Front page slide

Q2 and H1 2015 resultsWebcast presentation

10 July 2015Follow us on Twitter: @TrygIR

2

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.

H1 2015 highlights

3

Key focus areas

Efficiency programme proceeds as

planned. Expected lower run-rate in 2015

of DKK 150m compared to DKK 396m in

2014.

Increased customer focus

Price-differentiation and customer life time

value

Topline development challenging

Current initiatives

• Building initiatives ensuring a greater effect from

efficiency programme of DKK 225m in 2016 and

DKK 375m in 2017

• Balance price adjustments and inflation

• M&A focus

• Initiatives to improve customer experience

Long term profitable growth and attractive shareholder value creation

Financial highlights Q2 2015- Tryg delivered a robust ROE of 21.9% despite a negative investment market, and pays out a semi-annual dividend of DKK 2.50. Satisfactory technical resultwith an underlying improvement in a competitive market.

4

• Pre-tax result of DKK 714m (DKK 1,150m) impacted by:

• negative financial markets and DKK 343m lower investment return due to losses on bonds and lower equity return

• Q2 2014 impacted by one-off effects of DKK 135m

• Technical result of DKK 825m (DKK 941m)

• slightly better than Q2 2014 before one-off effects of DKK 135m.

• ROE of 21.9% (32.1%) p.a. after tax underpins Tryg’s robust business model

• Drop in premium growth of 1.4% in local currencies (-1.2%) affected by competition and loss of large Corporate accounts

• Semi-annual dividend of DKK 2.50 per share

• Equivalent to some 40% of the total dividend based on 2015 results

714

1,015

135

Q2 2015 Q2 2014

Pre-tax profit (DKKm)

82.2

80.7

2.8

Q2 2015 Q2 2014

Combined ratio

15.2

12.6

2.8

Q2 2015 Q2 2014

Expense ratio

83.5

One-off effects

15.4

1,150

Customer highlights Q2 2015- Continued improvement in Net Promoter Score (NPS)

5

• New price-differentiated products launched:

• Personal accident insurance in both Denmark and Norway

• Holiday home insurance in Norway

• Change of car ownership insurance in Denmark

• The new car insurance launched in Q1 was recommended ‘best in test’ by the Danish Consumer Council.

• Conditional approval of TryghedsGruppen’s members’ bonus scheme by the Danish Business Authority, subject to final approval at the representative meeting in August 2015

• Launch of Tryg Home Hotline – service hotline for customers to ask questions regarding issues related to their house, apartment or holiday home, such as damp issues.

• Tryg’s Swedish Corporate business voted the best company by insurance brokers for the third year running.

11

2022

CMD 2014 Q2 2015 Target 2017

NPS

56.3 56.661.3

CMD 2014 Q2 2015 Target 2017

Customers with ≥3 products (%)

87.9 88.0 88.9

CMD 2014 Q2 2015 Target 2017

Retention rate

Premiums and portfolio

4,5504,711

Q2 2015 Q2 2014

-1.4%

Gross earned premiums reduced by 1.4%

7

Gross earned premiums (DKKm)

DKKm Q2 2015 Q2 2014Local currencies

Q2 2015Local currencies

Q2 2014

Private 2,226 2,275 -0.3% 0.1%

Commercial 997 1,053 -4.3% -3.9%

Corporate 993 1,030 -1.4% 1.8%

Sweden 342 358 -1.8% -9.3%

Group 4,550 4,711 -1.4% -1.2%

Gross earned premiums reduced 1.4% (-1.2%) related to:

• Private impacted by the competitive situation. Retention was stable in Denmark but decreased slightly in Norway

• Commercial Norway impacted by a weaker economic situation and the competitive situation

• Corporate development impacted by loss of large accounts and one-off impact in same quarter last year

Customer retention

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82%

84%

86%

88%

90%

92%

DK

NO

Commercial

82%

84%

86%

88%

90%

92%DK

NO

Private

• High and stable customerretention in Denmark

• Slight decrease in Norway

• Customer retention stablein Denmark

• Retention decreased in Norwayimpacted by changed distribution set-up and competition

90

95

100

105

110

115

DK

NO

9

Motor insurance – average premium (index 2011 = 100)

Private - average premiums- DK profitability strong but competition increasing

90

95

100

105

110

115

DK

NO

House insurance – average premium (index 2011 = 100)

Average premiums increase Y/Y

-2.3% 0.5%

(Q1-1.9%) (Q1 0.8%)

Average premiums increase Y/Y

-0.8% 1.1%

(Q1 -0.8%) (Q1 1.4%)

• NO: price increases from July

• DK: changed selection reducesaverage price

• DK –2.3% decrease y/y driven by:• improved frequency• competitive situation

• Profitability very strong on motor

825

806

135

Q2 2015 Q2 2014

Slight increase in technical result

10

220178

46

Q2 2015 Q2 2014

Commercial, DK & NO (DKKm)

Sweden (DKKm)

434 419

75

Q2 2015 Q2 2014

Group (DKKm)

Corporate (DKKm)

Private, DK & NO (DKKm)

One-off effects

941

494224

180

43

99161

19

Q2 2015 Q2 2014

7250-5

Q2 2015 Q2 2014

90.3

82.9

1.8

Q2 2015 Q2 2014

78.9

88.6

Q2 2015 Q2 2014

82.2

80.7

2.8

Q2 2015 Q2 2014

83.5

Combined ratio improved by 1.3 pp.

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Commercial, DK & NO

Sweden

80.7

78.8

3.3

Q2 2015 Q2 2014

Group

78.1

79.1

4.4

Q2 2015 Q2 2014

Corporate

Private, DK & NO

82.183.5

One-off effects

84.7

87.0

-1.6

Efficiency programme, DKK 38m achieved in Q2

12

• Programme delivering as planned with

target to achieve savings of DKK 750m in

the next 3 years.

• Lower expected 2015 savings than in 2014.

• Claims initiatives:

• In4mo with improved claims control

• New road assistance agreement

• Expense initiatives:

• IT sourcing

• New commercial structure with mandate in frontline

Efficiency programme up until 2017 (DKKm)

150

225

375

175

388 395

73

2012 2013 2014 2015 H1 2015 2016 2017

Achieved Target

Old programme New programme

Expense ratio improved from 15.4 to 15.2

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• Expense ratio improved from 15.4 in Q2 2014 to 15.2 in Q2 2015 – (adjusted for one-off effects in Q2 2014).

• 2015 will be impacted by one-off costs relatedto new efficiency programme.

• Efficiency programme delivered savings of DKK 15m related to:

• Outsourcing within financial area• IT sourcing

• Reduction in FTE by 104 since Q4 2014.

4,077

3,914

3,703

3,599

3,495

2011 2012 2013 2014 Q2 2015

FTE - Development

15.4 *15.2

16.6 16.4

15.6

14.6

2011 2012 2013 2014 Q2 2014 Q2 2015

Expense ratio

* Adjusted for one-off effects

Nominal costs in business areas

340

171109

61

281

13398

70

76

46

19

-6 Private Commercial Corporate Sweden

Q2 2015 Q2 2014 One-off effects

Front page slide

Claims

69.570.0

Q2 2015 Q2 2014

Improved underlying claims ratio

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63.6 62.8

Q2 2015 Q2 2014

Commercial (DK & NO)

75.672.8

Q2 2015 Q2 2014

Sweden

68.3 68.8

Q2 2015 Q2 2014

Group

76.579.3

Q2 2015 Q2 2014

Corporate

Private (DK & NO)

Underlying development is adjusted for large claims, weather claims, run-off and interest.

Large claims, weather claims and run-off

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3.4

4.94.75.0

5.0

6.1

2011 2012 2013 2014 Q2 2014 Q2 2015

Run-off net, effect on combined ratio (%)Claims reserves discounting rate (%)

60 23

721

356

620

447

2011 2012 2013 2014 Q2 2014 Q2 2015

Weather claims, net DKKm

78127

546471

407

574

2011 2012 2013 2014 Q2 2014 Q2 2015

Large claims, net DKKm Expected annual

level 2015: DKK 500m

Expected annual

level 2015: DKK 550m

3.2

2.0

1.5

Q2 20141.4 Q2 2015

0.9

2011 2012 2013 2014 2015

Front page slide

Investment, capital and targets

Investment return – loss on bonds

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Cov. Bonds 67.5%

Bonds/deposits 3.1%

Equities 6.3%

HY 2.5%

EM 1.0%

Inv. Property 5.1%

Bonds/deposits 14.5%

1.1

0.0

-1.2

1.1

-0.1

0.3

Free portfolio return (%)

Portfolio (DKK 41.5bn)

99

8

100

1

19

3

52

68

2129

Bonds Equity HY & EM Inv. Property

Nordics EU ex Nordics North America EM/Other

Geographical exposure (%)

93

5 2

69

1220

88

6 5

AAA AA-A BBB-B

Match Free Total

Rating (%)Free12.2bn 29%

Match29.3bn 71%

Investment return

DKKm Q2 2015 Q2 2014

Free portfolio 41 244

Match regulatorydeviation

-44 49

Match performance -11 50

Other financials -70 -84

Total return -84 259

Capital structure

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6,694

3,400

Q2 2015

Capital – Q2 2015, DKKm

10,036 9,571

1,7931,801

Q2 2015 Q1 2015

Equity Subordinated loan capital

Equity and subordinated loan, DKKm

Capitalrequirement

Excess capital

Buffer

• Capital buffer based on Individual Solvency decreased to 51% (Q1 2015: 55%) and was impacted by:

• Result Q2 2015

• Executed share buy back of 2015 and H1 cash dividend 2015

• Based on Solvency II standard model the capital buffer was 21% (Q1 2015: 23%)

• H1 2015 cash dividend of DKK 2.5 per share (DKK 746m)

Solvency II unsolved issues:

• Future eligibility in Norway of Natural Perils Pool and the Guarantee scheme provision in own funds

• Internal model expected to be approved by 31 December 2015 at the latest. Application has been submitted

Concluding remarks

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Efficiency programme proceeds as

planned. Expected lower run-rate in 2015

of DKK 150m compared to DKK 396m in

2014.

Increased customer focus

Price-differentiation and customer life time

value

Topline development challenging

Financial targets 2017

• ROE: ≥21%

• Combined ratio: ≤87%

• Expense ratio: ≤14%

Customer targets 2017

• NPS +100%

• Retention rate +1 pp

• ≥ 3 products +5 pp

Dividend policy

• Payout ratio of 60-90%

• Aiming for a nominal stable increasing dividend

Low risk and high returns

Leading in efficiency

Leading Scandinavian insurer with strong

track record

Customer care worth recommending

Next level pricing

Q&AFollow us on Twitter: @TrygIR

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Date Place Participants from Tryg Arranged by

10/07/2015 Copenhagen

Morten Hübbe, CEO

Tor Magne Lønnum, CFO

Lars Bonde, Group EVP and COO

Investor Relations

Jyske Markets

13/07/2015 London

Morten Hübbe, CEO

Tor Magne Lønnum, CFO

Investor Relations

Danske Markets

27/08/2015 Oslo Tor Magne Lønnum, CFO

Peter Brondt, IR ManagerDnBNOR

22/09/2015 ParisLars Bonde, Group EVP and COO

Peter Brondt, IR ManagerExane BNP

13/08/2015 Bergen, NorwayTor Magne Lønnum, CFO

Peter Brondt, IR ManagerHordaland Børs

07/09/2015 Silkeborg, Denmark Peter Brondt, IR ManagerJyske Markets

Selskabsdagen

15/09/2015 LondonMorten Hübbe, CEO

Peter Brondt, IR Manager

KBW European Financials

Conference

16-17/09/2015 New York Lars Møller, IR DirectorBarclays Global Financial

Conference

22/09/2015 Copenhagen

Morten Hübbe, CEO

Lars Møller, IR DirectorInvestorDagen, Danish

Shareholders Association

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