Tryg

Annual Report • Feb 10, 2024

List of Signatures Page 1/2

Annual Report Tryg Forsikring 2023.pdf

Name	Method	Signed at
Carl-Viggo Johannes Östlund	BANKID	2024-02-09 11:51 GMT+01
Charlotte Dietzer	MitID	2024-02-09 11:46 GMT+01
Tina Snejbjerg	MitID	2024-02-09 11:45 GMT+01
Jukka Pekka Pertola	MitID	2024-02-09 11:03 GMT+01
Gunnar Elias Bakk	BANKID	2024-02-09 10:57 GMT+01
MENGMENG DU	BANKID	2024-02-09 12:04 GMT+01
Thjømøe, Mari	BANKID	2024-02-09 20:19 GMT+01
	MitID	2024-02-09 10:51 GMT+01
Claus Wistoft	MitID	2024-02-09 19:11 GMT+01
Steffen Kragh	MitID	2024-02-09 10:44 GMT+01
Lars Ulrik Bonde	MitID	2024-02-09 12:16 GMT+01
Osvold, Mette	BANKID	2024-02-09 10:20 GMT+01
Allan Kragh Thaysen	MitID	2024-02-09 12:13 GMT+01

List of Signatures Page 2/2

Name	Method	Signed at
Anne Kjer Kaltoft	MitID	2024-02-09 10:11 GMT+01
Per Rolf Larssen	MitID	2024-02-09 17:21 GMT+01
Stefan Vastrup	MitID	2024-02-09 16:06 GMT+01
Thomas Peider Hofman-Bang	MitID	2024-02-09 17:23 GMT+01
MIKAEL KARRSTEN	BANKID	2024-02-09 12:30 GMT+01
Anna Lena Maria Darin	BANKID	2024-02-09 12:29 GMT+01
Jørn Rise Andersen	MitID	2024-02-09 13:54 GMT+01
	MitID	2024-02-09 12:48 GMT+01

1 January - 31 December 2023

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Management's review - Contents

Contents

Management's review

					Targets and strategy 2024		Tryg Forsikring's results					Capital and risk management	Sustainability statement	Corporate governance
.	Tryg at a glance	Business areas	Income overview	Financial outlook		Strategic initiatives		Private	Commercial	Corporate	Investment activities				Supervisory Board	Executive Board

Financial statements

ಲ್ಲೊ ಇತ್ತಾ

Financial statements
Statement by the Supervisory Board and the Executive Board
Independent Auditor's Report
Group chart
Glossary

명 및 공급 및 공

03 a glance Tryg at

Ownership

Group. The company has a share capital of DKK Tryg Forsikring A/S is part of the Tryg Forsikring 1,646m and is wholly-owned by Tryg A/S, Ballerup, Denmark. The annual report is included in the consolidated Financial Statements of TryghedsGruppen smba, Hummeltoftevej 49, 2830 Virum and Tryg A/S, Ballerup (https://www.tryghed.dk and www.Tryg.com}

Address

Klausdalsbrovej 601 Tryg Forsikring A/S DK-2750 Ballerup

06 Financial

8

9

ຣ໌ ລັ ລິ

Tel. +45 70 11 20 20 www.Tryg.dk

outlook

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA Annual report 2023 | Tryg Forsikring A/S | 2

Tryg at a glance

As the world changes, we make it easier to be tryg*

Leading market position

Tryg Forsikring is the leading non-life insurer in Denmark and the third-largest in Sweden, and Scandinavia. We are the largest player in fourth-largest company in Norway.

More than 5 million customers

Our 6,800 employees provide peace of mind approximately 1.7 million claims on a yearly for over 5 million customers and handle basis.

geographical Balanced

footprint, revenue

split

Trygheds-Gruppen

to Danish customers in Tryg contributes to projects that TryghedsGruppen has paid Fonden has contributed up TrygFonden. In 2023, Tryg a member bonus of 950m create peace of mind via TryghedsGruppen owns 47.5%** of Tryg A/S and to DKK 650m and Forsikring.

479

2023

22%

Norway

.

Sweder

‍ 3 Read more about our history at tryg.com

· Tryg' means feeling protected and cared for in Danish. ** Calculated excluding Tryg's own shares

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Corporate provides insurance products to large corporate customers in Denmark, Sweden and Norway. Corporate offers a range of insurance products including motor, property, liability, workers' compensation, travel and health. Tryg O TRYGG HANSA Distribution channels of insurance revenue Own sales agents · Insurance brokers Corporate 10% Brands O small and medium-sized commercial customers in Denmark, Sweden and Norway. Commercial offers a range of insurance products including Call centres · Online · Bancassurance · Commercial provides insurance products to Own sales agents · Franchises · motor, property, liability, workers' compensation, travel and health. Tryg O Tryg Garanti Distribution channels Commercial of insurance revenue 25% Partner Brands In Business areas including motor, content, house, accident, travel, estate agents · Online · Bancassurance · Private provides insurance products to private customers in Denmark, Sweden and Norway. Private offers a range of insurance products Tryg O Own sales agents · Call centres · Real Car dealers · Franchises · Partner motorcycle, pet and health. Distribution channels of insurance revenue alka Venter 65% Private Brands

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

TRYGG HANSA

TM Forstanting TRYGG CHANSA

0KKm		2022
Il figures restated to IFRS 17	2023	pro-forma	2022
nsurance revenue	37,135	37,379	34.814
iross claims	-25,270	-25,407	-23,904
otal insurance operating costs	-4.959	-5.077	-4.701
nsurance service expense	-30,229	-30,484	-28,605
ssenismo ssong no ssol/itfor	6,906	6,897	6.212
letexpense from reinsurance contracts	-507	-606	-576
nsurance service result	6,399	6,292	5,636
nvestment return	9 61		-510
ther income and costs	-1,815		-2.024
Profit/loss before tax	5,199		3,102
8X	-1,206		-832
rofit/loss	3,993		2,270
un-off gains/losses, net of reinsurance	1.099	1,115	759
ey ratios
hareholders' equity	40,062		42,655
eturn on equity after tax (%)	9 ு		8.2
eturn on Own Funds (%)	9 25.		17.4
eturn on Tangible Equity (%)	8 35.		24.0
Revenue growth in local currencies (%) (%)	8 4		6 5
Gross claims ratio	0 68.	0.889	68.7
let reinsurance ratio	7 -	1.6	1.7
Claims ratio, net of reinsurance	7 69.	69.6	70.3
offel asiledxe ssori	7 13.	0 13.	13.5
Combined ratio	8 82.	83.2	83.8
un-off, net of reinsurance (%)	-3.0	-3.0	-2.2
arge claims, net of reinsurance (%)	2.7	3.3	3.3
Veather claims, net of reinsurance (%)	7 3	1.7	1.7
Olscounting (%)	3.0	2.1	2.1
combined ratio by business areas
rivate	84.5	82.3	82.9
Commercial	78.1	81.9	82.7
Corporate	83.2	92.3	92.3

a) Revenue growth in FY 2023 is measured against comparative proforma 2022 figures

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

Income overview

Financial outlook

perform well, while the non-life insurance markets remained broadly stable with all listed players adjusting prices to protect margins and Global geopolitical tensions continued to run high in 2023, causing year. The Scandinavian economies continued to macroeconomic volatility. Inflation levels remained elevated in the but declined in most advanced economies in the fight inflationary pressures. second half of the first half of 2023.

volatile with risk assets coming under pressure. characterised by persistently high inflation and and general inflation expectations eased in the number of other flashpoints around the world high interest rates, especially in the first half of last few months of 2023, driving interest rates especially during the summer and early autum year. Inflation levels (as measured by CPI) exception of real estate, generally produced a Global geopolitical tensions remained high in These geopolitical tensions are reflected in a 2023 on multiple fronts: Russia's invasion of good return during the year. Equities moved Ukraine, US/China tensions on the future of slightly lower. Financial markets have been Talwan, Israel and Palestine at war, and a performances of certain specific sectors/ complex macroeconomic environment Most asset classes, with the noticeable higher, but returns were driven by the companies.

to perform relatively well. A high level of trust in environment, Scandinavian countries continue public authorities, solid overall public finances with low levels of Government debt and Despite the complex macroeconomic

relatively low unemployment rates remain strong competitive advantages, especially during periods of volatility. Scandinavian non-life insurance markets remain rofitability driver, as it helps insurers keep their also widely sold. Households usually cover their generally stable. The region is characterised by being some of the highest in the world. Product close to 90% of Tryg Forsikring's total business Direct distribution also contributes significantly to the very efficient business model. The expen elatively high product penetration, with ratios mportant business lines, but smaller products se ratio was 13.4% (13.6%) at the end of 2023. compared to larger European countries. Motor non-life premiums as a percentage of GDP Property, and Accident & Health are the most companies is generally high. Retention levels ike contents insurance and travel insurance nsurance needs well and trust in insurance overall expenses low. Retention rates hover ound 90% in the Private and Commercial (SMEs) segments, which together represent everywhere else in the world. This is a key offerings are broader and more diverse very high in Scandinavia compared to

claims and large claims (both on a net basis) ar expected to be DKK 800m annualised post the RSA Scandinavia integration. This is meant as a approximately 3% on best estimates. Weather normal annualised guidance, there will always be fluctuations, positive and negative, around reserving approach still includes a margin of Tryg Forsikring's reserves position remains strong. Tryg Forsikring's systematic claims this level

(DKK 46bn) and a free portfolio (DKK 18bn). The the specifics of the non-life insurance business Invested assets are split into a match portfolio Investment activities [DKK 64bn as per end of 2023) are managed taking into consideration Scandinavian covered bonds (rated AAA) match portfolio is primarily made up of

is for the return on the portfolio to be as close as possible to zero, as capital gains or losses driven Riskier asset classes like equities, real estate and corporate bonds should offer higher normalised partfolio is a diversified mix of assets where the matching the insurance liabilities. The objective returns compared to safer assets classes like by interest rate movements should result in similar, but opposite, movements (gains or goal is to seek the best risk-adjusted return. losses) on assets and liabilities. The free covered bonds.

DKK 350m in 2022) and DKK 900m in 2024 The overall insurance service result is under-Codan Norway and Trygg-Hansa acquisition, these are targeted to be DKK 650m in 2023 pinned by DKK 900m in synergies from the

Annual report 2023 | Tryg Forsikring A/S | 6

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73A2208FC2CF4D29AC63EB0E949F79EA

points higher compared to the 2021 Tryg A/S Capital Markets Day period, which has a clear Interest rates are approximately 200 basis positive

ട്ട് Swedish earnings in the enlarged Group will help insurance service result between DKK 7.2-7.6bn Tryg Forsikring continues to expect positive toprate in Sweden, while a new Danish financial tax contrary currencies (SEK and NOK) have moved impact on Tryg Forsikring earnings, but on the unfavourably. Tryg Forsikring is maintaining all inflation. The overall tax rate for full-year 2024 lower the tax rate due to a lower corporate tax and the combined ratio target at or below 82. Private and Commercial segments, while the broadly stable. Most growth currently stems line growth in 2024, primarily driven by the expected to be approximately 24%. Higher from price adjustments enacted to protect Corporate segment is expected to remain margins during a period of relatively high financial targets for 2024 including the

(so-called "Arne skat") will tend to increase the corporate tax rate. The investment result may also weigh positively or negatively on the tax rate.

IFRS 17 came into effect on 1 January 2023

new standard only effects Tryg Forsikring Group company had been reporting the entire balance imited implications for Tryg Forsikring, as the executive order on financial reports presented sector, IFRS 17, came into effect on 1 January 2023. The new accounting standard had very whereas accounting principles for the parent A new accounting standard for the insurance company is prepared in accordance with the sheet at mark to market for many years. The by insurance companies and lateral pension funds issued by the Danish FSA.

Tryg A/S published an Investor Update in March 2023 on the introduction of IFRS 17 containing extensive information and comparison figures for the Group and various business segments. The update can be found here.

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	Expense ratio 13.5% (reaffirmed)		20-25,000	(tonnes CO2e reduction) Sustainability & ESG
Financial targets 2024	≤82.0 Combined ratio	Customer targets	88	satisfaction Customer
	7.2-7.6bn Insurance service result (DKK)		≥40%	1% growth in value- creating actions Digitalisation upon login)

strategy 2024 Targets and

Tryg Forsikring revising its financial target for 2024. It now targets an insurance result of between DKK 7.2bn and 7.6bn.

Financial targets

below 82 and a revised expense ratio of around standard, IFRS 17. came into effect in 2023 and service result of between DKK 7.2bn and 7.6bn result of between DKK 7.0bn and 7.4bn, driver resulted in Tryg Forsikring revising its financial targets for 2024. It now targets an insurance Tryg Forsikring targets an insurance service expense ratio around 14% under the IFRS 4 by a combined ratio at or below 82 and an accounting standard. The new accounting driven by a reiterated combined ratio at or 13.5%.

Customer targets

distribution costs. Customer satisfaction targets disclosed two ambitious targets relating to the are therefore of high importance for realising satisfaction and retention rates lead to lower Tryg Forsikring believes that high customer the financial targets. Tryg Forsikring has customer experience.

The first target builds on the customer journey andling and relation processes. In 2023, Tryg score of 86 (on a scale from 0-100), and the Forsikring reported a customer satisfaction from onboarding the customer to claims target is to reach 88 by 2024.

Our purpose

As the world changes,

we make it easier to be tryg*

Grasping opportunities to develop rather than just defending our business · New products · Digitalisation · Analytics

· Packaging of products preferences and needs Adjusting to customer · Straight-through · Self-service processing

· Product innovation Increasing customer relevance and share · Add-on services · Prevention of wallet

Tryg Forsikring's business model

applies to all stakeholders - our to be 'tryg' for its customers by 47,5% ** ownership of Tryg A/S company's profit is returned to members of Trygheds Gruppen customers, our employees and Tryg Forsikring makes it easier and cared for, we all benefit as Tryg Forsikring's stakeholders to Tryg Forsikring, part of the from arising in the first place against risk, efficient claims customers to feel protected services to prevent claims By making it easier for our Tryg Forsikring's purpose handling, and advice and offering them insurance customers, who are also Via TryghedsGruppen's our shareholders.

** Calculated excluding Tryg's own shares

Tryg Forsikring 2024 financial targets

result of customers preferring to use self-service service or similar, the customer creates value in 53% exceeding the target. This was achieved by, online. To illustrate this, if a customer logs in to communication instead of emails and also as a ncreased the level of value-creating actions by Tryg.dk to report a claim, buy insurance, self-~DKK 14m in 2020). In 2023, Tryg Forsikring grow 'value-creating actions' upon logging in Secondly, Tryg Forsikring has set a target to value-creating actions by 40% by 2024 (vs Forsikring aims to increase these low-cost a very low-cost, frictionless manner. Tryg for example, using "My page" for all to a greater extent.

main driver for reaching the sustainability target. emissions by 21,208 tonnes through the abovementioned initiatives. Read more about Groups handling, with initiatives within motor, property and content claims, etc., is expected to be the Forsikring aims to avoid carbon emissions by Tryg Forsikring also introduced a new target household emissions by focusing on repairs, In 2023, Tryg Forsikring reduced its carbon latest sustainability initiatives on Tryg.com. equivalent to approximately 1,000 annual 20,000-25,000 tonnes in claims handling, reuse and recycling. Sustainable claims related to sustainability. By 2024, Tryg

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Annual report 2023 | Tryg Forsikring A/S | 9

HR - people, organisation

IT capabilities

Data and analytics

and culture

Strategic initiatives

pillars to support both its financial and customer Tryg Forsikring has defined four key strategic targets for 2024.

Full speed ahead in a successful core

Tryg Forsikring's core business. DKK ~650m will including partnerships as lead generators, cross relate to a more advanced approach to claims procurement savings and a focus on reducing by 2024 through the continued improvement of and upselling as well as pricing and analytics strategic pillar. DKK ~400m will be reached insurance service result by DKK ~1,050m the level of fraud. To further support this This strategic pillar aims to increase the through sales and customer excellence, such as the claims handling process,

Change the way to win in B2B *

SES nsurance service result by DKK -600m in 2024 offer good advice. Tryg Forsikring therefore for reaching DKK -600m by 2024. These initiatives of segment, and a segment where Tryg Forsikring Small customers make up the most profitable making Corporate more profitable. This involv increased focus on more accurate underwritin (0-9 employees) for Commercial and aiming products and services will support the target 30% portfolio increase in the SME segment better segmentation to reduce risk exposure, aims to grow its Commercial business while ound 5-7% in the Corporate segment. An a ~90% combined ratio with run-off levels mproved sales and distribution, and new strongly supported improvement in Tryg This strategic pillar aims to increase the can

and by rebalancing and reducing risk exposure continued focus on growing the SME segment Forsikring's underlying claims ratio both via a for international property and US liability.

Shape the future

evenue by DKK ~ 1,500m via new products and will support realising the target. Both the Private generally seen strong development in the health and profitable products. Expanding the market services by 2024. This initiative builds on Tryg Forsikring's continued focus on launching new orsikring does not see any value in defining a specific growth target, as profitability remains of today and building the market of tomorrow and Commercial businesses have developed area for both Private and Commercial. Tryg This strategic pillar aims to grow insurance strongly in this area. Tryg Forsikring has the key focus.

nitiatives, with administration & distribution and coumulated synergies of DKK 348m related to Codan Norway's IT contracts and the reduction 711m for 2021, 2022 and 2023 accumulated delivered by 2024. In 2023, synergies of DKK The main synergy drivers continue to be cost 305m were realised, thus amounting to DKK Scandinavia, Tryg Forsikring communicated procurement driving the largest effects. The oredominantly driven by the termination of Trygg-Hansa and Codan Norway synergies In connection with the acquisition of RSA expected synergies of DKK 900m to be IT FTE staff. Synergies of DKK 147m dministration and distribution were

the cross-selling of Moderna's niche products to intensified focus on repairing plastic and glass supported by commercial initiatives driven by Trygg-Hansa's customers and the upselling of associated with procurement were driven by improving processes in areas like fraud and car parts in Sweden. Synergies of DKK 88m utilisation of lowest price contracts and an negatively impacted by weaker currencies, Trygg-Hansa's products and coverages to were linked to claims costs, supported by natural attrition and the ongoing effect of ecourse. Synergies of DKK 127m were Moderna's customers. Synergies were especially the SEK.

Commercial customers are defined as enterprises with less than 100 FTEs and/or DKK 100m in turnover Corporate customers are defined as enterprises with more than 100 FTEs and/or DKK 100m in turnover. Annual report 2023 | Tryg Forsikring A/S | 10

Tryg Forsikring's results

a target of DKK 650m for 2023. The Investment result was DKK 615m, predominantly driven Tryp Forsikring reported an insurance service result of DKK 6,292m) in 2023. The result was mpacted by revenue growth of 4.8% in local currencies, driven price adjustments to miligate percentage points, while the delivery of RSA Scandinavia-related synergies reached DKK storms and heavy rain hitting all geographies. The underlying claims ratio for Tryg Forsikring by positive returns from the equity and fixed income asset classes. The pre-tax result was DKK 5,199m. inflation and a significantly higher than normal level of weather claims of just below DKK 1.3bn due to The solvency ratio at the end of the year is 197, demonstrating resilience in challenging times. by 0.5 7 1 1 m against cloudbursts. mproved

Results 2023

recorded in all markets together with a powerful insurance service result was positively impacted measured in local currencies and predominantly inflation costs. The insurance service result was mpacted by insurance revenue growth of 4.8% approximately DKK 1.3bn (annual normalised expected level of DKK 800m). Higher inflation Currency movement had a negative impact of Tryg Forsikring reported an insurance service combined ratio of 82.8 (83.2). The result was driven by premium growth in the Private and Commercial segments to mitigate increased Swedish and Norwegian kroner in particular normalised level. Numerous weather claims result of DKK 6,399m (DKK 6,292m) and a weather claims compared to 2022 and the related to cloudbursts and heavy rain were negatively impacted by significantly higher storm. Total weather claims amounted to vels drove interest rates up, hitting the approximately DKK 360m in 2023. The by an improvement in Tryg Forsikring's underlying claims

of in The primarily driven by profitability initiatives in the ntegration. DKK 348m of the synergies relates relates to procurement, DKK 88m comes from ratio (adjusted for reported volatile items such Commercial and the Corporate segments. The discounting) of approximately 50 basis points, nderlying claims ratio in Private deteriorated in acquisition of DKK 305m for 2023 and a total to administration and distribution, DKK 147m due to increased spare parts costs, especially weather claims, large claims, run-offs and slightly, mainly driven by the motor segment currency movements, and a slight increase motor claims frequencies across countries. Norway and Sweden as a result of adverse result was supported by the realisation of synergies related to the RSA Scandinavia claims costs, and DKK 127m relates to DKK 711m since the beginning of the commercial initiatives.

Y F 2023 insurance related figures are measured aronomal version in the RSA Scandination business was filly consolidated only from Q2 2022 Financial performance in general was helped by higher interest rates (a higher discounting rate statement), weather claims were significantly worse than in 2022 (and also a normal year), reduces the value of claims in the income

somewhat worse than a normal year), while the run-off result was in line with 2022 and also in arge claims were lower than in 2022 (but still with the 3% to 5% guidance for 2024. line

Tryg Forsikring had a strong focus on improving customer satisfaction. Different events in 2023 achieved in 2023, an increase from 85 in 2022. called for extraordinary assistance, as many customers were affected by the numerous A customer satisfaction score of 86 was weather-related claim events in both Scandinavia and abroad.

from the equity and fixed income asset classes 615m, predominantly driven by good returns Equity markets returned a positive result in Total investment return amounted to DKK 2023 with some volatility during the year.

Financial highlights 2023

6.399m

Insurance service result (DKK) 2022 : 6,292m

5.199m

Profit before tax 2022: 3,102m

69.4

Claims ratio, net of reinsurance 2022 : 69.6

Gross expense ratio 13.4

2022 : 13.6

32.8 Combined ratio 2022 : 83.2 Annual report 2023 | Tryg Forsikring A/S | 11

Tryp A/S has published a newsletter on the sensitivity of earnings to interest rate movements. Read more on trye, com/newsletters

Annual report 2023 | Tryg Forsikring A/S | 12

insurance service result by ~DKK 50-75m

annually.

Forsikring's business now stems from outside

Denmark

have been highly unfavourable, as the

SEK and NOK are trading close to

20-year lows

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impacted by a slight deterioration in retention rates, especially in Denmark and Norway, and particularly for customer with a lower lifetime.

Growth in the Private segment was negatively

Scandinavia. Corporate reported modest growth revenue growth of 3.9%, and approximately 5% retention rates following a period of continuous segment was predominantly driven by pricing of 2.3%, or slightly negative after adjusting for The commercial segment reported insurance Commercial and Corporate in the Norwegian business in 2023. Growth in the Commercial initiatives to mitigate inflation, an enhanced continued its efforts to improve profitability the transfer from Commercial to Corporate, through price adjustments and by reducing products and strong sales through our own price adjustments. The Corporate segment exposure to property and liabilities outside supported by increased sales of packaged negatively impacted by a deterioration in focus on smaller commercial customers sales force and online channels, but was after adjusting for the transfer between which is in line with expectations.

Claims

August, and hailstorms and wildfires in Southern Forsikring's own retention of DKK 300m, hence claims at 2.7 (3.3), including a single large claim The claims ratio, net of reinsurance, was 69.4 cloudbursts across Scandinavia, storm "Hans" multiple weather events were below Tryg reinsurance protection. Despite an unusually Europe that affected Scandinavian travellers. development as a new trend and is therefore the total amount of weather claims in 2023 positively impacted by a lower level of large reiterating the guidance for annual weather (69.6) and characterised by higher weather Scandinavian exposure. Large claims were claims at DKK 800m. The claims ratio was claims at 3.4 (1.7) impacted by numerous high level of weather claims in 2023. Tryg Forsikring does not consider the recent very high and there was little help from event in Q2 related to Tryg Forsikring's The

situation. Most agreements extend beyond one lialogue with suppliers and undates selected nflation remained high during most of 2023, procurement agreements to contain claims greements to reflect the current market nflation. Tryg Forsikring is in continuous year and have fixed prices.

and worth mentioning is that wage growth is the Swedish and Norwegian businesses are affected by their respective currencies weakening, which months. In the long term, price adjustments will slightly more volatile developments in the short match claims inflation, but there may be some main driver for claims inflation. Moreover, the parts. It is important to emphasise that the full particular has impacted automobile spare mpact of the price adjustments will only be visible in the Income Statement after 12-24 term.

Expenses

mpacted by strong cast control. Tryg Forsikring key competitive advantage. In 2023, synergies from the RSA Scandinavia acquisition had a positive in 2024 - a very efficient set-up is considered a The expense ratio was 13.4 (13.6) for 2023, s targets an expense ratio of around 13.5% impact on the overall expense level and supported the low expense ratio.

nvestment activities

-945m), the match portfolio reported an overall nvestment income was DKK 615m, primarily driven by positive returns from the equity and fixed income asset classes. The free partfalio reported an overall result of DKK 622m (DKK result of DKK 468m (DKK 207m), while ather to DKK -475m (DKK 194m), including a value adjustment from the inflation swap of DKK financial income and expenses amounted -246m.

Other income and costs

of 300m of integration costs from the acquisition -1.815m (DKK -2.024m). The remaining DKK intangibles amortisation (customer relations) RSA Scandinavia was booked in 2023 (H1). Other income and costs amounted to DKK This accounting item primarily comprises DKK 968m from the RSA Scandinavia of

Annual report 2023 | Tryg Forsikring A/S | 13

Gefion was booked in Q1 2022, but based on an commissions and general costs) and other non-50m charge related to the bankruptcy of Gefion initial charge of DKK 50m for the bankruptcy of position, Tryg Forsikring has updated the total Finans A/S (a Danish insurance company). An the holding company, bancassurance-related insurance costs. Tryg Forsikring also booked communicated in Q3 2023 as well as a DKK acquisition and the Alka acquisition. Finally, other general costs (primarily costs related DKK 180m in 2023 in costs related to the updated view of the company's financial redundancies of 250-270 employees cost to DKK 100m.

Profit before and after tax

Profit before tax was DKK 5,199m, while profit equating to a tax rate of approximately 23.2% after tax and discontinued activities was DKK 3,993m. Total tax amounted to DKK -1,206m,

Solvency

Own funds totalled DKK 15,188m at the end of Forsikring reports a year-end solvency ratio of 2023. while the SCR was DKK 7,707m. Tryg 97.

than approximately DKK 1,000m, higher than the DKK 800m for a normalised year, but lower 2022, when large claims totalled DKK ,250m.

multiple factors including the increased inflation claims ratio for the Private segment deteriorated Norway and Sweden following the weakening 50 basis points compared to 2022. The underlying igher at 3.0 (2.1), predominantly reflecting the the first half of 2023 and a higher level of motor levels in 2022 and 2023 compared to previous arginally compared to 2022, primarily driven 2022 level. The run-off result was impacted by in The run-off level was 3.0 [3.0], in line with the Automobile spare parts costs were high claims ratio for Tryg Forsikring improved by igher level of interest rates. The underlying comprehensive claims in the second half of by a higher claims level for travel insurance the currencies (SEK & NOK), plus a slight Discounting of claims reserves was ncrease in motor claims frequencies was recorded across countries. ears. 2023.

ment in Tryg Forsikring's underlying claims ratio. of the Corporate portfolio, supported the improve Corporate segments, including a rebalancing ుగ్ర Profitability initiatives in the Commercial

large beginning of 2023 and price initiatives were nitiated to mitigate the impact for both the claims and weather reinsurance contracts. Reinsurance prices increased from the

Tryg Forsikring has been working actively with

Private

Results 2023

by organic growth across multiple sales

ratio of 84.5 (82.3). The lower insurance service the growth was mainly driven by price adjustments underlying claims ratio due to travel insurance Private reported an insurance service result of DKK 3,800m (DKK 4,331m) and a combined higher claims level for motor comprehensive related claims and a modest deterioration in the second half of 2023. Insurance revenue result was impacted by numerous weatherclaims in the first half of 2023 and a slightly to mitigate inflation.

Insurance revenue

In performance across multiple sales channels and Private is the most profitable segment in Tryg าที่ agreements. Adjusted for this, growth was 6.5% and for Tryg Forsikring. In Denmark, Tryg Forsikring cars. In Sweden, Trygg-Hansa reported top-line by the conversion and repricing of the Moderna nsurance revenue amounted to DKK 24,455m 5.5% in local currencies. Growth was impacted growth impacted by price adjustments, strong Forsikring with the lowest capital requirement Norway, and technical adjustments of partner growth in this segment is structurally positive customers, strong sales in partner channels ar technical adjustments of partner agreements. (DKK 24,453m), corresponding to growth of ncreased sales of insurance to new electric Growth was generated across all countries. reported top-line growth impacted by price partfolio in Sweden and Codan Norway in adjustments, an enhanced focus on direct Norway, Tryg Forsikring reported top-line cross-selling to existing customers, and growth impacted

") FY 2023 figures are measured against comparative proforms 2022 figures, as the RSA Scandinavia business was fully

Key figures - Private

2029

PAGILI		Sa V Ca Box
All figures restated to IFRS 17	2023	pro-forma	2022
Insurance revenue	24,455	24,453	22,776
Gross claims	-17,305	-16,634	-15,625
Total insurance operating costs	-3.074	-3.141	-2,913
Insurance service expense	-20.379	-19.775	-18,538
Profit/loss on gross business	4.076	4.678	4,238
Net expense from reinsurance contracts	-276	-347	-332
Insurance service result	3,800	4.331	3,906
Run-off gains/losses, net of reinsurance	268	567	357
Key ratios
Revenue growth in local currencies (%)	5.5		4.9
Gross claims ratio	70.8	68.0	68.6
Net reinsurance ratio	1.1	1.4	1.5
Claims ratio, net of reinsurance	71.9	69.4	70.1
Gross expense ratio	9 12.	00 12.	12.8
Combined ratio	84.5	82.3	82.9
Combined ratio exclusive of run-off	85.6	84.6	84.4
Run-off, net of reinsurance [%]	-1.1	-2.3	-1.6
Large claims, net of reinsurance (%)	0.3	0.6	0.6

The business area accounts for 65% of the Group's total insurance revenue. % 55

1.8

1.8

3.8

Weather claims, net of reinsurance (%)

	Financial highlights 2023
	5.5% 3.800m	12.6	84.5
ocal currencies evenue growth	Insurance service result (DKK)	Expense ratio	Combined rati
o-forma figures Based on	2022: 4.331m	2022: 12.8	2022: 82.3

Annual report 2023 | Tryg Forsikring A/S | 14

customers. Growth was also supported by good the adjustments. In Sweden, the retention rate was flat at 87.8 (87.8) despite a period of significant Denmark, the retention rate remained high but retention rate decreased slightly to 87.4 (88.7) Private segment continued to adjust prices to acceptance, as retention rates in all countries customers with a lower lifetime. In Norway, cartnerships. All geographical areas in the sales via Trygg-Hansa's new automobile mitigate inflation and saw a high level of showed only a modest deterioration. In decreased to 89.7 (90.3), impacted by following a period of continuous price channels and cross-selling to existing price adjustments.

Claims

(69.4), impacted by higher weather claims at 3.8 deteriorated slightly, driven somewhat by motor Tryg Forsikring through the Natural Perils Pool increase in claims frequency across countries. The claims ratio, net of reinsurance, was 71.9 whilst large claims were lower at 0.3 (0.6). The underlying claims ratio throughout the region. The run-off result was Scandinavian travellers, landslides impacting (1.8) due to numerous unrelated cloudbursts Norway, and storm "Hans" causing havoc nsurance due to higher costs for spare car movements (SEK & NOK), and also a slight wildfires in southern Europe that affected parts, particularly in Norway and Sweden across several countries, hailstorms and by following significant adverse currency lower at 1.1 (2.3) and was impacted Matar comprehensive is a nflationary pressure,

consolidated only from Q2 2022.

Expenses

The expense ratio was lower at 12.6 (12.8) and acquisition of RSA Scandinavia's Swedish and was supported by synergies related to the Norwegian businesses.

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Annual report 2023 | Tryg Forsikring A/5 | 15

Commercial

િક

Results 2023

claims ratio improved due to a continued focus adjustments to mitigate inflation but was also on smaller commercial customers. Insurance revenue growth was mainly driven by price Commercial reported an insurance service result of DKK 2.010m [DKK 1,684m] and a insurance service result was supported by lower level of large claims. The underlying combined ratio of 78.1 (81.9). The higher mpacted positively by organic growth.

nsurance revenue

(DKK 9,295m), carresponding to growth of 3.9% reparted growth impacted by price adjustments The approximately 5%. In Denmark, Tryg Forsikring to In impact on insurance revenue. Adjusted for the Forsikring reported negative growth impacted nsurance revenue amounted to DKK 9,178m to mainly impacted by price adjustments and a portfolio transfer from Commercial Norway predominantly driven by price adjustments. conversion had been finalised, it still had an customers in Codan Norway are labelled as and a positive net inflow of new customers. business unit continued to focus on smaller measured in local currencies. Growth was the portfolio transfer from Commercial commercial customers. In Norway, Tryg Forsikring's definition. Adjusting for this, Corporate customers according to Tryg Corporate Norway. Note that while the Sweden, Trygg-Hansa reported growth Corporate, as a high proportion of the Commercial Norway reported growth transfer, growth for the segment was impacted by organic growth

in adjustments also had an impact. Tryg Forsikring in the small customer segment on the back of a strong business performance by Trygg-Hansa's deteriorated slightly, primarily due to customer acceptance. Retention rates remained high but eaction to price adjustments. In Denmark, the business (Tryg Garanti). All geographical areas retention rate improved slightly to 88.6 (88.5), continuous price adjustments. In Sweden, the the Commercial segment continued to adjust prices to mitigate inflation with a high level of own sales force and online sales, whilst price also reported growth in the credit and surety mproved to 89.5 (89.0) following a period of adjustments. In Norway, the retention rate etention rate deteriorated to 87.6 (88.0) following a period of continuous price

Claims

spare parts following currency weakness (SEK & smaller commercial customer segment, as this claims at 3.8 (7.3). Weather claims were higher ncreasing prices to offset the negative impact The claims ratio, net of reinsurance, was 62.3 3.1 (1.5), impacted by numerous unrelated cloudbursts in Scandinavia, whilst the run-off (65.9), characterised by a lower level of large NOK). Motor comprehensive is a short-tailed adjustments and by focusing on growing the ncrease in claims costs was highest for the segment was mainly driven by higher costs level was lower at 3.4 (4.4). The underlying comprehensive. The increase in the motor segment displays higher profitability. The ine of business where Tryg Forsikring is property line of business and for motor claims ratio improved, driven by price of rising inflation.

Key figures - Commercial

okkm		2022
All figures restated to IFRS 17	2023	pro-forma	2022
nsurance revenue	9,178	9,295	8.408
Gross claims	-5,517	-6.045	-5,551
Total Insurance operating costs	-1.454	-1.485	-1,337
nsurance service expense	-6,972	-7.530	6888999
SSENISHIO SSOLB UO SSOLVITOR	2.207	1.765	1,519
Net expense from reinsurance contracts	-197	-81	-66
nsurance service result	2,010	1,684	1,453
Run-off gains/losses, net of reinsurance	315	411	264
soller hey
Revenue growth in local currencies (%)	3.9		8.6
Gross claims ratio	60.1	65.0	66.0
Net reinsurance ratio	2.1	0.9	0.8
Claims ratio, net of reinsurance	62.3	65.9	66.8
Gross expense ratio	15.8	16.0	15.9
Combined ratio	78.1	81.9	82.7
Tro-Irun to avisuloxe citar benildmon	81.5	86.3	85.9

The business area accounts for 25% of the Group's total insurance revenue % 25

Weather claims, net of reinsurance (%) Large claims, net of reinsurance (%) Run-off, net of reinsurance (%)

-3.1 7.2 1.6

-4.4 7.3 1.5

-3.4 3.8 3.1

	78.1	Combined ratio	2022: 81.9
	15.8	Expense ratio	2022: 16.0
Financial highlights 2023	3.9% 2.010m	Insurance service result (DKK)	2022: 1.684m
		local currencies cevenue growth	ro-forma figures Based on

FY 2023 figures are measured against comparative 2022 figures, as the RSA Scandinavia business was fully consolidated only from Q2 2022

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Annual report 2023 | Tryg Forsikring A/S | 16

Expenses

The expense ratio was lower at 15.8 (16.0). The efficient sales channels. The expense ratio was adjustments were widely accepted, which also acquisition of RSA Scandinavia's Swedish and Norwegian businesses. Furthermore, pricing also supported by synergies related to the distribution costs through the use of more segment is generally focused on lowering helped lower the expense ratio.

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Corporate

ಕೆ

Results 2023

higher result was driven by a continued focus on rebalancing the portfolio and price adjustments. The Carporate reported an insurance service result (92.3). The higher insurance service result was of 590m (278m) and a combined ratio of 83.2 dampened by a higher level of large claims. supported by a higher run-off result, but

igher run-off result at 14.7 (3.8), but dampened

ratio, net of reinsurance, was supported by a

by a higher level of large claims at 16.6 (10.7)

event related to Tryg Forsikring's Scandinavia

exposure. Weather claims were higher at 1.7

(1.0). The underlying claims ratio improved,

Forsikring's retention level and a large claims

the back of various large claims below Tryg

(79.9), characterised by a higher run-off result

and a higher level of large claims. The claims

The claims ratio, net of reinsurance, was 70.9

Claims

ா

Insurance revenue

countries and the segment's continued focus on rebalancing the portfolio and reducing volatility

by cutting exposure to international property

and US liability.

mainly driven by profitability initiatives across

from Commercial Norway to Carporate Norway are labelled as Corporate customers according n local currencies. Growth was mainly impacted proportion of the customers in Codan Norway to Tryg Forsikring's definition. Adjusted for the (3,631m), corresponding to growth of 2.3% in growth impacted by the transfer of customers Trygg-Hansa reported growth driven by price Insurance revenue amounted to DKK 3,502m revenue. Adjusted for the transfer, growth for by price adjustments and a portfolio transfer the segment was negative. In Denmark, Tryg partfolio and reduce volatility and exposure. finalised, it still had an impact on insurance Forsikring reported negative growth as the Norway, Tryg Forsikring reported positive from Commercial to Corporate, as a high transfer, growth was negative. In Sweden, Note that while the conversion had been business unit continued to rebalance its adjustments to offset rising inflation.

Key figures - Corporate DKKm

2022

All figures restated to IFRS 17	2023	pro-forma	2022
Insurance revenue	3,502	3,631	3,631
Gross claims	-2.448	-2.724	-2.724
Total insurance operating costs	-430	-451	-451
Insurance service expense	-2.878	-3,175	-3.175
Profit/loss on gross business	624	456	456
Net expense from reinsurance contracts	-34	-177	-177
Insurance service result	0 291	278	278
Run-off gains/losses, net of reinsurance	517	137	137
Key ratlos
Revenue growth in local currencies (%)	2.3		-0.8
Gross claims ratio	69.9	75.0	75.0
Net reinsurance ratio	1.0	4.9	4.9
Claims ratio, net of reinsurance	70.9	79.9	79.9
Gross expense ratio	3 12.	7 12.	12.4
Combined ratio	83.2	92.3	92.3
Combined ratio exclusive of run-off	97.9	96.1	96.1
Run-off, net of reinsurance (%)	-14.7	-3.8	-3.8
Large claims, net of reinsurance (%)	16.6	10.7	10.7
Weather claims, net of reinsurance (%)	1.7	1.0	1.0

The business area accounts for 10% of the Group's total insurance revenue 0%

acquisition costs in the broker channel are paid

for by customers via a commission to brokers.

The expense ratio was higher at 12.3 (12.4). In

Expenses

general, a lower expense ratio should be expected for the Corporate segment, as

	Financial nightights 2023
2.3%	590m	12.3	:332
ocal currencies evenue growth	Insurance service result (DKK)	Expense ratio	Combined ratio
	2022:278m	2022: 12.4	2022: 92.3

*) FY 2023 figures are measured against comparative proforma 2022 figures, as the RSA Scandinavia business was fully consolidated only from Q2 2022

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Annual report 2023 | Tryg Forsikring A/S | 18

Investment activities

Investment result 2023

tightening monetary conditions without creating ਰ ਦ remained very high following Russia's invasion a severe recession. Interest rates started to fall of Ukraine. US/China tensions on Taiwan and, inflation slowed in most advanced economies developments in 2023. Geopolitical tensions nterest rates remained elevated following a spike in inflation during the first half of 2022 economies attempted to carefully balance Capital markets experienced challenging again in the final quarter of the year after central banks in all the world's advanced later in the year, the Israel/Palestine war

consumption) of DKK 46bn and a free portfolio investment portfolio was approximately DKK partfolio consists of a match partfolio (which (the net asset value of the company) of DKK The total market value of Tryg Forsikring's 64bn at 2023 year-end. The investment matches the insurance liabilities and is constructed to minimise capital 8bn.

Tryg Forsikring maintained a low risk approach reducing the allocation to equities in Q3 2023. to its investment activities while further

returns were challenging in a higher interest rate The investment return for the full year was DKK pointed to lower inflation expectations. Equities 615m (DKK -510m), which represents the sum the free and the match portfolio returns and 945m), with most of the performance coming the final quarter of the year after data clearly are approaching record levels while real estate other financial income and expenses. The free partfolio reported a result of DKK 622m (DKK environment.

spread provided a negative regulatory deviation 468m (DKK 207m). An increasing DK-EU yield whereas Nordic covered bond spreads traded The match portfolio reported a result of DKK nterest on premium provisions (previously 41 ideways during the year. Finally, positive performance component. Other financial booked as technical interest under IFRS elped the match portfolio result in its

sharply lower future inflation expectations in the especially the Q4 negative value adjustment on income and expenses totalled DKK -475 (DKK 94m), the higher level (compared to full year nterest expenses on subordinated loans and 2022) primarily driven by somewhat higher the inflation swap (DKK-222m) driven by final three months of the year.

Free portfolio

Financial markets experienced a challenging and Forsikring's free portfolio produced a total result differences driven by single stock performances high in multiple areas of the world. Against this emained at a high level, while real estate as an DKK 622m (DKK -945m), with all main asset reported a return of 11.1% (-15.7%), corporate insettled backdrop, equity markets developed asset class found conditions challenging. Tryg volatile year. Geopolitical tensions remained classes except properties producing positive bonds (a relatively small asset class for Tryg and varying quarterly returns. Interest rates returns. Tryg Forsikring's equity portfolio ositively overall, but with significant of

Financial highlights 2023

Total Investment return (DKK) 2022

2023

Return - Match portfolio

Return - Investments

DKKm	2023	2022	DKKm
Free portfollo, gross return	622	-945	Return, match portfolio
Match portfolio, regulatory deviation and performance	468	207	Transferred to Insurance technical Interest Value adjustments, changed discount rate
Other financial income and expenses	-475	ਰੀ ਵੀ	Match, regulatory deviation and performance
Income from RSA Scandinavia		34
Total Investment return	615	-510	Hereof:

3,419 -2,433 -779 142 65 207 -905 468 -7 475 2,580 -1.207 Match, regulatory deviation Match, performance

Annual report 2023 | Tryg Forsikring A/S | 19

of the document. Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

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return. The free partfalio totalled DKK 18bn Forsikring) reported a 8.2% (-15.4%) return, while real estate reported a -8.5% (10.4%) the end of 2023.

Match portfolio

keeping capital consumption low. The result can "performance result". The "regulatory deviation" -7m (DKK 142m) due to a slightly increased DKtechnical interest, which was previously booked reported a slightly negative contribution of DKK purpose of matching insurance liabilities while EU yield spread. The "performance" result was Nordic covered bond spreads traded sideways under the technical result in IFRS 4), whereas The match portfolio of DKK 46bn primarily DKK 475m (DKK 65m), primarily driven by be split into a "regulatory deviation" and a consists of Nordic covered bonds for the interest on premium provisions (the old during the year.

Other financial income and expenses

subordinated debt, the cost of currency hedges to protect own funds, the value change on the Other financial income and expenses include interest expenses related to outstanding

Return - free portfolio

					Investment assets
DKKm	2023	2023 (%)	2022	2022 (%)	31/12/2023	31/12/2022
Government and Covered Bonds	240	4.2	-427	-7.5	8 7,198	6,034
Corporate and Emerging Markets Bonds	254	8.2	-420	7 -15.	6 .96 2	,979 N
Investment grade credit	16	8	-155	p ഹ് -1	1,113	,199
Emerging markets bonds	15	00	-120	-15.2	1.157	039
High-yield bonds	9	8.2	-144	1 -15.	6 ea	742
Diversifying Alternatives	12	ഥ	-40	-3.3	9 .45	239
Equity	37	1.1	525	-15.7	8 41 N	3,182
Real Estate	-326	5 8 -	467	7 10.	S 46 E	4,222
Total	622	9 ల్	-945	ದ್ರಾ -5.	17,506	7,656

Annual report 2023 | Tryg Forsikring A/S | 20

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at

adjustment on the inflation swap of DKK -222m investment operations and other general costs. Other financial income and expenses totalled booked in Q4 due to sharply lower inflation. DKK -475m (DKK 194m). The higher level compared to normalised expectations is primarily driven by the negative value

inflation swap, the cost of running the

Capital and risk management

of in Tryg Forsikring's aggregated risk and associated On Forsikring. The assessment and management capital requirement constitute a core element the targets and strategy and the risk exposure limits determined by the Supervisory Board. Tryg Forsikring's risk management is based Risk management is a key function at Tryg the management of the company

risk. A detailed description of these can be found Tryg Forsikring's Supervisory Board defines the appetite and thereby the capital which must be Insurance risk, Investment risk and Operational available to cover any losses. The company's framework for the company's target risk categories: Strategic and business risk, isk management is based on four risk the tables below.

Strategic and business risk

Definition

Financial losses or lost opportunities due to a lack of ability to carry out business plans and strategies.

adjust to changing market conditions in a This includes the risk of not being able to timely fashion.

Strategy

non-life insurance companies in Scandinavia. Tryg Forsikring is one of the most successful

decentralised organisation with a large degree ensures a timely reaction to changing market Tryg Forsikring has chosen to implement a conditions in the separate business units. of autonomy for each business unit. This

Risk Management

The risk management policy adopted by the Supervisory Board sets out tolerance limits and guidelines for risk management The strategy process sets out overall strategic process where the individual business units contribute with concrete business plans. objectives. This is done as a bottom-up

Objectives and methods

business risks are reported to the Supervisory identification and assessment to ensure that close monitaring of each business unit with Board on a quarterly basis - thus providing Risk management carries out ongoing risk regard to their performance towards the all existing and emerging strategic and overall strategic objectives.

	S
	Canten.
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	Management

Investment risk

Definition

Financial losses due to changes in the value of financial assets or liabilities.

Strategy

nvestment assets into the free partfolio and Tryg Forsikring has decided to divide its the match portfolio.

mitigate interest rate risk from provisions. The strategy for the match portfolio is to

The strategy for the free portfolio is to achieve the optimal market return on a medium-term basis taking risk, liquidity, etc. into account.

Risk Management

Supervisory Board sets out general guidelines for permitted investment risk. This includes The investment risk policy adopted by the specific maximum limits for: asset classes

.

• · interest rate risk
• currency risk credit risk . .
• counterparty exposure .
  • SCR market risk .

Objectives and methods

Daily reporting on investment return on all asset classes.

compliance with permitted risk-taking. Independent daily control ensures

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Operational risk

Definition

Operational risk is understood as the risk of processes, people and/or system errors, or loss due to inadequate or failed internal as a result of external events.

Strategy

The Supervisory Board sets out the overall strategy regarding operational risk.

Risk Management

money laundering, contingency planning, and security, physical security, compliance, fraud, Supervisory Board sets out tolerance limits The operational risk policy adopted by the and general guidelines for operational risk. This includes general guidelines for IT model risk.

Objectives and methods

management, monitoring and reporting on risks and incidents potentially resulting in a Ongoing identification, measurement, loss or a near loss for Tryg Forsikring.

covering incident management, operational risk self-assessments and internal controls This is ensured by implemented methods and through business continuity management. Annual report 2023 | Tryg Forsikring A/S | 22

Management's review - Contents

Capital management

central and key functions of the Finance team at covers the company's current and future capital Capital management and capital modelling are requirements, capital allocation to the different Tryg Forsikring. Capital management broadly lines of business and required returns.

modelled the insurance risk internally, while all investment mix and overall level of profitability. Tryg Forsikring's solvency ratio is a function of Forsikring's insurance portfolio, geographical developments in own funds and the solvency The solvency ratio was 197 at year-end 2023 capital requirement (based on the approved formula. The capital model is based on Tryg partial internal model). Tryg Forsikring has other modules are based on the standard diversification, reinsurance programme, consideration the composition of Tryg Forsikring's risk profile and takes into compared to 199 at year-end 2022.

qualifying debt instruments (both Tier 1 and Tier The key components of Tryg Forsikring's own 2 debt) and future profit. Own funds totalled DKK 15,188m at the end of 2023 vs DKK funds are shareholders' tangible equity, 15,940m at the end of 2022.

0

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end of 2022. The lower level is mainly explained by weakening NOK and SEK exchange rates and should be able to honour its obligations in 199 out of 200 years and is regularly stress-tested. At the end of 2023, Tryg Forsikring's SCR was DKK 7,707m, down from DKK 7,991m at the calculated in such a way that Tryg Forsikring The solvency capital requirement (SCR) is a reduced equity exposure.

invested assets, therefore the highest sensitivity tightening of 100 basis points would impact the solvency ratio by approximately 12 percentage display low sensitivity towards movements in points. Lower sensitivity is displayed towards Tryg Forsikring's solvency ratio continues to the capital markets. Fixed-income securities is towards spread risk, where a widening/ represent some 90% of Tryg Forsikring's equity market losses and interest rate fluctuations.

Sustainability statement

please refer to Sustainability statement in Tryg For Tryg Forsikring Sustainability reporting, Annual Report 2023.

Sustainability statement from page 37 to page Download Tryg Annaual Report with 88: Tryg annual report 2023 including Sustainability statement

EU Taxonomy-aligned insurance and investment activities

For the first time, Tryg Forsikring is reporting on

the share of 'taxonomy-aligned' insurance and investment activities.

future-proafing Tryg Forsikring's business by enabling and protecting customers against The EU Taxonomy is considered a lever for climate-related risks.

In 2023, work has been done to estabilish a solid foundation for being able to develop and adapt roducts, as well as measure and report on the axonomy-aligned insurance and investment activities in Tryg Forsikring .

understanding of the requirements set out in the This reporting is based on Tryg Forsikring's best legislation and associated guidance at the time

of preparing the reporting. Tryg will continue to follow the regulatory developments closely.

Preparing customers for climate change

when Tryg Forsikring's different business areas bstantial progress was achieved in 2023, engaged in a Group-wide project pursuing and relevant staff functions were actively efforts to align Su

eligible insurance activities in Denmark, Norway and Sweden.

Forsikring's insurance activities are Taxonomyeligible but not aligned - confirming that Tryg Forsikring has significant opportunities to As of 31 December 2023, 83% of Tryg substantially contribute to the EU's

EU Taxonomy - Insurance activities

change adaptation 2023

Substantial contribution to climate

2022

(Do No Significant Harm) DNSH

Economic activities DKK	premiums Absolute	premiums	Proportion of Proportion of Climate change premiums 2022	mitigation	Water and resources marine	Circular economy	Pollution	Blodiversity ecosystems and	safeguards Minimum
	Currency	26	ಿಕ	Y / N	Y/N	Y/N	Y/N	Y/N	Y/N
axonomy-aligned activities (environmentally sustainable) 4.1 Non-life Insurance and reinsurance underwriting	3,572,278	శా 9.8
A.1.1 Of which reinsured	220,250	રેત્ક 0.6
4.1.2. Of which stemming from reinsurance activity
4.1.2.1 Of which reinsured [retrocession]
axonomy-eligible but not environmentally sustainable activities (not 4.2 Non-life insurance and reinsurance underwriting axonomy-aligned activities)	30,436,547	ಸಿಕ 83	ಶಿಕ 80
3. Non-life insurance and reinsurance underwriting axonomy-non-eligible activities	2,645,281	్రెక్ట్	36 10
otal A.1 + A.2 + B)	36,654,106	100 %	100 %
INSULED TO THE TENNELLERS COLLECTION COLLEGION OF COLLECTION CONSULTION CONSULTION CONSULTION CONSULTION OF CONSULTION OF CONSULTION OF CONSULTION OF CONSULTION OFFICE OF PRO

classification

A : GWP for Taxonny-sillened activities within a sicusion at the calculation at the financial your 2023. The GNP cata from Taxes on the since in

the alignment ratio once the Taxonomy-aligned product is available for customers.

the EU Tannony. One an isuance parts on consequents for coverage, it concluded that the instruments of the fill grounder of the fill grounder on and the fill grous witter pro 4.2. Type scoremic accurrent and on the circularly of Circula Delective (c. c. o assess are more while the summer within the summer of the summer website the summer of the su as taxonomy eligible. by

Annual report 2023 | Tryg Forsikring A/S | 26

Management's review - Sustainability statement contents

projections on the forward-looking RCP1 climate PCC). Tryg Forsikring will continuously work ntergovernmental Panel on Climate Change with the data and techniques to maintain the state-of-the-art standard going forward. change scenarios adopted by the UN's product development processes. Tryg Forsikring EU Taxonomy and to explore and pursue any expects to align more insurance activities with Going forward, alignment with the Taxonomy will be considered as part of Tryg Forsikring's environmental objective for climate change

adaptation going forward.

Incentives for customers to prevent climate related damage

or 2023 alignment, Tryg Forsikring has ensured water-related damage to their house or property that each Taxonomy-aligned product includes a such event water-related damage. In Norway, boat to risk-based incentive for preventative actions deductible if they install specific devices that offered a reduced premium or can avoid the premium if the boat is protected during the cloudbursts. Specifically, customers are insurance customers are offered a reduced courage customers to reduce the risk of following extreme weather-related events, winter season, e.g., stored inside.

insurance and property insurance activities in

Taxonomy. Specifically, this covered house

insurance products to be aligned with the

n 2023, Tryg Forsikring adapted its first

adaptation

Substantially contribute to climate change

change adaptation over the coming years.

commercial opportunities within climate

the

Denmark, Norway and Sweden. Additionally,

Norway also included boat insurance.

EU

about the importance of preventative measures ryg Forsikring communicates to customers and informs about incentives and the impact have on their insurance coverage via various that preventing climate-related damage can communication channels e.g. SMS, email through the claims handling processes.

axonomy, Tryg Forsikring will seek to identify any potential new and appropriate preventive measures and integrate these into the pricing and product design as well as customer part of the ongoing work with the EU communication. AS

Coverage of relevant climate-related risks

10

assess the impact of climate change on pricing and future claims, Tryg Forsikring incorporates historical internal data sources in combination

with external weather sources and climate

product and each cover is priced separately.

In Tryg Forsikring's risk modelling, climate risks are modelled separately from other risks in the

State-of-the-art modelling techniques

December 2023.

31

Tryg Forsikring has reviewed the coverage of the the customers' demands and needs of coverage relevant climate-related perils and documented

products related to house, property and boat insurance across Denmark, Norway and Sweden.

by Tryg Forsikring or by other relevant insurance an pools such as Naturskaderådet in Denmark and the Norwegian Natural Perils Pool, as well as an evaluation of climate-related damage covered The analyses have been carried out based on assessment of customers' actual and stated needs and concerns.

ensure that Tryg Forsikring is also able to meet 10 customers' future needs and demands. Tryg Forsikring expects to take relevant customer analyses have included relevant claims departments as well as customer surveys. nterviews with claims handlers and sales data, scenarios on climate change risks, nsights into consideration. The

Sharing climate-related claims data

Tryg Forsikring's insurance activities that meet

Taxonomy-aligned activities are the share of

the technical screening criteria outlined in the

adaptation, do no significant harm to climate

change mitigation, and comply with the

minimum social safeguards.

substantially contribute to climate change

Taxonomy regulation, i.e. activities that

and free of charge share claims data with public sharing such claims data, and will upon request dentifying risks and vulnerabilities, developing Tryg Forsikring's focus on prevention includes measures to help both customers and public authorities. Tryg Forsikring has prepared for provide the authorities with better tools for adaptation strategies and planning relevant improving data quality to understand and authorities for the purpose of analytical research.

Helping customers through large-scale climate events

Various contingency plans are in place across all programme that enables them to always handle countries and business units and ready to be activated in case of a large-scale climate or weather-related event. Claims handlers regularly go through an internal training

including after large-scale natural disasters. claims in accordance with applicable laws,

confirming that Tryg provides a high level activated in connection with storm Hans in Sweden and Norway in the late summer of Recently. Tryg's contingency plans were of service in post-disaster situations. 2023.

Do no significant harm

insurance of the extraction, storage, transport or Based on data dedicated to such purposes. Tryg Forsikring has insurance of vehicles, property or other assets used applicable NACE codes relevant for this calculation of its Taxonomy aligned activities. manufacture of fossil fuels (coal, oil and gas), relevant activities from the numerator in the Taxonomy-aligned activities must not cover available, Tryg Forsikring has excluded the criteria to identify these activities.

8% of total insurance activities,

e

aligned with th

are

6

Oi

as

EU Taxonomy

DKK 3.57bn, corresponding to

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Comply with minimum social safeguards

Guidelines for Multinational Enterprises and the Rights is embodied in Tryg Forsikring's Code of UN Guiding Principles on Business and Human Conduct, Supplier Code of Conduct as well as Tryg Forsikring's compliance with the OECD Tryg Forsikring's Human and labour rights DOlicy.

due diligence processes, which are carried out Tryg Forsikring has established human rights in relation to own workforce, customers and suppliers.

for both external parties and employees to raise Forsikring has a whistleblower scheme in place and suppliers for compliance with international taxation, and screens commercial customers compliance with applicable regulation. Tryg Finally, Tryg Forsikring has anti-corruption processes in place, a governance setup on promotes employee awareness and trains senior management in the importance of concerns regarding unlawful or unethical standards. Furthermore, Tryg Forsikring behaviour.

to select funds that are either SFDR Article 8 or 9 managers. At fund level. Tryg Forsikring seeks funds). Other ESG features are also evaluated. in Scandinavia, Tryg Forsikring manages a large amount of investment assets. Most of Tryg As the largest non-life insurance company Forsikring's assets are invested by external integration (especially relevant for non-EU demonstrate an equivalent level of ESGwhenever possible - or funds that can Taxonomy-aligned investments including Taxonomy alignment.

Total Taxonomy-alignment - Investment activities

The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings per below;

urnover-based:

0.13 % [of assets covered by the KPI]

0.17 % (of assets covered by the KPI) Capital expenditures-based:

Capital expenditures-based: 100,885,395 DKK

76,586,090 DKK Turnover-based:

Assess covered by the KPI relative to total investments of reinsurance undertakings (total AuM). Excluding investments in sovereign entitles.

93.59 % (of total AuM) Coverage ratio:

59,571,978,828 DKK

Coverage:

variety of clata sources have been used for the calculation of Taxonomy-aligned assets under management. Data sources depend on the asset class, and methodological differences may arise sources. For listed equity and corporate bonds, a dataset containing reported EU Taxonomy data from the companies is used. For unlisted assets held via funds,

external manager reporting is used as a basis.

Assets for assessment

nvestment assets of Tryg Forsikring have been categorised pursuant to the Climate Delegated mitigation and/or climate change adaptation. The economic activities concerning the total activities could be related to climate change Act - including Annexes 1 and 2, as such

text box. Disclosures are based on available data data and calculation method is described in the obtained from Sustainalytics for the purpose. variety of asset classes, and a description of Tryg Forsikring performs investments in a

Listed equities, REITS and corporate bonds: Most aggregated, and the third-party data set is applied these asset class exposures are held through from the companies is used. Currently, very few companies have reported on the EU Taxonomy funds. The underlying holding of the funds are to the underlying holdings. Only reported data

aligned, if the bond is considered eligible (in NACE alignment, and eligible exposures are considered non-aligned as a precautionary assumption. Part evaluated using NACE codes provided by the EU ssumption until data quality is considered high the holdings are invested in green bonds, but Taxonomy Compass. Currently, Tryg does not Tryg only considers a green bond Taxonomy have data available to evaluate Taxonomy Covered Bonds: EU taxonomy eligibility is code screening). This is a precautionary anouen.

These assets are not included in the calculations Sovereign, supranational and agency bonds:

as a precautionary assumption until data quality is of the KPIs. Part of the holdings are invested in green bonds but are also considered non-all considered high enough.

esser extent. These assets are not included in the Income derivatives, and equity derivatives to a rivatives: Holdings include primarily fixedcalculation of the KPIs.

held directly. All exposures have been determined to be fully Taxonomy-eligible. Fund reporting data For directly held real estate, Taxonomy alignment Real Estate: Most of these asset class exposures sed to calculate the relevant KPIs (alignment) are held through funds, while a minor portion is data is currently not available and is assumed on-aligned in the reporting

held equity positions. Taxonomy allgnment data is Other unlisted exposures: The exposures include unlisted infrastructure, unlisted credit and private listed equity positions. Fund reporting data is used to calculate the relevant KPIs. For directly equity held through funds and directly held not currently available. Annual report 2023 | Tryg Forsikring A/S | 28

Additional complementary

Auditional, complementary disclosures
Breakdown of denominator
The percentage of derivatives relative to total assets covered by the KPI.	The value in monetary amounts of derivatives
0.00 %	0
The proportion of exposures to financial and non-financial undertakings not subject to Articles	Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of
9a and 29a of Directive 2013/34/EU over total assets covered by the KPI.	Directive 2013/34/EU.
For non-financial undertakings;	For non-financial undertakings:
12.5%	7,431,239,262
For financial undertakings;	For financial undertakings:
87.0%	51.823,757,169
not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI.	Value of exposures to financial and non-financial undertakings from non-EU countries not subject to
The proportion of exposures to financial and non-financial undertakings from non-EU countries	Articles 19a and 29a of Directive 2013/34/EU.
For non-financial undertakings: 3% 8	For non-financial undertakings: 4,931,737,682
For financial undertakings:	For financial undertakings:
5.8%	9,403,746,391
19a The proportion of exposures to financial and non-financial undertakings subject to Articles and 29a of Directive 2013/34/EU over total assets covered by the KPI.	Value of exposures to financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU.
Non-financial undertakings;	Non-financial undertakings:
0.5%	301,118,151
Financial undertakings:	Financial undertakings:
0.03%	15,864,245
assets over total assets covered by the The proportion of exposures to other counterparties and KPI.	Value of exposures to other counterparties and assets.

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

0%

0

Additional, complementary disclosures

Breakdown of denominator

Value of the insurance or reinsurance undertaking's investments other than investments held in respect of The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities.

life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities. 76,177,610

Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-Value of all the investments that are funding economic activities that are not Taxonomy-eligible. 53,301,354,485 The value of all the investments that are funding Taxonomy-eligible economic activities, but not The value of all the investments that are funding economic activities that are not Taxonomyeligible relative to the value of total assets covered by the KPI. 92.83% 0.13%

aligned. Taxonomy-aligned relative to the value of total assets covered by the KPI.

7.04%

4,194,038,253

Document ID:

Additional, complementary disclosures

Breakdown of denominator

The proportion of Taxonomy-siligned exposures of nancial undertakings Value of Taxonny-allenel and non-financial undertakings subject Articles S9 and 29a of Directive 2013/34/EU. subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI.

For non-financial undertakings:	For non-financial undertakings:
Turnover-based:	Turnover-based:
0.04%	25,696,103
Capital expenditures-based:	Capital expenditures-based:
.08%	45,286,034
For financial undertakings:	For financial undertakings:
Turnover-based:	Turnover-based:
0.00%	2,483,867
Capital expenditures-based:	Capital expenditures-based:
0.01%	6,352,310
nvestments held in respect of the insurance contracts where the investment risk is borne	are
The proportion of the insurance or reinsurance undertaking's investments other than	insurance contracts where the investment risk is borne by the policy holders, that are directed at funciling, or
by the policy holders, that are directed at funding, or are associated with. Taxonomy-	Value of insurance or reinsurance undertakings investments other than investments held in respect of life
Igned.	associated with, Taxonomy-aligned.
Turnover-based:	Turnover-based:
.13%	76,177,610
Capital expenditure-based:	Capital expenditure-based:
.17%	100,187,177
he proportion of Taxonomy-aligned exposures to other counterparties and assets in over	Value of Taxonomy-aligned exposures to other counterparties and assets covered by the
otal assets covered by the KPI,	KPI
urnower-based:	Turnover-based:
0.00%	0

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Capital expenditure-based:

0.00%

Capital expenditure-based:

o

Breakdown of the numerator of the KPI per environmental objective

	Transitional activites: 0.08%: 0.08%	Enabling activities: 0.03%:0.05%	Enabling activities: 0.00%: 0.00%
	Turnover: 0.13%	CapEx: 0.17%	Turnover: 0.08%	CapEx: 0.08%
Provided 'do-no-significant-harm (DNSH) and social safeguards positive assessment. Taxonomy-aligned activities	(1) Climate change mitigation		(2) Climate change adaptation

e members joined the Supervisory Board, were re- set of rules of procedure and an annual cycle for Group's strategy to sustain value creation in the the persons, as they are appointed by Tryg's largest The Supervisory Board specifies its activities in elected, and when their current election period company. The Executive Board works with the Recommendations on Corporate Governance. Tryg Forsikring to achieve its strategic targets. Supervisory Board ensures that the necessary Supervisory Board were elected by the annual general meeting for a term of one year. Of the Supervisory Board to ensure that the Group's skills and financial resources are available for 36-39 for information on when the individual strategy seminar to decide on and/or adjust nine members elected at the annual general independent persons, thus complying with shareholder, TryghedsGruppen. See pages The current nine external members of the monitared. The are dependent The Supervisory Board holds one annual majority, are recommendation 3.2.1. in the strategy is developed and meeting, six, and thus the The other three members	duties in the best possible way. In addition to the members in the section Supervisory Board Supervisory Board has members from Denmark, facilitated with external assistance at least every focuses primarily on the following qualifications management, general management, CFO/audit, and skills: business judgement, problem solving, regulatory compliance, insurance = commercial seven men (including one male and four female evaluation of its work and skills to ensure that it See details about the independent board possesses the expertise required to perform its employee representatives). This complies with on pages 36-39 and at www.tryg.com/ and product insurance = technical/financial The Supervisory Board performs an annual evaluation process. The Supervisory Board networking, risk management, succession modelling, IT & digitalisation, value chain development, financial services, risk and annual self-evaluation, an assessment is people and organisation, ESG, business legislation as well as Tryg's policy. The three years to ensure objectivity in the en/governance/management/ supervisory-board Sweden and Norway.	section Supervisory Board on pages 36-39 adopts the rules of procedure of the Supervisory Duties and composition of the Executive Board adding and professional Supervisory Board that conducted of all board members and members questionnaire focusing on board competencies for preparation, their performance, attendance works efficiently and in accordance with sound governance principles. The evaluation resulted In 2023, an externally assisted evaluation was member's ability to devote the necessary time and performance. The overall conclusion was Each year, the Supervisory Board reviews and in a continued strong focus on ESG, Diversity See CVs and descriptions of skills in the and at www.tryg.com/en/governance/ relevant policies, guidelines and instructions Board and the Executive Board, comprising that Tryg Forsikring has a very good, value- requirements for communication with the and participation at committee and board Executive Board. Financial legislation also ਰ of the executive management based on management/supervisory-board describing reporting requirements and meetings in Tryg Forsikring. and Digitalisation.
by the annual general meeting may hold office rd, members elected ends. To ensure the integration of new talent years. onto the Supervisory Boa for a maximum of twelve	As part of the evaluation, the Supervisory Board also focuses on other executive positions and optimisation and customer journey.	and report on compliance with limits defined by relevant information to the Supervisory Board requires the Executive Board to disclose all the Supervisory Board and in legislation.
The Supervisory Board has 14 members in total, board currently comprises seven women and with an equal gender representation, as the	board memberships held by the members of the each position to prevent potential overboarding. The evaluation is based on the individual board commitment and workload associated with Supervisory Board, including the level of	composition, development, risk and succession plans of the Executive Board in connection with the annual evaluation of the Executive Board, The Supervisory Board considers the

Corporate g

Management's review - Sustainability statement contents

Forsikring has published its statutory corporate company in accordance with the principles of complies with the Danish recommendations governance report based on the 'comply-orrecommendation. This section on corporate corporategovernance.dk. At tryg.com, Tryg prepared by the Committee on Corporate governance is an excerpt of the corporate good corporate governance and generally Tryg Forsikring focuses on managing the Governance. The Recommendations on Corporate Governance are available at explain" principle for each individual governance report.

Governance Report at www.tryg.com/en/ Download Tryg's Statutory Corporate downloads-2023 ్రా

Annual General Meeting

Tryg Forsikring holds an Annual General Meeting (AGM) every year and the next meeting will take place March 21 2024.

Duties, responsibilities and composition of the Supervisory Board

Tryg Forsikring's business setup is robust. This is achieved by monitoring targets and frameworks control of Tryg Forsikring and for ensuring that The Supervisory Board is responsible for the central strategic management and financial based on regular and systematic reviews of strategy and risks.

The Executive Board reports to the Supervisory Board on strategies and action plans, market

* Calculated excluding Tryg's own shares

Annual report 2023 | Tryg Forsikring A/S | 33

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Forsikring attaches great importance to diversity guarantee diversity at management levels. Tryg increase the number of women in management in 2022 to 42.35% in 2023, exceeding the initial management positions increased from 40.55% several years. Tryg Forsikring has had a strong underrepresented gender that set out specific at all management levels. Tryg Forsikring has continuous focus in the recruitment and HR meetings. Each year, the Supervisory Board positions for qualified men and women. For positions to 41%. The number of women in opportunities and access to management focus on diversity and has been aiming to target. Progress has been driven through adopted policy and target figures for the and regularly in connection with board discusses Tryg Forsikring's activities to targets to ensure diversity and equal processes.

See the General action plan for diversity www.tryg.com/en/governance/policies ncluding women in management at

Board committees

Tryg Forsikring has an Audit Committee, a Risk of committees' work are defined in their terms Remuneration Committee and an IT Data Committee, a Nomination Committee, a Cammittee. The frameworks for the reference. The board committees' terms of reference frequency, responsibilities and activities governance/management/supervisory board/board-committees including can be found at www.tryg.com/en/ descriptions of members, meeting during the year. ુ

See the tasks of the Board Committees in management/supervisory-board/board-2023 at www.tryg.com/en/governance/ committees

e

The committees exclusively prepare matters for bersons, including the committee chair. Two our ncluding the committee chair, are independent members of the Audit Committee and three of persons, including the committee chair. Board oersons. Three out of the five members of the on nvolvement of the employee representatives the committees is also considered important committee chair. Three out of five members the basis of their specialist skills considered of four members of the Risk Committee, muneration Committee are independent committee members are elected primarily Committee are independent, including the mportant by the Supervisory Board. The decision by the entire Supervisory Board. the IT Data Committee are independent three members of the Nomination out All of

governance/management/supervisory-The specialist skills of all members are also described at www.tryg.com/en/ board/about-board ತಿ

Remuneration of management

policy for Tryg Forsikring in general that includes specific schemes for the Supervisory Board, the mpact on the risk profile of the company - risk Executive Board and other employees in Tryg takers. The remuneration policy for 2023 was adopted by the Supervisory Board in January Tryg Forsikring has adopted a remuneration Forsikring whose activities have a material 2023 and approved by the annual general neeting on 30 March 2023.

Tryg Forsikring's remuneration policy each year The Chair of the Supervisory Board reports on

Supervisory Board for the current financial year Board's proposal for the remuneration of the shareholders at the annual general meeting. in connection with the review of the annual report at the annual general meeting. The is also submitted for approval by the

Remuneration of the Supervisory Board

Members of Tryg Forsikring's Supervisory Board by the Chair of the Supervisory Board is three times pervisory Board's work, including the number trends in peer companies and benchmarked pension scheme. Their remuneration is based that received by ordinary members, while the receive a fixed fee and are not covered by any form of incentive or severance programme or against C25, taking into account the required meetings held. The remuneration received Deputy Chair's remuneration is twice that skills and efforts and the scope of the received by ordinary members of the Supervisory Board. on ੀ

Remuneration of the Executive Board

Members of the Executive Board are employed Supervisory Board within the framework of the their on a contractual basis, and all terms of remuneration are established by the approved remuneration policy.

company's shareholders in the short and long Tryg Forsikring wants to strike an appropriate balance between management remuneration predictable risk and value creation for the erm.

of The The Executive Board's remuneration consists a fixed basic salary, a pension contribution of sufficient motivation for all members of the 25% of the base salary and other benefits. appropriate for the market and provide base salary must be competitive and

Management's review - Sustainability statement contents

Executive Board to do their best to realise the company's defined targets. The Supervisory Board can decide that the base salary should be supplemented with a variable pay element of up to 50% of the fixed salary including pension.

performance year (financial year) in accordance financial targets decided at the beginning of the under the incentive programme is based on a allocation of the variable salary components result and performance assessment for the The variable pay is set out in an incentive programme for the Executive Board. The with specific weighted financial and nonerformance year.

should contribute to retaining the participants in For the performance year 2023, the variable pay performance results. Secondly, the programme programme is to ensure the congruence of the financial interest of the participants and the combination of cash and conditional shares. element was in January 2024 allotted as a company's shareholders and to create a correlation between remuneration and The principal purpose of the incentive the programme at Tryg Forsikring.

receive free shares in Tryg A/S corresponding to criteria on which the variable salary is based are The allotted conditional shares are deferred for four years from the time of allotment. After the granting of free shares is conditional upon the end of the deferral period, the participant will the numbers of conditional shares allotted. (testing prior to granting to ensure that the fulfilment of additional conditions such as still met at the time of the granting of free continued employment and back-testing shares). Annual report 2023 | Tryg Forsikring A/S | 34

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Read more about remuneration at Tryg in Remuneration Report at www.tryg.com/ the Remuneration policy and in the en/governance/remuneration ্রে

Independent and internal audit

meeting where the annual report is presented as well as meetings in the audit committee and risk independent auditor attends the annual board The Supervisory Board ensures monitoring by competent and independent auditors. The group's internal auditor attends all board meetings as well as meetings in the audit committee and risk committee. The

committee.

auditors meet with the Audit Committee without Supervisory Board. At least once a year, the independent auditor recommended by the The Audit Committee chair deals with any The annual general meeting appoints an matters that need to be reported to the the presence of the Executive Board. Supervisory Board.

Deviations and explanations

Recommendations on Corporate Governance. Tryg Forsikring complies with all the

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Management's review - Sustainability statement contents

Supervisory Board

Jukka Pertola®)

Born in 1960. Joined the Supervisory Board in 2017. Career Professional board member. Former CEO of Finnish citizen.

00 Siemens Gamesa Renewable Energy A/S, COWI Holdi Board seats, Chair Tryg A/S and Tryg Forsikring A/S, A/S, GN Store Nord A/S Incl. GN Audio A/S and GN Education MSc in Electrical Engineering Siemens Denmark Hearing A/S

Board member Asetek A/S

Committee (Chair) Asetek A/S, Remuneration Committee Nomination Committee and Strategy (Chair) in GN Store Committee in COWI Holding A/S (Chair), Remuneration Committee in Tryg A/S, Nomination and Remuneration Committee memberships Remuneration Committee (Chair), Nomination Committee (Chair) and IT Data Nord A/S

international experience with giobal and regional business experience in the IT and telecommunication industry and electrical engineering. The latest position being the CEO strategy and business development. Understanding and telecommunication, IT, digitalisation, business models, experience of risk management. M&A, ESG, business Experience More than 25 years of top management Competencies Solid technological background in of Siemens Denmark from 2002 to 2017. Broad know-how and judgement as well as insurance responsibilities in both BtC and BtB Number of shares 13,000

Change in portfolio since the start of 2023 0

Steffen Kragh®)

Born in 1964. Joined the Supervisory Board in 2023. Danish citizen.

Board seats, Deputy Chair Tryg A/S and Tryg Forsikring A/ Holding A/S and stockbroker Erik Møllers Efterfølgere A/S, S, Lundbeckfonden {including Lundbeckfond Invest A/S], Committee memberships Lundbeckfonden (Investment Career President & CEO of Egmont Fonden and Egmont Lundbeckfond Invest A/S). Various Egmont companies companies). Previously CEO of Egmont subsidiaries, moloyment in insurance and banking group Hafnia nternational Holding A/S since 2001 (as well as management positions in 12 Egmont daughter Board seats, Chair Lundbeckfonden (including Board member: Various Egmont companies Education MSc in Economics and MBA Director: NKB Invest 103 ApS

Experience 22 years' experience heading an international inancial business, and corporate management including hance and accounting, capital markets, securities and funding, legal and regulatory matters of importance to mpetencies Experience within strategy, economics, Former chairman of Nykredit, including roles in Audit, company with 6,000 employees within the consumer space where technology, data, subscription, and user Risk, Remuneration and Nomination Committee Change in portfolio since the start of 2023 experience are key elements. data, technology and ESG. Number of shares 6,500 ommittee) Cor

Mari Thiømøe®

Born in 1962. Joined the Supervisory Board in 2012. Norwegian citizen.

advisor. Former CFO of KLP and CFO/CEO of Norwegian Career Professional board member and independent Property

School and Effective Board Management from Harvard the Senior Executive Programme from London Business Administration, Chartered Financial Analyst (CFA), Education MSc in Economics and Business Business School.

Board seats, Chair Sellsport Maritimt Forlag A/S and ThiamæeKranen A/S

Board seats, Deputy Chair Norconsuit ASA, Norconsult rge AS Board member Tryg A/S and Tryg Forsikring A/S, Hafslund AS, Deezer SA, Varme og Bad AS, SINTEF Elendom Holding AS, FCG Fonder AB

rconsult A/S, Audit Committee (Chair) in Deezer SA and Committee memberships Audit Committee and Risk Committee in Tryg A/S, Audit Committee (Chair) in Audit Committee in Hafslund AS Nor

experience from board of directors within finance, energy and renewables and is engaged in developing sustainable businesses and good governance. Headed the Norwegian IR associations for ten years and received the Women's Experience Senior management experience from large cap companiles, Insurance, and real estate. Extensive Board Award for Norway

Change in portfolio since the start of 2023 0

Competencles Business know-how from experience with development, M&A, IR and financial communication and management, strategy, restructuring, business the financial sector and energy as well as risk Change in portfolio since the start of 2023 0 working with regulatory authorities Number of shares 16,817

Carl-Viggo Ostlunda)

Born in 1955. Joined the Supervisory Board in 2015.

Career Former CEO of Swedish banks SBAB and Nordnet Ostlund AB, Goobit Group AB Including Goabit AB, Gooble Gladsheim Fastigheter AB, Juvinum Food & Beverage AB Board seats, Chair Coeli Finans AB, Fondo Solutions AB, entrepreneur, professional board member and investor Education BSc in International Business and Finance & Board member Tryg A/S and Tryg Forsligring A/S, Allert Exchange AB and Goobit Blocktech AB, Haysgaard AB, Ywonne Media Group AB, Wonderbox AB, Hemdel AB, and the insurance company SalusAnsvar. At present Nedvi Fastigheter AB, Picsmart AB and Ponture AB Accounting, Stockhoim School of Economics Umbrella Finans AB. Swedish citizen.

nderstanding of digital sation and risk management, ESG Committee memberships IT Data Committee (Chair) and Experience from the following industries: manufacturing, industry, non-life as well as life. Business know-how and Director in local and international environments in both Experience More than 30 years as CEO and Managing isted and privately held companies as well as banks. Competencles Solid background from the Insurance udgement, banking and finance know-how, ogistics, insurance, finance and banking Remuneration Committee in Tryg A/S Number of shares 7.788

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Supervisory Board

Thomas Hofman-Bangal

Born in 1964. Joined the Supervisory Board in 2022. Danish citizen.

Board seats, Chair CBS Academic Housing, K Aiternativ Career CEO of the Danish Industry Foundation Education Certified Public Accountant

Private Equity 2022 K/S, K Alternativ Private Equity 2023 ivate Equity 2019 K/S, K Alternativ Private Equity 2020 K/S, K Alternativ Private Equity 2021 K/S, K Alternativ K Alternativ Private Equity 2024, K/S, Half Double nstitute froba

Committee memberships Audit Committee (Chair) and Board member Tryg A/S and Tryg Forsikring A/S and Board seats, Deputy Chair Bikubenfonden Tranes Fond, Foreningen Roskilde Festival Risk Committee (Chair) in Tryg A/S

companies, including positions as CEO KPMG Denmark (5 environment and within the professional services industry in various roles as CEO, CFO, COB, non-executive director years), President and Group CEO NKT (B years) and Group Experience Extensive global experience in the B2B and advisor for world class and market leading

100 culture, transparency, integrity, strong team performa Competencies Key competencies include leadership, rategies focused on value creation, performance development and execution of ambitious growth and sustainability

CFO NKT (6 years)

Change In portfolio since the start of 2023 +7.403 Number of shares 12,233

Mengmeng Dual

Born in 1980. Joined the Supervisory Board in 2022. Swedish citizen.

ofessional board member. Former leading positions at Career Independent advisor to tech startups and Spotify and Acast

Education MSc in Economics and Business Administration Board member Tryg A/S and Tryg Forsikring A/5, Dometic Committee memberships IT Data Committee in Tryg A/S, from Stockholm School of Economics, MSc in Computer People and Remuneration Committee in Swappie Oy Science from Royal Institute of Technology (KTH) Group AB, Swappie Oy and Clas Ohison AB

Experience 10+ years of top management experience and Competencies General top management experience from startup space as well as international experience from Spotify and COO at Acast. Extensive board experience eading positions within Marketing and Operations at board member. Thorough knowledge of the Tech rom Retail, Life Insurance and Aviation. Member of Sweden's National Innovation Council.

the Tech industry. Extensive experience in the areas of IT & digitalisation, transformation, marketing, organisation, ategy and business development Number of shares 3000 str

Change in portfolio since the start of 2023 +3,000

Anne Kaltoft®

Born in 1961. Joined the Supervisory Board in 2023. Danish citizen.

Career Managing Director of the Danish Heart cundation.

Management. Pathfinder (a leadership development Education MSc in Medicine, Medical Specialist in cardiology, PhD in cardiology, Master of Public ogramme).

Board seats, Chair Tjenestemændenes Laaneforening, Dansk Told og Skatteforbunds Fælleslegat, TryghedsGruppen SMBA

Board member Tryg A/S, Tryg Forsikring A/S, TryghedsGruppen smba

Committee memberships TrygFondens bevillingsudvalg system, and as Managing Director of the Danish Heart management positions within the Danish healthcare Experience Many years' experience from top

oundation

ategy and business development, communication and inancial management and social development within governance, optimisation of structure and processes. mpetencies Competencies within management,

Change in portfolio since the start of 2023 Number of shares 0

Claus Wistoftb)

Born in 1959. Joined the Supervisory Board in 2019. Danish citizen.

development of building sites. CEO in Demex Holding A/S nember of the finance committee. Agriculturalist, wind Career 1st Deputy Mayor, Municipality of Syddjurs and energy production, tenanted properties and project and C.W. Holding A/S

Komplementarselskabet Prinz Carl Anlage | ApS. K/S Prinz Education Agricultural education at Bygholm Agricultural Holding ApS, Houmarken A/S, Lyngfeidt A/S, Lyngfeidt TryghedsGruppen smba, I/S Torntoft jf, Seidelmann Finansiering A/S, Lyngfeidt Maskinudlejning ApS, Board member Tryg A/S and Tryg Forsilering A/S, College and various business courses

Experience Top management experience from operating ាន. solld business know-how and business development, Competencies Analytical approach to problem-solvi Carl Anlage Land Ejendomsfonden - Maltfabrikken his own business for 3B years

understanding of risk management and succession. Change in portfolio since the start of 2023 0 Number of shares 5,416

Jørn Rise Andersenb)

Born in 1956. Joined the Supervisory Board in 2022. Danish citizen.

dibloma level), such as internal and external accountancy, Career Union Chairman of Dansk Told og Skatteforbund Education 3-year education in the Danish Customs Authorities. Various accounting courses (business Board seats, Chair Dansk Told og Skatteforbunds (the Danish Customs and Tax Union) organisation and tax law

Fondet af 1844, Fagbevægelsens Hovedorganisation (the Trade Union Central Organisation), CO10 [The Central Forsikring, Lån og Spar Bank A/S, Interesseforeningen, Board member Tryg A/S and Tryg Forsliging A/S.TJM Organisation of 2010) and Forenede Gruppelly Fælleslegat, TryghedsGruppen SMBA

nomination committee in Tryg A/S, Chairman of the Audit Committee memberships Remuneration committee and Committee in Lân og Spar Bank A/S, member of the Risk

Committee and Remuneration Committee in Lân og Spar

management positions in Danish trade unions as well as finance and risk management, member loyalty and care, Competencies Understanding of the financial sector, investments and capital management, political flair Experience Many years of experience from top board seats in financial companies Number of shares 0

Change in portfolio since the start of 2023

Charlotte Dietzerb)

Born in 1974. Joined the Supervisory Board in 2020. Danish citize

Employed since 1998

communication educations. Supervisory Board education Education Insurance education at Forsikringsakademiet Career Manager advisor in Claims Denmark, Tryg A/S level 5) as well as various management and at Forsikringsakademiet

Experience Division partner in Tryg A/S and examiner at Board member Tryg A/S and Tryg Forsliging A/S

Competencies Solid knowledge and experience of the Forsikringsakademiet

Insurance Industry. Excellent interpersonal and verbal Number of shares 706 communication skills

Change in portfolio since the start of 2023 0

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Supervisory Board

Tina Snejbjergb)

Born in 1962. Joined the Supervisory Board in 2010. Career Officer of Tryg's Personnel Department Employed since 1987 Danish citizen.

Forsikringsforbundet, Tryg A/S and Tryg Forsikring A/S Committee memberships Risk and Remuneration Board member The Central Board of Education Insurance training Committees in Tryg A/S

operations, strategy, negotiating agreements and engaged deputy chair of the local branch of Forsikringsforbundet with management and HR-related issues in the financia Experience From 1987 to 2001, Tina Snejbjerg worked Judgement, problem-solving abilities, and has worked customers. From 2001-2009, Tina Snejbjerg was the Snelbierg has acquired solid business know-how and with insurance sales to both private and commercial and since 2009 she has been the chair, working with Competencies Many years of experience mean Tina customers as well as providing insurance advice to sector, specifically the insurance industry in recruiting and retaining members

Change in portfolio since the start of 2023 0 Number of shares held 2.657

Elias Bakkb)

Born in 1975. Joined the Supervisory Board in 2017. Swedish citizen.

Career Product & Strategic Engagement Manager in Tryg Employed since 2006

Education Norra Real Gymnasium, financial services & nsurance at Företagsekonomiska Institut Stockholm. Programme at Forsikringsakademiet for new board nembers

Committee memberships IT Data Committee in Tryg A/S years, Business development in Moderna and Affinity for Experience Team Manager in Moderna Affinity for 12 Board member Tryg A/S and Tryg Forsikring A/S 4 5 years

Competencles Solld Insurance knowledge from his years in the industry, business know-how and judgement,

experience with organisation development, business development, customer handling and interaction Number of shares 4,000

Change in portfolio since the start of 2023 +1,000

Mette Osvoldb)

Born in 1978. Joined the Supervisory Board in 2022 Norwegian citizen.

Education BA in Business and Finance for Managers from Competencies High competencies and experience within Norwegian School of Economics, Executive management crogramme from Norwegian Business School, Executive developer, project manager, competence manager and Oxford Brookes University, Executive programme from Experience Since 2003. Mette Osvoid has held various positions in Tryg, including as process and business ness development, negotiations, processes and the insurance industry, management, strategy and nost recently as Chair of Finansforbundet in Tryg Board member Tryg A/S and Tryg Forsliging A/S Change in portfolio since the start of 2023 0 Board seats, Chair Finansforbundet in Tryg Career Chair of Finansforbundet in Tryg ogramme from Høyskolen Kristlania Number of shares held 853 organisation optimisation. Employed since 2003 ousi

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Lena Darinb)

claims handler in the Insurance Industry. Former Board Board seats, Chair Chair of Akademikerforeningen of Employee representative at Trygg-Hansa (2012-2015) Competencles Solid knowledge and experience of the Born in 1961. Joined the Supervisory Board in 2022 Experience Since 1969, Lena Darin has worked as a Board member Tryg A/S and Tryg Forsikring Education Cand.Jur/LLM Trygg-Hansa since 2012 Number of shares held 0 Employed since 1989 Career Claims handle Insurance Industry Swedish citizen.

Change in portfolio the start of 2023 0

Members of the Supervisory Board are elected for a term of one year. Employee representatives are, however, elected for a term of four years. Alindependent member of the Supervisory Board, as per the definition in Recommendations on Corporate Governance Dependent member of the Supervisory Board.

uri Nomination Remuneration Committee 6/6 4/6 6/6 6/6 6/6 Committee 8/8 7/8 8/8 Committee 5/6 6/6 6/6 5/6 Committee 5/6 6/6 6/6 Board 15/15 15/15 15/15 5 5 5 S 5 5 5 S 5 5 5 10/1. 15/1. 15/1. 15/1. 10/1. 15/1. 15/1. 15/1 15/1 15/1 15/1 Thomas Hofman-Bang Jørn Rise Andersen Carl-Viggo Ostlund Charlotte Dietzer Steffen Kragha Mengmeng Du Tina Snejbjerg Mari Thjømøe Jukka Pertola Anne Kaltoft® Claus Wistoft Mette Osvold Lena Darin Elias Bakk Name
	Supervisory	Audit	Risk		IT Dat Committe
					16
					16
					13
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Committee, 5 meetings were held after 30 March 2023. As for the Nomination Committee, 7 meetings were heid after 30 Joined the Board 30 March 2023. Please note that 5 board meetings were held prior to 30 March 2023, and 10 were heid after 30 March 2023. As for the Audit Committee, 5 meetings were held after 30 March 2023. As for the Risk March 2023. As for the Remuneration Committee, 4 meetings were held after 30 March 2023. Joined the Board 30 March 2023. Please note that 5 board meetings were heid prior to 30 March 2023, and 10 meetings were held after 30 March 2023. 4 Joined the IT-Data Committee 30 March 2023. Please note that 1 IT-Data Committee meeting was held before 30 March 2023, and 5 IT-Data committee meetings were heid after 30 March 2023.

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73A2208FC2CF4D29AC63EB0E949F79EA

of the document. Document ID:

Executive Board

Allan Kragh Theyson (1977) Group CFO

executive with a strong strategic, technical and commercial focus reserving, risk management and commercially oriented finance axternal and internal reporting. management, accounting, tax, Financial Planning & Analysis, Key competencies include capital modelling. He is a and unclerstanding of the business.

Alexandra Bastkær Winther (1985) Group CCD

strategy development & execution, M&A and continuous focus on identifying potential for Innovative and commercial mindset with a Key competencies Include experience in lange-scale transformations. She has an further improvement.

Johan Kirstein Brammer (1976) Group CEO

Has an International and strategic mindset developed. from his time as a management consultant as well as a number of strategic roles across several industries.
He couples this with a strong commercial sense and a desire to grow the business and improve the
customer experience through innovation and digitalisation.

Mikael Kårrsten (1975) Group CTO

Key competencies include management, case underwriting, pricing, profitability, analytics, portfolio management and product
development.

Comprehensive experience from the Insurance Lars Bonde (1965) Graup COO

experience, Including international experience. development, digitalisation, innovation, legal industry. Experienced in strategy, business and M&A. Management and leadership

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Executive Board

Johan Kirstein Brammer Group CEO

Born in 1976. Joined Tryg in 2016.

Graduate Dipioma (HD-Finance) Copenhagen Business Education: LL.M., University of Copenhagen, MBA Australian Graduate School of Management, and Joined the Executive Board in 2018.

management experience from a range of industries. Prior Experience: Johan Kirstein Brammer has extensive top to joining Tryg's Executive Board, Johan headed Tryg's Private Lines business in Denmark, Before joining Tryg, Johan held numerous executive roles with TDC before joining the company's Board as Head of Consumer and Group Chief Marketing Officer. Prior to this, Johan was Denmark, This range of experience has provided Johan with a broad, diverse toolbox, having held strategic and with McKinsey & Colas a strategy consultant based in P&L responsibilities across multiple industries in an Australia and the UK. Before joining McKinsey & Co. Johan was an attorney with Kromann Reumert in nternational setting.

me as a management consultant as well as a number of with a strong commercial sense and a desire to grow the rategic roles across several industries. He couples this business and improve the customer experience through international and strategic mindset developed from his experience with in transformative M&A across borders. novation and digitalisation. Johan has extensive Competencies: Johan Kirstein Brammer has an and sectors.

Number of shares held at the start of 2023: 55,287 Number of shares held in Tryg AS: 91,081 Change in portfolio: +35,794

Allan Kragh Thaysen Group CFO

Born in 1977. Joined Tryg in 201B.

Education: Graduate Diploma (HD/R) in Accounting and Joined the Executive Board in 2023

an MSc in Business Economics and Auditing (CMA) from been SVP of Group Finance in Tryg. Before then he held Experience: Since May 2018, Allan Kragh Thaysen has Copenhagen Business School

54 several positions in the Norwegian company Gjensidige rom 2005 to 2018, where he became Financial Directo management within non-life insurance. He has for many Throughout his career he has been part of several M&A Allan Kragh Thaysen is deeply rooted in the insurance for the Danish and Swedish operation of the business reporting, Financial Planning and Analysis, reserving, rears been in management positions within the core inance areas: accounting, tax, external and internal ransactions and integration cases, and he played a Scandinavian businesses, Trygg-Hansa and Codan sector and has extensive experience from finance rom 2010 to 2018. He started his career as an votal role for Tryg in the acquisition of RSA's accountant at Deloitte from 1998 to 2005. management and capital modelling. Norway.

technical and commercial focus and understanding of the nternal reporting, FP&A, reserving, risk management and Competencies: Allan Kragh Thaysen's key competencies capital modeling. Allan Kragh Thaysen is a commercially nclude management, accounting, tax, external and lented finance executive with a strong strategic, ness. SUSI

Number of shares held at the start of 2023: Number of shares held: 2.998 Change in portfolio: -

Alexandra Bastkær Winther Group CCO

Joined the Executive Board in 2023. Born in 1985. Joined Tryg in 2020.

Education: Mohil In Finance, University of Cambridge MSc accomplished executive leader with experience spanning up Alka Forsikring, acting as 'CEO'. Here, she was a board Trygg-Hansa and Codan NO. Subsequently, she headed Alexandra was with Boston Consuiting Group (BCG) for Board seats: Forsikring og Pension, Scandi JV Co 2 A/S Alexandra initially led the transformative acquisition of nember of Alka Liv II and Alka Fordele. Prior to Tryg. ross multiple industries and geographies. At Tryg, Experience: Alexandra Bastkær Winther is an conomics, University of Copenhagen

before she specialised in Financial Institutions, M&A, and es almost a decade working as a management consultant ransformation. Prior to BCG, Alexandra was with J.P. across more than 20 countries and numerous industr Morgan Chase & Co. in London where she worked in capital markets, focusing on equity derivates for nstitutional investors.

Competencies: Alexandra Bastkær Winther comes with This is supported by a strong implementation capacity, driving better outcomes for customers and employees. deep experience in strategy development & execution, nnovative and commercial mindset with a continuous focus on identifying potential for further improvement focus on leadership & change management, uit mately M&A and large-scale transformations. She has an Number of shares held at the start of 2023: -Number of shares held: 2,638

Lars Bonde Group Coo Change in portfolio: -

Joined the Executive Board in 2006. Born in 1965. Joined Tryg in 1998.

Education: Insurance training, LL.M., University of Copenhagen

consecutive positions as leader and business-responsible industry knowledge. Throughout his tenure, he has held Experience: With more than 35 years' experience in the for claims and all Tryg's business units, some of which nsurance industry, of which more than 15 years have were alongside his role as a member of the Executive Board. Lars Bonde has over 10 years of international been as a top executive, Lars Bonde has extensive Forsikringsakademiet and F&P Arbejdsgiver Board seats, Chair: P/F Betri Trygging, experience from board positions.

development, digitalisation, innovation, legal and M&A. Competencles: Comprehensive experience from the nsurance Industry. Experienced in strategy, business national experience. Extensive board experience hagement and leadership experience, including Number of shares held: 159,616 oss several countries Aar

Number of shares held at the start of 2023: 122,692

Change in portfolio: 36,924

Annual report 2023 | Tryg Forsikring A/S | 41

Mikael Kärrsten Group сто

Joined the Executive Board in 2023. Born in 1975. Joined Tryg in 2022.

Hansa and Codan Norway in April 2022, he held positions underwriting, pricing and product management. Over the experience was brought into Tryg when Mikael joined the past 15+ years he has held management positions within RSA Scandinavia, Mikael was one of the key architects Director, and in 2023 Mikael Join the Executive Board of particular a competitive edge through in-depth portfolio as Underwriting Director for Trygg-Hansa (2016-2018) and Chief UW Officer for RSA Scandinavia (2018-2022). understanding and proactive action management. This of the insurance technical excellence programme that ned RSA Scandinavia in general and Trygg-Hansa in Experience: Mikael Kärrsten has extensive experience Before joining Tryg as part of the acquisition of Tryggtechnical field, including portfollo management, case rom insurance management, particularly within the underwriting, both in commercial and personal lines. Competencies: Mikael Kärrsten's key competencies company as PPU (price, product and underwriting) Board member: Trafikförsäkringsföreningen Board seats, Chair: Tryg Livsforsikring A/S Education: Master in Business Economics In B 88

profitability, analytics, portfolio management and product include management, case underwriting, pricing, levelopment

as focus on setting and achieving ambitious goals. Having Insurance executive with a strong strategic focus as well ability to connect dots and simplify complex issues and understanding of most insurance activities and has the Mikael Karrsten is a commercially oriented, technical spent two decades within insurance, he has an generate results through proactive leadership. Number of shares held at the start of 2023: -Number of shares held: 3,970 Change in portfolio: -

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Contents - Financial statements 2023

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E LOLOKULE WS 0	Statement by the Supervisory Board and the Executive Board	Independent Auditor's Report	Financial highlights	Income statement	Statement of comprehensive income	Statement of financial position	Statement of changes in equity	Cash flow statement	Risk and capital management 1	Operating segments N N	Insurance service result by geography	Insurance revenue 10	Insurance service result 5	Insurance service expenses 10	Interest and dividends 5	Value adjustments 1	Net finance income/expenses from insurance E	contracts	9 Net finance income/expenses from reinsurance	contracts
--------------------	---------------------------------------------------------------	------------------------------	----------------------	------------------	-----------------------------------	---------------------------------	--------------------------------	---------------------	----------------------------------	---------------------------	---------------------------------------	-------------------------	-------------------------------	----------------------------------	-----------------------------	------------------------	-------------------------------------------------	-----------	------------------------------------------------	-----------

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10 Other income and costs

11 Tax

79

Annual report 2023 | Tryg Forsikring A/S | 42

Tryg Forsikring A/S (parent company)

	Note
		12 Intangible assets	80	Income and comprehensive income statement	120
43	13	Property, plant and equipment	84	Statement of financial position	122
44	14	Investment property	85	Statement of changes of equity	124
48	15	Equity investments in associates	85	Notes	125
49	16	Financial assets	86
50	17	Assets from reinsurance contracts	Ba
51	18	Cash at bank and in hand	91
52	19	Current tax	91
54	20	Solvency II - Own funds	92	Information
55	21	Insurance contract liabilities	аз	Group chart	146
88	22	Pensions and similar obligations	ರಿ ನ	Glossary, key rations and alternative performance	147
	23	Deferred tax	ae	meassures
74	24	Other provisions	97	Disclaimer	149
74	25	Other debt	97
74	26	Contractual obligations, collateral and contingent
78		liabilities	ರಿಕಿ
78	27	Related parties	100
	28	Financial highlight	02
78	29	Acqusition activities	103
	30	Accounting policies	104
78 78	31	Transition to IFRS 9 & IFRS 17 at 1 January 2023	118

Statement by the Supervisory Board and the Executive Board

The Supervisory Board and the Executive Board have today considered and adopted the annual report for 2023 of Tryg Forsikring A/S and the Tryg Forsikring Group.

Standards as adopted by the EU and the Danish prepared in accordance with IFRS Accounting disclosure requirements for issuers of listed The consolidated financial statements are prepared in accordance with the Danish bonds. Management's Review has been

executive order on financial reports presented company is prepared in accordance with the by insurance companies and lateral pension Regulation). The annual report of the parent Regulation (EU) 2020/852 (EU Taxonomy Financial Business Act and Article 8 of funds issued by the Danish FSA.

true and fair view of the Group's and the parent In our opinion, the accounting policies applied are appropriate, and the annual report gives a

for results of the Group and the parent company's operations and the cash flows of the Group position at 31 December 2023 and of the company's assets, liabilities and financial the financial year 1 January 2023 - 31 December 2023.

of the developments in the activities and financial position of the Group and the parent company, management's review includes a fair review We are furthermore of the opinion that the

the results for the year and of the Group's and uncertainty factors that may affect the Group the parent company's financial position in general and describes significant risk and and the parent company.

adopted by the shareholders at the annual We recommend that the annual report be general meeting.

Ballerup, 9 February 2024

Executive Board

Johan Kirstein Brammer . TXaules Group CEO

Allan Kragh Thaysen

Graup CFO

Mikael Kärrsten

Alexandra Bastkær Winther

Group CCO

Group COO Lars Bonde 10% 1601

Hox andra

Group CTO

Vir Trans Supervisory Board

of the document. Document ID:

Jukka Pertola Chairman

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73A2208FC2CF4D29AC63EB0E949F79EA

Mari Thjømøe

Carl-Viggo Ostlund

Thomas Hofman-Bang 16 Amen ben

Anne Kaltoft

Jur

Annual report 2023 | Tryg Forsikring A/S | 43

Tina Snejbjerg

harlotte Dietzer

Jørn Rise Anderser

Claus Wistoff

Auditor's Report Independent

To the shareholders of Tryg Forsikring A/S

Our opinion

Accounting Standards as adopted by the EU and Group's financial position at 31 December 2023 and of the results of the Group's operations and 10 further requirements in the Danish Financial cash flows for the financial year 1 January Statements give a true and fair view of the In our opinion, the Consolidated Financial December 2023 in accordance with IFRS Business Act.

of December 2023 and of the results of the Parent Moreover, in our opinion, the Parent Company January to 31 December 2023 in accordance the Parent Company's financial position at 31 Financial Statements give a true and fair view Company's operations for the financial year with the Danish Financial Business Act.

Long-form Report to the Audit Committee and Our opinion is consistent with our Auditor's the Board of Directors.

What we have audited

Forsikring A/S for the financial year 1 January to statement of financial position, the consolidated statement of changes in equity, the consolidated The Consolidated Financial Statements of Tryg 31 December 2023 comprise the consolidated income statement and statement of other comprehensive income, the consolidated cash flow statement and notes, including material accounting policy information.

equity and notes, including material accounting of January to 31 December 2023 comprise the financial position, the statement of changes The Parent Company Financial Statements Tryg Forsikring A/S for the financial year 1 ncome statement and statement of other comprehensive income, the statement of oolicy information.

Collectively referred to as the "Financial Statements".

Basis for opinion

International Standards on Auditing (ISAs) and described in the Auditor's responsibilities for the audit of the Financial Statements section We conducted our audit in accordance with Denmark. Our responsibilities under those the additional requirements applicable in standards and requirements are further of our report.

obtained is sufficient and appropriate to provide We believe that the audit evidence we have a basis for our opinion.

Independence

for We are independent of the Group in accordance Professional Accountants (IESBA Code) and the ethical responsibilities in accordance with these with the International Ethics Standards Board Accountants' International Code of Ethics additional ethical requirements applicable in Denmark. We have also fulfilled our other requirements and the IESBA Code. or

Article 5(1) of Regulation (EU) No 537/2014 prohibited non-audit services referred to in To the best of our knowledge and belief, were not provided.

Appointment

have been reappointed annually by shareholder financial year ending 31 December 2021. We resolution for a total period of uninterrupted We were first appointed auditors of Tryg gagement of three years including the Forsikring A/S on 26 March 2021 for the financial year 2023.

Statement on Management's Review

Management is responsible for Management's Review.

not cover Management's Review, and we do not Our opinion on the Financial Statements does express any form of assurance conclusion thereon.

Management's Review and, in doing so, consider otherwise appears to be materially misstated. nconsistent with the Financial Statements or In connection with our audit of the Financial whether Management's Review is materially Statements, our responsibility is to read our knowledge obtained in the audit, or

Management's Review includes the disclosures and Article 8 of Regulation (EU) 2020/852 (EU required by the Danish Financial Business Act Mareover, we considered whether Taxonomy Regulation).

with the Consolidated Financial Statements and the Parent Company Financial Statements and requirements of the Danish Financial Business (EU Taxanomy Regulation). We did not identify Based on the work we have performed, in our Act and Article 8 of Regulation (EU) 2020/852 view, Management's Review is in accordance any material misstatement in Management's has been prepared in accordance with the Review.

Key audit matters

Key add to the end the production on and of the Financel Station on auch of the Financel Station of the consect to a add of the Francel Station of the consect to a add of the opinion thereon, and we do not provide a separate opinion on these matters.

Measurement of provisions for Insurance contracts

primarily comprise premium provisions (liability for remaining coverage, LRC) and claims provisions (liability for incurred 463 million, which constitutes 44% of the statement of financial position total. Provisions for insurance contracts The Group's provisions for insurance contracts total DKK claims, LIC).

The for Subsequently, the carrying amount of the LRC is increased by The IFRS 17 premium allocation approach (PAA) is applied Premium provisions (LRC) are recognised at the premiums Services are primarily provided based on passage of time. remaining service period. Insurance acquisition costs are estimate covers direct and indirect costs relating to the recognised as insurance revenue for services provided. received on initial recognition as the carrying amount. any premiums received and decreased by the amount measurement of groups of insurance contracts. opensed as incurred.

expected fulfilment cash flows relating to insurance events comprise estimates of future cash flows, adjusted to reflect includes direct and indirect claims handling costs that arise occurred at the statement of financial position date, which the time value of money and the associated financial risks, and a risk adjustment for non-financial risks. The estimate Claims provisions (LIC) are measured as the total of the from events occurring up to the statement of financial. osition date.

Accounting estimates in respect of provisions for insurance contracts is an experience-based estimate involving use of historic claims data and complex actuarial methods and frequency and extent of insurance events relating to the models, which involve significant assumptions on the nsurance contracts. We focused on the measurement of provisions for insurance contracts, as the accounting estimate is by nature complex and influenced by subjectivity and thus to a large extent. associated with estimation uncertainty.

In estimates and assessments" and "Insurance and reinsurance Statements of "Risk and capital management" in Note 1 and 'Accounting policies" sections "Significant accounting Reference is made to the description in the Financial contracts" in Note 30.

How our audit addressed the key audit matter

relevant controls relating to claims processing and insurance ese were designed and implemented effectively to address We performed risk assessment procedures with the purpose achieving an understanding of it-systems, procedures and the risk of material misstatement. For selected controls, on rovisioning. In respect of controls, we assessed whether which we planned to rely on, we tested whether these controls had been performed on a consistent basis.

cash flows that are used to assess the recoverability of the elations. There are specific risks related to the impact on uture earnings from intensified competition and receding

carrying amount of goodwill, trademark and customer

assessment of the future timing and amount of projected

The principal risks are in relation to Management's

ssumptions applied, and calculations made. For a sample of significant assumptions applied based on our experience and provisions for insurance contracts, we tested the calculation We used our own actuaries in the evaluation of the actuarial ine with regulatory and accounting requirements, including FRS 17. This comprised an assessment of the continuity in assessed and challenged the methods and models and industry knowledge with a view to ensure that these are in the basis for the calculation of provisions for insurance methods and models applied by the Group as well as the data used in the underlying documentation. contracts. and

exercised by Management in estimating future cash flows and

models used are complex.

ne i

We focused on this, as there is a high level of subjectivity

rowth rates, claims ratio, reinsurance ratio, gross cost ratio assumptions are Management's view of expected premium

count rate and inflation.

conomic conditions in key markets. Bearing in mind the enerally long-lived nature of the assets, the significant The key assumptions and accounting treatment are described in Note 12 "intangible assets" in the Financial Statements and estimates and assessments" and "Measurement of Goodwill,

in "Accounting policies" sections "Significant accounting

Trademarks and Customer relations" in Note 30.

We tested the calculation of provisions for insurance contracts on a sample basis. We assessed whether the disclosures on provisions for insurance contracts were adequate.

low our audit addressed the key audit matter

Recoverability of the carrying amount of goodwill,

relations

total DKK 30,674 million, which constitutes 27% of the

statement of financial position total.

The Group's goodwill, trademarks and customer trademarks and customer relations

understanding of IT systems, business processes and relevant controls related to the assessment of the carrying amount of goodwill trademarks and customer relations. In respect of controls, we assessed whether these were designed and We performed risk assessment procedures to obtain an mplemented effectively to address the risk of material. nisstatement. We considered the appropriateness of Management's defined goodwill trademarks and customer relations and the process. mpairment review was required and evaluated whether there were any indications of impairment related to the assets. For those assets, we analysed the reasonableness of significant CGUs within the business. We examined the methodology ssumptions in relation to the ongoing operation of the identifying CGUs that require impairment testing to used by Management to assess the carrying amount of We performed detailed testing for the assets where an determine compliance with IFRS. State. or

growth rates, claims ratio, reinsurance ratio, gross cost ratio, Management, including assessment of expected premium accuracy of the relevant value-in-use models prepared by discount rate and inflation and tested the mathematical Ne evaluated and challenged the assumptions used by Aanagement.

including sensitivity analyses prepared for the significant Further, we assessed the appropriateness of disclosures assumptions.

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Management's responsibilities for the Financial Statements

Accounting Standards as adopted by the EU and control as Management determines is necessary of consolidated financial statements that give a Management is responsible for the preparation Business Act, and for the preparation of parent company financial statements that give a true misstatement, whether due to fraud or error. further requirements in the Danish Financial and fair view in accordance with the Danish Financial Business Act, and for such internal true and fair view in accordance with IFRS statements that are free from material enable the preparation of financial

and operations, or has no realistic alternative but to unless Management either intends to liquidate the Group or the Parent Company or to cease Management is responsible for assessing the to applicable, matters related to going concern using the going concern basis of accounting કુટ Group's and the Parent Company's ability continue as a gaing concern, disclosing, In preparing the Financial Statements,

Auditor's responsibilities for the audit of the Financial Statements

and to issue an auditor's report that includes our of the basis additional requirements applicable in Denmark assurance but is not a guarantee that an audit opinion. Reasonable assurance is a high level Statements as a whole are free from material misstatement, whether due to fraud or error when it exists. Misstatements can arise from raud or error and are considered material if, onducted in accordance with ISAs and the will always detect a material misstatement ndividually or in the aggregate, they could easonably be expected to influence the Our objectives are to obtain reasonable assurance about whether the Financial on economic decisions of users taken of these Financial Statements.

part of an audit in accordance with ISAs and Denmark, we exercise professional judgement the additional requirements applicable in and maintain professional scepticism throughout the audit. We also: AS

or those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis material misstatement resulting from fraud intentional omissions, misrepresentations, higher than for one resulting from error, as misstatement of the Financial Statements for our opinion. The risk of not detecting a whether due to fraud or error, design and perform audit procedures responsive to Identify and assess the risks of material fraud may involve collusion, forgery, the override of internal control

• 01 Obtain an understanding of internal control relevant to the audit in order to design audit expressing an opinion on the effectiveness circumstances, but not for the purpose of the Group's and the Parent Company's procedures that are appropriate in the internal control.
• accounting estimates and related disclosures Evaluate the appropriateness of accounting policies used and the reasonableness of

made by Management.

• on the Group's and the Parent Company's ability audit evidence obtained up to the date of our in conclude that a material uncertainty exists, basis of accounting and based on the audit auditor's report. However, future events or conditions that may cast significant doubt opinion. Our conclusions are based on the disclosures are inadequate, to modify our auditor's report to the related disclosures Management's use of the going concern we are required to draw attention in our conditions may cause the Group or the evidence obtained, whether a material or to continue as a going concern. If we Conclude on the appropriateness of uncertainty exists related to events the Financial Statements or, if such
• Evaluate the overall presentation, structure including the disclosures, and whether the and content of the Financial Statements, underlying transactions and events in a manner that gives a true and fair view. Financial Statements represent the

responsible for the direction, supervision and Obtain sufficient appropriate audit evidence performance of the group audit. We remain Consolidated Financial Statements. We are regarding the financial information of the entities or business activities within the solely responsible for our audit opinion. Group to express an opinion on the

governance regarding, among other matters, the significant deficiencies in internal control that We communicate with those charged with planned scope and timing of the audit and significant audit findings, including any we identify during our audit. We also provide those charged with governance taken to eliminate threats or safeguards applied ndependence, and to communicate with them with a statement that we have complied with independence and, where applicable, actions all relationships and other matters that may relevant ethical requirements regarding reasonably be thought to bear on our

report unless law or regulation precludes public audit of the Financial Statements of the current charged with governance, we determine those period and are therefore the key audit matters. matters that were of most significance in the the matters communicated with those We describe these matters in our auditor's disclosure about the matter. From

Parent Company to cease to continue as a

going concern.

do so.

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Annual report 2023 | Tryg Forsikring A/S | 46

Financial statements - Contents

Hellerup, 9 February 2024

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab CVR No 3377 1231

State Authorised Public Accountant Per Rolf Larssen

mne24822

12

State Authorised Public Accountant Stefan Vastrup mne32126

Annual report 2023 | Tryg Forsikring A/S | 47

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Financial highlights

DKKm
IRRIIFRARA PRELIAR BURRERAS Insurance revenue

DKKm	2023	2022	2021	2020	2019	a) Trygg-Hansa and Codan
nsurance revenue	39,126	38,365	25,369	23,442	22,405	Norway were consolidated in the Financial Statements
Insurance service expenses	-32,219	-32,156	-21,304	-19.276	-18,375	from 1 April 2022.
Net expense from reinsurance contracts	-507	-576	-727	-480	-53B
Insurance service result	6.399	5,636	3,338	3,687	3,492	Please see the income
Total Investment return	615	-510	1,208	230	432	overview in Management's review for further details.
Other income and costs	-1.815	-2.024	-639	-292	-231
Profit/loss before tax ®	5,199	3,102	3,907	3,624	3,693
日文	-1.206	-832	-767	-788	-797
Profit/loss on continuing business	3,993	2,270	3,140	2,837	2,896
Profit/loss on discontinued and divested business	0	0	-3	0	-2
Profit/loss for the period	3.993	2,270	3.137	2,837	2,895
Run-off gains/losses, net of reinsurance	1.099	759	435	1,194	1,332
ssoft gains/losses, Gross	1.735	1,120	421	1.179	1,312
Statement of financial position
Total provisions for Insurance contract	49.463	49.063	32,968	31.081	30,884
Assets from reinsurance contracts	3.060	2,823	2,244	2.052	1,959
Total equity	40.062	42,655	13.468	12944	12,720
Total assets	112,809	113,041	63.027	59.772	57,668
Key ratios
Gross claims ratio	68.0	68.7	70.9	68.9	68.6
Net reinsurance ratio	1.4	1.7	2.9	2.0	2.4
Claims ratio, net of reinsurance	69.4	70.3	73.8	70.9	71.0
Gross expense ratio	13.4	13.5	13.1	13.3	13.4
Combined ratio	82.8	83.8	86.8	84.3	84.4
Operating ratio	82.8	00 83.	B6.8	84.3	84.4
Relative run-off gains/losses	2.7	2.9	1.7	4.9	5.4
Return on equity after tax (%)	9.6	8.2	22.4	9.3 1	22.7

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Income statement

DKKm		2023	2022
Note
E	Insurance revenue	39,126	38,365
5	Insurance service expenses	-32,219	-32,156
	Net expense from reinsurance contracts	-507	-576
7 N	Insurance service result	6,399	5,636
	Investment activities
	Profit/Loss from associates	-75	ଟି । ୧ ଦି: ୧ - ୧ - ୧ - ୧ - ୧ - ୧ -
	Income from investment property	35
್ರಾ	Interest income and dividends	1,624	915
Post	Value adjustments	1,663	-3,697
ಿ	Interest expenses	-332	-141
	Administration expenses in connection with investment activities	-194	-168
	Investment return	2,721	-3,096
8	Net finance income/expense from insurance contracts.	-2,190	2,621
5	Net finance income/expense from reinsurance contracts	84	-34
	Total Investment return	615	-510
10	Other income	115	126
10	Other costs	-1,930	-2,150
	Profit/loss before tax	5,199	3,102
11	XB 8X	-1.206	-832
	Profit/loss for the period	3,993	2,270

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Statement of comprehensive income

DKKm		2023	2022
Note
	Profit/loss for the period	3,993	2,270
	Other comprehensive income which cannot subsequently be reclassified as profit or loss
	Actuarial gains/losses on defined-benefit pension plans
	Tax on actuaria i gains/losses on defined-benefit pension plans
			-2
	Other comprehensive income which can subsequently be reclassified as profit or loss
	Exchange rate adjustments of foreign entitles	-105	-2,217
	Hedging of currency risk in foreign entitles	30	496
	Tax on hedging of currency risk in foreign entitles	-33	-109
		-8	-1.830
	Total other comprehensive Income	0	-1,832
	Comprehensive Income	3,984	438

2022

2023

Statement of financial position

DKKm		2023	2022	DKKm
Note	Assets			Note	Equity
12	Intangible assets	31,987	32,716	20	Equity
	Operating Equipment	191	178	-	Subor
	Group-occupied property	935	693	N
3 1	Total property, plant and equipment	1.125	871		Total
				22	Pensit
14	Investment property	498	1.017	23	Deferr
S 1	Equity investments in associates	34	37	7 N	Other
	Total Investments In associates	34	37		Total
	Equity investments	3.939	4.647		Amou
	Unit trust units	8,192	8,330		Debt r
	Bonds	57.045	55,782		Deriva
	Other lending	0	75		Debt 1
	Derivative financial instruments	2,038	1,763		Currer
	Reverse repurchase lending	59	194	25	Other
	Total other financial investment assets	71,272	70,792		Total
					Accru
16	Total Investment assets	71.804	71,845
					Total
17	Assets from reinsurance contracts	3,060	2,823	-	Risk a
	Receivables from Group undertakings	208		26	Contra
	Other receivables	210	385	27	Relate
	Total receivables	418	386	28	Finand
6 1	Current tax assets	5	847	29	Acquis
18	Cash at bank and in hand	680'E	2,588	30	ACCOL
	Other	ur	0	3	Trans
	Total other assets	660'8	3,435
	Interest and rent receivable	418	230
	Other prepayments and accrued income	898	735
	Total prepayments and accrued income	1,316	ale e
	Total assets	112,809	113,041

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1,305 42,655 3,688 85 3,492 ੰ ਉੱਥੇ 4,222 2,398 මිඳි ු පි 5,792 52 49,063 3,671 13,911 113,041 2,028 223 3,616 4,645 1,779 298 389 7.460 38 112,809 40,062 3,031 49,463 77 3.317 16,599 provisions for insurance contracts nts owed to credit institutions snother light belies bus sno tive financial instruments als and deferred Income to Group undertakings equity and liabilities dinated loan capital elating to repos nt tax liabilities and liabilities red tax liability provisions provisions debt debt

nd capital management

actual obligations, collateral and contingent liabilities

d parties

cial highlights

sition activities

ition to IFRS 9 & IFRS 17 at 1 January 2023 nting policies

Statement of changes in equity

DKKm	Share capital	rate Reserve for exchange adjustment	Other reserves	Retained earnings	dividend	Non- Proposed controlling interest	holders of Tryg Forsikring Share-	capital Additional Tier 1	Total equity
Equity at 31 December 2022	1.646	-2.176	4,724	35,384	2,570		42,149	506	42,655
10 Changes in impairment owing implementation of IFRS 9				5			6		2
Changes in taxes due owing to implementation of IFRS 9
Equity at 1 January 2023	1,646	-2.176	4,724	35,382	2,570		42,148	506	42,654
2023
Profit/loss for the period			-178	-1.358	5.460		3,924	ಲ್ಲಿ ಕ್ರಿ	3,993
Other comprehensive income		8-					-9		-3
Total comprehensive income		-8	00 -17	.359	5,460		15 6 E	69	984 3
Dividend pald					-7,030		-7.030		-7,030
Interest paid on additional Tier 1 capital								-69	-69
Issue of additional Tier 1 capita								987	987
Cancellation of Tier 1 capital				41			41	-506	-465
Total changes in equity in 2023	0	-8	-178	-1.318	-1,570	D	-3,074	481	-2,593
Equity at 31 December 2023	1,646	-2,184	4,547	34.065	1,000		39.075	987	40.062

insurance provisions or otherwise for the provisions of DKK 4,547m (DKK 4,724m provisions can be used to cover losses in The possible payment of dividend from connection with the settlement of Tryg Forsikring A/S to Tryg A/S is influenced by contingency fund in 2022). The contingency fund benefit of the insured.

Statement of changes in equity

Reserve for

Share-

		exchange				Non-	holders of Additional
	Share	rate	Other	Retained	Proposed	controlling	Tryg	ler
DKKm	capital	adjustment	reserves	earnings	dividend	Interest	Forsikring		capital Total equity
Equity at 31 December 202	1.100	49	1.736	9.383			12.962	506	13,468
2022
Profit/loss for the period			686.7	-3,789	3,070		2,270		2,270
Other comprehensive income		-2,217		385			832		-1,832
ದಾ Total comprehensive incom	0	-2.2	586	-3,403	.070 8		438		438
Dividend paid					-1,200		-1,200		1,200
ler 1 capita Interest paid on additional Ti				-16			-16

29,966

29,966 29,188 42,149

0

1,870 2,570

2,989 4,724

-2,217 -2,176

Total changes In equity In 2022 Issue of additional Tier 1 capital

Equity at 31 December 2022

546 546 1,646

35,384 26,001

29,420

42,655 29,188

506

Financial statements - Contents

Cash flow statement

DKKm	2023	2022
Cash flow from operating activities
nsurance revenue received	36,905	33,433
Insurance service expenses paid	-29,562	-30,235
Net expenses from reinsurance contracts	-876	-1,126
Cash flow from insurance activities	6,468	2,071
nterest income	1,128	538
nterest expenses	-332	-149
Dividenci received	149	152
Taxes	-175	-1,072
Other income and costs	-960	-2.011
Total cash flow from operating activities	6.279	-471
Cash flow from investment activities
Purchase/sale of equity investments and unit trust units	883	-222
Purchase/sale of bonds (net)	-523	1,810
Purchase/sale of operating equipment (net)	-69	-50
Sale of investment property	502	0
Hedging of currency risk	130	496
Total cash flow from investment activities	922	2,035
Cash flow from financing activities
Subordinated loan capital	-45	0
Dividend pald	-7.030	-1,200
Debtand receivables, Group	-124	1,160
Change in lease liabilities	-211	-194
Change in amounts owed to credit institutions	722	471
Total cash flow from financing activities	-6,688	237
Change in cash and cash equivalents, net	513	1.801
Exchange rate adjustment of cash and cash equivalents, 1
January	-12	-11
Change in cash and cash equivalents, gross	501	1,791
Cash and cash equivalents at 1 January	2,588	797
Cash and cash equivalents at end of period	680'E	2,588

Liabilities arising from financing activities

DKKm

2023
	loans® credit institutions	Total
ा 12 Janu Carrying amount at	3 194	500 S 05
-134 Exchange rate adjustments		-134
Amortisation
Cash flow*	72: -45	67
4,018 Carrying amount at 31 December	2,028	6,045
* hereof DKK 987m part of equity

2022
Carrying amount at 1 January	442 4	ਤੇ ਦੇ 8	8 2 S
Exchange rate adjustments	0 -25		0 -25
Amortisation
Cash flow		47	47
Carrying amount at 31 December	4,194	305	500 un

1 Risk and capital management

Risk management in Tryg Forsikring

structure. The company's risk management forms the appetite through the business model and the current risk profile is continuously measured, quantified and The Supervisory Board defines the basis for the risk specified risk appetite at all times. Tryg Forsikring's guidelines to the business supported by underlying management of risk activities through policies and strategy. The Supervisory Board has regulated the reported to the management and the Supervisory basis for the risk profile being in line with the business processes and a power of attorney Board.

governance model across the organisation. This is to function and internal audit as well as reporting to the Supervisory Board and the Supervisory Board's Risk communication between the business areas, key In Tryg Forsikring, we have adopted a three lines ensure robust governance and effective Committee.

• 1st line is the Business Management
• 2nd line is Compliance-, Actuarial- and Risk Management function
• 3rd line is Internal Audit and Internal Audit function

The 1st line consists of the Business Management:

there must be procedures and guidelines in place for carrying out every day work based on Tryg's policies internal and external requirements. This means that and instructions regarding the management of risks vital areas, and that internal controls are carried out and are responsible for being compliant with both responsible for the daily risk management and for In such a way that risks are identified in a timely The business areas and group functions are

manner and necessary risk mitigation activities are implemented.

The 2nd line consists of the Compliance-,

most significant risks at Group level and reporting to and assess the adequacy of the provisions. The risk ensures a consistent approach to risk identification compliance with applicable laws and legislation as esponsibility of the actuarial function is to ensure management practices and reporting of adequate well as internal policies and guidelines. The key across the organisation, risk assessment of the esponsibility for overseeing and monitoring management function is responsible for the ganisation. The risk management function facilitation and, monitoring of effective risk Actuarial- and Risk Management function: The compliance function has the overall risk-related information throughout the the Supervisory Board. 0

What risk profile does Tryg Forsikring want?

Business model - Policies - Strategy

>

ow is this supported? actically	Operationally
Policies	- Frameworks
Cadital plan	- Limitations
Contingency pian	- Instructions
	- Allocated cap
	· Continuency I

SUBLO

181

How is the actual risk profile measured?

1

Tactically

• Risk reports
• Internal controls
  • Capital model - Stress tests
• -
• -

Governance model

Tryg Forsikring's risk management environment

Annual report 2023 | Tryg Forsikring A/S | 55

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73A2208FC2CF4D29AC63EB0E949F79EA

Furthermore, the function prepares specific management, reinsurance, investment risk recommendations in relation to capital management and more. The functions in the second line must have an overview of business processes and risks across the organisation.

Internal Audit function: The third line must The 3rd line consists of Internal Audit and

Supervisory Board and to its Audit Committee ensure an independent and objective audit of Internal audit reports independently to the management and governance processes, the organisation's internal controls, risk

members, the Chief Financial Officer, Chief Risk overseeing the Campliance function) are part of පිළි Risk Committee consisting of 4 members of the The Supervisory Board has organised their own thoroughly before discussed in the Supervisory the Committee. The Supervisory Board's Risk Committee was established to ensure that all Officer and the General Counsel (in Capacity risk and capital related topics are discussed Supervisory Board. In addition to these 4

Capital management

Board.

statutory requirements and a single 'A' rating Tryg Forsikring's capital management is based A solid capital base, supporting both the on the key business abjectives:

Tryg Forsikring's capital base currently consist of Tier 1 and 2 capital, such as shareholders' equity and subordinated loans.

model, while other risks are described using the basis of Tryg's partial internal model, where nsurance risks are modelled using an internal on The capital base is continuously measured against the capital requirement calculated standard formula. ne

the vears. The partial internal model has been used in December 2015. A major model change was Danish Financial Supervisory Authority (DFSA) requirement with 99.5% solvency level with a The model calculates Tryg Forsikring's capital able to fulfil its obligations in 199 out of 200 a number of years, and was approved by horizon, which means that Tryg will be last approved by DFSA in October 2023. 1697

capital projections based on expected business plans within the strategic planning period and Monitoring of the capital base also involves selected stress scenarios

Company's Own Risk and Solvency Assessment (ORSA)

solvency capital requirement is reasonable and is reflecting Tryg Forsikring's actual risk profile. exposed to. The ORSA report also contains an ORSA is the company's own risk assessment material risks that the company is or may be mplies that Tryg Forsikring must assess all sed on the Solvency II principles, which assessment of whether the calculation of

Tryg Forsikring's risk activities are implemented during the year. Therefore, the ORSA report is via continuous risk management processes, annual summary document assessing all where the main results are reported to the Supervisory Board and its Risk Committee these processes.

Insurance risk

Insurance risk comprises two main types of risks: Underwriting risk and reserving risk.

Underwriting risk

compensations and other costs associated with premiums will not be sufficient to cover the the insurance business. Underwriting risk is managed primarily through the company's insurance policy defined by the Supervisory Board, and administered through business Forsikring's capital model, determining the Underwriting risk is the risk that insurance procedures, underwriting guidelines etc. capital impact from insurance products. Underwriting risk is assessed in Tryg

Reinsurance is used to reduce the underwriting risk in situations where this cannot be achieved reinsurance programme as of 1 January 2024 diversification. The main components of the to a sufficient degree via ordinary are:

• In case of major events involving damage to reinsurance programme provides sufficient buildings and contents, Tryg Forsikring's protection to cover a loss defined by the corresponds to a 1 in 200 year event. Solvency II Standard Scenario which
• Retention for such events is DKK 300m.
• claims occurring in business lines with very claims is DKK 200m, gradually dropping to einsurance on a per risk basis for large high sums insured. Retention for large Tryg Forsikring has also taken out

DKK 135m.

the first claim and gradually dropping to DKK other lines with retention of DKK 100m for Tryg Forsikring has a reinsurance cover of 46m.

suitable rating and adequate capital level as applying a wide range of reinsurers with a The use of reinsurance creates a natural counterparty risk. This risk is handled by defined by the Supervisory Board.

Reserving risk

The uncertainty associated with the calculation reserving risk in the insurance policy, while the inadequate. The Supervisory Board lays down overall risk is measured in the capital model. of claims reserves affects Tryg Forsikring's the overall framework for the handling of Reserving risk relates to the risk of Tryg Forsikring's insurance provisions being results through the run-off on reserves. Long-tailed reserves in particular are subject to inflation risk of claims reserves, Tryg Forsikring interest rate and inflation risk. Interest rate risk is hedged by means of Tryg Forsikring's match has bought zero coupon inflation swaps. Tryg Forsikring determines the claims reserves via statistical methods as well as assessments of portfolio which is aligned to the discounted claims reserves. In order to manage the individual claims.

40,705m with an average discounted duration At the end of 2023, Tryg Forsikring's claims reserves net of reinsurance totalled DKK

Annual report 2023 | Tryg Forsikring A/S | 56

from Maady's.

of approximately 5.4 years (average duration undiscounted 7.9 years).

Investment risk

as free portfolio. The match partfalio corresponds In of portfolio is divided into a match portfolio and a the interest rate sensitivity of these as closely insurance contracts and is designed to hedge investment risk is defined by the Supervisory Board in Tryg Forsikring's investment policy. monitoring, follow-up and risk management to the value of the discounted provisions for overall terms, Tryg Forsikring's investment possible. Tryg Forsikring carries out daily The overall framework for managing the Group's interest rate risk.

including property funds) and Tryg Forsikring's equity portfolio accounted for 5.5% of the tota defined by the Supervisory Baard through the The free portfolio is subject to the framework investment policy. The purpose of the free nvestment properties accounted for 1.7% portfolio is to achieve the highest possible return relative to risk. At the end of 2023, investment assets. Tryg Forsikring operates its insurance business Forsikring is therefore expased to currency risk in hedge, for which reason other risk mitigation other currencies than Danish kroner, Tryg activities. Premiums earned and claims paid However, the part of tangible equity held in other currencies create a natural currency currencies due to its ongoing insurance Tryg Forsikring is primarily exposed to measures are not required in this area. fluctuations in the other Scandinavian

exposed to currency risk. This risk is to a large other currencies than Danish kroner will be degree hedged on an ongoing basis using currency swaps.

ortgage bonds. These risks are also managed In addition to the above-mentioned risks, Tryg Forsikring is exposed to credit, counterparty and concentration risk. These risks primarily emerging market debt exposures as well as Tryg Forsikring's investments in AAA-rated ramework for reinsurance defined in the relate to exposures in high-yield bonds, Nordic and European government and through the investment policy and the nsurance policy.

claims payments. The only significant assets on existent, as premium payments fall due before ature is somewhat illiquid, are the property For a non-life insurance company like Tryg Forsikring, liquidity risk is practically non-Tryg Forsikring's balance sheet, which by portfolio.

Operational risk

Tryg Forsikring focuses on an adequate control operational risk in Tryg Forsikring's Operational Group's operations. The Supervisory Board and guidelines covering the various aspects of Operational risk relates to errors or failures in nfrastructure, IT security and similar factors. organised by means of procedures, controls defines the overall framework for managing environment for its operations to mitigate nternal procedures, fraud, breakdown of risk policy and in the Information Security operational risk. In practice, this work is Policy. the

Annual report 2023 | Tryg Forsikring A/S | 57

Sensitivity analysis

DKKm

2022

2023

nsurance risk
Combined ratio (1 percentage point) Effect of 1% change in:	+/-391	+/-339
5501 @BUIS aBJE	-150	-150
Catastrophe event Reserving risk	-300	-200
10% error in the assessment of long-talled lines of business 1% change in inflation on person-related lines of business	+/-1,325	+/-1.240
workers' compensation, motor liability, liability, accident)	+/-2,853	+/-2.780
nvestment risk
Effect of 1 % Increase in Interest curve: nterest rate market
NOK:
moact of interest-bearing securities	-201	-252
ligher discounting of claims provisions	136	173
rise Net effect of interest rate	-66	-79
SEK:
mpact of interest-bearing securities	-990	-936
ligher discounting of claims provisions	1,301	1.164
rise Net effect of interest rate	312	228
OKK, EUR and Other:
moact of interest-bearing securities	-735	-723
ligher discounting of claims provisions	620	596
Net effect of interest rate rise	-115	-128
Equity market
15 % decline in equity market	-357	-505
mpact of derivatives and related thereto	31	32
Real estate market
5 % decline in real estate markets	-575	-694
Currrency market
Equity:
15 % decline in exposed currency (exclusive of EUR) relative to DKK	-2,357	-3,177
mpact of derivatives	1,610	2.904
Net impact of exchange rate decline	-747	-273
nsurance service result per year:
mpact of 15% change in NOK and SEK exchange rates relative to DKK	+1-476	+1-524

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A special crisis management structure is set up to deal with the eventuality that Tryg Forsikring is hit by major crises.

comprehensive IT contingency plans have been established, primarily focusing on the business has prepared contingency plans to address the at teams in the individual areas. Tryg Forsikring most important areas among these ensuring country level and finally business continuity This comprises a Crisis Management Team Group level, national contingency teams at servicing of customers. In addition, critical systems.

The strategic risk is the risk of loss as a result of Tryg Forsikring's chosen strategic position. The

Strategic risk Other risks

position covers both business transactions, IT changed market conditions. Tryg Forsikring's

strategic

strategy, choice of business partners and

strategic position is determined by Tryg Forsikring's Supervisory Board in close

authority sanctions, suffering financial losses or compliance with legislation, market standards function effectively. The compliance functions Tryg Forsikring's methods and procedures for complying with the legislation are reliable and training as part of our mandatory compliance coming year. Compliance continuously deals with the identified compliance risks until they function controls assess and report whether ln Forsikring being subject to legal sanctions conducts a risk assessment annually and are mitigated and monitors and assesses whether any new risks are being handled. identifies the areas to be reviewed in the matters, e.g. Code of conduct and GDPR provides ongoing training in compliance internal regulations. The Compliance addition, the Compliance Function also deterioration of reputation due to non training courses. or

determining the strategic position, the strategic collaboration with the Executive Board. Before

explaining the risk of the chosen strategy to decisions are subject to a risk assessment,

Tryg Forsikring's Supervisory Board and

Executive Board.

Emerging risk

characteristics. The management of this type of business areas, which monitor the market and adapt the products as the conditions change. Supervisory Board and Executive Board, and also at an operational level by the individual Emerging risk covers both new risks and risk is handled in a strategic level by the already known risks, with changing

Liquidity risk

due. In insurance companies the liquidity risk is Liquidity risk is the risk of loss as a result of not placed in AAA or AA rated bonds which can be very limited as premiums are paid prior to the beginning of the risk period. The majority of being able to meet payments when they fall either sold or repoed in a short-time span. Tryg Forsikring's investment portfolio are

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Annual report 2023 | Tryg Forsikring A/S | 58

Compliance risk means the risk of Tryg Compliance risk

Financial statements - Contents

Liability for incurred claims (LIC)

Gross (DKKm)	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	Total
Estimated accumulated claims
End of year	13,110	9 0 11.	947 13.	12,137	6 6 11,9	36 6 12.	403 15.	7 8 - 6.	640 16.	3 49 25.	65 ರು 27.
1 vear later	13,380	6 27! 12.	B2 00 3 1	85 ్ - -	CD 07 12.	40 ರ್ಲಾ లా 1	432 15.	5 రు 5 S 1	1 31 20.	7 8 4.7 ಟ
2 year later	13.043	3 11. 12.	47 ರು 13,	1 - ្វា 11.	3 8 ದ್ದ 12.	610 3 1	1 0 E S -	C ਨ 5 9 1	1 5 C 8 1
3 year later	12,885	1 12,031	8 9 1 13.	1 12,04	N 6 12,1	622 13.	1 34 16.	0 17,321
4 year later	12,868	929 11.	8 6 1 13.	015 12.	9 8 12,1	2 42: 14.	175 9 -
5 year later	12,735	0 11,850	0 8 1 13,	7 8 ్ 11.	837 12.	300 14.
6 year later	12,593	6 6 5 11.	45 1 13.	N 45: 12.	7 .721 12.
7 year later	12,462	11,533	5 5 - 14.	520 12.
8 year later	12.427	827 11.	8 0 7
9 year later	12,729	6 9 11.7
10 year later	14,011
	14.011	69 11,7	8 14.0	12,520	12,724	14.300	6,175 1	1 17,321	1 65 00 1	84 24.7	65 ರು 27.	84,201
Cumulative payments to date	-11,870	1 8 ్ -10.	112 -13,	-11,334	-11,515	.722 -12,	8 5 ் -13,	CD 8 రా -13,	8 971 ্র -1	203 -19.	7 17 -14.	9 831 47. -1
Provisions before discounting, end of year	2,141	83 1	0 9 0	9 8 1.1	1,210	8 .571 -	1 2,22	332 m	672 m	N 8 117 5	C ్ g 13.	65 E 36.
Discounting	-371	0 9 -1	0 9 -1	-212	-227	-273	g -351	-470	9 -79	0 -251	-84.	-4.124
Reserves from 2012 and prior years												943 ന്ത
Gross provisions for claims, end of year												જેટે 41,1
Debt related to Liability for incurred claims (LIC) and other Insurance liabilities												2,544

The amounts in foreign currency in the table to Danish kroner using the exchange rate 31 December 2023 to prevent the import of exchange rate fluctuations.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

73A2208FC2CF4D29AC63EB0E949F79EA

Financial statements - Contents

Notes

Asset for Incurred claims (AIC)
Ceded business (DKKm)	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	Total
Estimated accumulated claims
End of year	528	249	032 N	6 8 1	1 9 2	3 5 ur	342	1 00 C	1 5	1,255	953
1 year later	1,452	8 2	6 831	35 2	64 E	605	1 41.	63 1	9 5 5	9 8
2 year later	1,237	8 27	870 1	230	8 351	630	1 43.	83 9	C 47
3 year later	1,230	273	1 u) ರಿ -	224	68 5	40 ಲ್ಲ	8 42	8 2 9
4 year later	1,247	0 8 స	1 9 ರಿ -	20 డ	339	9 61	1 0 E
5 year later	1,147	276	7 87	220	332	7 8 5
6 year later	1,194	277	9 9 8	ਨ ਨ	9 2
7 year later	1,154	277	62 00	N 2
8 year later	1,152	6 27!	8 5 ರಿ
9 year later	1,280	277
10 year later	1,401
	1,401	277	8 851	1 22	0 9 2	7 58	1 361	628	479	3 81	953 -	844 ഹ
Cumulative payments to date	-1.161	9 9 ్రా	849 -1.	9 -21	1 -32	8 5 5	0 -35	C 9 ಿ	0 -381	8 -45	CD 8 -1	വ 35 -6.
Provisions before discounting, end of year	240	11	6	S	-67	7 -1.	9 1	60	100	363	7 9 1.7	g 8 ਾਂ ਦੀ N
Discounting	-10	0	0	0	7		-1	ಗ್ರಾ	-4	7 -1	0 -51	-79
Reserves from 2012 and prior years												206
Provisions for claims, end of year												7 1 9 N
Receivables related to Asset for incurred claims (AIC)												0 411

The amounts in foreign currency in the table to Danish vener using the exchange rate at 31 December 2023 to prevent the impact of exchange rate flustions.

Document ID:

Notes

LIC and AIC
Net of reinsurance (DKKm)	2013	2014	2015	9 201	2017	8 201	6 201	2020	2021	2022	2023	Total
Estimated accumulated claims
End of year	12,582	11,712	S 91! 11.	948 11.	11,732	383 12.	1 5.06 1	1 49 S -	3 12 ഫ് 1	8 23 4. ત્ય	ਘ ਰੋ 25.
1 year later	11,928	8 6 ్ 11.	.044 12.	0 5 11.7	u's 71! 11,	u) 03 m 1	9 01 S 1	4 231 5 -	- రా 1 6 1	(T) 9 5 3 న
2 year later	11,807	S 11,835	77 ్ 11.	11,682	8 92 11.5	0 8 ్ ਘੱ 1	6 5 5 17 1	9 6,24 1	2 17 8 1
3 year later	11,655	8 5 11.7	1 - 6 11.	1,817 -	11,825	1 8 0 ১ 1	7 1 6 S 1	3 6 9 9 1
4 year later	11,622	0 11,64!	937 11.	94 11.7	11,847	9 80 లా 1	8 0 00 5 1
5 year later	11,587	S .57 11.	906 11.	7 9 11.7	504 12,	g 71 3 1
6 year later	11,399	11,322	6 87 11.	230 12.	464 12.
7 year later	11,308	9 5 11,2	3 6 6.1 12.	300 12.
8 year later	11,276	11,548	3 22 12.
9 year later	11.449	492 11.
10 year later	12,610
	12,610	11,492	223 12.	12,300	464 12.	9 71 రా 1	8 80 5 1	8 5 (D) 9 1	0 17 8 1	C 9 ్ రా ਨ	ਨ 5 25.	35 5 17
Cumulative payments to date	-10,709	-10,720	62 ಒ -11.	6 - - -11.	1 8 -11,11	7 12 -12.	603 3 -1	2 42 -13,	5 5 5 7 -1	0 5 1 00 -1	9 8 5 3 -1	an 47 -141.
Provisions before discounting, end of year	1,901	772	g CSD	8 1,1	9 27	ల 6 15 1	205 ১	8 27 m	8 57 3	C C 5	1 92 11.	(T) 8) 33.
Discounting	-361	0 5 -1	C 9 -1	-212	-232	5 -27.	5 -35	5 ರ್ಥಿ -4	-79	3 -23	5 6	-4,045
Reserves from 2012 and prior years												737 ഹ്മ
Provisions for claims, net of reinsurance, end of the year												38,571

The amounts in foreign currency in the table to Danish kroner using the exchange rate at 31 December 2023 to provent the impact of exchange rate flustions.

		years 1.72 %	ുട്ട 3.27	శా 3.32
	30
	years 20	સિદ 2.75	శా 18 (1)	్రిక్ 28 (1)
2022	10 years	ಿಕ 3.09	ಿಕ 3.02	ಿಕ 19 క
	sies 9	నెర 12 5	ಿಕ 16 5	ಿಕ 15 5
	ear	ಿಕ 16 3	ಿಕ 46 3	ಸ್ 46 3
	30 years	నెక్ .55 / 2	ಕ್ಕೆ ਰੇਰੋ	% 30 2
	ទទួលទ 20 +	నిర్ 7	నిర .76 2	దిల్లిల్ 26 5
	15 easi 101	ಿಗ್ರ 2.38 !	ಿಕ 2.25	నిక 3.2
	SIBE 5	95 .3 * 9	నేక .25	ర్థిక 3.3
	lear	ಕ್ಕೆ 34 3	నెక్ 3.04	ട്ട് ag 3
Elopa yield curves used on all contracts measured under P
	Currency	DKK	SEK	NOI

This file is sealed with a digital signature. The seal is a guarantee for the authenticity

of the document. Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

	Financial statements - Contents

DKKm		0-1 year	1-2 years	2-3 years	3-4 years	4-5 years	>5 years	Total
	Expected cash flow, not discounted
	2023
	Liabilities for incurred claims	17.089	6,386	850 3	606 N	2,27	18,621	51,127
	Assets for incurred claims	-2,122	-687	-108	-75	-24	-112	-3,127
		14,968	5,698	3,742	2,834	2,247	18,509	47,999
	2022
	Liabilities for incurred claims	6,539	6,397	239 1	3,048	8 37	18,511	51,111
	Assets for incurred claims	8 -1.	-449	-327	-77	-33	-81	-2,783
		14,721	5,948	3,912	2,970	2,345	18,431	48,328

Concentration of underwriting risk

Reinsurance is eeded across all geographic regions in the Forsking does not have a significant concentration of credit risk with any single einsu er. The geographical concentration of the Group's llabilities for incurred claims is noted below. The countries where the business is written.

DKKm				2023
		Denmark	Sweden	Norway	Other	Total
	Income protection	8,608	8,595	3,193	0	20,395
	Motor	1,717	7,340	755		9,812
	Property	14 2,5	2,750	836		7,100
	Liability	1,553	810	693	C	3,056
	Other	2,091	6 35	713	203	3,365
	Total	16,483	19,853	7,189	203	43,728
DKKm				2022
		Denmark	Sweden	Norway	Other	Total
	Income protection	8,780	7,420	3,812		20,012
	Motor	1,595	9 6,96	,035		9 9,591
	Property	2,531	1,848	,531		5,910
	Liability	1,413	1,092	714	0	3,218
	Other	2,238	1,011	753	244	4,247
	Total	16.556	18.338	7.845	244	42.983

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

	Financial statements - Content

DKKm	2023	2022
Investment risk
The notes below are based on Tryg's investment portfollo without the external customers sha	ਹੋ
Bonds portfollo including interest derivatives
Duration 1 year or less	0 9 24.	36 20.
vears Duration 1 - 5	7 0 6	0 5 7 ਂ 2
S ជា a NI - 10 Duration 5	532 2	0 35 ்
S year Duration more than 10	03 6	E S 7
Total	un asi ക്ക് 9	683 55.
Duration	ത്ര	8 m

and reflects the expected duration-shortening effect of the borrower's option to cause the band to be redeemed through the mortgage institution at any point in time.

-

208163
Nordic countries	179	193
European countries ex. Nordic countries	204	240
North America	339	.752
Others	7 62	642
Total	2,345	827 en
R J 1 1 35 JR 20 1 35 1 35 1 35 1 35 1 35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1200-1212 35, 36, 29 ----- - 3 09-1213

Share exposure includes exposure from share derivatives of DKK -214m in 2022) and excluding shares related to property exposure. Unlisted equity investments are based on an estimated market price.

Exposure to exchange rate risk

	2023			2022
	Assets and			Assets and
DKKm	debt	Hedge	Exposure	debt	Hedge	Exposure
USD	6,610	-6.462	148	.27'	-7,106	66 -
EUR	7 03	S 11.	209	,25	3 1 ర్, -	284
GBP	43.	-410	15	ત્વ 29	1 1 -2	ಕ್ಕೆ L
NOK	.716 N	-2,646	2	033 5	9 OBI -5	33
SEK	8 N 3	-3,197	9	41 6 7	862 17	80
Other	7 ਰੋਜ਼ੋ	-777	N	8 1,11	7 -85	6 25!
Total			2,686			1,840
a) Due to correlation between DKK and EUR the exposure limit is higher than all other currencies.

Credit risk	2023		2022
Bond portfolio by ratings	DKKm	ನೀ	DKKm	26
ﻳﻜﺮ ﺑﺎﻟﺮ	54,867	ಲ್ಲ 89.	53,325	ნ Ba.
ﻳﻜﺮﻳﻜﺎﺭ	1,710	8 ಷ	2,502	4.2
=I	1,055	1.7	725	1.2
a 8 B	1,007	1.6	.016
B B	550	5 0	60€
B or lower	2,046	ﻟﻤﺸﺎﺭﻛﺔ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤﺪﺓ ﺍﻟﻤﺘﺤ 3	0988	1.9
Total	61,235	100.0	59,273	100.0
Reinsurance balances
AAA to A	922 N	ರ್ಕಾ 96.6	2,515	93.8 %
Not rated	02	్రెక్ 3.4	167	ಿಕ 6.2
Total	3,024	100.0 %	2,682	100.0 %

Not rated	102 102	3.4%	167	6.2
Total	3.024 3.024 3.024		100.0 % 2,602 100.0
N 9 Commer 2012 the may be are and the promise on any and encreases and the COOme ORE 1 200m of 1 2 2 mm ( 100%

ﺎ (ﺗﻮﻳ which primarily relates to premiums receivable for services that the Group has already provided. In 2023 management ોમન At 31

performed impairment test of the receivables from Insurance contracts. The total write-down for 2023

amount to DKK 3m (DKK 15m) totalling write-down at 31 December 2023 of DKK 152m). The reversed write-down in 2023 amount to DKK 41m (DKK 34m in 2022). The maximum exposure to credit risk from reinsurance contracts is DKK 410m (DKK 498m in 2022).

Liquidity risk

-1. = Maturity of the Group's financial obligations including interest

2023	0-1 year	1-5 years	> 5 years	Total
Subordinated loan capita	27 9	9 1 9	4,72	9 ു ದ್ರಾ 5
Amounts owed to credit institutions	8 02 N	0		8 021 2
Debt relating to unsettled funds transactions nd repos E	645 b			645 4
debt Other	460 1			460
Total	14,302	9 67	4,721	19,699
2022	0-1 year	1-5 years	5 years A	Total
Subordinated loan capita	2 5	0 19	0 S N us	600 9
Amounts owed to credit institutions	305	0		305
Debt relating to unsettled funds transactions nd repos E	28			287 7
debt Other	92 5.7			92 .75 5
Total	11,536	607	5,250	17,393

Interest on loans for a perpetual term has been disclosed for the first fifteen years.

Notes

Subordinated loan capital

	Bond loan NOK 800m		Bond loan NOK 1,400m		Bond loan SEK 1,000m
DKKm	2023ª	2022	2023	2022	2023	2022
Amortised cost value of the loan recognised
statement of financial position		9 9 5	92	ਰੇਸ਼ਰ	669	666
The fair value of the loan at the statement of
financial position date		56	967	990	660	638
0 ப் The fair value of the loan at the statem
0 a price financial position date is based on		100	104	100	6	ે રે
at the statement of Total capital losses and costs
the financial position date
Interest expenses for the year		32	9	46	ਤੇ ਰੋ
Effective interest rate	8 0 9	ತಿಕ 5	ತನ 9 9	్రద్ 4.7	રેન્દ 8 un	ക്ക 3.2

Loan terms:
Lender	Listed bonds	Listed bonds	Listed bonds
Principal	NOK 800m	NOK 1,400m	SEK 1,000m
Issue price	100	100	100
Issue date	March 2013	November 2015	February 2021
Maturity year	Perpetual	2045	Perpetual
Loan may be called by lender as from	2023	2025	2026
Repayment profile	Interest-only	Interest-only	Interest-only

2.4 % above STIBOR 3M

3.75 % above NIBOR 3M (until 2023) 2.75 % above NIBOR 3M (until 2025) 4.75 % above NIBOR 3M (from 2023) 3.75 % above NIBOR 3M (from 2025)

Interest structure

The loans are initially recognised at fair value on the The share of subordinated loan capital included in own funds totals DKK 3,052m (DKK 4,162m in 2022 >

date on which a loan is entered and subsequently measured at amortised cost.

Prices used for determination of fair value in respect of the loans are based on actual tracted prices from The loans are automatically accelerated upon the liquidation or bankruptcy of Tryg Forsikring A/S. Bloomberg.
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

a) Cancelled in 2023

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Subordinated loan capital (continued)

2022	2023	2022
000	872	86
263	85 €	830
ਰੋਵਾਂ	ਰੋ 8	ે ને રે
6	40	8
ಸಿಕ e શ્વિક	ക്ക 4.6	2.0 %

Loan terms:
Lender Principal	Listed bonds	Listed bonds
	NOK 850m	SEK 1,300m
Issue price
Issue date	May 2021	May 2021
Maturity year	2051	2051
Loan may be called by lender as from	2027	2026

Interest-only

1.25 % above NIBOR 3M (until 2031) 1.15 % above STIBOR 3M (until 2031) 2.25 % above NIBOR 3M (from 2031) 2.15% above STIBOR 3M (from 2031)

Interest-only

Repayment profile Interest structure

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

The loans are initially recognised at fair value on the date on which a loan is entered and subsequently measured at amortised cost.

creditors have no option to call the loans before The loans are taken by Tryg Forsikring A/S. The maturity or otherwise terminate the loan agreements.

Prices used for determination of fair value in respect of the loans are based on actual traded prices from The loans are automatically accelerated upon the liquidation or bankruptcy of Tryg Forsikring A/S. Bloomberg.

a) Cancelled in 2023

Subordinated loan capital (continued)

DKKm		2022
Amortised cost value of the loan recognised in statement of financial position
Bond loan NOK 800m
Bond loan NOK 1,400m		98 1984 1099 1989 6886 6686 6686 6686
Bond loan NOK 850m
Bond loan SEK 1,300m	69 29 2 5 2 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8
Bond loan SEK 1,000m
Total amortised cost value of the loan recognised in statement of financial posses

Subordinated loan capital recognised as equity for accounting purposes

......

:

	900mª	Bond loan SEK 600mª	Bond loan SEK 700m
DKKm	2023	2023	2023	2022
Carrying amount of the loan recognised in statement of financial position	596	391		506
The fair value of the loan at the statement of financial position date	604	40.		463
The fair value of the loan at the statement of financial position date is based on a price .	100	10
Total capital losses and costs at the statement of the financial position date
Interest expenses for the year	33			9
Effective interest rate	రార్థి	રેત્ક 5	ತಿಕ 5.8	ಕ್ಕಳಿ 3.4
Loan terms:
Lender	Listed bonds	Listed bonds		Listed bonds

Loan terms:
Lender		Listed bonds	Listed bonds
Principal		SEK 900m NOK 600m	SEK 700m
Issue price	100	100	100
Issue date		March 2023 March 2023	April 2018
Maturity year		Perpetual Perpetual	Perpetual
Loan may be called by lender as from	2028	2028	2023
Repayment profile		Interest-only Interest-only	Interest-only
		3.5 % above 3.45 % above	2.5 % above
Interest structure	STIBOR 3M	NiBOR 3M	STIBOR 3M

otherwise be payable on any interest payment clate. interest payment (or any part thereof) which would the sole and absolute discretion of Tryg Forsikring, a) Interest on the Notes is due and payable only at Accordingly, Tryg Forsikring may at any time in its sole and absolute discretion elect to cancel any Will become payable only in the event of Tryg Forsikring A/S's bankruptcy.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

insurance revenue and gross claims arising from the

a) The other segment in the profit/loss includes

Please refer to the accounting policies for a

Description of segments

description of operating segments.

assets from reinsurance contracts and provisions for insurance contracts allocated to the segment pertain to debts and receivables from insurance

Accounting policies for further description. The RSA Scandinavia acquisition. Please refer to

Other assets and liabilities are managed at Group

contracts.

level and are not allocated to the individual segments but are included under 'Other'.

Notes

DKKm		Private	Commerclal	Corporate	Other	Group
2	Operating segments
	2023
	nsurance revenue	24.455	9,178	3.502	1,990	39.126
	Gross claims	-17,305	-5,517	-2.448	-1,990	-27,261
	nsurance operating costs	-3.074	-1.454	-430	0	-4.959
	Insurance service expenses	-20,379	-6,972	-2,878	-1,990	-32,219
	Net expense from reinsurance contracts	-276	-197	-34	0	-507
	Insurance service result	3,800	2,010	590	0	6,399
	nvestment return					615
	Other income and costs					-1,815
	Profit/loss before tax					5,199
	X81					-1,206
	Profit/loss for the period					3,993
	net of reinsurance Run-off gains/losses.	268	315	517	0	1,099
	ntangible assets	28.089	2,584	0	1,314	31,987
	associates Equity investments in					34
	Assets from reinsurance contracts	239	946	1,575	300	3,060
	Other assets					77.729
	Total assets					112,809
	Total provision for insurance contracts	29,595	11,999	8.898	-1,029	49,463
	Other liabilities					23,284
	Total llabilities					72,747
	Non-current assets by country				2023	2022
	Denmark				6,806 1.642	6.817 1.685
	Norway

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25.075 10 33,587

8 24,657

33,112

Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

Sweden Other Total Group

Other

Corporate

Commercial

Private

DKKm

Notes

2	Operating segments (continued)
	2022
	Insurance revenue	22,776	408 8	3.631	3,55	38,365
	Gross claims	-15,625	-5,551	-2,724	-3,55	-27.451
	Insurance operating costs	-2,913	-1,337	-451	0	-4.702
	Insurance service expenses	-18,538	-6,889	-3,175	9 -3.5	-32,156
	Net expense from reinsurance contracts	-332	-66	-177	0	-576
	Insurance service result	3,906	1,453	278		5,636
	Investment return					-510
	Other income and costs					-2.024
	Profit/loss before tax					3,102
	x8					-832
	Profit/loss for the period					2,270
	Run-off gains/losses, net of reinsurance	ਤੇ ਦੇ	7 26	137	ੋ	759
	Intangible assets	793 28.	808 6	0	14	32.716
	Equity Investments in associates					37
	Assets from reinsurance contracts	7 ರಾ	967	1,320	372	2,823
	Other assets					77.466
	Total assets					113,041
	Total provision for insurance contracts	8 67 28	682 12.	428 8	-724	49,063
	Other liabilities					21.323

Total liabilities

70,386

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Annual report 2023 | Tryg Forsikring A/S | 69

Financial statements - Contents

Notes

DKKm		2023	2022	DKKm	2023	2022
2	Insurance service result by geography			Insurance service result by geography (continued) 2
	Danish general insurance			Swedish general insurance
	nsurance revenue	17,396	16,430	SEK/DKK, average rate for the period	64.88	70.33
	Insurance service results	3,200	2,110	nsurance revenue	11,512	9.730
	Run-off gains/losses, net of reinsurance	631	109	Insurance service results	2,511	2,219
	Key ratios			Run-off gains/losses, net of reinsurance	266	298
	Gross claims ratio	66.5	72.5	Key ratios
	Net reinsurance ratio	1.8	1.3	Gross claims ratio	67.2	62.8
	Claims ratio, net of reinsurance	68.3	73.8	Net reinsurance ratio	-2.3	0.6
	Gross expense ratio	13.3	13.3	Claims ratio, net of reinsurance	64.9	63.4
	Combined ratio	81.6	87.2	Gross expense ratio	13.3	13.8
	Run-off, net of reinsurance (%)	-3.6	-0.7	Combined ratio	78.2	77.2
	Number of full-time employees, end of period	3,377	303 vi	Run-off, net of reinsurance (%)	-2.3	-3.1
				Number of full-time employees, end of period	1,973	1,781
	Norwegian general Insurance
	NOK/DKK, average rate for the period	65.37	73.95	Other European countries 81
	nsurance revenue	7,962	8,445	nsurance revenue	265	209
	Insurance service results	662	1,266	nsurance service results	27	41
	Run-off gains/losses, net of reinsurance	188	324	Run-off gains/losses, net of reinsurance	14	27
	Key ratios			Number of full-time employees, end of period	ਦੇ ਰੋ	ਵਰੋ
	Gross claims ratio	8 73.	67.6
	Net reinsurance ratio	4.6	4.1	Other #
	Claims ratio, net of reinsurance	7 78.	71.7	nsurance revenue	1,990	3,551
	Gross expense ratio	13.3	13.3	Insurance service expenses	-1.990	-3,551
	Combined ratio	91.7	85.0	Insurance service result	0	0
	Run-off, net of reinsurance (%)	-2.4	-3.8

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1,344

1,350

Number of full-time employees, end of period

2022

2023

------Cantle -------

Lares

earsies

Incl

DKKm C

4	IIISHI GUAD SELAIS I CONTIT VI CONTUNITI PAULUNEM
	Group (total)
	nsurance revenue	9 39,126	38,36
	Insurance service result	399 ഹ്മ	5,63
	nvestment return	5 9	ಲ್ಲಿ
	Other income and costs	5 -1,813	-2,024
	Profit/loss before tax	5,199	3,10
	Run-off gains/losses, net of reinsurance	660'1.	75
	Key ratios
	Gross claims ratio	0 68.	68.
	Net reinsurance ratio	1.4	. .
	Claims ratio, net of reinsurance	7 69.	70.
	Gross expense ratio	7 13.	13.
	Combined ratio	82.8	83.
	Run-off, net of reinsurance (%)	-3.0	-2.
	Number of full-time employees, end of period	6.759	6.47

a) Comprises credit & surety insurance (Tryg Garanti) in European countries besides Denmark, Norway and amounts relating to one-off items. b) Reclassification relating to claims provisions from the Tryge-Hansa and Codan Norway acquisition. Please refer to Accounting policies for further description.

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Financial statements - Contents

Notes

Insurance service result, net of reinsurance, by line of business 2

	Accident and health		Health care		Worker's compensation c		Motor TPL		Motor comprehensive Insurance		Marine, avlation and cargo nsurance
DKKm	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Gross premiums written	6.223	5.454	905	773	1.034	1,065	2,910	2,911	8,611	8,375	199	281
Insurance revenue	17 40	5,337	088	755	040	.056	2,885	.903 N	6699	8,257	252	276
Gross claims	-3.499	-3,167	-561	-563	5	-882	-1,775	-1.334	-6.601	-6,052	-217	-138
Insurance operating costs	-787	-650	-109	- 9.	-144	-131	-405	-459	-1.237	-1,014	-30	-45
Net expense from reinsurance	-13	-1	0		- З	-5	-30	-29	-88	-69	E	-30
Insurance service result	1,872	1,509	209	102	892	38	676	1,082	772	1,123	35	62
Gross claims ratio	56.7	59.3	63.8	74.5	-0.5	83.5	61.5	45.9	75.9	73.3	86.3	50.2
Combined ratio	69.7	71.7	76.2	86.5	14.2	96.4	76.6	62.7	91.1	86.4	86.	77.3
Claims frequency®	ెళ్ళ 6.8	ટેટ 6.9	్రెడ్ 37.0 9	ਰੋਸ਼ 33.0	65 13.7	ટેટ 15.9	શ્વ 5.9	ತಿಕ 6.7	32.0 %	ટીને 27.4	રિદ 27.4	్రిక్ 27.0
Average claims DKK B	12517	1.549	5,058	5,703	66.23	77.412	13,033	0.597	8.025	7,86	33,525	26.354
Total claims	252.439	274,306	32,998	839 109.	509 5	8 9	9 148,911	CL2 9 8 5	814,423	709,220	41 9	6,259

			Fire and contents						Credit and guarantee		Tourist assistance
	Fire and contents (Private)		(Commercial)		Change of ownership		Llability Insurance		Insurance		nsurance
DKKm	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
Gross premiums written	8.116	7,901	4.501	3,578	3	0	1,804	1,677	807	739	1,123	1,067
Insurance revenue	8,195	9 7.9	4,438	3.936			1,762	.717	B09	738	1,140	.067
Gross claims	-6.192	-5,555	-3,545	-2.728			-778	-964	-429	-622	-947	-1,073
Insurance operating costs	-1.08	-1.121	-605	-605	3	-	-260	-266	-121	-111	-127	-127
Net expense from reinsurance	-22	-227	15	-261			-70	-6	-109	125	-	- ਦੇ ਰੋ
Insurance service result	701	1,012	303	342	3	un	653	482	150	131	65	-193
Gross claims ratio	75.6	70.2	79.9	69.3	14.9	14.9	44.2	56.1	53.0	84.2	83.1	100.6
Combined ratio	91.4	87.2	93.2	91.3	59.3	58.6	62.9	71.9	81.4	82.3	94.3	118.0
Claims frequency 81	8.0 %	10.4 %	10.7 %	36 8.0	ಿಗ 2.8	ટેન્ડ 2.9	ಸಿಕ 5.7	રેક 6.4	ನಿಗ 0.3	దిక 0.3	રેક 23.5	్రక్ 22.5
Average claims DKK ₪	11.060	10.130	69,622	6 56,67!	979 21.	24.406	65,556	65,902	931.454	1,187,668	9 5	6,453
Total claims	569,227	568,677	50.804	024 41.	202	310	9 N 15.	.790 15.	834	709	179,864	6 63,677

a) The claims frequency is calculated as the number of claims in the year in proportion to the average number of insurance contracts in the year.

b) Average claims are total claims before run-off in the year relative to the number of claims in the year

c) Intel Fife 17, the intition swas for In Danish World out of human on in enest and the investment result. This epials a rise no in Group compress treating compress from a 2

Insurance service result, net of reinsurance, by line of business (continued) 2

		Other Insurance®		Total exclusive of Group Life		Group Life, one-year policies *		Total "
DKKm		2023	2022	2023	2022	2023	2022	2023	2022
				36,236	33,821	090	837	37,126	34,658
	Gross premiums written
	Insurance revenue	0 ਰੋਤਾ।	3,55	38,267	37,522	BEa	844	126 39.	38.365
	Gross claims	0 , ପ୍ରିୟା	-3,55	-26,530	-26,629	-730	-826	-27.261	-27,455
	Insurance operating costs			-4.91	-4,625	-48	-76	-4,959	-4.701
	Net expense from reinsurance contracts			-495	-573		2	-507	-576
	Insurance service result			6,330	5,695	ea	-61	6,399	5,636
	Gross claims ratio			કેટ 67.6	ટેટ 67.9	ಸಿಕ 85.0	ടിക 97.9	96 68.0	ટેરક 68.7
	Combined ratio			నెడ్ 82.6	శ్రీక్ 83.2	ನಿಕ 91.9	26 107.2	ನಿಕ 82.8	శ్రీశ 83.8

e) Group Life one-year policies related to Norwegian d) Please refer to note 4 regarding other insurance

f) Key ratios are calculated based on the figures used Group Life and Alka Group Life

in "Management's Review". Excluded are amounts under "Other insurance".

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Financial statements - Contents

Notes

						USULARCE SELVICE result in
DKKm		2023	2022	DKKm 2022		Management s	Review Reclassification	statement ncome
	Insurance revenue				Insurance service result (Continued)
	Direct Insurance	39,045	38.294		nsurance revenue	34,814	3,55	38,365
	ndirect insurance	8	72		Gross claims	-23.904	-3,55	-27,455
	Insurance revenue total	39,126	38,365		nsurance operating costs	-4.701	0	-4,701
					Total Insurance service expenses	-28,605	-3,551	-32,156
	Direct Insurance, by location of risk				Expenses from reinsurance contracts held	447		.447
	Denmark	17,347	6,381		Income from reinsurance contracts held	871		87
	Other EU countries	3,591	3,464		Net expense from reinsurance contracts	-576		-576
	Other countries®	107 8	449 00		nsurance service result	5,636		5,636
		39,045	38,294

a) Primarily Norway b) Primarily Sweden

		ncome	statement
			Review Reclassification **
Insurance service	result In	Management s

This explains the difference between's review' and the Financial statements. Key ratios are calculated on the basis

of the figures used in "Management's Review".

above reclassification as it gives a fair view of Insurance revenue, Gross ciaims and Insurance service result as well as key ratios. service result. Therefore Tryg Forslight insurance revenue and Gross claims in "Management's review" without the Insurance revenue and Gross claims relating to Claims provisions from the Tryes-Harsa and Codan Norway acquisition. The presentation would have resulted in an artificial high insurance revenue and Gross claims with no impact on the Insurance a) IFRS 17 requires that claims provisions acquired shall be presented as Insurance revenue. The reclassification refers to

Insurance service rest

DKKm 2023

Insurance service result
nsurance revenue	37,135	990	.126 30
Gross claims	-25,270	0 Bal	-27,26
Insurance operating costs	-4.959		955 -6.
Total Insurance service expenses	-30,229	-1,990	-32,219
0 Expenses from reinsurance contracts he	-1,729		-1,729
Income from reinsurance contracts held	1,222		.222
Net expense from reinsurance contracts	-507		-507
Insurance service result	6,399	0	6,399

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Annual report 2023 | Tryg Forsikring A/S | 74

DKKm		2023	2022	DKKm	2023	2022
S	Insurance service expenses			S
	nsurance operating costs			nsurance operating costs, gross, classified by type nsurance service expenses (Continued)
	Commissions regarding direct insurance contracts	-410	-421	Commissions	-410	-421
	Other acquisition costs	-2,957	-3,276	Staff expenses	-2.799	-2,629
	Total acquisition costs	-3,367	-3,697	Other staff expenses	-200	-195
	Administration expenses	-1,592	-1,004	Office expenses, fees and headquarter expenses	-1,212	-1,333
	Insurance operating costs, gross	-4,959	-4,701	IT operating and maintenance costs, software expenses	-487	-312
				Depreciation, amortisation and impairment losses and	-132	-118
	Fees to the ouditors recognized in insurance service expenses			Other income	281	305
	PwC appinted by the annual general meeting	-11	8-		-4.959	-4.701
		-11	-8
	The fee is divided into:			Please refer to note 13 and note 26 for leases recognised according to IFRS 16.
	Statutory audit	-7	-6
	Other audit assignments	-1	ੁ	Total staff expenses recognised in income statement
	Tax advice	-1	ੁ	Salaries and wages	-4.039	-3,866
	Other services	-2	-2	Commision	-2	-5
		-11	-8	Recognised expenses related to conditional shares and	-79	-64
				Pension plans	-663	-530
		DKK 3m (DKK 2m in 2022)		Other social security costs	-9	-8
	Fees for non-audit services provided by PricewaterhouseCoopers to the Group amount to and consists of general advice related to tax, accounting and ESG matters.			Payroll tax	-906	-828
					86989	-5,301
				Please refer to note 27 for specification of Remuneration for the Supervisory Board and Executive Board.
				Average number of full-time employees during the year (continuing business)	6.742	606 ഹ്

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Annual report 2023 | Tryg Forsikring A/S | 75

DKKm

n	Share-based payment
	Matching shares		Total Numbers					Fair Value
	2023	Executive Board	Risk-takers	Other	Total	Average value per matching share at grant date DKK	Total value at time of allocation DKKm	December Value per share at 31 DKK	matching Total fair value at 31 December DKKm
	Matching shares allocated in 2023	0	408	56,415	56,823	163	6	147	8
	Allocated in 2011 - 2022	295,068	108,118	340.590	743,777	38	102	47	109
	Category changes and addition	-32,167	-9,136	39.189	-2,114	38	0	47	0
	Cancelled	-14,328	-7.476	-49.958	-71,762	138	-10	47	-11
	Exercised	-248,573	-79,860	-204.625	-533,058	138	-73	47	-78
	Total 31.12.23	0	11.646	125,196	136,843	138	19	147	20
	2022	Executive Board	Risk-takers	Other	Total	Average value Total value at per matching share at grant date DKK	time of allocation DKKm	Value per December share at 31 DKK	at 31 matching Total fair value December DKKm
	Matching shares allocated in 2022	0	6,695	61,282	67,977	172	12	165	11
	Allocated in 2011-2021	890'562	93,636	287.096	675,800	134	5	દિર	112

Matching shares

remuneration policy Tryg Forsikring has on agreed terms allocated matching In accordance with the Group's shares for some employees.

a contractually agreed sum over deferral Tryg A/S at market rate for liquid cash at Executive Board, Risk-takers and Other Tryg A/S for each share they acquire in employees are allocated one share in period of up to 4 years.

amounted to DKK 28m. The number of shares is adjusted for dividend paid, no 2022). At 31 December 2023, total fair amounted to DKK 14m (DKK 18m in In 2023, the recognised fair value of value related to matching shares matching shares for the Group expected dividend is included.

0 -11 -73 27

DKKm

S	Share-based payment (continued)
	Conditional shares		Total Numbers					Fair Value
		Executive				per conditional	Average value Total value at time of	Value per December share at 31	conditional Total fair value at 31 December
	2023	Board	Risk-takers	Other	Total	share at grant date DKK	allocation DKKm	DKK	DKKm
	Conditional shares allocated in 2023	34,800	153,604	47,213	235,617	163	38	147	35
	2 Allocated in 2018-202	206,118	490,337	996 226.	923,451	7	58	147	136
	addition Category changes and	5 6 -93.	5 .21 8 6	.878 134.	139,182	1	24	47	50
	Cancelled	0	-14,208	.857 -12.	-27,065	7	-5	47	-4
	Exercised	-10.077	-253,532	.252 -209.	-472,861	1	-8	147	-69
	Total 31.12.23	102,126	320,816	139,765	562,707	171	ਹੋਵ	147	83
								Value per

2022		Board Executive	Risk-takers	Other	Total	Average value Total value at date DKK per conditional share at gran*	allocation DKKm 0 time	December DKK share at 31	conditional Total fair value DKKm December at 31
2022	Conditional shares allocated in	70,169	30,585	4,314	105,068	162		165
	Allocated in 2018-202	576 SE	8 405,071	212.088	753,115	72	30	65	125
	addition Category changes and		54,674	594 0.	65,268	72		65
	Cancelled			23 -8	-8.231	72	-	દિડે
	Exercised	-10.07	-102,578	-139,496	-252,15		-73	65	-42
	Total 31.12.22	125,872	357.174	74.955	558,001	72	බැඳි	165	6

Conditional shares

remuneration policy Tryg Forsikring has on agreed terms allocated conditional In accordance with the Group's shares for some employees.

A/S if certain conditions are fulfilled over employees are allocated shares in Tryg Executive Board, Risk-takers and Other a period of up to 4 years.

2022). At 31 December 2023, total fair amounted to DKK 62m (DKK 43m in In 2023, the recognised fair value of value related to conditional shares conditional shares for the Group amounted to DKK 117m.

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

DKKm	Net finance income/expenses from insurance	Changed discount rate Unwinding	Exchange rate adjustment from insurance contracts			Net finance income/expenses from reinsurance Changed discount rate	Exchange rate adjustment from reinsurance contracts Unwinding
2022		152	763		915	-136	-5	-141	774
2023		149	.427	47	1,624	-195	-137	-332	1,293
DKKm	Interest and dividends 9	Interest income and dividends Dividends	Interest income, bonds	ler Interest income, oth		Interest expenses subordinated loan capital, credit Institutions and cash at bank Interest expenses	Interest expenses, other

Value adjustments 7

Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement:

704 -550	-1,481 765	-2,116 642	-738 713	-3,631 1,571
Equity Investments	Unit trust units	Bonds Bonds	Derivatives (Equity, interest, currency and inflation)

attributed to IFRS 9: be ar adla Value

-3.697	1.663
-66	92
-74	-6	Other statement of financial position items
6	BB	Investment property
		ENTER PATING COLLECTION CONSULERS CONSULERS CONSULERS AND PROVENCES OF LIFE OF

-74

்

Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value total DKK 9m ( DKK 26m in 2022)

DKKm		2023	2022
5	Net finance income/expenses from Insurance
	Changed discount rate	-912	3,462
	Unwinding	-1,285	-797
	Exchange rate adjustment from insurance contracts		-44
		-2,190	2,621
CD	Net finance Income/expenses from reinsurance
	Changed discount rate		-44
	Unwind no	00	20

Other income and costs 10

Include income and costs which cannot be directly ascribed to the insurance portfolio or investment. assets.

-10 -34

1. 84

Other Income	Income related to the sale of non-insurance products	other costs

26	9 12		g 00 1	6 -94	-100	5 -31	-2,150	-2,024
5 1	5 1		8 -del	-300	ਨ -16:	-500	0 -1,930	-1,815
ncome related to the sale of non-insurance products		Other costs	KS nd trademar 122 Amortisation of customer relations	E ntegration and restructuring costs RSA Scandinavil	sale of non-insurance products the : Costs related to	Other costs ®

a) Hereof DKK 180m in Q3 2023 related to restructuring costs and DKK 100m related to bankruptcy of Geflon, hereof DKK 50m in Q3 2023 and DKK 50m in Q1 2022

DKKm		2023	2022
	Tax
	Tax on accounting profit/ loss	-1,308	-683
	Difference between Danish and foreign tax rates	60	-28
	Tax adjustment, previous years	64	-23
	Adjustment of non-taxeble income and costs	0	ੇ
	Change in valuation of tax assets	-4	18
	Change in tax rate	-B	-30
	Tax on permanent differences	-10	-86
		-1,206	-832
	Effective tax rate	ತೆಗೆ	ಿಕ
	Tax on accounting profit/ loss	2 25	22.0
	Difference between Danish and foreign tax rates	ટ -1	1.0
	Tax adjustment, previous years	.2 -1	1.0
	Change in valuation of tax assets	0.1	1.0
	Change in tax rate	0.2	-0.5
	Tax on permanent differences	0.2	2.5
		23.2	27.0

Financial statements - Contents

Notes

DKKm

Intangible assets 12

		Trademarks
		and
		customer		Assets under
2023	Goodwill	relations	Software™	construction	Total
Cost
C Cost at 1 Januar	20.673	12,287	597 N	6 361	9 921 35,
Exchange rate adjustments	6 -	45	-3	ಗ್ರಾ	0
Transferred from assets under
construction to software	0		262	-262	0
Additions for the year	5 ਟ	0	45	8 451	1 ਦੇ ਤੋਂ
Disposals for the year	0	0	-12	-1	8 -1
L Cost at 31 December	20,693	12,332	86. N	6 5 u	5 44 36.
Amortisation and write-downs
Amortisation and write-downs
1 January m	-104	-1.254	r -1,85		-3,209
Exchange rate adjustments	7	2	00 1	0	1 2

31	559	755	10.110	20-566	Carrying amount at 31 Dacamber
-4	0	-2,106	-2.223	-129	Amortisation and write-downs at 31 December
	0	9	0	0	Reversed amortisation
	0	-4	0	-29	mpairment losses and write- L downs for the year
-1	0	-274	-967		Amortisation for the year
	0	8 1	-2	7	Exchange rate adjustments
್ನಾ	0	-1,851	-1,254	-104	Amortisation and write-downs at 1 January
					Amortisation and write-downs

g

ಸ್ಕಾರಿ

987 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-33

241

Material Intangible assets

at 31 December 2022) depreciated over 10 years. Remaining depreciation 8 years. Trygg-Hansa Customer relations Commercial customers DKK 688m (DKK 815m at 31 December 2022) depreciated over 7 years. Remaining depreciation 5 years. Trygg-Hansa Customer relations Private customers DKK 5,757m (DKK 6,425m Trygg-Hansa Trademark DKK 2,569m not depreciated.

DKKm

	Intaneible assets
	S

		Trademarks
		and
		customer		Assets under
2022	Goodwill	relations	Software	construction	Total
Cost
Cost at 1 January	880 7	1,863	2.267	267	9,276
Exchange rate adjustments	-34	-16	-29	-4	-84
Transferred from assets under	0	0	215	-215	0
construction to software Additions for the year	0	0	77	1 28	00 ਤੇ ਦੇ
Additions, demerger of Trygg-
Hansa, Codan Norway	15.827	10.441	74	40	26,382
Disposals for the year	ੇ	0	-7	0	-7
Cost at 31 December	20.673	12.287	597 ১	369	35,926
Amortisation and write-downs
Amortisation and write-downs
at 1 January	-104	-510	-1.637	0	-2.251
Exchange rate adjustments	0	12	19	0	31
Amortisation for the year	0	-756	-233	0	88 - G
mpairment losses and write-
downs for the year	0	0	-7	0	-7
Reversed amortisation	ੇ	0	1	0
Amortisation and write-downs
at 31 December	-104	1.254	-1.85	0	-3,209
Carrying amount at 31
December	20.569	11.033	746	369	32,716

a) Hereof proprietary software and assets under construction DKK 522m (DKK 445m at 31 December 2022)

Intangible assets (continued) 12

DKKH

12

Impairment test Goodwill

The value-in-use method is used when testing the Goodwill for impairment.

Primary assumptions for impairment test:

development from past experiences. The portfolio is indexed with the wage and salary index. Gross the claims are based on expected claims ratios, which corresponds to normalised large- and weather requirements for returns of the individual cash generation units and are not expected to change claims. Reinsurance is taken into account when looking at the overall insurance service result When assessing the cash flow management has based its estimates of insurance revenue on insurance partfolio adjusted to reflect the expected effect of business decisions and market together with the expected expense ratio. Required returns are based on management's significantly in the near future.

Alka

In 2018, Tryg Forsikring acquired Forsikrings-Aktieselskabet Alka. The insurance activities were incorporated into the Group's business structure from 8 November 2018.

Comprises the sale of insurance products to customers under the 'Alka' brand.

At 31 December 2023, management performed an impairment test of the carrying amount of goodwill based on the allocation of the cost of goodwill to the cash-generating unit. The cash flows appearing from the latest prognosis approved by management for the next 6 quarters period have been extrapolated for financial years after the prognosis periods (terminal period) and economic growth. The required return is based on an assessment of the risk profile of the tested are used when calculating the value in use of Private DK. The cash flows in the latest prognosis adjusted for expected growth rates determined on the basis of expectations for the general business activities compared with the market's expectations for the Group.

relative to the value of the CGU of DKK 15.4bn (DKK 13.7bn) and does not indicate any impairment The impairment test shows a calculated value in use of approximately DKK 27.2bn (DKK 26.9bn) in 2023. Goodwill amounts to DKK 4.2bn [DKK 4.2bn],

highest effect on the equity. An increase in the required return of approx. 3.2% will result in a write According to the sensitivity information below a change in the required return rate will have the down of goodwill.

Intangible assets (continued)
Earned premium assumed CAGR 0-10 years 1	ెళ్ళ 3	જિલ 3
Earned premium assumed CAGR > 10 years [terminal I	ెళ్ళ N	એદ ત્ય
Required return before tax 1	ಕ್ಕೆ 10	મિક 6
Expected level of combined ratio I	ಿಗ 81	ਮਿੱਤ 82
Sensitivity Information
Impact on the colculated present value from the following
changes:
CAGR + 1.0 percentage point (0-10 years)	1.1 bn	1.1bn
CAGR - 1.0 percentage point (0-10 years)	-1.0bn	-1.1bn
Required return = 1.0 percentage point	-3.8bn	-4.1bn
Required return - 1.0 percentage point	5.2bn	5.9bn
Combined ratio +1.0 percentage point	-1.3bn	-1.4bn
Combined ratio - 1.0 percentage point	1.3bn	1.4bn

Norway

In 2022, Tryg Forsikring acquired the Norwegian branch Codan Norway. See note 29. The insurance activities were incorporated into the Group's business structure from 1 April 2022 and distributed under the Tryg Brand.

In 2017, Tryg Forsikring acquired Obos' insurance portfolio. The insurance activities were incorporated into the Group's business structure from 1 June 2017. At 31 December 2023, management performed an impairment test of the carrying amount of goodwill based on the allocation of the cost of goodwill to the cash-generating unit. The cash flows appearing from the latest progress approved by management for the next 6 quarters are used when calculating the value in use of private Norway. The cash flows in the prognosis period for expected growth rates determined on the basis of expectations for the general economic growth. have been extrapolated for financial years after the prognosis periods (terminal period) and adjusted The required return is based on an assessment of the risk profile of the tested business activities compared with the market's expectations for the Group. Annual report 2023 | Tryg Forsikring A/S | 81

relative to the value of the CGU of DKK 3.8bn (DKK 3.3bn) and does not incicate any impairment in The impairment test shows a calculated value in use of approximately DKK 8.1 bn (DKK 9.6bn) 2023. Goodwill amounts to DKK 1.1 bn (DKK 1.2 bn).

highest effect on the equity. An increase in the required return of approx. 6.7% will result in a write According to the sensitivity information below a change in the required return rate will have the down of goodwill.

DKKm		2023
12	Intangible assets (continued)
	- Earned premium assumed CAGR 0-10 years	ತಿಗ 3
	- Earned premium assumed CAGR > 10 years (terminal	28 N
	Requried return before tax I	ెగ్ 11
	- Expected level of combined ratio	ెర్ 88
	Sensitivity Information
	Impact on the calculated present value from the following changes:
	CAGR + 1.0 percentage point (0-10 years)	0.2bn
	CAGR - 1.0 percentage point (0-10 years)	-0.2bn
	Required return = 1.0 percentage point	-1.0bn
	Required return - 1.0 percentage point	1.3bn
	Combined ratio +1.0 percentage point	-0.8bn
	Combined ratio -1.0 percentage point	0.8bn

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Sweden

In 2022, Tryg Forsikring acquired the Swedish branch Trygg-Hansa. See note 29. The insurance activities were incorporated into the Tryg Group's business structure from 1 April 2022 and distributed under the Trygg-Hansa Brand.

insurance activities were incorporated into the Group's business structure from 1 September 2016. In 2016, Tryg Forsikring acquired Skandia's child and adult accident insurance portfolio. The

partfolio consists from 1 April 2022 of Trygg-Hansa, Moderna, Securator and Skandia, considered as one cash-generating unit. The reason behind the the single cash-generating unit, is that they are all goodwill based on the allocation of the cost of goodwill to the cash-generating unit. Trygg-Hansa managed together as part of the Swedish private business and reported as part of the operating December 2023, management performed an impairment test of the carrying amount of segment "Private" At 31

2 % 9%

3 %

2022

• Private SE comprises the sale of insurance products to private customers under the 'Trygg-Hansa brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC and Moderna Djurförsäkringar. Sales take place through its own sales force, call centres and online. 88 %
• The cash flows appearing from the latest progrosis approved by management for the next 6 quarters are used when calculating the value in use of "Sweden". The latest prognosis period have been extrapolated for financial years after the prognosis periods (terminal period) and adjusted for expected growth rates determined on the basis of expectations for the general economic growth 0.3bn -1.4bn -0.3bn
  • The required return is based on an assessment of the risk profile of the tested business activities 2.0bn
    • compared with the market's expectations for the Group. -1.0bn

1.0bn

The above changes have no impact on equity

relative to the value of the CGU of DKK 27.6bn (DKK 26.3bn) and does not indicate any impairment The impairment test shows a calculated value in use of approximately DKK 35.8bn (DKK 30.5bn) in 2023. Goodwill amount to DKK 15.1bn (DKK 15.1bn),

highest effect on the equity. An increase in the required return of approx. 2.1% will result in a write According to the sensitivity information below a change in the required return rate will have the down of goodwill.

assets under construction. Material Goodwill શ્વિક મેદ ్రార్ એક 2022 1.5 bn 7.1bn 1.5bn -1,4bn -5.0bn -1,5bn 10 8 N N 8 ತಿಕ ಿಕ ತಿಕ ತಿಕ 2023 -1.5bn 1.7bn 1.6bn -5.7bn 8.4bn -1.7bn 3 10 79 3 Impact on the calculated present value from the following Earned premium assumed CAGR > 10 years [terminal - Earned premium assumed CAGR 0-10 years The above changes have no impact on equity CAGR + 1.0 percentage point (0-10 years) CAGR - 1.0 percentage point (0-10 years) Required return = 1.0 percentage point Combined ratio +1.0 percentage point Required return - 1.0 percentage point Combined ratio -1.0 percentage point - Expected level of combined ratio Intangible assets (continued) - Requried return before tax Sensitivity Information changes: - DKKm 12	Goodwill Trygg-Hansa and Moderna DKK 15,049m Goodwill Codan-Norge DKK 1,080m Goodwill Alka DKK 4,242m
	Trademarks and customer relations
	customer relations as an integral part of the Sweden, Norway and Alka portfolio goodwill test. As at 31 December 2023 management performed an assessment of the carrying amounts of
	Software and assets under construction
	As at 31 December 2023 management performed a test of the carrying amounts of software and
	The impairment test compares the carrying amount with the estimated present value of future cash
	flows. The test cid indicate an impairment of DKK 7m) of it systems, due to higher related
	costs and some lower expected systems benefits, a write-down has been recognized. The cost is
	recognised as write-downs under insurance service expenses in the income statement.
	Assets under construction are not depreciated but tested once a year for impairment or when if any indication of a decrease in value.
income statement.	ਹੋ If the recoverable amount is lower than the carrying amount, the difference is recognised in th Amortised software is assessed for impairment at the balance sheet date or when there are indications that the future cash flow cannot justily the carrying amount.
	The recoverable amount is the higher of fair value less sales costs and value in use.

Financial statements - Contents

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Annual report 2023 | Tryg Forsikring A/S | 83

of the document.

equipment only consists of leases of vehicles with a

a) Lease assets (Right of use-assets (ROU))

..............................................................................................................................................................................

acjustments. Tryg Forsikring has no lease contracts terms are from 1 to 13 years and with yearly rent

Property, plant and equipment 13

		Operating		1.69262 KUU L69262 KOU GLOUD-		equipment only consists of leases of vehicles wit
DKKm		equipment	equipment	1 occupled property	Total	lease term of three to four years. The monthly
	2023					amounts are fixed and there is no option for
	Cost					purchase or extension. Short term leases are not recognised as Right of use-assets.
	Costat 1 January	295	105	1,203	603
	Exchange rate adjustments	-2		-16	-19	b) Lease assets (ROU), Group occupied property
	Additions for the year	56		424	48.	terms are from 1 to 13 years and with yearly ren consists of leases of offices buildings. Contract
	Disposals for the year	-25			-25	acquistments. Tryg Forsikring has no lease contra
	Costat 31 December	324	105	61	2.040	with variable lease payments based on sale or
	Accumulated depreciation and value adjustments					similar
	Accumulated depreciation and value adjustments at 1 January	-133	-89	-510	-732
	Exchange rate adjustments				10
	Depreciation for the year	-23	్రా	-175	-207
	Reversed depreciation and value adjustments	15			S 1
	Accumulated depreciation and value adjustment at 31 December	-141	- 98	-676	-915
	Carrying amount at 31 December	183		935	1,125

2022

Cost
Cost at 1 January	25	103	883	,337
Exchange rate adjustments	ﺔ		5 -1	-22
Additions for the year	28		5 б	123
Additions, demerger of Trygg-Hansa, Codan Norway	20		144	166
Disposals for the year				-1
Cost at 31 December	295	105	.203	.603
Accumulated depreciation and value adjustments
iation and value adjustments at 1 Januar Accumulated depreci	-121	5 -7	6 -37	-575
Exchange rate adjustments			10	1
ear Depreciation for the y	5	7	-14'	-170
Reversed depreciation and value adjustments
Accumulated depreciation and value adjustment at 31 December	-133	-88	-510	-732
Carrying amount at 31 December	162	16	693	871

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Financial statements - Contents

Notes

DKKm		2023	2022	DKKm
	14 Investment property			15	Equity investments in a
	Fair value at 1 January	.017	1,040		Cost
	Exchange rate adjustments	-30	-26		Cost at 1 January
	Additions for the year				Additions for the year
	Disposals for the year	-588	-6		Additions, demerger of Try
	Value adjustments for the year 41	ਉਰੇ			Disposals for the year
	Fair value at 31 December	498	1,01		Cost at 31 December
	a) Value adjustment in the income statement for property held at the statement of financial position date recognised value adjustments amounts DKK-31m				Revaluations at net asset Y Revaluations at 1 January
	Total rental income amounts to DKK 46m (DKK 57m in 2022 Total expenses a mounts to DKK 9m [DKK 12m in 2022).				Value adjustments for the y Reversed on sale
	External experts were involved in valuing the majority of the investment properties.				Revaluations at 31 Decemb

Return percentages, weighted average	2023	2022
Business property	-39.8
Office property	2 7	5 S
1.6 Residential propert	0 5	4.0
ota	2	5.4

Sensitivity

The Group's property valuations are based on the market-based rental income and operating expenses of the individual property relative to the required rate of return. The most important factors impacting the valuations are the applied rates of return, annual net rental income and occupancy rates. The average rates of return applied are stated above.

Impacts on the fair value of properties	2023	2022
ncrease in applied rate of return of 0.25%	-20	-34
Decrease in applied rate of return of 0.25%	22	ਤੇ ਦੇ
Decrease in net rental income of 3%	S -1	-30
Decrease in occupancy rate of 3%	3	-7

ssociates

2022

2023

Cost
Costat 1 January	4 L N	1 E
veal Additions for the	ਦਿੱਤੇ	5 นา
A Additions, demerger of Trygg-Hansa, Codan Norway		(7) 1
Disposals for the year		0
Cost at 31 December	0 8 స	21
Revaluations at net asset value
January at Revaluations	-174	స ਨ -1
ਹੋ B 12 Reversed on
adjustments for the year ti 11 E A	-72	8 -5
1 at 31 December Revaluations	-246	7 -17
Carrying amount at 31 December	34	P త్

Notes
DKKm	2023	2022	Adjustment is made for subsequent changes to market conditions, for instance, by including
Financial assets 16			transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number of financial assets and liabilities, no market exists.
Financial assets held for trading	20,621	19,852
Financial assets designated at fair value @	50,593	50,593	Tryg uses recent transactions in similar instruments and discounted cash flows cases. n such				or
Derivative financial instruments at fair value used for hedge			other generally accepted estimation and valuation techniques based on market conditions at the date to calculate an estimated value. This category covers instruments such balance sheet				as
accounting with value adjustment in other comprehensive income	0	78	on the derivatives valued	basis of observable yield curves and exchange rates and illiquid mortgage
Financial assets measured at amortised cost	3,576	4,090	bonds valued by reference to the value of similar liquid bonds. Equity investments includes private
Total financial assets	74.790	74,613	equity with underlying real estate.
Financial assets at a mortised cost only deviate to a minor extent from fair value.			Valuation based on significant non-observable input (level 3) consists of certain financial instruments
Financial liabilities			based substantially on non-observable input. Such instruments primarily includes unlisted shares unlisted bonds. The fair value of Investment property is also based and some			on non-observable
Derivative financial instruments at fair value with value adjustments in the income statement	1,431	2.394	Please refer to note 14 and accounting policies section Investment property. input.
Denvative financial instruments at fair value with value			balance sheet date, a financial instrument's classification differs from its classification at the If, at the
adjustments in other comprehensive income	348	7	beginning of the year, the classification of the instrument changes are considered to have
Financial liabilities at amortised cost	17.553	5.106	taken place at the balance sheet date. Developments in the financial markets can result in
Total financial liabilities	19,332	17,504	between the categories. reclassifications	Some bonds have become illiquid and have therefore been
a) Financial assets designated at fair value comprise bonds in the match portfolio.			moved from Quoted prices to the Observable input category, while other bonds have and have been moved from Observable input to the Quoted prices category.				become liquid
Please refer to note 1 for valuation of subordinated loan capital at fair value. Other financial liabilities measured at amortised cost only deviate to a minor extent from fair value.			Fair value hierarchy for financial instruments and investment property measured at the statement of financial position.
The Fair value hierarchy
Quoted market prices (level 1) consists of financial instruments that are quoted and traded in		a		Quoted	Observable	observable Non-
principal and active markets generally accessible and with substantial volume and trade frequency].			2023	prices	Input	Input	Total
			Investment property	0	0	498	498
Valuation based on observable input (level 2) consists of financial instruments that are valued			Equity investments	142	3,699	97	3,939
substantially on the basis of observable input other than quoted prices for the instrument itself. If		8	Unit trust units	6,966	1,194	32	8,192
financial instrument is quoted in a market that is not active. Tryg Forsikring bases its measurement			Bonds	26,543	30.128	373	57.045
on the most recent transaction price. For 2023 Tryg Forsikring has assessed whether quoted prices			Derivative financial instruments, assets	6	2,029	0	2,038
does represent fair value at the measurement date. Thus quoted prices derived from a brokered			Derivative financial instruments, debt	0	-1.779	0	-1.779
market are considered Level 2 input.				33,660	35,271	1.001	69,932

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Annual report 2023 | Tryg Forsikring A/S | 86

Document ID:

of the document.

Financial statements - Contents

	DKKm	2023	2022
	Financial assets (continued) 16
Non-	Financial Instruments measured at fair value in the
bservable	statement of financial position on the basis of non-
Total Input	observable input:
1,017 1,017	Carrying amount at 1 January	1,145	1,114
4,647 92	Exchange rate adjustments	-29	-25
8,330 36	Addition, demerger of Trygg-Hansa, Codan Norge	0	50
55,782 0	Gains/losses in the income statement	101	್ರಾ
1,763 0	Purchases	373	్
-2,398 0	Sales	-591	ರ್ಯ
69.141 1.145	Transfers to/from the group 'non-observable inout	0	0
	Carrying amount at 31 December	1,001	1,145
Swedish bonds issued es based on actual	Gains/losses in the income statement for assets held at the statement of financial position date recognised in value
he investment	adjustments	ਨ	-1
	Reconcillation of Tryg Forsikring's Investment portfollo
2022 023	nvestment assets according to statement of financiel	71.804	71,845
	Other, hereof financial instrument in liabilities "	-6.763	-7.185
0.00 521	ត External customers	-1,672	-1,972
	Tryg Forsikring 's Investment portfollo =	63.369	62,688
result from bonds that	Match portfolio	45,863	45,032
0 st transaction and the	Free portfollo	17,506	17,656

Financial assets (continued) 16

	Consolidated		Non-
	references	Observable	observable
2022	prices	input	Input	Total
nvestment property			01	.01"
Equity investments		5 42 5 7	7 C 6	647 ं
Unit trust units	5 9	0 1 E	S 3	0 E 3 8
Bonds	7 5 E S 45	8 42		2 8 1 55
15 sset 12 instruments, ncla u Timi rivative Dei	5	48 1		.763
debt instruments, financial rivative Dei		08 ్లా -2.	0	8 6 ತ -2
	9 8 રું ને 62.	5,710	1.145	69,141

trades are available. External experts were involved in valuing the majority of t Bonds measured on the basis of observable inputs consist of Norwegian and S by banks and to some extent Danish semi-liquid bonds, where no quoted price properties.

DKKm	2023	202
Financial instruments transferred from "Quoted prices" to
"Observable input"	11.521	0.0

are reclassified either due to traded volume or the number of days between las Transfers between the categories quoted prices and observable input mainly time of determination.

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DKKm

Financial assets (continued) 16

Derivative financial instruments

Derivatives with value adjustments in the income statement at fair value:

2023

				statement
		Positive	Negative	of financial
DKKm		Nominal market value	market value	position
Interest derivatives	64.765	,22	-1.694	-473
Share derivatives	206	37	-5	32
Exchange rate derivativesel	13.065	942	97 -51	345
Inflation derivatives	8 1 5.9	354	0	354
Gross amount before offsetting	83.954	2,554	-2,295	258
Due after less than 1 year	9 13,651	979	-601	8 37
Due within 1 to 5 years	37,029	430	-372	8 5
Due after more than 5 years	33.269	1,145	-1,321	-176
2022
Interest derivatives	58.339	ಲ್ಲ 1 5	-2.453	-1,541
Share derivatives	22	8 5	-8	44
Exchange rate derivativesel	3,359	6 51	-249	270
Inflation derivatives	4,588	629	-38	ਵਿੱਚ
Gross amount before offsetting	82,507	2,113	-2.749	-636
Due after less than 1 year	27,304	638	-535	103
Due within 1 to 5 years	31,393	605	-646	-41
Due after more than 5 years	23,810	870	-1.568	-698

a) hereof used for hedging of foreign entities nom. DKK 6.8bn (2022 DKK 6.6bn)"

Derivatives are used continuously as part of the cash and risk management carried out by Tryg Forsikring and its portfolio managers.

DKKm

Financial assets (continued) 16

Derivative financial instruments used in connection with hedging of foreign entitles for accounting purposes.

Gains and losses on hedges charged to other comprehensive income:

Fair value in

		202			2022
	Galns	LOSSES	Net	Galns	LOSSES	Net
ﻜﻞ E ПШ E P - at sasses ਧ an 5 in! Gal	5 1 00 7	9 .11 -4.	S - 1	g 8 5 3	8 9 12 -3.	6 ১
B ប៉ារ V adjustments for the alue 1	0 0	72 -87	0 3	C 88	E -39	g ਕਰ
Gains and losses at 31
December	77 8 LA	-5,033	844	4,875	-4,161	15 1

Value adjustments

Value adjustments of foreign entitles recognised in other comprehensive income in the amount of:

-2,444	Value adjustments at 31 December
	profit/loss
	In Exchange rate adjustment for the year recognised i
05	Value adjustment for the year
-2.347	Value adjustments at 1 January
2023

Derivative financial instruments used in connection with hedging of foreign entities for accounting purposes consists of FX-forward contracts with a duration of 3 month and have a nominal value of SEK 6.4bn at a exchange rate of 64.11 and NOK 3.8bn at a exchange rate of 62.42.

DKKm

Assets from reinsurance contracts 17

2023

Asset for Incurred claims

	Asset for Remaining Coverage "	Present value of future cash flows	Risk adjustment for non-financial risk	Total
Balance as at 1 January	141	2,086	596	2,823
Reinsurance expenses	1,729			1,729
Claims recovered		-2,632	774	858 -1.
Run-off previous years adjustments to the AIC		1,182	-547	636
Net Income/expenses from reinsurance contracts held	1,729	-1,450	228	50
Finance expenses from reinsurance contracts held	-34	-66	16	-84
Total amounts recognised in Income statement	1,696	-1,516	243	423
Cash flows
Premiums paid net of ceding commissions and other directly attributable expenses paid #1	-1,800			-1,800
Recoveries from reinsurance 80		.614		1,614
Total Cash flows	-1,800	1,614		-186
Closing balance assets from reinsurance contracts	36	2,184	840	3,060

a) Premiums paid include amounts from change in balance sheet and exchange rate adjustments

Balance as at 31 December

3,060

840

2,184

36

b) Recoveries from reinsurance contains recoveries, change in balance sheet and exchange rate adjustments.

c) No recognised loss components

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Notes

DKKm

Assets from reinsurance contracts (continued) 17

2022

Asset for Incurred claims

• • • • • • -BL-L

4 ...

ASSEE TOT REUSEULUME	Coverage "	cash flows	FLESSIL ASING OF INTURE RESE SCREATING IS NOU- financial risk	Total
Opening balance re-insurance contract assets	85	1,639	420	2,244
Addition, demerger of Trygg-Hansa, Codan Norway	22	50	42	114
Balance as at 1 January	207	1,689	462	2,358
Reinsurance expenses	1.447			1,447
Claims recovered		-731	-501	-1,232
Run-off previous years adjustments to the AIC			353	361
प Net Income/expenses from reinsurance contracts hel	1,447	-723	-148	575
Finance expenses from reinsurance contracts held	-2	36		34
Total amounts recognised in Income statement	1,444	-686	-148	610
Cash flows
Premiums paid net of ceding commissions and other directly attributable expenses paid *	-1,511	0		-1,511
12 Recoveries from reinsurance		1.084	282	1,366
Total Cash flows	-1,511	1,084	282	-145
Closing balance assets from reinsurance contracts	141	980"	596	2,823

b) Recoveries from reinsurance contains recoveries, change in balance sheet and exchange rate adjustments a) Premiums paid include amounts from change in balance sheet and exchange rate adjustments c) No recognised loss components

Balance as at 31 December

2,823

596

2,086

141

Financial statements - Contents

2022

2023

DKKm

2022

2023

DKKm

115

-401 -109 1,066 749

인 인 역

-98 749

847

Notes

18	Cash at bank and in hand					Current tax 19
	Impairment charges for receivables from credit institutions
	Additions					Net current tax at 1 January	749
	Reversals			0		Exchange rate adjustments	ಲ್ಲ
	Write-offs for the year, not previously written down for			0		Change to opening figure	ි ਟ
	Total Impairment charges			0		Addition, demerger Trygg-Hansa, Codan Norway
						Current tax for the year	-1,306
DKKm		Stage 1	Stage 2	Stage 3	Total	Current tax on equity entries	-33
						Tax paid for the year	175
	Total Impairment IAS 39 provisions 31 December					Net current tax at 31 December	-384
	2022	0
	Effect of IFRS 9 transition	64
	Total Impairment provisions, 1 January 2023	ਟ	D		ਟ	Current tax is recognised in the statement of financial position as follows:
						Assets, current tax	5
	Transfer to stage					Liabilities, current tax	-389
	Transfer to stage 2					Net current tax at 31 December	-384
	Transfer to stage 3
	Additions	0			0	Due to IFRIC 23, Tryg Forsikring A/S have previous included 80% of an expected repayment for unused tax losses in the closed Finnish branch in 2012
	Reversals	0
	Previously written down for impairment, now written					True Enreikring A/S has raceion from the Danien tay sutherities The darie/on has

0 0

0 0

0 0 0

0

ત્ત્વ

Total Impairment provisions, 31 December 2023

Interest on impaired facilities

off

DKKm		2023	2022
20	Solvency II - Own funds
	Solvency II - Own funds
	Equity according to annual report	40,062	42,655
	Proposed dividend	-1,000	-2,570
	ntangible assets	-31,987	-32,716
	Profit margin, solvency purpose	3,400	3,000
	Taxes	1,660	896 1
	Subordinate loan capital	3,052	3,697
	Solvency II - Own funds	5.188	15.963

DKKm

Provisions for Insurance contracts 21

2023	Liability for remaining coverage		Liabilities for incurred claims for contracts under the PAA
	Excluding loss	component Loss component future cash flows non-financial risk		Present value of Risk adjustment for	Total
Provisions for Insurance contracts
Balance as at 1 January	6.077		40.939	2,045	49,063
nsurance revenue	-39,126		0	0	-39,126
Incurred claims and other directly attributable expenses	1.588		27,703	1,292	30,584
nsurance acquisition cash flows amortisation	3,371		0	0	3,371
Run-off previous years adjustments to the LIC			-ਦੇਰੇਰੇ	-1.136	-1,735
Insurance service expenses (gross)	4.959		27.105	156	32,219
Profit/loss on gross business	-34,167		27,105	156	-6,906
Finance expenses from insurance contracts issued	-4		2,106	88	2,190
Total income statement (Gross)	-34,170		29,211	244	-4,716
Cash flows
Insurance revenue received 4	38.785				38,785
Claims and other directly attributable expenses paid a	-1.588		-28,711		-30,298
Insurance acquisition costs cash flows a	-3.371				-3,371
Total Cash flows	33,826		-28,711		5,116
Closing insurance contract liabilities	5.733		41.440	2,289	49,463
Balance as at 31 December	5,733		41,440	2,289	49,463

The calculated risk adjustment corresponds to the confidence level of 68.0 at 31 December 2023.

(b) Claims on other client be continutions (continutions) (Trge-Hans) many in one in color coccurios) and one on colusion of ton local control on locus control and connect on al nurance were contains or containtent of converse from bellent of converse combinators (Tree-Manage not other nor icolor many in other more on adjustrant from treases on or coverage contains administrations costs related to insurance contracts.

c) Tryg Forsikring has chosen to expense acquisition cost as they incur.

DKKm

Provisions for Insurance contracts (continued) 21

2022	Liability for remaining coverage		Liabilities for incurred claims for contracts under the PAA
	Excluding loss component	Loss component		future cash flows non-financial risk Present value of Risk adjustment for	Total
Provisions for insurance contracts
Opening balance
nsurance contract liabilities	4.506	0	26.947	1,516	32,968
Balance as at 1 January	4.506		26,947	1.516	32,968
Addition, demerger of Trygg-Hansa, Codan Norway	1.980		16,129	410	18,519
Net balance	6.486		43.075	9 1,92	51,488
Insurance revenue	-38.365		0		-38,365
Incurred claims and other directly
attributable expenses	1,833		27,508	1.068	30,409
Insurance acquisition cash flows amortisation	2.868		0	0	2,868
Run-off previous years adjustments to the LIC			-373	-746	-1,120
Losses on onerous contracts and reversal of those losses	0
Insurance service expenses (gross)	4.700		27.134	321	32,156
Profit/loss on gross business	-33,668		27,134	321	-6,212
Finance expenses from insurance contracts issued	-8		-2.410	-203	-2,621
Total Income statement (Gross)	-33,677		24,724	119	-8,833
Cash flows
Insurance revenue received 4	37.969		0		37,969
Claims and other directly attributable expenses paid a	-1.833		-26,860		-28,694
nsurance acquisition costs cash flows of	-2.868				-2,868
Total Cash flows	33.268		-26,860		6,408
Closing insurance contract liabilities	6.077		40.939	2.045	49,063
Balance as at 31 December	6.077		40.939	2,045	49,063

The calculated risk adjustment corresponds to the confidence level of 68.0 at 31 December 2022.

by Connes and claims of the battle spenses pair continues continues continues (Trgg-Hontan), than in other in other in out and ance in a quadriment tron contract on accomment al house reveau needed change of including of consisted on below contrast of the bases contrast on transmit on transmit on transmit on transmit of transmit on transmission on coverage contains administrations costs related to insurance contracts.

c) Tryg Forsikring has chosen to expense acquisition cost as they incur.

73A2208FC2CF4D29AC63EB0E949F79EA

DKKm		2023	2022
22	Pensions and similar obligations
	5 Jubilees, pensions and other obligation.	22 E	37
	Compensation liabi	ડી	24
	Recognised liability	un	61
	Defined-benefit pension plans:
	of pension obligations funded through u Present value
	operations	g N	7 2

DKKm		2023	2022
	Specification of change in recognised pension obligations:
	A E UU 112 E obligation pension Recognised	24	29
	Exchange rate adjustments	ਨੂੰ -
	Capital cost of previously earned pensions	g
	sassol /Sull Ba Actuarial	યા
	during the period D E ර	-4	1-
	Recognised pension obligation at 31 December	26	24
	Total pensions and similar obligations at 31 December	9 ત્વ	24
	Total recognised obligation at 31 December	77	85
	Specification of pension cost for the year

1

-

Present value of pensions earned during the year Total year's cost of defined-benefit plans

	23 Deferred tax	Tax asset	Operating equipment	Bonds	Capitalised tax loss			Tax llability	Intangible rights	Land and buildings	Debt and provisions	Contingency funds
DKKm
2022		110			2.7	3.8		n 5 3	7.0	19.	K2013
2023		102		నిక	3.0	3.8	ನ 2	3.5	1	ு	K2013
DKKm	The premium for the following financial years is estimated at	Number of pensioners		Assumptions used	Discount rate	Salary adjustments	Pension adjustments	G adjustments	Turnover	Employer contributions	Mortality table

Description of the Swedish plan

agreement, the FTP plan, which is insured with Försäkringsbranschens Pensionskassa - FPK, Trygg-Hansa, a branch of Tryg Forsikring A/S, complies with the Swedish industry pension

Under the terms of the agreement, the Group's Swedish branch has undertaken, along with the other businesses in the collaboration, to pay the pensions of the individual employees in accordance with the applicable rules.

unable to provide sufficient information for the Group to use defined-benefit accounting. For this The FTP plan is primarily a defined-benefit plan in terms of the future pension benefits. FPK is reason, the Group has accounted for the plan as if it were a defined-contribution plan in accordance with IAS 19.30.

(4.2% in 2022) of the annual premium in FPK (2022). FPK writes in its annual report for 2022 that This years premium paid to FPK amounted to DKK 21m in 2022), which is about 2.3% It had a solvency ratio of 135 at 31 December 2022 (Solvency ratio 139 for 31 December 2021),

The Solvency Ratio is defined as the own funds relative to the solvency capital requirement.

Tax asset
Operating equipment	-1	25
Bonds	7	17
Capitalised tax loss	0	137
	7	179
Tax llability
Intangible rights	2,168	2,368
Land and buildings	-2	ੁ
Debt and provisions	-1	46
Contingency funds	1.156	1.173
	3.321	3.587
Deferred tax	3,317	3,408
Development in deferred tax
Deferred tax at 1 January	3,492	806
Exchange rate adjustments	-14	-33
Change to opening figure	-38	19
Change to deferred tax rate on opening figures	ਟ	30
Addition, demerger of Trygg-Hansa, Codan Norway	0	2,317
Change in deferred tax recognised in income statement	-308	347
Change in valuation of tax asset	7	-17
Change in tax on tax loss to carry forward	179	24
Change in deferred tax recognised on equity	0	-1
Deferred tax at 31 December	3,317	3,492

ra v сяртсянзва alue of nou lax

Loss determined according to Swedish, Finnish, German, Belgium, Dutch and Austrian rules can be carried forward indefinitely. In Switzerland tax losses can be carried forward 7 years.

The losses are not recognised as tax assets until it has been substantiated that the company can generate sufficient future taxable income to offset the tax loss.

statement of financial position in the amount of DKK -109m at 31 December 2022). The total current and deferred tax relating to items recognised in equity is recognised in the

2022

2023

Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

This file is sealed with a digital signature. The seal is a guarantee for the authenticity

of the document.

DKKm		2023	2022
	24 Other provisions
	Other provisions at 1 January	94	20
	Exchange rate adjustment
	Change in provisions	29	ട് ട
	Other provisions 31 December	223	04

and bankruptcy of Gefion. Additions to the provision for restructuring costs and other provisions Other provisions relates to provisions for the Group's own insurance claims, restructuring costs during the year amounts to DKK 238m (DKK 81m at December 2022) and use of existing restructuring provisions amounts to DKK 109m (DKK 28m at December 2022).

Other provisions at 31 December 2023 excluding own insurances amounts to DKK 222m (DKK 88m at 31 December 2022).

Other debt 25

debt related to external customers'investments in Kapitalforeningen Tryg Invest Funds, unsettled Other debt amounts to DKK 7,460m (DKK 5,792m at 31 December 2022) and mainly consists of fund transactions, leasing and accrued costs. Debt related to external customers investments in Kapitalforeningen Tryg Invest Funds amounts to DKK 1,672m |DKK 1,972m at 31 December 2022).

DKKm		2023	2022
	Other debt
	Maturity of undiscounted lease liabilities
	Que 1 year or less	202	181
	Due 2-5 years	465	ਤੇ ਰੇਰੇ ਕ
	Due more than 5 years	625	ਤੇ ਦੇ ਰੋ
	Total lease liabilities 31 December	1,293	939
	Lease liabilities included in the statement of financial Hereof future cash flow of contract options position	45	44
	Amounts recognised in statement of cash flow Total cash out-flow for leases	211	7 6
	Amounts recognised in income statement Interest on lease liabilities	-51	-38

There are no short team-leases recognised in the financial statement.

Debt related to lease are included in Other debt. Please refer to note 13 for specification of ROU assets.

DKKm

Contractual obligations, collateral and contingent liabilities 26

Contractual obligations			Obligations due by period
2023	<1 year	1-3 years	3-5 years	5 years A	Total
Other contractual obligations 8	.010	742	45		2,214
	1,010	742	45		2,214
2022	<1 year	1-3 years	3-5 years	> 5 years	Total
Other contractual obligations 81	747	755	424		336
	747	755	424		.936

a) Other contractual obligations mainly consists of investments, IT and outsourcing agreements. Please refer to note 13 for lease agreements recognised as ROU.

2023

Tryg Forsikring has signed the following contracts above DKK 50m:

Tryg Forsikring is committed to invest in some investment funds. The commitment amounts to DKK 909m of which DKK 284m are expected called during 2024 and additionally DKK 625m within 5 years.

Tryg Forsikring has signed IT infrastructure agreements with commitments amounting to DKK 737m within 5 years.

2022

Tryg Forsikring has signed the following contracts above DKK 50m:

Tryg Forsikring is committed to invest in some investment funds. The commitment amounts to DKK 1,196m of which DKK 363m are expected called during 2023 and additionally DKK 833m within 5 years.

Tryg Forsikring has signed IT infrastructure agreements with commitments amounting to DKK 416m within 5 years.

companies and the other jointly taxed companies are liable for any obligations to withhold taxes The Danish companies in the Tryg Group are jointly taxed with TryghedsGruppen smba. The at source on interest, royalties, dividends and income taxes etc. in respect of the jointly taxed companies.

Contractual obligations, collateral and contingent liabilities (continued) 26

DKKm

Tryg Llvsforslkring A/S, Forslkrings-Aktieselskabet Alka Livförsäkring AB have registered the following assets as having been held as security for the insurance provisions:

	2023	2022
Equity investments	463	313
Bonds	223	.68 1
Interest and rent receivable		ਟ
Tota	1,019	1,063

<-- PDF CHUNK SEPARATOR -->

Financial statements - Contents

Notes

DKKm

Contractual obligations, collateral and contingent liabilities (continued) 26

Offsetting and collateral in relation to financial assets and obligations

					Collateral which is not offset in the statement of financial position
	Gross amount before		statement of financial According to the	Further offsetting, master netting
2023	offsetting	Offsetting	position	agreements	Collateral	Net amount
Assets
Reverse repos	59		ਵਿੱ		-59
Derivative financial instruments	2,554	-516	2,038	-1,223	-788
	2,613	-516	2,096	-1,223	-847	27
Llabilities
Repo debt	4,645		4,645		-4,645
Derivative financial instruments	2,295	-516	1,779	-1,223	-434	123
	6,940	-516	6,424	-1,223	-5,079	123
2022

Assets
sodal asiana 14
Derivative financial instruments	8 日本	。 2016
Llabilities
Repo debt
Derivative financial instruments
				이전 전

Financial assess and labilities are official the Coupand the country have a legally enforceable right of selection of see of and the on and belle on and belle on and belled o

Positive and require for variat of contracts with the same country and offeel if intel bene apprents on and basis who case by who case by who case by who case by who case by in case of fair value changes. The Group's netting of positive financial instruments may be cleared through LCH (CCP clearing). Echnomore noting a carried on a comments. Andre retine prements and similar appenents and similar processor and similar process and space to the befority which for unter reco counterparty but does not meet the conditions for accounting offsetting in the balance sheet.

DKKm	DKKm	2023	2022
Contractual obligations, collateral and contingent liabilities (continued) 26	Related parties 27
The Consumers Ombudsman (FO) has raised doubts about the lawfulness of the price increases in Denmark between 2016 and 2019 and has therefore mentioned the possibility to pursue a Price adjustments 2016-2020 Contingent liabilities	Tryq Forsikring has no related parties with a controlling influence other than the parent company Tryg A/S, TryghedsGruppen smba and the subsidiaries of TryghedsGruppen smba Jother related parties), Related parties include the Supervisory Board, the Executive Board (which is considered Management) and their members' family,	Key
In compensation on behalf of some customers. The case is related to a part of the private portfolio Denmark.	Premium income
	-Parent company (TryghedsGruppen smba)	0.5	0.6
The FO has now brought the case to court. Tryg Forsikring does not agree with the FO's assessment	-Key management	0.6	0.6
a legal judgement, this is unchanged from previous assessments, the probability of winning the case remains higher than as the company believes it has followed the guidelines stated by the Danish FSA in terms of price increases. Tryg Forsikring has given mandate to an external lawyer to produce	-Other related parties Claims payments	2.6	2.3
the probability of losing the case. The case is expected to be tried in court in February 2024.	-Parent company (TryghedsGruppen smba)	0.3	0.1
	-Key management	0.1	0.2
Management has decided not to disclose an estimated amount but this is deemed to be immaterial.	-Other related parties	0.3	0.3
Norway and Sweden, which management believes will not affect the Group's financial position significantly beyond the 2023. Companies in the Group are party to a number of other disputes in Denmark, obligations recognized in the statement of financial position at 31 December Other

Conting Price ad 26

Other

Financial statements - Contents

Related parties (continued) 27

al -10 -141-

	Specification of reminueration
		Number of	Base salary incl. car	Share- based varlable	Cash varlable 21 salary
DKKm 2023		persons	ance allow	salary		Pension	Total
	D Boar Supervisory	9	ડી	0	0		2
	D Boar Executive	0	0 3	8	C	8	9 9
	Risk-takers	2	5				2
	Risk-takers sta
	functions	24	41	6			5 9
	Risk-takers
	independent	ਪ੍ਰ	8	0	0		0
	ਰ oth Risk-takers	00 ਟ	ee	8 1		ਟ e	107
		6	172	48	30	30	280

Management review.For further details on remunerations of Supervisory Board and Executive Board, please refer to "Corporate a) Total expenses recognised in 2023 for matching shares and conditional shares allocated in 2023 and previous year. For matching shares and conditional shares allocated to Executive Board in 2023, please refer to "Corporate government" in governance" in Management review.

b) Including non-competition clause

Severance pay	0	7	0
Number of persons
Of which retired	Supervisory Board	Executive Board®	Risk-takers

Document ID:

d) Severance pay is included in the remuneration table above in all categories, for a splitt please see the Remuneration report 2023 on Tryg.com

		Base	Share-
		salary incl.	based	Cash
	Number of	Call	varlable	varlable
DKKm 2022	persons	allowance	25 salary	lary 28	Pension	ota TL
D Boar Supervisory	8 V	0	0	0
್ತಾ E 0 日 Executive		E	9 L			5 5
k-takers investment 51 8		5				0 ट
Risk-takers staff function	E N 5	6 E		9		6 9
Risk-takers independer	nt
control functions	7	8	0	0		0 1
Risk-takers other functions	3	8 9	S L	1	ਟ 1	r 0 1
	6	72	40	C	б N	9 ત્વ

Total expenses in 2022 for matching shares and conditional shares allocated in 2022 and previous year.

Severance pay	C		0	C
Number of persons Of which retired	1. Supervisory Board	0 Executive Board	Risk-takers	10

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

73A2208FC2CF4D29AC63EB0E949F79EA

Related parties (continued) 27

disbursements. The Executive Board and risk-takers are included in incentive programmes. Please Base salary are charges incurred during the financial year. Variable salary includes the charges for conditional shares, which are recognised over a deferral period up to 4 years. Reference is made to section 'Corporate governance' of the management's review on the corresponding refer to note 5 for more information.

The members of the Supervisory Board in Tryg Forsikring are paid with a fixed remuneration and are not covered by the incentive schemes. The members of the Executive Board is paid a fixed remuneration, pension, car allowance, special allowances, and staff benefits.

The variable salary is awarded with 40% cash, and 60% conditional shares which are deferred for 4 years. Please refer to 'Corporate governance'.

Each member of the Executive Board is entitled to 12 months' notice and severance pay equal to 12 months' salary plus pension contribution. If a change of control clause is actioned COO is entitled to severance pay equal to 36 months' salary.

company's risk profile. The Supervisory Board decides which employees should be considered to Risk-takers are defined as employees whose activities have a significant influence on the be risk-takers.

Parent company

In 2023 Tryg Forsikring A/S paid Tryg A/S DKK 7,030m (1,200m in 2022)

Intra Group trading Involved	2023	2022
Providing and receiving services	6	0
Interest expenses	0	ರ್-
- Intra-group account	30	0
MARIE BEAULA BEAR BE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE SE

Intra-group transactions

Intra-group accounts are offset and carry interest on market terms. Administration fee, etc. is fixed on a cost-recovery basis.

The companies in Tryg Forsikring have entered into reinsurance contracts on market terms.

Transactions with Group undertakings have been eliminated in the consolidated financial statements in accordance with the accounting policies.

Financial highlights 28

Please refer to page 48

Acquisition activities 29

2023

Undo

Forsikringsagentur A/S. Tryg Forsikring had prior to the acquisition a non-controlling interest in Undo and Undo is now part of the Tryg Group. The acquisition affects the Financial statement 29 December 2023 Tryg Forsikring acquired all the outstanding shares in Undo from 29 December 2023:

If the activities were included with a full year, the premium income and the insurance service result would not be significantly affected.

DKKm

29	Net assets acquired
		Undo	RSA Scandinavia
	Assets	2023 (DKKm)	2022 (DKKbn)
	assets ntangible	0.0	11.3
	stassets Tangible	0.0	2 0
	Financial assets	62.2	6 23.
	Total reinsurance of provisions	0.0	0
	Receivables	0.0	3.7
	Other assets and accrued income	7 ury	0.9
	Llabilities
	5 Total provisions for insurance contract	0.0	19.8
	a Debt and accruals and deferred income	00 72.	7.4
	Total Identifiable net assets acquired	4.8	12.9
	Purchase price (Shares In Tryg Forsikring A/S)	34.0	29.9
	Goodwill	29.2	17.0

acquisition. The purchase price is final. In connection with the acquisition, a sum was paid which The Group has not incurred any significant acquisition costs in connection with the closed exceeds the fair value of the identifiable acquired assets.

It has not been decided how the activities in Undo will be integrated into Tryg Forsikring hence the excess value (Goodwill) will be expensed at the acquisition date.

Acqusition activities (continued) 29

2022

RSA Scandinavia (Trygg-Hansa and Codan Norway) Acquisition of activities

Tryge-Hansa and Codan Norway were merged into Tryg Forsikring A/S from 1 April 2022. Holmia was acquired as part of the merger. Following the merger the result for Trygg-Hansa, Codan Norway and Holmia Livsförsäkring is included in the result from 1 April 2022

including intangible assets (customer relations and brands) and provisions for insurance contracts The measurement at fair value of identifiable acquired assets and liabilities at the acquisition date, acquired activities and the Group's existing activities. The goodwill acquired is not tax deductible results in a goodwill of DKK 17.0bn. This goodwill relates to expected synergies between the

integration of the acquired activities, including the migration of policy administration systems, it is As the acquisition date was 1 April 2022, the acquired businesses have not impacted the Group's have been DKK 36.5bn and net income of the Group would have been DKK 2.1 bn. The figures are nat passible to publish the full year premium income for the acquired businesses preliminary. The determination of these pro forma amounts for premium income and net income separately. If the acquisition date was 1 January 2022 the premium income of the Group would premium income or net income for the first quarter of 2022. Due to the ongoing system for the period to the acquisition is based on the following significant assumptions:

• acquisition balance sheets for premium and claims provisions, rather than the original carrying Premiums and claims have been calculated on the basis of the fair values determined in the amounts.
• Other costs, including amortisation of intangible assets, have been calculated on the basis of the fair values determined in the acquisition balance sheets, rather than the original carrying amounts."

Accounting policles 30

disclosure requirements of the Danish Financial Accounting Standards as adopted by the EU on listed financial services companies. The annual companies and lateral pension funds issued by 31 December 2023 and the additional Danish Business Act on annual reports prepared by report of the parent company is prepared in The consolidated financial statements are financial reports presented by insurance accordance with the executive order on prepared in accordance with the IFRS the Danish FSA.

concerning presentation between the group The following deviations are only relevant and parent:

• 2023 implement elements from the Solvency "The Executive order on financial reparts by funds" issued by the Danish FSA from May principles for the calculation of insurance insurance companies and lateral pension Il regime, which sets down the basic provisions:
  • Best estimate of the present value of expected future cash flows for incurred insurance e
• A risk margin to cover the risk of deviation between best estimate and final execution of future cash flows ==============================================================================================================================================================================
• An interest rate curve laid down for Solvency II. Tryg Forsikring uses the interest rate curve without adjustment.
• profit in the capital base at the time when Solvency II incorporates the expected insurance is incurred.
• provisions, and the change in profit margin corresponding to an accrual of premiums premiums written during the year, net of reinsurance premiums and adjusted for to the risk period of the policies, in the Premium income represents gross reinsurers' share of the premium changes in premium provisions, and risk margin.
• revenue. Claims reserves acquired before the initial application date 01.01.2023 will presented as insurance revenue based differs from recagnition in Tryg Forsikring claims relating to Claims provisions from requires that claims provisions acquired acquisition (Tryg Forsikring Group). This A/S (parent company) according to The refers to Insurance revenue and Gross Combinations introduced by IFRS 17 on the expected cash flows as of the the Trygg-Hansa and Codan Norway acquisition date. The reclassification The amendment to IFRS 3 Business should be presented as Insurance Danish FSA's executive order be
  • (Claims costs) in Tryg Forsikring group and Unwinding and discounting are presented presented as Insurance service expenses Banus and premium discounts will be Tryg Forsikring A/S (parent company), under "Bonus and premium" rebate

as part of Net finance income/expenses

value adjustment on insurance provisions" from insurance and net finance income/ Forsikring Group and under "Return and expenses from reinsurance in Tryg in Tryg Forsikring parent.

• Movement in inflation swaps is included in provisions are deducted and presented in net basis for Tryg Forsikring A/S (parent). Changes in risk margin related to claims a separate line, change in risk margin on claims costs' in Tryg Forsikring parent
• in is Under IFRS 17, specific risk adjustment gross amount from liability for incurred divided into a part related to recoveries group and under "Investment activities" from reinsurance contracts held and a claims. In Tryg Forsikring A/S (parent Tryg Forsikring Group.
• present value of the best estimate of the presented under Claims provisions on a expected payments for future insurance Premium provisions are stated at the company) total risk adjustment is net basis.

events covered by existing insurance

• Profit margin is the expected profit of the policies. In Tryg Forsikring insurance is payments include claims and costs for as mainly signed for one year. Expected remaining period of cover for written claims handling, other costs as well bonuses and discounts.
  • ട്ട the difference between premiums for insurance. Profit margin is calculated future periods of cover for written

payments and risk margin for a portfolio of profit margin is deducted with the portion exceeds the premium, the profit margin settlement of premium provision. If the included in the premium provision. The insurance, and the expected payments for this portfolio is recognised at zero. of the risk margin attributable to the insurance policies with similar risks expected present value of future

current estimates of future fulfilment cash flows insurance. Tests are continuously performed to curve, as well as unwinding of the profit margin calculated at the present value of best estimate insurance provisions. Claims provisions are insurance contracts. In performing these tests, handling costs are used. Any deficiency results payments as a result of the change in the yield are transferred to return and value adjustment of claims, including direct and indirect claims Changes in the present value of the expected in an increase in the relevant liability, and the of incurred claims, covered by incurred adjustment is recognised in the income ensure the adequacy of the liability for statement on

distribution will be presented in the line item assets, such as customer relationship and Depreciation related to some intangible Acquisition costs and administration expenses".

Change in accounting policies following This is the first set of the Group's annual mplementation of IFRS 9 and IFRS 17

financial statements in which IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments Annual report 2023 | Tryg Forsikring A/S | 104

expenses were presented separately and off	set in insurance contracts.	"Insurance service result" is the result of	'Insurance revenue', "Insurance service	expenses' and 'Net expenses from	reinsurance contracts'.		Statement of financial position presentation has	been changed following IFRS 17. The carrying	amount of portfolios of	reinsurance contracts held that are assets	Comprises reinsurer's share of premiums	and claims provisions and receivables and	debt relating to reinsurance	insurance contracts issued that are liabilities	Comprises provisions for premium, claims,	bonuses and premium discounts and	receivables and debt relating to policyholders		Acquired portfolios	The amendment to IFRS 3 Business	Combinations introduced by IFRS 17 that	requires a entity to classify contracts acquired	as insurance contracts based on the contractual	terms and other factors at the date of	acquisition. Claims reserves acquired before the	initial application date 1 January 2023 will be	presented as insurance revenue based on the	expected cash flows as of the acquisition date.	IFRS 9 has been implemented with effect from 1	January 2023. The standard includes new	provisions governing "classification and	measurement of financial assets", "impairment	of financial assets" and "hedge accounting".	Implementation of IFRS 9 has not lead to e	reclassifications.
accounting principle chosen to expense	acquisition cost as they incur. This means that	the financial effect of implementing IFRS 17 is	limited.		The main impact will be on presentation of	profit and loss compared to previously:		Insurance revenue	Insurance revenue is the amount recognised	for services provided in the period.	Predominantly on the basis of the passage of	time. The previous top-line 'gross earned	premium' was measured in the same way.	Insurance service expenses	Insurance service expenses comprise	Acquisition costs', 'claims costs' and	administration expenses'. Previously,	(i) 'Bonus and premium	discounts' were off set in 'Gross earned	premium'. Under IFRS 17 it will be presented	as 'Claims costs'	(ii) 'Onerous contracts' were off set in	Gross earned premiums' as 'unexpired risk'.	Under IFRS 17 it will be presented as "Claims	SISDS	(iii) Movement in inflation swaps were	included in 'claims costs'. Going forward the	movements will be included in 'Investment	activities'.	Net expenses from reinsurance contracts	Net expenses from reinsurance contracts	comprise payments to and recoveries from	reinsurance contracts held. Under IFRS 17	these will be presented in profit and loss as	single net amount including changes in a	specific risk adjustment. Previously, amounts	recovered from reinsurers and reinsurance

the changes mentioned; the accounting policies balance sheet as at 1 January 2023. Except for have been applied. As a result, Tryg Forsikring have been applied consistently for all periods has restated comparative amounts and the presentation of the Profit and loss and the presented in these consolidated financial IFRS 17, as adopted by EU, has been statements.

implemented with effect from 1 January 2023 recognition, measurement, presentation and reinsurance contracts held. It replaces IFRS 4 The standard establishes principles for the disclosure of insurance contracts and nsurance contracts.

0 adoption of IFRS 17 have been applied using a full retrospective approach at 1 January 2022 identified, recognised and measured each the extent practicable. Tryg Forsikring has: Changes in accounting policies from the

• contracts as if IFRS 17 had always been group of insurance and reinsurance applied:
• ട്ട assets for insurance acquisition cash flows identified, recognised and measured any if IFRS 17 had always been applied,
  • derecognised previously reported balances that would not have existed if IFRS 17 had always been applied; and
• equity. The carrying amount of goodwill from in previous business combinations was not recognised any resulting net difference adjusted.

estimates of the present value of future cash flows that are expected as the contracts are measures groups of contracts based on the IFRS 17 a general measurement model In I

value of future cash flows, adjusted to reflect the time value of money, including a risk adjustment fulfilled. The general model is based on present date, the fulfilment cash flows are remeasured statement of profit or loss when services are provided in future periods. At each reporting contractual service margin represents the unearned profit to be recognised in the and a contractual service margin. The using current assumptions.

which a third party would need to hold, in order liabilities, and which cannot be mitigated in the FRS 17 requires that a risk margin is estimated Tryg Forsikring uses a cost of capital approach, market. IFRS 17 requires that the risk margin is cost of capital approach estimates the capital which is also prescribed under Solvency II. A split into both a gross margin and a ceded to protect itself from the underlying risks associated with the insurance contract

acquire portfolios the premium allocation model eligible to use the premium allocation approach Forsikrings internal management of capital and entirely focused on non-life insurance and it is relatively short-tail. This makes Tryg Forsikring may not be applied. In these cases the general The gross margin does not play a role in Tryg cases e.g. when Tryg Forsikring in the future as simplification for measurement. In some purposes only. Tryg Forsikring's business is reserves, and is constructed for reporting model will apply.

Forsikring's previous accounting principles. Tryg The premium allocation model is similar to Tryg Forsikring has in line with the current Annual report 2023 | Tryg Forsikring A/S | 105

margin.

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Accounting regulation

International Financial Reporting Interpretations Committee (IFRIC) has also issued a number of The International Accounting Standards Board nternational accounting standards, and the mplementation of changes to accounting (ASB) has issued several changes to the standards and interpretation in 2023 interpretations.

impact on the Group except IFRS 9 and IFRS 17. on No standards have been implemented for the first time for the accounting year that began 1 January 2023 that will have a significant See below regarding IFRS 9 'Financial instruments'

Significant accounting estimates and assessments

accounting estimates and requires management or areas where assumptions and estimates are eas involving more judgement or complexity The preparation of financial statements under applying the Group's accounting policies. The to exercise its judgement in the process of significant to the consolidated financial FRS requires the use of certain critical statements are:

• Insurance and reinsurance contracts
• Fair value of financial assets and liabilities Valuation of property
  • Business Combinations
• Measurement of Goodwill, Trademarks and
• Customer relations
  • Control of subsidiaries

nsurance and reinsurance contracts

and especially liability for incurred claims represen the Group's most critical accounting estimates as these provisions involve several uncertainty factors. Similarly, the estimation of recoveries Estimates of insurance contracts liabilities from reinsurers may be significant.

Changes in the following key assumptions may assumptions about the contract boundary; change the fulfilment cash flows materially:

• assumptions about level of aggregation;
• assumptions about claims development; and assumptions about discount rates, including any illiquidity premiums.

estimates of future cash flows: Fulfilment cash flows comprise:

• an adjustment to reflect the time value of to future cash flows, to the extent that the money and the financial risks related financial risks are not included in the estimates of future cash flows; and
• The expected fulfilment cash flows are similarly a risk adjustment for non-financial risk.

applied to reinsurance contract assets.

The sensitivity of the key assumptions and the underlying assumptions and development of discount rates are disclosed in note 1.

subject to material estimates. For securities that Measurements of financial assets and liabilities are not listed on a stock exchange, or for which which prices are quoted in an active market models with observable market data are not Fair value of financial assets and liabilities or which are based on generally accepted

discounting of the instrument cash flow using an consideration for credit and liquidity premiums no stock exchange price is quoted that reflects the fair value of the instrument, the fair value is calculation. The valuation models include the similar financial instrument or using a model determined using a current OTC price of a appropriate market interest rate with due

Valuation of property

market-determined rental income and operating prices, considering the type of property, location determined rental income, as well as operating The fair value is calculated based on a marketrequired rate of return. Cf. note 13, 14 and 16. required rate of return in per cent. Investment and maintenance standard, and based on a calculation of fair value is based on market expenses in proportion to the property's expenses in proportion to the property's property is recognised at fair value. The

Business Combinations

assumed and when identifying intangible assets assessments are made when considering the such as Trademarks. Customer relations and fair value of the assets required and liabilities Business Combinations, significant goodwill as part of the transactions. n

Measurement of Goodwill, Trademarks and Customer relations

Impairment testing involves estimates of future was acquired in connection with the acquisition businesses. Goodwill is allocated to the cash manages the investment. The carrying amount Goodwill, Trademarks and Customer relations generating units under which management is tested for impairment at least annually of

circumstances dependent on economic trends, such as customer behaviour and competition. cash flows and is affected by several factors, including discount rates and other Cf. note 12.

Control of subsidiaries

Hence, whether a subsidiary should still be part of the consolidation on line by line basis or as a Control of subsidiaries is assessed yearly. single line item in the balance sheet.

Description of accounting policies

The annual report has been prepared under the evaluation of owner-occupied property, where historical cost convention, as modified by the liabilities (including derivative instruments) at nvestment property, financial assets held for comprehensive income, and revaluation of trading and financial assets and financial fair value are recognised in the income increases are recognised in other Recognition and measurement statement.

and the value of such liabilities can be measured financial position when it is probable that future statement of financial position when the Group has a legal or constructive obligation as a result economic benefits will flow to the Group, and of a prior event, and it is probable that future economic benefits will flow out of the Group, the value of such assets can be measured Assets are recognised in the statement of reliably. Liabilities are recognised in the reliably.

measured at cost, with the exception of financial On initial recognition, assets and liabilities are

Annual report 2023 | Tryg Forsikring A/S | 106

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Measurement after initial recognition is affected as described below for each item. Anticipated existing at the statement of financial position risks and losses that arise before the time of confirm or invalidate affairs and conditions presentation of the annual report and that assets, which are recognised at fair value. date are considered at recognition and measurement.

of amounts attributable to this financial year. Value as earned, whereas costs are recognised by the Income is recognised in the income statement All amounts in the notes are shown in millions adjustments of financial assets and liabilities recognised in the income statement unless DKK unless otherwise stated. otherwise described below.

Consolidation

Consolidated financial statements

The consolidated financial statements comprise (subsidiaries) controlled by the parent company A/5 The parent company is regarded as controlling the financial statements of Tryg Forsikring parent company) and the enterprises enterprise when it: an

• exercises a controlling influence over the relevant activities in the enterprise in 1.
• is exposed to or has the right to a variable return on its investment, and question, 2.
• can exercise its controlling influence to affect the variable return. ന്ന്

voting rights and exercises significant influence indirectly holds between 20% and 50% of the Enterprises in which the Group directly or

but no controlling influence are classified as associates.

Basis of consolidation

consolidation, intra-group income and costs consolidated financial statements are prepared the consolidation are prepared in accordance with Items of subsidiaries are fully recognised in the of ntra-group accounts and dividends, and gains The prepared based on the financial statements and losses arising on transactions between The consolidated financial statements are combining items of a uniform nature. consolidated enterprises are eliminated. Tryg Forsikring A/S and its subsidiaries. The financial statements used for the consolidated financial statements. Group's accounting policies. the On DV

Business combinations

the acquisition is the date on which control of the Newly acquired or newly established enterpr statements from the date of acquisition and of divested enterprise actually passes to a third are recognised in the consolidated financial acquired enterprise actually passes to Tryg. disposal or the settlement date. The date of disposal is the date on which control of the date of formation, respectively. The date of ecognised in the consolidated statement comprehensive income up to the date of Divested or discontinued enterprises are party.

liabilities and contingent liabilities in the acquired enterprises are measured at fair value acquired enterprise. Subsequently, identifiable acquisitions if the Group gains control of the The purchase method is applied for new ssets.

acquisition price of an enterprise consists of the enterprise. If the final determination of the price such events are recognised at their fair values at recognised in the pre-acquisition balance sheet which are acquired with the intention of selling them are, however, measured at fair value less expected selling costs. Restructuring costs are is conditional upon one or more future events, at the date of acquisition. Non-current assets the date of acquisition. Costs relating to the the value of the price paid for the acquired acquisition are recognised in the income revaluations is taken into account. The only if they constitute an obligation for of acquired enterprise. The tax effect statement as incurred. fair

to acquisition price of the acquired enterprise, the hand, is recognised as an asset under intangible iabilities and contingent liabilities, on the other once a year. If the carrying amount of the asset acquired equity investments, on the one hand, exceeds its recoverable amount, it is impaired Any positive balances [goodwill) between the assets, and are tested for impairment at least value of minority interests in the acquired enterprise and the fair value of previously the fair value of the acquired assets, lower recoverable amount. and the

liabilities or the determination of the acquisition If at the date of acquisition, there is uncertainty may as to the identification or measurement of adjusted, or additional assets or liabilities preliminary determination of values. The be be recognised up to 12 months after the acquired assets, liabilities or contingent initial recognition is based on a preliminarily determined values may price,

Annual report 2023 | Tryg Forsikring A/S | 107

acquisition, provided that new information has acquisition, had such information been known. come to light regarding matters existing at the date of acquisition which would have affected the determination of the values at the date of

Generally, subsequent changes in estimates of conditional acquisition prices are recognised directly in the income statement.

Currency translation

A functional currency is determined for each of functional currency is the currency used in the currencies other than the functional currency primary economic environment in which the reporting entity operates. Transactions in the reporting entities in the Group. The are transactions in foreign currencies.

consolidation, the assets and liabilities of the expenses in the period in which the activities are items are translated using the average exchange Group's foreign operations are translated using currency using the exchange rate applicable at the exchange rates applicable at the statement of financial position date. Income and expense translated using the exchange rates applicable rates for the period. Exchange rate differences comprehensive income and transferred to the Translation differences are recognised in the On initial recognition, transactions in foreign Group's translation reserve. Such translation currencies are translated into the functional income statement under price adjustments. arising on translation are classified as other differences are recognised as income or as at the statement of financial position date. the transaction date. Assets and liabilities denominated in foreign currencies are On

divested. All other foreign currency translation gains and losses are recognised in the income statement

The presentation currency in the annual report is DKK.

Segment reporting

assessment of the Group's results divided into Segment information is based on the Group's management and internal financial reporting segments. Execute Board is considered Key decisions on allocation of resources and system and supports the management operating decision makers. The operational business segments in the Group to of are Private, Commercial, Corporate and Other businesses, in Denmark, Sweden and Norway Corporate sells insurances to industrial clients Private encompasses the sale of insurances Norway. Commercial encompasses the sale private individuals in Denmark, Sweden and primarily in Denmark, Norway and Sweden addition, Corporate handles all business nsurances to small and medium sized involving brokers. on Denmark, Norway, Sweden and other European Geographical information is presented based the economic environment in which the Tryg Group operates. The geographical areas are countries.

be Segment income and segment costs as well as segment assets and liabilities comprise those individual segment and those items that can tems that can be directly attributed to each reliable basis. Unallocated items primarily allocated to the individual segments on a

investment activity managed at Group level. comprise assets and liabilities concerning

Key ratios

Danish Finance Society and the Executive Order on Financial Reports for Insurance Companies Recommendations and Ratios issued by The Key ratios are calculated in accordance with and Multi-Employer Occupational Pension unds issued by the Danish Financial Supervisory Authority.

ncome statement

Insurance revenue

release of risk during the coverage period differs ocated to the period. Tryg Forsikring allocates ignificantly from the passage of time, then the location is made on the basis of the expected the expected premium receipts to each period of timing of incurred insurance service expenses. of The insurance revenue for the period is the passage of time. If the expected pattern of insurance contract services on the basis excluding any investment component) amount of expected premium receipts

between the two methods above as necessary facts and circumstances change. The change Tryg Forsikring changes the basis of allocation accounted for prospectively as a change in accounting estimate. For the periods presented, all revenue has been recognised on the basis of the passage of time.

Loss component

Tryg Forsikring assumes that no contracts are onerous at initial recognition unless facts and circumstances indicate otherwise.

circumstances to identify whether a group of Tryg Forsikring considers facts and contracts are onerous based on:

• Results of similar contracts it has recognised Pricing information
• Environmental factors, e.g., a change in market experience or regulations

excess of the fulfilment cash flows that relate to circumstances mentioned indicate that a group Forsikring establishes a loss component as the the remaining coverage of the group over the carrying amount of the liability for remaining Where this is not the case, and if at any time during the coverage period, the facts and insurance contracts is onerous, Tryg coverage of the group. of

Accordingly, by the end of the coverage period the group of contracts the loss component will be nil. c

Loss-recovery components

When Tryg Forsikring recognises a loss on initial recovery component of the asset for remaining ecognition of an onerous group of underlying coverage for a group of reinsurance contracts nsurance contracts, or when further onerous to a held depicting the expected recovery of the underlying insurance contracts are added group, Tryg Forsikring establishes a lossosses if relevant.

The loss-recovery companent is subsequently reduced to zero in line with reductions in the recovery component shall not exceed the portion of the carrying amount of the loss contracts in order to reflect that the lossonerous group of underlying insurance

Annual report 2023 | Tryg Forsikring A/S | 108

recover from the group of reinsurance contracts component of the onerous group of underlying insurance contracts that the entity expects to

Insurance service expenses

loss generally as they are incurred. They exclude insurance contracts are recognised in profit or repayments of investment components and nsurance service expenses arising from comprise the following items. Incurred claims

• Amortisation of insurance acquisition cash lows:
• Losses on onerous contracts and reversals of such losses.
  • claims that do not arise from the effects of the time value of money, financial risk and Adjustments to the liabilities for incurred changes therein.
• Other insurance service expenses

ncurred claims

handling of claims incurred in relation insurance prevent, control and mitigate damage and other can be ascribed to unwinding and/or change in ncurred claims include run-off gains/losses in espect of previous years. The portion which direct and indirect costs associated with the Claims are claims incurred during the year. Incurred claims include direct and indirect discount rates is transferred to Insurance inspecting and assessing claims, costs to claims handling costs, including costs of finance income and expenses. contracts in force.

risk in income or expenses. Changes relating to the risk Incurred claims comprise bonus and premiums effects are included in Net finance income from discounts based on defined claims experience nsurance service result and insurance finance adjustment for non-financial risk between the adjustment for non-financial risk are included insurance service result while discounting Tryg Forsikring disaggregates changes in the set prior to the period where the insurance contract was incepted or sold. reinsurance contracts.

Insurance acquisition cash flows

insurance contracts (issued or expected to be acquisition cash flows arise from the costs of portfolio of insurance contracts to which the selling, underwriting and starting a group of nsurance acquisition cash flows Insurance issued) that are directly attributable to the group belongs. Tryg Forsikring chooses to expense insurance coverage period for each contract in a group contracts measured under the PAA, if the acquisition cash flows as they occur for one year or less.

Other insurance service expenses

to යියි Expenses relating to future contracts or expenses that cannot be directly attributed development and training costs are expensed the portfolio of insurance contracts e.g. some attributable to the administration of existing Other insurance service expenses represent insurance contracts in force. Administration expenses are all other incurred expenses administration expenses to administrate 'Other costs' as they incur. contracts.

Share-based payment

and The Group's incentive programmes comprise an programmes for executive board, risk takers employee bonus scheme and incentive other employees.

Employee bonus scheme

the scheme will be treated as a financial instrumen time of exercise, such that the total recognition is based on the actual number of shares or the in form of free shares in Tryg A/S. When the consisting of the right to cash settlement and between receiving shares in Tryg A/S or cash. expensed over the performance period. The Group's employees can be granted a bonus treated as a liability and is remeasured until the right to request delivery of shares. It is According to the remuneration policy, the bonus is granted, employees can choose The expected value of the shares will be actual cash amount. the

Conditional shares

Conditional shares have been allocated to some employees in accordance with the incentive programme.

The shares are recognised at market value and are accrued from up to four years.

Matching shares

Matching shares have been allocated to some employees in accordance with the incentive programme.

in employees have bought investment shares As part of the matching shares-program

Tryg A/S at market price, using taxed funds, for up to the amount decided.

maturation period, based on the market price at A/S, corresponding to the number of investmen shares which the holder has bought. The shares of date. The shares are recognised at market value the The purchase of investment shares entitles the the investment shares. The holder may not sell Group undertakings. If the holder retires during shares, the remaining expense is recognised in holder to a number of matching shares in Tryg matching shares) are provided free of charge, the shares until six months after the matching the maturation period but remains entitled to four or three years after the time of purchase and are accrued over the four and tree year the time of acquisition. Recognition is from end of the month of acquisition under staff expenses with a balancing entry in debt to the current accounting year.

Net expense from reinsurance contracts held

finance income or expenses, are presented in reinsurance contracts, other than insurance one line as 'net expenses from reinsurance contracts' in the insurance service result. contracts are presented separately from ncome and expenses from reinsurance evenue and expenses from insurance contracts. Income and expenses from

Investment activities

ncome from associates includes the Group's share of the associates' net profit.

property operations less property management ncome from investment properties before fair value adjustment represents the profit from expenses.

nvestment gains and losses, including gains and and are recognised as a separate line item in the Interest and dividends represent interest earned losses on derivative financial instruments, value and dividends received during the financial year currency translation adjustments and the effect income statement. Realised and unrealised adjustment of investment property, foreign movements in the vield curve used for discounting, are recognised as value adjustments.

investors share of the result in Kapitalforeningen added (in case of a loss) to the investment result investments including salary and management Tryg Invest Funds and Tryg Invest Real Estate nvestment management charges represent are either deducted (in case of a profit) from ees on the investment area. The external expenses relating to the management of

Insurance finance income and expenses

and arising from the effects of the time value of amounts risk adjustment for non financial risks and arising from the effects of the time value of groups of insurance and reinsurance contracts comprise changes in the carrying amounts of expenses comprise changes in the carrying money, financial risk and changes therein. money, financial risk and changes therein. Moreover, Insurance finance income and nsurance finance income and expenses

Other income and costs

assets, including the sale of products for Velliv, Other income and costs include income and expenses which cannot be ascribed to the Group's insurance partfolio or investment

Annual report 2023 | Tryg Forsikring A/S | 109

of the document. Document ID

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73A2208FC2CF4D29AC63EB0E949F79EA

depreciations of intangibles assets identified in Pension & Livsforsikring A/S, Danske Bank and Business combinations.	Trademarks and customer relations impairment at least once per year.	accordance with the amortization periods stated above.	use of the asset throughout the period of use substantially all the economic benefits from The group has the right to obtain
Discontinued and divested business	Trademarks and customer relations have been identified as intangible assets on acquisition.	Fixed assets	The group has the right to direct the use of the asset
consolidated in one item in the income Discontinued and divested business is	The intangible assets are recognised at fair value 0 at the time of acquisition and amortised on	Fixtures and operating equipment are measured any at cost less accumulated depreciation and Operating equipment	Tryg Forsikring recognises a right-of-use asset
statement. Discontinued and divested business includes gross premiums, gross claims, gross	straight-line basis over the expected economic lifetime of 5-15 years.	encompasses the purchase price and costs accumulated impairment losses. Cost	and a corresponding lease liability with respect to all lease agreements in which it is the lessee,
technical interest net of reinsurance, investment costs, profit/loss on ceded business, insurance	Software	directly attributable to the acquisition of the	excluding short-term leases (defined as leases with a lease term of 12 months or less) and
eturn after insurance technical interest, other	Acquired computer software licences are	relevant assets until the time when such assets are ready to be brought into use.	leases of low value assets.
discontinued business. Any reversal of earlier ncome and costs and tax in respect of the	capitalised on the basis of the costs incidental to acquiring and bringing to use the specific	calculated using the straight-line method over Depreciation of operating equipment is	At inception or on reassessment of a contract
mpairment is recognised under other income and costs,	on an lifetime of up to 8 years. software. The costs are amortised based estimated economic	estimated economic lifetime as follows: its	that contains lease components. Tryg Forsikring allocates the consideration in the contract to
The statement of financial position items	Costs for group developed software that are	Vehicles, 5 years IT, 4 years	each lease component based on their relative
concerning discontinued activities are reported	directly connected with the production of	Furniture, fittings and equipment, 5-10 years	prices. stand-alone
unchanged under the respective entries	identifiable and unique software products,		Right-of-use asset (ROU asset) and lease liability
whereas assets and liabilities concerning	where there is sufficient certainty that future	over Leasehold improvements are depreciated	are recognised at the lease commencement
tem as assets held for sale and liabilities held for divested activities are consolidated under one	the costs in more than one year, are reported as intangible assets. Direct earnings will exceed	the expected economic lifetime, however maximally the term of the lease.	cost, which comprises the initial amount of the date. The ROU asset is initially measured the
sale.	costs include personnel costs for software	Gains and losses on disposals and retired assets	lease liability adjusted for
	development and directly attributable relevant	are determined by comparing proceeds with	payments made at or before the lease
Statement of financial position	fixed costs. All other costs connected with the	amounts. Gains and losses are carrying	commencement date
Intangible assets	are development or maintenance of software	recognised in the income statement. When	any initial direct cost incurred
Goodwill	After completion of the development work, the continuously charged as expenses.	revalued assets are sold, the amounts included	estimate of costs to dismantle and remove the underlying asset or to restore the
Goodwill is acquired in connection with	asset is amortised according to the straight-line	in the revaluation reserves are transferred to retained earnings.	underlying asset
acquisition of business. Goodwill is calculated as	method over the assessed economic lifetime,		lease incentives received
the difference between the cost of the	though over a maximum of 8 years. The	Leasing	ROU assets are tested for impairment.
identifiable assets, liabilities and contingent undertaking and the fair value of acquired	reduced by any impairment and write-downs. amortisation basis is	Right-of-use assets	Lease liability
is liabilities at the time of acquisition. Goodwill		e assesses whether a contract is, or contains, At inception of a contract, Tryg Forsikring	The lease liability is initially measured at the
which management manages the investment allocated to the cash-generating units under and is recognised under intangible assets.	under the entry "Assets under construction" Group-developed intangibles are recorded Assets under construction	lease. It has the following prerequisites: · The underlying asset is identifiable	present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate
Goodwill is not amortised but is tested for	until they are put into use, whereupon they are reclassified as software and are amortized in		cannot be readily determined, Tryg Forsikring uses its incremental borrowing rate,

Financial statements - Contents

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Statement of financial position Intangible assets

of the document.

Annual report 2023 | Tryg Forsikring A/S | 110

recorded in the	ಕ್ಕೆ under provisions if the parent company has legal or constructive obligation to cover the liabilities of the relevant enterprise. Net	income statement. Income i elimination of unrealised int losses.
gible assets, property	revaluation of equity investments in subsidiaries is taken to reserve for net revaluation under	Associates with a negative n measured at zero value. If th
intangible assets are	equity if the carrying amount exceeds cost.	or constructive obligation to
and the depreciation year to ensure that	translation of the items in the income statement The results of foreign subsidiaries are based on	associate's negative balance recognised under liabilities.
nected to the	using average exchange rates for the period
ne. This also applies to	unless they deviate significantly from the
own is performed if onstrated.	costs in domestic enterprises denominated in transaction day exchange rates. Income and	Recognition and clas
y for impairment, or	foreign currencies are translated using the	of financial instrume
ications of	exchange rates applicable on the transaction	Following implementation of
ાંડે ent testing	date.	instruments are classified a
generating unit to		As at 1 January 2023, financ
The present value is	Statement of financial position items of foreign	were classified as follows ba
sworld uses pash flows	subsidiaries are translated using the exchange	business models:
The business plans are	rates applicable at the statement of financial	The asset is held to coller
and expected market	position date.	payments of principal an
	When it is assessed that the parent company no	collect business model).
	longer has control over the subsidiary, it will be	amortised cost after initia
up undertakings	transferred to either assets held for sale or	The asset is held to coller
uity investments in	unquoted shares and when sold, it will be	payments of principal an
d and measured using	derecognised.	the asset (hold to collect
rent company's share		model). Measured at fair
or losses after	Equity investments in associates	recognised through othe
and ntra-group profits	Associates are enterprises in which the Group	income with reclassificat
income statement. In	has significant influence but not control,	statement on realisation
position, equity	generally in the form of an ownership interest of	Other financial assets are
d at the pro rata share	between 20% and 50% of the voting rights.	value through profit or lo
e Subsidiaries with	measured Equity investments in associates are	assets managed on a fair
re recognised at zero	using the equity method and the carrying	the trading book or asset
m these enterprises	amount of the investment represents the	cash flows do not solely
arent company's share	Group's proportionate share of the enterprises'	and principal of the recei
value where the	net assets. Significant transaction costs are	possible to measure fina
xceeds the amount recoverable. If the	recognised as part of the acquisition price, Profit after tax from equity investments in	value with value adjustm loss, when such measure
amount is recognised	associates is included as a separate line in the	reduces or eliminates an
		Annual report 2023

is made up after

tra-group profits and

e, such obligation is he Group has a legal et asset value are o cover the

of IFRS 9 financial cial instruments sification :5MOllows: ents

ased on the Group's

• ct cash flows from d interest (hold to
• ct cash flows from al recognition. Measured at
• d interest and selling value with changes ian to the income and sell business e measured at fair comprehensive of the assets.
• ent through profit or ts, where contractual value basis, held in vable. It is also stil ement significantly ncial assets at fair ss. These include comprise interest accounting

Notes

is remeasured when there is a change in future Subsequently, the lease liability is measured at method and is presented as part of other debt. lease payments. A corresponding adjustment amortised cost using the effective interest

The Group has no longer any owner-occupied occupied property and investment property. Land and buildings are divided into ownerproperties. All remaining properties are classified as investment property.

special tenant terms and conditions. Cf. note 14. in the nature, location or maintenance condition the which is adjusted to reflect market interest rates market-specific rental income per property and similar properties, adjusted for any differences Investment property is recognised at fair value. typical operating expenses for the coming year and property characteristics, corresponding to capitalised value of the return on prepayments available, the Group uses alternative valuation Properties held for renting yields that are not property issues such as vacant premises or occupied by the Group are classified as investment properties.

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

ಗು made to the carrying amount of the ROU asset

Land and buildings

Investment property

the present value of a perpetual annuity. The The resulting operating income is divided by Fair value is based on transaction prices for projections and recent prices in the market required return on the property in per cent, of specific assets. If this information is not The fair value is calculated on the basis of and deposits and adjustments for specific value is subsequently adjusted with the methods such as discounted cash flow

Changes in fair values are income statement.

Impairment test for intans and operating equipment

performed for each cash-p expected economic lifetin the salvage value. Write-d Goodwill is tested annually more often if there are ind based on past experience Operating equipment and assessed at least once per the depreciation method a period that is used are cor mpairment has been dem mpairment, and impairm ormally established usin which the asset belongs. based on business plans. developments.

Equity investments in Gro

The parent company's equ subsidiaries are recognise the equity method. The pa losses is recognised in the nvestments are measured value. Any receivables from are written down by the pa of such negative net asset receivables are deemed in negative net asset value ex negative net asset value a of the enterprises' profits elimination of unrealised i receivable, the remaining the statement of financial of the enterprises' equity.

Generally, financial liabilities are measured at liabilities or recognition of losses and gains occurred on measurement of assets and mismatch that would otherwise have different bases. on

amortised cost after initial recognition.

objective is to hold assets to collect contractual cash flows representing payments of principal must be held within a business model whose and interest etc combined with limited sales For the first two categories, financial assets

activity.

If this is not the objective of the business madel, the financial assets will be placed in a category, measured at amortised cost fair fair value with through profit ar loss. Financial assets, which in accounting mismatch, are also recognised comprehensive income would result in a which is subject to fair value adjustment changes recognised through other this category.

assessment of whether collecting cash flows is a flows represent solely payments of principal and significant element, including whether the cash models have been reviewed to ensure correct an classification thereof. The review included The Group's financial assets and business interest

loans and deposits are essentially still measured Tryg Forsikring does not have a business mode that implies recognising fair value adjustments in other comprehensive income. Thus, bank at amortised cost.

Financial assets and liabilities measured at fair value through profit or loss

A financial asset is attributable to this category

• collect cash flows representing payments of principal and interest and which has limited model whose objective is to hold assets to if the asset is not held within a business sales activity
• comprehensive income would result in an if measurement of the asset at amortised cost or at fair value through other accounting mismatch.

measured at fair value through profit or loss. Equity and bond portfolios are generally

minimisation, where contractual cash flows do not intrinsically based on collecting cash flows The business model behind the bond portfolia from payments of principal and interest but is not constitute a central element but follow based on, for example, short-term trading activity and investments focused on cost solely from the investment. Equity instruments are not based on cash flows fair value through profit or loss, unless they are which are assets or liabilities, are measured at measured at fair value with value adjustment Derivative financial instruments (derivatives), which comprise payments of principal and nterest. Therefore, these instruments are classified as hedging instruments. through profit or loss.

provisions, and a free portfolio. The objective for The investment portfolio is divided into a match partfolio corresponding to the technical the return on the match portfolio is to

approximately offset the capital gains and losses opments on the insurance provisions. The free with a view to obtaining the best risk-adjusted portfolio is invested in different asset classes on the assets with the corresponding devel return.

for the category financial assets at fair value are Realised and unrealised profits and losses that may arise because of changes in the fair value the recognised in the income statement in period in which they arise.

D. derecognised on a trade date basis, the date on transferred, and the Group has also transferred rights to receive cash flows from the financial substantially all risks and rewards of ownersh which the Group commits to purchase or sell Financial assets are derecognised when the assets have expired, or if they have been Financial assets are recognised and the asset. The fair values of quoted securities are based on stock exchange price is quoted that reflects the no determined using valuation techniques. These financial position date. For securities that are include the use of similar recent arm's length instruments or discounted cash flow analysis. not listed on a stock exchange, or for which fair value of the instrument, the fair value is stock exchange prices at the statement of transactions, reference to other similar

Derivative financial instruments and

hedge accounting

The Group's activities expose it to financial risks, exchange rates, interest rates and inflation. including changes in share prices, foreign

partfolios of shares, bands, hedging of foreign orm of futures, forward contracts, swaps and position items. Interest rate derivatives in the denvatives in the form of futures and options entities and insurance statement of financial interest rate risks related to the portfolio of Forward exchange contracts and currency are used from time to time to adjust share FRAs are used to manage cash flows and swaps are used for currency hedging of bonds and insurance provisions. Share exposures.

Positive fair values of derivatives are recognised as derivative financial instruments under assets. from the trading date and are measured in the Derivative financial instruments are reported statement of financial position at fair value. company is entitled or intends to make net settlement of more financial instruments. instruments under liabilities. Positive and negative values are only offset when the Negative fair values of derivatives are recognised under derivative financial

Discounting based on market interest rates is nstruments invalving an expected future applied in the case of derivative financial cash flow. Recognition of the resulting gain or loss depends which provide effective currency hedging of the certain derivatives as hedges of investments in hedging instrument and, if so, the nature of the derivatives that are designated and qualify as net investment hedges in foreign entities and on whether the derivative is designated as a foreign entities. Changes in the fair value of item being hedged. The Group designates

Annual report 2023 | Tryg Forsikring A/S | 112

73A2208FC2CF4D29AC63EB0E949F79EA

and losses accumulated in equity are included in the income statement on disposal of the foreign requirements of hedge accounting. Changes in comprehensive income. The tangible net asset are recognised in the income statement. Gains the fair value relating to the ineffective portion 90-100% by entering into short-term forward value of the foreign entities estimated at the beginning of the financial year is hedged net investment are recognised in other exchange contracts according to the entity.

Reinsurance contract assets

recognition of the related group of contracts are included in the carrying amount of the related recognised for cash flows arising before the Portfolios of reinsurance contracts that are inancial position. Any assets or liabilities presented separately in the statement of assets and those that are liabilities, are portfolios of contracts.

contracts and in accordance with the terms of measured consistently with the amounts Expected cash flows from reinsurers are associated with the reinsured insurance each reinsurance contract. Changes due to unwinding and changes due to changes in the yield curve or foreign exchange rates are recognised as 'Net finance income from reinsurance contracts'.

The effect of Changes in expected cash flows performance by the issuer of a reinsurance that result from changes in the risk of noncontract held is recognised separately and

disclosed in note 17.

Receivables

Receivables primarily contain accounts receivable in connection with property,

Other assets

Other assets include current tax assets and cash receivables concerning tax for the year adjusted ovisions at the statement of financial position કેટ ecognised at nominal value less impairment for on-account payments and any prior-year amortised cost, and the return is recognised institutions are recognised and measured at bank and in hand. Current tax assets are date. Reverse repurchase lending to credit adjustments. Cash at bank and in hand is nterest income in the income statement.

Impairment charges for loans, advances and receivables

ndividual loans in stages, reflecting the changes mpairments corresponding to expected credit osses are based on a classification of the credit risk since initial recognition.

for significant increase in credit risk since initial Stage 2 covers loans and advances etc with impairment provisions at initial recognition impairment provisions will be adjusted but since initial recognition. For this category are made corresponding to the expected without significant increase in credit risk credit losses over a period of 12 months lending at amortised cost. If there is an Stage 1 covers loans and advances etc. insignificant change in credit risk, the the exposure will be kept at stage 1.

provisions are made corresponding to the expected credit losses over the time-tomaturity.

credit impaired, and which have been subject on their loans. For this category, impairment Stage 3 covers loans and advances that are to the expected credit losses over the time-toassumption that the customers will default provisions are also made corresponding to individual provisioning on the specific

scope of the impairment of IFRS 9 measured at This model is applied to all instruments in the amortised cost.

maturity.

determining the expected credit loss is subject credit loss on a single name exposure. Further used under Solvency II to derive the expected Tryg Forsikring has applied the methodology to management judgement. At the statement of financial position date Tryg Forsikring has no exposures covered by Stage 3 or Stage 3.

Prepayments and accrued income

relating to the sale of insurance products is also Prepayments include expenses paid in respect receivable. Accrued underwriting commission of subsequent financial years and interest included.

Equity

Share capital

obligation to transfer cash or other assets. Costs instruments are shown in equity as a deduction Shares are classified as equity when there is no directly attributable to the issue of equity

recognition. For this category, impairment

from the proceeds, net of tax.

Revaluation reserves

recognised in other comprehensive income Revaluation of owner-occupied property is unless the revaluation offsets a previous impairment loss.

Foreign currency translation reserve

Income and expense items are recognised using in Other comprehensive income. When an entity currency risk in respect of foreign entities is also offset in other comprehensive income in respect period. Any resulting differences are recognised ecognised using the exchange rate applicable is wound up or sold, the balance is transferred the income statement. The hedging of the the average monthly exchange rates for the Assets and liabilities of foreign entities are at the statement of financial position date. of the part that concerns the hedge. to

Contingency fund reserves

policyholders. The Norwegian contingency fund reserves may only be used when so permitted reserves include provisions for the Norwegian the Norwegian and Swedish contingency fund Contingency fund reserves are recognised as by the Danish Financial Supervisory Authority contingency fund provisions. Deferred tax on Natural Perils Pool and security reserve. The Danish and Swedish provisions comprise part of other reserves under equity. The and when it is for the benefit of the eserves is allocated.

Additional Tier 1 capital

discretionary payment of interest and principal Perpetual Additional Tier 1 capital with

Annual report 2023 | Tryg Forsikring A/S | 113

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s recognised as equity for accounting purposes. accounting purposes. Interest is deducted from Carrespondingly, interest expenses relating to the issue are recorded as dividend for equity at the time of payment.

Dividends

Proposed dividend is part of equity until payment.

Subordinated loan capital

Subordinated loan capital is subsequently stated Subordinated loan capital is recognised initially the statement over the barrowing period using the redemption value is recognised in the income fair value, net of transaction costs incurred proceeds (net of transaction costs) and the at amortised cost; any difference between effective interest method.

elect on at Interest on the Notes is due and payable only Forsikring. Accordingly, Tryg Forsikring may thereof) which would otherwise be payable cancel any interest payment (or any part any time in its sole and absolute discretion sole and absolute discretion of Tryg any interest payment date.

of and subscription of replacement securities and Forsikring shall, in general, solicit interest from additional capital with discretionary payment In case interest payments are cancelled Tryg redeem the original notes at a price equal to their outstanding principal amount together interest and principal is recognised as debt. with any accrued interest and accrued and unpaid interest. Accordingly, perpetual new investors for the purchase

Insurance and reinsurance contract Insurance contracts classification

also expose the Group to financial risk, but does contracts. Insurance and reinsurance contracts Contracts under which Tryg Forsikring accepts nsurance risk related to underlying insurance Forsikring under which it transfers significant nsurance contracts. Contracts held by Tryg ignificant insurance risk are classified as contracts are classified as reinsurance not include any savings contracts.

To a limited extend Tryg Forsikring also issues nsurers for claims arising from one or more reinsurance contracts to compensate other insurance contracts issued by them.

Insurance and reinsurance contracts accounting treatment

and reinsurance products to determine whether to of contract. Currently, Tryg Forsikring's products Tryg Forsikring assesses its non-life insurance they contain distinct components which must be accounted for under another IFRS instead components, Tryg Forsikring applies IFRS 17 do not include any distinct components that under IFRS 17. After separating any distinct remaining components of the insurance require separation.

rrespective of the insured event happening. The mount that the policyholder will always receive either in the form of profit commission, or as arrangements, there is a minimum guaranteed profit commission arrangements. Under these Some reinsurance contracts issued contain minimum guaranteed amounts have been claims, or another contractual payment

assessed to be highly interrelated with the insurance component of the reinsurance contacts and are, therefore, non-distinct investment components which are not accounted for separately.

Aggregation and recognition

nsurance contracts are aggregated into groups issue) and each annual cohort into three groups risks and managed together, and dividing each dentifying portfolios of insurance contracts, each comprising contracts subject to similar ortfolio into annual cohorts (i.e. by year of any contracts that are onerous on initial DV ੀ on the profitability of contracts: measurement purposes. Groups nsurance contracts are determined based for

• have no significant possibility of becoming any contracts that, on initial recognition, onerous subsequently; and recognition:
• any remaining contracts in the annual cohort.

insurance contract issued is recognised from the earliest of: An

• the beginning of its coverage period;
• when the first payment from the policyholder becomes due or, if there is no contractual due date, when it is received from the policyholder: and
  • when facts and circumstances indicate that the contract is onerous.

An insurance contract acquired in a transfer of is recognised on the date of acquisition. contracts or a business combination

Reinsurance contracts

Groups of reinsurance contracts are established such that each group comprises a single contract.

A group of reinsurance contracts is recognised the following date. on 1

• contract is initially recognised. This applies to proportionate coverage is recognised at the Reinsurance contracts held that provide date on which any underlying insurance the Group's quota share reinsurance
• recognised at the beginning of the coverage period of the group of reinsurance contracts Other reinsurance contracts held is contracts.
• Tryg Forsikring recognises an onerous group reinsurance contract held at or before that of underlying insurance contracts if Tryg Forsikring entered into the related
• recognised at the date of acquisition. Reinsurance contracts acquired is

Contract boundary

Contract boundary define the cash flows with in the boundary of each insurance contract.

obligations that exist during the reporting period Cash flows are within the contract boundary if substantive obligation to provide services in which Tryg Forsikring can compel the policyholder to pay premiums or has a including insurance coverage and any they arise from substantive rights and investment services). Annual report 2023 | Tryg Forsikring A/S | 114

transferred to it and can set a price or level of has the practical ability to reassess the risks benefits that fully reflects those reassessed	to reflect the time value of money and the effect of financial risk.	adjustment is based on statistical methods (cost of capital) and the disclose of the confidence level corresponding to the results of that
risks; or	If at any time during the coverage period, facts	technique is in note 21.
has a substantive right to terminate the coverage.	contracts is onerous, then the Group recognises and circumstances indicate that a group of	Tryg Forsikring disaggregates the change in the
The contract boundary is reassessed at each	a loss in profit or loss and increases the liability for remaining coverage to the extent that the	risk adjustment for non-financial risk between the insurance service result and the effect of
reporting date to include the effect of changes	current estimates of the fulfilment cash flows	discounting in insurance finance income or
circumstances.	that relate to remaining coverage exceed the carrying amount of the liability for remaining	expenses.
Measurement, insurance contracts	coverage.	Tryg Forsikring recognises the liability for
Tryg Forsikring uses the premium allocation		incurred claims of a group of insurance
approach to simplify the measurement of	The fulfilment cash flows are discounted (at	contracts at the amount of the fulfilment cash
groups of insurance contracts.	Claims and claims handling costs are expensed current rates) (see below).	fulfilment cash flows are discounted (at current flows relating to incurred claims. The future
On initial recognition of each group of contracts,	in the income statement as incurred based on	rates).
the carrying amount of the liability for remaining coverage is measured at the premiums received	the estimated future cash flows to policyholders third parties to fulfil the obligations toward or	assessments of individual cases reported to the Fulfilment cash flows are estimated using the
on initial recognition. Tryg Forsikring has chosen	policyholders. Claims include direct and indirect	Group and statistical analyses of claims incurred
to expense insurance acquisition cash flows	claims handling costs that arise from events that	but not reported and the expected ultimate cost
when they are incurred.	have occurred up to the statement of financial	of more complex claims that may be affected by
	position date even if they have not yet been	external factors (such as court decisions). The
The coverage period is defined as the period when an insured event can occur.	reported to the Group.	provisions include claims handling costs.
	Liability for Incurred claims is measured as the	Liability for incurred claims is discounted to
Subsequently, the carrying amount of the	total of the expected fulfilment cash flows,	reflect the time value of money and the
liability for remaining coverage is increased by	which comprise estimates of future cash flows,	associated financial risks at the reporting date.
any premiums received and decreased by the	adjusted to reflect the time value of money and	discount rate reflects the yield curve in the
amount recognised as insurance revenue for	the associated financial risks, and a risk	appropriate currency for instruments that
services provided. Services is usually provided based on passage of time.	adjustment for non-financial risk. The fulfilment cash flows of a group of insurance contracts do	adjusted to reflect the liquidity characteristics of expose the holder to no or negligible credit risk,
Tryg Forsikring expects that the time between	The risk adjustment for non-financial risk for the not reflect the Group's non-performance risk.	payment of future incurred claims.
providing each part of the services and the	liability for incurred claims is determined	Assumptions and interdependencies
related premium due date is no more than a	separately from the other estimates and is the	Level of aggregation and the evaluation of
year. Accordingly, Tryg Forsikring has chosen	compensation required for bearing uncertainty	contract boundary are significant assumptions
not to adjust the liability for remaining coverage	about the amount and timing of the cash flows	as these define the use of the premium

Financial statements - Contents

A substantive obligation to provide services ends when:

• benefits that fully reflects those reassessed policyholder and can set a price or level of Tryg Forsikring has the practical ability to reassess the risks of the particular or .
• premiums up to the reassessment date does level of benefits that fully reflects the risks of contains the contract and can set a price or Tryg Forsikring has the practical ability to not take into account risks that relate to reassess the risks of the portfolio that periods after the reassessment date. that portfolio, and the pricing of the

The reassessment of risks considers only risks Forsikring, which may include both insurance and financial risks, but exclude lapse and transferred from policyholders to Tryg expense risks.

covers. Tryg Forsikring apply the premium allocation model to all insurance contracts contracts with a short period of insurance Tryg Forsikring issues non-life insurance issued.

Cash flows are within the contract boundary of a Forsikring is compelled to pay amounts to the reinsurer or has a substantive right to receive substantive rights and obligations that exist reinsurance contract held if they arise from during the reporting period in which Tryg services from the reinsurer.

A substantive right to receive services from the reinsurer ends when the reinsurer: Annual report 2023 | Tryg Forsikring A/S | 115

allocation model's simplified measurement model.

for warkers' compensation and personal accident claims in motor liability, professional liability, annuity payments or where the assessment actual claim takes time. This is the case Discounting affects in particular long tailed claims where payments may be made as and health insurance classes.

01

tailed claims provisions are distributed based on encompass more than one business area, shortand sometimes the Loss Ratio method, are used for accident years in which the previous run-off are used for lines of business with a stable runoff pattern. The Bornhuetter-Ferguson method for premiums earned. The models currently used the Loss Ratio method. Chain-Ladder techniques number of claims reported while long-tailed Liability for incurred claims are determined provides insufficient information about the claims provisions are distributed based on are Chain-Ladder, Bornhuetter-Ferguson, each line of business based on actuarial methods. Where such business lines future run-off performance.

for situation the a priori estimate used for premium increase in claims based on the new legislation maintained until new loss history materialises actuarial models is not necessarily predictive ട്ട് the expected future development of claims. In some instances, historic data used in the is the case with legislative changes. In this change in the level of claims. The estimate This estimate is used for determining the increases is used to reflect the expected which can be used for re-estimation.

the calculation of the liability for incurred claims Several assumptions and estimates underlying are interdependent. Most importantly, this can expected to be the case for assumptions relating to interest rates and inflation.

be

on approximation to the workers' compensation as annuities for the insured being indexed based workers' compensation index. An inflation expectations plus a real wage spread is used explicit inflation assumptions are used, with Workers' compensation is an area in which curve that reflects the market's inflation index. For other lines of business, with implicit inflation certain lag in predicting the level of future losses when a change in inflation occurs. On the other changes to the extent that such changes affect assumptions, the actuarial models will cause mmediately as a consequence of inflation and, the effect of discounting will show the interest rate.

Other correlations are not deemed to be significant.

Measurement, reinsurance contracts

that The Group applies the same accounting polic to measure a group of reinsurance contracts, adapted where necessary to reflect features differ from those of insurance contracts.

group of reinsurance contracts measured under If a loss-recovery component is created for a carrying amount of the asset for remaining the PAA, then Tryg Forsikring adjusts the coverage.

similar statistical models as for direct insurance contract so that it represents the amount of risk being transferred by the holder of the group of reinsurance contracts to the issuer of those reinsurance contracts are modelled using Risk adjustment for non-financial risk for contracts.

Presentation

ਾ contracts are included in the carrying amount of Portfolios of insurance contracts that are assets reinsurance contracts that are assets and those the statement of financial position. Any assets that are liabilities, are presented separately in ੀ of and those that are liabilities, and portfolios before the recognition of the related group liabilities recognised for cash flows arising the related portfolios of contracts.

Employee benefits

Pension obligations

to insurance companies or trustee-administered for the Group to use defined-benefit accounting, funds. In Norway, the Group operated a definedor benefits. Försäkringsbranschens Pensionskassa contribution plan is a pension plan under which (FPK) is unable to provide sufficient information The schemes are funded through contributions Group operates various pension schemes. contributions. In Sweden, the Group complies separate entity (a fund) and will have no legal benefit plan which was closed at 01 January with the industry pension agreement, FTP-Planen. FTP-Planen is primarily a definedbenefit plan as regards the future pension the Group pays fixed contributions into a 2020. In Denmark, the Group operates a defined-contribution plan. A definedconstructive obligation to pay further The

employees upon retirement from the company, If the employee leaves before retirement only a Norway, an agreement of compensation to the র্ণ part of the compensation is paid. There is no employees covered by the plan was agreed. The plan is on that basis accounted for as a future actuarial assumptions related to the liability has been established to cover the termination of the defined-benefit plan in expected compensation to be paid to the defined-contribution plan. As part of the liability, only uncertainty is whether the employees stays to retirement or not.

Other employee benefits

they have been employed with the Group for 25 payment when they reach retirement and when Employees of the Group are entitled to a fixed and for 40 years. The Group recognises this liability at the time of signing the contract of employment.

caused by reduced working hours. The Group In special instances, the employee can enter recognises this liability based on statistical compensation for loss of pension benefits into a contract with the Group to receive models

Income tax and deferred tax

taxable income for the year, adjusted for change in tax on prior years' taxable income and for tax operates. Current tax liabilities and current tax 01 receivables are recognised in the statement The Group expenses current tax according the tax laws of the jurisdictions in which it financial position as estimated tax on the paid under the on-account tax scheme. Annual report 2023 | Tryg Forsikring A/S | 116

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countries on the statement of financial position statement of financial position liability method tax or on all timing differences between the tax and date when the deferred tax asset is realised, Deferred income tax is measured using the rules and tax rates that apply in the relevant Deferred tax is measured according to the the deferred income tax liability is settled. accounting value of assets and liabilities.

probable that the temporary difference will not recognised to the extent that it is probable that which the temporary differences can be offset Deferred income tax is provided on temporary temporary difference will be realised, and it is Deferred income tax assets, including the tax differences concerning investments, except future taxable profit will be realised against where Tryg Forsikring controls when the value of tax losses carried forward, are be realised in the foreseeable future.

Other provisions

Provisions are measured at the best estimate by obligations when a detailed formal restructuring statement of financial position date at the latest provisions. The provisions apply to the Group's Provisions are recognised when the Group has an Provisions for restructuring are recognised as own insurance claims and are reported when event prior to or at the statement of financial economic benefits will flow out of the Group. to position date, and it is probable that future plan has been announced prior to or at the legal or constructive obligation because of management of the expenditure required Own insurance is included under other to the persons affected by the plan. settle the present obligation.

principle as the Group's other claims provisions. the damage occurs according to the same

Debt

debt liabilities are assessed at amortised cost based Debt comprises debt in connection with direct nsurance and reinsurance, amounts owed to to group undertakings and other debt. Other credit institutions, current tax obligations, on the effective interest method.

Invest nvestors share of Kapitalforeningen Tryg Invest Funds relates to shares, bonds and investment Funds is included in other debt. The external investors share of Kapitalforeningen Tryg Debt related to leasing and the external oroperties.

cost Repo deposits from credit institutions are recognised and measured at amortised and the return is recognised as interest expenses in the income statement.

Cash flow statement

from operating activities are calculated whereby and cash equivalents at the beginning and end major classes of gross cash receipts and gross presented using the direct method and shows inancing activities as well as the Group's cash consolidated cash flow statement. Cash flows statement has been prepared for the parent of the financial year. No separate cash flow The consolidated cash flow statement is cash flows from operating, investing and company because it is included in the cash payments are disclosed.

payments in connection with the purchase and Cash flows from investing activities comprise sale of intangible assets, property, plant and Annual report 2023 | Tryg Forsikring A/S | 117

equipment as well as financial assets and deposits with credit institutions. Cash flows from financing activities comprise Forsikring's share capital and related costs as changes in the size or composition of Tryg well as the raising of loans, repayments of nterest-bearing debt and the payment of dividends.

Cash and cash equivalents comprise cash and demand deposits.

Other

consequently the sum of the rounded amounts stated. The amounts have been rounded and whole numbers of DKKm, unless otherwise The amounts in the report are disclosed in and totals may differ slightly.

DKKm

Transition to IFRS 9 & IFRS 17 at 1 January 2023 31

	01.01.23		31.12.22
Changes opening balance 01.01.23 related to IFRS 17 and 0 FRE	6 IFRS 17 & IFRS	Change	39 IFRS 4 & IAS
Assets
Total other financial investment assets	70,792	ਪੁ 42	70,369
Of which held at fair value through profit or loss	8 70,59	7 42	70.174
Of which held at amortised cost	7 5	0	7 19
Assets from reinsurance contracts	2,823	971	1 1,85
Reinsurers' share of premium provisions			264
Reinsurers' share of claims provisions			1,587
Receivables from policyholders	0	-1,621	1 1,62
Receivables from insurance enterprises	0	-498	498
Cash at banks and in hand (amortised cost)	2,586	-2	2,588
Other asset positions	36,840	-175	37,015
Total assets	113,041	-901	113,942
Equity and liabilities
Equity	42,653	-2	9 42,65
Subordinated loan capital (amortised cost)	3,688	ੁ	3,688
Insurance contract liabilities	49,063	292	48,770
Premium provisions			7.700
Claims provisions			39,227
Provisions for bonuses and premium discounts			ਟ ਤੋ 1,8
Debt relating to direct insurance		-895	895
Debt relating to reinsurance		-123	123
Amounts owed to credit institutions (amortised cost)	1,305	0	1,305

Transition to IFRS 9 & IFRS 17 at 1 January 2023 (Continued) 31

DKKm

Change In Income statement due to IFRS 17	01.01.23		31.12.22
	IFRS 17 & б IFRS	Change	IFRS 4 & AS 39
Change in premium provisions Gross premiums written			34,658 157
Insurance revenue a)	n 38,361	L 3,55	34,815
Insurance technical interest, net of reinsurance		-152	52 L
Claims paid			-22,046
Change in claims provisions			-361
Bonus and premium discounts			-877
Acquisition costs and administration expenses			-4,783
Insurance service expenses	-32,156	-4,090	-28,067
Ceded insurance premiums			-1,673
Change in reinsurers' share of premium provisions			-3
Reinsurance cover received			388
Change in the reinsurers' share of claims provisions			325
Reinsurance commissions and profit participation from
reinsurers			229
Net expense from reinsurance contracts	-576	146	-723
Insurance service result/Technical result	36 9 S	-542	177 ഥ്

* The reclassification of DKK 3,551m refers to insurance revenue and Gross claims relating to Claims provisions from the Tryeg-Harsa and Codan Norway acquisition. Incurred claims are now presented as Insurance revenue instead of Claims. Please refer to note 30 Accounting policy section Acquired portfolios.

4.222 2,398 9,886 113,942

0 0 0 -174 -901

113,041

2,398 9,712

Derivative financial instruments (FVTPL) Debt relating to repos (amortised cost)

Total equity and liabilities Other liability positions

4,222

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DKKm

Transition to IFRS 9 & IFRS 17 at 1 January 2023 (Continued) 31

Change In Income statement due to IFRS 17	31.12.22		31.12.22
	IFRS 17 & 0 IFRS !	Change	39 IFRS 4 & IAS
Investment activities
Profit/loss from associates	-23	0	- 23
Income from investment property	48	0	ಳೆ ಕೆ
nterest income and dividends	5 91	ੇ	915
Value adjustments	-3,695	1 9 -2.7	-931
Interest expenses	-141	ੇ	-141
Administration expenses in connection with investment activities	-168	ੇ	-168
Investment return	-3,094	-2,767	-331
Return on insurance provisions	ਾ	930	-930
Net finance income from reinsurance contracts	2,621	2,621	0
Net finance expenses from insurance contracts	-34	-34	0
Total investment return	-510	1 75	-1,261
Other income	126	0	126
Other costs	-2,150	-209	940 -1
Profit/loss before tax ax	-832 3,102	0 0	-832 3,102
Profit/loss on continuing business	2,270	0	2,270
Profit/loss on discontinued and divested business	0	0	0
Profit/loss for the year	2,270	0	2,270

Classification of financial assets and financial liabilities on the date of initial application of IFRS 9 Financial assets and liabilities

measurement categories under IFRS 9 for the Group's financial assets and financial liabilities as The following table shows the original measurement categories with IAS 39 and the new at 1 January 2023.

DKKm

Transition to IFRS 9 & IFRS 17 at 1 January 2023 (Continued) 31

			Original carrying	New carrying
	Original		amount	amount
	39 classification under IAS	New classification 6 under IFRS	under IAS 39	under 0 IFRS
Financial assets
Equity Investments	FVTPL	FVTPL (mandatory)	4,647	4,647
Unit trust units	EVTPL	FVTPL (mandatory)	8.330	8,330
Bonds	EVTPL	FVTPL (mandatory)	6,310	6,310
Bonds	FVTPL (designated)	FVTPL (designated)	49.472	49.472
Other lending	receivables Loans and	Amortised cost	75	75
Derivative financial instruments	EVTPL	FVTPL (mandatory)	1.340	1,763
Reverse repurchase lending	Loans and receivables	Amortised cost	194	194
Other receivables	Loans and receivables	Amortised cost	385	385
Cash at bank and in hand	Loans and receivables	Amortised cost	2.588	2,586
Current tax assets	Loans and receivables	Amortised cost	47 8	847
Total financial assets			74.188	74,609
Financial liabilities
Subordinated loan capital	Amortised cost	Amortised cost	3.688	3,688
Amounts owed to credit
institutions	Amortised cost	Amortised cost	1,305	1,305
Debt relating to repos	Amortised cost	Amortised cost	4,222	4,222
Derivative financial instruments	EVTPL	FVTPL (mandatory)	8 3 d 2	2.398
Total financial liabilities			11,613	11,613

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

Annual report 2023 | Tryg Forsikring A/S | 119

......

Income statement (parent company)

DKKm		2023	2022
Notes
	General insurance
2	Gross premiums written	36,656	34,202
	Ceded insurance premiums	-1,882	-1,672
	Change in premium provisions	-1,491	-1,454
	Change in profit margin and risk margin	1,493	1,613
	Change in reinsurers' share of premium provisions	-103
	Premium income, net of reinsurance	34,674	32,687
	Claims paid	-25,215	-21,817
	Reinsurance cover received	840	398
	Change in claims provisions	808	-162
	Change in risk margin	0	-307
	Change in the reinsurers' share of claims provisions	155	325
	Claims, net of reinsurance	-23,412	-21,562
	Bonus and premium discounts	-468	698
	Acquisition costs	-3,347	3,696
	Administration expenses	-2,557	-1,853
	Acquisition costs and Administration expenses	-5,904	-5,549
	Reinsurance commissions and profit participation from reinsurers	256	229
E	Insurance operating costs, net of reinsurance	-5,648	-5,320
	Technical result	5,146	5,107
	Investment activities
5	Income from Group undertakings	704	-647
	Income from associates	-75	-53
		0	5
	Income from investment property
9	Interest income and dividends	1,295	683
	Value adjustments	1,459	-3,350
	Interest expenses	-326	-147
	Administration expenses in connection with investment activities	-113	-d8
	Total Investment return	2,943	-3,606
	Return and value adjustment on insurance provisions	-2,082	2,597
	Total Investment return after insurance technical interest	861	-1,009
8	Other income	115	126
	Other costs	-962	-1,154
	Profit/loss before tax	5,159	3,070
0	18x	-1,167	-800
	Profit/loss for the year	3,993	2,270
	Proposed distribution for the year:
	Dividend proposed not paid	1,000	2,570
	Dividend proposed and paid during the year	4,460	500
	Transferred to Other reserves	-178	2,989
	Transferred to Net revaluation as per equity method	୧୫୫	1,256
	Transferred to Retained earnings	-1,978	-5,045
		3,993	2,270

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Statement of comprehensive income

(parent company)

OKKm		2023	2022
	Profitiloss for the year	3,993	2,270
	Other comprehensive income which cannot subsequently be reclassified as profit or loss
	Actuatial gainsflosses on delined benefit pension plans
	Tax on actuarial gainsl osses on defined-benefit pension plans
	Other comprehensive income which can subsequently be reclassified as profit or loss
	Exchange rate adjustments of foreign entitles for the year	-105	-2.217
	Hedging of ourrency risk in foreign entitles for the year	ള ല	496
	Tax on hedging of currency risk in foreign entities for the year		-109
		-8	-1,830
	Total other oomprehensive inoome	-9	-1,832
		0 004	400

120

Statement of financial position (parent company)

DKKm		2023	2022
Notes	Assets
10	Intangible assets	31,987	32,716
11	Operating equipment	191	178
	Group-occupied property	935	693
	Total property, plant and equipment	1,125	871
12	Investment property		9
13	Investments in Group undertakings	17,503	17,861
14	Equity investments in associates	34	37
	Total investments in Group undertakings and associates	17,537	17,898
	Equity investments	97	92
	Unit trust units	32	36
	Bonds	49,676	48,284
	Deposits with credit institutions	0
	Denvative financial instruments	1,031	848
	Other (Reverse repurchase lending)	59	194
15	Total other financial investment assets	50,895	49,454
	Total investment assets	68,433	67,358
	Reinsurers' share of premium provisions	146	264
	Reinsurers' share of claims provisions	1,774	1,587
	Total reinsurers' share of provisions for insurance contracts	1,920	1,851
	Receivables from policyholders	1,787	1,614
	Total receivables in connection with direct insurance contracts	1,787	1,614
	Receivables from insurance enterprises	410	498
	undertakings Receivables from Group	570	479
	Other receivables	179	303
15	Total receivables	2,945	2,895
16	Current tax assets	0	844
	Cash at bank and in hand	2,811	2,227
17	Deferred tax assets	0	179
	Total other assets	2,812	3,251
	Interest and rent receivable	361	189
	Other prepayments and accrued income	8 de	721
	Total prepayments and accrued income	1,257	910
	Total assets	110,479	109,852

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

Statement of financial position (parent company)

DKKm		2023	2022
Notes	Equity and liabilities Equity	40,062	42,655
	Subordinate loan capital	3,031	3,688
	Premium provisions	1,246	2,900
	Profit margin - Non-life contracts	5,952	4,459
	Claims provisions	38,651	37,670
	Risk margin - Non-life contracts	1,428	1,428
	Provisions for bonus and premium discounts	1,239	1,359
	Total provisions for insurance contracts	48,516	47,815
	Pensions and similar liabilities	77	85
17	Deferred tax liability	3,313	3,587
18	Other provisions	223	94
	Total provisions	3,613	3,766
	Debt relating to direct insurance	771	882
	Debt relating to reinsurance	110	121
	Amounts owed to credit institutions	1,221	717
	Debt relating to unsettled funds transactions and repos	4,645	3,616
15	Derivative financial instruments	1,588	2,059
	Debt to Group undertakings	789	589
16	Current tax liabilities	381	80
19	Other debt	5,713	3,810
	Total debt	15,219	11,874
	Accruals and deferred income	38	52
	Total equity and liabilities	110,479	109,852
20 I	Risk management and Capital management Own funds
21	Contractual obligations, collatoral and continuent liabilities

Related parties

Financial highlights

Reconciliation of profit/loss and equity (Danish FSA and IFRS)

Accounting policies

The seal is a guarantee for the authenticity of the document.

This file is sealed with a digital signature.

Statement of changes in equity (parent company)

DKKm	Share capital	Revaluation equity	other method reserves a)	Retained earnings	dividend	Non- interest Proposed controlling	holders of Additional Forsikring Tryg Share-	capital Tier	Total equity
Equity at 31 December 2022	1,646	706	4,724	32,502	2,570	1	42,149	506	42,655
Other comprehensive income Profit/loss for the year 20%		688 -8	-178	-2,047 -1	5,460 0		3.924 -g	ਦਰੇ	3.993 -d
Total comprehensive income		680	-178	-2,048	5,460		3.915	ea	3,984
Interest paid on additional Tier 1 capital Issue Additional tier 1 capital Cancellation of Tier 1 Dividend paid				41	-7,030		-7.030 41	-69 987 -506	987 -7,030 -465 -69
Total changes in equity in 2023	0	680	-178	-2.007	-1,570		-3.074	481	-2,593
Equity at 31 December 2023	1,646	1.387	4.546	30.495	1,000		39.075	987	40.062
Equity at 31 December 2021	1,100	1,281	1,735	8.144	700		12,962	506	13.468
2022
Other comprehensive income Profit/loss for the year		1,256 -1.830	68672	-5,045 -2	3,070		2.270 -1.832		2,270 -1,832
Total comprehensive income	0	-574	2,989	=5,046	3,070	0	438		438
Issue of new shares Dividend paid	546	0		29,420	-1,200		29,966 -1.200		29,966 -1,200
Interest paid on additional Tier 1 capital Non-controlling interest				-16 -16			-16 =16		-16 -16
Total changes in equity in 2022	546	-574	2,989	24,358	1,870	0	29.187	0	29.187
Equity at 31 December 2022	1,646	706	4.724	32,502	2,570		42.149	506	42.655

a) The possible payment of the dividend from Tryg Forsikring A/S to Tryg A/S is influenced by contingency fund provisions of DKK 4,546m

(DKK 4,724m in 2022).

The contingency fund provisions can be used to cover loses in connection with the settlement of insurance provisions or the benefit

of the insured and have been reclained earnings to reflect the total amounts related to Norwegian Natural Perils Pool and

contingency fund provisions.

DKKm

36,659 ETO (21 36,577 36,658 8,107 11,457 8 Please refer to note 1 in Tryg Forsikring Group Risk management and Capital management Direct insurance, by location of risk Unexpired risk provision Other EU countries a) Other countries b) Indirect insurance Premium income Direct insurance Denmark		2023	2022
			34,291
			34,363
			34,362
			2022 Gross
			16,047
			9,794
			8,449
		36,577	34,290

a) Primarily Sweden b) Primarily Norway

Financial statements - Contents

Notes (parent company)

DKKm

	2023	2022
Insurance operating costs, net of reinsurance
Commission regarding direct insurance business	-410	-420
Other acquisition costs	-2,937	-3,276
Total acquisition costs	-3,347	-3,696
Administration expenses	-2,557	-1,853
Insurance operating costs, gross	-5,904	-5,549
Commission from reinsurers	256	229
	-5.648	-5,320
Fees to the auditors recognized in administration expenses
PwC appointed by the annual general meeting
	-11	-8
	-11	-8
For specification of audit costs please refer to the note 6 in Tryg Forsikring Group. Insurance operating costs, net of reinsurance (continued)
Insurance operating costs and claims include the following
staff expenses:
Salaries and wages	-3,900	-3,732
Commision	-2	-5
Recognised expenses related to conditional shares and matching shares	-79	-61
Pension	-648	-517
Other social security costs	-8	-8
Payroll tax	-891	-816
	-5,528	-5,139
Remuneration for the Supervisory Board and Executive Board is disclosed in note 24 'Related parties'.

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5,909

6,742

Average number of full-time employees during the year (continuing business)

Please refer to the note 5 in Tryg Forsikring Group.

Share-based payment

Financial statements - Contents

Notes (parent company)

DKKm

1 -

ব	Technical result, net of reinsurance, by line of business
		Accident and health		Healthcare		compensation Workmen's		Motor TPL		Motor comprehensive		Marine, aviation and cargo
		2023	2022	2078	2022	207	2022	2023	2022	2023	2022	2023	2022
	Gross premiums written	6,106		882	756	1,034	1,065	2,910	2,911	8,611	8,375	199	281
			5,351
	Gross premium income	5,849	5,021	853	735	1,028	1,045	2,903	2,953	8,586	7,954	251	275
	Gross claims	· 3,267	3,059	540	572	209	241	1,795	1,348	6,494	5,714	205	136
	Gross operating expenses	- 929	· 782	129	128	172	144	484	519	1,478	1,139	· 36	57
	Profit/loss on ceded business		10	0	0	10	1	27	41	82	93	19	31
	Technical result	1,642	1,170	184	35	636	656	597	1,045	532	1,008	29	21
	Gross claims ratio	55.9	60.9	63.3	77.8	20.3	23.1	61.8	45.6	75.6	71.8	81.4	49.5
	Combined ratio	71.9	76.7	78.4	95.2	38.1	37.2	79.4	64.6	93.8	87.3	88.4	81.5
								0		0		0
	Claims frequency a)	7.4%	7.1%	42.4%	38.3%	13.7%	15.9%	6.1%	6.7%	33.0%	27.4%	28.2%	27.0%
	Average claims DKK b)	12,296	11,816	4,915	5,668	66,231	77,362	13,033	10,313	8,025	7,968	33,525	21,721
	Total claims	251,711	273,566	32,585	109,433	9,509	11,618	148,916	158,615	814,423	709,220	6,411	6,259
		Fire & contests (Private)		Fire and contests (commercial)		Change of ownership		Liability		Credit & guarantee insurance		Tourist assistance insurance
		2023	2022	2023	2022	2023	2022	2023	2022	2023	2022	2023	2022
	Gross premiums written	8,118	7,901	4,501	3,578	3	0	1,804	1,677	807	739	1,123	1,067
	Gross premium income	8,072	7,806	4,421	3,865	1	12	1,756	1,711	809	738	1,132	1,041
	Gross claims	- 5,983	5,459	3,427	2,704	1	2	· 759	926	405	ಲ್ಲಿ ಕಿಡಿ	ਰੋਤਰ	1,041
	Gross operating expenses	· 1,291	1,417	723	633	P	S	311	333	145	133	152	135
	Profit/loss on ceded business	307	- 248	- 85	271	0	0	- 83	- 26	133	61	ਟ	59
	Technical result	491	684	182	197	ਟ	S	602	426	127	107	40	194 -
	Gross claims ratio	74.1	69.9	77.5	70.0	14.9	16.7	43.2	54.1	50.0	75.7	82.9	100.0
	Combined ratio	93.9	91.2	95.8	94.9	67.9	58.3	65.7	75.1	84.4	85.5	96.5	118.6
	Claims frequency a)	8.1%	10.4%	11.1%	8.0%	2.8%	2.9%	5.9%	6,4%	0.3%	0.3%	23.5%	22.5%
	Average claims DKK b)	11,060	059.6	69,622	64.195	21,979	24,374	65,556	65,281	931,454	1,024,542	5,611	6,412
	Total claims	569,227	568,677	50,804	41,024	202	310	15,216	15,790	834	709	179,864	163,672

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Annual report 2023 | Tryg Forsikring A/S | 127

DKKm

Technical result, net of reinsurance, by line of business য

	Total		Group Life, One-year policies		Norwegian Group Life Total including
	2078	2022	202k	2022	2023	2022
Gross premiums written	36.099	33.701	557	502	36.656	34,203
Gross premium income	35,666	33.156	525	508	36.191	33,664
Gross claims	- 24,023	- 21,761	384	525	- 24,407	- 22,286
Gross operating expenses	5,853	5,485	52	64	5,904	5,549
Profit/loss on ceded business	722	722 =			734	- 722
Technical result	5,068	5,190	78	83	5,146	5,107
Gross claims ratio	67.4	65.6	73.1	103.3	67.4	66.2
Combined ratio	85.8	84.3	85.2	116.3	8 85.	84.8

a) The claims frequency is calculated as the nurred in proportion to the average number of insurance contracts in the year.

b) Average claims are total claims before run-off in the year relative to the number of claims in the year.

Claims prevention cost totalled 1% of claims cost for the a contests (Private) but also Fire and contests (commercial), Heathcare, Motor comprehensive and Accident and health (total in 2022 was 1%). c)

Financial statements - Contents

Notes (parent company)

DKKm		2023	2022
5	Income from Group undertakings
	Holmia Livförsäkring AB	70	35
	TI Real Estate KL	-3	-88
	TI Short Term Placement KL	I	0
	Forsikrings-Aktieselskabet Alka Liv II	S
	Kapitalforeningen Tryg Invest Funds	608	-652
	Tryg Ejendomme A/S	0
	Tryg Livsforsikring A/S	23	55
		704	-647
6	Interest income and dividends
	Interest income and dividends
	Dividends	8	1
	Interest income cash at bank and in hand	45	C
	Interest income bonds	1.233	674
	Interest income other	8	0
		1,295	683
	Interest expenses
	Interest expenses subordinate loan capital and credit institutions	-177	-136
	Interest expenses others	-149	-11
		-326	-147
		970	536
7	Value adjustments
	Value adjustments concerning financial assets or liabilities at fair value adjustment in the income statement:
	Equity investments	2	-666
	Unit trust units	-4	593
	Bonds	559	-1,625
	Derivatives (Equity, Interest, Currency)	937	-1,371
	Other loans	-3	-40
		1,491	-3,109
	Value adjustmentss concerning assets or liabilities that cannot be attributed to IAS 39:
	Investment property	I	0
	Other statement of financial position items a)	-33	-241
		-32	-241
		1,459	-3,350
	a) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated to fair value total DKK 12m in 2022).

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S L Conte ernents - stat ાંટી Financi

1
U
2
H
> 2
C
1

8

	2023	2022
Include income and costs which cannot be directly ascribed to the insurance portfolio or investment assets. Other income and costs
Other income
Income related to the sale of non-insurance products	115	126
	115	126
Other costs
Integration and restructuring costs related to RSA Scandinavia	-300	-949
Costs related to the sale of non-insurance products	-162	-100
Other costs a)	-500	-105
	-962	-1,154
	-848	-1,027
a) Hereof DKK 180m in 2023 related to restructuring and DKK 100m related to bankruptcy of Gefion (DKK 50m in 2023).
xxl
Tax on accounting profit/loss	-1,269	-675
Difference between Danish and foreign tax rates	68	4
Tax adjustment, previous years	ea	-24
Change in tax rate	-8	-30
Tax on permanent differences	-23	-93
Change in valuation of tax assets		18
	-1,167	-800
Effective tax rate	ില	%
Tax on Profit/loss for the year	25.2	22.0
Difference between Danish and foreign tax rate	-1.4	-0.5
Tax adjustment, previous year	-1.4	1.0
Change in tax rate	0.2	1.0
Tax on permanent differences	0.5	3.0
Change in valuation of tax assets	0.1	-0.5
	23.2	26.0

ਰੇ

Tax on the Profit/loss for the year in the parent company is calculated exclusive of profit/loss and taxings.

Intangible assets 10

		Trademarks
2023	Goodwill	and customer relations	Software a)	construction a) Assets under	Total
Cost
Cost at 1 January	20,673	12,287	2,597	369	35,926
Exchange rate adjustments	-g	45	-31	-5	-1
Transferred from asset under construction	0	0	262	-262
Additions for the year	29	0	45	458	531
Disposals for the year	0	0	-12	-1	-13
Cost at 31 December	20,693	12,332	2,861	559	36,445
Amortisation and write-downs
Amortisation and write-downs at 1 January	-104	-1.254	-1.851	0	-3,209
Exchange rate adjustments	ਦੀ	-2	18	0	21
Amortisation for the year	0	-967	-274	0	-1,241
year Impairment losses and write-downs for the	-29	0	-4	0	-33
Reversed amortisation	0	0	િ	0	ાર
Amortisation and write-downs at 31 December	-129	=2,223	-2,106		-4,459
Carrying amount at 31 December	20,564	10,110	755	559	31,987
a) Hereof proprietary software and assets under construction DKK 522m (DKK 445m at 31 December 2022)		Trademarks
2022	Goodwill	and customer relations	Software a)	construction a) Assets under	Tota
Cost
Cost at 1 January	4,880	1,863	2,267	267	9,276
Exchange rate adjustments	-34	-16	-29	-4	-84
Addition, demerger Trygg-Hansa, Codan Norway	15,827	10.441	74	40	26,382
Transferred from asset under construction	0	0	215	-215	0
Additions for the year	0	0	77	281	358
Disposals for the year	0	0	-7	0	-7
Cost at 31 December	20,673	12,287	2,597	369	35,926
Amortisation and write-downs
Amortisation and write-downs at 1 January	-104	-510	-1,637	0	-2,251
Exchange rate adjustments	0	12	19	0	31
Amortisation for the year	0	-756	-233	0	-988
vear Impairment losses and write-downs for the	0	0	-7	0	-7
Reversed amortisation	0	0	1	0
Amortisation and write-downs at 31 December	-104	-1,254	-1,851	0	-3,209
Carrying amount at 31 December	20.569	11.033	746	369	32.716

Goodwill

The Value-in-use method is used when testing the Goodwill for impairment.

Please refer to the Note 10 " Intangible assets" in Try Forskring Group regarding impairment test of goodwill for Alka, Norway and Sweden.

DKKm

11

Property, plant and equipment
2023	Operating equipment	Leases ROU a) equipment	Leases ROU Group-occupied property b)	Total
Cost
Cost at 1 January	295	105	1,203	1,603
Exchange rate adjustments	-2	0	-16	-19
Additions for the year	56	0	424	481
Disposals for the year	-25	O	0	-25
Cost at 31 December	324	105	1,611	2,040
Accumulated depreciation and value adjustments
Accumulated depreciation and value adjustments at 1 January	-133	-89	-510	-732
Exchange rate adjustments	1	0	0	10
Depreciation for the year	-23	- d	-175	-207
Reversed depreciation and value adjustments	15	0	0	14
Accumulated depredation and value adjustments at 31 December	-141	-98	-676	-915
Carrying amount at 31 December	183		935	1,125
2022	Operating equipment	Leases ROU a) equipment	Leases ROU Group-occupied property b}	Total
Cost
Cost at 1 January	251	103	983	1,337
Exchange rate adjustments	-3	0	-19	-22
Additions for the year	28		ਜੋਤੇ	123
Addition, demerger Trygg-Hansa, Codan Norway	20		144	166
Disposals for the year	-1		0	-1
Cost at 31 December	295	105	1,203	1,603
Accumulated depreciation and value adjustments
Accumulated depreciation and value adjustments at 1 January	-121	-75	-379	-575
Exchange rate adjustments	2	0	10	12
Depreciation for the year	-15	-14	-141	-170
Reversed depreciation and value adjustments		0	0
Accumulated depreciation and value adjustments at 31 December	-133	-89	-510	-732
Carrying amount at 31 December	162	16	ea3	128

a) Lease assets (Right of use-asets(RU)) equipment only consists of Eases term of three to four years. The monthly anounts are fixed

and there is no option for purchase or extension in the mast are not recognised as Right of use assets.
b) Lease assets (Right of use-assets), Grop-coupled or leases of eases

with yearly rent adjustments. Tryg Forsiking has no lease contracts with variable lease payments based on similar.

2022 13 -6

2023 9 -5

Investment property	fair value at 1 January	Disposals for the vear

Annual report 2023 | Tryg Forsilering A/S | 132

12

Fair value at 31 December

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of the document.

	S
		22
	U
	Cal
	15
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	12
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		12
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E						2023	2022
13	Investments in Group undertakings
	Cost
	Cost at 1 January					20,074	14,631
	Addition, demerger of Trygg-Hansa, Codan Norway					0	410
	Exchange rate adjustments					-218	-246
	Additions for the year					299	10,534
	Disposals for the year					-1,143	-5,254
	Cost at 31 December					19,013	20,074
	Revaluations to equity value
	Revaluations at 1 January					706	1,281
	Exchange rate adjustments					-18	-28
	Revaluations during the year					704	-627
	Dividend paid					0	-2
	Disposals for the year					-5	83
	Revaluations at 31 December					1,387	706
	Write downs
	Write downs at 1 January					-2,920	-2,825
	Exchange rate adjustments					1	1
	Revaluations during the year					21	-96
	Write downs at 31 December					-2,897	-2,920
	Carrying amount at 31 December					17,503	17,861
	Name and registered office	Ownership share in %		Profit/loss for the year		Shareholders equity
		2023	2022	2023	2022	2023	2022
	Respons Inkasso AS, Bergen	100	100			पा	S
	Forsikrings-Aktieselskabet Alka Liv II, Ballerup	100	100	5		125	120
	Tryg Ejendomme A/S, Ballerup	100	100	2		50	49
	Tryg Livsforsikring A/S, Ballerup	100	100	23	55	464	240
	Holmia Livförsäkring AB	100	100	୧୫	35	515	443
	TI Short Term Placement KL	0	67		0	0	50
	Kapitalforeningen Tryg invest Funds	90	82	609	-683	16.975	17,547
	Undo Forsikringsagentur A/S	100	87	-81	-53	5	13

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

DKKm

14

DKKm

	2023	2022
Equity investments in associates
Cost
Cost at 1 January
Additions for the year
Disposals for the year		61 61 Sistems CST
Cost at 31 December	283
Revaluations at net asset value
Revaluations at 1 January		-122
Revaluations during the year		T T
Revaluations at 31 December

37

34

Carrying amount at 31 December

DKKm

15

	2023	2022
Financial assets
Investment in Group undertakings, applying the equity method	17.503	17.861
Financial assets held for trading	1,534	1,092
Financial assets designated at fair value	49,302	48,284
Derivative inancial instruments at fair value used for hedge accounting with value adjustment in other comprehensive inome	0	78
Receivables measured at amortised cost	5,815	6,145
Total financial assets	74.155	73.460
Financial assets at amortised cost only deviate to a minor extent from fair value.
Financial liabilities
Derivative financial instruments at fair value adjustments in the inoome statement	1.240	2.059
Derivative financialinstruments at fair value adjustments in other comprehensive income	348	P
Financial liabilities at amortised cost	16.667	13,503
Total financial liabilities	18.250	15,566
Information on valuation of subordinate loan capital at fair value is stated in note 1. Other in ancial labilities measured at anorised cost only deviate to a minor extent from fair value.
The Fair value hierarchy
"Quoted market prices" [level ]] consists of financial instruments that are quoted and traded in a prinoipal and
active market [markets generally accessible and with substantial volume and trade frequency]
consists of financial instruments that are valued substantially on the basis of observable input other than Valuation based on observable input (level 2)
quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active,
most recent transaction price. For 2023 Tryg Forsikring has assessed wether quoted prises does represent tair value at the measuned prices derived from a brokered make are considered Level 2 input Tryg Forsikting bases its measurement on the
Aquatment is made for subsequent changes to maket conditions, for instance, by including transactions in similar financial instruments
that are assumed to be notirated by normal business considerations. For a number of financial assets and liabilities, no market wists
In such cases, Tryg Forsking uses recent transactions in struments and discounted cash flow so other generally acoepted estimations and
valuation techniques based on market on the balance sheet date to caculate an estimated value. This category covers instruments such as
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference
to the value of similar liquid bonds.
Valuation based on significant non-observable instruments based substantially on nor-obsed substantially on nor-obsevable incut.
Such instruments include unlisted shares and unit trust investments.
The fair value of investment property is also based on non-observable input.
If, at the balance sheeldare, a linancial instrument's classilication at the beginning of the year, he classlication of the
instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets oan result in
reclassitiations between the categories. Some bonds have become illiquid and have therefore been moved rom "Quoted prices" to the "Observable input" category, while other bonds have become liquid
and have been moved from "Observable input" to the "Quoted prices" category.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Financial statements - Contents

Notes (parent company)

DKKm

Fair value hierarchy for financial instrument property measured at fair value in the statement of financial position 15

2028	Quoted prices	Observable input	Non-observable input	Tota
Investment property	0
Equity investments			97	97
Unit trust units	0		32	32
Bonds	21,248	28.055	373	49,676
Derivative financial instruments, assets	0	1,031	0	1,031
Derivative financial instruments, debt	0	-1,588	0	-1,588
	21,248	27,497	504	49,249
a) Consolidated reference prices means Nasdaq consolidated reference prices	Consolidated references prices a)	Observable input	Non-observable input	Total
2022
Investment property			6	9
Equity investments			92	92
Unit trust units			રેરે	36
Bonds	ਦੇ 47,87	410		48,284
Derivative financial instruments, assets		848		848
Derivative financial instruments, debt		-2,059	0	-2,059
	47,874	-802	134	47,207

where no quoted prices or consolidated reference prices based on actual trades are available.

of the document.

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Financial assets (continued)	2073	2022
Financial instruments transferred from "Quoted prices" to "Observable input"	10,753
Financial instruments measured at fair value in the statement of financial position on the basis of non-observable input:
Carrying amount at 1 January	134	86
Exchange rate adjustments
Gains/losses in the income statement
Purchases	374	ટેન્ડ
Sales	-10	-8
Carrying amount at 31 December	504	134
Gains/loses in the income statement for assets held at the statement of financial position date recognised in value adjustments	2
Receivables
Total receivables in connection with direct insurance contracts	1,787	1,614
Receivables from insurance enterprises	410	498
Receivables from Group undertakings	570	479
Other receivables	179	303
	2,945	2,895
Specification of write-downs on receivables from insurance contracts
Write-downs at 1 January	155	133
Exchange rate adjustments		-3
Addition, demerger of Trygg-Hansa, Codan Norway		29
Reversed writedowns
Write-downs at 31 December	148	155

Receivables are written down in full when submitted for debt collection. The write-down is reversed if payment is subsequently received from

debt collection and amounts to DKK 41m (DKK 34m in 2022).

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	2023	2022
Current tax
Net current tax, 1 January	765	90
Exchange rate adjustments
Change to opening figure	29
Tax on taxable income booked on equity	-33	-109
Current tax for the year	-1,299	-380
Addition, demerger of Trygg-Hansa, Codan Norway		110
Tax paid for the year	159	1,050
Net current tax at 31 December	-381	765
Current tax is recognised in the statement of financial position as follows:
Under assets, current tax		844
Under liabilities, current tax	-381	-80
Net current tax	-381	765
Due to IFRC 23, Try Forsking A/S have previous included 80% of an expected repayment for unused tax losses in the closed in 2012
Try Forsking A/S has received the decision from the Danish tas been appealed to National tax Tribunal and a new valuation and
assessment of the expected outcome have been made. The expected probability to win the case the 199%. The tax asset

has therefore been written down in full.

Financial statements - Contents

DKKm		2023	2022
17	Deferred tax
	Tax asset
	Operating equipment
	Obligationer
	Capitalised tax loss		61
	Tax liability
	Intangible rights	2,168	2,368
	Contingency funds	1,156	1,173
	Debt and provisions		46
		3,322	3,587
	Deferred tax		3.408
	Development in deferred tax
	Deferred tax at 1 January	3,408	723
	Exchange rate adjustments		-27
	Addition, demerger of Trygg-Hansa, Codan Norway		2,317
	Change to opening figure
	Change in deferred tax relating to change in tax rate
	Change in deferred tax taken to the income statement
	Change in valuation of tax asset		-
	Change in tax on tax loss to carry forward
	Change in deferred tax taken to equity
	Deferred tax at 31 December

Loss deternined according to Swedish, Finnish, German, Belgium, Dutch and Austrian rules oan be carried forward indefinitely, In Switzerland tax losses can be carried forward 7 years.

The total current and defered tax relating to team is recognised in the statement of financial position in the anount of DK - 33m (DK - 103m at The loses are not recognised as as asses until that he company can generate sufficient future taxable income to offeet he tavloss. 31 December 2022).

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		2022
Other provisions
Other provisions 1 January	ರಿಗ	40
Exchange rate adjustments
Change in provisions	129	ટર
Other provisions 31 December	223	ਰੇ4
Other provisions relate to provisions for the Group's own insurance claims, restructuring costs and bankruptcy of Gefion.
Additions to the provision for restructuring costs and other provisions during the year amounts to DKK 238m (DKK)

The mature of the obligation is within 5 years.

The balance as at 31 December 2023 excluding own insurances amounts to DKK 222m (DKK 88m at December 2022).

and use of existing restructuring provisions amounts to DKK 109m (DKK 28m at December 2022).

DKKm		2023	2022
19	Other debt anounts to DK 5,713n (DK 3,810m at 31 December 2022) and mainly consists of debt related to external unsettled related to external customers in Tryg Invest investment funds amounts to DKK 1,672m (DKK 1,972m at fund transactions, leasing and accrued costs. Debt 31 December 2022). Other debt
	Maturity of undiscounted lease liabilities Due 1 year or less Due 2 - 5 years	202 465	399 181
	Total Lease liabilities 31 December Due more than 5 years	625 1,293	359 939
	Lease liabilities included in the statement of financial position Amounts recognised in statement of cash flow Hereof future cash flow Options Total cash out-flow for leases	45 211	44 194
	Amounts recognised in income statement Interest on lease liabilities	-51	-38
	Debt related to lease liabilities are included in Other debt. Please refer to note 11 for the specification of ROU assets. There are no short term leases recognised in the financial statement. Please refer to Note 25 Accounting policies for further description * Please refer to Note 21 Contractual obligations
20	Own funds
	Equity according to annual report Proposed dividend Intangible assets	40,062 -1,000 -31,987	42,655 -2,570 -32,717
	Profit margin, solvency purpose Taxes	3,400 1,660	1,893 2,981
	Subordinate loan capital Own funds	15,188 3,052	3,697 15,940

Annual report 2023 | Tryg Forsikring A/S | 141

	นา
	11
ts - Conten
ancial statement
il
। ਦ

Contractual obligations, collateral and contingent liabilities
			Obligations due by period
2023	year 0-1	1-3 years	3-5 years	> > years
Other contractual obligations a)	664	418	119	I
	664	418	119	I
Contractual obligations			Obligations due by period
2022	0-1 year	1-3 years	3-5 years	5 years A
Other contractual obligations a)	327	259	40	t
	327	259	40	1
Try Forsikring has signed IT infrastructure agreements with commitments amounting to DKK 737m within 5 years. Tryg Forsikring has signed the following contracts with amounts above DKK 50m 2073
Tryg Forsikring has signed IT infrastructure agreements with commitments amounting to DKK 347m within 5 years. Tryg Forsikring has signed the following contracts with amounts above DKK 50m 2022
portly taxed companies are lable for any oblight to withind taxes at source on nterest, royaltes and divisends in respect of the jointhy taxed companies. The Danish companies in the Try Forskring Group are jointy taxed with TryphedsGruppen smba. As of 1. July 2012, the companies and the other Collateral and contingent liabilities
Please ind note "Offsetting and collateral in relations" in Try Forsking Group note 26 "Contractual obligations, collateral and contingent liabilities".
Please find note "Contingent liabilities" in Tryg Forsking Group note 26 "Contractual obligations, collateral and contingent liabilities".

Annual report 2023 | Tryg Forsikring A/S | 142

Financial statements - Contents

Notes (parent company)

DKKm		2023
22	Try Forsking A/S has no related parties with a decisive influence other than the parent company Try A/S, TryghedsGruppen smba and the subsidaries of TryphedsGruppen smba (Other related parties with signlicant influence indude the Supervisor board, Executive Board and their families. Related parties
	In 2023 Tryg Forsikring A/S paid dividend to Tryg A/S DKK 7,030m (DKK 1,200m in 2022)
	Premium income	2023	2022
	- TryghedsGruppen smba	0.5	0.6
	- Key management	0.6	0.6
	- Other related parties	2.6	2.3
	Claims paid
	- TryghedsGruppen smba	0.3	0.1
	- Key management	0.1	0.2
	- Other related parties	0.3	0.3
22	Specification of remuneration please refer to note 27 in Tryg Forsikring Group
	Intra-group transactions
	undertakings Group Tryg A/S

Transactions between Tryg Forsikring A/S, Tryg A/S and group undertakings are conducted on an arm's length basis.

88: -2

Providing and receiving services

Intra-group account

Document ID:

Interest

0 257

Administration fee, ect. is fixed on a cost-recovery basis. Intra-group accounts are offset and carry interest on market terms. The companies in the Tryg Forsikring group have entered into reinsurance contracts on market terms.

73A2208FC2CF4D29AC63EB0E949F79EA

Financial highlights of Tryg Forsikring A/S (parent company) 23

DKKm	2023	2022	2021	2020	2019
Gross premium Income	36,191	33,664	23,967	22,485	21,541
Gross claims	-24,407	-22,286	-16,159	-15,276	-14,686
Total insurance operating costs	-5,904	-5,549	-3,514	-3,330	-3,225
Profit/loss on gross business	5,880	5,829	4,294	3,878	3,629
Profit/loss on ceded business	-734	-722	-730	-497	-566
Technical result	5,146	5,107	3,564	3,381	3,064
insurance technical interest Investment return after	861	-1,009	672	263	525
Other income	115	126	132	88	168
Other costs	-962	-1,154	-506	-124	-125
Profit/loss for the year before tax	5,159	3,070	3,862	3,608	3,631
Tax	-1,167	-800	-722	-771	-734
Profit/loss for the year, continuing business	3,993	2,270	3,140	2,837	2,896
Profit/loss on discontinued and divested business after tax	0	0	-3	0	-2
Profit/loss for the year	3,993	2,270	3,137	2,837	2,895
Run-off gains/losses, net of reinsurance	1,067	900	934	1,188	1,188
Run-off gains/losses, gross	1,702	892	927	1,171	1,171
Statement of financial position
Total provisions for insurance contracts	48,516	47,815	32,450	31,396	31,149
Total reinsurers' share of provisions for insurance contracts	1,920	1,851	1,494	1,377	1,501
		42,655			12,720
Total equity	40,062		13,468	12,944
Total assets	110,479	109,852	58,661	56,734	56,140
Key ratios
Gross claims ratio	67.4	66.2	67.4	67.9	68.2
Business ceded as a percentage of gross premiums	2.0	2.1	3.0	2.2	2.6
Claims ratio, net of ceded business	69.5	68.3	70.5	70.2	70.8
Gross expense ratio	16.3	16.5	14.7	14.8	15.0
Combined ratio	85.8	84.8	85.	85.0	85.8
Operating ratio	85.8	84.8	85.1	85.0	85.8
Relative run-off gains/losses	3.0	3.9	4.2	5.4	5.4
Return on equity after tax and before discontinued and divested business (9%)	9.6	8.2	22.4	19.3	22.7
Return on equity after tax and discontinued and divested business (%)	0.6	8.2	22.4	19.3	22.7

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Tryg Forsikring A/S started to fully consolidate Codan Norway and Trygg-Hansa from April 2022.

The executive order on application of International Financial Reporting Standards for companies subject to the Danish Financial Business Act issued by the Danish FSA requires disclosure of differences between the of report Reconciliation of profit/loss and equity (Danish FSA and IFRS) 24

under International Financial Reporting Standards and the rules issued by the Danish FSA.

There is no difference in profit/loss or equity recognised after Danish FSA and IFRS.

Accounting policies 25 Please refer to the Note 30 Accounting policies in Tryg Forsikring Group.

Financial statements - Contents

Group chart

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA Annual report 2023 | Tryg Forsikring A/S | 146

owned by Danish owners and domiciled in Denmark, unless otherwise

Branch

Company

stated.

Glossary, key ratios and alternative performance measures

Danish Financial Supervisory Authority on the insurance companies and multi-employer occupational pension The financial highlights and key ratios of Tryg Forsikring have been prepared in accordance with the executive order issued by the and also comply with 'Recommendations & Ratios' issued by the CFA Society Denmark. funds.

Claims ratio, net of reinsurance

Gross claims ratio + net reinsurance ratio.

Combined ratio

reinsurance ratio and the gross expense ratio. The sum of the gross claims ratio, the net

Danish general insurance

Comprises the legal entities Tryg Forsikring A/S, Aktieselskabet Liv II and excluding the Tryg Livsforsikring A/S, Forsikrings-Norwegian and Swedish branches.

Discounting

the market-based discount rate applied and the payment. The size of the discount depends on statements of expected future payments at a value below the nominal amount, as the recognised amount carries interest until Expresses recognition in the financial expected time to payment.

Gross claims ratio

Insurance revenue

Gross claims x 100

Gross expense ratio without adjustment

Gross insurance operating costs x 100

Insurance revenue

Insurance revenue

Calculated as insurance revenue adjusted for change in gross premium provisions.

Net reinsurance ratio

Net expense from reinsurance contracts x 100

Insurance revenue

Norwegian general Insurance

Comprises Tryg Forsikring A/S, Norwegian branch.

Other Insurance

Swiss, Belgian, German, United Kingdom and Comprises Finnish, Dutch, Austrian, Ireland, credit & surety insurance.

Own funds

Equity plus share of qualifying solvency debt and profit margin (solvency purpose), less intangible assets, tax asset and proposed dividend. Annual report 2023 | Tryg Forsikring A/S | 147

Return on equity after tax (%)

Profit or loss for the year after tax

Weighted average equity

Relative run-off result

Run-off gains/losses net of reinsurance relative to claims provisions net of reinsurance. beginning of year

Run-off gains/losses

claims provisions at the end of the financial year The difference between the claims provisions at paid during the financial year and the part of the the beginning of the financial year (adjusted for pertaining to injuries and damage occurring in discounting effects) and the sum of the claims foreign currency translation adjustments and earlier financial years.

Solvency II

Solvency requirements for insurance companies issued by the EU Commission is the regulatory framework that the Group operates under.

Solvency ratio

Ratio between own funds and capital requirement.

Swedish general Insurance

Comprises Tryg Forsikring A/S, Swedish branch

Unwinding

under claims, but under investment return in the payment, the smaller the discount. This gradual Unwinding of discounting takes place with the payment is reduced. The closer the time of increase of the provision is not recognised passage of time as the expected time to income statement.

Large claims, net of reinsurance

Large claims, net of reinsurance, as calculated by the Group, represents: in local currencies adjusted for reinsurance.

Large claims, net of reinsurance

Insurance revenue

Weather claims, net of reinsurance

Weather claims, net of reinsurance, as calculated by the Group, represents: Weather claims, net of reinsurance, is defined as claims related to storm, cloudbursts, natural perils and winter, adjusted for reinsurance.

Weather claims, net of reinsurance

Insurance revenue

Run-off, net of reinsurance

Run-off, net of reinsurance, as calculated by the Tryg Group, represents

Run-off, net of reinsurance

Insurance revenue

Premium proforma growth in local currencies

Premium proforma growth in local currencies is Hansa and Codan Norway. As calculated by the based on proforma figures that includes Trygg-Tryg Group, represents:

(Insurance revenue including Trygg-Hansa and Codan Norway pro-forma in year X-1) Insurance revenue including Trygg-Hansa and Codan Norway pro-forma in year X -

Insurance revenue including Trygg-Hansa and Codan Norway pro-forma in year X-1

Return On Own Funds (ROOF)

Profit for the year after tax x 100

(Own Funds Primo + Own Funds Ultimo)/2

Return On Tangible Equity (ROTE)

Profit for the year after tax x 100

(Tangible Equity primo + Tangible Equity Ultimo\/2

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Document ID: 73A2208FC2CF4D29AC63EB0E949F79EA

Large claims, net of reinsurance is defined as

single claims or claims events gross above 10m

Disclaimer

based on the beliefs of our management as well seeks', 'will', 'may', 'anticipates', 'would', 'could', currently available to management. Statements strategy, plans and future objectives other than results, financial position, cash flows, business Certain statements in this financial report are identified by the use of words such as 'targets' statements of historical fact can generally be regarding Tryg Forsikring's future operating 'believes', "expects', 'aims', "intends', 'plans', as assumptions made by and information continues' or similar expressions.

actual performance to deviate significantly from natural disasters or terrorist attacks, changes in financial markets, extraordinary events such as the forward-looking statements in this financial competitive environment, developments in the A number of different factors may cause the report, including but not limited to general economic developments, changes in the legislation or case law and reinsurance.

statements or to conform such statements to actual results, except as may be required by materially differ from that described herein incorrect, Tryg Forsikring's actual financial xpected. Tryg Forsikring is not under any duty to update any of the forward-looking condition or results of operations could uncertainties materialise, or should any as anticipated, believed, estimated or Should one or more of these risks or underlying assumptions prove to be law.

Tryg's website for a description of some of the factors that could affect the company's future section on risk management available on the Tryg Forsikring urges readers to refer to the performance and the industry in which it operates.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.