Interim report Q1-Q3 2011

| Source: Tryg A/S Tryg A/S

Technical result improved by DKK 420m to of DKK 491m in the third quarter of 2011 during a period that was marked by cloudbursts, a lower level of large and medium-sized claims. Furthermore, the quarter was affected by declining equity markets.
 

Third quarter of 2011

  • A technical result of DKK 491m as against DKK 74m in the third quarter of 2010. Pre-tax profit of DKK 274m as against DKK 369m in the third quarter of 2010 owing to a lower investment return.
  • An improved combined ratio of 91.5, as against 99.2 in the third quarter of 2010 despite claims resulting from cloudburst in the Copenhagen area on 2 July, which totalled some DKK 1.1bn before reinsurance and affected the combined ratio overall by 3.6 percentage points after reinsurance.
  • Premium growth of 6.7% in local currency as a result of premium increases in Denmark and Norway and organic growth in Sweden and Finland. Gross earned premiums totalled DKK 5,289m.
  • A continued low expense ratio of 16.3, reflecting the focus on efficiency measures.
  • Gross investments return of DKK 791m, corresponding to 1.9% (7.6% p.a.). After expenses and transfers to the insurance business, the net investment return corresponded to a loss of DKK 205m as against a yield of DKK 308m in the same period in 2010, primarily as a result of volatility in the equity markets.
  • Combined ratio below 100 in Finland and Sweden.
     

First to third quarter of 2011

  • A technical result of DKK 1,263m as against DKK 114m during the same period in 2010. Pre-tax profit of DKK 1,122m as against DKK 429m during the first to third quarters of 2010.
  • A combined ratio of 93.0 as against 99.9 during the same period in 2010. This improvement is due partly to more normal winter conditions during the first quarter of 2011 as compared to the first quarter of 2010 and initiatives to reduce claims and costs.
  • Premium growth of 5.2% in local currency as a result of premium increases in all four countries and organic growth in Sweden and Finland.
  • An expense ratio of 16.7 as against 16.9 during the same period in 2010, reflecting the focus on efficiency measures.
  • Gross investment return of DKK 1,407m, corresponding to a yield of 3.4% (4.5% p.a.). After expenses and transfers to the insurance business, the net investment return corresponded to a loss of DKK 97m as against a yield of DKK 304m during the same period in 2010.
  • Return on equity of 12.3% after tax for the first to third quarters of 2011.
     

Download the interim report, tables and presentations on tryg.com.
 

Teleconference

Today, 9 November 2011 at 19:00 CET, Tryg hosts a teleconference, where questions can be asked to CEO Morten Hübbe and CFO Tor Magne Lønnum. The teleconference is in English. Interested can participate on telephone +44 207 509 5139 or +45 32 71 47 67.


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