Tryg’s Supervisory Board has today approved the interim report for Q2 and H1 2017.

Technical result of DKK 810m, approximately 5% above Q2 2016. Premium growth of 2.0% mainly driven by positive development in Private Denmark. H1 profit before tax more than 10% above corresponding period 2016 driven both by the technical result and investment income. Solvency ratio of 209 and quarterly dividend of DKK 1.60 per share benefit shareholders and support TryghedsGruppen’s 8% members’ bonus in 2017.

Financial highlights Q2 2017

  • Premium growth of 2.0% in local currencies including the Skandia child insurance portfolio
  • Technical result of DKK 810m (DKK 770m)
  • Combined ratio of 81.7 (82.6) – large claims below Q2 2016 and weather claims approximately at the same level. DKK 85m savings from efficiency programme
  • Underlying claims ratio improved in both Private and for the Group compared to Q2 2016
  • Expense ratio of 14.3 (15.0) driven by lower operating expenses and positive top line growth
  • Investment return of DKK 131m boosted primarily by positive equity markets
  • Profit before tax of DKK 915m (DKK 934m) and after tax of DKK 714m (DKK 734m)
  • Q2 dividend of DKK 1.60 per share and solvency ratio of 209


Financial highlights H1 2017

  • Profit before tax of DKK 1,694m (DKK 1,497m) and after tax of DKK 1,319m
    (DKK 1,179m)
  • Technical result of DKK 1,378m (DKK 1,332m)
  • Combined ratio of 84.4 (84.9) – large claims and weather claims below H1 2016 and an increase in the corporate underlying claims ratio 
  • Expense ratio of 14.3 (15.1) driven by a reduction in nominal expenses and higher top line growth
  • Premium growth of 1.8% driven mostly by Private Denmark
  • Investment return of DKK 354m, boosted primarily by strong equity markets
  • H1 dividend of DKK 3.20 per share (DKK 1.60 paid in April. DKK 1.60 to be paid on 14 July)


  Customer highlights Q2 2017

  • NPS of 22 (23)
  • Retention rate of 87.6 (88.1)
  • Share of customers with three or more products of 58.1% (56.9%)

Statement by Group CEO Morten Hübbe:

We deliver a good technical result, which is approximately 5% higher compared to Q2 2016. Premium growth for the Group driven primarily by Private Denmark is particularly noteworthy. Also, we are pleased to see progresses towards our expense ratio target of 14 driven by our efficiency programme.

In addition, we continue to focus on digitalisation of our business and on developing new, innovative insurance solutions, which should improve our customers’ peace-of-mind. As an example, we have introduced new pay-per-use coverages with a duration as low as 15 minutes. Also, we have experienced a high demand from our customers for our latest product launches such as cyber and child insurance products.

Finally, I am pleased that for the second year running, TryghedsGruppen has sent bonus letters to approximately 850,000 of our Danish customers, explaining that they will receive a bonus amounting to 8% of their premium paid for 2016.

Conference call
Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe and CFO Christian Baltzer 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 Q2 material can be downloaded on shortly after the time of release.

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