Tryg A/S – Annual report 2020

Tryg’s Supervisory Board has today approved the annual report 2020.

Premium growth of 7.0% (6.1% excluding Alka in 2019). The technical result of DKK 3,495m (DKK 3,237m) was impacted by continued positive developments in the core business, the delivery of the Alka synergies and lower than normal large and weather claims. Investment income of DKK 311m (DKK 579m) driven by positive financial market returns in a year characterized by significant volatility after the outbreak of COVID-19 in the first quarter of 2020 and related worries regarding the macroeconomic environment. Profit before tax of DKK 3,541m (DKK 3,628m). Quarterly dividend of DKK 1.75 per share, supporting TryghedsGruppen’s member bonus. Solvency ratio of 183.  

Financial highlights 2020

• Premium growth of 7.0% (6.1% excluding Alka in 2019) in local currencies
• Technical result of DKK 3,495m (DKK 3,237m)
• Combined ratio of 84.5 (85.1)
• Expense ratio of 14.1 (14.2)
• Return on free investments portfolio of DKK 585m (DKK 857m)
• Total investment return of DKK 311m (DKK 579m)
• Profit before tax of DKK 3,541m (DKK 3,628m)
• Full year dividend of DKK 7.00 per share
• Solvency ratio of 183

Financial highlights Q4 2020

• Premium growth of 7.4% (5.6% excluding Alka in 2019) in local currencies
• Technical result of DKK 780m (DKK 762m)
• Combined ratio of 86.3 (86.1)
• Underlying claims ratio (Private and Group) improved by 0.2 and 0.6 percentage points
• Expense ratio of 14.0 (14.6)
• Return on free investments portfolio of DKK 513m (DKK 226m)
• Total investment return of DKK 513m (DKK 198m)
• Profit before tax of DKK 1,223m (DKK 940m)
• Q4 dividend of DKK 1.75 per share

Customer highlights Q4 2020

• TNPS of 72 (68)
• Number of products per customer 3.9 (3.8)
• In Q4, awareness of TryghedsGruppen's member bonus among non-customers increased to 33%, up by 18% compared with the same period prior year

Statement by Group CEO Morten Hübbe:

COVID-19 has introduced a lot of volatility during 2020 and also changed the ways of working. During Q1, Tryg’s technical result was impacted by high travel insurance claims while in the following quarters a lower economic activity offset the negative developments in Q1. The overall technical result was also helped by a lower than normal level of large and weather claims despite the tragic event in Gjerdrum, Norway, at the end of December, where a landslide killed several people and many families had to re-locate and find a new home.