Accelerating premium growth and improved technical result

Third quarter 2007 report 

Accelerating premium growth and improved technical result. Premium growth and
pre-tax profit forecasts for 2007 are reaffirmed. 

For 2008 a premium growth of 5% in local currency, a combined ratio of about 90
excluding run-offs and return on equity of 20-22% is expected. 

Highlights 

• TrygVesta has no direct exposure to structured debt securities
(CDOs/sub-prime). 

• Gross earned premiums were 4.5% higher (4.0% in DKK terms) in the third
quarter of 2007 than in the year-earlier period, driven by growth of almost 10%
in Corporate and of 71% in Finland/Sweden. Positive growth in the average
premium in Private & Commercial Norway for the first time since 2004. 

• The market share in Norway increased by 0.2 percentage point for the second
consecutive quarter, to stand at 18.2%. 

• A high level of activity in Finland and Sweden, which combined increased the
portfolio by more than 31,000 new policies in the third quarter of 2007. 

• The technical result was DKK 821m, an improvement of 10.5%. The third quarter
performance was the best quarterly performance since 2005 despite several
weather-related losses and large claims, while investment income was lower due
to equity market losses. 

• The combined ratio for this quarter was unchanged at 83.7 with an underlying
positive trend in the expense ratio, which at 16.1 was 0.5 point lower, driven
by excellent performances in Denmark and Norway which reported an expense ratio
of 15.0 compared with 16.1 in the year-earlier period. 

• The pre-tax profit of DKK 726m was DKK 384m lower than in the third quarter
of 2006, the combined effect of an improved technical result and lower
investment income. 

• The year-to-date return on equity was 25% after tax. 

• Backed by the strong technical result, the full-year pre-tax profit forecast
is reaffirmed despite adverse performance in the equity markets during the
quarter. The forecast for profit after tax is reduced by DKK 0.1bn to DKK 2.3bn
due to lower tax-free gains on equities. 


Webcast and teleconference
TrygVesta hosts a teleconference on 23 November 2007 at 10:00 CET. To
participate in the teleconference, please call +44 208 817 9301 or +45 7026
5040. 
The pre-recorded webcast is available at www.trygvesta.com.