Q1 results 2014 Investor presentation

Follow us on Twitter: @TrygIR

2

Contents

� Highlights Q1 2014 3

� Premiums and portfolio 9

� Claims 14

� Investment and capitalisation 19

� For new investors 23

� Appendix 31

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 Q1 2014 - Strong result with 5% improved technical result despite DKK 150m higher level of large claims.

759

602

0

200

400

600

800

Q1 2013 Q1 2014

D KKm

89.290.3

60

65

70

75

80

85

90

95

100

Q1 2013 Q1 2014

Pre-tax profit

Combined ratio

15.916

12

13

14

15

16

17

18

Q1 2013 Q1 2014

Expense ratio

3

• Pre-tax profit of DKK 602m (DKK 759m). Technical result improved 4.6% to DKK 523m (DKK 500m).

• Combined ratio of 89.2 compared to 90.3 affected by expense and claims initiatives.

• Gross claims ratio of 73.3 (74.3) affected by improvements in Private, Commercial and Sweden.

• Premiums dropped 2.0% (2.5%) impacted by reduction in Nordea portfolio in Sweden and the effect of the implemented profitability measures in Commercial.

• Investment return of DKK 89m (DKK 269m) impacted by lower equity return.

• 21.3% of the share buy back programme of DKK 1,000m completed.

Important news in Q1 2014

• New customer focused organisation in

Commercial and Corporate.

• New costumer concept Nordea Tryg Plus

launched.

• Tryg acquires agriculture renewal right from

Codan.

• MC - new price differentiated product in

Denmark.

• Efficiency programme progress as planned.

DKK 90m reached in Q1.

• New IT agreements with TCS and Accenture from

2014 signed in Q1.

4

Strategic initiatives 2014

Increased price differentiation

Expenses/claims reductions

2014 Customers, culture and

continous improvements

Customer journey & success culture

IT operational stability

5

6

Key figures Q1 2013/14

DKKm Q1 2013 Q1 2014 2013

Gross premium income 4, 938 4,583 19,504

Claims, net of reinsurance -3,425 -3,087 -12,971

Gross expenses -781 -719 -3,008

Technical result 500 523 2,496

Return on investment aftertechnical interest

269 89 588

Profit/loss before tax 759 602 2,993

Profit/loss 575 455 2,369

Claims ratio, net of reinsurance

74.3 73.3 72.1

Gross expense ratio 16.0 15.9 15.6

Combined ratio 90.3 89.2 87.7

7

Combined ratio – Corporate

Combined ratio – Commercial (DK & NO)

Combined ratio development in Business areas

Combined ratio – Private (DK & NO)

Combined ratio – Sweden

94.9

88.7

70

75

80

85

90

95

100

Q1 2013 Q1 2014

%

Group CR

Q1 2014: 89.2

Q1 2013: 90.3

88.8

98.7

70

75

80

85

90

95

100

Q1 2013 Q1 2014

%

90.088.0

70

75

80

85

90

95

100

Q1 2013 Q1 2014

%

89.9

81.9

70

75

80

85

90

95

100

Q1 2013 Q1 2014

%

1,000

700

300

647

485

162

0

200

400

600

800

1,000

1,200

Target 2015 Achieved 2012-2013 Achieved Q1 2014

Follow up on efficiency programme

8

DKKm

Efficiency programme up until 2015

Targeted and achieved savings on claims• Savings of DKK 647m achieved so far.

• DKK 90m achieved in Q1 2014.

• DKK 25m reduction in expenses

• DKK 65m reduction in claims

• Increased benefit from use of Scalepoint.

• Agreements based on fixed prices on

materials and repairs. Expenses Claims Total

Premiums and portfolio

9

Gross earned premiums, DKKm

2,384 2,238

1,046

1,1321,042

377317

989

0

1,000

2,000

3,000

4,000

5,000

6,000

Q1 13 Q1 14

Private Corporate Commercial Sweden

10

Topline and technical result

Gross earned premiums reduced by 2.0% (2.5%) related to:

• Continued high retention level in Private and even improved retention level in Commercial.

• Higher sales level in general in Private.

• Commercial affected by price initiatives and pruning in previous years.

• Corporate – growth in Sweden, slightly negative development in DK and NO.

• Sweden affected by cancellation of Nordea agreement.

4,938 4,583

Technical result, DKKm

245 273

118 19

114193

3823

0

100

200

300

400

500

600

700

Q1 13 Q1 14

Private Commercial Commercial Sweden

523500

-0.5 (-2.0)

+0.7 (-4.4)

-4.4 (-2.8)

-12.5 (0.2)

Group: -2.0 (-2.5)

Local currency

82%

84%

86%

88%

90%

92%

Q1

09Q3

09

Q1

10Q3

10Q1

11

Q3

11Q1

12Q3

12Q1

13

Q3

13Q1

14

11

Customer retention

Private

Commercial

82%

84%

86%

88%

90%

92%

Q1

09Q3

09Q1

10Q3

10Q1

11Q3

11Q1

12Q3

12Q1

13Q3

13Q1

14

12

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

2.9%0.6%

Average premiums increase Y/Y

Average premiums increase Y/Y

-0.9% 2.3%

60%

69%

78%

Q3-

08Q1-

09Q3-

09Q1-

10Q3-

10Q1-

11Q3-

11Q1-

12Q3-

12Q1-

13Q3-

13Q1-

14

13

Private Sweden – CR and customer retention

125

103

99

102103

99

97

114

110

95

91

88

95 94

88 88 89

80

85

90

95

100

105

110

115

120

125

130

Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14

Customer retention

Nordea portfolio

Claims and expenses

14

15

Underlying claims ratio, net Q1 2013/2014

CR and claims ratios Q1 2013-14

Claims ratio development - Group

76.7 75.3

67.7 69

87.2

81.8

76.2 75

71.468.4

Q1 2013 Q1 2014

Group Private Commercial Corporate Sweden

65707580

859095

Q1 09

Q3 09

Q1 10

Q3 10

Q1 11

Q3 11

Q1 12

Q3 12

Q1 13

Q3 13

Q1 14

Gross claims rat io Claims rat io, net of reinsurance

• Underlying development is adjusted for:

• Large claims

• Weather claims

• Run-off and interest

• 1.2 %-point improved underlying claims ratio

on Group level driven by efficiency

programme.

16

Run-off, net DKKm

Large claims, weather claims and run-off

Large claims, net DKKm Weather claims, net DKKm

67

215

0

50

100

150

200

Q1 2013 Q1 2014

140114

0

50

100

150

200

Q1 2013 Q1 2014

220

333

0

50

100

150

200

250

300

350

Q1 2013 Q1 2014

Run-off net, effect on combined ratio

Expected annual

level 2014: DKK 500m

Expected annual

level 2014: DKK 550m

4.9% 4.7%

4.0%

4.7%

7.3%

3.7%

5.0%5.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2007 2008 2009 2010 2011 2012 2013 Q1

2014

17

Interest sensitivity

1% increase in interest rate level will:

• Increase pre-tax result by around DKK 300m.

• Improve combined ratio by approx. 1 pp.

• Impact NO pension obligation by around DKK 250m.

Pension scheme Norway - discounting rate

1.7

1.0

2.0

3.0

4.0

5.0

6.0

%

Claims reserves - discounting rate

2006 2007 2008 2009 2010 2011 2012 2013 2014

2.0

3.0

4.0

5.0

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

%

3.5

Expense ratio development

Expense ratio

18

DKKm

4,076

3.913

3.7033.655

4,101

2010 2011 2012 2013 Q1 2014

FTE development Nominal costs in business areas

16.0 15.9

16.6 16.7 16.616.4

15.6

2009 2010 2011 2012 2013 Q1

2013

Q1

2014

• Expense ratio improved from 16.0 in Q1 2013 to 15.9 in Q1 2014.

• Nominal expenses on Group level reducedsignificantly in Q1 2014.

• Efficiency programme.• Adapting to lower premium level by reducing

nominal expenses by more than 2% in localcurrency.

• Expense ratio level normally higher in Q1 related to commissions and provisions for holiday pay.

• Reduction in FTE by 48 in Q1 2014.

131

74

184

125

365

211

63

347

Private Commercial Corporate Sweden

Q1 2013 Q1 2014

19

Investment, capital and financial targets

20

Investment result Q1 2014

Free investment

Match regulatory deviation

Match performance

Other financials

Total return

0.4%0.6%

3.0%

3.7%

1.4%

0.9%

1.8%

Govt

. Bon

ds

Cov

. Bon

ds

Hig

h-y

ield

Emer

ging

mar

kets

Equi

ties

Inve

stm

ent pr

oper

ty

Tota

l

Free portfolio – Q1 2014 (DKK 13.6bn)

3

5

22

36

15

15

4

Equities (22)

Investment property (15)

Bank deposits/bonds (17)

Govt. Bonds (1)

High yield (6)

Cov. Bonds (36)

Em. market bonds(3)

Percentage

Match portfolio – Q1 2014 (DKK 31.4bn)

5

95

Cov. Bonds (94)

Bank deposits/bonds (6)

Percentage

Percentage return – Free portfolio

Investment return

Q1 2014

129

-3

30

-67

89

DKKm

21

Capital structure and status on share buy back

• Capital buffer based on Individual Solvency increased to 53% (2013 Q4: 50%) and was impacted by:

• Q1 result 2014

• Increase in capital requirement due to transition to new capital regime.

• Increase in available capital due to transition to new capital regime

• Q1 share buy back deducted in buffer

• Capital buffer based on the Solvency II (QIS5) model decreased to 21% (2013 Q4: 25%).

• Share buy back initiated in beginning of January and proceeds as planned.

6,740

8,561

3,5911,770

0

2,000

4,000

6,000

8,000

10,000

12,000

Individual solvency Solvency II - Standard

model

Buffer

Capital requirement

213

787

0

200

400

600

800

1,000

1,200

Remaining share b.b.

Acquired end Q1 2014

DKKm Share buy back

11,10711,480

1,818 1,834

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 Q4 2014 Q1

Subordinated loancapital

Equity

Equity and subordinated loan

Capital – Q1 2014DKKm

DKKm

0%

10%

20%

30%

40%

2005

2006

2007

2008

2009

2010

2011

2012

2013

Q1

2014

2014

2015

22

Financial targets

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

23

For new investors

24

Tryg - quick overview

Tryg is a non-life insurance company present in Denmark (No. 1), Norway (No. 3) and Sweden (No. 5).

59.4m shares and a market cap of DKK 32bn (March 2014).

Standard & Poor’s rating: A-/Stable.

Dividend policy: Payout ratio of 60–90%

Aiming for a nominal stable increasing dividend.

DKKm 2012 2013

Gross earned premium 20,314 19,504

Gross claims -14,675 -14,411

Gross expenses -3,295 -3,008

Insurance result 2,492 2,496

Net investment result 585 588

Pre-tax result 3,017 2,993

Net result 2,208 2,369

Combined ratio 88.2 87.7

No. of employees (FTE) 3,913 3,703

Shareholder’s equity 10,979 11,107

10

14

11

520

24

124

Motor - TPL

Motor - casco

Workers' comp.

Health & accident

Liability

Fire & property - private

Fire & property - comm.

Other

Gross premium split by products - 2013

48.9

40.1

11

Denmark

Norway

Sweden

Gross premium split by geography – 2013

10 april 201425 25

Tryg – at a glance

• Tryg goes back to 18th century

• The current Tryg was formed in 2002 by

sale of Nordea’s non-life activities –

with a continuing strategic partnership

• Non-life insurance in Denmark, Norway

and Sweden

• IPO Oct. 2005 on Nasdaq OMX

Copenhagen

• Majority owner: TryghedsGruppen

(60%) a mutual company in Denmark

• Turnover 2013: DKK 19.5bn

(~EUR 2.6bn)

• CEO: Morten Hübbe

• 3,655 employees

Share performance since IPO

NorwayMarket position: #3Market share: 14.7%CR in 2013: 84.5

SwedenMarket position: #5Market share: 3.3%CR in 2013: 98.9

DenmarkMarket position: #1Market share: 19.1%CR in 2013: 87.5

13

17

10

60

Danish institutional

Non-Danishinstitutional

Smaller shareholders

TryghedsGruppen

Shareholder breakdown CEO

Morten Hübbe*

CFO

Tor MagneLønnum*

Commercial

Trond BøeSvestad

Corporate

Truls HolmOlsen

Claims

Jesper Joensen

Sweden

Per Fornander

Private

Lars Bonde*

People &ReputationRikke Larsen

*Executive Management Tryg A/S and Tryg Forsikring A/S

0

25

50

75

100

125

150

175

200

225

250

275

300

nov

embe

r 05

febru

ar 0

6m

aj 0

6au

gust

06

nov

embe

r 06

febru

ar 0

7m

aj 0

7au

gust

07

nov

embe

r 07

febru

ar 0

8m

aj 0

8au

gust

08

nov

embe

r 08

febru

ar 0

9m

aj 0

9au

gust

09

nov

embe

r 09

febru

ar 1

0m

aj 1

0au

gust

10

nov

embe

r 10

febru

ar 1

1m

aj 1

1au

gust

11

nov

embe

r 11

febru

ar 1

2m

aj 1

2au

gust

12

nov

embe

r 12

febru

ar 1

3m

aj 1

3au

gust

13

nov

embe

r 13

febru

ar 1

4

Tryg incl. dividend Euro Insurance index

26

Dividend policy- creating long-term value for our shareholders

21

33

17

6.54

6.52

26 27

15.5

16

13

21

13

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

DKK per share

• Payout ratio of 60–90%.

• Aiming for a nominal stable increasing dividend.

• Ambitious ROE target of 20% after tax calls for disciplined capital approach.

• Adjustment of the capital level can be made via share buy back.

Total distribution to shareholders

New dividend policy

Cash dividend Ordinary buy back Extraordinary buy back

10 april 201427 27

Structure of the Nordic insurance markets

15.5

16.018.2

29.81.3

3.3

15.9

Moderna

Länsforsäkringar

If

Codan

Folksam

Gjensidige

Other

Sweden

SEK 66.7bn/EUR 7.7bn (as at Q4-2013)

Percentage

5.9

19.1

6.1

17.5

12.59.8

29.1

Tryg

Topdanmark

Codan

Alm. Brand

Gjensdige

If

Other

Denmark

DKK 50.4bn/EUR 6.8bn (as at Q1-2013)

Percentage

10.3

25.4

24.4

14.7

25.2 Tryg

If

Gjensidige

Sparebank1

Other

Norway

NOK 50.3bn/EUR 6.7bn (as at Q4-2013)

Percentage

8.9

10.5

4.8

18.2

9.1

8.5

40.0

Tryg

If

Codan

Gjensidige

Länsförsäkringar

Topdanmark

Other

Nordic

EUR 24.5bn (as at Q4-2012)

Percentage

10 april 201428 28

Distribution of new sales 2013

Denmark

58%30%

12%

Own sales Affinity Nordea

Norway

46%

12%

36%

6%

Own sales Car dealers Affinity Nordea

Sweden

52%

22%

8%

18%

Own sales External partners

www & others Atlantica/Bilsport MC

Corporate

50%50%

Own sales Brokers

29

Combined ratio performance

80

85

90

95

100

105

110

2000

2001

2002

2003

2004

2004

*

2005

2006

2007

2008

2009

2010

2011

2012

2013

Q1

2014

2002-2004 price increases of DKK 2.1bn implemented. Reduced combined ratio from 107 to 94.

2011-2012 price increases will improve underlying combined ratio.

2012-2015 operational focus with target to cut expenses and claims costs by DKK 1bn in total.

*IFRS from 2004. Previous years are Danish GAAP.

Data before 2009 is not corrected for the sale of Marine Hull business.

Premium hikes

Premium hikes

Smalleradjustments

Efficiencyprogramme

30

Key figures 2010-13 and consensus for 2014-16

DKKm 2010 2011 2012 2013 2014 2015 2016

Gross premium income 18,894 19,948 20,314 19,504 19,176 19,421 19,764

Gross claims incurred -15,111 -15,783 -14,675 -14,411

Operating expenses -3,136 -3,271 -3,295 -3,008

Ceeded business -311 507 86 349

Technical interest, net 124 171 62 62

Technical result 460 1,572 2,492 2,496 2,513 2,514 2,527

Investment income, net 550 61 585 588 324 302 306

Pre-tax profit 1,006 1,603 3,017 2,993 2,797 2,774 2,791

Tax -265 -455 -837 -620

Net income 593 1,140 2,208 2,369 2,118 2,104 2,122

Total insuranceprovision 32,031 34,257 34,354 32,939

Shareholders' equity 8,458 9,007 10,979 11,107

Earnings per share 9.5 18.9 36.5 39.4 36.3 37.0 38.0Cash dividend per share 4.0 6.52 26.0 27.0 28.4 29.7 31.3

Share buy back DKKm 0.0 0.0 800 1,000 892 709 631

Combined ratio 98.3 93.2 88.2 87.7 87.1 87.3 87.5

Consensus

31

Appendix

Follow us on Twitter: @TrygIR

32

Private

Gross premiums, DKKm Combined ratio

Gross claims ratio Expense ratio

1,900

2,050

2,200

2,350

2,500

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

1465

70

75

80

85

90

95

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

80

85

90

95

100

105

110

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

14

15

16

17

18

19

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

33

Commercial

Gross premiums, DKKm Combined ratio

Gross claims ratio Expense ratio

1,000

1,100

1,200

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

1455

65

75

85

95

105

115

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

7580859095

100105110115120125

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

17

18

19

20

21

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

34

Corporate

Gross premium, DKKm Combined ratio

Gross claims ratio Expense ratio

900

1,000

1,100

1,200

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

1450

60

70

80

90

100

110

120

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

70

80

90

100

110

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

10

11

12

13

14

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

35

Sweden (Private)

Gross premium, DKKm Combined ratio

Gross claims ratio Expense ratio

0

100

200

300

400

500

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

1460

70

80

90

100

110

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

85

95

105

115

125

135

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

5

10

15

20

25

30

35

Q1

09Q2

09Q3

09Q4

09Q1

10Q2

10Q3

10Q4

10Q1

11Q2

11Q3

11Q4

11Q1

12Q2

12Q3

12Q4

12Q1

13Q2

13Q3

13Q4

13Q1

14

36

Geographical segments

Denmark Norway

DKKm Q1 2014 Q1 2013 YTD 2013 DKKm Q1 2014 Q1 2013 YTD 2013

Gross premiums earned 2,339 2,417 9,534 Gross premiums earned 1,781 2,007 7,819

Technical result 294 273 1,202 Technical result 192 235 1,258

Key ratios Key ratios

Gross claims ratio 70.2 70.0 79.5 Gross claims ratio 73.9 69.4 65.1

Result of ceded business 2.7 3.8 -7.0 Result of ceded business -0.3 3.3 4.1

Gross expense ratio 14.6 14.8 15.0 Gross expense ratio 16.2 16.1 15.3

Combined ratio 87.5 88.6 87.5 Combined ratio 89.8 88.8 84.5

Sweden

DKKm Q1 2014 Q1 2013 YTD 2013

Gross premiums earned 466 515 2,169

Technical result 37 -8 36

Key ratios

Gross claims ratio 70.8 83.3 80.6

Result of ceded business 3.0 -0.2 0.7

Gross expense ratio 18.9 19.4 17.6

Combined ratio 92.7 102.5 98.9

10 april 201437 37

Economic key figures

Source: Economic perspective, Nordea Markets, March 2014

0.00.0Public debt in % of GDP

11.611.6Budget balance in % of GDP

12.111.8Current account balance in % of GDP

4.23.8Unemployment

2.02.0Inflation

1.21.5GDP Growth (mainland)

20152014%

Norway

41.842.2Public debt in % of GDP44.845.5Public debt in % of GDP

-1.2-2.0Budget balance in % of GDP

-1.8-1.1Budget balance in % of GDP

6.66.6Current account balance in % of GDP

6.16.6Current account balance in % of GDP

7.67.9Unemployment5.55.6Unemployment

2.10.4Inflation1.61.4Inflation

2.52.8GDP Growth1.71.3GDP Growth

20152014%20152014%

SwedenDenmark