Tryg A/S


Tryg A/S – Annual report 2020

Tryg’s Supervisory Board has today approved the annual report 2020.

Premium growth of 7.0% (6.1% excluding Alka in 2019). The technical result of DKK 3,495m (DKK 3,237m) was impacted by continued positive developments in the core business, the delivery of the Alka synergies and lower than normal large and weather claims. Investment income of DKK 311m (DKK 579m) driven by positive financial market returns in a year characterized by significant volatility after the outbreak of COVID-19 in the first quarter of 2020 and related worries regarding the macroeconomic environment. Profit before tax of DKK 3,541m (DKK 3,628m). Quarterly dividend of DKK 1.75 per share, supporting TryghedsGruppen’s member bonus. Solvency ratio of 183.  

Financial highlights 20

  • Premium growth of 7.0% (6.1% excluding Alka in 2019) in local currencies
  • Technical result of DKK 3,495m (DKK 3,237m)
  • Combined ratio of 84.5 (85.1)
  • Expense ratio of 14.1 (14.2)
  • Return on free investments portfolio of DKK 585m (DKK 857m)
  • Total investment return of DKK 311m (DKK 579m)
  • Profit before tax of DKK 3,541m (DKK 3,628m)
  • Full year dividend of DKK 7.00 per share
  • Solvency ratio of 183

Financial highlights Q4 2020

  • Premium growth of 7.4% (5.6% excluding Alka in 2019) in local currencies
  • Technical result of DKK 780m (DKK 762m)
  • Combined ratio of 86.3 (86.1)
  • Underlying claims ratio (Private and Group) improved by 0.2 and 0.6 percentage points
  • Expense ratio of 14.0 (14.6)
  • Return on free investments portfolio of DKK 513m (DKK 226m)
  • Total investment return of DKK 513m (DKK 198m)
  • Profit before tax of DKK 1,223m (DKK 940m)
  • Q4 dividend of DKK 1.75 per share

Customer highlights Q4 2020

  • TNPS of 72 (68)
  • Number of products per customer 3.9 (3.8)
  • In Q4, awareness of TryghedsGruppen's member bonus among non-customers increased to 33%, up by 18% compared with the same period prior year

Statement by Group CEO Morten Hübbe:

COVID-19 has introduced a lot of volatility during 2020 and also changed the ways of working. During Q1, Tryg’s technical result was impacted by high travel insurance claims while in the following quarters a lower economic activity offset the negative developments in Q1. The overall technical result was also helped by a lower than normal level of large and weather claims despite the tragic event in Gjerdrum, Norway, at the end of December, where a landslide killed several people and many families had to re-locate and find a new home.

The good development of Tryg’s core business continued with a strong growth of 7% for the Group, supported by the Private and Commercial segments. In Corporate, the profitability initiatives are starting to improve the numbers, but it is important to remember that this is a long-term journey to improve a segment that has always been challenging due to different market dynamics.

Capital markets developments have been extreme in 2020. Tryg has booked a mark to market loss of nearly DKK 1bn in Q1 but the year is ending with a positive investment result of more than DKK 300m following a strong capital markets recovery in the following nine months.

In 2020, customer satisfaction continued to break records. This is very positive as it has been a difficult period for our 4,400 employees who, amongst other things, have handled 100.000 extra COVID-19-related claims and 250.000 extra phone calls compared to a normal year, all of this while working from home.

Tryg has met all 2020 financial targets set at a capital markets day in November 2017, a new strategy will be unveiled at a capital markets day that will be hosted in the Autumn.

On 18 November 2020, Tryg made a recommended cash offer to acquire RSA’s Swedish and Norwegian business and 50% of the Danish business in a potential acquisition that will create the largest Scandinavian non -life insurer. Shareholders of Tryg and RSA have voted in favor of the deal and now we wait for the final approval from authorities before Tryg can take over Trygg-Hansa in Sweden and Codan in Norway. I look very much forward to welcome Trygg-Hansa and Codan Norway’s 1.3m customers and 1,500 employees in the Tryg family. 

Conference call

Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe, CFO Barbara Plucnar Jensen and CCO Johan Kirstein Brammer 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 78 72 32 52

UK participants:            +44 (0) 333 300 9032

US participants:            +1 833 526 8383

The annual report material can be downloaded on shortly after the time of release.


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