Tryg A/S – Q1-Q3 report 2022

Tryg’s Supervisory Board has at this time accredited the interim report for Q1-Q3 2022*.

Tryg reported a premium development of 6.4% in Q3, primarily pushed by optimistic developments within the Non-public and Business segments. Technical results of DKK 1,832m (DKK 1,510m pro-forma, DKK 988m as reported), supported by the continued optimistic growth in core enterprise together with the supply of the RSA synergies, an elevated degree of rates of interest (implying the next low cost fee for the insurance coverage liabilities and thereby decrease claims degree in Q3) and a optimistic top-line growth. The technical end in Q3 is up 85% in opposition to the reported degree in Q3 2021, with Sweden contributing to top-line and technical outcome by 34% and 42% respectively in comparison with 10% and 6% in Q3 2021 as reported. The underlying claims ratio improved by 0.8 p.p. for the Group, whereas it confirmed a modestly destructive growth for the Non-public section. The funding outcome for Q3 was DKK -348m (DKK 481m), pushed by extremely unstable monetary markets following repeatedly excessive geopolitical tensions. Just about all property courses produced destructive returns, as numerous central banks have tried to tame inflationary pressures by rising charges.

Monetary highlights Q3 2022
• Premium development of 6.4% (5.9% in Q3 2021)
• Technical results of DKK 1,832m (DKK 1,510m) supported by a continued optimistic growth in core enterprise together with the supply of RSA synergies, an elevated degree of rates of interest and a optimistic premiums growth
• Mixed ratio of 81.1 (82.9)
• Underlying claims ratio (Group) improved by 0.8
• Climate claims at 0.9% (3.4%) and huge claims at 4.2% (0.8%)
• Expense ratio of 14.1 (13.6)
•  Funding return on the free portfolio of DKK -233m (DKK 89m)
• Whole funding return of DKK -348m (DKK 481m)
• Revenue earlier than tax of DKK 964m (DKK 1,201m)
• Dividend per share of DKK 1.58 and Solvency ratio of 198

Monetary highlights Q1-Q3 2022
• Premium development of 5.7% (5.6% in Q1-Q3 2021)
• Technical results of DKK 4,488m (DKK 2,883m)
• Mixed ratio of 82.3 (83.9)
• Climate claims at 1.5% (1.8%) and huge claims at 3.4% (1.5%)
• Expense ratio of 14.0 (14.1)
• Funding return on the free portfolio -1,149m (DKK 594m)
• Whole funding return of DKK -1,510m (DKK 67m)
• Revenue earlier than tax of DKK 1,674m (DKK 2,497m)
• Dividend per share of DKK 4.69, (DKK 1.55 paid in April, DKK 1.56 paid in July and DKK 1.58 to be paid on 18 October)

Buyer highlights Q3 2022
• Buyer satisfaction rating of 85 (85 in Q3 2021)
• For the seventh 12 months in a row, TryghedsGruppen determined to pay a member bonus. The bonus is round DKK 1.2bn, equal to eight% of the premiums paid in 2021

Assertion by Group CEO Morten Hübbe:
In Q3 2022, Tryg reported a optimistic premium development of 6.4% throughout all Scandinavian markets, primarily attributable to the Non-public section with development of seven.3% and the Business section with development of 4.6%. I’m happy to see that we proceed to ship a strong technical results of DKK 1,832m pushed by optimistic top-line growth, an elevated degree of rates of interest (implying the next low cost fee for the insurance coverage liabilities and thereby decrease claims degree in Q3) and steady supply of the RSA Scandinavia synergies. The acquisition of RSA Scandinavia has ensured a extra balanced geographical footprint, with each premiums and insurance coverage outcomes now clearly extra diversified between the three Scandinavian nations with Sweden representing a vital a part of it. We see additionally industrial benefits the place we will study from one another within the merchandise providing in addition to enhancing buyer expertise.

Scandinavian economies, regardless of exterior challenges, are nonetheless more healthy than most. At occasions of financial uncertainty, being nicely insured is a crucial element for each non-public clients and companies that want to minimise the danger of surprising monetary prices.

Turbulence within the monetary markets have had vital impression on our funding outcome and revenue earlier than tax. The sturdy set of numbers is due to this fact a sworn statement to a core enterprise in good condition.

For the seventh 12 months working, TryghedsGruppen introduced a member bonus which was paid to Tryg and Alka clients on 11 October. The bonus is round DKK 1.2bn, equal to eight% of premiums paid in 2021 – up from 5% final 12 months, and needs to be seen in reference to Tryg’s dividend.

Convention name

Tryg hosts a convention name at this time at 10:00 CET. CEO Morten Hübbe, CFO Barbara Plucnar Jensen and CCO Johan Kirstein Brammer will current the ends in transient adopted by Q&As.