Tryg’s Supervisory Board has today approved the interim report for Q2 and H1 2014.
Improvement in Tryg’s performance
Substantial improvement in performance and enhanced development trend in premium income. Results are positively impacted by one-off effects, reflected in a low expense ratio. The efficiency programme also shows consistent progress.
Financial highlights for Q2 2014
Financial highlights for H1 2014
Statement by Group CEO Morten Hübbe:
The improved results for Q2 show that our efficiency measures are working. We improved the combined ratio and, even when disregarding the extraordinary one-off effects, achieved a lower expense ratio. This is strengthening our competitiveness and creating a sound basis for our continued efforts to provide peace of mind and value for our customers, employees and shareholders. At the same time, we see an improvement in premium development, however, there is still some way to go before this will translate into top-line growth.
We are very pleased with the positive developments and trends seen in several areas. After a period of decline, Private Norway is attracting increasing customer numbers, while the trend is also improving in Private Denmark. At the same time, both Denmark and Norway are realising improved customer renewal figures in the Commercial segment.
Our customers must feel confident about their choice of Tryg every time they are in contact with us. We have therefore launched a number of initiatives under the heading ‘Customer journey & success culture’, including, for example, extended opening hours, sms-based customer surveys and training programmes for both managers and employees designed to ensure a strong customer focus in everything we do.
Results for Q2 were negatively impacted by one-off expenses in connection with the current change of IT provider based on a need to ensure increased operational stability during the transitional phase for the benefit of both customers and employees. In addition, cost levels were positively affected by a new pension agreement for Tryg’s employees in Norway. Under the new agreement, several years of inappropriately high levels of tied-up capital have been replaced by a far more stable scheme.
Tryg hosts a conference call on the day of the release at 9:30 CET. CEO Morten Hübbe and CFO Tor Magne Lønnum will present the results in brief followed by a Q&A session. The conference call will be held in English.
Conference call details:
Danish participants: +45 35 44 55 83
UK participants: +44 (0) 203 194 0544
US participants: +1 855 269 2604
For further information, please contact: