Tryg Forsikring's full annual report for 2017 will be published 29 January 2018.
Pre-tax 2017 result of DKK 3,314m. Premium growth of 1.7% in local currencies, technical result of DKK 2,789m and investment income of DKK 532m. Solvency ratio of 236. As previous communicated, Tryg expects a solvency ratio of approximately 170 when the Alka acquisition is finalised.
Financial highlights 2017 (numbers for 2016 in brackets)
- Profit before tax of DKK 3,314m (DKK 3,039m adjusted for one-off)
- Technical result of DKK 2,789m (DKK 2,640m adjusted for one-off)
- Combined ratio of 84.4 (85.3 adjusted for one-off)
- Underlying claims ratio improved in both Private and for the Group
- Expense ratio of 14.0 (14.8 adjusted for one-off)
- Premium growth of 1.7% (0.1%) in local currencies
- Investment return of DKK 530m (DKK 992m or DKK492m adjusted for one-off)
Customer highlights 2017
- NPS of 22 (22)
- Retention rate of 88.1 (88.0)
- Share of customers with three or more products of 60.7% (57.2%)
Statement by Group CEO Morten Hübbe:
We are pleased to present a technical result, which increases by 6% compared to the 2016 adjusted level and to have met our ambitious 14 expense ratio target which is probably one of the lowest levels in the world compared to similar business models. We continue to see a good premium growth for the Group primarily driven by the Danish Private business. We are also pleased that for the first time in more than ten years, we see a positive customer development for Private and Commercial in all Nordic countries.
Furthermore, we continue to focus on digitalisation and developing new, innovative insurance solutions, which should improve our customers’ peace-of-mind, strengthen our core business and create new sources of income. At the same time, we have implemented a number of initiatives to improve customer experience. Amongst other things, we have introduced online meetings, and automated several claims processes.
In December 2017, we announced the biggest transaction of the last twenty years in the Danish non-life market, acquiring Alka. We look forward to welcoming Alka’s 365,000 customers and an even broader cooperation with the union.
Finally, it is pleasing that for the second year running, TryghedsGruppen has paid DKK 700m in bonus to approximately 850,000 of our Danish customers and a bonus should be expected for 2018 as well.
