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10-07-2019 07:30:01

Tryg A/S – Interim report Q2 and H1 2019

Tryg’s Supervisory Board has today approved the interim report for Q2 and H1 2019.

Premium growth of 19.7% or 5.9% excluding Alka (4.9% in Q2 2018). Technical result of DKK 979m (DKK 846m) positively impacted by the Alka result and slightly lower level of large and weather claims than in Q2 2018. Investment return of DKK 57m (DKK -90m) driven primarily by positive equity returns and strong returns from all fixed-income asset classes. Profit before tax of DKK 979m (DKK 735m). Quarterly dividend of DKK 1.70 per share, supporting TryghedsGruppen’s member bonus. Solvency ratio of 171.

Financial highlights Q2 2019

  • Premium growth of 19.7% or 5.9% (4.9%) excluding Alka in local currencies
  • Technical result of DKK 979m (DKK 846m), positively impacted by Alka result
  • Combined ratio of 82.1% (81.4%)
  • Underlying claims ratio improved by 0.5% both for Private and the Group including Alka in the corresponding period in Q2 2018
  • Expense ratio of 14.2 (14.1)
  • Return on free investments portfolio of DKK 161m (DKK 10m)
  • Total investment return of DKK 57m (DKK -90m)
  • Profit before tax of DKK 979m (DKK 735m)
  • Q2 dividend of DKK 1.70 per share and solvency ratio of 171

Financial highlights H1 2019

  • Premium growth of 19.4% or 6.0% (3.5%) excluding Alka in local currencies
  • Technical result of DKK 1,605m (DKK 1,409m) positively impacted by Alka result
  • Combined ratio of 85.0% (84.3%)
  • Underlying claims ratio (Private and Group) improved by 0.5%
  • Expense ratio of 14.1 (14.1)
  • Return on free investments portfolio of DKK 534m (DKK 64m)
  • Investment return of DKK 410m (DKK -81m)
  • Profit before tax of DKK 1,909m (DKK 1,288m)
  • H1 dividend of DKK 3.40 per share (DKK 1.70 paid in April. DKK 1.70 to be paid on 15 July)

Customer highlights Q2 2019

  • Transactional Net Promoter Score (TNPS) of 67 (64)
  • Number of products per customer 3.8 (3.6)

  • For the fourth consecutive year, TryghedsGruppen paid out a member bonus of 8% to its members
  • Statement by Group CEO, Morten Hübbe:

    We deliver a technical result, which is around 16% higher than Q2 2018, which primarily is due to the Alka result but also a solid development in our core business.

    We continue to see solid growth for the Group of 5.9% (including Alka at 19.7%) primarily driven by Private Denmark, which performs growth for 16th quarter in a row. Customer satisfaction was at the highest level and customers renewal of their insurances is record high.

    Q2 2019 has been marked by a series of innovative partnerships with well-established companies and new start-ups, which strengthens distribution and customer experience. We have launched our own pension brand, Tryg Pension, with the life and pension company Danica as service provider. We have started providing insurance solutions to Danske Bank’s 3 million Nordic customers, we deliver digital health insurance in the pension app, Grandhood, as well as a new innovative insurance solution in the bank app, Lunar Way, targeted at young people.

    Finally, I am pleased that 1.3 million Alka and Tryg customers, or every fourth Dane, on 12 June has been paid a bonus by TryghedsGruppen equalling to 8% of premiums paid in 2018.

    Conference call

    Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe and CFO Barbara Plucnar Jensen 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.

    All Q2 material can be downloaded on tryg.com/en shortly after the time of release.

    Conference call details:

    Danish participants:     

    +45 35 44 55 83

    UK participants:           

    +44 (0) 203 194 0544

    US participants:           

    +1 855 269 2604

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