Tryg A/S - Annual report 2014


Tryg’s Supervisory Board has today approved the annual report 2014.

Tryg delivered satisfactory Q4 2014 results driven by Tryg’s efficiency programme and a low level of weather claims. Proposed dividend of DKK 29 per share reflects good full-year 2014 results.

Highlights 2014 

  • Profit after tax of DKK 2,557m (DKK 2,369m)
  • Return on equity after tax was 23.0% (21.5%)
  • Technical result of DKK 3,032m (DKK 2,496m)
  • Combined ratio of 84.2 (87.7)
  • Premium income reduced by 1.1% (-2.7%)
  • Expense ratio improved to 14.6 (15.6) and 15.3, excluding one-off effects
  • Investment return of DKK 360m (DKK 588m)
  • Proposed dividend of DKK 29 per share
  • Share split 1:5 to be approved at the annual general meeting in 2015.
  • Share buy back of DKK 1bn completed in 2014. Similar programme in 2015.


Highlights Q4 2014

• Profit after tax of DKK 640m (DKK 565m)

• Technical result of DKK 775m (DKK 546m)

• Combined ratio of 83.7 (89.1)

• Expense ratio of 14.9 (15.4)

• Investment return of DKK 13m (DKK 154m) affected by a write-down of owner-occupied property of DKK 106m


Statement by Group CEO Morten Hübbe:
2014 saw a substantial improvement in Tryg’s financial results, and we delivered the best Q4 technical result since Tryg was listed. This means that we have already, one year ahead of schedule, nearly met the ambitious financial targets set in 2012 for our combined ratio, expense level and return on equity. This is a very satisfactory result, and one which was made possible by the committed efforts of Tryg’s employees.

In 2014, we continued our work to make our internal processes more efficient, and we have implemented structural changes to strengthen Tryg’s insurance operations in a permanent way and to support our most important mission – to deliver a world-class customer experience.

Up to 2017, we will strive for further efficiency improvements of DKK 750m and optimise our customer service business procedures to ensure that our customers are so satisfied with our services that they will stay with Tryg, buy more and recommend us to others. With this end in view, we have set out a number of concrete and ambitious targets to strengthen customer experience in Tryg.

With the important steps taken by Tryg in 2014, we now have an even stronger platform for meeting these targets, and we look forward to continuing to produce strong results in the coming years for the benefit of both customers and shareholders in Tryg.

Conference call
Tryg hosts a conference call today at 9:30 CET. CEO Morten Hübbe and CFO Tor Magne Lønnum 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 annual materiel can be downloaded on tryg.com/dk/Investor/Downloads shortly after the time of release.

Contact information:


Attachments

02_2015 Tryg annual report 2014.pdf