Annual report 2010 (compared with 2009)
4.5 % premium growth in local currency, good investment result and an improvement in cost ratio despite increased pan-Nordic branding cost.
The 2010 result is significantly impacted by extraordinary one-off claims events, which in total are DKK 1.4bn higher than a normal year as well as a high underlying claims level.
Combined ratio was 98.8 against 92.2 and impacted by approximately 7 percentage points from extraordinary one-off events.
2010 pre-tax result is better than expected after the third quarter 2010. This is due to better investment income as well as an insurance result in line with expectations despite extraordinary winter claims cost in fourth quarter 2010.
2010 key figures
|
DKKm |
2009 | 2010 |
| Premium income | 17,862 | 19.475 |
| Technical result | 1,562 | 375 |
| Investment results | 1,086 | 570 |
| Pre-tax profit | 2,610 | 941 |
| Net income | 2,008 | 593 |
The medium term target is to generate a return on equity in excess of 20% after tax, corresponding to a combined ratio at the level of 90 including any run-off results.
For 2010 a total distribution to shareholders of DKK 256m is proposed as cash dividend (DKK 4.00 per share). No share buy back programme is planned based on the 2010 result.
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