Interim report Q2 and H1 2015

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1 Interim report Q2 and H1 2015

2 Contents Management s review MANAGEMENT S REVIEW 3 Highlights 11 Corporate FINANCIAL STATEMENTS 18 Financial statements Financial calendar Income overview 5 Tryg s results 13 Sweden 14 Investment activities 13 July 2015 Tryg shares trade ex-dividend 15 July 2015 Payment of dividend based on half-year results Private 16 Capital 9 October 2015 Interim report for Q1-Q Commercial 17 Outlook Teleconference Tryg is hosting a teleconference on 10 July 2015 at 9.30 CET. View the audio webcast at tryg.com. Financial analysts and investors may participate on tel. +44 (0) or , where questions can be asked. The teleconference will be held in English and can subsequently be viewed at tryg.com. Contact details Visit tryg.com and follow us at twitter.com/trygir Tryg A/S Klausdalsbrovej Ballerup, Denmark CVR no Lars Møller Investor Relations Director Peter Brondt Investor Relations Manager Kasper Riis Head of Communications This report constitutes Tryg A/S consolidated and parent financial statements and has not been audited. Unless otherwise indicated, all comparisons are made to Q Comparative figures for Q are generally given in brackets. Editor Investor Relations Publication 10 July 2015 Layout amo design Interim report Q2 and H Tryg A/S 2

3 Highlights Satisfactory technical result with an underlying improvement in a competitive market. Despite a negative investment market, Tryg delivered a robust return on equity of 21.9%, supporting a semi-annual dividend of DKK 2.50 per share. Continued improvement in Net Promoter Score (NPS) driven by strong customer focus. Negative investment return of DKK 84m (DKK 259m) influenced by losses on bond portfolio Return on equity of 21.9% (32.1%) p.a. after tax Semi-annual dividend of DKK 2.50 per share Financial highlights H Profit after tax of DKK 1,105m (DKK 1,324m) Customer highlights Q NPS improved from 11 to 20 Retention rate improved from 87.9 to 88.0 Number of customers with three or more products increased from 56.3% to 56.6% Tryg s Swedish Corporate business voted the best company in Sweden by the insurance brokers for the third year running Financial targets 2015 Return on equity of 20% after tax Combined ratio 90 Expense ratio <15 a) a) Excluding one-off effects where H was impacted by one-off Conditional approval of TryghedsGruppen s Financial highlights Q Profit after tax of DKK 580m (DKK 869m) effects Technical result of DKK 1,254m (DKK 1,464m) Combined ratio of 86.4 (84.9) adjusted for members bonus scheme by the Danish Business Authority, subject to final approval at the representative meeting in August 2015 Financial targets 2017 where Q was impacted by one-off effects of DKK 135m before tax Technical result of DKK 825m (DKK 941m) slightly better than Q before one-off one-off effects in H1 2014, an increase of 0.1 percentage point Lower interest rate level impacted combined ratio negatively New initiatives in Q Share split 1:5 New accident products launched in both Return on equity of 21% after tax Combined ratio 87 Expense ratio 14 effects of DKK 135m Drop in premium growth of 0.9% in local Denmark and Norway Combined ratio of 82.2 (80.7) adjusted for one-off effects of 2.8% in Q2 2014, currencies (-1.6%), an improvement of 0.7 percentage points New structure in Commercial with stronger mandate for frontline sales staff, Customer targets 2017 an improvement of 1.3 percentage points Drop in premium growth of 1.4% in local currencies (-1.2%) affected by strong competition and loss of large Corporate accounts Expense ratio of 15.4 (14.2) adjusted for one-off effects in H1 2014, an improvement of 0.2 percentage points Investment return of DKK 177m (DKK 348m) supporting first-contact resolution and increased customer loyalty Efficiency programme delivered DKK 38m with a lower run rate in 2015 as planned, but with NPS + 100% Retention rate + 1 pp Customers 3 products + 5 pp Expense ratio of 15.2 (12.6) adjusted for influenced by high return on equities initiatives being built ensuring a greater effect one-off effects in Q2 2014, an improvement Return on equity of 20.9% (24.5%) p.a. in coming years. of 0.2 percentage points after tax Contents Management s review Interim report Q2 and H Tryg A/S 3

4 Income overview DKKm Q Q H H FY 2014 Gross premium income 4,550 4,711 9,001 9,294 18,652 Technical result ,254 1,464 3,032 Investment return after insurance technical interest Profit/loss for the period before tax 714 1,150 1,379 1,752 3,302 Profit/loss for the period, continuing business ,062 1,322 2,547 Profit/loss for the period ,105 1,324 2,557 Run-off gains/losses, net of reinsurance ,131 Key ratios Total equity 10,036 10,525 10,036 10,525 11,119 Return on equity after tax (%) Number of shares, end of period (1,000) a) 285, , , , ,120 Earnings per share of DKK 5 a) Premium growth in local currency (%) Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Combined ratio exclusive of run-off Run-off, net of reinsurance (%) Large claims, net of reinsurance (%) Weather claims, net of reinsurance (%) Combined ratio on business areas Private Commercial Corporate Sweden Combined ratio % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Expense ratio % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Return on equity % H Q2 15 a) On 12 May 2015 each share with a nominal value of DKK 25 was replaced by five new shares with a nominal value of DKK 5. The share split does not change the Group's share capital. Comparative figures have been restated to reflect the change in trading unit. Contents Management s review Interim report Q2 and H Tryg A/S 4

5 Tryg s results Tryg s return on equity was 21.9% (32.1%), which was a good result in a quarter with a satisfactory insurance result and a negative investment return affected by volatile financial markets. Competition continued to be at a high level which was mitigated through Tryg s efficiency programme. At the same time, we saw a general positive development in reaching our customer targets. Tryg returned a profit after tax of DKK 580m (DKK 869m). The technical result improved slightly when adjusted for positive one-off effects of DKK 135m in Q The result was positively affected by the internal efficiency programme delivering savings of DKK 38m in Q2 although this year s DKK 150m target for the efficiency programme is at a significantly lower level than the around DKK 400m realised a year in 2013 and The efficiency programme targets for 2016 and 2017 are DKK 225m and DKK 375m. The investment return was negative at DKK 84m (DKK 259m), influenced by losses on bonds due to increasing interest rates and a negative result from the match portfolio. A combined ratio of 82.2 (80.7) was posted, representing an improvement of 1.3 percentage points when adjusted for one-off effects of 2.8% in Q The combined ratio was impacted by a higher level of large claims of 2.8 (1.7). Competition was strong, but was offset by the efficiency programme and initiatives, and the underlying combined ratio improved by 0.6 percentage points when adjusted for weather and large claims, run-off, interest rates and one-off effects. Combined ratio of 82.2, an improvement of 1.3 percentage points adjusted for one-off effects of 2.8% in Q Tryg is maintaining its strong focus on the customer targets communicated at the Capital Markets Day (CMD) in November The Net Promoter Score (NPS) improved from 11 at CMD to 20 on 30 June The NPS score is based on a high score within Private and a low score in Commercial. However, in Q2, Commercial in both Denmark and Norway increased their scores. NPS is generally expected to be highly volatile. The retention rate of 88.0 was on a par with the rate reported at the CMD. The rate was driven by a negative development in the Norwegian part of the business and a positive development in the Danish part. The number of private customers with three or more products increased from 56.3% to 56.6%, a further increase from 56.5% in Q Commercial radically changed its structure through increased empowerment of the frontline organisation and a reduction in back-office functions. This change will reduce expenses, but will also support first-contact resolution by removing a lot of un neces sary stops in connection with the selling of insurance. In Sweden, the brokers once again and with a higher score than in previous years acknowledged Corporate Sweden as their preferred company. Within Private, we also saw the first positive results from our initiatives to improve first-contact resolutions through new customer centre workflows. Tryg launched four new pricedifferentiated products in Q The development of price-differentiated products continues, and in Q2 Tryg launched new Personal Accident products in both Denmark and Norway. Furthermore, a new holiday home insurance product was launched in Norway, and Tryg was the first company to introduce a change of car ownership insurance product in Denmark. The product is for customers buying and selling cars privately and consists of a car test in combination with a change of car ownership insurance. The car test is mandatory if you want to take out the change of car ownership insurance, which covers mechanical damage for the first six months. The new car insurance product launched in Q in Denmark has generally been positively received by the market. The average sales price of the new car insurance is around 6% higher than the old product; it consists of a basic cover with a lower price and a number of optional types of cover. Sales of additional car insurance cover have been in line with expectations. The Danish Consumer Council recommended Tryg s new car insurance product as best in test. Corporate Social Responsibility and claims prevention are integral parts of our core business and are key to the development, and improvement of our products and services. In Q2, Tryg launched the Tryg Home Hotline, which is a new hotline service for Tryg Plus customers who can call in with questions about their house, apartment or holiday home, for example damp issues. Customers are then advised on how to fix the problem before it develops into a claim. Tryg has almost digitised 80% of its Danish and more than 60% of its Norwegian customers. Working from this position, Tryg is going to develop world-class digital customer solutions, which will both support customer loyalty and the continued focus on expense reductions. Customer targets CMD Q2 Target (Nov. 2014) Net Promoter Score (NPS) Retention rate Customers with 3 products (%) Contents Management s review Interim report Q2 and H Tryg A/S 5

6 We know that our customers want to be able The development in Private was, as mentioned, In Norway, the use of vehicle telematics is being tested cutting exercise will involve outsourcing in the to serve themselves online, and our focus is on affected by the competitive situation, resulting in at the moment. This pilot project has been positively business areas. A number of small projects have developing convenient solutions. We will start by a continued drop in average price for both car and received by the 1,000 participating customers. Based been identified in the various business areas, and improving our claims handling processes, followed house insurance in the Danish business. on the results of this trial, Tryg will decide whether the conclusion is that there is considerable scope by new and improved self-service solutions. new products should be launched in for outsourcing. The one-off expenses relating to For 2015, Tryg still expects a development in the total programme will be announced in conjunc- The attack on the Danish currency more or less premium income of between -1% and 0%. We In general, the development in claims inflation is tion with the Q results. stopped in Q2 as the Danish central bank Dan- expect our focus on customer targets and the increasing slightly, and Tryg will balance this through marks Nationalbank successfully defended the related initiatives to improve customer develop- minor price adjustments. On 30 June 2015, the number of employees Danish krone by lowering interest rates to negative ment. We expect a continued pressure on the was 3,495, equivalent to a fall of 104 in employee levels. In Q2 2015, we saw a rise in interest rates, price of motor insurance in Denmark, primarily Expenses numbers since the end of which, all else being equal, is positive for the insur- due to an improved claims frequency. The Danish The expense ratio totalled 15.2 (12.6). Adjusted ance business. The negative effect on the claims Business Authority has conditionally approved for one-off effects of 2.8% in Q2 2014, this repre- Investment return ratio compared to the prior-year quarter was 0.5% TryghedsGruppen s members bonus scheme, sented an improvement of 0.2 percentage points Generating a negative result of DKK 84m against a negative effect of 0.9% in Q subject to final approval at the representative and is in line with the target of an expense ratio (DKK 259m), investment activities were impacted meeting in August below 15 in The efficiency programme is by losses on bonds in the free investment portfolio The market situation in Denmark is generally more progressing according to plan and improved results and a negative result from the match portfolio of optimistic with slightly increasing house prices and Claims by DKK 15m. The main driver was the effect from DKK 55m. The negative match return was mainly lower unemployment levels. Unemployment in The gross claims ratio totalled 84.8 (70.7), while IT outsourcing. The outsourcing of a number of due to an increased yield spread between the Denmark was around 5%, and car sales continue the claims ratio, net of ceded business, was 67.0 accounting and administrative functions in the Eurozone and Denmark. The financial markets were to be dominated by small cars. In both Denmark (68.1). In Q2, large claims impacted gross claims Finance area is progressing according to plan. quite volatile in Q2 due to the situation in Greece. and Norway, total car sales for Q2 were 8.7% significantly, but due to Tryg s reinsurance pro- The new Commercial structure giving a stronger higher than in the prior-year period. The Norwegian gramme, the net effect was limited to 2.8 (1.7) mandate to frontline staff will also have a positive Profit before and after tax economy is still impacted by low oil prices and a due to one large claim. impact on expense levels. The next major cost- The profit before tax was DKK 714 (DKK 1,150m). weakened Norwegian currency. Profit for the period after tax and discontinued The claims part of the efficiency programme is business totalled DKK 580m (DKK 869m). Tax on Premiums Gross premium income amounted to DKK 4,550m, corresponding to a fall of 1.4% when measured in local currencies (-1.2%). In general, we see a slight worsening of the development in Private and a continued negative development in Commercial. In Sweden, we saw an improved development whereas Corporate was affected by loss of large progressing according to plan, and DKK 23m of the target figure of DKK 100m for 2015 was realised in Q2. One of the main drivers was a stronger focus on fraud, which has meant that our claims handlers have undergone further training to become better at identifying fraud. In addition, the implementation of the In4mo for better control of claims processes supported lower claims costs, Efficiency programme up until 2017 DKKm Old programme H New programme continuing business constituted an expense of DKK 167m (DKK 282m), corresponding to a tax rate of 23.4%. Capital Tryg s equity totalled DKK 10,036m at the end of Q Tryg determines its individual solvency need according to the guidelines issued by the accounts. and lastly the new road assistance agreement with Achieved Achieved Q1 Target Danish Financial Supervisory Authority. Viking also resulted in further savings in the quarter. Contents Management s review Interim report Q2 and H Tryg A/S 6

7 The individual solvency need totalled DKK 6,694m at the end of Q2 2015, and in relation to the capital base of DKK 10,094m and after share buy back, Tryg s surplus capital amounted to DKK 3,400m, or 51%. Tryg s capital adequacy calculation includes approximately NOK 1.2bn after tax from the Norwegian Natural Perils Pool and the Norwegian guarantee scheme. It still has to be decided how these should be classified under Solvency II. Tryg expects the issue to be clarified before the planned implementation of Solvency II on 1 January Tryg pays out a semi-annual dividend of DKK 2.50 per share Tryg will start paying a semi-annual dividend of DKK 2.50 per share, equivalent to around 40% of the total dividend based on 2015 results. The payment of dividend will take place on 15 July On 2 January 2015, Tryg initiated the buy back of own shares for an amount of DKK 1,000m. At the end of Q2 2015, 3,524,459 shares for a total amount of DKK 544m had been repurchased. The share buy back will be realised in the period up until the end of cover the financial loss due to accidents which make people unfit to work. Today, this product is offered under Tryg s non-life concession. Due to the FSA s revised regulation, Tryg as a Danish non-life insurance company may no longer offer this product unless Tryg acquires a Norwegian life insurance concession. However, Norwegian non-life insurance companies continue to offer uføreforsikring in the Norwegian market, implying that the revised FSA regulation is discriminatory against Tryg compared with the Norwegian insurance companies. Tryg has referred the FSA s decision to the Business Complaints Board (Erhvervsankenævnet). Concurrently, Tryg has initiated the process of establishing a life insurance company so as to be able to comply with the requirements if the FSA s decision is upheld. Results H Profit after tax was DKK 1,105 (1,324m). The combined ratio was 86.4 (84.9), and adjusted for one-off effects of 1.4%, the combined ratio was more or less unchanged. The investment income was DKK 177m (348m) mainly due to a high return on equities in Q In Q2 2015, Tryg launched a new accident insurance product in both Denmark and Norway. The product consists of a basic cover and additional cover such as critical illness for children and young ones and an extra disposable amount to parents if the child suffers from serious permanent injury. Regulatory changes The Danish Financial Supervisory Authority (FSA) has changed its interpretation regarding the concession requirements for offering uføreforsikring products in Norway, insurance products which The claims ratio, net of ceded business, was 71.0 (70.7), which represented an underlying improvement of 0.4 percentage points adjusted for weather claims, large claims, run-off and discounting. Contents Management s review Interim report Q2 and H Tryg A/S 7

8 Private Financial highlights Q Technical result of DKK 434m (DKK 494m) Combined ratio of 80.7 (78.8) adjusted for one-off effects of 3.3% in Q2 2014, an improvement of 1.4 percentage points Premium growth reduced by 0.3% (0.1%) Results Private posted a technical result of DKK 434m (DKK 494m) and a combined ratio of 80.7 (78.8). Adjusted for one-off effects of 3.3%, the combined ratio improved by 1.4 percentage points. The result is positively affected by Tryg s efficiency programme and a lower level of weather claims. The quarter saw an underlying improvement in the claims ratio of 0.6, taking into account the fact that interest rates had a negative impact of 0.3 percentage points. Premiums Gross premium income was reduced by 0.3% when measured in local currencies (0.1%). The positive development in sales continues whereas retention rates were unchanged in Denmark and dropped slightly in Norway. In Norway, franchise sales remained high, which can be attributed to an increased number of sales agents, the high sales rates of the many newly launched pricedifferentiated products and increased customer focus. The development in premium income in Denmark is still affected by the high sales of small cars. This leads to lower average premiums, which is compensated by lower risk. The average price development for house insurance in Denmark was down 0.8%, which can be ascribed to the improved pricing of the price-differentiated products and the strong competition in the markets. The development in claims inflation is increasing slightly, and Tryg intends to secure an ongoing sustainable balance between smaller price adjustments and inflation. The retention rate was unchanged at 89.7 for the Danish business relative to Q1 2015, against 89.4 at CMD (November 2014). In Norway, the retention rate was 86.5, down from 86.6 in Q1 2015, against 86.9 at CMD (November 2014). Claims The gross claims ratio was 63.3 (69.0). The claims ratio, net of ceded business, constituted 65.4 (66.4) and was influenced by a lower level of weather claims. The improvement in the underlying claims ratio was 0.6 percentage points, which was attributable to the ongoing efficiency programme. Key figures Private The claims development for house insurance is not acceptable in Norway and will be balanced by minor price adjustments. In Denmark, there was also a reduction in the average price of house insurance, which was due to higher sales of smaller houses at lower prices as the new differentiated house product is most competitive for this segment. Private plans to convert part of the house portfolio in the Danish business to the new house product, which will increase the average price. DKKm Q Q H H FY 2014 Gross premium income 2,226 2,275 4,420 4,513 9,051 Gross claims -1,408-1,569-3,087-3,183-6,129 Gross expenses ,311 Profit/loss on gross business ,611 Profit/loss on ceded business Insurance technical interest, net of reinsur Technical result ,612 Run-off gains/losses, net of reinsurance Key ratios Premium growth in local currency (%) Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Combined ratio exclusive of run-off Run-off, net of reinsurance (%) Large claims, net of reinsurance (%) Weather claims, net of reinsurance (%) Contents Management s review Interim report Q2 and H Tryg A/S 8

9 Expenses The expense ratio for Private was 15.3 (12.4). Adjusted for one-off effects of 3.3%, this represented an improvement of 0.4 percentage points. To improve expense levels, Private has also been looking into outsourcing back-office functions, and potential areas have been identified. Private sees a reasonable outsourcing potential, and this will support the development towards a lower expense ratio and an improved competitive position. Private has already reduced the number of employees in back-office functions, which has resulted in a drop of around 30 full-time employees, which will improve the expense ratio going forward. The number of employees totalled 875 at the end of Q2 against 903 at the end of Results H The technical result was DKK 615m (DKK 767m). The combined ratio was 86.2 (83.3), and adjusted for one-off effects the combined ratio increased by 1.2 percentage points mainly due to a higher level of weather claims. Premium growth in local currencies was 0.0%, which was an improvement of 0.2 percentage points compared to H The claims ratio, net of ceded business, was 70.9 (69.4), which represented an underlying improvement of 0.6 percentage points adjusted for weather claims, large claims, run-off and discounting. In Q2, Tryg launched the Tryg Home Hotline, which is a new hotline service for Tryg Plus customers, who can call in with questions about their house, apartment or holiday home, for example damp issues. Private encompasses the sale of insurance products to private individuals in Denmark and Norway. Sales are effected via call centres, online, Tryg s own agents, franchisees (Norway), interest organisations, car dealers, estate agents and Nordea s branches. The business area accounts for 49% of the Group s total premium income. Contents Management s review Interim report Q2 and H Tryg A/S 9

10 Commercial changed structure granting a stronger mandate to the frontline organisation and reducing back-office functions will result in a reduction of around 20 employees going forward. At the end of Q2, Commercial had 556 employees, three fewer than at the end of The claims ratio, net of ceded business, was 64.1 (65.3), which represented an underlying improvement of 0.3 percentage points adjusted for weather claims, large claims, run-off and discounting. Financial highlights Q Technical result of DKK 220m (DKK 224m) Combined ratio of 78.1 (79.1) adjusted for one-off effects of 4.4% in Q2 2014, an improvement of 5.4 percentage points Premium growth of -4.3% (-3.9%) Results Commercial posted a technical result of DKK 220m (DKK 224m) and a combined ratio of 78.1 (79.1). Adjusted for one-off effects of 4.4%, the combined ratio improved by 5.4 percentage points. A high level of run-off influenced results. The underlying claims ratio deteriorated by 0.8% mainly due to a higher level of medium-sized claims. Premiums Gross premium income totalled DKK 997m (DKK 1,053m), a drop of 4.3% in local currencies (3.9%). The reduction in premium income was only slightly worse than in Q This can primarily be ascribed to developments in Norway in form of a weaker economic situation combined with intensifying competition, especially in the brokered seg- ments, but also to the fact that the ongoing change in the organisation towards more mandate to the frontline will temporarily have a slightly negative impact on the distribution. A high retention rate of 87.5 was maintained in Denmark. In Norway, the retention rate dropped from 88.0 in Q to 87.6 for the above-mentioned reasons. In Q2, Commercial radically changed its structure by strengthening the mandate and empowerment of its frontline organisation and reducing back-office functions. The change supports first-contact resolution by removing a lot of unnecessary stops when selling insurance. To ensure control of risk selection and portfolio quality, Commercial has invested in Portfolio Management capabilities and set-up a Quality Assurance department. Claims The gross claims ratio was 55.7 (72.1), and the claims ratio, net of ceded business, was 60.9 (66.5). The development in the claims ratio, net of ceded business, is attributable to a higher level of run-off gains. Expenses The expense ratio was 17.2 (12.6), up 0.2 percentage points when adjusted for one-off effects. The Results H The technical result was DKK 375m (DKK 417m). The combined ratio was 81.4 (80.4), and adjusted for one-off effects the combined ratio improved by 1.2 percentage points mainly due to a higher level of run-off, large claims and lower effect from discounting. Premium growth in local currencies was -3.3%, an improvement of 0.9 percentage points compared to H Key figures Commercial Commercial encompasses the sale of insurance products to small and mediumsized businesses in Denmark and Norway. Sales are effected by Tryg s own sales force, brokers, franchisees (Norway), customer centres as well as group agreements. The business area accounts for 23% of the Group s total premium income. DKKm Q Q H H FY 2014 Gross premium income 997 1,053 2,000 2,095 4,190 Gross claims ,220-1,425-2,673 Gross expenses Profit/loss on gross business Profit/loss on ceded business Insurance technical interest, net of reinsur Technical result Run-off gains/losses, net of reinsurance Key ratios Premium growth in local currency (%) Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Combined ratio exclusive of run-off Run-off, net of reinsurance (%) Large claims, net of reinsurance (%) Weather claims, net of reinsurance (%) Contents Management s review Interim report Q2 and H Tryg A/S 10

11 Corporate Financial highlights Q Technical result of DKK 99m (DKK 180m) Combined ratio of 90.3 (82.9) adjusted for one-off effects of 1.8% in Q2 2014, an improvement of 5.6 percentage points Gross claims ratio affected by a high level of large claims Premium growth of -1.4% (1.8%) impacted by loss of large accounts Results The technical result amounted to DKK 99m (DKK 180m), and the combined ratio was 90.3 (82.9). Adjusted for one-off effects of 1.8%, the combined ratio increased by 5.6 percentage points. A very high level of large claims, related gains from reinsurance and run-off gains affected the results. Premiums Gross premium income totalled DKK 993m (DKK 1,030m), down 1.4% when measured in local currencies. The decline reflects the loss of large accounts and also the fact that premium income for Q was affected by one-off regulations leading to a higher premium income in that quarter. Improving the corporate customer experience is important. It was therefore positive when Corporate Sweden was given the highest approval rating by brokers in the Swedish market for the third consecutive year running, in fact gaining a higher score than in the previous two years. The approval was based on elements such as quality, speed and availability. In Norway, we have also received improved evaluations from both customers and brokers. Corporate in Denmark has started a review of its processes to improve the customer experience, and the initiative will be continued in both Norway and Sweden. An important part of the customer experience is the claims handling process. If corporate clients experience a large property claim, they often face complex issues such as how to minimise the effect on their production lines and the replacement of sophisticated machinery. In these cases, Tryg's claims department allocates a team of specialists to handle the claim, making sure that the client gets back into operation as quickly as possible, thereby minimising costs for both the client and Tryg. Claims The gross claims ratio stood at (73.3), while the claims ratio, net of ceded business, was 79.3 (73.4). The level of gross claims was significantly impacted by large claims, but this also led to a very high recovery on reinsurance. The level of large claims, net of reinsurance was 8.3 (0.5), primarily reflecting Tryg s excess relating to large claims. The large claims primarily related to fire incidents. The Swedish business continued its positive development in Q2. After unsatisfactory results in 2013 and 2014, a number of initiatives have been Key figures Corporate taken to improve profitability. The effect of these initiatives are monitored closely and have led to an improved underlying claims development. Expenses The expense ratio was 11.0 (9.5), which adjusted for one-off effects represents an improvement of 0.3 percentage points. To reduce the expense ratio further, Corporate has identified areas which will be part of the first wave of outsourcing in the business areas. The number of Corporate employees stood at 274, which represents a reduction of 5 since the end of DKKm Q Q H H FY 2014 Gross premium income 993 1,030 1,961 2,019 4,033 Gross claims -1, ,347-1,561-2,872 Gross expenses Profit/loss on gross business Profit/loss on ceded business Insurance technical interest, net of reinsur Technical result Run-off gains/losses, net of reinsurance Key ratios Premium growth in local currency (%) Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Combined ratio exclusive of run-off Run-off, net of reinsurance (%) Large claims, net of reinsurance (%) Weather claims, net of reinsurance (%) Contents Management s review Interim report Q2 and H Tryg A/S 11

12 Results H The technical result was DKK 169m (DKK 199m). The combined ratio was 91.5 (90.6), and adjusted for one-off effects the combined ratio was unchanged. Tryg was the first company to introduce a change of car ownership insurance product in Denmark. The product is for customers buying and selling cars privately and consists of a car test and a change of car ownership insurance. Premium growth in local currencies was -0.2%, which was a reduction of 1.5 percentage points compared to H due to the loss of large accounts. The claims ratio, net of ceded business, was 80.1 (79.6), which represented an underlying improvement of 0.7 percentage points adjusted for weather claims, large claims, run-off and discounting. Corporate sells insurance products to corporate customers under the brands Tryg in Denmark and Norway, Moderna in Sweden and Tryg Garanti. Sales are effected both via Tryg s own sales force and via insurance brokers. Moreover, customers with international insurance needs are served by Corporate through its cooperation with the AXA Group. The business area accounts for 22% of the Group s total premium income. Contents Management s review Interim report Q2 and H Tryg A/S 12

13 Sweden Financial highlights Q Technical result of DKK 72m (DKK 43m) Combined ratio of 78.9 (88.6) Premium growth of -1.8% (-9.3%), positively affected by strong sales development Results Sweden posted a technical result of DKK 72m (DKK 43m) and a combined ratio of 78.9 (88.6). The improved results can be ascribed to a higher level of run-off and lower expense levels. The underlying claims ratio deteriorated by 2.8 percentage points due to medium-sized claims relating to fires. Premiums Premium income totalled DKK 342m (DKK 358m), equating to a fall of 1.8% when measured in local currencies. The improved premium development trend is thus maintained. The outbound, inbound and aggregator distribution channels are generally all seeing positive development. In the niche areas comprising boat, MC and extended warranty insurance products, developments were also very satisfactory. Especially sales from Atlantica and Bilsport & MC improved significantly, and sales of pet insurance were also at a very high level. In general, the development in number of customers was positive, and sales were at a higher level than during the period where banc assurance was the main distribution channel. Developments in the portfolio relating to the Villaägerne agreement, which ended on 1 January 2015, were better than expected, and the Nordea portfolio is now also seeing stable development in line with the portfolio in general. From Q4 2015, the agreement with the supermarket chain ICA will end, which will lead to a gradual reduction in the portfolio. Claims The gross claims ratio totalled 61.1 (69.3), while the claims ratio, net of ceded business, was 61.1 (69.0). The positive development can be ascribed to a higher run-off level offsetting a higher level of medium-sized claims. Expenses The expense ratio was 17.8 (19.6), an improvement which can be ascribed to the organisation s focus on adjusting expenses to the reduced size of the portfolio. The most important initiative has been the replacement of partner sales with own distribution. The number of employees was 337 at the end of Q2, down 45 from 382 at the end of The significant reduction can be ascribed to synergies resulting from the successful integration of Securator and to the fact that the employees laid off as a result of the decision to centralise the call centre in southern Sweden have now left the company. Results H The technical result was DKK 95m (DKK 81m). The combined ratio was 85.0 (88.6), an improvement of 3.6 percentage points mainly due to a higher level of run-off. Premium growth in local currencies was -2.6%, which was a significant improvement from in H Key figures Sweden The claims ratio, net of ceded business, was 65.8 (68.9), which represented some medium-sized claims in Q Sweden comprises the sale of insurance products to private customers under the Moderna brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC, Securator and Moderna Djurförsäkringar. Sales take place through its own sales force, call centres and online. The business area accounts for 6% of the Group s total premium income. DKKm Q Q H H FY 2014 Gross premium income ,399 Gross claims Gross expenses Profit/loss on gross business Profit/loss on ceded business Insurance technical interest, net of reinsur Technical result Run-off gains/losses, net of reinsurance Key ratios Premium growth in local currency (%) Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Combined ratio exclusive of run-off Run-off, net of reinsurance (%) Weather claims, net of reinsurance (%) Contents Management s review Interim report Q2 and H Tryg A/S 13

14 Investment activities Financial highlights Q Investment return of DKK -84m (DKK 259m) Gross return on free portfolio of DKK 41m (DKK 244m) Return on match portfolio of DKK -55m (DKK 99m) Tryg s investment activities returned DKK -84m (DKK 259m) in Q2. The result can be explained by a strong and positive return of DKK 41m on the free portfolio, a net return of DKK -55m on the match portfolio and other financial income and expenses of DKK -70m. Q2 was characterised by increasing interest rates and inflation, but the growth seems on track despite uncertainty and the Greek debt crisis. The match portfolio Tryg matches the insurance provisions with the assets in the match portfolio so that changes in interest rate levels affect Tryg s results as little as possible. This generally leads to less variation in results and will under Solvency II reduce the capital requirement needed to accommodate fluctuations. The difference between the return on the match portfolio and the price adjustments of the claims provisions and the insurance technical interest is divided into two components: a regulatory deviation and a performance component. In Q2 2015, the match portfolio generated a negative gross return of DKK 393m. On the other hand, the value of Tryg s provisions decreased by DKK 401m, and the technical interest transferred was DKK 63m. The total difference thus amounts to DKK -55m, which can be split into a regulatory deviation of DKK -44m and a performance of DKK -11m. The regulatory deviation is caused by the differences between the market-based swap rates and the constructed Danish Financial Supervisory Authority s (FSA) interest rates. The FSA s yields are based on euro swap rates whereas the hedges are local swaps. The yield spread between the Eurozone and Denmark decreased in Q1 due to the massive turbulence in relation to the Danish Krone. This provided a positive regulatory deviation. As this yield spread reversed in Q2, the regulatory deviation was DKK -44m for the quarter. Return investments DKKm Q Q H H FY 2014 Free portfolio, gross return Match portfolio, regulatory deviation and performance Other financial income and expenses Total investment return Return match portfolio DKKm Q Q H H FY 2014 Return, match portfolio ,336 Value adjustments, changed discount rate Transferred to insurance technical interest Match, regulatory deviation and performance Hereof: Match, regulatory deviation Match, performance The performance component expresses how bonds perform relative to the swap market. The covered bond market in Denmark and Norway was under pressure during Q2. First large issues of lowcoupon mortgage bonds squeezed the Danish mortgage segment, and afterwards strongly increasing interest rates, very volatile markets and lower demand compressed performance in Nordic covered bonds. All in all, this resulted in a small negative match performance of DKK 11m in Q2. Contents Management s review Interim report Q2 and H Tryg A/S 14

15 The free investment portfolio of DKK 32m in Q2, resulting in a year-to-date and altogether the free portfolio made a positive portfolio totalled DKK 1m, composed of a regula- The free investment portfolio is mainly made up return of DKK 242m or 8.9%. contribution to the total investment result of tory deviation of DKK -14m and a performance of equities, real estate and bonds and generated a DKK 41m, corresponding to 0.3%. component of DKK 15m. The return on the free in- return of DKK 41m, corresponding to 0.3% on the Q2 saw a general increase in interest rates vestment portfolio totalled DKK 323m (DKK 373m), average invested capital. At the end of the quarter, long rates more than short rates. The German Other financial income and expenses with the high return being attributable in particular the free portfolio constituted DKK 12.2bn. The government interest rate increased from 0.07% Other financial income and expenses were nega- to a return on equities of DKK 242m (DKK 181m). quarter was characterised by a tense situation mid-april to 0.76% at the end of Q2. The dur ation tive at DKK 70m. This is attributable, partly, to the With other financial income and expenses of in Greece, volatile markets and severe interest of the free portfolio has been strategically low currency hedging of the capital in the Swedish DKK -147m (DKK -151m), the total investment rate increases. In spite of this, the free portfolio and resulted in only a minor negative return of and Norwegian branches, and partly to expenses return amounted to DKK 177m. performed very well. DKK 14m in Q2 despite the massive increase in relating to Tryg s subordinate loans. interest rates. Increasing interest rates affect the The global equity market decreased by 1.2% in high yield exposure but the demand for this asset Results H Q2 and provides a year-to-date return of 3.1%. class has supported the segment. The invest- The investment return in H totalled Tryg s equity portfolio provided a positive return ment properties returned DKK 23m or 1.1%, DKK 177m (DKK 348m). The return on the match Return free portfolio Investment assets DKKm Q Q (%) Q Q (%) H H (%) H H (%) Government bonds Covered bonds ,611 5,188 Emerging market bonds High-yield bonds , Other a) ,085 Interest rate and credit exposure ,469 7,872 Equity exposure ,615 2,470 Investment property ,103 2,099 Total gross return ,187 12,441 a) Bank deposits and derivative financial instruments hedging interest rate and credit risk. Contents Management s review Interim report Q2 and H Tryg A/S 15

16 Capital Solvency II allows a reduction of the capital requirement due to existing and notional deferred Tryg is looking to refinance its subordinated loan of EUR 150m in Following the implemen- tax, which will effect both the partial internal tation of Solvency II, there will be an additional model and the standard model. Tryg has not yet potential for subordinated capital in the range of made use of this option. DKK bn subject to the treatment of NNP. Capital Solvency II According to the executive order of the Danish Solvency II allows a company to calculate its Financial Supervisory Authority, the calculated capital requirement using an internal model Shareholder information 2 January 2015, Tryg initiated the buy back of solvency need must be covered by an adequate approved by the Financial Supervisory Author- As announced on Tryg s Capital Markets Day in own shares for an amount of DKK 1,000m. From capital base. ity. Tryg has submitted an official application to November 2014, Tryg s Supervisory Board has the start-up of the share buy back programme, the Danish FSA for permission to continue to decided to pay out dividend semi-annually in order and up until 26 June 2015, 3,524,459 shares In Q2 2015, the adequate capital base less the use this partially internal model. Tryg expects to strengthen Tryg s position as a yield share. had been acquired for a total sum of DKK 544m. executed part of the share buy back and the its internal model to be approved before 31 Following these transactions, Tryg holds a total of cash dividend programme is DKK 10,094m, December If the approval process takes The H cash dividend is DKK 2.50 per 12,995,869 own shares, corresponding to 4.3%. which means that Tryg has surplus cover of longer than expected, it will be necessary to share, corresponding to a total of DKK 746m. DKK 3,400m (51%) and DKK 1,736m (21%) use the Solvency II standard model for a period, The announced dividend is in line with Tryg s Capital requirement relative to the individual solvency need and the which will result in a lower capital buffer, but dividend policy, which states that Tryg aims for a Tryg calculates the individual solvency need standard solvency need, respectively. will otherwise have no implications on Tryg s year-on-year increase in nominal cash dividend. based on a partially internal model in accord- capital planning. ance with the Danish Financial Supervisory An element which can be included in the In addition to the cash dividend, Tryg is also Authority s Executive Order on Solvency and adequate capital base is expected future sur- In a letter dated 19 June 2014, the Financial conducting a share buy back during On Operating Plans for Insurance Companies. The plus. Tryg has not yet made use of this option. Supervisory Authority of Norway raised several model is based on the structure of the stand- challenges relating to the possibility of using the ard model, where Tryg has decided to model Norwegian Natural Perils pool and other capital Shareholder remuneration since IPO insurance risks using an internal model, while Capital items as Own Funds when Solvency II comes DKK 10 New dividend policy the other risks are calculated using the standard model components. The individual solvency DKKm 12,000 into force. The Norwegian insurance industry is currently working with the legislators to resolve H need was DKK 6,694m in Q compared to DKK 6,750m in Q Using the standard model, the solvency need would be DKK 8,358m in Q compared to 10,000 8,000 6,000 4,000 2, ,736 3,400 8,358 6,694 Individual Solvency a) Standard Solvency Need a) these issues. Tryg has an interactive 'A-' rating from Standard & Poor's, and the capital is sufficient to support this rating. Cash dividend Ordinary buy back Extraordinary buy back DKK 8,467m in Q Capital requirement Buffer Excess capital a) Share buy back deducted. Contents Management s review Interim report Q2 and H Tryg A/S 16

17 Outlook Tryg is going to develop world-class digital customer solutions, which will both support customer loyalty and the continued focus on expense reductions. Our customers want to be able to serve themselves online, and our focus is on developing convenient solutions. Tryg announced financial targets for 2015 at Capital Markets Day (CMD) in 2012, and for 2017 at the CMD in To ensure that Tryg realises its financial targets for 2015 and 2017, a efficiency programme has been launched. The aim is to reduce expenses and claims by a total of DKK 750m, with DKK 500m relating to the procurement of claims services and administration and DKK 250m relating to expenses, in the period up to and including Tryg expects the development in gross premium income to be slightly negative to unchanged in 2015 and on a par with the growth in GDP in 2016, including acquisitions of smaller portfolios. Tryg has a solid reserve position, which was confirmed in connection with an external review by KPMG in This review strengthened Tryg s assessment of its reserve position, and it is therefore deemed likely that the run-off level in the coming years will be higher than previously. The interest rate used for discounting Tryg s technical provisions is now historically low. A higher interest rate level will have a positive effect on Tryg s results. In 2015, weather claims of DKK 500m and large claims of DKK 550m net of reinsurance are expected. The investment portfolio is generally divided into a match portfolio corresponding to the technical provisions and a free portfolio. The objective is for the return on the match portfolio and changes in the technical provisions due to interest rate changes to be neutral when taken together. The return on bonds in the free portfolio will vary, but considering current interest rate levels, a low return is currently expected. For shares and real estate, returns of 7% and 6%, respectively, are expected. Investment activities include other types of investment income and expenses, especially the cost of managing the investments, gains and losses on foreign currency hedges and interest paid on loans. Tax rates have gradually been lowered in Denmark, Norway and Sweden in recent years. In Denmark, the tax rate will be reduced to 22% in the period up to The Norwegian tax rate is 27%, while the Swedish rate is 22%. When calculating the total tax payable, it should be noted that gains and losses on shareholdings are not taxed in Norway. All in all, this means that the average tax payable is expected to be 22-23% in Financial targets 2015 Return on equity of 20% after tax Combined ratio 90 Expense ratio <15 a) a) Excluding one-off effects Financial targets 2017 Return on equity of 21% after tax Combined ratio 87 Expense ratio 14 Contents Management s review Interim report Q2 and H Tryg A/S 17

18 Contents Financial statements Q2 and H FINANCIAL STATEMENTS 19 Statement by the Supervisory Board and the Executive Management 20 Financial highlights 21 Income statement 22 Statement of comprehensive income 23 Statement of financial position 24 Statement of changes in equity 26 Cash flow statement 27 Notes 34 Quarterly outline 36 Income statement (parent company) 37 Statement of financial position (parent company) Tryg s Group consolidated financial statements are prepared in accordance with IFRS. Contents Financial statements Q2 and H Interim report Q2 and H Tryg A/S 18

19 Statement by the Supervisory Board and the Executive Management The Supervisory Board and the Executive Management have today considered and adopted the interim report for Q2 and H for Tryg A/S and Tryg Group. The report, which is unaudited and has not been reviewed by the company s auditors, is presented in accordance with IAS 34 Interim Financial Reporting, the Danish Financial Business Act and the requirements of the NASDAQ Copenhagen for the presentation of financial statements of listed companies. The report for the parent company is presented in accordance with the Danish Financial Supervisory Authority s regulations on financial reports for insurance companies and transverse pension funds. In our opinion, the report gives a true and fair view of the Group s and parent company s assets, liabilities and financial position at 30 June 2015 and of the results of the Group s and parent company s activities and cash flows for the period for the Group. We are furthermore of the opinion that the management s report includes a fair review of the developments in the activities and financial position of the Group and parent company, the results for the period and of the Group s and parent company s financial position in general and describes the principal risks and uncertainties that the Group and parent company face. Ballerup, 10 July 2015 Executive Management Morten Hübbe Tor Magne Lønnum Lars Bonde Group CEO Group CFO Group Executive Vice President and COO Supervisory Board Jørgen Huno Rasmussen Torben Nielsen Anya Eskildsen Vigdis Fossehagen Lone Hansen Jesper Hjulmand Chairman Deputy Chairman Ida Sofie Jensen Bill-Owe Johansson Lene Skole Tina Snejbjerg Mari Thjømøe Carl-Viggo Östlund Contents Financial statements Interim report Q2 and H Tryg A/S 19

20 Financial highlights Q2 Q2 H1 H1 FY DKKm Gross premium income 4,550 4,711 9,001 9,294 18,652 Gross claims -3,858-3,330-7,062-6,617-12,650 Total insurance operating costs ,366-1,301-2,689 Profit/loss on gross business ,376 3,313 Profit/loss on ceded business Insurance technical interest, net of reinsurance Technical result ,254 1,464 3,032 Investment return after insurance technical interest Other income and costs Profit/loss before tax 714 1,150 1,379 1,752 3,302 Tax Profit/loss, continuing business ,062 1,322 2,547 Profit/loss on discontinued and divested business after tax Profit/loss for the period ,105 1,324 2,557 *) The gross expense ratio without adjustment is calculated as the ratio of actual gross insurance operating costs to gross premium income. Other key ratios are calculated in accordance with 'Recommendations & Financial Ratios 2015' issued by the Danish Society of Financial Analysts. The adjustment, which is made pursuant to the Danish Financial Supervisory Authority s and the Danish Society of Financial Analysts definitions of expense ratio and combined ratio, involves the addition of a calculated expense (rent) in respect of owneroccupied property based on a calculated market rent and the deduction of actual depreciation and operating costs on owneroccupied property. Other comprehensive income Other comprehensive income which cannot subsequently be reclassified as profit or loss Other comprehensive income which can subsequently be reclassified as profit or loss Other comprehensive income Comprehensive income ,153 1,338 2,517 Run-off gains/losses, net of reinsurance ,131 Statement of financial position Total provisions for insurance contracts 33,808 34,531 33,808 34,531 31,692 Total reinsurers' share of provisions for insurance contracts 2,963 2,811 2,963 2,811 1,938 Total equity 10,036 10,525 10,036 10,525 11,119 Total assets 53,129 53,326 53,129 53,326 52,224 Key ratios Gross claims ratio Net reinsurance ratio Claims ratio, net of reinsurance Gross expense ratio Combined ratio Gross expense ratio without adjustment* Operating ratio Contents Financial statements Interim report Q2 and H Tryg A/S 20

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