Tryg has received notice of an action concerning pension obligations in Norway

Pursuant to the governing Norwegian law on disputes, Tryg Forsikring A/S has received notice of an action from Finansforbundet in Norway (the Finance Sector Union of Norway) on behalf of a group of pensioners. The action concerns the adjustment in the pension schemes of Norwegian employees made in 2014.

Finansforbundet has not yet quantified the claim, but according to Tryg’s preliminary calculations, the claim will not exceed a maximum of approximately DKK 0.3bn after tax for the persons affected by the adjustment.

Tryg does not agree that the adjustment was wrongful. Consequently, Tryg expects an action to be resolved in court and does not expect a ruling to be made for the next 1.5 – 2 years.

In Q1 2016, Tryg’s solvency ratio was 212. A possible loss of DKK 0.3bn would result in a solvency ratio of 206.