taxes (refer to previous page), Employer taxes, Employee Taxes, Insurance premium taxes and VAT.

2025

			Insurance
	Employer	Employee	premium
DKKm	taxes	taxes	taxes	VAT	Total
Denmark	477	1,047	719	89	2,310
Norway	162	231	837	27	1,256
Sweden	305	357	185	09	206
Other countries	11	19	18	0	47
Total	954	1,653	1,758	155	4,520
2024
Denmark	424	1,151	684	9	2,324
Norway	170	234	941	33	1,378
Sweden	267	331	212	119	930

or employees and generally comprise insurance premium taxes and other contributions, corporate income tax and VAT. Taxes collected relate mainly to Tryg Group's customers transactions, investments and profits. Taxes borne by Tryg Group generally comprise Taxes borne by Tryg Group are those imposed because of Tryg Group's business stamp duties, guarantee fund taxes as well as payroll taxes.

4,676

17 1,854

2 1,735

Other countries Sweden

Total

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Intangible assets 14

Accounting policy

Measurement of Goodwill. Trademarks and Customer relations

least annually. Impairment testing involves estimates of future cash flows and is affected acquisition of businesses. Goodwill is allocated to the cash-generating units under which management manages the investment. The carrying amount is tested for impairment at Goodwill, Trademarks and Customer relations was acquired in connection with the by several factors, including discount rates and other circumstances dependent on economic trends, such as customer behaviour and competition.

Goodwill

Goodwill is acquired in connection with acquisition of business. Goodwill is calculated as identifiable assets, liabilities and contingent liabilities at the time of acquisition. Goodwill ested for impairment once a year or more frequently if indications of impairment exist. investment and is recognised under intangible assets. Goodwill is not amortised but is allocated to the cash-generating units under which management manages the the difference between the cost of the undertaking and the fair value of acquired

Trademarks and customer relations

Trademarks and customer relations acquired in a business combination have been identified as intangible assets on acquisition. Trademarks with an indefinite useful lifetime, hence are not amortised but instead tested for impairment at least once per year

Customer relations are recognised at fair value at the time of acquisition and amortised on a straight-line basis over the expected useful lifetime of 5-15 years.

application ready for use. The costs are amortised based on an expected useful lifetime Acquired software is measured at cost, including expenses to prepare the software of up to 8 years, according to the straight-line method. Annual Report 2025 | Tryg A/S | 162

Sosts for group developed software that are directly attributable to the development of identifiable and individual software application, where there are reliably measurable expectations, that future earnings will exceed the costs in more than one year, are ecognised as intangible assets.

attributable costs. Costs related to the planning phase and maintenance are expensed Direct costs consist of salaries and fees for software development and other directly when incurred. After completion group developed software is amortised according to the straight-line method over the expected useful lifetime, though maximum 8 years.

Assets under construction

Group developed software are recognised as "Assets under construction" until the asset is ready to use, whereupon assets are reclassified as software and amortised in accordance with the amortisation period stated above.

mpairment test for intangible assets

ear for impairment or if there are any indications for impairment. Software are tested for belongs. The present value is normally established using budgeted cash flows based on mpairment at the balance sheet date or if there are indications that the future earnings Goodwill, trademarks with indefinite useful lifetimes and customer relations are tested ousiness plans. The business plans are based on past experience and expected market developments. Assets under construction are not amortised but tested at least once a annually for impairment, or more often if there are indications of impairment, and impairment testing is performed for each cash-generating unit to which the asset will not exceed the carrying amount.

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Annual Report 2025 | Tryg A/S | 163

14 Intangible assets (continued)

	2025				20	2024
		Trademarks					Trademarks
		and customer		Assets under		В	and customer		Assets under
DKKm	Goodwill	relations	Software ^a)	construction ^a)	Total	Goodwill	relations	Software ^a)	constructiona)	Total
Cost
Cost at 1 January	20,137	12,015	3,175	715	36,041	20,693	12,332	2,861	559	36,445
Exchange rate adjustments	923	249	23	15	1,609	-556	-354	-34	φ _-	-952
Transferred from assets under construction to
software	0	0	576	-576	0	0	0	391	-391	0
Additions for the year	0	0	89	397	487	0	37	264	555	856
Disposals for the year	0	0	0	0	0	0	0	-307	0	-307
Cost at 31 December	21,061	12,662	3,863	551	38,137	20,137	12,015	3,175	715	36,041
Amortisation and write-downs
Amortisation and write-downs at 1 January	-129	-3,098	-2,122	0	-5,350	-129	-2,223	-2,106	0	-4,459
Exchange rate adjustments	0	-147	80	0	-155	0	54	21	0	92
Amortisation for the year	0	-920	-314	0	-1,234	0	-929	-290	0	-1,219
Impairment losses and write-downs for the year	0	0	0	0	0	0	0	-42	0	-42
Reversed amortisation	0	0	0	0	0	0	0	295	0	295
Amortisation and write-downs at 31 December	-129	-4,166	-2,443	0	-6,739	-129	-3,098	-2,122	0	-5,350
Carrying amount at 31 December	20,932	8,496	1,419	551	31,398	20,008	8,917	1,053	715	30,692

a) Hereof proprietary software DKK 879m (DKK 586m at 31 December 2024). Asset under construction is only Group developed software.

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Intangible assets (continued) 14

Impairment test

Goodwill

The value-in-use method is used for goodwill impairment tests.

The impairment test compares the recoverable amount and the carrying amount for each expected future cash flows (value-in-use). The value-in-use model applied is the dividend cash generating unit. The recoverable amount is represented by the present value of discount model to calculate the present value of expected future cash flows.

Primary assumptions for impairment test:

When assessing the cash flow management has based its estimates of insurance revenue return has been determined on the basis of the capital asset pricing model and comprises main drivers for cash flow. It is based on experience and no external data sources is used based on management's requirements for returns of the individual cash-generating units arge- and weather claims. Reinsurance is taken into account when looking at the overall a risk-free interest rate aligned with the budget period, the market risk premium and the insurance service result together with the expected expense ratio. Required returns are on the insurance portfolio adjusted to reflect the expected effect of business decisions and market development from past experiences. Management have identified "Earned premium assumed" Compound annual growth rate (CAGR) and Combined ratio as the besides to determine the required return. The portfolio is indexed with the wage index. Gross claims are based on expected claims ratios, which corresponds to normalised CGU's) and are not expected to change significantly in the near future. The required market beta covering the systematic market risk.

The Group has not acquired any portfolios or companies in 2025. At 31 December 2025, management performed impairment tests of the carrying amount of goodwill based on the allocation of the cost of goodwill to the CGU's: Private Denmark (Alka), Norway and sweden respectively.

		amount, end
DKKm	DKKm Material goodwill	of year

	Alka	4,242
	Trygg-Hansa and Moderna	15,153
	Codan Norway	1,029

In 2018, Tryg acquired Forsikrings-Aktieselskabet Alka. The insurance activities were incorporated into the Tryg Group's business structure from 8 November 2018. Comprises the sale of insurance products to customers under the 'Alka' brand.

next 8 quarters are used when calculating the value in use of Private Denmark. The cash growth rates determined on the basis of expectations for the general economic growth. The required return is based on an assessment of the risk profile of the tested business lows in the latest prognosis period have been extrapolated for next five financial years The cash flows appearing from the latest prognosis approved by management for the after the prognosis periods. The reason for using a longer prognosis period than five years, is that the acquired business has a longer customer retention than five years, expected cash flows. The terminal period starts in year 9 and adjusted for expected nence a 5-year forecast will not capture the economic reality nor the timing of the activities compared with the market's expectations for the Group. The impairment test shows a calculated value in use of approximately DKK 27.4bn (DKK 16.6bn at 31 December 2024) and does not indicate any impairment in 2025. Goodwill 33.2bn at 31 December 2024) relative to the value of the CGU of DKK 17.9bn (DKK amounts to DKK 4.2bn (DKK 4.2bn at 31 December 2024).

have the highest effect on the equity. An increase in the required return of approx. 2.0% According to the sensitivity information below a change in the required return rate will will result in a write down of goodwill. 2024

2025

Key assumptions
- Earned premium assumed CAGR	2 %	3 %
- Earned premium assumed CAGR (terminal period)	2 %	2 %
- Required return before tax	% 6
- Expected level of combined ratio	83 %	82 %

Sarrying

Annual Report 2025 | Tryg A/S | 164

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Intangible assets (continued) 14

Sensitivity information
Impact on the calculated present value from the following changes:
CAGR + 1.0 percentage point	+1.1bn	+1.4bn
CAGR - 1.0 percentage point	-1.0bn	-1.3bn
Required return +1.0 percentage point	-3.9bn	-5.2bn
Required return -1.0 percentage point	+5.5bn	+7.6bn
Combined ratio +1.0 percentage point	-1.5bn	-1.7bn
Combined ratio -1.0 percentage point	+1.5bn	+1.7bn

The above changes have no impact on equity

In 2022, Tryg acquired the Norwegian branch Codan Norway. The insurance activities were incorporated into the Tryg Group's business structure from 1 April 2022 and distributed under the Tryg Brand.

In 2017, Tryg acquired Obos' insurance portfolio. The insurance activities were incorporated into the Tryg Group's business structure from 1 June 2017.

based on an assessment of the risk profile of the tested business activities compared with prognosis periods. The reason for using a longer prognosis period than five years, is that forecast will not capture the economic reality nor the timing of the expected cash flows. the latest prognosis period have been extrapolated for next five financial years after the next 8 quarters are used when calculating the value in use of Norway. The cash flows in The terminal period starts in year 9 and adjusted for expected growth rates determined The cash flows appearing from the latest prognosis approved by management for the the acquired business has a longer customer retention than five years, hence a 5-year on the basis of expectations for the general economic growth. The required return is he market's expectations for the Group.

31 December 2024) and does not indicate any impairment in 2025. Goodwill amounts to 8.9bn at 31 December 2024) relative to the value of the CGU of DKK 5.5bn (DKK 4.5bn at The impairment test shows a calculated value in use of approximately DKK 9,0bn (DKK DKK 1.1bn (DKK 1.1bn at 31 December 2024).

According to the sensitivity information, a change in the required return rate will have the highest effect on the equity. An increase in the required return of approx, 3.7% will result in a write down of goodwill.

2024

2025

	2025	2024
:
Key assumptions
- Earned premium assumed CAGR	2 %	3 %
- Earned premium assumed CAGR (terminal period)	1 %	1 %
- Required return before tax	11 %	11 %
- Expected level of combined ratio	88 %	88 %
Sensitivity information
Impact on the calculated present value from the following changes:
CAGR + 1.0 percentage point	+0.2bn	+0.2bn
CAGR - 1.0 percentage point	-0.2bn	-0.2bn
Required return +1.0 percentage point	-0.9bn	-1.1bn
Required return -1.0 percentage point	+1.2bn	+1.4bn
Combined ratio +1.0 percentage point	-0.8bn	-0.8bn
Combined ratio -1.0 percentage point	+0.8bn	+0.8bn

The above changes have no impact on equity

incorporated into the Tryg Group's business structure from 1 April 2022 and distributed In 2022, Tryg acquired the Swedish branch Trygg-Hansa. The insurance activities were under the Trygg-Hansa Brand.

insurance activities were incorporated into the Tryg Group's business structure from 1 In 2016, Tryg acquired Skandia's child and adult accident insurance portfolio. The September 2016. Annual Report 2025 | Tryg A/S | 165

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2024

2025

Sustainability statement

Financial results

Strategy

Introduction

Contents

Intangible assets (continued) 14

single cash-generating unit, is that they are all managed together as part of the Swedish Securator and Skandia, considered as one cash-generating unit. The reason behind the The Trygg-Hansa portfolio consists from 1 April 2022 of Trygg-Hansa, Moderna, private business and reported as part of the operating segment "Private". Private Sweden comprises the sale of insurance products to private customers under the centres and online. Commercial Sweden comprises sales of insurance products to small Trygg-Hansa' brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC and Moderna Diurförsäkringar. Sales take place through its own sales force, call and medium sized commercial customers under the Trygg Hansa brand. The cash flows appearing from the latest prognosis approved by management for the next 8 quarters are used when calculating the value in use of "Sweden". The cash flows in the latest capture the economic reality nor the timing of the expected cash flows. The terminal period periods. The reason for using a longer prognosis period than five years, is that the acquired assessment of the risk profile of the tested business activities compared with the market's business has a longer customer retention than five years, hence a 5-year forecast will not prognosis period have been extrapolated for next five financial years after the prognosis starts in year 9 and adjusted for expected growth rates determined on the basis of expectations for the general economic growth. The required return is based on an expectations for the Group.

43.8bn at 31 December 2024) relative to the value of the CGU of DKK 28.3bn (DKK 26.9bn at 31 December 2024) and does not indicate any impairment in 2025. Goodwill amount to DKK The impairment test shows a calculated value in use of approximately DKK 47.8bn (DKK 15.5bn (DKK 14.6bn at 31 December 2024).

highest effect on the equity. An increase in the required return of approx. 2.0% will result in a According to the sensitivity information, a change in the required return rate will have the write down of goodwill.

Key assumptions
- Earned premium assumed CAGR	3 %	3 %
- Earned premium assumed CAGR (terminal period)	3 %	3 %
- Required return before tax	% 6	8 %
- Expected level of combined ratio	80 %	81 %
Sensitivity information
Impact on the calculated present value from the following changes:
CAGR + 1.0 percentage point	+2.5bn	+2.1bn
CAGR - 1.0 percentage point	-2.3bn	-2.0bn
Required return +1.0 percentage point	-9.9bn	-8.3bn
Required return -1.0 percentage point	+16.5bn	+13.8bn
Combined ratio +1.0 percentage point	-2.5bn	-2.2bn
Combined ratio -1.0 percentage point	+2.5bn	+2.2bn

The above changes have no impact on equity

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Intangible assets (continued) 14

Trademarks and customer relations

amounts of customer relations as an integrated part of the impairment test of goodwill in As at 31 December 2025 management performed an assessment of the carrying Sweden, Norway and Alka portfolio.

Alka and Trygg-Hansa trademarks have indefinite useful lifetimes as the trademarks are one of the most well-known trademarks in their respective countries and comprise the sale of insurance products to customers under their brand.

Material trademarks and customer relations

	2025 (DKKm)	2024 (DKKm)	Amortisation period (years)	isation Remaining period amortisation (years) (years)
Trygg-Hansa
Trademark	2,640	2,484	n/a	n/a
Customer relations (Private)	4,482	4,892	10	9
Customer relations (Commercial)	438	538	7	3
Alka
Trademark	603	603	n/a	n/a

Software and assets under construction

As at 31 December 2025 management performed a test of the carrying amounts of software and assets under construction. The impairment test compares the carrying amount with the estimated present value of future cash flows. The test did not indicate any write-downs (DKK 42m at 31 December

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Notes

Property, plant and equipment 15

Accounting policy

Operating equipment

Fixtures and operating equipment are measured at cost less accumulated depreciation costs directly attributable to the acquisition of the relevant assets until the time when and any accumulated impairment losses. Cost encompasses the purchase price and such assets are ready to be brought into use. Depreciation of operating equipment is calculated using the straight-line method over its estimated useful lifetime as follows:

IT, 4 years
Furniture, fittings and equipment, 5-10 years

Leasehold improvements are depreciated over the expected useful lifetime, however maximally the term of the lease.

revalued assets are sold, the amounts included in the revaluation reserves are transferred Gains and losses on disposals and retired assets are determined by comparing proceeds with carrying amounts. Gains and losses are recognised in the income statement. When to retained earnings.

Leasing

Right-of-use assets

At inception of a contract, Tryg assesses whether a contract is, or contains, a lease. It has the following prerequisites:

The underlying asset is identifiable
The group has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use
The group has the right to direct the use of the asset

Trygrecognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, excluding short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets.

At inception or on reassessment of a contract that contains lease components, Tryg allocates the consideration in the contract to each lease component based on their relative stand-alone prices. Right-of-use asset (ROU asset) and lease liability are recognised at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for:

lease payments made at or before the commencement date
any initial direct cost incurred
estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset
lease incentives received
ROU assets are tested for impairment

Impairment test for operating equipment

period is reflected in the expected useful lifetime. This also applies to the salvage value. Operating equipment is assessed at least once per year to ensure that the depreciation Write-downs are performed if impairments has been demonstrated.

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15 Property, plant and equipment (continued)

	2025			2	2024
	;		Leases ROU Group-		;		Leases ROU Group-
DKKm 2025	Operating equipment	Leases ROU equipment ^a)	occupied property ^b)	Total	Operating equipment	Leases ROU equipment ^a)	occupied property ^b)	Total
Cost
Cost at 1 January	234	136	1,530	1,900	324	105	1,611	2,040
Exchange rate adjustments	3	0	33	36	€-	0	-33	-36
Additions for the year	0	0	96	96	6	37	5	51
Disposals for the year	-	0	-70	-71	96-	9-	-54	-155
Cost at 31 December	236	137	1,590	1,962	234	136	1,530	1,900
Accumulated depreciation and value adjustments
Accumulated depreciation and value adjustments at 1 January	-70	-109	-771	-950	-141	-98	929-	-915
Exchange rate adjustments		0	-14	-15	_	0	15	16
Depreciation for the year	-26	-15	-134	-175	-26	-15	-156	-197
Reversed depreciation and value adjustments	_	0	20	51	98	5	95	146
Accumulated depreciation and value adjustments at 31 December	96-	-124	-869	-1,089	-20	-109	-771	-950
Carrying amount at 31 December	140	14	720	874	164	28	759	951

a) Lease assets (ROU) equipment only consists of leases of vehicles with a lease term of three to four years. The monthly amounts are fixed and there is no option for purchase or extension. Short term leases are not recognised as right-of-use assets. But be lease assets (ROU) Group occupied property consists of leases of office buildings. Contract terms are from 1 to 20 years and with yearly rent adjustments. Tryg has no lease contracts with variable lease payments based on sale or similar. Refer to note 27 for lease liabilities.

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Investment property 16

Accounting policy

Properties held for renting yields that are not occupied by the Group are classified as investment properties.

7.1 5.7 6.2

2024

Return percentages, weighted average (%)

Residential property

Total

Office property

investment property is recognised at fair value. Fair value is based on transaction prices uses alternative valuation methods such as discounted cash flow projections and recen maintenance condition of specific assets. If this information is not available, the Group for similar properties, adjusted for any differences in the nature, location or orices in the market.

such as vacant premises or special tenant terms and conditions. Changes in fair values of a perpetual annuity. The value is subsequently adjusted with the capitalised value of market interest rates and property characteristics, corresponding to the present value the return on prepayments and deposits and adjustments for specific property issues The fair value is calculated on the basis of market-specific rental income per property and typical operating expenses for the coming year. The resulting operating income is divided by the required return on the property in per cent, which is adjusted to reflect are recorded in the income statement.

DKKm	2025	2024
Fair value at 1 January	429	498
Disposals for the year	-416	-38
Value adjustment for the yeara	-13	-31
Total	0	429

a) Value adjustment recognised in the income statement for investment property held at the statement of financial position date amounts DKK om (DKK -28m in 2024)

Total rental income amounts to DKK 21m (DKK 31m in 2024)
Total expenses amounts to DKK 9 (DKK 7m in 2024).

External experts were involved in valuing the majority of the investment properties. Please refer to note 18 for a description of fair value measurement of investment properties.

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Sustainability statement

Equity investment in associates 17

Accounting policy

Associates are enterprises in which the Group has significant influence but not control, rights. Equity investments in associates are measured using the equity method and the carrying amount of the investment represents the Group's proportionate share of the generally in the form of an ownership interest of between 20% and 50% of the voting enterprises' net assets. Significant transaction costs are recognised as part of the acquisition price. Profit after tax from equity investments in associates is included as a separate line in the ncome statement. Income is made up after elimination of unrealised intra-group profits and losses. Associates with a negative net asset value are measured at zero value. If the Group has a egal or constructive obligation to cover the associate's negative balance, such obligation is recognised under liabilities.

DKKm	2025	2024
Cost
Cost at 1 January	75	26
Additions for the year	0	52
Disposals for the year		-33
Cost at 31 December	74	75
Revaluations at net asset value
Revaluation at 1 January	-37	-2
Reversed on sale	0	11
Profit/loss for the year	7-	95-
Revaluations at 31 December	-41	-37
Carrying amount at 31 December	33	38

Financial assets 8

Accounting policy

Fair value of financial assets and liabilities

exchange, or for which no stock exchange price is quoted that reflects the fair value of the nstrument or using a model calculation. The valuation models include the discounting of Measurements of financial assets and liabilities for which prices are quoted in an active market or which are based on generally accepted models with observable market data nstrument, the fair value is determined using a current OTC price of a similar financial are not subject to material estimates. For securities that are not listed on a stock the instrument cash flow using an appropriate market interest rate with due consideration for credit and liquidity premiums.

Recognition and classification of financial instruments

Financial instruments are classified as follows based on the Group's business models:

The asset is held to collect cash flows from payments of principal and interest (hold to collect business model). Measured at amortised cost after initial recognition.
The asset is held to collect cash flows from payments of principal and interest and selling the asset (hold to collect and sell business model). Measured at fair value with changes recognised through other comprehensive income with reclassification to the income statement on realisation of the assets.
adjustment through profit or loss, when such measurement significantly reduces or measurement of assets and liabilities or recognition of losses and gains on different receivable. It is also still possible to measure financial assets at fair value with value where contractual cash flows do not solely comprise interest and principal of the include assets managed on a fair value basis, held in the trading book or assets, Other financial assets are measured at fair value through profit or loss. These eliminates an accounting mismatch that would otherwise have occurred on
Generally, financial liabilities are measured at amortised cost after initial recognition.

For the first two categories, financial assets must be held within a business model whose objective is to hold assets to collect contractual cash flows representing payments of principal and interest etc combined with limited sales activity.

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Notes

Financial assets (continued) 8

If this is not the objective of the business model, the financial assets will be placed in a category, which is subject to fair value adjustment through profit or loss. Financial assets, which, if measured at amortised cost fair value with changes recognised through other comprehensive income would result in a accounting mismatch, are also recognised in this category.

The Group's financial assets and business models have been reviewed to ensure correct classification thereof. The review included an assessment of whether collecting cash flows is a significant element, including whether the cash flows represent solely payments of principal and interest.

Tryg does not have a business model that implies recognising fair value adjustments in other comprehensive income. Thus, bank loans and deposits are essentially still measured at amortised cost.

Financial assets and liabilities measured at fair value through profit or loss

A financial asset is attributable to this category

if the asset is not held within a business model whose objective is to hold assets to collect cash flows representing payments of principal and interest and which has limited sales activity
if measurement of the asset at amortised cost or at fair value through other comprehensive income would result in an accounting mismatch.

Bonds which are held to match the insurance contracts liabilities are designated to be Equity and bond portfolios are generally measured at fair value through profit or loss. measured at fair value through profit or loss. The business model behind the bond portfolio is not intrinsically based on collecting cash trading activity and investments focused on cost minimisation, where contractual cash flows from payments of principal and interest but is based on, for example, short-term flows do not constitute a central element but follow solely from the investment.

=quity instruments are not based on cash flows which comprise payments of principal and interest. Therefore, these instruments are measured at fair value with value adjustment through profit or loss. Derivative financial instruments (derivatives), which are assets or liabilities, are measured at fair value through profit or loss, unless they are classified as hedging instruments.

Realised and unrealised profits and losses that may arise because of changes in the fair value for the category financial assets at fair value are recognised in the income statement in the period in which they arise. -inancial assets are derecognised when the rights to receive cash flows from the financial derecognised on a trade date basis, the date on which the Group commits to purchase or assets have expired, or if they have been transferred, and the Group has also transferred substantially all risks and rewards of ownership. Financial assets are recognised and sell the asset.

which no stock exchange price is quoted that reflects the fair value of the instrument, the The fair values of quoted securities are based on stock exchange prices at the statement ecent arm's length transactions, reference to other similar instruments or discounted of financial position date. For securities that are not listed on a stock exchange, or for air value is determined using valuation techniques. These include the use of similar cash flow analysis.

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Financial assets (continued) 8

Financial assets and liabilities by measurement categories

DKKm	2025	2024
Financial assets
Financial assets held for trading	20,645	21,111
Financial assets designated at fair value ^a)	43,984	44,235
Derivative financial instruments at fair value used for hedge accounting
with value adjustment in other comprehensive income	18	_
Financial assets measured at amortised cost ^b	3,628	2,587
Total financial assets	68,276	67,940

Financial	Financial assets measured at amortised costu	3,628	7,587
Total fina	Total financial assets	68,276	67,940
Financial	Financial liabilities
Derivative	Derivative financial instruments at fair value with value adjustments in
income s	income statement	1,327	1,018
Derivative	Derivative financial instruments at fair value with value adjustments in
other con	other comprehensive income	34	30
Financial	Financial liabilities at amortised cost	12,531	14,534
Total fina	Total financial liabilities	13,892	15,583

b) Financial assets at amortised cost only deviate to a minor extent from fair value a) Financial assets designated at fair value comprise bonds in the match portfolio

inancial liabilities measured at amortised cost only deviate to a minor extent from fair Please refer to note 21 for valuation of subordinated loan capital at fair value. Other

The Fair value hierarchy

value.

raded in a principal and active market (markets generally accessible and with substantial Quoted market prices (level 1) consists of financial instruments that are quoted and volume and trade frequency).

Valuation based on observable input (level 2) consists of financial instruments that are bases its measurement on the most recent transaction price adjusted for subsequent instrument itself. If a financial instrument is quoted in a market that is not active, Tryg valued substantially on the basis of observable input other than quoted prices for the

changes to market conditions, for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business considerations.

covers instruments such as derivatives valued on the basis of observable yield curves and or a number of financial assets and liabilities, no market exists. In such cases, Tryg uses recent transactions in similar instruments and discounted cash flows or other generally exchange rates and illiquid mortgage bonds valued by reference to the value of similar statement of the financial position date to calculate an estimated value. This category iquid bonds. Equity investments includes private equity with underlying real estate. accepted estimation and valuation techniques based on market conditions at the

Iryg has assessed whether quoted prices does represent fair value at the measurement date. Thus quoted prices derived from a brokered market are considered Level 2 input. Valuation based on significant non-observable input (level 3) consists of certain financial instruments based substantially on non-observable input. Such instruments includes Investment property is also based on non-observable input. Please refer to note 16 unlisted property funds and a limited amount of unlisted shares. The fair value of nvestment property and accounting policies section Investment property. In 2024 property funds were priced by an external outsourcing party. In 2025 the valuation of the funds is done by Tryg Forsikring based on NAV. Increase in hierarchy 3 investments is due to this change.

Observable input category, while other bonds have become liquid and have been moved differs from its classification at the beginning of the year the changes are considered to If, at the statement of the financial position date, a financial instrument's classification have taken place at the statement of the financial position date. Developments in the financial markets can result in reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from Quoted prices to the rom Observable input to the Quoted prices category. Annual Report 2025 | Tryg A/S | 173

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Financial assets (continued) 18

Fair value hierarchy for financial instruments and investment property measured at fair value in the statement of financial position.

				Non-
		Quoted	Quoted Observable observable	observable
DKKm	DKKm 2025	prices	input	input	Total
	Investment property	0	0	0	0
	Equity investments	0	0	2,401	2,401
	Unit trust units	1,189	0	0	1,189
	Bonds	30,576	29,905	0	60,481
	Derivative financial instruments, assets	0	577	0	577
	Derivative financial instruments, debt	0	-1,361	0	-1,361

63,287

2.401

29,121

31,765

2024
Investment property	0	0	429	429
Equity investments	102	3,676	58	3,836
Unit trust units	1,138	0	30	1,168
Bonds	30,066	29,621	0	59,687
Derivative financial instruments, assets	0	661	0	661
Derivative financial instruments, debt	0	-1,048	0	-1,048
	31,306	32,910	517	64,733

bonds issued by banks and to some extent Danish semi-liquid bonds, where no quoted Bonds measured on the basis of observable inputs consist of Norwegian and Swedish prices based on actual trades are available. External experts were involved in the valuation of the majority of the investment properties.

DKKm	2025	2024
Financial instruments transferred from "Quoted prices" to "Observable input"	1,019	1,287
Financial instruments transferred from "Observable input" to "Quoted prices"	0	611

Transfers between the categories quoted prices and observable input mainly result from bonds that are reclassified either due to traded volume or the number of days between last transaction and the time of determination.

Financial inchasting and the following the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the second of the s
Financial instruments ineasured at fair value in the statement of infancial
position on the basis of non-observable input:
Carrying amount at 1 January	517	1,001
Exchange rate adjustments	0	3
Gains/losses in the income statement	-321	-21
Purchases	411	_
Sales -1,	-1,191	-467
Transfers to/from Level 3 'non-observable input' 2,9	2,985	0
Carrying amount at 31 December 2,	2,401	517

Annual Report 2025 | Tryg A/S | 174

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Financial assets (continued) 8

Accounting policy

Derivative financial instruments and hedge accounting

The Group's activities expose it to financial risks, including changes in foreign exchange rates, interest rates and inflation. Forward exchange contracts and currency swaps are futures, forward contracts and swaps are used to manage cash flows and interest rate nsurance statement of financial position items. Interest rate derivatives in the form of used for currency hedging of portfolios of bonds, hedging of foreign entities and isks related to the portfolio of bonds and insurance provisions. Derivative financial instruments are reported from the trading date and are measured in Positive and negative values are only offset when the company is entitled or intends to the statement of financial position at fair value. Positive fair values of derivatives are recognised as derivative financial instruments under assets. Negative fair values of derivatives are recognised under derivative financial instruments under liabilities. make net settlement of more financial instruments.

Changes in the fair value relating to the ineffective portion are recognised in the income comprehensive income. The tangible net asset value of the foreign entities estimated at nstruments involving an expected future cash flow. Recognition of the resulting gain or oss depends on whether the derivative is designated as a hedging instrument and, if so, Discounting based on market interest rates is applied in the case of derivative financial nedges of investments in foreign entities. Changes in the fair value of derivatives that the beginning of the financial year is hedged 90-100% by entering into short-term are designated and qualify as net investment hedges in foreign entities and which he nature of the item being hedged. The Group designates certain derivatives as provide effective currency hedging of the net investment are recognised in other orward exchange contracts according to the requirements of hedge accounting. statement. Gains and losses accumulated in equity are included in the income statement on disposal of the foreign entity.

Derivative financial instruments

Derivatives at fair value:

Fair value

		Positive	Negative	statement
		market	market	of financial
DKKm 2025	Nominal	value	value	position
nterest derivatives	87,385	692	1,408	-716
Exchange rate derivatives ^a)	9,644	118	104	14
nflation derivatives	22,542	281	358	-77
Gross amount before offsetting	119,571	1,091	1,870	-779
Oue after less than 1 year	33,214	194	152	42
Due within 1 to 5 years	46,727	315	909	-289
Due after more than 5 years	39,630	582	1,114	-532
	nterest derivatives Exchange rate derivatives Inflation derivatives Incosa amount before offsetting Oue after less than 1 year Oue within 1 to 5 years Oue after more than 5 years	nge rate derivatives nnge rate derivatives ^a) on derivatives i amount before offsetting fiter less than 1 year vithin 1 to 5 years fter more than 5 years	Nominal was majorate derivatives 87,385 Refer and enderivatives 87,385 Refer and enderivatives 9,644 Refer and enderivatives 119,571 1, Refer and enderivatives 119,571 1, Refer and enderivatives 33,214 Refer and enderivatives 33,214 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives 33,630 Refer and enderivatives	st derivatives st derivatives on derivatives on derivatives on derivatives on derivatives i amount before offsetting filer less than 1 year vithin 1 to 5 years 19,644 118 22,542 281 1991 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1194 1195 1195 1195 1195 1195 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 1196 119

2024
Interest derivatives	100,144	794	1,336	-542
Exchange rate derivatives ^a)	8,041	65	121	-56
Inflation derivatives	17,422	462	251	212
Gross amount before offsetting	125,607	1,321	1,708	-387
Due after less than 1 year	49,464	182	161	21
Due within 1 to 5 years	37,119	274	441	-167
Due after more than 5 years	39,024	865	1,106	-240

a) hereof used for hedging of foreign entities nominal value of DKK4.6bn (DKK 6.6bn at 31 December 2024)

Derivatives are used continuously as part of the cash and risk management carried out by Iryg and its portfolio managers.

Derivate financial instruments used in connection with hedging of foreign entities for accounting purposes.

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Sustainability statement

Notes

Financial assets (continued) 8

Hedging of net investments in foreign entities

DKKm	2025	2024
Net investment in foreign entities	28,965	28,123
Exchange rate contracts designated as a hedge of net investments in
foreign entities	4,559	6,550
Portion of net investment in foreign entities not hedged, structural FX
position	24,405	21,573

Gains and losses on hedges charged to other comprehensive income:

	2025			2024
DKKm	Gains	Losses	Net	Gain	Losses	Net
Gains and losses at 1 January	6,589	5,483	1,106	5,877	5,033	844
Value adjustments for the year	383	572	-189	712	451	262
Gains and losses at 31	0.000	910 9	046	001	607 1	1 100
лесешрег	2/6'0	0,000	910	0,000	0,403	1,100

Value adjustments of foreign entities recognised in other comprehensive income in the amount of:

DKKm	2025	2024
Value adjustments at 1 January	-3,474	-2,441
Value adjustments for the year	1,545	-1,030
Hedge ineffectiveness recognised in the income statement	0	-3
Value adjustment at 31 December	-1,930	-3,474

accounting purposes consists of FX-forward contracts with a duration of 3 months and Derivative financial instruments used in connection with hedging of foreign entities for have a nominal value of SEK 4.5bn at an exchange rate of 68.30 and NOK 2.3bn at an exchange rate of 64.17.

The hedge strategy is structured to mitigate fluctuations in Tryg's Own funds.

Assets from reinsurance contracts 19

Accounting policy

Portfolios of reinsurance contracts that are assets and those that are liabilities, are contracts are included in the carrying amount of the related portfolios of contracts. presented separately in the statement of financial position. Any assets or liabilities recognised for cash flows arising before the recognition of the related group of

associated with the reinsured insurance contracts and in accordance with the terms of Expected cash flows from reinsurers are measured consistently with the amounts each reinsurance contract.

Changes due to unwinding and changes due to changes in the yield curve or foreign exchange rates are recognised as 'Net finance income/expense from reinsurance The effect of changes in expected cash flows that result from changes in the risk of nonperformance by the issuer of a reinsurance contract held is recognised separately.

Reinsurance contracts

Groups of reinsurance contracts are established such that each group comprises a single contract.

A group of reinsurance contracts is recognised on the following date:

Reinsurance contracts held that provide proportionate coverage is recognised at the date on which any underlying insurance contract is initially recognised. This applies to the Group's quota share reinsurance contracts.
Other reinsurance contracts held is recognised at the beginning of the coverage period of the group of reinsurance contracts.
- Tryg recognises an onerous group of underlying insurance contracts if Tryg entered into the related reinsurance contract held at or before that date.
- Reinsurance contracts acquired is recognised at the date of acquisition.

This file is sealed with a digital signature.

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Sustainability statement

Assets from reinsurance contracts (continued) 19

Measurement, reinsurance contracts

The Group applies the same accounting policies to measure a group of reinsurance contracts, adapted where necessary to reflect features that differ from those of insurance contracts.

under the PAA, then Tryg adjusts the carrying amount of the asset for remaining coverage. If a loss-recovery component is created for a group of reinsurance contracts measured

being transferred by the holder of the group of reinsurance contracts to the issuer of those Risk adjustment for non-financial risk for reinsurance contracts are modelled using similar statistical models as for direct insurance contract so that it represents the amount of risk contracts.

	2025			2	2024
	'	Asset for incurred claims	rred claims			Assetforinc	Asset for incurred claims
			Risk				Risk
	Assets for remaining	Present value of future cash	adjustment for non-financial		Assets for remaining	Present value of future cash	Present value adjustment for of future cash non-financial
DKKm	coveragec	flow	risk	Total	coveragec	flow	risk	Total
Balance at 31 December 2024	87	2,181	902	2,974
Transfer between LIC and AIC			-488	-488
Balance at 1 January	87	2,181	218	2,486	36	2,184	840	3,060
Reinsurance expenses	1,230	0	0	1,230	1,349	0	0	1,349
Claims recovered	0	-314	30	-284	0	-2,088	089	-1,409
Run-off, adjustments of previous years	0	-169	-2	-171	0	1,634	-826	808
Net income/expenses from reinsurance contracts held	1,230	785-	28	775	1,349	7454	-147	748
Net finance income/expenses from reinsurance contracts held	_	-20	14	-5	-3	-134	14	-124
Total amounts recognised in income statement	1,231	-504	42	770	1,346	-588	-133	624
Cash flows
Premiums paid net of ceding commissions and other directly attributable expenses
paidal	-1,188	0	0	-1,188	-1,296	0	0	-1,296
Recoveries from reinsurance ^b)	0	126	0	126	0	586	0	286
Total Cash Flows	-1,188	126	0	-1,062	-1,296	989	0	-710
Closing balance assets from reinsurance contracts	130	1,804	260	2,194	87	2,181	902	2,974
Balance at 31 December	130	1,804	260	2,194	87	2,181	200	2,974

a) Premiums paid include amounts from change in balance sheet and exchange rate adjustments

b) Recoveries from reinsurance include change in balance sheet and exchange rate adjustments

c) No recognised loss components in 2024 or 2025

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20 Equity

	Shares outstanding	standing	Own shares	hares
Number of shares (1,000)	2025	2024	2025	2024
Number of shares at 1 January	613,165	617,455	3,227	17,380
Acquired own shares during the year	-12,152	-4,732	12,152	4,732
Cancellation in connection with share buyback	ck 0	0	-5,018	-18,443
Exercise of incentive programme	1,007	441	-1,007	-441
Number of shares at 31 December	602,020	613,165	9,355	3,227
Number of shares issued at 31 December (%)	() 98.47	99.48	1.53	0.52
Nominal value at 31 December (DKKm)	3,010	3,066	47	16

Pursuant to the authorisation granted by the shareholders, Tryg may acquire up to a total nominal value DKK 300m of the share capital in the period up until 31 December 2026. Own shares are acquired for share buyback and for use in the Group's incentive programme.

All shares have equal rights.

DKKm	2025	2024
Solvency II - Own funds
Total equity according to statement of financial position	39,620	38,864
Proposed dividend, not paid	-1,253	-1,202
Outstanding Share buyback	-1,000	-1,676
Intangible assets	-31,398	-30,692
Profit margin, solvency purpose	3,600	3,600
Taxes related to Intangibles assets and Profit margin, solvency purposes	1,421	1,459
Subordinated loan capital	2,582	2,886
Solvency II - Own funds	13,570	13,239

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20 Equity (continued)

Subordinated loan capital recognised as equity for accounting purposes

	Bond loan SEK 900ma)	Bond loan NOK 600ma	Bond Ioan SEK 900ma) Bond Ioan NOK 600ma) Bond Ioan SEK 700ma) Bond Ioan NOK 300ma)	Bond loan NOK 300ma)
DKKm	2025 2024	2025	2024 2025 2024	2025 2024
Carrying amount of the loan recognised in statement of financial position	65 965	596 391	391 477 0	192
Loan terms:
Lender	Listed bonds	Listed bonds	Listed bonds	Listed bonds
Principal	SEK 900m	NOK 600m	SEK 700m	NOK 300m
Issue price	100	100	100	100
Issue date	March 2023	March 2023	November 2025	November 2025
Maturity year	Perpetual	Perpetual	Perpetual	Perpetual
Loan may be called by borrower as from	2028	2028	2031	2031
Repayment profile	Interest-only	Interest-only	Interest-only	Interest-only
Interest structure	3.50% above STIBOR 3π	n 3.45% above NIBOR 3	3.50% above STIBOR 3m 3.45% above NIBOR 3m 2.10% above STIBOR 3m 2.10% above NIBOR 3m	2.10% above NIBOR 3m

a) Coupon on the Notes is due and payable only at the sole and absolute discretion of Tryg. Accordingly, Tryg may at any time in its sole and absolute discretion elect to cancel any interest payment or a part the refer which would otherwise be payable on any interest payment date. Will become payable only in the event of Tryg Forsikring A/S's bankruptcy.

DKKm	2025	2024
Carrying amount of the loan recognised in statement of financial position
Bond loan SEK 900m	969	596
Bond Ioan NOK 600m	391	391
Bond toan SEK 700m	477	0
Bond loan NOK 300m	192	0
Total carrying amount of the loan recognised in statement of financial
position	1,655	987

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Subordinated loan capital 21

Subordinated loan capital Accounting policy

difference between the proceeds (net of transaction costs) and the redemption value is Subordinated loan capital is recognised initially at fair value, net of transaction costs recognised in the income statement over the borrowing period using the effective iquidation, will not be repaid until the claims of ordinary creditors have been met. Subordinated debt consists of financial liabilities in the form of subordinated loan incurred. Subordinated loan capital is subsequently stated at amortised cost; any capital and Additional Tier 1 capital which, in case of voluntary or compulsory interest method.

DKKm	2025	2024
Amortised cost value of loan recognised in statement of financial position
Bond Ioan NOK 600m	378	0
Bond Ioan NOK 1,400ma)	0	881
Bond Ioan NOK 850m	536	534
Bond Ioan SEK 1,300m	968	843

551

249

2,906

2,575

position

a) Cancelled in 2025 b) Tryg Forsikring A/S has purchased SEK 687m of the outstanding 1,000m in 2025

Total amortised cost value of the loan recognised in statement of financial

Bond loan SEK 1,000mb)

Bond loan SEK 800m

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Subordinated loan capital (continued) 21

	Bond loan NOK 600m	( 600m	Bond loan NO	K 1,400ma)	Bond loan NOK 1,400ma) Bond loan SEK 1,000mb	K 1,000mb)	Bond loan	Bond loan NOK 850m	Bond loan S	Bond loan SEK 1,300m Bond loan SEK 800m	ond loan SEK	. 800m
DKKm	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Amortised cost value of the loan recognised in	378	C	C	287	217.	279	r c c	537,	908	8/'8	л 1
The fair value of the loan at the statement of financial	o o			-	F - 7			ר ה			-
position date	380	387	0	894	217	655	541	533	006	826	552	0
The fair value of the loan at the statement of financial
position date is based on a price of	100	102	0	101	100	101	101	100	100	86	100	0
Total capital losses and costs at the statement of the
financial position date	_	0	0	0	2	2	_	_	_	_	2	0
Interest expenses for the year	5	32	57	29	30	04	31	33	30	41	7	0
Effective interest rate	2.9 %	8.2 %	7.28 %	8.42 %	4.35 %	2.79 %	6.26 %	6.72 %	3.85 %	5.39 %	3.75 %	% —

Loan terms:
Lender	Listed bonds	Listed bonds	Listed bonds	Listed bonds	Listed bonds	Listed bonds
Principal	NOK 600m	NOK 1,400m	SEK 1,000m	NOK 850m	SEK 1,300m	SEK 800m
Issue price	100	100	100	100	100	100
Issue date	October 2025	November 2015	February 2021	May 2021	May 2021	October 2025
Maturity year	2056	2045	Perpetual	2051	2051	2056
Loan may be called by borrower as from	2030	2025	2026	2027	2026	2030
Repayment profile	Interest-only	Interest-only	Interest-only	Interest-only	Interest-only	Interest-only
Interest structure	1.15% above NIBOR 3m (until 2035)	2.75% above NIBOR 3m (until 2025)	2.4% above STIBOR 3m	1.25% above NIBOR 3m (until 2031)	1.15% above STIBOR 3m 1.15% above STIBOR 3m (until 2031)	1.15% above STIBOR 3m (until 2035)
	2.15% above NIBOR 3m (from 2035)	3.75% above NIBOR 3m (from 2025)		2.25% above NIBOR 3m (from 2031)	2.15% above STIBOR 3m 2.15% above STIBOR 3m (from 2031) (from 2035)	2.15% above STIBOR 3m (from 2035)

a) Cancelled in 2025

The share of subordinated loan capital included in own funds totals DKK 2,582m (DKK 2,886m at 31 December 2024). The loans are initially recognised at fair value on the date on which a loan is entered and subsequently measured at amortised cost. The fair value of the loans are based on quoted prices. Given the low frequency of trades the prices are considered Level 2 input. The loans are issued by Tryg Forsikring A/S. The creditors have no option to call the loans before maturity or otherwise terminate the loan agreements. Tryg Forsikring A/S. have the option to pay the subordinated loan at nominal maturity date with an option for early redemption. The loans are automatically accelerated upon the liquidation or bankruptcy of Tryg Forsikring A/S. Prices used for determination of fair value in respect of the loans are based on actual traded prices from Bloomberg, Annual Report 2025 | Tryg A/S | 181

b) Tryg Forsikring A/S has purchased SEK 687m of the outstanding SEK 1,000m in 2025

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Notes

Insurance contract liabilities 22

Aggregation and recognition

insurance contracts are determined by identifying portfolios of insurance contracts, each Insurance contracts are aggregated into groups for measurement purposes. Groups of comprising contracts subject to similar risks and managed together, and dividing each portfolio into annual cohorts (i.e. by year of issue) and each annual cohort into three groups based on the profitability of contracts:

any contracts that are onerous on initial recognition;
any contracts that, on initial recognition, have no significant possibility of becoming onerous subsequently; and
any remaining contracts in the annual cohort.

An insurance contract issued is recognised from the earliest of:

the beginning of its coverage period;
when the first payment from the policyholder becomes due or, if there is no contractual due date, when it is received from the policyholder; and
when facts and circumstances indicate that the contract is onerous.

An insurance contract acquired in a transfer of contracts or a business combination is recognised on the date of acquisition.

Contract boundary

Contract boundary define the cash flows within the boundary of each insurance contract. obligations that exist during the reporting period in which Tryg can compel the policyholder to pay premiums or has a substantive obligation to provide services (including Cash flows are within the contract boundary if they arise from substantive rights and nsurance coverage and any investment services).

A substantive obligation to provide services ends when:

Tryg has the practical ability to reassess the risks of the particular policyholder and can set a price or level of benefits that fully reflects those reassessed risks; or
Tryg has the practical ability to reassess the risks of the portfolio that contains the portfolio, and the pricing of the premiums up to the reassessment date does not contract and can set a price or level of benefits that fully reflects the risks of that take into account risks that relate to periods after the reassessment date.

The reassessment of risks considers only risks transferred from policyholders to Tryg, which may include both insurance and financial risks, but exclude lapse and expense

Iryg issues non-life insurance contracts with a short period of insurance covers. Tryg apply the premium allocation model to all insurance contracts issued.

compelled to pay amounts to the reinsurer or has a substantive right to receive services from Cash flows are within the contract boundary of a reinsurance contract held if they arise from substantive rights and obligations that exist during the reporting period in which Tryg is the reinsurer.

A substantive right to receive services from the reinsurer ends when the reinsurer:

has the practical ability to reassess the risks transferred to it and can set a price or level of benefits that fully reflects those reassessed risks; or
has a substantive right to terminate the coverage.

The contract boundary is reassessed at each reporting date to include the effect of changes in circumstances

Loss component

Tryg assumes that no contracts are onerous at initial recognition unless facts and circumstances indicate otherwise. Tryg considers facts and circumstances to identify whether a group of contracts are onerous based on:

Pricing information
Results of similar contracts it has recognised
Environmental factors, e.g., a change in market experience or regulations

establishes a loss component as the excess of the fulfilment cash flows that relate to the circumstances mentioned indicate that a group of insurance contracts is onerous, Tryg Where this is not the case, and if at any time during the coverage period, the facts and

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Sustainability statement

Insurance contract liabilities (continued) 22

remaining coverage of the group over the carrying amount of the liability for remaining coverage of the group. Accordingly, by the end of the coverage period of the group of contracts the loss component will be nil.

Loss-recovery components

coverage for a group of reinsurance contracts held depicting the expected recovery of the insurance contracts, or when further onerous underlying insurance contracts are added When Tryg recognises a loss on initial recognition of an onerous group of underlying to a group, Tryg establishes a loss-recovery component of the asset for remaining osses if relevant.

The loss-recovery component is subsequently reduced to zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the lossrecovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.

Measurement, insurance contracts

Iryg uses the premium allocation approach to simplify the measurement of groups of insurance contracts.

remaining coverage is measured at the premiums received on initial recognition. Tryg has On initial recognition of each group of contracts, the carrying amount of the liability for chosen to expense insurance acquisition cash flows when they are incurred.

The coverage period is defined as the period when an insured event can occur.

Subsequently, the carrying amount of the liability for remaining coverage is increased by any premiums received and decreased by the amount recognised as insurance revenue for services provided. Services is usually provided based on passage of time.

premium due date is no more than a year. Accordingly, Tryg has chosen not to adjust the Tryg expects that the time between providing each part of the services and the related

iability for remaining coverage to reflect the time value of money and the effect of inancial risk. If at any time during the coverage period, facts and circumstances indicate that a group iability for remaining coverage to the extent that the current estimates of the fulfilment eash flows that relate to remaining coverage exceed the carrying amount of the liability of contracts is onerous, then Tryg recognises a loss in profit or loss and increases the or remaining coverage. The fulfilment cash flows are discounted at current rates.

policyholders or third parties to fulfil the obligations toward policyholders. Claims include Claims and claims handling costs including expected claims handling costs are expensed direct and indirect claims handling costs that arise from events that have occurred up to he Statement of Financial Position date even if they have not yet been reported to Tryg. in the income statement as incurred based on the estimated future cash flows to

iability for Incurred claims is measured as the total of the expected fulfilment cash flows, money and the associated financial risks, and a risk adjustment for non-financial risk. The which comprise estimates of future cash flows, adjusted to reflect the time value of ulfilment cash flows of a group of insurance contracts do not reflect Tryg's nonperformance risk. The risk adjustment for non-financial risk for the liability for incurred claims is determined uncertainty about the amount and timing of the cash flows that arises from non-financial separately from the other estimates and is the compensation required for bearing

The risk adjustment is based on statistical methods (cost of capital) and the disclose of he confidence level corresponding to the results of that technique is shown below. I ryg disaggregates the change in the risk adjustment for non-financial risk between the nsurance service result and the effect of discounting in insurance finance income or expenses Annual Report 2025 | Tryg A/S | 183

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Insurance contract liabilities (continued) 22

amount of the fulfilment cash flows relating to incurred claims. The future fulfilment cash Trygrecognises the liability for incurred claims of a group of insurance contracts at the flows are discounted (at current rates). Fulfilment cash flows are estimated using the assessments of individual cases reported to ultimate cost of more complex claims that may be affected by external factors (such as Iryg and statistical analyses of claims incurred but not reported and the expected court decisions). The provisions include claims handling costs.

the appropriate currency for instruments that expose the holder to no or negligible credit isk, adjusted to reflect the liquidity characteristics of payment of future incurred claims. associated financial risks at the reporting date. Discount rate reflects the yield curve in Liability for incurred claims is discounted to reflect the time value of money and the

Assumptions and interdependencies

Level of aggregation and the evaluation of contract boundary are significant assumptions as these define the use of the premium allocation model's simplified measurement model.

case for claims in motor liability, professional liability, workers' compensation, personal annuity payments or where the assessment of the actual claim takes time. This is the Discounting affects in particular long tailed claims where payments may be made as accident and health insurance classes.

Chain-Ladder techniques are used for lines of business with a stable run-off pattern. The used are Chain-Ladder. Bornhuetter-Ferguson and the Loss Ratio method among others provisions are allocated to segments based on pragmatic criteria. The models currently methods. Where such business lines encompass more than one business area, claims Liability for incurred claims is determined for each line of business based on actuarial Bornhuetter-Ferguson method, and sometimes the Loss Ratio method, are used for accident years in which the future run-off is highly uncertain. In some instances, historic data used in the actuarial models is not necessarily predictive for the expected future development of claims. This is the case with legislative changes.

determining the change in the level of claims. The estimate is maintained until new loss n this situation the a priori estimate used for premium increases is used to reflect the expected increase in claims based on the new legislation. This estimate is used for nistory materialises which can be used for re-estimation. Several assumptions and estimates underlying the calculation of the liability for incurred claims are interdependent. Most importantly, this can be expected to be the case for assumptions relating to interest rates and inflation. Annuity payments and personal accident are areas in which explicit inflation assumptions are used, with claim payments being indexed based on wage increases or consumer price inflation. Inflation curves that reflects the market's inflation and wage increase expectations are used to approximate the future indexation.

consequence of inflation changes to the extent that such changes affect the interest rate. -or other lines of business, with implicit inflation assumptions, the actuarial models will cause a certain lag in predicting the level of future losses when a change in inflation occurs. On the other hand, the effect of discounting will show immediately as a

Other correlations are deemed not to be significant.

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Insurance contract liabilities (continued) 22

		2025					2024
		Liability	ity for remaining coverage	Liabilities for i for contracts	Liabilities for incurred claims for contracts under the PAA	1	Liability	Liability for remaining coverage	Liabilities for incurred claims for contracts under the PAA	iabilities for incurred claims for contracts under the PAA
		Excluding loss	950	Present value	Risk adjustment for non-		Excluding loss	950	Present value	Risk adjustment for non-
DKKm		component	component	flows	financial risk	Total	component	component	flows	financial risk	Total
Balance at 31 December 2024		6,022	-	38,797	2,149	46,969
Transfer between LIC and AIC					-488	-488
Balance as at 1 January		6,022	_	38,797	1,661	46,481	5,733	-	41,440	2,289	49,463
Insurance revenue		-41,515	0	0	0	-41,515	-39,974	0	0	0	-39,974
Incurred claims and other directly attributable expenses	ibutable expenses	2,080	0	27,813	281	30,174	1,665	0	27,389	1,225	30,279
Insurance acquisition costs		3,345	0	0	0	3,345	3,531	0	0	0	3,531
Run-off previous years adjustments to the LIC	o the LIC	0	0	-157	-568	-724	0	0	-262	-1,378	-1,640
Insurance service expenses (gross)		5,425	0	27,656	-286	32,795	5,196	0	27,127	-153	32,171
Profit/loss on gross business		-36,090	0	27,656	-286	-8,720	-34,779	0	27,127	-153	-7,804
Net finance income/expense from insurance contracts	urance contracts	-5	0	293	51	339	_	0	733	13	747
Total income statement (gross)		-36,095	0	27,949	-236	-8,381	-34,777	0	27,860	-139	-7,057
Cash flows
Insurance revenue receivedal		41,631	0	0	0	41,631	40,262	0	0	0	40,262
Claims and other directly attributable expenses paid ⁹⁾	expenses paid ^b)	-2,080	0	-27,152	0	-29,232	-1,665	0	-30,502	0	-32,167
Insurance acquisition costs cash flows	Sc)	-3,345	0	0	0	-3,345	-3,531	0	0	0	-3,531
Total Cash Flows		36,206	0	-27,152	0	9,053	35,066	0	-30,502	0	4,564
Closing insurance contract liabilities		6,133	1	39,594	1,425	47,153	6,022	1	38,797	2,149	46,969
Balance as at 31 December		6,133	1	39,594	1,425	47,153	6,022	1	38,797	2,149	46,969

a) Insurance revenue received includes premiums received, change in liability for remaining coverage from business combinations (Trygg-Hansa), change in debt and receivable and exchange rate adjustment from local currency to group currency. Liability for remaining coverage includes administration costs related to insurance contracts

The calculated risk adjustment corresponds to the confidence level of 65% at 31 December 2025 (75% at 31 December 2024).

c) Tryg has chosen to expense acquisition cost as they incur

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Governance

Pensions and similar obligations 23

Employee benefits

Pension obligations

Group operated a defined-benefit plan which was closed at 1 January 2020. In Denmark the Group operates a defined-contribution plan. A defined-contribution plan is a pension will have no legal or constructive obligation to pay further contributions. In Sweden, the Försäkringsbranschens Pensionskassa (FPK) is unable to provide sufficient information for the Group to use defined-benefit accounting. The plan is on that basis accounted for plan under which the Group pays fixed contributions into a separate entity (a fund) and as a defined-contribution plan. As part of the termination of the defined-benefit plan in contributions to insurance companies or trustee-administered funds. In Norway, the Group complies with the industry pension agreement, FTP-Planen. FTP-Planen is The Group operates various pension schemes. The schemes are funded through primarily a defined-benefit plan as regards the future pension benefits.

are no future actuarial assumptions related to the liability, only uncertainty is whether the If the employee leaves before retirement only a part of the compensation is paid. There employees stays to retirement or not.

agreed. A liability has been established to cover the expected compensation to be paid to

he employees upon retirement from the company.

Norway, an agreement of compensation to the employees covered by the plan was

Other employee benefits

Some employees are entitled to a fixed payment when they reach retirement and when they have been employed with the Group for 25 and for 40 years. The Group recognises this liability at the time of signing the contract of employment.

	2025	2024
Jubilees, pensions and other obligations	33	20
Compensation liability	2	00
Recognised liability	35	28
Defined-benefit pension plans Norway:
Present value of pension obligations funded through operations	27	29
Specification of change in recognised pension obligations
Recognised pension obligation at 1 January	29	26
Exchange rate adjustments	0
Capital cost of previously earned pensions	4	7
Actuarial gains/losses	_	_
Paid during the period	-5	-4
Recognised pension obligation at 31 December	27	29
Total pensions and similar obligations at 31 December	27	29
Total recognised obligation at 31 December	62	57
Specification of pension cost for the year:
Present value of pensions earned during the year	3	9
Accrued employer contributions	1	_
Total year's cost of defined-benefit plans	4	7

The premium for the following financial years is estimated at	—
Number of pensioners	96	105
Assumptions used	%	%
Discount rate	3.6	2.8
Salary adjustments	4.0	3.5
Pension adjustments	2.7	1.9
G adjustments	3.8	3.3
Turnover	7.0	7.0
Employer contributions	14.1	19.1
Mortality table	K2013	K2013

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Sustainability statement

Pensions and similar obligations (continued) 23

Description of the Swedish plan

Irygg-Hansa, a branch of Tryg Forsikring A/S, complies with the Swedish industry pension agreement, the FTP plan, which is insured with Försäkringsbranschens Pensionskassa - FPK. Under the terms of the agreement, the Group's Swedish branch has undertaken, along with the other businesses in the collaboration, to pay the pensions of the individual employees in accordance with the applicable rules.

accounting. For this reason, the Group has accounted for the plan as if it were a defined-The FTP plan is primarily a defined-benefit plan in terms of the future pension benefits. FPK is unable to provide sufficient information for the Group to use defined-benefit contribution plan in accordance with IAS 19.30.

126 at 31 December 2023). The Solvency Ratio is defined as the own funds relative to the about 6.2% (3.0% in 2024) of the annual premium in FPK (2024). FPK writes in its annual report for 2024 that it had a solvency ratio of 131 at 31 December 2024 (Solvency ratio This year's premium paid to FPK amounted to DKK 21m (DKK 17m in 2024), which is solvency capital requirement.

Deferred tax 54

Accounting policy

liabilities. Deferred income tax is measured using the tax rules and tax rates that apply in the relevant countries on the statement of financial position date when the deferred tax method on all timing differences between the tax and accounting value of assets and Deferred tax is measured according to the statement of financial position liability asset is realised, or the deferred income tax liability is settled.

Deferred income tax assets, including the tax value of tax losses carried forward, are recognised to the extent that it is probable that future taxable profit will be realised against which the temporary differences can be offset.

probable that the temporary difference will not be realised in the foreseeable future. except where Tryg controls when the temporary difference will be realised, and it is Deferred income tax is provided on temporary differences concerning investments,

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Sustainability statement

Deferred tax (continued) 54

DKKm	2025	2024	Tax value
Tax assets			11 22 22
Land, buildings and operating equipment	5	14	DANIII
Bonds	0	4	rchot+ol/
Debt and provisions	355	327	Switzerlan
	360	345	Belgium
Tax liability			United Kir
Intangible rights	1,961	1,954	Ireland

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u	2025		2024
	Loss	Tax value	Loss	Tax value
Netherlands	22	7	30	9
Switzerland	30	5	26	4
Belgium	4	_	13	3
United Kingdom	10	2	14	3
Ireland	0	0	4	_
Total	99	12	88	16

branches can generate sufficient future taxable income within 3-5 years to offset the tax can be carried forward indefinitely, however in some countries with yearly limitations to Tax loss determined according to United Kingdom, Belgium, Dutch and Austria tax rules be applied. In Switzerland tax losses can be carried forward 7 years. The tax losses are not recognised as tax assets as it has not been substantiated that the local entities/ losses.

1,086 3,125 2,780

1,029

Debt and provisions

Bonds

Contingency funds

_and and buildings

3,197 2.836 The total current and deferred tax relating to items recognised in equity is recognised in the statement of financial position in the amount of DKK 52m (DKK-68m at 31 December 2024).

3,368

2,780

405

Change in deferred tax recognised in income statement

Change in deferred tax previous years Change in tax loss to carry forward

Exchange rate adjustments Deferred tax at 1 January

Development in deferred tax

Deferred tax

Change in deferred tax recognised in equity

Deferred tax at 31 December

Change in valuation of tax asset

2,780

2,836

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Sustainability statement

Other provisions 25

Accounting policy

probable to result in economic outflow from the Group. Provisions are measured at the because of an event prior to or at the Statement of Financial Position date, and it is Provisions are recognised when the Group has a legal or constructive obligation best estimate by management of the expenditure required to settle the present obligation.

restructuring plan has been decided and announced prior to or at the Statement of Financial Position date. Includes severance pay in connection with retirement of Provisions for restructuring are recognised as obligations when a detailed formal employees.

own insurance claims and are reported when the damage occurs according to the same Own insurance is included under other provisions. The provisions apply to the Group's principle as the Group's other claims provisions.

DKKm	2025	2024

Other provisions at 1 January	84	223
Exchange rate adjustments	0	-2
Change in provisions	0	-137
Other provisions at 31 December	83	84

Other provisions primarily relate to the bankruptcy of Gefion and the Group's own insurance claims. The maturity of the obligation is within 5 years.

Earnings per share, operating earnings per share 56

-
.=
7
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=
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3
0
S
9
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Key ratios

Earnings per share (EPS) is calculated according to IAS 33. This and other key ratios are calculated in accordance with Recommendations and Ratios issued by the CFA Society Denmark.

DKKm	2025	2024
Profit/loss for the period cf. Income statement	5,405	4,816
Adjusted for interest on Additional Tier 1 capital cf. equity	19-	-73
Profit/loss from continuing business to shareholders of Tryg	5,338	4,742
Amortisation on intangible assets related to customer relations after tax	710	735
Operating Profit/loss for the period	6,048	5,477
Average number of shares ('000)	604,762	615,441
Diluted number of shares ('000)	606,298	615,903
Earnings per share, continuing business	8.83	7.71
Diluted earnings per share, continuing business	8.80	7.70
Earnings per share	8.83	7.71
Diluted earnings per share	8.80	7.70
Operating earnings per share	10.00	8.90

a) Calculated as operating profit/loss for the period divided by average number of shares in the period.

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Financial results

Strategy

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Other debt 27

Accounting policy

nterest method and is presented as part of other debt. The lease liability is remeasured rate. Subsequently, the lease liability is measured at amortised cost using the effective (based on indexation or contract changes) to reflect changes in future lease payments. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the ease. If this rate cannot be readily determined, Tryg uses its incremental borrowing A corresponding adjustment is made to the carrying amount of the ROU asset. Lease liability

payables and other debt. Other liabilities are assessed at amortised cost based on the Debt comprises amounts owed to credit institutions, current tax obligations, trade effective interest method. Debt related to leasing and external investors share of investment assets is included in other debt. External investors share of investment assets relates to bonds and investment properties. Repo deposits from credit institutions are recognised and measured at amortised cost, and the return is recognised as interest expenses in the income statement.

DKKm		2025	2024
Maturity of undiscounted lease liabilities
Due 1 year or less		186	170
Due 2-5 years		352	387
Due more than 5 years		481	539
Total undiscounted lease liabilities 31 December		1,019	1,096
Lease liabilities included in the statement of financial position	lposition
Hereof future cash flow of contract options		24	21
Amounts recognised in the statement of cash flow
Total cash out-flow for leases		182	210
Amounts recognised in the income statement
Interest on lease liabilities		-40	-47

There are no short-term leases recognised in the financial statement.

Please refer to note 15 for specification of ROU assets.

DKKm	2025	2024

Accrued costs	1,539	1,381
External customers ^a)	0	634
Lease liabilities	808	856
Unsettled fund transactions	518	1,965
Other	1,507	1,232
Other debt at 31 December	4,373	6,068

a) External customers have been redeemed during the financial year.

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Sustainability statement

Contractual obligations, collateral and contingent liabilities 28

	Contractual obligations		Obligat	Obligations due by period	riod
DKKm 2025	2025	<1 year	1-3 years	1-3 years 3-5 years	>5 years	Total
	Other contractual obligations ^a)	819	1,014	665	160	2,492
		819	1,014	667	160	2,492

	2024
	Other contractual obligations ^a)	751	909	155	117	1,529
		751	909	155	117	1,529

a) Other contractual obligations mainly consists of investment commitments, IT and outsourcing agreements. Please refer to note 15 for lease agreements recognised as ROU assets.

Iryg has signed the following material contracts above DKK 50m

Iryg is committed to invest in some investment funds. The commitment amounts to DKK 166m in 2024), additionally DKK 57m (DKK 308m in 2024) within 5 years and DKK 25m 172m (DKK 573m in 2024) of which DKK 90m are expected called during 2026 (DKK DKK 99m in 2024) after 5 years.

Iryg has signed IT infrastructure agreements with commitments amounting to DKK 1,897m (DKK 489m in 2024) within 5 years.

withheld and paid in the group, including income taxes, and taxes withheld at source such IryghedsGruppen smba is the administration company in the Danish joint taxation group. The Danish companies under the joint taxation group are jointly liable for any taxes to be Iryg Group's Danish companies are in majority part of a joint taxation with IryghedsGruppen smba, with some exemptions due to Danish legislation. as taxes on interest and dividends.

Contingent liabilities

Price adjustments 2016-2020

complying with regulations on giving notice for price adjustments for private customers assessment the Danish Consumer Ombudsman concluded that certain customers may assessment of the case. In the Danish Consumer Ombudsman's opinion Tryg was not when increasing prices above normal indexation between March 2016 and February 2020. The case is related to a part of the private portfolio in Denmark. Based on this nave a recovery claim against Tryg. Tryg does not agree with the Danish Consumer At the end of October 2020 Tryg received the Danish Consumer Ombudsman's

increases. In April 2022 the Danish Consumer Ombudsman decided that the case should be Ombudsman's assessment as Tryg believes it has followed the applicable regulation and guidelines stated by the Danish Financial Supervisory Authority ("FSA") in terms of price ested in court.

During the first quarter of 2026 Tryg expects to receive a ruling from the Danish Supreme Danish Consumer Ombudsman arguments against Tryg, Tryg has appealed the decision On 5 April 2024 the Danish Maritime & Commercial Court has ruled in favour of the Court on a historical pricing practice in part of the Danish business to consumers and the permission to appeal has been granted by the Danish Supreme Court. segment in the period between 2016 and 2020.

The Executive Board has decided not to disclose any amount but the case is deemed to have immaterial financial consequences for Tryg's equity and solvency position.

related to the insurance industry will not affect the Group's financial position significantly beyond the obligations recognised in the statement of financial position at 31 December industry. Based on available information, the Executive Board believes that the disputes Companies in the Group are party to a number of other disputes in Denmark, Norway and Sweden. Furthermore, the Group is also aware of general disputes related to the 2025. The disputes are continuously evaluated.

Securities for insurance provisions

Irve Livforsikring A/S has registered the following assets as having been held as security Iryg Livsforsikring A/S and Forsikrings-Aktieselskabet Alka Liv II have merged in 2025. or the insurance provisions:

DKKm	2025	2024
Equity investments	0	200
Bonds	982	645
Interest and rent receivable	2	3
	985	1,149

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Sustainability statement

Contractual obligations, collateral and contingent liabilities (continued) 28

Offsetting and collateral in relation to financial assets and liabilities

Collateral which is not offset in the statement of financial position

				Collateral Net amount
				Collateral
Further	offsetting,	master	netting	agreements
According	to the	statement	of financial	position
				Offsetting
	Gross	amount	before	offsetting
				2025
				)KKm

2025	offsetting	offsetting Offsetting	position	position agreements Collateral Net amount	Collateral	Net amount
Assets
Derivative financial
instruments	1,085	-508	277	-541	-28	6
	1,085	-508	577	-541	-28	6
Liability
Repurchase	6	•
agreement	4,200	0	4,200	0	-4,200	0
Derivative financial
instruments	1,868	-508	1,361	-541	-809	11
	6,068	-508	5,560	-541	-5,009	11

Assets
Reverse repurchase	340	C	340	0	-340	0
Derivative financial
instruments	1,321	-659	661	-550	-109	2
	1,661	-659	1,002	-550	-450	2
Liability
Repurchase
agreement	3,684	0	3,684	0	-3,684	0
Derivative financial
instruments	1,708	-659	1,048	-550	-494	4
	5,392	-659	4,732	-550	-4,178	7

and the counterparty have a legally enforceable right of set-off and have agreed to settle Financial assets and liabilities are offset and the net amount reported when the Group on a net basis or to realise the asset and settle the liability.

counterparty are offset if it has been agreed to settle contractual payments on a net basis when cash payments are made or collateral is provided on a daily basis in case of fair inancial instruments may be cleared (CCP clearing) through London Clearing House. value changes. The Group's netting of positive and negative fair values of derivative Positive and negative fair values of derivative financial instruments with the same

but does not meet the conditions for accounting offsetting in the Statement of Financial agreements. Master netting agreements and similar agreements entitle parties to offset in the event of default, which further reduces the exposure to a defaulting counterparty Furthermore, netting is carried out in accordance with enforceable master netting Position.

Related parties

company, TryghedsGruppen smba and the subsidiaries of TryghedsGruppen smba (other related parties). Related parties include the Supervisory Board, the Executive Board The Group has no related parties with a controlling influence other than the parent (defined as key management) and their members' family. Risk-takers are not key management.

0	DKKm	2025	2024
0	Premium income
2	- Parent company (TryghedsGruppen smba)	0.8	0.8
.	- Key management	9.0	9.0
	- Other related parties	0.0	0.1
0	Claims payments
	- Parent company (TryghedsGruppen smba)	0.2	0.2
7	- Key management	0.4	0.1

Annual Report 2025 | Tryg A/S | 192

2024

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Related parties (continued) 29

Specification of remuneration

	2025					2	2024
	Number of	Base salary S Number of incl. car	Share-based variable	Cash variable			Number of	Base salary incl. car	Share-based variable	Cash variable
DKK m	persons	persons allowance ^a)	salary ^b)	salary	Pension	Total	persons	allowance ^a)	salary ^b)	salaryo	Pension	Total
Supervisory Board	16	13	0	0	0	13	15	12	0	0	0	12
Executive Board	5	33	6	7	6	58	2	33	6	4	∞	54
Risk-takers staff functions	34	69	10	00	11	93	34	52	10	8	6	74
Risk-takers independent control functions	4	6	0	0	_	10	4	$\infty$	0	0	_	10
Risk-takers other functions	54	66	14	13	15	141	69	109	19	7	17	152
	113	219	32	28	37	316	127	214	38	13	36	301

20	2025		2024
N	Number of	Severance	Number of	Severance
	persons	pay	persons	pay
	(nom.)	(DKKm)	(nom.)	(DKKm)

	_	0	_	0
	0	0	0	0
	9	0	80	0
	7	0	6	0
		Number of persons (nom.)	Number of Severance persons pay (nom.) (DKKm) 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0	ber of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of Severance Number of

a) Car allowance is not included in the base salary for the Supervisory Board

b) Total expenses recognised in 2024 and 2025 concerning share-based payment totals allocation in 2025 and previous years. For further details on share-based payment totals allocation in 2025 and previous years. For further details on remuneration of Supervisory Board and Executive Board, please refer to "Corporate governance" in Management review.

c) Including non-competition clause

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Notes

Related parties (continued) 29

Base salary are charges incurred during the financial year. Variable salary includes sharebased payment, which are recognised over a deferral period up to 5 years from performance year.

The members of the Supervisory Board in Tryg A/S are paid with a fixed remuneration and are not covered by the incentive schemes.

The members of the Executive Board are paid a fixed remuneration, pension, car allowance, special allowances, and staff benefits.

years. The long-term incentive programme was granted in 2025 with a three-year vesting period with 40% share options and 60% Performance Share Units which are deferred for January 2026 with 40% cash, and 60% Restricted Shares Units which are deferred for 5 programmes; a short-term incentive programme and a long-term incentive programme. ive years after grant in 2025. Please refer to 'Corporate governance' in Management The short-term incentive programme for the performance year 2025 is granted in The variable remuneration for the Executive Board are divided into two incentive eview.

Each member of the Executive Board is entitled to 12 months' notice and severance pay equal to 12 months' salary plus pension contribution. If a change of control clause is actioned COO is entitled to severance pay equal to 36 months' salary. Risk-takers are defined as employees whose activities have a significant influence on the company's risk profile. The Supervisory Board decides which employees should be considered to be risk-takers.

Parent company

IryghedsGruppen smba

FryghedsGruppen smba controls 48.6% (47.9% at 31 December 2024) of the total shares n Tryg A/S. TryghedsGruppen smba has de facto control over Tryg A/S.

This amounts to TryghedsGruppen smba controlling 49.4% (48.1% at 31 December 2024) of the shares outstanding in Tryg A/S as at 31 December 2025.

In 2025 Tryg A/S paid TryghedsGruppen smba dividends of DKK 2,392m (DKK 2,265m in 2024).

The transactions between TryghedsGruppen smba and Tryg A/S is conducted on an arm's length basis. Intra-group transactions with TryghedsGruppen smba from Tryg Forsikring A/S consists of administrative services, IT and data deliveries.

The transactions amounts to DKK 2m (DKK 4m in 2024).

All transactions are conducted on an arm's length basis.

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Share-based payment 30

Accounting policy

The Group's incentive programmes comprise an employee bonus scheme and incentive programmes for executive board, risk takers and other employees.

A part of the variable remuneration programmes is provided as a share-based long-term incentive programme (LTI) and a short-term incentive programme (STI) with deferral periods.

Read more about the Group's incentive schemes in detail in the Remuneration Report 2025 and remuneration policy at tryg.com/en/governance/remuneration

Employee bonus scheme

According to the remuneration policy, the Group's employees can be granted a bonus in performance period. The scheme will be treated as a financial instrument, consisting of exercise, such that the total recognition is based on the actual number of shares or the the right to cash settlement and the right to request delivery of shares. The difference remeasured. The remainder is treated as a liability and is remeasured until the time of receiving shares or cash. The expected value of the shares will be expensed over the the form of free shares. When the bonus is granted, employees can choose between between the value of shares and the cash payment is recognised in equity and is not actual cash amount.

Conditional shares

Conditional shares have been allocated to some employees in accordance with the Group's incentive programmes. Equity-settled conditional shares are measured at the fair value at the grant date and recognised under staff costs over the period from the grant date until the end of the deferral period (the transfer date), where the holder receive free shares.

performance year. If the holder retires during the deferral period but remains entitled to The shares are recognised at market value and are accrued from up to five years from shares, the remaining expense is recognised in the current accounting year.

Matching shares

Matching shares have been allocated to some employees in accordance with the Group's ncentive programmes.

deferral period, based on the market price at the time of acquisition. Recognition is from equity. If the employee retires during the deferral period but remains entitled to shares, he end of the month of acquisition under staff costs with a balancing entry directly in The shares are recognised at market value and are accrued over the three or four year he remaining expense is recognised in the current accounting year.

Share options

Share options have been allocated to some employees in accordance with the Group's ncentive programmes.

simulations and vests over a three year period from the grant date. The share options are entitled to share options, the remaining expense is recognised in the current accounting expensed under staff costs over the vesting period, provided that the employee has not resigned from the Group. If the employee retires during the vesting period but remains The share options are recognised at fair value at the grant date based on monte carlo

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Contents

Share-based payment (continued) 30

Fair Value		Total fair	value at 31	December	DKKm	0	134	0	-12
	Value per	matching	nare at 31	allocation December	DKK	0	167	167	167
		matching Total value	at time of	allocation	DKKm	0	112	0	-10
	Average value per	matching	share at	grant date	DKK	0	140	140	140
Total Numbers					Total	0	804,021	0	-74,867
Tota					0ther	0	411,790	315	-53,063
					Board Risk-takers	0	129,330	-315	-7,476
				Executive	Board R	0	262,901	0	-14,328
Matching shares					2025	Matching shares granted in 2025	Allocated in 2011 - 2024	Category changes and addition	Cancelled

Carrying amount at 31 December	0	15,364	41,775	57,139	140	8	167	10
2024
Matching shares granted in 2024	0	0	0	0	0	0	0	0
Allocated in 2011 - 2023	262,901	103,203	437,916	804,021	140	112	152	122
Category changes and addition	0	26,126	-26,126	0	140	0	0	0
Cancelled	-14,328	-7,476	-49,958	-71,762	140	-10	152	-11
Exercised	-248,573	-87,363	-270,071	-606,007	140	-85	152	-92
Carrying amount at 31 December	0	34,491	91,761	126,252	140	18	114	19
								1

167

-94

140

-672.015

-317.267

-106.175

-248.573

Exercised

Matching shares

In accordance with the Group's remuneration policy the Group has on agreed terms allocated matching shares for some employees.

Executive Board, Risk-takers and Other employees are allocated one share in Tryg A/S for each share acquired in Tryg A/S at market price for liquid cash at a contractually agreed sum over a deferral period of up to 4 years. In 2025, the recognised fair value of matching shares for the Group amounted to DKK 5m (DKK 9m in 2024). At 31 December 2025, total fair value related to matching shares amounted to DKK 10m (DKK 19m in 2024). The number of shares is adjusted for dividend paid, no expected dividend is included. Annual Report 2025 | Tryg A/S | 196

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Contents

Sustainability statement

Share-based payment (continued) 30

Total Numbers




Conditional shares

Conditional shares			Tot	Total Numbers				Fair Value
					Average value per conditional share at	Total value at time of	Value per conditional share at 31	Total fair
2025	Executive Board F	Risk-takers	Other	Total	grant date DKK	allocation DKKm	December DKK	December DKKm
Conditional shares granted in 2025	65,586	140,793	147,149	353,528	160	57	167	59
Allocated in 2018 - 2024	187,184	766,642	616,742	1,570,568	168	264	167	261
Category changes and addition	0	-44,746	44,746	0	168	0	167	0
Cancelled	0	-17,070	-18,439	-35,509	168	9-	167	9-
Exercised	-83,892	-531,486	-420,751	-1,036,129	168	-174	167	-173
Carrying amount at 31 December	103,292	173,340	222,298	498,930	168	84	167	83
2024
Conditional shares granted in 2024	35,556	54,977	97,592	188,125	161	30	152	29
Allocated in 2018 - 2023	147,003	781,378	422,729	1,351,110	169	228	152	205
Category changes and addition	4,625	-69,713	96,421	31,333	169	5	152	2
Cancelled	0	-14,208	-12,857	-27,065	169	-5	152	7-
Exercised	-74,525	-429,680	-338,681	-842,886	169	-143	152	-128
Carrying amount at 31 December	77,103	267,777	167,612	512,492	169	87	152	78

Conditional shares

In accordance with the Group's remuneration policy the Group has on agreed terms allocated conditional shares for some employees.

Executive Board, Risk-takers and Other employees are allocated shares in Tryg A/S if certain conditions, such as financial, and non-financial targets, combined with employment with the Group in the deferral period, are fulfilled over a period of up to 5 years from performance year 2025. In 2025, the recognised fair value of conditional shares for the Group amounted to DKK 47m (DKK 49m in 2024). At 31 December 2025, total fair value related to conditional shares amounted to DKK 142m (DKK 106m in 2024).

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Governance

Share-based payment (continued) 30

Share options	Total Numbers	ŝ			Fair Value
					Average		Value per
					value per		share
					share	share Total value	option at	Total fair
					option at	at time of	31	value at 31
	Executive				grant date	allocation	December	December
2025	Board	Board Risk-takers	Other	Total	DKK	DKKm	DKK	DKKm
Share options granted in 2025	295,038	270,328	0	565,366	23	13	167	96

Share options

In accordance with the Group's remuneration policy the Group has on agreed terms allocated share options for some employees in 2025.

Executive Board and Risk-takers are allocated share options in Tryg A/S combined with employment with the Group over the vesting period. In 2025, the recognised fair value of share options for the Group amounted to DKK 4m. At 31 December 2025, total fair value related to share options amounted to DKK 94m.

The share options are linked to Tryg A/S' share price development and expected dividends for the vesting period. The exercise price has been determined above 100% of the share price at the time of grant, and will be subject to dividend adjustment. A cap has been determined, limiting the gain on the share option grant in the exercise period in any year from exceeding 25% of the annual salary in the grant year. The exercise period for share options are two years after the vesting period of three years plus a lock-up period of six month.

Assumptions used	2025
Expected volatility (%)	16.7
Expected life (years)	5.5
Expected dividends per share (DKK)	8.2 - 9.0
Risk-free interest rate (%)	2.1
Fair value at measurement date per share option (DKK)	14.7

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Contents

Governance

31 Financial highlights

DKKm	2025	2024	2023	2022	2021
Insurance revenue	41,515	39,974	39,126	38,365	25,369
Insurance service expenses	-32,795	-32,171	-32,153	-30,619	-20,947
Net expenses from reinsurance contracts	-775	-748	-507	-576	-727
Insurance service result	7,945	7,056	6,465	7,174	3,695
Net investment resulta)	778	911	299	-1,979	1,012
Other income and costs	-1,511	-1,664	-2,001	-2,143	-752
Profit/loss before tax	7,212	6,303	5,029	3,051	3,956
Tax	-1,807	-1,488	-1,178	-804	-795
Profit/loss on continuing business	5,405	4,816	3,851	2,247	3,161
Profit/loss on discontinued and divested business	0	0	0	0	-3
Profit/loss for the period	5,405	4,816	3,851	2,247	3,158
Other comprehensive income
Other comprehensive income which cannot subsequently be reclassified as profit or loss	_	_		-2	0
Other comprehensive income which can subsequently be reclassified as profit or loss	1,406	-837	φ	-1,828	-36
Other comprehensive income	1,407	-838	6-	-1,830	-36
Comprehensive income	6,812	3,978	3,842	417	3,122
Run-off gains/losses, net of reinsurance	895	832	1,166	2,225	777
Run-off gains/losses, Gross	724	1,640	1,802	2,586	263
Statement of financial position
Insurance contracts liabilities	47,153	46,969	49,463	49,063	32,968
Assets from reinsurance contracts	2,194	2,974	3,060	2,823	2,244
Total equity	39,620	38,864	40,351	42,504	49,008
Total assets	103,665	104,376	112,940	113,387	99,245
Key figures and ratios
Gross claims ratio	6.49	66.3	6.79	64.2	69.5
Net reinsurance ratio	1.9	1.9	1.4	1.7	2.9
Claims ratio, net of reinsurance	6.99	68.3	69.2	62.9	72.4
Expense ratio	13.4	13.5	13.4	13.5	13.1
Combined ratio	80.3	81.7	82.6	79.4	85.4
Operating ratio	80.3	81.7	82.6	79.4	85.4
Relative run-off gains/losses	2.4	2.9	2.7	2.9	1.8
Return on equity after tax (%)	13.7	12.2	9.4	4.9	7.8
and by the (DVA) Markot price (DVA) Markot price (DVA)	100.00	02.161	140.30	100.00	06.101
Market price/ Net asset value Price/Earnings	18.9	19.7	24.2	67.7	29.3

a) Tryg's acquisition of RSA Scandinavia affects the Financial Statement from closing the 1 June 2021. In 2022 net investment return includes income from RSA Scandinavia of DKK 34m (2021: DKK 1,206m) and includes net effect from demerger and sale of Codan Dorway were fully consolidated in the Financial Statements from the 1 April 2022

Note: Tryghas changed the presentation of externally given inflation assumptions measured as part of the insurance liabilities. Comparative figures have been restated accordingly. 165.35 2.5 47.6 Price/Earnings

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2024

2025

5,338

which cannot subsequently be reclassified

Parent company

Sustainability statement

Income and comprehensive income statement

DKKm Note
Note
Note		2025	2024	DKKm
				Note
	Investment activities			Profit/loss for the period
	Income from subsidiaries	5,458	4,859
	Income from associates	0	-	Other comprehensive income which cannot subsequently be rec
	Interest income	0	9	as profit or loss
2	Value adjustment	0	6-	Actuarial gains/losses on defined-benefit pension plans
	Interest expenses	6-	-12	Tax on actuarial gains/losses on defined-benefit pension plans
	Administration expenses in connection with investment activities	9-	9-
	Total investment return	5,442	4,836	Other comprehensive income which can subsequently be reclas
				profit or loss
3	Other costs	-130	-122	Exchange rate adjustments of foreign entities
	Profit/loss before tax	5,312	4,715	Hedging of currency risk in foreign entities
4	Тах	27	28	Tay on hedging of current rick in foreign entities
	Profit/loss for the period	5,338	4,742	מאסוו והמליוול הו כמורבות ל ווארוון הו כולון מומינה
	Proposed distribution for the period:			Total other comprehensive income
	Dividend	5,024	4,844	Comprehensive income
	Transferred to reserve for net revaluation according to the equity method	-1,775	292
	Transferred to retained earnings	2,089	-394
		5,338	4,742

-837

1,406

1,407

3,905

6,745

-1,030 262

1,545 -189

which can subsequently be reclassified as

Annual Report 2025 | Tryg A/S | 200

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Financial results

Strategy

Introduction

Contents

Statement of financial position

		Parent	Parent company
DKKm		2025	2024	DKKm
Note				Note
	Assets				Equity and liabilities
2	Equity investments in subsidiaries	38,209	38,582		Equity
9	Equity investments in associates	0	0
	Total investments in associates and subsidiaries	38,210	38,582		Debt to Substitution

	Total investment assets	38,210	38,582		Total debt
7	Current tax assets	32	27		Total equity and liabilities
	Cash at bank and in hand	0	_
	Total other assets	33	29	$\infty$	Contractual obligations, contingent liabilities and collateral
	Other prepayments and accrued income	7	0	6	Related parties
	Total prepayments and accrued income	7	0	2 -	Reconcludion of profitoss and equity are: Dailish FSA and in
	Total assets	38,250	38,611	=

	Paren	Parent company
DKKm	2025	2024
Note
Equity and liabilities
Equity	37,964	37,877
Debt to subsidiaries	282	684
Other debt	7	50
Total debt	286	734
Total equity and liabilities	38,250	38,611

and IFRS Accounting Standards

{203}------------------------------------------------

Statement of changes in equity

					Pare	Parent company
DKKm	F Share capital	Revaluation reserves	Retained earnings	Proposed dividend	Non- controlling interest	Total equity
Equity at 31 December 2024	3,082	-419	34,012	1,202	_	37,877
2025
Profit/loss for the period		-1,775	2,090	5,024		5,338
Other comprehensive income		1,407	0			1,407
Total comprehensive income	0	-368	2,090	5,024	-	6,745
Nullification of own shares	-25		25			0
Dividend paid				-4,972		-4,972
Dividend, own shares			29			29
Purchase and sale of own shares			-1,803			-1,803
Share-based payment			52			52
Total changes in equity in 2025	-25	-368	430	51	-	88
Equity at 31 December 2025	3,057	-787	34,442	1,253	0	37,964

Equity at 1 January 2023	3,174	126	34,889	1,174	_	39,364
2024
Profit/loss for the period		292	-394	4,844		4,742
Other comprehensive income		-838	0			-838
Total comprehensive income	0	-545	-394	4,844	0	3,905
Nullification of own shares	-92		92			0
Dividend paid				-4,816		-4,816
Dividend, own shares			92			92
Purchase and sale of own shares			-707			-707
Share-based payment			26			26
Total changes in equity in 2024	-92	-545	-877	28	0	-1,487
Equity at 31 December 2024	3,082	-419	34,012	1,202	_	37,877

Annual Report 2025 | Tryg A/S | 202

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Financial results

Strategy

Introduction

Contents

1 Income from subsidiaries

	Parent co	mpany
DKKm	2025 2024	2024

Tryg Invest A/S	25	14
Scandi JV Co A/S	5	7
Tryg Forsikring A/S	5,428	4,838
	5,458	4,859

Value adjustments

Value adjustments only consist of currency adjustments both in 2024 and 2025.

Other costs ო

-122	-122
-130	-130
Administration expenses

Forsikring A/S and is charged to Tryg A/S via the cost allocation. Refer to note 7 in the Remuneration for the Executive Board is paid partly by Tryg A/S and partly by Tryg Tryg Group for a specification of the audit fee.

10
6
Average number of full-time employees for the year

Tax

	Parent	Parent company
DKKm	2025	2024
Reconciliation of tax costs
Tax on profit/loss for the year	-38	-38
Difference between Danish tax percent and local tax percent	9	9
Tax adjustments, previous years	9	0
Adjustment of non-taxabale income and costs	0	4
	-27	-28
Effective taxrate	%	%
Tax on profit/loss for the year	26.0	26.0
Difference between Danish tax percent and local tax percent	-4.0	-4.0
Tax adjustments, previous years	-4.0	0.1
Adjustment of non-taxabale income and costs	0.1	-3.0
Net current tax at 31 December	18.2	19.1

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Financial results

Strategy

Introduction

Contents

Equity investments in subsidiaries 2

DKKm	2025	2024
Cost
Cost at 1 January	39,001	39,043
Additions for the year	0	40
Disposals for the year	0	-83
Cost at 31 December	39,001	39,001
Revaluation and impairment to net asset value
Revaluation and impairment at 1 January	-419	126
Revaluations for the year	6,860	4,096
Dividend paid	-7,232	-4,642
Revaluation and impairment at 31 December	-792	-419
Carrying amount at 31 December	38,209	38,582

Name, registered office and activity	City	City share in %	DKKm
2025
Tryg Invest A/Sa)	Ballerup	100	25
Scandi JV Co A/S	Ballerup	100	2
Tryg Forsikring A/S	Ballerup	100	5,495

2024
Tryg Invest A/S	Ballerup	100	14
Scandi JV Co A/S	Ballerup	100	7
Tryg Forsikring A/S	Ballerup	100	4,911

39,746

91 58 39,419

a) Tryg Invest A/S has entered into voluntary liquidation.

Equity investments in associates 9

		Parent company	ompany
DKKm		2025	2024
ٽ	Cost
S	Cost at 1 January	0	20
D	Disposals for the year	0	-20
Ö	Cost at 31 December	0	0
ပိ	Carrying amount at 31 December	0	0

7 Ci	Current tax assets

32	Net current tax at 31 December
-22	Tax paid for the year
32	Current tax for the year
9-	Adjustments to previous years
27	Tax receivable at 1 January

DKKm

Equity,

Ownership Profit/loss,

Reconciliation of tax costs

0 27 -151 27

Contractual obligations, contingent liabilities and collateral

taxes to be withheld and paid in the group, including income taxes, and taxes withheld group. The Danish companies under the joint taxation group are jointly liable for any Irygheds Gruppen smba is the administration company in the Danish joint taxation Danish companies in Tryg Group are in majority part of a joint taxation with lygheds Gruppen smba, with some exemptions due to Danish legislation. at source such as taxes on interest and dividends.

disputes will not affect Tryg A/S' financial position significantly beyond the obligations Tryg A/S has no significant disputes. Management believes that the outcome of these recognised in the Statement of Financial Position at 31 December 2025.

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Introduction

Contents

Related parties

company, TryghedsGruppen smba. Related parties with a significant influence include the Supervisory Board, the Executive Board (which is considered Key Management) Tryg A/S has no related parties with a controlling influence other than the parent and their members' related family.

Parent company, TryghedsGruppen smba

shares in Tryg A/S. This amounts to TryghedsGruppen smba controlling 49.4% (48.1% at 31 December 2024) of the shares outstanding in Tryg A/S as at 31 December 2025. TryghedsGruppen smba controls 48.6% (47.9% at 31 December 2024) of the total

Transactions with Group undertakings

Tryg A/S exercises full control over Tryg Forsikring A/S, Scandi JV Co A/S, Scandi Co 3 A/S and Tryg Invest A/S.

In 2025 Tryg Forsikring A/S paid Tryg A/S DKK 7,172m (DKK 4,642m in 2024) and Tryg A/S paid TryghedsGruppen smba DKK 2,392m (DKK 2,265m in 2024) in dividends.

	Larell	Parent company
DKKm	2025	2024

Intra-Group trading involved
- Providing and receiving services	41	18
- Intra-Group accounts	-282	-684
- Interest	-11	-12

The intra-group trading is primarily against Tryg Forsikring A/S
Administration fee, etc. is settled on a cost-recovery basis.
Intra-group accounts are offset and carry interest on market terms.

Specification of remuneration

DKKm 2025	25	Number of persons	Base salary umber of incl. car persons allowance ^a)	Share- based variable salary ^b)	Cash variable salary ^c)	Pension	Total

Sup	Supervisory Board	16	13	0	0	0	13
Exe	Executive Board	5	33	6	7	6	58
Ris	Risk-takers ^d)	_	0	0	0	0	0
		22	97	6	7	6	71

0	1
0	0	Risk-takers
0	0	Executive Board
0	_	Supervisory Board
		Of which retired
ersons pay (nom.) (DKKm)	persons (nom.)
Severance	Number of

Annual Report 2025 | Tryg A/S | 205

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Strategy

Introduction

Contents

Sustainability statement

Notes

Related parties (continued) 6

Parent company

Total	12	54	0	65
Pension	0	00	0	æ
Cash variable salary ^o	0	4	0	4
Share- based variable salary ^b)	0	6	0	6
Base salary umber of incl. car persons allowance ^a)	12	33	0	45
Number of persons	15	5	_	21
2024	Supervisory Board	Executive Board	Risk-takers ^d)
DKKm 2024

persons pay (nom.) (nom.) (DKKm) Of which retired 1 0 Executive Board 1 0 Risk-takers 0 0 1 0 0		Number of Severance	Severance
1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0		persons (nom.)	Ò
f which retired 1 0 upervisory Board 0 0 isk-takers 0 0 1 0 0		()	-
upervisory Board 1 0 xecutive Board 0 0 isk-takers 0 0	of which retired
xecutive Board 0 0 isk-takers 0 0 1 0	upervisory Board	1	0
isk-takers 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0	xecutive Board	0	0
1 0	isk-takers	0	0
		-	0

a) Car allowance is not included in the base salary for the Supervisory Board
b) Total expenses recognised in 2024 and 2025 concerning share-based payment totals allocation in 2025 and Corporate governance" in Management review (page 32). For further details on remuneration of Supervisory previous years. For further details on share-based payment allocated to Executive Board, please refer to Board and Executive Board, please refer to "Corporate governance" in Management review.
d) Risk-takers in Tryg A/S includes only one employee, wherefore salary and pension is not presented. The amounts are included in note 29 for the Group

share-based payment, which are recognised over a deferral period up to 5 years from Base salary are charges incurred during the financial year. Variable salary includes performance year. The members of the Supervisory Board in Tryg A/S are paid with a fixed remuneration and are not covered by the incentive schemes.

The members of the Executive Board are paid a fixed remuneration, pension, car allowance, special allowances, and staff benefits.

deferred for 5 years. The long-term incentive programme was granted in 2025 with a three-year vesting period with 40% share options and 60% Performance Share Units programme. The short-term incentive programme for the performance year 2025 is granted in January 2026 with 40% cash, and 60% Restricted Shares Units which are The variable remuneration for the Executive Board are divided into two incentive which are deferred for five years after grant in 2025. Please refer to 'Corporate programmes; a short-term incentive programme and a long-term incentive governance' in Management review..

pay equal to 12 months' salary plus pension contribution. If a change of control clause Each member of the Executive Board is entitled to 12 months' notice and severance is actioned COO is entitled to severance pay equal to 36 months' salary.

the company's risk profile. The Supervisory Board decides which employees should be Risk-takers are defined as employees whose activities have a significant influence on considered to be risk-takers.

Reconciliation of profit/loss and equity after Danish FSA and IFRS Accounting Standards 9

disclosure of differences between Financial Statement prepared in accordance with The executive order on application of IFRS Accounting Standards for companies subject to the Danish Insurance Business Act issued by the Danish FSA requires he IFRS Accounting Standards and the rules issued by the Danish FSA.

There is no difference in profit/loss or equity recognised after Danish FSA and IFRS Accounting Standards.

11 Accounting policies

Please refer to Tryg Group's general accounting policies in note 1.

{208}------------------------------------------------

	04	03	05	4	97	03	02	0,1	97
DKKm	2025	2025	2025	2025	2024	2024	2024	2024	2023
Private
Insurance revenue	7,086	6,943	6,872	6,625	6,621	9,646	6,455	6,378	6,203
Insurance service result	1,278	1,333	1,429	890	1,095	1,279	1,137	735	096
Key ratios
Gross claims ratio	9.69	6.99	65.3	72.8	70.4	6.99	67.2	74.5	70.5
Netreinsurance ratio	-0.4	1.0	0.8	1.0	0.8	1.1	2.1	1.0	1.6
Claims ratio, net of reinsurance	69.2	6.79	66.1	73.9	71.2	6.79	69.3	75.5	72.0
Expense ratio	12.8	12.9	13.1	12.7	12.2	12.8	13.1	13.0	12.5
Combined ratio	82.0	80.8	79.2	9.98	83.5	80.8	82.4	88.5	84.5
Combined ratio exclusive of run-off	83.8	83.0	81.8	88.1	85.4	82.5	82.0	90.5	85.5
Commercial
Insurance revenue	3,207	3,233	3,248	3,143	3,113	3,140	3,090	3,154	3,193
Insurance service result	639	849	877	679	613	692	883	244	663
Key ratios
Gross claims ratio	65.6	53.0	52.4	57.2	58.0	52.2	52.2	74.5	9.69
Net reinsurance ratio	-1.2	6.7	6.2	7.5	9.9	8.9	4.4	-6.3	4.1
Claims ratio, net of reinsurance	64.5	2.65	58.5	64.8	9.49	61.1	9.99	68.2	63.7
Expense ratio	15.6	14.0	14.5	14.6	15.7	14.4	14.8	14.6	15.6
Combined ratio	80.1	73.7	73.0	79.3	80.3	75.5	71.4	82.7	79.3
Combined ratio exclusive of run-off	82.7	76.6	74.6	82.4	83.8	76.9	74.0	9.06	85.3

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Sustainability statement
Governance
Financial results
Strategy
Introduction
Contents

Financial statements

Quarterly outline - Segments

	90	03	02	5	90	0,3	0,2	0,1	0,4
DKKm	2025	2025	2025	2025	2024	2024	2024	2024	2023
Group items ^a)
Insurance revenue	277	281	300	301	312	329	348	390	411
Insurance service result	0	0	0	0	0	0	0	0	0
Tryg total
Insurance revenue	10,569	10,457	10,420	10,069	10,046	10,115	9,893	9,921	9)808
Insurance service result	1,918	2,181	2,307	1,540	1,708	2,048	2,020	1,280	1,622
Net investment result	171	177	110	320	-265	526	538	112	178
Other income and costs	-382	-379	-381	-369	-409	-441	-430	-384	-411
Profit/loss before tax	1,707	1,980	2,035	1,491	1,033	2,134	2,129	1,007	1,389
Тах	-429	-200	-504	-373	-247	-523	985-	-232	-258
Profit/loss for the period	1,277	1,479	1,531	1,118	786	1,611	1,642	276	1,129
Key ratios
Gross claims ratio	68.4	62.5	61.2	67.8	9.99	62.2	62.3	74.5	8.99
Netreinsurance ratio	-0.7	2.8	2.5	3.1	2.7	3.6	2.8	-1.4	2.4
Claims ratio, net of reinsurance	67.7	65.3	63.7	70.9	69.1	65.7	65.2	73.0	69.2
Expense ratio	13.6	13.3	13.5	13.3	13.3	13.3	13.6	13.5	13.5
Combined ratio	81.4	78.6	77.2	84.2	82.5	79.1	78.8	9.98	82.7
Combined ratio exclusive of run-off	83.5	81.0	79.5	86.3	84.9	80.7	79.4	9.06	85.4

a) Amounts relating to Trygg-Hansa and Codan Norway acquisitions. Please refer to note 3 operating segments.

A further detailed version of the presentation can be downloaded from tryg.com/uk-investor> Downloads>tables

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Financial statements
Sustainability statement
Governance	•
Financial results
Strategy
Introduction	•
Contents

Quarterly outline - Ge	eog	ography	h
DKKm	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Danish general insurance
Insurance revenue	4,636	4,633	4,667	4,629	4,556	4,609	4,571	4,471	4,434
Insurance service result	719	841	912	795	899	973	814	621	760
Run-off gains/losses, net of reinsurance	129	97	99	9	134	35	7.9	22	53
Keyratios
Gross claims ratio	69.4	65.3	63.9	67.1	63.9	61.6	62.6	72.6	69.1
Netreinsurance ratio	0.1	2.5	2.2	2.1	3.5	2.8	4.5	-0.2	1.1
Claims ratio, net of reinsurance	69.5	8.79	66.1	69.2	67.4	64.4	0.79	72.4	70.3
Expense ratio	15.0	14.0	14.4	13.6	12.8	14.5	15.2	13.7	12.6
Combined ratio	84.5	81.9	80.5	82.8	80.3	78.9	82.2	86.1	82.9
Run-off, net of reinsurance (%)	-2.8	-2.1	-1.4	-1.4	-2.9	-0.8	-1.7	-0.5	-1.2
Number of full-time employees, end of period	3,321	3,430	3,380	3,364	3,154	3,133	3,208	3,288	3,423
Norwegian general insurance
NOK/DKK, average rate for the period	63.75	63.32	64.49	63.39	63.24	64.18	64.17	65.61	64.25
Insurance revenue	2,305	2,222	2,175	2,059	2,125	2,083	2,020	2,054	2,014
Insurance service result	297	375	389	96	130	311	240	-45	96
Run-off gains/losses, net of reinsurance	25	10	29	62	10	51	35	17	26
Key ratios
Gross claims ratio	77.5	68.3	6.99	79.8	79.5	67.5	74.7	83.6	75.2
Net reinsurance ratio	-1.7	2.8	3.2	3.1	0.7	5.0	1.3	5.4	6.5
Claims ratio, net of reinsurance	75.8	71.1	70.1	82.8	80.3	72.5	76.0	0.68	81.7
Expense ratio	11.3	12.0	12.0	12.5	13.6	12.5	12.1	13.2	13.6
Combined ratio	87.1	83.1	82.1	95.3	93.9	85.1	88.1	102.2	95.2
Run-off, net of reinsurance (%)	-2.0	-0.5	-1.4	-3.0	-0.5	-2.5	-1.7	-0.8	-2.8
Number of full-time employees, end of period	1,318	1,370	1,352	1,326	1,318	1,327	1,331	1,352	1,350

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Strategy

Introduction

Contents

Quarterly outline - Geography

Swedish general insurance SEK/DKK, average rate for the period Insurance revenue Insurance service result	2025								,
Swedish general insurance SEK/DKK, average rate for the period Insurance revenue Insurance service result	200	2025	2025	2025	2024	2024	2024	2024	2023
SEK/DKK, average rate for the period Insurance revenue Insurance service result
Insurance revenue Insurance service result	66.79	67.11	68.47	65.55	96'59	65.24	64.53	09.99	64.33
Insurance service result	3,239	3,215	3,179	2,981	2,962	3,014	2,882	2,937	2,875
	782	941	986	613	627	744	961	700	759
Run-off gains/losses, net of reinsurance	41	138	141	59	98	72	09-	336	139
Key ratios
Gross claims ratio	62.3	56.1	54.7	62.8	63.7	6.09	54.2	71.8	58.0
Netreinsurance ratio	0.3	1.6	1.1	3.4	1.3	2.4	0.4	-8.9	0.8
Claims ratio, net of reinsurance	62.5	57.7	55.8	66.1	0.59	63.2	54.5	62.9	58.8
Expense ratio	13.3	13.0	13.2	13.3	13.8	12.1	12.1	13.3	14.8
Combined ratio	75.8	70.7	0.69	79.4	78.8	75.3	9.99	76.2	73.6
Run-off, net of reinsurance (%)	-1.3	-4.3	-4.4	-2.0	-2.9	-2.4	2.1	-11.4	-4.8
Number of full-time employees, end of period	2,023	2,086	2,090	2,022	2,085	2,076	2,058	2,033	1,973
Other European countries ^a)
Insurance revenue	113	106	66	66	06	79	72	69	73
Insurance service result	118	25	20	35	51	20	9	7	7
Run-off gains/losses, net of reinsurance	0	-	_	15	4	4	2	4	4
Number of full-time employees, end of period	70	29	89	99	69	9	99	62	29
Group items ^b)
Insurance revenue	277	281	300	301	312	329	348	390	411
Insurance service expenses	-277	-281	-300	-301	-312	-329	-348	-390	-411
Insurance service result	0	0	0	0	0	0	0	0	0

a) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden.
b) Reclassification relating to claims provisions from the Tryge-Hansa and Codan Norway acquisition. Please refer to note 3 operating segment.

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Quarterly outline - Ge	190	a	h
D KKm	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Tryg total
Insurance revenue	10,569	10,457	10,420	10,069	10,046	10,115	9,893	9,921
Insurance service result	1,918	2,181	2,307	1,540	1,708	2,048	2,020	1,280
Net investment result	171	177	110	320	-265	526	538	112
Other income and costs	-382	-379	-381	-369	605-	-441	-430	-384
Profit/loss before tax	1,707	1,980	2,035	1,491	1,033	2,134	2,129	1,007
Run-off gains/losses, net of reinsurance	217	244	234	200	233	163	27	380
Key ratios
Gross claims ratio	68.4	62.5	61.2	67.8	66.4	62.2	62.3	74.5
Net reinsurance ratio	-0.7	2.8	2.5	3.1	2.7	3.6	2.8	-1.4
Claims ratio, net of reinsurance	67.7	65.3	63.7	70.9	69.1	65.7	65.2	73.0
Expense ratio	13.6	13.3	13.5	13.3	13.3	13.3	13.6	13.5
Combined ratio	81.4	78.6	77.2	84.2	82.5	79.1	78.8	9.98
Run-off, net of reinsurance (%)	-2.1	-2.4	-2.3	-2.0	-2.4	-1.7	9.0-	-4.0
Number of full-time employees, end of period	6,732	6,953	6,889	6,778	6,621	009'9	6,662	6,734

9,808 1,622 177 -411 1,389 252

Q4 2023

66.8 2.4 69.2 13.5 82.7 -2.7 6,805

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Financial results

Strategy

Group chart

Contents

{214}------------------------------------------------

Strategy

Introduction

Contents

Glossary,

key ratios and alternative performance

The financial highlights and key ratios of Tryg have been prepared in accordance with the executive order issued by the Danish Financial Supervisory Authority on the financial reports for insurance companies and lateral pension funds, and also comply with 'Recommendations & Ratios' issued by the CFA Society Denmark.

Claims ratio, net of reinsurance

Gross claims ratio + net reinsurance ratio.

Combined ratio

reinsurance ratio and the gross expense ratio. The sum of the gross claims ratio, the net

Danish general insurance

excluding the Norwegian and Swedish branches, Comprises the legal entities Tryg Forsikring A/S Irve Livsforsikring A/S.

Diluted average number of shares

Average number of shares adjusted for number of shares which may potentially diluted

payment. Discounting is calculated on the basis of the market-based discount rate applied and statements of expected future payments at a value below the nominal amount, as the recognised amount carries interest until Expresses recognition in the financial the expected time to payment.

Dividend per share

Number of shares end of period Proposed dividend

Earnings per share

Profit or loss for the period Average number of shares

Earnings per share of continuing business

Net reinsurance ratio

Diluted earnings from continuing business after tax

Gross claims ratio

Diluted average number of shares

Gross claims x 100 Insurance revenue

Gross expense ratio

frade) in European countries besides Denmark,

Comprises credit & surety insurance (Tryg

Other insurance

Norway and Sweden and amounts relating to

one-off items.

Insurance operating costs x 100 Insurance revenue

Market price/net asset value

Own funds

Equity plus share of qualifying solvency debt and profit margin (solvency purpose), less intangible assets, tax asset, proposed dividend and share buyback.

Net asset value per share

Share price

Price/Earnings

Share price

Number of outstanding shares end of period

Equity end of period

Net asset value per share

Earnings per share

Return on equity after tax (%)

Profit or loss for the period after tax

Net expense from reinsurance contracts x 100

Weighted average equity

Run-off gains/losses net of reinsurance relative to claims provisions net of reinsurance,

Relative run-off result

Comprises Tryg Forsikring A/S, Norwegian

oranch.

Norwegian general insurance

beginning of year.

Expected premium receipts allocated to the period the insurance contract services.

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Strategy

Contents

Sustainability statement

Glossary, key ratios and alternative performance measures

Run-off gains/losses

The difference between the claims provisions at paid during the financial year and the part of the claims provisions at the end of the financial year the beginning of the financial year (adjusted for discounting effects) and the sum of the claims pertaining to injuries and damage occurring in foreign currency translation adjustments and earlier financial years.

Solvency II

Solvency requirements for insurance companies issued by the EU Commission is the regulatory ramework that the Group operates under.

Solvency ratio

Ratio between own funds and capital requirement.

Swedish general insurance

Comprises Tryg Forsikring A/S, Swedish branches.

under claims, but under investment result in the payment, the smaller the discount. This gradual Unwinding of discounting takes place with the payment is reduced. The closer the time of increase of the provision is not recognised passage of time as the expected time to income statement.

Large claims, net of reinsurance

Large claims, net of reinsurance, as calculated by the Tryg Group, represents

single claims or claims events gross above 10m Large claims, net of reinsurance is defined as in local currencies adjusted for reinsurance.

Large claims, net of reinsurance

nsurance revenue

Weather claims, net of reinsurance

calculated by the Tryg Group, represents: Weather claims, net of reinsurance, as

Weather claims, net of reinsurance, is defined as claims related to storm, cloudbursts, natural perils and winter, adjusted for reinsurance.

Weather claims, net of reinsurance

nsurance revenue

Run-off, net of reinsurance

Run-off, net of reinsurance, as calculated by the Tryg Group, represents

Run-off, net of reinsurance

Insurance revenue

Return on Own Funds (ROOF)

Profit for the period after tax x 100

(Own Funds Opening + Own Funds Closing)/2

Return on Tangible Equity (ROTE)

Profit for the period after tax x 100

(Tangible Equity Opening + Tangible Equity Closing)/2

Tangible Equity

equity excluding intangible assets and deferred Fangible Equity is defined as weighted average tax related to intangible assets

{216}------------------------------------------------

Disclaimer

based on the beliefs of our management as well financial position, cash flows, business strategy, currently available to management. Statements 'seeks', 'will', 'may', 'anticipates', 'would', 'could', Certain statements in this financial report are identified by the use of words such as 'targets' statements of historical fact can generally be 'believes', 'expects', 'aims', 'intends', 'plans', as assumptions made by and information regarding Tryg's future operating results, plans and future objectives other than 'continues' or similar expressions.

actual performance to deviate significantly from natural disasters or terrorist attacks, changes in financial markets, extraordinary events such as the forward-looking statements in this financial competitive environment, developments in the A number of different factors may cause the report, including but not limited to general economic developments, changes in the legislation or case law and reinsurance.

incorrect, Tryg's actual financial condition or under any duty to update any of the forwardbelieved, estimated or expected. Tryg is not results of operations could materially differ statements to actual results, except as may from that described herein as anticipated, uncertainties materialise, or should any looking statements or to conform such Should one or more of these risks or underlying assumptions prove to be be required by law.

AI assistant

Tryg — Annual Report 2025

3389_rns_2026-02-05_5ec89709-bba4-4430-a1b3-1c354d93dec5.pdf

List of Signatures Page 1/2

Annual Report 2025 - TRYG A_S.pdf

List of Signatures Page 2/2

Contents

Management's review

Solid delivery across the Group

Good progress towards 2027 targets

Strong start to the new strategy period

Continued price-driven growth to offset

Maintaining a high level of customer

Tryg's climate targets validated by the SBTi

Corporate advocacy on the need for climate adaptation

ncreased shareholder remuneration

Thank you to all employees

JUKKA PERTOLA

ryg at a glance

Leading market position

Around 6 million customers

Sustainability a strategic enabler

Climate adaptation

dividend policy Attractive

footprint

Read more about our history at tryg.com

Scandinavian Strong

Events in 2025

Group

Implementing Puzzel to shape the future of customer experience

Collaboration with Tata Consultancy Services (TCS) to scale our IT setup

Iryg's climate targets validated by the Science Based Targets Initiative (SBTi)

Inyg maintains its focus on DEI

Recognised for sustainability performance

Denmark

New AI model streamlines car damage case

Commercial achieves strong position in the dental patient insurance market

High demand for Tryg's pregnancy insurance

Annual Report 2025 | Tryg A/S | 8

Events in 2025

Norway

The Bergen Climate Festival 2025

Strategic partnerships with real estate agencies

Profitability improvements at Tryg Norway

Home insurance upgrade

New strategic partnership with the Swedish Hockey League

New partnerships in motor insurance

Highlights 2025

Financial highlights 2025

Financial highlights Q4 2025

Financial highlights Q4 2025

Accounting policy change

Quarterly results

Annual results

United Towards '27

Financial targets

Strategic targets

Customer satisfaction

Straight-through processing

strategic KPIs 2027 Financial and

Financial KPIs

Sustainability & ESG

Strategic pillars supporting the targets

Scale & Simplicity

Technical Excellence

Customer & Commercial Excellence

Enablers

Strategic pillars 2027

Progress towards 2027 ambitions

Status update on 2027 targets

Financial targets

Strategic targets

and strategic targets Status on financial

Progress on strategic initiatives

Progress on implementation of strategic initiatives

Grow Personal Accident portfolio

Income overview

Financial outlook

Capital markets day in London

Follow-up on 2025 results

Tryg Annual Report 2025