Annual results 2011

Investor presentation

2

Contents

Page

1. Highlights and key figures 4

Highlights 2011 5-6

Highlights Q4 2011 7

Key figures 8

Tryg Group 9

2. Segment Performance 14-16Private Nordic 17

Commercial Nordic 18

Corporate Nordic 19

3. Claims 20Claims ratio 21

Weather claims 22-23

Provisions and discounting 24-25

4. Expenses 26-27

5. Investments and capitalisation 28Investments 29-30

Capitalisation 31

Dividend 32

6. For new investors 33

7. Appendix 41

3

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.

44

Highlights and key figures

5

Highlights 2011

• Strong improvement in net result from DKK 593m to DKK 1,140m in 2011.

• Technical result improved from DKK 375m to DKK 1,534m.

• Satisfactory investment result in challenging market.

• Strategic review of Finnish operations.

Financial KPI’s

Combined ratio

98.8

93.5

2010 2011

Return on Equity

6.6

13.1

2010 2011

Net result (DKKm)

593

1,140

2010 2011

Investment return (DKKm)

570

66

2010 2011

6

Highlights 2011

• Improved technical result driven by:

• Price increases and claims initiatives

• DKK 416m lower net impact from weather

claims

• Gross earned premium grew 3.7% (5.6% in

DKK).

• Lower interest level called for further

strengthening of pension obligation in Norway

of approx. DKK 400m before tax.

• Suggested cash dividend of DKK 400m and no

share buy back.

Financial KPI’s

Technical result (DKKm)

375

1,534

2010 2011

Premium growth

4.5

3.7

2010 2011

7

Facts

• Net result DKK 344m compared to DKK 369m in Q4

2010.

• Technical result DKK 271m compared to DKK 261m Q4

2010.

Q4 - a mixed picture

• Positives

• Strong result in Private

• Commercial combined ratio at 94.2

• Strong investment result

• Negatives

• Windstorms Berit and Dagmar in Norway –

total windstorm loss of DKK184m

• High level of large claims – total DKK 306m

• Premium growth of 1.0% (-0.5% in local

currency)

Highlights Q4 2011

Combined ratio

95.5 95.5

Q4 2010 Q4 2011

Technical result (DKKm)

261 271

Q4 2010 Q4 2011

Financial KPI’s

8

Key figures 2011

DKKm Q4 2010 Q4 2011 2010 2011

Gross premiums earned 5,049 5,100 19,475 20,572

Technical result 261 271 375 1,534

Return on investments after technical interest 266 163 570 66

Profit/loss before tax 512 447 941 1,569

Profit/loss for the period 369 344 593 1,140

Gross claims ratio 77.2 79.0 80.2 79.2

Business ceded as % of gross premiums 1.1 -0.9 1.6 -2.5

Claims ratio, net of ceded business 78.3 78.1 81.8 76.7

Gross expense ratio 17.2 17.4 17.0 16.8

Combined ratio 95.5 95.5 98.8 93.5

Combined ratio before run-off 101.2 102.0 103.0 98.1

9

Tryg Group

4,000

4,500

5,000

5,500

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

15

16

17

18

19

20

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

60

6570

75

8085

90

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

85

90

95

100

105

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

2012

2013

Gross premium, DKKm Combined ratio (excl. winter Q1 2010)

Gross claims ratio (excl. winter Q1 2010) Expense ratio

90

10

Strategic review Finland

• Profitability in Tryg’s Finnish business has improved but is not yet at a satisfactory level.

• On this basis, Tryg has decided to undertake a strategic review of the Finnish operation.

• Review will look at all options for the Finnish business.

• Review will be finalised within 12 months.

40

60

80

100

120

140

160

180

Q1-20

07

Q1-20

08

Q1-20

09

Q1-20

10

Q1-20

11

DKKm

80

90

100

110

120

130

140

150

%

Gross Premium Combined ratio

11

Premium hikes and combined ratio

Combined ratio

80

85

90

95

100

105

110

2000

2001

2002

2003

2004

2004

*

2005

2006

2007

2008

2009

2010

2011

2012

2013

• 2002-2004 premium increases of DKK 2.1bn implemented. Reduced combined ratio from 107 to 94 (DK GAAP)

• 2011-2012 premium increases will improve combined ratio going forward

*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

Annual impact from price increases

2011

DKK ~1.0bn

2012

DKK ~1.0bn

Mid-term target

12

Development in average premiums

80

90

100

110

120

2005 2006 2007 2008 2009 2010 2011

90

100

110

120

130

140

150

2005 2006 2007 2008 2009 2010 2011

Development average premium Motor insurance during 2011:

-0.4%

6.3%

Development average premium House insurance during 2011:

Increase past 12 months:

10.4%

6.4%

House insurance – average premium (index 2005 = 100)

Motor insurance – average premium (index 2005 = 100)

13

Outlook

Mid-term

• Mid-term target is return on equity of 20% after tax.

• This implies a combined ratio at the level of 90% including potential run-off and at current interest rate level which is unchanged relative to end of 2010.

• Effect of price initiatives main driver for reaching target.

• Expected large claims level increased from DKK 400-450m to DKK 500-600m due to large claims level in 2010 and 2011.

• Expected storm and cloudburst level increased from DKK 300-350m to DKK 350- 450m based on especially cloudburst level 2011.

• Although interest rates are at a very low level, Tryg maintains mid-term targets.

0%

10%

20%

30%

40%

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Mid-term target

ROE after tax

Annual impact from price increases

2011

DKK ~1.0bn

2012

DKK ~1.0bn

14

Segment performance

15

Segment performance

96.493.092.8

70

80

90

100

2009 2010 2011

101.1

112.0

98.1

80

90

100

110

2009 2010 2011

Private Nordic - CR Commercial Nordic - CR Corporate Nordic - CR

• Combined ratio 93.0 compared to 96.4.

• Effect of profitability initiatives.

• 6.8% premium growth in local currency.

• Customer retention:

• DK 90.5 vs 89.5 in Q4 2010,

• Norway 86.1, unchanged

• Customer average premium up 6% in Denmark and 3% in Norway.

• Combined ratio improved by 13.9 percentage points.

• Effect of profitability initiatives and net effect of weather claims.

• 0.2% premium growth.

• Customer retention impacted as expected.

• Tough macro and market conditions.

• Combined ratio helped by high run-off level.

• Combined ratio of 102.6 before run- off.

• 0.8% premium growth due to price initiatives and market conditions.

• High level of large claims in Q4 DKK 306m vs. DKK 215m in 2010.

• Renewals 1 January 2012 as expected.

• Still tough market conditions in all countries.

90.792.683.7

50

65

80

95

110

2009 2010 2011

16

Premiums and technical result 2010/2011

Gross earned premiums, DKKm

10,181 11,097

4,183

5,1245,275

4,237

0

4,000

8,000

12,000

16,000

20,000

2010 2011

Private Nordic Commercial Nordic Corporate Nordic

Technical result, DKKm

446886

403

531

-474

117

-500

0

500

1,000

1,500

2,000

2010 2011

Private Nordic Corporate Nordic Commercial Nordic

• Top line grew 3.7% in local currency (5.6% in DKK).

• Positive impact from price increases. Private up 6.8% in local currency (9.0% in DKK).

• Technical result grew from DKK 375m to DKK 1,534m and was positively impacted by price increases and lower level of weather claims.

• Net impact from weather claims of DKK 554m in 2011 against DKK 970m in 2010.

17

• Profitability in Private on the right track.

• Price increases impacting the portfolio and has impacted retention rates as expected.

• Good growth of 6.8% in local currency driven by price increases.

• Focus area in 2012 to optimise sales channels and improve time to market.

Private Nordic

82

84

86

88

90

92

94

Q4 05 Q4 06 Q4 07 Q4 08 Q4 09 Q4 10 Q4 11

Private - retention rate

85

90

95

100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Combined ratio (excl. winter Q1 2010)

18

Commercial Nordic

84

85

86

87

88

89

90

Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11

Commercial - retention rate

80

90

100

110

120

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Combined ratio (excl. winter Q1 2010)• Profitability in Tryg’s Commercial business improved due to profitability initiatives.

• Drop in retention rate for Commercial, especially in Denmark.

• Going forward continued effect of

• implementation of profitability initiatives

• macro environment

19

Corporate Nordic

70

80

90

100

110

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Combined ratio (excl. winter Q1 2010)• Low combined ratios in Corporate.

• However, profitability supported by high level of run-off gains.

• Price increases on property especially in Norway.

• Focus on pricing of risk of large claims.

• Combination of pruning and rate increases.

0

5

10

15

20

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Run-off effect on combined ratio

0

5

10

15

20

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Large claims effect on combined ratio

Claims

21

80.5

74.1

65

70

75

80

85

90

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

Underlying claims ratio Group

Claims ratio is adjusted for items that fluctuate and distort quarterly results • weather claims, incl. extraordinary winter in Q1 and Q4 as reported in annual report 2010• large claims• run-off • discounting of claims reserves

22

Weather claims - a focus area

2011

New reinsurance

feature

2012Feb July Aug Nov DecJune

Denmark cloudbursts

Storm ”Dagmar”

Copenhagen cloudburst

Storm Berit

Norway floods

Denmark storm

23

290 142

1,589

192

828878

0

400

800

1,200

1,600

Aver. 2006-09 2010(Gross) 2010(Net) 2011(Gross) 2011(Net)

1,168

970

554

523279 398

0

200

400

600

800

1,000

Average 2006-09 Q1-Q4 2010 Q1-Q4 2011

813 858

Large and weather claims

• Large claims gross amounted to DKK 858m in 2011 against DKK 813m in 2010.

• Large claims net amounted to DKK 546m in 2011 against DKK 709m in 2010.

• Heavy rain in Copenhagen on 2 July and storms in Norway in Q4 resulted in gross claims of DKK 1.6bn. Net impact of DKK 315m.

Large claims, gross DKKm

Expected full year level 2012

Weather claims, DKKm

Expected full year level 2012 winter and storm/cloudburst gross

Winter claims

Storm/cloudburst

24

Provisions and run-off

944824

683800792

0

400

800

1,200

2007 2008 2009 Q1-Q42010

Q1-Q42011

Insurance provision, DKKm

4.2% 4.1%3.6%

3.9% 4.0%

2007 2008 2009 2010 2011

21,104 19,715 22,430 24,883 26,941

5,403 5,1006,208

6,8196,932

2007 2008 2009 2010 2011

Claims provisions Premium provisions

Run-off net, DKKm

Relative run-off

Q2

Q1

Q2

Q3Q3

• Run-off in Q4 2011 of DKK 331m vs. DKK 286m in Q4 2010

Q4Q4

Q1

25

2.0

3.0

4.0

5.0

6.0

%

Discount rates

• Interest rates decreased again during 2011 after renewed concern about debt problems in southern Europe.

• Discounting effect lower in Q4 2011 relative to same quarter 2010.

• 1% increase in interest level will:

- Increase pre-tax profit by around DKK 300m.

- Improve combined ratio by approx. 1 percentage point.

- Lower Norwegian pension obligation affecting the capital base by around DKK 300m.

2007 2008 2009 2010 2011

26

Expenses

27

Expenses

• Expense ratio for 2011 at 16.8 against 17.0 in 2010.

• Continued focus on cost reductions.

• 1% less full time employees in DK/NO.17.0

16.817.1

17.2

2008 2009 2010 2011

Expense ratio

3,680 3,6463,691

3,806

672611619

259

2008 2009 2010 2011

Denmark & Norway Sweden & Finland

Number of employees

28

Investments and capitalisation

29

Investment result Q4 and 2011

Return Q4 2011

32.2 mia. DKK

Free investment

Result DKK 236mReturn 2.4%

Assets

33.2bn

9.8bn

Gross investment return(DKKm)

Bonds 432

Equities 103

Real Estate 68

Total 603

Match

Mismatch Q4 -6 DKKm

Return 2011

Free investment

Result DKK 304mReturn 3.4%

Gross investment return(DKKm)

Bonds 1,858

Equities -87

Real Estate 239

Total 2,010

Match

Mismatch 2011 94 DKKm

30

Assets allocation

Total assets

17

55

91 5

13

EquitiesReal estateCov. BondsGovt.DepositsHigh yield

Percent

Match portfolio

16

20 64

Cov. BondsGovt.Deposits

Percent

Free portfolio (exposure)

720

4028

5

EquitiesReal estateCov. BondsGovt.High yield

Percent

31

6,000

8,000

10,000

12,000

TAC A-level Solvencycapital

ICA

D KKm

S&P A-level Buffer (5%) Surplus capital

Capitalisation

9% buffer

• Capital requirement based on Standard

& Poor’s stable throughout 2011.

• Internal Capital Assessment (ICA)

published for the first time end 2011.

• Capital position end 2011 impacted by

items that are included in calculation of

capital base

• Pension obligation in Norway

• Discounting of premium reserves

• Tax liability

• Together with higher capital requirement

this leaves room for dividend payment of

DKK 400 m or 6.52 DKK pr share.

30 % buffer

S&P A-rating ICA

1,140 -288-268

76 -39410,618

10.365

7,000

8,000

9,000

10,000

11,000

12,000

Capital Base2010 postdividend

Profit Pensionobligat ionpost tax

Discountingand tax

Other Dividend (excl.own shares)

Capital base2011 postdividend

D KKm

32

21

33

17

6.54

6.52

15.5

21

12.5

0

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 E 2011

DK

K p

er

sh

are

Cash dividend Share buy back

Suggested dividend 2011

Dividend policy:

• Dividend up to 50% of net earnings

• Share buy backs in addition

33

For new investors

34

Tryg – at a glance

NorwayMarket position #3

Market share 16.5%CR 2011 93.4

DenmarkMarket position #1

Market share 20.8%CR 2011 90.4

SwedenMarket position #5Market share 3.8%

CR 2011 104.9

FinlandMarket share 2.4%

CR 2011 106.2

• The history of Tryg goes

back to the 18th century.

• The current Tryg was

formed in 2002 by sale of

Nordea’s non-life activities

– with a continuing

strategic partnership

• Only Non-life insurance in

the Nordic area

• Listed Oct. 2005 on

Nasdaq OMX Copenhagen

• Majority owner :

TryghedsGruppen (60%) a

mutual foundation rooted

in Denmark

• Turnover 2011: DKK

20.6bn (~EUR 2.8bn)

• CEO: Morten Hübbe

• 4,318 employees

35

Mission, vision and corporate values

We want to be perceived as the leading peace-of-mindprovider in the Nordic region

VisionOur customers should experience that we are: · Compassionate· Dynamic · Innovative

Our handshake

Our mission is to secure a stable, high-quality supply ofproducts and services offering peace of mind to private

households and businesses

Mission

We provide peace of mind, because · We meet people with respect, openness and trust· We show initiative, share knowledge and take responsibility· We deliver solutions based on quality and simplicity· We create sustainable results

Corporate Values

36

20

60

100

140

180

220

Tryg Euro Insurance Index

Shareholder breakdown – end 2011

Facts about Tryg

3.19.9

38.4

48.6

Denmark

Norway

Sweden

Finland

11

17

1260

Danish institutional

Non-Danishinstitutional

Smaller shareholders

TryghedsGruppen

9.0

13.7

10.7

6.0 20.1

23.6

12.54.4

Motor - TPL

Motor - casco

Workers' comp.

Health & accident

Liability

Fire & property - private

Fire & property - comm.

Other

Gross premium split by geography - 2011

Percent Percent

Share performance since IPOGross premium split by segments - 2011

Percent

200 5 2006 2007 2008 2009 2010 2011

37

Structure of the Nordic insurance markets

Other 26.8

Alm. Brand 10.0

Codan 13.2Topdanmark

18.0

If 5.3

Tryg 20.8

Gjensdige 5.9

Sparebank1 11.2

Gjensidige 26.5

If 25.1

Tryg 16.5Other 20.7

Other 16.2

Codan 15.8

If 18.7

Läns-forsäkringar

28.4

Gjensidige 1.3

Moderna 3.8

Folksam 15.2 Fennia 9.5

Tryg 2.4Other 17.8

If 24.2

Pohjola 27.6

Tapiola 18.5

Denmark

DKK 47.4bn/ EUR 6.4bn (as at Q4-10)

Norway

NOK 43.0bn/ EUR 5.6bn (as at Q3-11)

Sweden

SEK 60.4bn/ EUR 6.6bn (as at Q3-11)

Finland

EUR 3.5bn (as at Q4-10) incl. Tryg (EUR 84m)

Percent Percent

Percent Percent

Läns-försäkringar

8.5

Tryg 11.8

Topdanmark 5.3

If 17.4Codan 9.4

Gjensidige 9.1

Other 38.5

Nordic

EUR 21.6bn (as at Q4-10)

Percent

38

Organisational structure

CEOMorten Hübbe

PrivatLars Bonde Kjerstin Fyllingen Truls Holm Olsen

SE/FIPer Fornander Birgitte Kartman Tor Magne Lønnum

Business Developm. Segmenting &

Marketing

Price & Product

Partner Contracts Private

Sales Private & Franchise

Advisory &Sales Support

Customer Service

Banc Assurance

Outbound & Internet

Business Developm. Segmenting &

Marketing

Price & Product

Partner ContractsCommercial

Sales Commercial

Advisory &Sales Support

Customer Service

Sales Direct

Sales Broker & Sweden

UW Property/Motor/ Transportation &

Risk Management

UW Personal & Liability

Business Developm.

Sweden

Finland

Personal Claims DK/NO

Motor Claims

Building/Contents

Liability, Lawyers/ Profession and

Investigation

Corporate Sourcing

Alarm, Travel & Claims

Secretariat

Controlling & Reporting

Group Risk

Group Investments

Finance & Salary

Business Intelligence

Investor Relations

IT Operations

The Living House

Tryg Garanti

TT, IT & Process

Commercial Corporate Claims Group Finance

Strategy & Corporate Identity

Legal & Quality

Communications

HR

Executive Management:Tryg A/S & Tryg Forsikring A/S

Group Executive Management: Tryg Forsikring A/S

Country Senior Executive

39

Distribution of new sales in 2011

Denmark

64%

26%

10%

Own sales Affinity Nordea

Finland

29%

50%

2%

6%

13%

Own Sales Car dealers Netbank Nordea Tied agents

Sweden

55%

17%

19%

9%

Call center Nordea External partners www

Corporate

53%47%

Direct sales Brokers

Norway

52%

12%

31%

5%

Own sales Car dealers Franchise Nordea

40

Key figures 2005-11 and consensus for 2012-13Consensus

In DKKm 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gross premium income 15,705 15,715 16,262 16,976 17,862 19,475 20,572 21,236 22,084

Gross claims incurred -11,159 -10,292 -10,448 -11,473 -12,882 -15,617 -16,299

Operating expenses -2,662 -2,662 -2,730 -2,964 -3,056 -3,304 -3,430

Ceeded business -7 -554 -553 -598 -520 -313 507

Technical interest, net 170 337 494 491 158 134 184Technical result 2,047 2,544 3,025 2,432 1,562 375 1,534 2,026 2,279Investment income, net 894 1,228 340 -988 1,086 570 66 253 211Pre-tax profit 2,913 3,741 3,314 1,395 2,610 941 1,569 2,218 2,427

Tax -788 -632 -893 -513 -625 -265 -455Net income 2,097 3,211 2,266 846 2,008 593 1,140 1,642 1,826

Total insurance provision 26,757 26,005 26,909 25,228 29,042 32,031 34,257

Shareholders' equity 8,215 9,916 9,975 8,209 9,631 8,458 9,007

Earnings per share 31.7 45.8 33.8 13.3 31.3 10.8 18.4 25.2 29.6Cash dividend per share 21.0 33.0 17.0 6.5 15.5 4.0 6.52 15.7 17.3Share buy back per share 21.0 12.5 0.0 0.0

Combined ratio 88.2 85.9 84.4 88.2 92.2 98.8 93.5 91.4 90.6

41

Appendix

42

Private Nordic

1,900

2,150

2,400

2,650

2,900

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

14

16

18

20

22

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

65

70

75

80

85

90

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

85

90

95

100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Gross premium, DKKm Combined ratio (excl. winter Q1 2010)

Gross claims ratio (excl. winter Q1 2010) Expense ratio

43

Commercial Nordic

800

900

1,000

1,100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

20

22

24

26

28

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

50

60

70

80

90

100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

80

90

100

110

120

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Gross premium, DKKm Combined ratio (excl. winter Q1 2010)

Gross claims ratio (excl. winter Q1 2010) Expense ratio

44

Corporate Nordic

1,100

1,200

1,300

1,400

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

9

1011

12

1314

15

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

50

60

70

80

90

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

70

80

90

100

110

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Gross premium, DKKm Combined ratio (excl. winter Q1 2010)

Gross claims ratio (excl. winter Q1 2010) Expense ratio

45

Denmark SwedenDkkm 2010 2011 Dkkm 2010 2011

Gross premiums 9,636 9,999 Gross premiums 1,769 2,050

Technical result 166 1,023 Technical result -124 -59

Key ratios Key ratiosGross claims ratio 82.0 83.5 Gross claims ratio 84.6 82.0Result of ceded business 0.7 -8.1 Result of ceded business 0.8 2.6Gross expense ratio 16.1 15.0 Gross expense ratio 22.4 20.3Combined ratio 98.8 90.4 Combined ratio 107.8 104.9

Norway FinlandDkkm 2010 2011 Dkkm 2010 2011

Gross premiums 7,490 7,916 Gross premiums 593 644

Technical result 389 598 Technical result -56 -28

Key ratios Key ratiosGross claims ratio 76.7 73.2 Gross claims ratio 80.9 79.8Result of ceded business 3.1 3.2 Result of ceded business 0.8 0.8Gross expense ratio 15.7 17.0 Gross expense ratio 29.3 25.6Combined ratio 95.5 93.4 Combined ratio 111.0 106.2

2011 - Geographical segments

46

Denmark Sweden% 2011 2012 % 2011 2012

GDP Growth 2.0 1.8 GDP Growth 4.7 2.3

Inflation 2.7 2.0 Inflation 3.2 3.0

Unemployment 4.0 3.8 Unemployment 7.3 6.8

Current account balance in % of GDP

5.9 5.4Current account balance in % of GDP

5.6 5.8

Budget balance in % of GDP

-3.8 -3.0Budget balance in % of GDP

1.0 1.7

Norway Finland% 2011 2012 % 2011 2012

GDP Growth 3.3 3.1 GDP Growth 3.7 3.0

Inflation 1.8 2.2 Inflation 3.5 2.5

Unemployment 3.0 2.8 Unemployment 7.7 6.9

Current account balance in % of GDP

16.8 17.2Current account balance in % of GDP

2.9 3.1

Budget balance in % of GDP

14.6 15.8Budget balance in % of GDP

-1.2 -0.3

Economic key figures in the Nordics

Source: ECONOMIC OUTLOOK, Nordea Markets, May 2011

47

Nordic peers

Premium growth in reporting currency (%)

-4

-1

2

5

8

11

14

2004 2005 2006 2007 2008 2009 2010 2011

If Tryg Gjensidige Tryg excl. Moderna

Combined ratio

82

86

90

94

98

102

106

2004 2005 2006 2007 2008 2009 2010 2011

If… Tryg Gjensidige