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Tryg A/S is a Scandinavian insurance company present in Denmark, Norway, Sweden and Finland. The company is the largest provider of general insurance services in the Nordic countries and is listed on Nasdaq OMX Copenhagen.[1]
Key Information
History
[edit]The current company was created in 2002 through the merging of Tryg Forsikring and Nordea's insurance activities. The company was listed on the Copenhagen stock exchange in October 2005.[2] Tryg Forsikring traced its history back to the foundation of Kjøbenhavns Brandforsikring in 1731.
Morten Hübbe replaced Stine Bosse as CEO on 1 February 2011.[3]
In November 2020, Canadian insurer Intact Financial Corporation and Tryg announced a joint offer to acquire RSA Insurance Group. This would represent an approximately £7.2 billion transaction with Intact paying £3.0 billion and Tryg paying £4.2 billion. Intact would retain RSA's Canada and UK & International operations and obligations, Tryg would retain RSA's Sweden and Norway operations, and Intact and Tryg would co-own RSA's Denmark operations.[4] The closing of the acquisition is expected to occur in the second quarter of 2021 subject to receipt of approval from the relevant regulatory and antitrust authorities and the satisfaction or (where capable of waiver) waiver of other conditions to closing.
In May 2022, it was announced Tryg and Intact Financial had sold their Codan Forsikring A/S's Danish subsidiary ― Codan Denmark to Alm. Brand A/S Group.[5]
References
[edit]- ^ "About Tryg". Tryg. Retrieved 2012-05-11.
- ^ "Tryg". epn.dk. Retrieved 2012-05-11.
- ^ "Tryg udnævner ny adm direktør" (in Danish). NP Investor. Retrieved 2012-05-11.
- ^ "RSA Insurance Group Plc ("RSA") further Statement Regarding Proposal". otp.tools.investis.com. Retrieved 2021-03-13.
- ^ "ALM. Brand acquires Codan DK, announces management appointments - Reinsurance News". ReinsuranceNe.ws. 2022-05-11. Retrieved 2022-05-11.
External links
[edit]
from Grokipedia
Overview
Company profile
Tryg A/S is a Danish insurance company specializing in non-life insurance products and services for private, commercial, and corporate customers across Scandinavia.[5] As a publicly traded aktieselskab (public limited company), it is listed on Nasdaq Copenhagen under the ticker symbol TRYG, with shares first issued on October 14, 2005.[3] The company's headquarters are located at Klausdalsbrovej 601, 2750 Ballerup, Denmark, in the greater Copenhagen area.[5] Tryg A/S was formed in 2002 through the acquisition by Tryg i Danmark smba of Nordea's non-life insurance activities, which also incorporated elements of Tryg-Baltica and Vesta to create TrygVesta (later rebranded as Tryg).[3] This merger established the foundation for its operations as a leading provider of general insurance, focusing on property, casualty, and related non-life coverages, including health insurance, rather than life insurance.[5][6] The company is currently led by Group CEO Johan Kirstein Brammer, who assumed the role on June 1, 2023.[7] Tryg A/S maintains its official website at tryg.com, where it outlines its commitment to serving approximately 5.3 million customers in the region.[5] As the largest non-life insurer in Scandinavia, it holds significant market shares in Denmark, Norway, and Sweden.[5]Market position
Tryg holds a dominant position as the largest provider of non-life insurance in Scandinavia, serving as the market leader in Denmark while maintaining top-tier rankings in neighboring countries. In Denmark, Tryg commands a market share of 22.4% in non-life insurance (as of 2024), solidifying its status as the foremost player. In Norway, it ranks fourth with a 14.7% share, and in Sweden, it secures third place at 17.3% (as of 2024). Although its presence in Finland is more limited through specialized trade operations, Tryg contributes to the broader Nordic insurance landscape as a key operator.[5][8][6] The company's competitive edge is evident when compared to major rivals such as If P&C Insurance, a subsidiary of Sampo Group that leads in Sweden and Finland, and Gjensidige Forsikring, which dominates the Norwegian market with the highest share among top players. Tryg's strategic acquisitions, including parts of RSA Insurance Group in 2021, have bolstered its standings in Sweden and Norway, positioning it as a top-three non-life insurer across Denmark, Norway, and Sweden. This focus on efficiency and customer-centric offerings has enabled Tryg to outperform in combined ratios and premium growth relative to peers in recent quarters.[9][10] Beyond Scandinavia, Tryg extends its reach through Tryg Trade, a subsidiary offering commercial insurance solutions in countries across Northern and Central Europe, including Austria, Belgium, Finland, Germany, Ireland, the Netherlands, Switzerland, and the United Kingdom. Additionally, strategic partnerships, such as its long-standing alliance with AXA Corporate Solutions since 2008, provide access to a global network spanning over 90 countries, facilitating support for international corporate clients without direct subsidiaries in regions like Eastern Europe or Asia. Tryg primarily targets private, commercial, and corporate customers, emphasizing general insurance products tailored to these segments across its operations.[6][11]Operations
Geographic operations
Tryg's primary operations are concentrated in the Nordic region, with its headquarters located in Ballerup, Denmark, serving as the largest market and central hub for the company's activities.[6] The company maintains a strong presence in Denmark under the Tryg Forsikring brand, where it holds a leading position in non-life insurance.[5] In Norway, operations are conducted primarily through Tryg Forsikring and the subsidiary Enter Forsikring AS, with key offices in Bergen and Lysaker near Oslo to support customer services and regional management. Sweden represents another core market, where Tryg operates via Trygg-Hansa, following the 2021 acquisition of RSA's Swedish business, and maintains its main office in Stockholm at Fleminggatan.[3] Although Finland is part of the broader Nordic footprint, Tryg's activities there are focused on specialized services through Tryg Trade, with an office in Helsinki at Aleksanterinkatu.[6] Beyond the core Nordic markets, Tryg has expanded its reach through Tryg Trade, a division specializing in surety bonds and trade credit insurance, which operates in multiple European countries including Austria, Belgium, Germany, Ireland, the Netherlands, Switzerland, and the United Kingdom.[6] This expansion has been facilitated by strategic partnerships and internal growth rather than large-scale acquisitions outside Scandinavia, allowing Tryg to provide cross-border solutions while leveraging its Nordic base.[3] In Sweden, Tryg Trade uses the Tryg Hansa Trade brand to align with local commercial insurance needs.[6] As a multinational insurer operating within the European Union, Tryg adapts to local regulations across its markets, with full compliance to the EU's Solvency II directive governing capital requirements and risk management for insurance undertakings.[12] This framework ensures standardized solvency ratios and reporting, such as Tryg's reported Solvency II ratio of 204% as of the end of the third quarter of 2025, enabling consistent operational stability amid varying national insurance laws in Denmark, Norway, Sweden, and other EU jurisdictions.[13]Business segments
Tryg A/S organizes its operations into three primary business segments: Private, Commercial, and Corporate, each designed to address distinct customer needs while contributing to the company's overall strategy of market leadership in non-life insurance across the Nordic region.[8][14] The Private segment focuses on providing insurance solutions to individual customers, primarily in Denmark and Norway, encompassing policies for vehicles, home contents, property, personal accidents, travel, and health-related coverage. This segment drives a significant portion of Tryg's revenue through high-volume personal lines, emphasizing customer retention and accessibility via multiple distribution channels.[8][15] The Commercial segment targets small and medium-sized enterprises in Denmark, Norway, and Sweden, offering tailored insurance for business assets such as motor vehicles, property, liability, workers' compensation, and occupational health. It supports Tryg's revenue diversification by serving a broad base of commercial clients, with a focus on risk mitigation for everyday business operations.[8][4] The Corporate segment caters to large enterprises across the Nordic markets, delivering complex, customized insurance solutions for multinational operations, including property, casualty, and specialized risk coverage. This segment enhances Tryg's strategic positioning by handling high-value accounts that require integrated risk management, contributing to overall profitability through premium growth in enterprise-level services.[14][16] Support functions, including claims handling, reinsurance, and digital platforms, are integrated across all segments to ensure operational efficiency and risk control. Claims handling leverages digital tools for streamlined processing, aiming to reduce settlement times and costs through automation and optimized procurement. Reinsurance strategies are employed to mitigate exposure in high-risk areas, with ongoing assessments to align with Tryg's capital management framework.[17][18] Tryg's strategic emphasis on digital transformation unifies these segments, incorporating mobile apps for policy management and AI-driven tools for risk assessment, such as telematics-based underwriting in personal lines. A major partnership with Tata Consultancy Services, valued at approximately €550 million, is modernizing Tryg's IT infrastructure with hybrid cloud and AI capabilities to automate processes and improve customer experiences across divisions.[19][20] Inter-segment synergies are fostered through shared data analytics platforms that enable cross-selling opportunities, such as bundling personal and commercial policies for business owners, thereby enhancing customer value and revenue streams without overlapping geographic operations detailed elsewhere.[21] Recent strategic shifts include a growing focus on sustainability-linked insurance products, where Tryg integrates climate risk assessments into offerings to support customer adaptation to environmental changes, aligning with broader ESG goals across segments.[22][23]Products and services
Personal insurance
Tryg's personal insurance segment provides a suite of products designed to protect individuals and their households against everyday risks, primarily in Denmark, Sweden, and Norway. Core offerings include home insurance covering buildings and contents, car insurance for vehicles, travel insurance for trips, accident insurance for personal injuries, and pet insurance for animal-related expenses.[6] These products emphasize comprehensive coverage, such as liability protection in home policies and third-party damage in car insurance, tailored to the needs of private customers.[4] Key features of Tryg's personal insurance include customizable bundles that allow customers to combine policies like home and contents for streamlined protection and potential cost savings, as well as add-ons such as roadside assistance for vehicle breakdowns and digital claims filing for efficient processing. Roadside assistance provides towing, battery jumps, and fuel delivery, integrated into many car and travel policies to ensure rapid response. The digital claims process enables 80% of submissions online, with 50% achieving straight-through processing for faster resolutions and improved customer satisfaction.[24][25][26] Travel insurance offerings include cancellation insurance for air travel due to a child's illness, where coverage applies if the illness is acute and prevents travel. For chronic conditions, coverage is provided if the condition worsens acutely after booking and was stable for 2 months prior to booking. Note that insurance terms may be subject to change.[27] Innovations in this segment focus on technology and sustainability, such as a car insurance product using telematics via the Sidekick app for younger drivers aged 18-30, featuring a fixed premium with up to 30% reduction in deductibles for safe habits via gamification and real-time feedback.[28] Eco-friendly options include green home policies with reduced premiums or waived deductibles for installing preventive devices, such as water damage sensors, to promote sustainable practices and mitigate climate-related risks.[23] These products target Scandinavian households, prioritizing affordability through competitive pricing and quick payouts—often within days via digital tools—to support families facing unexpected events. Tryg serves millions of private individuals with personal policies, underscoring its scale in the region.[5]Commercial insurance
Tryg's commercial insurance segment offers a suite of solutions designed to mitigate enterprise-level risks for businesses across various sectors, with a primary emphasis on small and medium-sized enterprises (SMEs) in Scandinavia. Core products include property insurance, which protects against damage to business assets such as buildings and equipment from perils like fire or weather events; liability insurance, covering legal responsibilities for third-party injuries or property damage; and workers' compensation, providing coverage for employee injuries or illnesses arising from work-related activities, including medical expenses and lost wages. These offerings are tailored to ensure compliance with regional regulations and are distributed through channels like online platforms, call centers, and dedicated sales agents in Denmark, Sweden, and Norway.[6] In addition to foundational coverages, Tryg provides specialized products such as cyber insurance, which safeguards against data breaches, ransomware, and IT system disruptions, including costs for recovery and legal defense; this is particularly relevant for companies with annual revenues exceeding 100 million DKK, though partnerships extend access to SMEs via bundled services like 24/7 support for system restoration. Fleet insurance, encompassing motor coverage for commercial vehicles, incorporates telematics for usage-based premiums and risk optimization, benefiting transport and logistics firms through collaborations that enable real-time monitoring and accident prevention. For manufacturers and global traders, supply chain coverage via trade credit insurance protects against buyer insolvency or non-payment, while surety bonds guarantee contractual obligations in procurement and delivery processes.[29][30][6] Industry-specific adaptations enhance these solutions, such as construction risk policies that include performance bonds and guarantees to secure project milestones against delays or defaults, addressing the sector's high-exposure profile in Scandinavia's infrastructure developments. Retail businesses benefit from integrated theft protection within property and liability packages, focusing on inventory loss and customer incident coverage to support operational continuity in high-traffic environments. Through Tryg Trade, these products scale for multinational clients via international partnerships, such as with AXA Corporate Solutions, ensuring seamless coverage for cross-border operations.[6] Complementing its policies, Tryg delivers value-added services like risk consulting to identify vulnerabilities and implement preventive measures, such as discounted premiums for investments in safety technologies or climate-resilient infrastructure. Employee safety training programs, often tied to workers' compensation, offer workshops and resources to reduce workplace incidents, promoting a culture of proactive hazard management among Scandinavian SMEs. These services underscore Tryg's commitment to holistic risk management, helping businesses build resilience in dynamic economic landscapes.[22]History
Formation and early development
Tryg's origins trace back to 1731, when Denmark's first fire insurance company, Kjøbenhavns Brand, was established by royal decree following the devastating Copenhagen Fire of 1728. This entity laid the foundation for what would become one of the Nordic region's oldest insurance providers.[3] The company's evolution continued through the 19th and early 20th centuries, rooted in mutual societies that emphasized cooperative risk-sharing among members. In 1898, the name "Tryg" first appeared with the establishment of Livsforsikringsselskabet Tryg A/S, a life insurance firm. By 1911, a series of mergers among smaller mutual insurers formed Andels-Anstalten Tryg, a key non-life insurance entity. These mutual foundations culminated in 1974–1975, when Kjøbenhavns Brand and Andels-Anstalten Tryg merged to create Tryg Forsikring A/S, marking the emergence of a unified Tryg Insurance structure.[3] In 1991, the company demutualized and became a public limited company under Tryg i Danmark smba.[3] In 1995, Tryg acquired the insurer Baltica, operating thereafter as Tryg-Baltica.[3] In 1999, Tryg-Baltica merged with the insurance operations of Unidanmark (part of the emerging Nordea Group) and acquired the Norwegian insurer Vesta, further expanding its presence in Denmark and Norway.[3] In 2002, Tryg i Danmark smba, the parent of Tryg Forsikring, acquired Nordea's non-life insurance operations, combining them to form TrygVesta A/S. This merger also included the acquisition of Zurich's Danish and Norwegian non-life insurance activities, expanding TrygVesta's footprint across Scandinavia and integrating diverse portfolios under a single entity.[3] Following the merger, TrygVesta faced operational challenges in consolidating its expanded structure, prompting a strategic turnaround in 2003 under new CEO Stine Bosse. She launched the "Combined Ratio 95" project to streamline processes, improve underwriting efficiency, and prepare for public listing, addressing integration hurdles in a competitive market. On October 14, 2005, TrygVesta went public with an initial public offering on the OMX Nordic Exchange Copenhagen at DKK 230 per share, transitioning from its mutual roots to a publicly traded company. The entity was renamed Tryg A/S in 2010 to reflect its simplified brand identity.[3]Mergers, acquisitions, and expansions
In 2010, the TrygVesta insurance group simplified its name to Tryg, adopting a unified logo featuring a lifebuoy across its Danish, Norwegian, and Swedish operations to strengthen its Nordic identity and market presence.[3] This rebranding followed the 2009 acquisition of Swedish insurer Moderna Försäkringar, which added approximately 4% to Tryg's market share in Sweden and expanded its workforce by 250 employees.[3] Tryg further grew its Nordic footprint through the 2017 acquisition of Danish non-life insurer Alka for DKK 8.2 billion, securing an additional 6% share of the Danish private insurance market and enhancing its position as the leading provider in Denmark.[3] A pivotal expansion occurred in 2021 when Tryg, in partnership with Canada's Intact Financial Corporation, completed the £7.2 billion acquisition of RSA Insurance Group plc, announced in November 2020.[31] Under the deal, Tryg integrated RSA's Swedish operations (Trygg-Hansa) and Norwegian operations (Codan Norway), while co-owning 50% of Codan Denmark with Intact, propelling Tryg to become the largest non-life insurer in Scandinavia and elevating it to the third-largest player in both Sweden and Norway.[3][32] In May 2022, Tryg and Intact divested their combined 100% stake in Codan Denmark to Alm. Brand A/S for DKK 12.6 billion, streamlining operations and allowing Tryg to focus on core Scandinavian markets while realizing proceeds of approximately DKK 6.3 billion.[33] Earlier expansions included establishing a Swedish branch in 2006 via Vesta Skadeförsäkring and entering the Finnish market in 2001 through a local branch, though the Finnish operations were sold to If P&C Insurance in 2012 for EUR 15 million to refocus resources.[3] These transactions collectively boosted Tryg's regional dominance, resulting in a customer base of 5.3 million as of 2024, and operational efficiency across the Nordics.[5][3]Leadership and governance
Executive leadership
Johan Kirstein Brammer has served as Group CEO of Tryg A/S since June 1, 2023, succeeding Morten Hübbe after more than 20 years of service, including his appointment as CEO on February 1, 2011.[34] Born in 1976, Brammer holds an LL.M., a graduate diploma in finance, and an MBA; he joined Tryg in 2016 following roles at McKinsey & Co., Egon Zehnder, and Carlsberg, and ascended to the Executive Board as Chief Commercial Officer in 2018.[7] Under Brammer's leadership, Tryg has advanced digital transformation efforts, such as enhanced customer digital platforms, and sustainability programs, including climate adaptation insurance products.[35][36] Allan Kragh Thaysen is Group CFO and a member of the Executive Board, appointed effective November 2, 2023.[37] Born in 1977, Thaysen earned a Graduate Diploma in Accounting and an MSc; he joined Tryg in 2018 after early career experience as an accountant at Deloitte from 1998 to 2005 and subsequent roles at Gjensidige Forsikring.[38] As CFO, he oversees financial strategy, including capital allocation for growth in personal and commercial segments.[35] Lars Bonde serves as Group COO, having joined the Executive Board in 2006.[39] Born in 1965, Bonde joined Tryg in 1998 and holds an LL.M. from the University of Copenhagen along with specialized insurance training; his tenure has focused on operational efficiency and risk management across Tryg's Scandinavian operations.[35] Alexandra Bastkær Winther is Group Chief Commercial Officer (CCO) and head of commercial divisions, appointed to the Executive Board on March 1, 2023.[40] Born in 1985, she joined Tryg in 2020 after serving as Vice President at ALKA and holds an MPhil in Finance from the University of Cambridge and an MSc in Economics from the University of Copenhagen.[41] Winther drives commercial insurance strategies, emphasizing customer-centric product innovation for business clients.[35] Mikael Kärrsten acts as Group Chief Technical Officer (CTO), joining the Executive Board in 2023.[42] Born in 1975, Kärrsten joined Tryg in 2022 with over 20 years in insurance, including as Head of Group Pricing, Product, and Underwriting and Chief Underwriting Officer at RSA Scandinavia from 2018 to 2022; he holds a Master in Business Economics.[34] In his role, he leads technical underwriting and risk assessment for personal insurance divisions.[35] Tryg's executive leadership philosophy centers on customer-centric innovation, robust risk management, and sustainable practices to deliver peace of mind amid evolving challenges like climate change.[17][43] This approach guides strategic decisions, such as integrating digital tools for personalized insurance and advancing ESG goals through supplier engagement and green product offerings.[44][24] Significant leadership changes occurred in 2023, including Brammer's CEO appointment, Thaysen's CFO role, and the additions of Winther and Kärrsten to the Executive Board, strengthening expertise in commercial growth and technical operations.[35] No major executive shifts have been reported from 2024 to 2025.[45] The Executive Board's compensation structure comprises a fixed base salary, a pension contribution equivalent to 25% of base salary, and variable incentives capped at 50% of total remuneration, encompassing short-term incentives (cash and restricted share units) tied to annual performance and long-term incentives aligned with multi-year strategic goals.[46]Board and corporate structure
Tryg A/S operates under a two-tier governance structure typical of Danish public limited companies, consisting of a Supervisory Board responsible for overall strategic oversight and an Executive Board handling day-to-day operations. This framework ensures clear separation of supervision and management, in line with Danish company law.[47] The Supervisory Board comprises 15 members, with nine elected by shareholders at the annual general meeting and six elected by employees to represent workforce interests. Of the shareholder-elected members, six are independent, defined as non-affiliated with Tryg or its majority shareholder TryghedsGruppen smba, in accordance with the Danish Corporate Governance Recommendations' criteria for independence, which emphasize absence of material business or personal relationships that could impair objectivity. The Board is chaired by Jukka Pertola, with Steffen Kragh serving as Deputy Chairman, both possessing extensive experience in finance and insurance sectors.[48][49] At the 2025 Annual General Meeting on March 26, 2025, new shareholder-elected members included Jonas Bjørn Jensen and Torben Jensen, among others.[50] Tryg seeks a balanced distribution with respect to gender, nationality, and age in the composition of the Supervisory Board, in line with its diversity policy and Danish regulations mandating at least 40% representation of each gender among candidates if the number of candidates of one gender is insufficient, promoting balanced decision-making. As of 2025, the Board includes members with nationalities reflecting Tryg's Nordic operations, such as Danish, Swedish, Norwegian, and others. Shareholder-elected members are limited to a maximum tenure of 12 years to maintain fresh perspectives. The Board conducts an annual self-evaluation of its competencies and performance to ensure effective governance.[48][51][49] Tryg adheres to the Danish Committee on Corporate Governance's recommendations, which incorporate EU company law, OECD Principles of Corporate Governance, and international best practices, with deviations disclosed transparently in its statutory reports. As a company listed on Nasdaq Copenhagen, Tryg also complies with Nasdaq Nordic Main Market rules, including requirements for equitable treatment of shareholders and timely disclosure.[47][52][49] The Supervisory Board has established key standing committees to support its oversight functions: the Audit Committee, Remuneration Committee, and Nomination Committee, each reporting directly to the full Board. The Audit Committee, comprising three independent members and chaired by the Deputy Chairman, advises on financial reporting, internal controls, risk management, and external audit processes to ensure integrity and compliance. The Remuneration Committee monitors adherence to Tryg's remuneration policies and incentive structures, aligning executive pay with long-term performance and stakeholder interests. The Nomination Committee assesses and recommends candidates for the Supervisory and Executive Boards to maintain optimal composition, skills, and independence.[53][54][55][56] Shareholder structure features TryghedsGruppen smba as the majority owner with approximately 48.1% of shares, a mutual entity focused on long-term ownership in insurance. The remaining 51.9% constitutes free float, held by institutional investors such as BlackRock (3.05%) and The Vanguard Group (2.28%), alongside retail and other funds. All shares carry equal voting rights, facilitating one-share-one-vote principle and broad shareholder influence at general meetings.[57][58] Sustainability governance is integrated through Board-level oversight, with ESG themes reviewed by the Audit, Nomination, and Remuneration Committees to embed environmental, social, and governance factors into strategic decisions and risk management. A dedicated Sustainability & ESG Board, chaired by the Chief Operating Officer, supports implementation, ensuring alignment with EU Corporate Sustainability Reporting Directive requirements.[35][59][36]Financial performance
Key financial metrics
Tryg A/S reported total premiums earned of DKK 39.975 billion in 2024, reflecting a 2.4% increase from DKK 39.126 billion in 2023.[60] This revenue was driven primarily by the personal insurance segment, which accounted for DKK 26.100 billion or 68% of total premiums, followed by commercial insurance at DKK 9.588 billion (25%) and corporate at DKK 2.908 billion (7%).[60] Geographically, premiums were distributed with Denmark contributing 47% (DKK 18.207 billion), Sweden 31% (DKK 11.796 billion), and Norway 22% (DKK 8.282 billion).[60] The company's profitability remained robust, with an insurance service result (gross profit equivalent) of DKK 7.325 billion in 2024, up from DKK 6.399 billion in 2023, and net income of DKK 4.816 billion.[60] Key ratios underscored operational efficiency, including a combined ratio of 81.0%, below the target of under 95%, indicating strong underwriting performance.[60] Return on equity (ROE) stood at 12.2% after tax, while the Solvency II ratio was 196%, providing a solid capital buffer.[60]| Metric | 2023 (DKK billion) | 2024 (DKK billion) | Notes/Source |
|---|---|---|---|
| Total Premiums Earned | 39.126 | 39.975 | 2.4% growth; Annual Report 2024 |
| Insurance Service Result | 6.399 | 7.325 | Underwriting profit; Annual Report 2024 |
| Net Income | 3.851 | 4.816 | After tax; Annual Report 2024 |
| Combined Ratio (%) | 82.8 | 81.0 | Target <95%; Annual Report 2024 |
| ROE (%) | 9.4 | 12.2 | After tax; Annual Report 2024 |
| Solvency II Ratio (%) | 197 | 196 | Regulatory margin; Annual Report 2024 |