Tryg’s Supervisory Board has today approved the interim report for Q1 2013.
The insurance business generated a satisfactory profit in Q1 2013 and a high investment return. Insurance results improved by 39% despite higher claims costs related to large claims and a lower interest rate level.
Highlights for Q1 2013
- Profit before tax of DKK 759m (DKK 702m).
- Technical result of DKK 500m (DKK 361m), an improvement of 39%.
- Combined ratio of 90.3 (93.8) impacted by cost and claims measures.
- Claims ratio, net of ceded business, of 74.3 (77.2) with improvement in all business areas.
- The interest rate level affected the combined ratio negatively by 0.5 points relative to Q1 2012.
- Negative premium growth of 2.5% reflects the focus on profitability and a high level of reimbursements under profit sharing schemes.
- Improvement of the expense ratio by 0.6 percentage points from 16.6 to 16.0 reflects the focus on improving efficiency through cost initiatives.
- High investment return, particularly based on a high return on equities.
- Return on equity of 20.3% after tax.
- New subordinate loan raised and previous loan terminated.
- Share buyback of DKK 800m commenced.
Additional information:
For further information, please contact:
- Investor Relations Director Lars Møller on +45 22 66 66 05 or lars.moeller@tryg.dk
- Investor Relations Manager Peter Brondt on +45 22 75 89 04 or peter.brondt@tryg.dk
- Head of Communication Troels Rasmussen on +45 30 35 30 70 or troels.rasmussen@tryg.dk
Tryg is the leading provider of “peace of mind” solutions with property & casualty insurance operations in Denmark, Norway and Sweden. Tryg is listed on Nasdaq OMX Copenhagen, and 60% of the shares are held by TryghedsGruppen smba.
