05/09/20171

Hordaland på børs24. August 2017Espen Opedal, Country Manager Norway

5. september 20172

05/09/20173

Tryg – at a glance

• Tryg goes back to 18th century.

• Very strong brand position especially in Denmark.

• Non-life insurance in Denmark, Norway and Sweden.

• Approx. 80% retail business.

Retention rate - Private

DK

NO

Retention rate - Commercial

DK

NO

NorwayMarket position: #3

Market share: 13.3%CR for Q2 17: 81.4 %

SwedenMarket position: #5Market share: 3.0%CR for Q2 17: 88.1%

DenmarkMarket position: #1

Market share: 17.8%CR for Q2 17: 80.5%

Business split 2016

Gross premium split by products 2016

Percentage

Percentage

Tryg’s equity story

4

Long term profitable growth and attractive shareholder value creation

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

• Aiming for a nominal stable increasing dividend

• Pay-out ratio of 60% to 90% (secondary)

• Extraordinary dividend to further adjust the capital

structure

• 90% first contact resolution

• Annual coverage check

• 25% of tariffs better than peers in 2017

• Differentiated product offering

• Efficiency programme of DKK 750m

• Claims procurement

• Reducing expense level

• Matching assets and liabilities

• Low risk investment portfolio

Low risk and high returns

Leading in efficiency

Leading Scandinavian insurer with strong

track record

Customer care worth recommending

Next level pricing

05/09/20175

Tryg Norway in briefWe create peace of mind for our customers, employees and shareholders

•Market share of 13.3%

•1.222 employees

•Premium income 8,1 billion NOK

•3rd largest in general insurance Norway

•2 brands (Tryg & Enter)

•Part of Tryg group

Tryg Norway in brief

05/09/20176

13,3

21,1

25,5

10,4

29,8 Tryg

If

Gjensidige

Sparebank1

Other

Geography

Trondheim

Haugesund

Tromsø

Bergen

Bodø

Oslo TønsbergDrammen Porsgrunn

Fredrikstad

Førde

Hamar Hønefoss

Harstad

Kristiansand

Stavanger

Ålesund

Tryg Norway is an ambitious player in the Norwegian insurance market with it’sNorwegian head office located in Bergen, and wide geographical presence.

Claims handling and Customer Service located in Bergen and Tønsberg.Strong sales- and underwriting presence for the Commercial- and Corporate market in Oslo and Bergen.

Market Share (FNO as at Q2-2017)

Procent

The Norwegian Insurance Market- Market shares

7

Market share big four and the rest

Skadeforsikring: Privat

Tryg Norway – Position and CSR

05/09/20178

Position:

TRYGT&

ENKELT

• Tryg has deployed 43.000 lifebuoys by the lakes and along the Norwegian coast

• Tryg cooperates with the nation-wide movement “Natteravnene”. These groups

walk the streets at night and take part in providing safety for young people and

preventing violence and crime

• Our ambition is to take the position “Trygt & Enkelt” in the Norwegian insurance

market

Customer highlights

05/09/20179

ve

Cyber insurance launched in

Corporate and Commercial

segment

Medical hotline

introduced

First fully digitalized travel insurance claim

processed in Tryg Norway.

20% of travel claims in Norway are fully

automated

OBOS Insurance integrated in

Tryg Norway from June

Initiatives

05/09/201710

Inflation & price increasesIncreased distribution power Efficiency initatives 2016

«Felles Kundefront»

Strengthen Nordea cooperation

Integration of Enter

-8,8%

2017 Q1

1.113

2015

1.0151.040

2016

No of Full Time Employees

0

200

400

600

800

1000

1200

1400

1600

2012 2013 2014 2015 2016

Illustation

05/09/201711

On track to meet the 2017 expense ratio target

FTE - Development

Expense ratio

Nominal costs in business areas

As reported Adjusted for one-offs

Efficiency programme of DKK 750m 2015-2017

05/09/201712

Motor insurance, not all claims are coming down

Motor, comprehensive Top 10 sold cars in DK, Jan.-dec. 2016 Top 10 sold cars in NO, Jan. - dec. 2016

Number of accidents Jan-May Bumpers, price increases in % from 2011-2016

0

5000

10000

15000

20000

2011 2016

Ford Focus

Bumper Bumper incl. Radar (10157 ex. VAT)

6,682DKK

5,668DKK

19,378DKK

0

2000

4000

6000

8000

10000

12000

2011 2016

Nissan Qashqai

Bumper Bumper incl. Radar (4043 ex. VAT)

116%

17%

242%

15%

Tryg Norway - Main focus now !

05/09/201713

Portfolio Mgmt.

“Trygt & Enkelt”Distribution power “Stolt, Sterkere,

Sammen»

Efficiency

FranchiseKundesenter/Direkte Salg

Up sale & 3+

05/09/201714

Why invest in Tryg?

Pre-tax result by division (YE 2016 data) High insurance penetration in the Nordics

Tryg is a dividend stockMotor combined ratios Nordics vs international

Premiums per capita (USD), 2015

Total yield (dividend and buy backs / market cap) at year end

DKK