Tryg A/S
Tryg A/S – Interim report Q1 2017

Tryg’s Supervisory Board has today approved the interim report for Q1 2017.

Profit before tax improved by more than 35% driven by a very strong investment income and a slightly improved technical result compared to Q1 2016. Solvency ratio of 202% and quarterly dividend of DKK 1.60 per share benefits shareholders and supports TryghedsGruppen’s 8% members’ bonus in 2017.

Financial highlights Q1 2017  

• Profit before tax of DKK 779m (DKK 563m) and after tax of DKK 605m (DKK 445m)
• Technical result of DKK 568m (DKK 562m)
• Combined ratio of 87.3 (87.1) driven mainly by a low level of weather claims and large claims
• Underlying claims ratio (Group and Private) on a par with Q1 2016
• Expense ratio of 14.4 (15.1) as a result of efficiency programme
• Premium growth of 1.6% in local currencies
• Investment return of DKK 223m boosted primarily by strong equity markets
• Dividend of DKK 1.60 per share and solvency ratio of 202%

Customer highlights Q1 2017 

• NPS of 23 (21)
• Retention rate of 87.9 (88.1)
• Share of customers with three or more products of 57.5% (56.8%)
• TryghedsGruppen’s Board of Representatives decided to pay out a bonus of 8% to its members in 2017

Statement by Group CEO Morten Hübbe:
In Q1, we delivered a higher technical result and a lower expense ratio thanks to our efficiency programme. The underlying claims level is now in line with twelve months ago after few quarters where it was deteriorating. We are also satisfied with a continued growth in Private Denmark – the biggest business area in Tryg. The pre-tax result is more than 35% higher compared to Q1 2016 thanks also to a very strong investment income.

As mentioned in the annual report 2016, Tryg is starting to pay out a quarterly dividend in 2017. The aim is to pay approximately 25% of the annual dividend on a quarterly basis. The Q1 dividend is DKK 1.60 per share and is underpinned by a strong solvency ratio of 202%.

In Q1, TryghedsGruppen announced that the member bonus in 2017 will amount to 8% of the premium paid for 2016, for the benefit of our Danish customers.

During the first three months of 2017, Private Denmark launched a new customer concept, peace-of-mind package. The new package makes it easier and simpler to buy insurance with Tryg and will support Tryg’s target of increasing the number of customers with three or more products.

Conference call
Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe and CFO Christian Baltzer will present the results in brief followed by Q&As.

The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

Conference call details:

Danish participants:             +45 35 44 55 83

UK participants:                   +44 (0) 203 194 0544

US participants:                   +1 855 269 2604

All Q1 materiel can be downloaded on tryg.com/dk/Investor/Downloads shortly after the time of release.

Click on, or paste the following link into your web browser, to view the associated documents https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=624525