Tryg A/S - Q1 report 2019

Tryg's Supervisory Board has today approved the interim report for Q1 2019.

Premium growth of 19.2% (6.0% excluding Alka), technical result of DKK 626m (DKK 563m) driven by the first-time full quarterly inclusion of Alka and positive developments in our core business. Investment result of DKK 353m (DKK 9m) driven primarily by positive equity markets, pre-tax result of DKK 930m (DKK 553m). Quarterly dividend of DKK 1.70 per share, supporting TryghedsGruppen's member bonus. Solvency ratio of 168.

Financial highlights Q1 2019

Premium growth of 19.2% or 6.0% (2.2%) excluding Alka in local currenciesTechnical result of DKK 626m (DKK 563m), large claims of DKK 181m (DKK 44m) and Alka synergies of DKK 21m. Combined ratio of 88.0% (87.1%)Underlying claims ratio (Private and Group) improved by 0.5% and 0.5% when adjusting for Alka in Q1 2018Expense ratio of 14.0 (14.0)Return on free investments portfolio of DKK 373mTotal Investment return of DKK 353m (DKK 9m)Profit before tax of DKK 930m (DKK 553m) driven by a high investment return and the first full quarterly inclusion of AlkaQ1 dividend of DKK 1.70 per share and solvency ratio of 168

Customer highlights Q1 2019

TNPS of 67 (62)Number of products per customer 3.8 (3.6)TryghedsGruppen will pay a bonus of 8% to its members for the fourth year in a row

Statement by Group CEO Morten Hübbe:

We deliver a technical result, which is more than 11% above the Q1 2018 result driven by positive developments in the core business, the inclusion of Alka and despite significantly higher large claims. Premium growth of 6.0% excluding Alka for the Group driven primarily by the Private & Commercial segments is particularly noteworthy.

Our retention level is improving across all segments in Denmark and Norway, and it has reached the highest level in the last seven years in Private Denmark.

We continue to intensify our focus on digitalisation, 60% of all customer enquiries are now digital. Furthermore, we continue to develop new innovative insurance solutions making it easier to be tryg, strengthen our core business and generate new sources of revenue.

Finally, I am pleased that for the fourth year running, TryghedsGruppen has announced to pay out bonus - not only for the customers in Tryg - but also for the 380.000 customers in Alka. 1.3 million customers in Denmark will receive a bonus of 8% of the premiums paid in 2018 corresponding to every fourth citizen in Denmark. In total, TryghedsGruppen will pay out up to DKK 925m in customer bonus in this year.

Conference call

Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe 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 Q1 material can be downloaded on tryg.com/en/investor shortly after the time of release.

Attachment

06_TRYG_report_Q1_2019

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