2013 resultsWebcast presentation

30 January 2014Follow us on Twitter: @TrygIR

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Disclaimer

Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by

and information currently available to the management. Forward-looking statements (other than statements of

historical fact) regarding our future results of operations, financial condition, cash flows, business strategy, plans and

future objectives can generally be identified by terminology such as “targets”, “believes”, “expects”, “aims”, “intends”,

“plans”, “seeks”, “will”, “may”, ”anticipates”, “continues” or similar expressions.

A number of different factors may cause the actual performance to deviate significantly from the forward-looking

statements in this presentation including but not limited to general economic developments, changes in the

competitive environment, developments in the financial markets, extraordinary events such as natural disasters or

terrorist attacks, changes in legislation or case law and reinsurance.

We urge you to read our annual report available on tryg.com for a discussion of some of the factors that could affect

our future performance and the industry in which we operate.

Should one or more of these risks or uncertainties materialise or should any underlying assumptions prove to be

incorrect, our actual financial condition or results of operations could materially differ from that described herein as

anticipated, believed, estimated or expected.

We are not under any duty to update any of the forward-looking statements or to conform such statements to actual

results, except as may be required by law.

Highlights Q4 2013 - Result affected by storms and a strong investment result

638 639

0

200

400

600

800

Q4 2012 Q4 2013

D KKm

89.187.4

6065

707580

8590

95100

Q4 2012 Q4 2013

• Pre-tax profit of DKK 639m (DKK 638m). Technical result declined 15.7% to DKK 546m (DKK 648m).

• Combined ratio of 89.1 compared to 87.4 impacted by windstorms ~ 45,000 claims reported.

• Gross claims ratio of 74.9 (70.2) affected by significant windstorms (gross effect 14 pp), but offset by low level of large claims.

• Premiums dropped 2.4% (-0,5%) impacted by profit sharing and profitability focus.

• High investment return especially due to positive equity market.

• New share buy back programme of DKK 1,000m announced in December.

Pre-tax profit

Combined ratio

15.416.3

12

13

14

15

16

17

18

Q4 2012 Q4 2013

Expense ratio

3

Highlights 2013 - Result affected by efficiency initiatives, high level of weather claims and high investment result

3,017 2,993

0400800

1,2001,6002,0002,4002,8003,200

2012 2013

D KKm

86.4 84.5

3.21.8

6065707580859095

100

2012 2013

88.2 87.7

Combined ratio

Pre-tax profit

Weather effect

15.616.4

12

13

14

15

16

17

18

2012 2013

Expense ratio

4

• Proposed dividend per share of DKK 27.

• Return on equity of 21.5% (22.1%) after tax.

• Pre-tax profit of DKK 2,993 (DKK 3,017m).

• Technical result of DKK 2,496m (DKK 2,492m).

• CR improvement of 0.5 pp to 87.7 despite high

level of weather claims.

• Premium dropped -2.7% (-0.1%)

• High investment result at DKK 588m (DKK 585m)

including DKK 76m write-down of domicile.

Important news in Q4 2013

• Windstorms with more than 45,000 claims. Sideways coverage “in the money” in H1 2014.

• New price differentiated products:• Van insurance in Denmark

• House and car in Norway

• Boat in Sweden

• Efficiency programme progress as planned. DKK 112m reached in Q4.

• New IT agreements with TCS and Accenture from 2014.

• New Head of Claims appointed.

5

Combined ratio development in business areas

6

Combined ratio – Commercial (DK & NO)Combined ratio – Private (DK & NO)

Combined ratio – Private Sweden Combined ratio – Corporate

86.8 87.7 87.786.0

70

75

80

85

90

95

100

Q4 2012 Q4 2013 2012 2013

82.6

92.2

83.787.9

70

75

80

85

90

95

100

Q4 2012 Q4 2013 2012 2013

87.5 88.2

95.3

91.2

70

75

80

85

90

95

100

Q4 2012 Q4 2013 2012 2013

90.788.7 87.7 88.9

70

75

80

85

90

95

100

Q4 2012 Q4 2013 2012 2013

Group CRQ4 2013: 89.1Q4 2012: 87.4

2013: 87.72012: 88.2

Strategic initiatives 2013 and 2014

Increased price differentiation

Commercial back on track

Building foundation in Sweden

Expenses/claims reductions

Simplification of products and systems

2013 Fixing the engine room

Increased price differentiation

Expenses/claims reductions

2014 Customers, culture and

continious improvements

Customer journey & success culture

IT operational stability

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Follow up on efficiency programme

8

Targeted and achieved savings in expenses

250

250

100

700100 120

Totalsavings

on claims

2012 Achieved2012

2013 Achieved2013

2014 2015

Target

125

50

300125

Total savingsexpenses

2013 Achieved 2014 2015

Target

DKKm137

Q4-2013: 22m

2013 Q1-Q3: 60m

2012: 55m

DKKm

Q4: 90m

Q1-Q3: 210m

300

Efficiency programme up until 2015

Targeted and achieved savings on claims• Savings of DKK 557m achieved so far.

• DKK 112m achieved in Q4 2013.

• Increased benefit from use of Scalepoint.

• Agreements based on fixed prices onmaterials and repairs.

• Procurement on motor delivers more thanexpected.

• Savings in expenses according to plan.

Expense ratio development

Expense ratio

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DKKm

4,119 4,1014,076

3,913

3,703

3,911

2008 2009 2010 2011 2012 2013

FTE development Nominal costs in business areas

16.6 16.7 16.616.4

15.6

2009 2010 2011 2012 2013

648

306

1,418

680 630

280

1,524

748

Private Commercial Corporate Sweden

2012 2013

• Significant reduction in expense ratio from 16.4 in 2012 to 15.6 in 2013.

• Nominal costs on Group level reduced from DKK 3,295m in 2012 to DKK 3,008m in 2013.

• Number of manager reduced by 10%.• Reduced number of offices.• Outsourcing.

• Efficiency programme initiated in 2012 to reduce expenses by DKK 300muntil 2015.

Premiums and portfolio

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Gross earned premiums, DKKm

2,449 2,290

906

1,330 1,243

399348

862

0

1,000

2,000

3,000

4,000

5,000

6,000

Q4 2012 Q4 2013

Private Commercial Corporate Sweden

Technical result, DKKm

326 286

156

121

146

70

54

44

-9-100

0100200300400500600700800900

Q4 2012 Q4 2013

Private Commercial Corporate Sweden Other

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Topline and technical result

648546

5,076 4,737

Gross earned premiums, DKKm

9,733 9,366

3,687

5,258 5,041

1654 1587

3,528

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,00022,000

2012 2013

Private Commercial Corporate Sweden

Technical result, DKKm

1,233 1,335

604

650 573

439

102 149

-100

400

900

1,400

1,900

2,400

2,900

2012 2013

Private Commercial Corporate Sweden Other

2,492 2,49620,314 19,504

82%

84%

86%

88%

90%

92%

Q1 09 Q4 09 Q3 10 Q2 11 Q1 12 Q4 12 Q3 13

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Customer retention

Private

Commercial

82%

84%

86%

88%

90%

92%

Q 1 09 Q 4 09 Q 3 10 Q 2 11 Q 1 12 Q 4 12 Q 3 13

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Private – average premiums

House insurance – average premium (index 2008 = 100)

Motor insurance – average premium (index 2008 = 100)

90

100

110

120

130

140

150

2008 2009 2010 2011 2012 2013

90

100

110

120

130

140

2008 2009 2010 2011 2012 2013

2.8%1.2%

Average premiums increase Y/Y

2.5%-0.7%

Average premiums increase Y/Y

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Private Sweden – CR and customer retention

125

103

99102 103

9997

114

110

95

91

88

95 94

88 88

80

85

90

95

100

105

110

115

120

125

130

Q1-10 Q4-10 Q3-11 Q2-12 Q1-13 Q4-13

Private - retention rate

60%

62%

64%

66%

68%

70%

72%

74%

Q3-08 Q2-09 Q1-10 Q4-10 Q3-11 Q2-12 Q1-13 Q4-13

Nordea portfolio

Claims

15

16

Underlying claims, net 2012 / 2013

CR and claims ratios 2012-13

Claims ratio development - Group

65

70

75

80

85

90

95

Q1 0

9Q2

09

Q3 0

9Q4

09

Q1 1

0Q2

10

Q3 1

0Q4

10

Q1 1

1Q2

11

Q3 1

1Q4

11

Q1 1

2Q2

12

Q3 1

2Q4

12

Q1 1

3Q2

13

Q3 1

3Q4

13

Gross claims ratio Claims ratio, net of reinsurance

• Underlying development is adjusted for:

• Large claims

• Weather claims

• Run-off and interest

• Improved underlying claims ratio on Group level driven by efficiency programme

73.771.7

68.2 68.5

80.1 79.9

74.5 73.4 74.975

2012 2013

Group Private Commercial Corporate Sweden

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Large claims – gross DKKm

Weather claims, net DKKmLarge claims, net DKKm

4 714 0 7

216

510

100

200

300

400

500

Q4 2012 Q4 2013 2012 2013

3 56

6 2 0418

1120

200

400

600

Q4 2012 Q4 2013 2012 2013

Run-off net, effect on combined ratio

4.0%

4.7%4.9%

4.7%

4.4%

5.0%

5.0%

3%

4%

5%

6%

2007 2008 2009 2010 2011 2012 2013

0

100

200

300

400

500

600

Q3-09 Q3-10 Q3-11 Q3-12 Q3-13

Large claims, weather claims and run-off

Expected annual level 2013: DKK 450mExpected annual level 2013: DKK 500m

Q4 2013: 5.2%

29 januari 201418

Investment, capital and financial targets

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Investment result 2013

Assets Return in 2013

Free investment

Result DKK 891mReturn 7.5%

Assets

Match

DKK 30.0bn

Free

DKK 13.0bn

Gross investment return

Return DKKm

Bonds (1.2%) 472

Equities (23.4%) 564

Real estate (3.9%) 80

Total (2.5%) 1,116

Match

Mismatch DKK 40m

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Capital position and structure

• Strong capital position based on Individual Solvency (IS) with buffer of 50% (2012: 38%) impacted by:

• Suggested cash dividend

• 2013 result

• Capital requirement impacted by lower premium level and investment exposure

• 25 % capital buffer based on the Solvency II / Danish FSA legislation (2012 Q4:27%).

• New share buy back programme of DKK 1,000m started 2 January and will run during 2014.

6,3668,530

3,212

2,162

6,410

33800800

1.6562,369

2,422

0

2,000

4,000

6,000

8,000

10,000

12,000

IS 2

012

2013

resu

lt

Cash

div

iden

d

Shar

e b.

b. 2

013

Sub.

ord

. cap

.Oth

ers

IS 2

013

Solve

ncy

II

Buffer Capital requirement

10,979 11,107

1,597 1,818

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2012 Q4 2013 Q4

Subordinated loancapitalEquity

Equity and subordinated loan

Capital development 2012 to 2013

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Financial targets

0%

10%

20%

30%

40%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

ROE target

ROE after tax

ROE after tax of 20% to be achieved by delivering a full year combined ratio

of 90 or lower.

Expense ratio <15 in 2015

29 januari 201422

Q/A

Follow us on Twitter: @TrygIR

Danske MarketsLars Bonde, Group EVP and COOPeter Brondt, IR ManagerZurich/ Geneva20/02/2014

Exane BNPLars Bonde, Group EVP and COOPeter Brondt, IR Manager

Frankfurt19/02/2014

Morgan StanleyLars Møller, IR DirectorLondon, Conference25/03/2014

CarnegieLars Møller, IR DirectorMilan26/03/2014

Date Place Participants from Tryg Arranged by

30/01/2014 Copenhagen

Morten Hübbe, CEO Tor Magne Lønnum, CFOLars Bonde, Group EVP and COOInvestor Relations

SEB

31/01/2014 Oslo, NorwayTor Magne Lønnum, CFOPeter Brondt, IR Manager

DnB NOR

3-4/02/2014 LondonTor Magne Lønnum, CFOLars Møller, IR Director

Carnegie

4/02/2014 TorontoMorten Hübbe, CEOPeter Brondt, IR Manager

JP Morgan

5-7/02/2014 USAMorten Hübbe, CEOPeter Brondt, IR Manager

JP Morgan

5/02/2014 EdinburghTor Magne Lønnum, CFOLars Møller, IR Director

ABG

12/02/2014 ParisTor Magne Lønnum, CFOPeter Brondt, IR Manager

Exane BNP

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