List of Signatures Page 1/2

Annual Report 2024 - TRYG A_S_reduced.pdf

Name	Method	Signed at
MIKAEL KÄRRSTEN	BANKID	2025-01-23 09:19 GMT+01
Osvold, Mette	BANKID	2025-01-23 09:17 GMT+01
Allan Kragh Thaysen	MitID	2025-01-23 09:05 GMT+01
Mengmeng Du	BANKID	2025-01-23 09:01 GMT+01
Carl-Viggo Johannes Östlund	BANKID	2025-01-23 08:46 GMT+01
	MitID	2025-01-23 09:31 GMT+01
Steffen Kragh	MitID	2025-01-23 21:36 GMT+01
Anne Kjer Kaltoft	MitID	2025-01-23 08:46 GMT+01
Per Rolf Larssen	MitID	2025-01-23 19:23 GMT+01
Lars Ulrik Bonde	MitID	2025-01-23 08:43 GMT+01
	MitID	2025-01-23 09:50 GMT+01
Claus Wistoft	MitID	2025-01-23 08:42 GMT+01
Charlotte Dietzer	MitID	2025-01-23 09:42 GMT+01

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List of Signatures Page 2/2

Name	Method	Signed at
Gunnar Elias Bakk	BANKID	2025-01-23 08:41 GMT+01
Agerup, Benedicte E Bakke	BANKID	2025-01-23 12:08 GMT+01
Jukka Pekka Pertola	MitID	2025-01-23 11:55 GMT+01
Stefan Vastrup	MitID	2025-01-23 13:28 GMT+01
Tina Snejbjerg	MitID	2025-01-23 10:33 GMT+01
Jørn Rise Andersen	MitID	2025-01-23 10:28 GMT+01
Thomas Peider Hofman-Bang	MitID	2025-01-23 10:46 GMT+01
Anna Lena Maria Darin	BANKID	2025-01-23 10:40 GMT+01

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ual Rei

easier to be e ma s the 10

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SABA

Strategy

Financial statements

Management's review

Introduction

A message from the Chair and Group CEC
	ryg at a glance	-vents in 2024

Strategy

2024 financial targets fully delivered United Towards '27

0 เ 12

Financial results

91 17 8 l

nvestment activities Corporate	Financial highlights 2024
	Financial outlook ncome overview Tryg's results Private
Commercial	Business areas





Financial highlights Q4 2024

Governance

98 40 45 リ 51

לו ב

Corporate governance	Capital and risk management	Investor information	Supervisory Board	USSUL ONITILO KASTA
----------------------	-----------------------------	----------------------	---------------------	---------------------

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132	133	134	205	213	218	219
Contents - Financial statements	Statement by the Supervisory Board and the Executive Board	Independent Auditor's Reports	Tryg A/S (Parent company)	Quarterly outlines	Group chart	Glossary, key ratios and alternative performance measures

221

Disclaimer

Strategy

Introduction

Financial results

Governance

Sustainability statement

A message from the Chair and Group CEO

a DKK 2bn share buyback in December. وو dividend to our shareholders and started 66 2024 was a year of satisfactory results customer satisfaction, paid a higher aunched a new strategy, increased with all financial targets met. We

A year of continued progress

period and demonstrating that Tryg continues to macroeconomic environment. At year-end, Tryg Markets Day in November 2021. This represents operations progressed, driven by solid customer 2024 was another defining and eventful year for a solid foundation for raising our ambitions and activity and satisfaction in an ever challenging shareholders and customers. Core insurance successful conclusion of the current strategy embarking on the forthcoming new strategy was satisfied to have reached all its financial deliver on the commitments made to both Tryg, characterised by a well-planned and targets for 2024 presented at the Capital towards 2027.

Delivering on all financial targets for 2024

ratio of 81.0% and thus better than the target at range of DKK 7.2-7.6bn along with a combined Tryg is pleased to report an insurance service result above DKK 7.3bn and in the targeted

overall capital levels, so we are pleased to have insurance operators in the market. Tryg has a around 13.5% was also delivered, supporting or below 82%. Tryg's expense ratio target of strong focus on producing solid returns on realised a Return On Own Funds (ROOF) of 34.1%, underpinning our capital discipline. our position as one of the most efficient

RSA Scandinavia synergies target exceeded

Norwegian and Swedish currencies. We are also We are satisfied to have delivered the synergies pleased that Trygg-Hansa and Codan Norway's communicated at the time of the acquisition of the Swedish and Norwegian businesses of RSA. synergies, exceeding the target of DKK 900m despite unfavourable developments in the In 2024. Tryg delivered DKK 930m in total IT processes and systems have now been milestone marks the final step in the RSA integrated into Tryg's IT landscape. This

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Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

acquisition, solidifying Tryg's position as a leading Scandinavian insurance operator.

Growth driven by price adjustments to offset inflation

financial environment. Norwegian and Swedish first part of the year inflationary pressure eased need to restore profitability in selected parts of Despite headwinds, Tryg reported satisfactory price adjustments to mitigate inflation and the Commercial businesses grew by 6%, while our by profitability and reduce international property depreciation, albeit at lower levels, and in the Corporate business experienced a decline as Geopolitical tensions continued to affect the and liability business with the aim to reduce From a macroeconomic perspective, 2024 consequence of Tryg's strategy to improve results. In 2024, growth was mainly driven our Norwegian business. Our Private and turned out to be another eventful year. currencies stabilised after a period of volatilitv.

Weather claims in 2024

The weather events for the full year were in line disruptions, etc. As a leading insurance provider claims. The first half of the vear brought severe snowfall. Both events caused property damage and interfered with everyday life through traffic in Scandinavia, Tryg is dedicated to supporting increasingly impacted by climate change, Tryg with Tryg's annual expectations, even though weather challenges to our customers. Heavy experienced a harsh winter with substantial recovering from weather events. In a world rainfall impacted Denmark, while Norway society and assisting our insured clients in 2024 had its fair share of weather-related offers customers peace of mind, ensuring coverage in the event of claims.

expand practices for repairs and the recycling of positioned to develop and anchor new practices culture and strong talent retention, Tryg is welland deliver on ambitious sustainability targets evidence for our direct and indirect activities suppliers. New climate emission targets are Vith high employee engagement, a diverse materials through close collaboration with reduction per claim. Tryg will develop and defined in line with conclusive scientific 2027 ov

since 2020, but slightly shy of our 2024 target

87, an improvement of 3 percentage points

We are proud of achieving this high level

tisfaction, especially for a period when

sat

Tryg achieved a customer satisfaction level of

Maintaining a high level of customer

satisfaction

necessary price adjustments to offset inflation

have been implemented more frequently than

seen for many years. Improving the customer

satisfaction score was made possible by the

New targets and strategy for 2027

relentless efforts of Tryg's employees. Customer satisfaction remains paramount to Tryg, and we

continue to work diligently to meet and exceed

customer expectations.

result between DKK 8.0-8.4bn in 2027 driven by strategy "United Towards '27 - Leveraging scale on the previous strategy period, realising synergies record of stable, nominally increasing dividends The strategy builds on three important strategic This strategy underpins our ambitious financial management and therefore aim to deliver high Excellence". Tryg targets an insurance service including the entire Swedish business. During rom the RSA acquisition was one of our main remuneration, as evidenced by our consistent to drive technical and commercial excellence' satisfaction of 83 for the full Group, now also priorities. Now, it is time to leverage our scale Tryg hosted a Capital Markets Day in London a combined ratio around 81. Return On Own and capitalise on the advantages of our size. Funds (ROOF) is targeted between 35% and maintain a strong emphasis on shareholder returns on our own funds. Additionally, we Excellence" and "Customer & Commercial targets. We wish to combine best-in-class the 4 December 2024, unveiling the new 40%. Tryg has set a target for customer profitability goals with excellent capital pillars "Scale & Simplicity", "Technical

ent

Reporting Directive (CSRD). Involving differ

preparing for the Corporate Sustainability

integral parts of Tryg's business and customer

offerings.

organisation, sustainability & ESG are now

teams, skills and disciplines across the

have reduced CO2e emissions of 27.825 tonnes

annual claims, and in 2024 Tryg is pleased

in claims handling. 2024 has also been a vear

from the handling of approximately 2.2 million

use of resources in the claims handling process

A large part of Tryg's carbon emissions stem

while maintaining our focus on minimising the

expanded our offerings with products that can

During the current strategy period, we have

Anchoring ESG across the organisation

help our customers adapt to climate change,

ncreased shareholder remuneration

1.95, amounting to DKK 7.8 per share for the full 2024, it was announced that Tryg has initiated a commenced on 13 October 2023. Additionally, further DKK 2bn buyback ending no later than On 31 January 2024, Tryg concluded the DKK consistently paid a quarterly dividend of DKK year and equivalent to DKK 4,844m in total 30 June 2025. Throughout 2024, Tryg has at the Capital Markets Day on 4 December dividend. Tryg remains very focused on l bn share buyback programme that shareholder remuneration.

Thank you to all employees

The Supervisory Board and the Executive Board outstanding contributions. A special thank you would like to express a sincere thank you to all customer relationships was more crucial than satisfaction in a year when maintaining close employees for their dedicated efforts and for achieving a high level of customer ever.

JUKKA PERTOLA Chair

JOHAN KIRSTEIN BRAMMER

coupled with extraordinary share buybacks.

shareholders, customers and employees as well

owards '27, Tryg will continue its efforts to

Driving sustainable change from its core

business

contribute to a more sustainable future and

create long-term value, benefiting our

as society. Tryg will continue to address carbon

emissions in claims handling and in its supply

chain with a target of a 6% average emissions

Group CEO

of the document

三 Contents

Introduction

Strategy

Financial results

Governance

Tryg at a glance

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

Leading market position

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

Around 6 million customers

Our 6,621 employees provide peace of mind approximately 2.2 million claims on a yearly for around 6 million customers and handle basis.

dividend policy Attractive

out 60-90% of operating Tryg aims to distribute a stable, nominal increase in dividends and to pay earnings.

Scandinavian Strong

Revenue distribution footprint

TryghedsGruppen

1 bn to Danish customers in contributes to projects that TryghedsGruppen has paid TrygFonden. In 2024. Tryg approximately DKK 680m create peace of mind via a member bonus of DKK TryghedsGruppen owns Fonden has contributed 48.1%** of Tryg and to these projects. Tryg.

2024

Financial statements Sustainability statement

@ Read more about our history at tryg.com

□ Denmark █ Norway █ Sweden

** Calculated excluding Tryg's own shares

* 'Tryg' means feeling protected and cared for in Danish.

of the document.

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Contents III

ntroduction

Strategy

Group

Presenting the new strategy at our Capital Markets Day

financial targets for 2027 were published and hosted a Capital Markets Day in London. The On 4 December 2024, the Executive Board the new strategy "Leveraging scale to drive commercial and technical excellence" was presented.

New steps on Tryg's technology journey

advanced voice analytics are also now being During 2024, Tryg launched new technology customer advisors in real time based on key words that the customer mentions during a telephone conversation. In Norway, Al and customer experience. In Denmark, the Al used to train and coach Tryg's customer solutions to help further enhance the suggestions and input to our Danish assistant Felix now offers tailored

Sweden, the Al assistant Llucia offers a faster response to our Swedish customers with a increased levels of digitally filed claims. In advisors, resulting in improved customer satisfaction, improved sales results and child insurance policy who have been involved in an accident.

Tryg receives top score in MSCI ESG rating

ESG and sustainability, which has been honed score - AAA - in the international ESG rating MSCI. MSCI rates companies' performance For the first time, Tryg received the highest companies' ESG efforts, it is a testimony to Tryg's dedicated and focused approach to environmental, social and governance themes. Used by leading institutional nvestors to assess the strength of and approach to a wide range of over recent years.

measures, while also mitigating the effects of committed to helping its customers adapt to New targets to drive sustainability and ESG ambitious ESG targets have been defined to enhance competitiveness. In a world facing more severe weather events, Tryg remains climate change and implement prevention Sustainability and ESG are defined as key enablers to support Tryg's 2027 strategy climate as much as possible by reducing Under the themes "Future-fit products", 'Climate action" and "People at Tryg", bolster future business resilience and Tryg's greenhouse gas emissions.

Denmark

Tryg placed in time capsule for future generations

King Frederik X of Denmark and sealed within the building in April 2024. The time capsule is a symbolic gesture, and is only to be opened was placed in a time capsule by His Maiesty Stock Exchange after a major fire destroyed 1 00 years from now, Prime Minister Mette he rebuilding of the historic Copenhagen country to conduct business in and live in Danish Chamber of Commerce) to share their vision. Johan's aspirational message Brammer, were invited by Dansk Erhverv n an attempt to make Denmark the best Frederiksen and nine prominent Danish CEOs, including Tryg's Johan Kirstein reconstruction of the stock exchange. after 100 years, a century after the

Setting the public agenda on climate protection

documentation of climate changes impacting the urgent need for political involvement and common solutions across Danish society to Danish newspaper, Tryg's CEO emphasised contributing to helping customers adapt to address the expected increasing frequency and intensity of extreme weather events in engagement in this topic stems from clear climate protection. In an interview with a the long term. The motivation for Tryg's spearheaded advocating for increased Tryg's CEO, Johan Kirstein Brammer, many customers. Tryg is focused on more severe weather.

TryghedsGruppen's member bonus

TryghedsGruppen, Tryg's largest shareholder DKK 1bn, equivalent to 6% of premiums paid paid out a member bonus of approximately for 2023. The bonus was paid to 1.5m Tryg customers in Denmark, amounting to every For the ninth consecutive year, fourth Dane.

Financial statements

Sustainability statement

Governance

Financial results

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ntroduction

Strategy

Financial statements

Sustainability statement

Governance

Financial results

Norway

Tailored coaching results in positive sales development

the Customer Service Award in the insurance restigious national awards: first place in the boosted sales. This training programme has tailored training and coaching for individual applied to dialogues between advisers and national response time championship and By leveraging advanced speech analytics customers, Tryg has been able to provide advisors. As a result, nearly 60 percent of satisfaction scores and 40 percent have advisors have improved their customer played a significant role in Tryg's sales success in 2024 and earned Tryg two category.

Sustainability Excellence in Norwegian

nsurance

sustainability assessment among Norwegian future weather conditions - as well as Tryg's focus on circularity and CO2e reductions in nsurance companies. Key aspects of the nsurance policies to climate change and claims handling, as well as Tryg's general Tryg achieved top rankings at an annual commitment to responsible investment evaluation included the adaptation of management.

Sweden

70 years of water safety

becomes the main partner of SLS. One of the n 1954, Trygg-Hansa and the Swedish Life announced the renewal and extension of their cooperation, whereby Trygg-Hansa ifebuoy. In 2024, Trygg-Hansa and SLS Saving Society (SLS) donated the first

Throughout the year, Trygg-Hansa celebrated waters safer, having saved hundreds of lives its well-known lifebuoy making Swedish summer swimming classes for children. support of SLS's important work with initiatives is Trygg-Hansa's continued during the past 70 years.

Products made to last and to make a difference

over half of the 1.5 million insured children in health among children and young adults, as well as rapid support and compensation for offers a deeper focus on supporting mental n 2024, Trygg-Hansa redesigned its child insurance coverage. Child insurance now Sweden

market according to the Swedish Consumers insurance product, focusing on providing a nsurance Bureau. Moreover. Trygg-Hansa ranked as the best motor insurance on the more flexible offer to customers. It is now Also, Trygg-Hansa redesigned its motor relaunched the Aktsam brand, a motor insurance specifically tailored to more mature drivers. In 2024, Trygg-Hansa also launched payouts to customers through the digital payments compensation for a claim in a matter of service Swish. Now customers can get seconds, completely digitally.

Navigating motherhood can be challenging; To enhance personal care services, Tryggapp designed specifically for new parents. Hansa has partnered with LEIA Health, an

offers expert-developed content and answers nine out of ten new mothers face issues such Trygg-Hansa and LEIA Health provide unique support for new parents dealing with postto help address these concerns. Together, depression and birth injuries. LEIA's app as breastfeeding difficulties, post-natal natal challenges.

Supporting our clients in preventing claims

enables Trygg-Hansa to warn clients in areas at risk of storms and to share tips on how to preventative information, we also help our Meteorological and Hydrological Institute, Our cooperation with SMHI, the Swedish prepare for extreme weather. With Tryggidentifies an increase in a specific type of customers who own car brands that are Hansa's own AI feature, it can also warn claim. Through specific warnings and clients in specific areas where the Al particularly exposed to theft.

Guidewire powering claims operations

Guidewire cloud. By using the same platform across countries is able to share knowledge scale, Trygg-Hansa decided to implement throughout Tryg, the claims organisation In Denmark and Norway, the operational claims system is Guidewire. To leverage and create more efficient and scalable solutions.

v deliverea Strategy ial	Financial results		Governance	and strategic targets Status on financial		Financial statements
reused materials in claims handling. Read more 27,825 tonnes of CO2e from its claims handling initiatives for increasing repairs and the use of 20,000-25,000 tonnes. The fulfilment of this target was made possible through several processes, exceeding the target of			Key Performance Indicators	Targets 2024		Status 2024
about Tryg's sustainability initiatives from page 53.			Combined ratio	< 82%	>	81%
Lastly, Tryg set a target to grow 'value-creating actions' upon logging in online. During the strategy period, Tryg introduced several			Insurance service result	DKK 7.2-7.6bn		7,324m DKK
nitiatives boosted 'value-creating actions' by more than 50%, against the target of 40% or initiatives, notably 'My Page'. above in 2024.	These different	Financial 1	Return On Own Funds (ROOF)	≥ 25%	>	34.1%
Tryg defined four key strategic pillars to support Follow-up on strategic initiatives			Expense ratio	~13.5%	>	13.5%
The first strategic pillar, 'Full speed ahead in a both the financial and customer targets. successful core', aimed to increase the			satisfaction Customer	88	>	87
with initiatives related to an advanced approach 2024. The strategic initiative reached the target, insurance service result by DKK ~1,050m by		3	Reduced CO2e emissions from claims processes	20-25k ton p.a.		9 27,825
and Norway supported the advanced approach to claims, sales and customer excellence. The full implementation of Guidewire in Denmark		Strategic	Growth in value creating actions upon login	≥ 40%		>50
to claims, while sales and customer excellence were supported by the use of advanced data and analytics.						( ) Delivered Not delivered

targets fully d 2024 financia

Introduction

Contents

III

Follow-up on 2024 targets

concluded, and Tryg is pleased to announce the targets were published. The strategy period has reaching two out of three strategic targets. Markets Day where the 2024 strategy and In November 2021, Tryg hosted a Capital fulfilment of all financial targets and fully

Financial targets

7.2-7.6bn, a combined ratio at or below 82%, an strategy period. The main financial targets were Return On Own Funds (ROOF) at or above 25%. Tryg has set ambitious financial targets for the Tryg is pleased to report that all 2024 financial expense ratio of approximately 13.5%, and an insurance service result between DKK targets have been delivered.

Strategic targets

Tryg had set three strategic targets for 2024 as described below. The first target was customer satisfaction, which 88. The past three years have seen the return of reached 87 in 2024, slightly below the target of which had a direct impact on overall customer implement price adjustments to offset this, embedded throughout Tryg's organisation. inflation on a global scale, and Tryg had to satisfaction. Customer satisfaction is of paramount importance to Tryg and is

related to sustainability. By 2024, Tryg reduced Secondly, Tryg has progressed on targets

Annual Report 2024 | Tryg A/S | 10

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Introduction

Strategy

the middle of 2024, whilst Corporate reached its service result by DKK ~600m in 2024 supported in the SME segment exceed the target of 30% by around 5-7% in the Corporate segment. Growth managed to reduce its exposure to international The second strategic pillar, 'Change the way to Denmark and Norway, aiming for a combined property by 50% and reduced US liabilities by earlier than anticipated, as the business area win in B2B', aimed to increase the insurance employees) within Commercial segment in by growth of 30% in the SME segment (0-9 CMD target of reducing exposure one year ratio of around 90%, and run-off levels of 70%.

during the strategy period thus exceeding the services grew by approximately DKK 1,600m The third strategic pillar, 'Shape the future', ~1,500m via new products and services by aimed to grow insurance revenue by DKK 2024. The revenue for new products and target. The final strategic pillar, 'Trygg-Hansa and Codan Tryg reported total synergies of DKK 930m, with Norway synergies', was expected to deliver total DKK 221m related to Procurement, DKK 153m synergies of DKK 900m by 2024. At year-end, from Claims, DKK 373m from Administration and Distribution and DKK 184m from commercial initiatives.

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Annual Report 2024 | Tryg A/S | 11

Financial results

Introduction

Strategy

Financial results

Sustainability statement

Governance

United Towards '27

Tryg hosted a Capital Markets Day on 4 December 2024, unveiling its 2027 financial and strategic targets.

targets for 2027 were unveiled under the theme Tryg hosted a Capital Markets Day in December 2024, during which its strategy and financial "Leveraging Scale to Drive Technical and Commercial Excellence".

Financial targets

(ROOF) of between 35% and 40%. These targets 8.0-8.4bn supported by a Return On Own Funds Norwegian businesses, which virtually doubled following the acquisition of RSA's Swedish and and an insurance service result between DKK Tryg targets a combined ratio of around 81% leveraging the scale of the expanded Group are the most ambitious in Tryg's history Tryg's insurance service result.

including an ordinary dividend of DKK 15-16bn remuneration grounded in a robust and stable December 2024. This ambition underscores shareholder remuneration of DKK 17-18bn, Tryg's ongoing commitment to shareholder extraordinary share buyback launched in Tryg also communicated an ambition for in the period 2025-2027 and a DKK 2bn insurance business.

Tryg identified three strategic targets in this new Strategic targets

strategy period.

objectives. For the new strategy period, Tryg has set a customer satisfaction score target of 83 by scoring methodology and by the inclusion of the the customer satisfaction targets for 2024. Tryg improving customer satisfaction. Tryg believes Therefore, achieving the customer satisfaction entire Swedish business, which was not part of improvement of 2 points against the old target. period. This difference arises from an updated satisfaction baseline from 87 to 81 in the new that high customer satisfaction and retention rates contribute to lower distribution costs. The first strategic target is centred around target is crucial for realising the financial is therefore targeting a score of 83, an 2027.Tryg has rebased the customer

strategic KPIs 2027 Financial and

Annual Report 2024 | Tryg A/S | 12

Introduction

Strategy

involve any manual touchpoint, thus only relying higher degree of automation results in increased efficiency, thus contributing to the realisation of to over 55%, an improvement of 10 percentage through processing for digitally reported claims STP as a claims handling process that does not points from the baseline of 45%. Tryg defines on automated processes. Tryg believes that a increasing straight-through-processing (STP). Tryg is strongly focused on fast and efficient claims handling, aiming to increase straightcustomer satisfaction and improved cost The second strategic target focuses on the financial objectives.

emissions. Sustainability and ESG are integrated by reducing its own CO2e emissions. Tryg's main emission footprint is through its claims handling adapting 30 product categories, corresponding mitigate its climate impact as much as possible aspects of Tryg's business. Tryg is dedicated to of reducing CO2e emissions by 6% per average helping its customers adapt to climate change activities. To address this, Tryg has set a target and prevent claims from happening in the first The final strategic target aims to reduce CO2e place. To achieve this, Tryg has set a target of Taxonomy. At the same time, Tryg aims to to 60% of categories in scope for the EU claim by 2027 compared to 2024.

Strategic pillars supporting the targets

four enablers to support the strategy towards To achieve the financial and strategic targets, Tryg has identified three strategic pillars and 2027.

Tryg's size and scaling best practices across the insurance service result by DKK 1bn by 2027. The three strategic pillars, Scale & Simplicity, Commercial Excellence, focus on leveraging Group. These pillars aim to increase the Technical Excellence, and Customer &

Governance

Financial results

Sustainability statement

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Scale & Simplicity

one aims to deliver economies of scale in claims transaction to combine IT systems. The second main contributors. The first one is to leverage and more efficient company. There are three utilising our size to become an even stronger the increased size from the RSA Scandinavia optimised procurement and increased fraud automation. In total, the target is to deliver a through the digitalisation of claims handling, DKK 500m improvement in the insurance The first strategic pillar is focused around prevention. The third focus area aims to streamline the back-end tasks through service result towards 2027.

Technical Excellence

to the rest of Tryg, to use more advanced pricing portfolio management competences in Sweden profitability and manage volatility. The target is to deliver a DKK 300m insurance result impact to improve our risk selection and risk-correct standardisation in underwriting to increase disciplines. The aim is to scale world-class strengthening Tryg's technical insurance pricing, and to further leverage scale and The second strategic pillar focuses on by 2027.

Customer & Commercial Excellence

copy commercial successes across markets, e.g. customers and focuses on ensuring commercial scaling best practices in motor, partnership and result by 2027 and also expand Tryg's position by copying personal accident and online sales excellence across Tryg's business. We plan to Norway to Sweden. These initiatives target to in each market to ensure a strong long-term The third strategic pillar is anchored around from Sweden to Denmark and Norway, and deliver DKK 200m to the insurance service customer satisfaction from Denmark and business.

Enablers

customer experience, sustainability & ESG, data & technology and people & culture. These will ensure we deliver in a holistic way across the The strategy is supported by four enablers: Group.

Strategic pillars 2027

3	Commercial Customer & Excellence	increase in ISR DKK 200m	ട്ട് വ	commercial successes across the Group and focus on customer further strengthen Scale proven satisfaction
2	Excellence Technical	increase in ISR DKK 300m	Sp	portfolio management and underwriting with and advance pricing Scale world-class new data and technology	Customer experience	Sustainabilitv & ESG	Data and technology	People and culture
1	Simplicity Scale &	increase in ISR DKK 500m		deliver economies of Leverage increased size to combine IT systems, simplify processes and scale

Strategy

Introduction

Financial results

Governance

Financial highlights 2024

Financial 2024

Revenue growth 4.1%

(in local currencies)

ratio improvement

7.324m

Insurance service result (DKK)

2023: 6,399m

2023: 631m

Dividend per share 7.80

6.303m

196%

(DKK)

Solvency ratio

2023: 197%

2023: 7.40

Profit before tax

(DKK)

2023:5.029m

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Expense ratio

81.0% Combined Ratio

2023: 82.8%

2023: 4.8%

0.3pp

(improvement) 2023:0.5pp

Group underlying claims

2023: 13.4%

643m

DKK)

Net investment result

	Contents

Strategy

Introduction

Financial results

Governance

Financial statements

Financial highlights Q4 2024

Financial Q4 2024

3.6%

13.3%

Expense ratio

Group underlying claims

0.2pp

(in local currencies) Revenue growth

ratio improvement Q4 2023: 0.5pp (improvement) Q4 2023: 6.3%

Q4 2023: 13.5%

82.5% Combined Ratio

Net investment result

(DKK)

(DKK) (DKK)

Q4 2023: 146m

Q4 2023: 1,654m

-265m

1,708m Insurance service result

Q4 2023: 82.4%

1,033m

196%

1.95

Solvency ratio

Dividend per share (DKK) Annual Report 2024 | Tryg A/S | 17

Q3 2024: 202%

04 2023: 1.85

Q4 2023: 1,389m

(DKK)

Profit before tax

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0B653D38890E4BF78CE4FF97188B8A1D

of the document. Document ID:

	Q4	Q4
0KKm	2024	2023	2024	2023	2022
nsurance revenue	9.734	9.396	38.596	37.135	34,814
Gross claims	-6.466	-6.241	-25,328	-25,270	-23.904
nsurance operating costs	-1.299	-1.272	-5.196	-4.959	-4.701
nsurance service expenses	-7,765	-7,513	-30,524	-30,229	-28,605
Profit/loss on gross business	1,969	1,883	8,072	6,906	6,212
Net expense from reinsurance contracts	-261	-229	-748	-507	-576
nsurance service result	1.708	1.654	7.324	6.399	5,636
Net investment result®	-265	146	643	631	-441
Other income and costs	-409	-411	-1.664	-2.001	-2,143
Profit/loss before tax	1.033	1.389	6,303	5,029	3,051
ах	-247	-258	-1,488	-1.178	-804
Profit/loss	786	1,129	4,816	3,851	2,247
Run-off gains/losses, net of reinsurance	233	281	1.090	1,099	759
Kev figures and ratios
Total equity	38,864	40,351	38,864	40,351	42,504
Return on equity after tax (%)	7.6	11.0	12.2	9.4	4.9
Return on Own Funds (%)	21.9	30.3	34.1	24.8	13.0
Return on Tangible Equity (%)	30.4	42.1	47.2	34.3	7.8
Number of shares (1,000)	613,165	617.455	613,165	617,455	633,710
Earnings per share (DKK)	1.25	1.82	7.71	6.08	3.47
Operating earnings per share (DKK)6)	1.54	2.12	8.90	7.26	4.43
Ordinary dividend per share (DKK)	1.95	1.85	7.80	7.40	6.29
Net asset value per share (DKK)	63.38	65.35	63.38	65.35	67.07
Revenue growth in local currencies (%)이	3.6	6.3	4.1	4.8	5.9
Gross claims ratio (%)	66.4	66.4	65.6	68.0	68.7
Net reinsurance ratio (%)	2.7	2.4	1.9	1.4	1.7
laims ratio, net of reinsurance (%)	69.1	68.9	67.6	69.4	70.3
Expense ratio (%)	13.3	13.5	13.5	13.4	13.5
Combined ratio (%)	82.5	82.4	81.0	82.8	83.8
Run-off, net of reinsurance (%)	-2.4	-3.0	-2.8	-3.0	-2.2
arge claims, net of reinsurance (%)	1.5	1.5	1.4	2.7	3.3
Veather claims, net of reinsurance (%)	2.8	3.4	2.4	3.4	1.7
Discounting (%)	2.1	2.6	2.3	3.0	2.1
Combined ratio (%) by business areas
Private	83.5	84.0	82.8	84.5	82.9
Commercial	76.3	73.1	75.4	78.1	82.7
Corporate	94.1	95.4	8 83.	83.2	92.3

a) lhome from RSA Scandinavia includes net effect from 01/06-2021 to 1/06-2021 to 31/03-2022
b) Adjusted for interest on Additional Tierin on intangible asses related b Brand

Annual Report 2024 | Tryg A/S | 18

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Income overview

Contents

ntroduction

Strategy

Financial results

Financial statements

Sustainability statement

Financial outlook

and price increases. Tryg targets an insurance service result of segment, while the profitability outlook is helped by lower inflation 2027 driven by a combined ratio of around 81%. On Own Funds is targeted between 35% and 40% in 2027. Insurance revenue growth will primarily come from the retail DKK 8.0-8.4bn in Return ahead

Commercial segment has been hovering around satisfaction remains high. Growth in the industry driven by price increases to match inflationary pressures. Long-term growth in the Private & The Scandinavian non-life insurance markets remain generally stable, as consumers cover has been accelerating in the past two years their insurance needs well and customer low-to-mid single digit.

Capital markets day in London

0-8.4bn in 2027 driven by a combined ratio of service result is anticipated to grow by DKK 1bn initiatives are detailed in the CMD presentation an insurance service result in the range of DKK On financial and strategic targets. Tryg is targeting Own Funds (ROOF) between 35% and 40%. As both at DKK 800m per annum. The Insurance Tryg hosted a Capital Markets Day in London normalised level of large and weather claims, from the normalised 2024 level to 2027 with Simplicity (DKK 500m), Technical Excellence Excellence (DKK 200m). The most important always, the financial targets assume current levels of interest rates and currencies and a around 81%. Tryg is also targeting a Return (DKK 300m) and Customer & Commercial three pillars being the key drivers: Scale & December 2024 and presented its 2027

2025 outlook

2025 marks the start of the new strategy period, with focus mainly on laying the groundwork to achieve the financial targets set for 2027, as announced in London in December 2024.

come primarily from the retail segment (Private nsurance revenue growth has stemmed mainly monitor, and Tryg continues to see this around Tryg's revenue growth in 2025 is expected to & Commercial), while growth in Corporate is ikely to be more muted. In the last two years, pressures. It is important to remember that wage inflation is the leading indicator to from price increases to offset inflation 4% going into 2025.

selling and up-selling to existing customers as Longer term, Tryg anticipates more balanced growth achieved through a focus on crosswell as acquiring new customers.

highest ever insurance service result of between adjusted for the more favourable-than-normal DKK 8.0-8.4bn in 2027. The insurance service large and weather claims outcome, of around DKK 7.2bn in 2024 and it is now targeting its Tryg reported an insurance service result, result is expected to increase gradually throughout the strategy period.

Ordinary dividends and extraordinary 17-18bn share buyback2). 35-40% own funds Return on		6%	reduction per claim Average CO2e emission	2) including DKK 15-16bn ordinary diving 2025-2027 and DKK 2bn extraordinary share buyback
~81% Combined ratio1)		33	satisfaction Customer	1) As always, assuming current interest rates, currency levels and guided large/weather claims
	8.0-8.4bn Insurance service result (DKK)1)	Strategic KPI's 2027	>55%	Straight-through processing

As earnings. Tryg remains confident in the strength off level of approximately 2% to maintain stable nistorically enabled Tryg to maintain stable and businesses in Scandinavia, Tryg expects a rundirected to shape the business for the future. High retention levels in Scandinavia coupled of its reserve position and will continue its continue, with reinvestments strategically a well-diversified insurer with three large with dedicated cost management have expense ratios. This cost focus will prudent reserving practices. Tryg's insurance business is generally stable but be events and large claims. These factors must may be subject to volatility due to weather monitored over extended periods, as their

expected in Q1, 10% in Q2, 20% in Q3, and 30% amount to approximately DKK 800m annually, evenly distributed across the quarters, with an expected annual level of DKK 800m. Historical data suggests that weather-related claims will inevitable. Large claims are anticipated to be historical data on large and weather-related impact can vary annually, as evidenced by with seasonal variations: 40% of these are claims. Tryg is protected by an extensive reinsurance programme to mitigate this volatility, though some fluctuations are in 04. The decline in interest rates in 2024 has resulted ooints drop in interest rates leads to a 100 basis in a reduced discounting effect. A 100 basis

c) Pro-forma numbers

announced at the CMD in December 2024. Tryg total free portfolio) with a two-year duration and additionally disclosed that properties will not be properties (20% of the free portfolio). Tryg has covered and government bonds (80% of the expects a more stable return from the free portfolio, which currently comprises only Following the de-risking of investments

part of the asset mix in the long term, covered and government bonds will be the only asset class.

Financial results

Strategy

to earnings distribution across Sweden, which has the lowest corporate tax rate at 20.6%, Norway, The overall full-year tax rate 2025 is expected i has a corporate tax rate of 25%, and Denmark, special 'Arne tax' for financial institutions. The be approximately 24%. This reflects Tryg's has the highest rate at 26%, including the investment result may also weigh either positively or negatively on the tax rate.

Tryg will continue to focus on disciplined capital continues to aim to offer a nominally stable and ncreasing ordinary dividend on an annual basis The targeted payout ratio of 60-90% (based on management, and with ambitious profitability operating earnings) is secondary to the aim of targets delivered with a high Return On Own Funds targeted in the range of 35-40%, Tryg increasing the annual dividend.

New operating segments going forward

its Commercial and Corporate Lines in Denmark reduce exposure in the corporate segment, has model for commercial customers, Tryg merged led Tryg to report the former Commercial and Corporate segments jointly as 'Commercial', change, along with the strategic decision to Given Trygg-Hansa's successful operating and Norway in 2023. This organisational starting from 2025.

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Contents III

Introduction

therefore reporting a higher level of claims in its claims reserves with a lower interest rate level, negatively impact the insurance service result. points deterioration in the combined ratio, all profit/loss. Additionally, while the combined else being equal, as Tryg would discount its fluctuations, significant drops in either the Norwegian krone or Swedish krona will ratio is virtually unaffected by currency

to to be between negative DKK 1.4 and DKK 1.5bn For 2025, other income and costs are expected acquisition against this line, which is expected Tryg is primarily booking the intangibles amortisation from the RSA Scandinavia be around DKK 800m per annum.

The ് പ losses driven by interest rate movements should matching the insurance liabilities. The objective assets and liabilities. From 2023 onwards (unde the specifics of the non-life insurance business is for the return on the match portfolio to be as Invested assets are split into a match portfolio also booked as part of the match portfolio and Investment activities (DKK 61 bn as per end of IFRS 17), the return on premium provisions is expected to be around DKK 300m per annum 2024) are managed taking into consideration result in similar, but opposite, movements on (DKK 44bn) and a free portfolio (DKK 17bn). close as possible to zero, as capital gains or Scandinavian covered bonds (rated AAA) match portfolio is primarily made up of with the current level of interest rates.

Introduction

Tryg's results

Strategy

Financial results

Sustainability statement

Financial highlights 2024

positive returns in most asset classes. The profit/loss before tax was DKK 6,303m (DKK 5,029m) basis points supported by the delivery at 631m share Commercial segments. The majority of the growth was driven by price adjustments to mitigate claims 2024. The solvency ratio Tryg reported an insurance service result of DKK 7,324m (DKK 6,399m) in 2024. Insurance revenue a The investment result was DKK 643m (DKK Tryg is paying a dividend for the full year of DKK 7.80 per share and has in addition announced ಹ growth measured in local currencies was 4.1% primarily driven by solid growth in the Private i buyback programme of DKK 2bn at its Capital Markets Day on 4 December inflation. The underlying claims ratio for the Group improved by 30 lated synergies. 930m of RSA Scandinavia-rel year-end 2024 was 196%. driven by of DKK

Results 2024

Tryg reported an insurance service result of DKK

the overall result was supported by the realisation of The result was positively impacted by insurance line due to a strategic decision to exit certain Corporate segment experienced a decline in its primarily driven by profitability initiatives in the normalised level of DKK 800m. The underlying revenue growth of 4.1% (4.8%) primarily from weather claims DKK 112m lower than normal segments of the Corporate business. The fullthe Private and Commercial segments, while 7,324m (DKK 6,399m) for the full-year 2024 driven by a combined ratio of 81.0% (82.8%). were well below the normalised level of DKK 800m, while weather claims were above the claims ratio (i.e. the claims ratio adjusted for assumptions, more specifically large claims Commercial and Corporate segments. The movements) improved by 30 basis points volatile factors such as large and weather vear result included the sum of large and synergies related to the RSA Scandinavia claims, run-off result and interest rate top

Scandinavia integration, with DKK 221m related initiatives. The run-off result was virtually flat at 2.8% (3.0%), while the discount rate for claims Distribution and DKK 184m from Commercial Claims. DKK 373m from Administration and acquisition of DKK 219m for 2024 and DKK provisions for the full year was 2.3% (3.0%) reflecting a generally lower level of interest to Procurement. DKK 153m coming from 930m since the beginning of the RSA rates.

of characterised by significant profitability actions achieved in 2024 year-end, an increase from 86 for running a successful business. The increase in 2023. Tryg continues to have a strong focus satisfactory even if the level of 87 falls short on customer satisfaction as this is paramount A customer satisfaction score of 87 was in customer satisfaction during a period the targeted 88 for the end of 2024.

noticeable exception of real estate, reported Capital markets developed positively during 2024 and most asset classes, with the

Total invested assets amounted to DKK positive returns. Geopolitical tensions remained solvency rules place on these assets and also to while the remaining 20% consists of real estate. will be included in the free portfolio. The further investment return was DKK 643m (DKK 631m) In the long term, the property exposure will be sold and only covered and government bonds made up of covered and government bonds, high, resulting at times in sudden shocks to portfolio, where 80% of the assets are now reduce earnings volatility further. The total prompted by the high capital charges that capital markets. In December 2024, Tryg disclosed a further de-risking of the free de-risking of the free portfolio has been 61bn as per end of 2024.

nsurance revenue

while the Corporate segment experienced a top-Insurance revenue amounted to DKK 38,596m 4.1% in local currencies. Growth was primarily line decline as a result of a strategic decision to driven by the Private & Commercial segments, DKK 37,135m), corresponding to growth of

7.324m

Insurance service result (DKK) 2023: 6.399m

Profit/loss before tax 2023:5.029m

Claims ratio, net of reinsurance 2023: 69.4%

13.5% Gross expense ratio 2023: 13.4% 31 0% Combined ratio 2023: 82.8%

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exit certain segments of the Corporate business. in en on the CMD 2024 targets, achieving a combined pressures and supported by strong sales across development. The Corporate segment delivered growth was mainly driven by price adjustments customers accounting for more than half of the local currencies. The growth was mainly driven grew customers in the Private segment, as indicated 4.5% (3.9%) measured in local currencies. The multiple channels. The price adjustments were widely accepted by customers, as indicated by In Private, growth was 6.9% (5.5%) measured development was -16.7% (2.3%) measured in to mitigate inflationary pressures and suppor local currencies. The segment experienced a multiple channels despite a lower level of car segment and solid sales performance across stable retention rates. In Corporate, top-line price adjustments to offset inflationary Commercial segment, insurance revenue by an increase in the smaller commercial decline, with a handful of relatively large broadly stable retention rates. In the adjustments were widely accepted by sales in some geographies. The price ratio below 90%.

Claims

being equal) and therefore impacts the reported The claims ratio, net of reinsurance, was 67.6% (69.4%) in 2024. The sum of large and weather normal assumptions, which helped the overall with the discount rate at 2.3% (3.0%). A lower discount rate of the liabilities implies a higher unchanged at 2.8% (3.0%). Interest rates fell, results, while the run-off result was virtually amount of claims in the profit/ loss (all else claims was almost DKK 112m lower than claims ratio negatively.

better-than-normal large claims. The sum of the The insurance service result in 2024 included worse-than-normal weather claims and much

vs 2023, as these were around DKK 800m lower in 01 but were broadly in line with expectations two was almost DKK 112m better than normal. Weather claims hit the results particularly hard between Q2 and Q4. A significant difference in large and weather claims was reported in 2024 the current year compared to the previous vear.

ಲ During the year, Motor claims frequencies have evident in the Norwegian business, where most been challenging, although the trend was more compared to the end of the year. Additionally, a profitability actions to mitigate this trend have slightly higher average claims cost was also reported. This issue has been noted across geographies generally but was particularly pronounced at the beginning of the year been taken.

The run-off result was in line with expectations with a 2023 full-vear run-off level of 3.0%. The run-off result was impacted by various factors. being 2.8% for full-year 2024 and compares including the increased inflation levels since where most of the long-tail business resides. general reduction in the Corporate segment, mid-2022 compared to previous years and

Corporate portfolio. The underlying claims ratio mproved 30 basis points driven by profitability Scandinavia acquisition totalling DKK 153m in was helped by claims synergies from the RSA nitiatives in the Commercial and Corporate "he underlying claims ratio for the Group business, including a re-balancing of the 2024.

Expenses

The expense ratio is reported at 13.5% (13.4%) controls and sees this as a key competitive Tryg remains focused on having tight cost

advantage. The expense ratio is in line with the nvestment activities 2024 guidance.

equities, corporate bonds and alternative assets reducing exposure to risky assets. Tryg has sold Scandinavian covered bonds. In the longer term this will support a less volatile investment result investment result totalled DKK 643m (DKK -565m (DKK -459m). As mentioned previously, Tryg disclosed in December that it has changed geopolitical tensions, most asset classes, with berformed well and offered good returns. The and replaced these with short-duration, liquid 622m) result, the match portfolio reported a financial income and expenses totalled DKK as the asset mix in the free portfolio by further while, all else being equal, the return will be DKK 536m (DKK 468m) result, while other ree portfolio reported a DKK 672m (DKK more than DKK 7bn of risky assets, such the noticeable exception of properties, 631m) for the full year. Despite deep approximately DKK 200m lower. The

Other income and costs

DKK -1,664m (DKK -2,001m). The largest costs guarantee fund (a fund covering claims caused development costs and educational costs. Due to certain extraordinary items in 2024, the leve is elevated compared to the annual guidance o The line other income and costs amounted to Scandinavia transaction, which were DKK 117 and DKK 806m respectively in 2024. In 2024, by this line were the amortisation of customer uninsured vehicles) of approximately DKK ncluded in this line. Finally, this line includes 50m. In 2024, extraordinary costs related to other income and costs was also impacted organisational adiustments have also been relations related to the Alka and the RSA extraordinary payment to the DFIM costs related to the parent company, between DKK 1.4 and 1.5 bn. an ov

Profit/loss before and after tax

whilst the net profit was DKK 4,816m, implying corresponding to a tax rate of 24% and in line The profit/loss before tax was DKK 6,303m, an overall tax expense of DKK 1,488m with Tryg's guidance.

Solvency and shareholders' remuneration

reflect the deduction of the announced buyback orogramme of DKK 2bn. In addition to the share was DKK 6,769m at year-end 2024, resulting in year 2024 dividend of DKK 7.80 per share. The buyback programme, Tryg will be paying a fullcompared to previous quarters reflects the de-Гryg's own funds amounted to DKK 13,239m risking of the free investment portfolio during Q4 2024, while the own funds figures already above the targeted level. ROOF was impacted while the solvency capital requirement (SCR) Return On Own Funds (ROOF) is 34.1%, well positively by the de-risking and subsequent a solvency ratio of 196%. The lower SCR buvback.

Results Q4 2024

reported a drop of -20.3% in line with the plan to Tryg reported an insurance service result of DKK the expected normalised level of DKK 200m per ooints, while the Private underlying claims ratio corresponding to DKK 147m. which was below ,708m (DKK 1,654m) in Q4. Revenue growth Q4). Large claims weighed negatively by 1.5%, measured in local currencies was 3.6% (6.3%) underlying claims ratio improved by 20 basis above the quarterly guidance (DKK 240m for corresponding to DKK 272m and therefore de-risk the corporate business. The Group segments, while the Corporate segment Weather claims were 2.8% (3.4%) in Q4, driven by the Private and Commercial deteriorated by 20 basis points. quarter Annual Report 2024 | Tryg A/S | 22

Strategy

Governance

Contents lll

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

There was a general drop in interest rates in Q4 , so the discounting level was 2.1% compared with the Q4 2023 level of 2.6%.

(13.5%), showing the strong focus on tight cost Tryg delivered a strong expense ratio of 13.3% The run-off in Q4 2024 was 2.4% (3.0%), broadly in line with previous quarters. control.

negative than normal at DKK -409m compared guidance. In Q4, some additional costs related to restructuring were booked against this line. The other income and costs line was more to a DKK -350m to DKK -370m quarterly

will pay a flat quarterly dividend of DKK 1.95 per In accordance with Tryg's dividend policy, Tryg share. Additionally, Tryg announced a DKK 2bn share buyback at the Capital Markets Day on 4 December 2024.

	Corporate	Norway. Corporate offers a range of insurance corporate customers in Denmark, Sweden and products including motor, property, liability, Corporate provides insurance products to workers' compensation, travel and health.	7%	insurance revenue of full year	Distribution channels	Own sales agents · Insurance brokers	Tryg O TRYGG HANSA Brands
	Commercial	small and medium-sized commercial customers in Denmark, Sweden and Norway. Commercial offers a range of insurance products including Commercial provides insurance products to motor, property, liability, workers' compensation, travel and health.	25%	insurance revenue of full year	Distribution channels	· Franchises · Insurance brokers · Partner Own sales agents · Online · Call centres Bancassurance	Tryg Trade TRYGG HANSA Brands ryg (
areas		accident, travel, ducts to private en and Norway. ance products nealth.		e	els	n sales agents · ncassurance · te agents	Tryg O CHANSA

Private

Private provides insurance pro customers in Denmark, Swede Private offers a range of insur including motor, content, house motorcycle, pet and l

63% insurance revenu of full year

Distribution chann

Online · Call centres · Own
Partner · Franchises · Ba
Car dealers · Real esta

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Sustainability statement

Financial results

Strategy

Introduction

三 Contents

Annual Report 2024 | Tryg A/S | 24

		Key figures - Private	Q4	04
Vate		DKKm	2024	2023	2024	2023
		Insurance revenue	6,621	6,203	26.100	24.455
024	customer satisfaction. In Denmark and Norway,	Gross claims	-4,662	-4.339	-17,942	-17,305
	and the retention rate dropped to 88.9% (89.7%)	Insurance operating costs	-810	-775	-3.337	-3.074
egment reported an insurance	ectively due to a period with 86.5% (87.4%) resp	nsurance service expenses	-5,472	-5,114	-21,279	-20,379
of DKK 4,498m (DKK 3,800m) and	continued price adjustments and the loss of	Profit/loss on gross business	1.150	1.089	4.821	4.076
atio of 82.8% (84.5%). The higher	selected partner agreements as a consequence	Net expense from reinsurance contracts	-55	-98	-323	-276
rvice result was supported by a	of enhanced focus on profitability. In Sweden,	Insurance service result	1.095	991	4,498	.800 3
weather-related claims and higher	the retention rate dropped to 87.0% (87.8%).	Run-off gains/losses, net of reinsurance	125	87	592	268
. The underlying claims ratio	being affected by slightly higher churn among single-product customers.	Key figures and ratios
mainly driven by a slightly higher		Revenue growth in local currencies (%)	6.8	7.7	6.9	5.5
ency and slightly higher average	Claims	Gross claims ratio (%)	70.4	70.0	68.7	70.8
in the motor comprehensive improvement (i.e. a smaller	The claims ratio, net of reinsurance, was 70.0%	Net reinsurance ratio (%)	0.8	1.6	1.2	1.1
) was recorded towards the end of	(71.9%) and characterised by both a lower level	Claims ratio, net of reinsurance (%)	71.2	71.5	70.0	71.9
pared to the beginning of the year.	of weather claims at 2.5% (3.8%) and a higher	Expense ratio (%)	ci 12	್ರ ১	8 12.	12.6
venue growth was mainly driven by	run-off result at 2.3% (1.1%). Weather claims	Combined ratio (%)	83.5	84.0	82.8	84.5
ents to mitigate inflationary	compared to last year's returned to normal	Combined ratio exclusive of run-off (%)	85.4	85.4	85.0	85.6
d good sales performance.	level, which was due to extraordinarily high	Run-off, net of reinsurance (%)	-1.9	-1.4	-2.3	-1.1
	several weather-related events in Scandinavia	Large claims, net of reinsurance (%)	0.1	-0.2	0.2	0.3
venue	and Europe affecting Scandinavian customers.	Weather claims, net of reinsurance (%)	0 ന	8 ಗಾ	G ১	8 ന
venue amounted to DKK 26,100m	The underlying claims ratio experienced a
m), corresponding to growth of	modest deterioration driven by a slightly higher claims frequency and slightly higher average
measured in local currencies. In owth was driven by price	claims costs in the motor segment. However,	The business area accounts for 68% of
to offset inflationary pressures,	a the underlying claims ratio experienced	the Group's total insurance revenue.
strong sales across multiple	smaller deterioration in the latter part of the
Norway, growth was driven by price	year compared to the first part of the year,
and solid sales performance across nels. In Sweden, growth was	reflecting the impact of ongoing profitability initiatives.	Financial highlights 2024
pacted by price adjustments to
	Evnancac

apellses

The expense ratio was 12.8% and broadly in line with 2023 (12.6%). The segment realised cost operational setup. A very efficient operational businesses and continued to reinvest in its synergies related to the acquisition of RSA Scandinavia's Swedish and Norwegian setup is considered a key competitive advantage.

Financial statements

Sustainability statement

Governance

Financial results

	Combined ratio	2023: 84.5%
	Expense ratio	2023: 12.6%
4.498m 12.8% 82.8%	Insurance service result (DKK)	2023: 3.800m
69%	in local currencies Revenue growth	2023:5.5%

Annual Report 2024 | Tryg A/S | 25

Introduction

Strategy

Pri

Results 20

The Private se insurance ser lower level o claims freque claims costs pressures an service resul run-off result deteriorated. segment. An deterioration the year com Insurance re price adjustr a combined

Insurance rev

growth was supported by cross-selling of niche affected by a lower level of car sales. Moreover offset inflationary pressures but was adversely customers.The price adjustments were widely relatively stable, demonstrating a high level of product insurance, such as pet, leisure boats accepted by customers, as indicated by the and vintage cars & motorcycles, to existing retention rates in all countries remaining (DKK 24,455 supported by adjustments various chan positively imp Insurance re 6.9% (5.5%) Denmark, gr adjustments channels. In

Financial results

Governance

Sustainability statement

Financial statements

Claims

slightly increased frequency of motor claims and compared to the first part of the year, reflecting The claims ratio, net of reinsurance, was 71.2% underlying claims ratio deteriorated by 20 basis points, mirroring the trend reported in Q3 2024 (71.5%) and was characterised by a lower level However, a smaller deterioration was visible the impact of ongoing profitability initiatives. supported by profitability initiatives to offset of weather claims at 3.0% (3.8%) and higher inflationary pressures but dampened by a level of run-off results at 1.9% (1.4%). The The underlying ratio development was higher average claims costs.

higher average claims costs, however this will be

Insurance revenue growth was mainly driven by

price adjustments to mitigate inflationary

pressures and good sales performance.

mitigated by continued profitability initiatives.

84.0%). The higher insurance service result was

driven by top-line growth and supported by a

lower level of weather claims, while the

underlying claims ratio deteriorated modestly

The underlying claims ratio was affected by a

slightly higher claims frequency and slightly

The insurance service result was DKK 1,095m

Results 04 2024

DKK 991m) and the combined ratio 83.5%

Expenses

Norwegian businesses but continued to reinvest The expense ratio was lower at 12.2% (12.5%). The segment realised synergies related to the acquisition of RSA Scandinavia's Swedish and in its operational setup.

DKK 6,203m), corresponding to growth of 6.8%

7.7%) measured in local currencies. Top-line

nsurance revenue amounted to DKK 6,621m

nsurance revenue

rising inflation, but was also supported by good

sales across multiple areas.

driven by price adjustments to mitigate the development across countries was mainly

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Contents

III

Strategy

		Key figures - Commercial
nmercial			04	Q4
		DKKm	2024	2023	2024	2023
		Insurance revenue	2,409	2,315	9,588	9,178
	The claims ratio, net of reinsurance, was	Gross claims	-1.255	-1,296	-5.186	-5.517
	aracterised by a 60.1% (62.3%) and ch	surance operating costs In	-388	-390	-1.469	-1.454
rted an insurance service	of large claims at 3.0% significantly lower level	Insurance service expenses	-1.642	-1.686	-6.654	-6.972
55m (DKK 2,010m) and a	(3.8%). The first part of the year experienced a	Profit/loss on gross business	767	629	2.934	2,207
75.4% (78.1%). The higher	higher level of large claims, whereas the	Net expense from reinsurance contracts	-195	-6	-579	-197
g result was supported by	second part of the year reported a lower level	Insurance service result	572	623	2,355	2,010
r level of large claims.	of large claims. The weather claims level was	Run-off gains/losses, net of reinsurance	55	102	267	315
by e growth was mainly driven	lower at 2.5% (3.1%) despite the first part of	Key figures and ratios
s to mitigate inflationary	claims, while the second part of the year was the year witnessing a higher level of weather	Revenue growth in local currencies (%)	4.3	4.2	4.5	3.9
derlying claims ratio improved	more favourable. Run-off level was lower at	Gross claims ratio (%)	52.1	56.0	54.1	60.1
nt's focus on implementing	2.8% (3.4%). The underlying claims ratio	Net reinsurance ratio (%)	8.1	0.3	6.0	2.1
tives and a continued focus on	e improved driven by price adjustments and	Claims ratio, net of reinsurance (%)	60.2	56.2	60.1	62.3
ial customers.	focus on growing the smaller commercial	Expense ratio (%)	16.1	6 16.	15.3	15.8
e	customer segment, as this segment is more	Combined ratio (%)	3 76.	73.1	7 75.	78.1
e amounted to DKK 9,588m	profitable. The increases in claims costs were	Combined ratio exclusive of run-off (%)	9 78.	77.5	C 78.	81.5
rresponding to growth of 4.5%	highest for motor comprehensive driven, as	Run-off, net of reinsurance (%)	3 -2.	-4.4	8 -2.	-3.4
in local currencies. In	increased frequency of expected, by a slightly	Large claims, net of reinsurance (%)	9 3	2.0	0 3	3.8
was mainly driven by price	motor claims and slightly higher average	Weather claims, net of reinsurance (%)	3 ১	0 ന	S 2	3.1
itigate inflationary pressures	claims costs.
an increase in the smaller
ent. In Norway, growth was	Expenses	The business area accounts for 25% of
justments complemented by	The expense ratio was lower at 15.3%	the Group's total insurance revenue
mance across multiple	primarily aims to (15.8%). The segment
den, growth was impacted by	reduce distribution costs by leveraging more
s' repricing efforts to offset	ાંટે. efficient sales channe
ures. The price adjustments nton hy cuctom		Financial highlights 2024

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of the document.

Claims

三 Contents

Introduction

Strategy

Financial statements

Sustainability statement

Governance

Financial results

Com

Results 2024

Commercial repo result of DKK 2,35 combined ratio of insurance service significantly lower Insurance revenu price adjustments pressures. The un due to the segmen profitability initiat smaller commerc

Insurance revenu

high level of customer satisfaction. In Denmark, the retention rate slightly deteriorated to 87.2% indicated by the retention rates in all countries retention rate experienced a minor increase to inflationary pressures. The price adjustments 89.6% (89.5%), while in Sweden the retention continued price adjustments. In Norway, the remaining relatively stable, demonstrating a (87.6%) as a consequence of a period with were widely accepted by customers, as rate dropped to 87.8% (88.6%). channels. In Swed the business units Insurance revenu (DKK 9,178m), co (3.9%) measured Denmark, growth adjustments to m and supported by commercial segm driven by price ad good sales perfor

Annual Report 2024 | Tryg A/S | 27

75.4%

15.3%.

2,355m

45%

Combined ratio

Expense ratio

Insurance service result

(in local currencies)

Revenue growth

2023:78.1%

2023: 15.8%

2023: 2,010m (DKK)

2023: 3.9%

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Introduction

Strategy

Financial results

impact from large and weather claims and by a lower run-off result. Insurance revenue growth underlying claims ratio was broadly stable due DKK 623m). The insurance service result was The insurance service result was DKK 572m negatively impacted by a higher combined was mainly driven by price adjustments to mitigate inflationary pressures, while the to the segment's focus on implementing profitability initiatives.

nsurance revenue

DKK 2,315m), corresponding to growth of 4.3% and complemented by good sales performance repricing efforts to offset inflationary pressures. adjustments to mitigate inflationary pressures. adjustments to mitigate inflationary pressures nsurance revenue amounted to DKK 2,409m Denmark, growth was mainly driven by price growth was impacted by the business unit's across multiple sales channels. In Sweden, 4.2%) measured in local currencies. In In Norway, growth was driven by price

Claims

The claims ratio, net of reinsurance, was 60.2% (56.2%) and was characterised by a higher level by focusing on growing the smaller commercial motor claims and slightly higher average claims broadly stable driven by price adjustments and of large claims at 3.6% (2.0%) and a lower level of run-off at 2.3% (4.4%). Weather claims were lower at 2.3% (3.0%), positively contributing to profitable. The increases in claims costs were expected, by a slightly increased frequency of customer segment, as this segment is more highest for motor comprehensive driven, as the result. The underlying claims ratio was costs.

Expenses

The expense ratio was lower at 16.1% (16.9%), distribution costs by leveraging more efficient The segment primarily aims to reduce sales channels.

Annual Report 2024 | Tryg A/S | 28

Governance

		Key figures - Corporate
Corporate		DKKm	04 2024	04 2023	2024	2023
			704	879	2,908	3,502
		Insurance revenue
Results 2024	Claims	Gross claims	-550	-606	-2,200	-2.448
	The claims ratio, net of reinsurance, was 70.4%	Insurance operating costs	-101	-107	-390	-430
Corporate reported an insurance service result	by a significantly lower (70.9%), characterised	nsurance service expenses	-651	-713	-2.591	-2.878
of DKK 472m (DKK 590m) and a combined ratio	level of large claims at 7.6% (16.6%). In the	Profit/loss on gross business	53	166	317	624
of 83.8% (83.2%). The lower insurance service	comparison year, Tryg was impacted by a few	Net expense from reinsurance contracts	-11	-125	154	-34
result was adversely impacted by lower	large claims below the company's retention	Insurance service result	41	41	472	590
insurance revenue. The combined ratio was	level. The run-off result was significantly lower	Run-off gains/losses, net of reinsurance	53	92	23.	517
impacted by a more favourable large claims	The segment continued to at 7.9% (14.7%), whilst weather claims were lower at 1.1% (1.7%).	Key figures and ratios
experience partly offset by a lower run-off	bv display good underwriting discipline	Revenue growth in local currencies (%)	-20.3	2.5	-16.7	2.3
result. The segment reports a top-line decline in	implementing profitability initiatives across	Gross claims ratio (%)	C 78.	69.0	75.7	69.9
line with the strategy of rebalancing the portfolio and increasing profitability. With a combined	countries and maintaining a strong focus on	Net reinsurance ratio (%)	1.6	14.3	-5.3	1.0
ratio of 83.8% for the full year, the corporate	bv an rebalancing the portfolio, as evidenced	Claims ratio, net of reinsurance (%)	79.8	83.3	70.4	70.9
segment has delivered on the strategic target of	improved underlying claims ratio.	Expense ratio (%)	14.4	12.1	13.4	12.3
achieving a combined ratio of less than 90%.		Combined ratio (%)	94.1	95.4	83.8	83.2
	Expenses	Combined ratio exclusive of run-off (%)	101.7	105.9	91.7	97.9
Insurance revenue	I he expense ratio was higher at 13.4% (12.3%).	Run-off, net of reinsurance (%)	-7.6	-10.5	-7.9	-14.7
Insurance revenue amounted to DKK 2,908m	The higher expense ratio was impacted by the	Large claims, net of reinsurance (%)	7.4	.6 12.	7.6	16.6
(DKK 3,502m), corresponding to a top-line	lower top-line. In general, a lower expense ratio	Weather claims, net of reinsurance (%)	Ci 2	1.7	1.1	1.7
accounted for more than half of the decline. In currencies. A few relatively large customers decline of 16.7% (2.3%) measured in local	should be expected for the Corporate segment, as acquisition costs in the broker channel are paid for by customers via a commission to	The business area accounts for 7% of
decline relates to higher churn in the first part of the year. The decline aligns with Tryg's strategy general, approximately 80% of the top-line	brokers.	the Group's total insurance revenue
of rebalancing the portfolio in order to reduce
volatility. The fall in the top-line was visible in all		Financial highlights 2024
countries as the segment rebalanced its

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

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exposures.

Annual Report 2024 | Tryg A/S | 29

83.8%

472m 13.4%

-16.7%

Combined ratio

Expense ratio

Insurance service result

(in local currencies) Revenue growth

2023: 83.2%

2023: 12.3%

2023: 590m (DKK)

2023: 2.3%

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

7.6% (10.5%), whilst weather claims were higher The claims ratio, net of reinsurance, was 79.8% retention level. The run-off result was lower at lower level of large claims at 7.4% (12.6%), as rebalancing the portfolio, as evidenced by an countries and maintaining a strong focus on (83.3%) and characterised by a significantly the same quarter last year was impacted by implementing profitability initiatives across at 2.2% (1.7%). The segment continued to various large claims events below Tryg's display good underwriting discipline by improved underlying claims ratio.

ower top-line. In general, a lower expense ratio should be expected for the Corporate segment, The expense ratio was higher at 14.4% (12.1%) The higher expense ratio was impacted by the as acquisition costs in the broker channel are paid for by customers via a commission to

Return - Investments

	Q4					04
	2023	2024	2023	DKKm	2024	2023	2024	2023

I	397	672	622	Return, match portfolio	-187	863	473	2,580
56	34	536	468	/alue adjustments, changed discount rate	466	,548	13	-005
48	-285	-565	-459	Unwind of discounting	-229	-28 *	050 -	.207
	146	643	631	Matcl	56	34	536	468

Annual Report 2024 | Tryg A/S | 31

Financial statements

Sustainability statement

Governance

Financial results Strategy

Introduction

Contents

III

Investment activities

nvestment result 2024

was a positive development after more than two 2024 as inflation expectations declined, which Central banks began to reduce interest rates Geopolitical tensions have remained high in years of aggressive monetary policies in the Western economies.

US elections in November has sparked concerns central bank to maintain elevated interest rates. In Europe, there is growing apprehension about In Norway, the combination of a weak currency various parts of the world. The outcome of the about potential trade wars between the United a potential economic recession. The Swedish times, while the European Central Bank has and high inflation has forced the Norwegian central bank has lowered interest rates four implemented three rate cuts. States, Europe and China.

portfolio was DKK 61bn at year-end 2024. The portfolio at DKK 44bn is designed to minimise discounting of the liabilities. At year-end 2024 the free portfolio (the net asset value of the The total market value of Tryg's investment investment portfolio is split into a match portfolio and a free portfolio. The match capital consumption by matching the

Other financial income and expenses

Investment result

Free portfolio, gross return

Match portfolio

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DKKm

ncome from premium provisions amounted to DKK 343m. Interest income has declined over 2024 due to the drop in short interest rates.

while real estate represents 20%. Real estate

will not be an asset of choice in the long term as disclosed at the Capital Markets Day.

Return - Match portfolio

Introduction

Strategy

investment operation, are also booked against this line. Other financial income and expenses

subordinated loans. Several other items, such as Tryg books various items against this line, the items, the value change in inflation swaps and protect own funds and general balance sheet most important being interest expenses on the cost related to the currency hedges to costs related to running the

Other financial income and expenses amounted related to the inflation hedge of DKK -115m and normal expenses are mainly due to an expense higher than normal expenses to hedge balance to DKK -565m (DKK -459m). The higher than

sheet items of DKK -76m (DKK 162m).

Modelling the free portfolio from the start of 2025

two indexes can be used. 50% NYKRCMB2 and 50% NYKRCMG2. The and government bonds' portfolio, a weighted average of the following and government bonds with an average duration of 2 years as well as 20% in real estate. To model the return of the Scandinavian covered The free portfolio is made up by 80% Scandinavian covered bonds normalised annually, as disclosed at CMD in December 2024. real estate portfolio is assumed to produce a return of 6.5%

Governance

Financial statements

Sustainability statement

Introduction Investment result Q4 2024	provisions, which added DKK Strategy on the premium	Financial statements
In Q4, Tryg sold DKK 7.4bn worth of risky assets and reallocated these investments into more	73m for the quarter, slightly offset by a modest widening of covered bond spreads.	Financial highlights Q4 2024
stable and less capital consuming Scandinavian investment result in Q4 totalled DKK -265m covered bonds and government bonds. The	Other financial income and expenses amounted normalised quarterly level of DKK -90m. A DKK to DKK -248m, clearly more negative than the -70m value change in the inflation swaps was	-73m
When corporate bonds, equities and diversifying risking in October, the financial markets were alternatives were liquidated as part of the de-	(DKK -48m), in line with previous quarters, while subordinated loans amounted to DKK -43m expenses for hedging balance sheet items booked. Interest expenses related to	Free portfolio (DKK)
DKK 80m. The loss is in line with the negative impact on the free portfolio of approximately market developments in October. The free down, which resulted in a negative one-off	amounted to DKK -56m (DKK 34m).	56m
corresponding to a -0.4% return for the quarter. porttolio reports a return of DKK -73m,		Match portfolio (DKK)
satisfactory DKK 49m return, corresponding to exposure developed slightly negatively during the quarter and reported a DKK -53m return. 0.6% and 2.4% annualised. The real estate Government and covered bonds added a		Total investment return -265m
for the quarter. The return is made up of a return The match portfolio reported a DKK 56m return		(DKK)

Return - free portfolio

	Q4	Q4	Q41	Q4					Investment assets
DKKm	2024	2024 (%)	2023	2023 (%)	2024	2024 (%)	2023	2023 (%)	31.12.2024	31.12.2023
Government and Covered Bonds	49	0.6	131	2.2	253	3.3	240	4.2	13,282	7,198
Corporate and Emerging Markets Bonds	-43	-1.6	199	6.9	104	3.7	254	8.2		2,969
Investment grade credit	-19	-1.8	74	്ര	20		97	8.2		,113
Emerging markets bonds	-19	-1.9	78	7.0	57	5.5	97	8.3		1,157
High-yield bonds	-5	10-	8h	o L	に	3.8	, 9	8.2		699
Diversifying Alternatives	-41	-2.0		0.7	27	1.4	77	6.4		1,456
Equity	15	0.4	150	4.7	430	16.3	377	11.1	72	2,418
Real Estate	-53	-1.6	-91	-2.6	-142	-4.2	-326	-8.5	3.278	3.465
Total	-73	-0.4	397	2.4	672	3.6	622	3.6	16.632	7,506

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Annual Report 2024 | Tryg A/S | 33

Introduction

Strategy

Financial results

Sustainability statement

l ax governance

Tryg Group acknowledges that the taxes we pay tax compliance focus is ensuring that all taxes paid Tryg Group is a transparent and responsible are a significant contribution to sustainable societies in the countries we do business in payer, and our tax governance and key tax are fair and in accordance with legislation.

the Tryg Tax Policy inspired by GRI Sustainability Reporting standard #207 regarding tax. The Tax Policy governs all entities in the Tryg Group, all taxes paid by the Tryg Group and, to the extent The tax governance approach is embedded in possible, also to investments made by Tryg Group.

to The Tryg Tax Policy is overseen by the Chair of approved annually by the Executive Board and the Tryg Group's risk management and actively risk management is therefore aligned with Supervisory Board of Tryg. Our approach within the strategic and business objectives. the Tryg Risk Committee and reviewed and monitored to ensure that tax positions are the tax

and overseen by the Group CFO. Tax operations and tax risk management are undertaken on a Tax matters are a part of the finance function day-to-day basis by the tax team in Tryg.

The Tryg Tax Policy is available on our website at www.tryg.com.

Corporate income tax 2024

1,488m (DKK1,178m), corresponding to an Corporate income tax amounted to DKK effective tax rate for Tryg Group of 24%.

three Scandinavian countries. Tryg Group did geographical split of the business across the not receive any tax relief or tax grants from The tax rate is primarily impacted by the governments in 2024. The effective tax rate for 2025 is expected to be approximately 24%.

Pillar II - Global minimum tax regime

minimum tax regulations, also known as Pillar II exception, Tryg has assessed that no entities in Tryg Group is within scope of the OECD global the Group will be impacted by a top-up tax in [EU Minimum Tax Directive and OECD Safe Harbour rules). Based on the mandatory 2024.

Total tax impact - the Tryg Tax Universe

authorities of DKK 6,041m in 2024. The total tax contribution arises from various taxes from our operations and business activities, see the Tax Tryg Group paid a total tax contribution to tax Universe table on the right.

For further information on the split of the total tax contribution, reference is made to the Financial Statement below.

= Contents

Corporate governance 150
Capital and risk management .
· Investor information
Supervisory Board O

Executive Board

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ryg A/S

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III

Introduction

Strategy

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

Governance Report at www.tryg.com/en. Download Tryg's Statutory Corporate downloads-2024

Dialogue between Tryg, its shareholders and other stakeholders

maintains regular contact with analysts and Tryg's Investor Relations (IR) department investors.

conference calls and participates in conferences Together with the Executive Board, the Investor Relations team organises investor meetings, in Denmark and abroad.

stakeholders. Tryg has an IR policy which states The Supervisory Board is regularly informed about the dialogue with investors and other that all company announcements may be published in English only. Tryg publishes quarterly interim reports in English.

presentations which are used in the dialogue Tryg also prepares quarterly investor

available at tryg.com. This material provides all with investors and analysts. Additionally, Tryg stakeholders with a comprehensive picture of relevant topics. All announcements, financial reports, presentations and newsletters are also regularly publishes IR newsletters on Tryg's position and performance.

Standards. At tryg.com, stakeholders are invited and stock exchange codes of conduct. Tryg has presented in accordance with IFRS Accounting sensitive information complies with legislation guidelines ensure that the disclosure of priceadopted a number of policies describing the relationship between different stakeholders. The consolidated financial statements are to subscribe to press releases, company announcements. A number of internal nnouncements and insider trading

See the IR Policy at www.tryg.com/en/ governance/policies

Annual General Meeting

Shareholders may also opt to receive the notice meeting virtually, as well as an agenda for the Tryg holds an Annual General Meeting (AGM) company announcement and at tryg.com technical requirements for attending the Association, the AGM is convened via a nformation about the time and venue, subject to at least three weeks' notice. every year. As required by the Danish by post or email. The notice contains Companies Act and Tryg's Articles of meeting.

es, safeguards for shareholders' participation rights through electronic means, detailed information meetings. Thus, there will be clear instructions will be made available at Tryg's website and in All shareholders are encouraged to attend the questions and submit comments and cast vot he notice convening such electronic general decides to hold general meetings exclusively concerning registration and procedures for and feedback channels ensuring sufficient general meeting. If the Supervisory Board virtual attendance, including how to ask at potential future virtual-only meetings.

appoint the Supervisory Board or a third party as Shareholders may propose items to be included or tem on the agenda. The proxy form and form their proxy. Shareholders may consider each Shareholders may vote at the AGM. by post. for voting by post are available at tryg.com on the agenda for the AGM and may ask questions before and at the meeting. before the AGM.

nvites shareholders to submit written questions Furthermore, prior to the general meeting, Tryg communicated to shareholders and published nformation on how to exercise shareholders' be considered at the general meeting. rights at the general meeting is clearly at tryg.com. C

Share and capital structure

48.1%1 of the shares and is the only shareholder class, and all shares rank pari passu. The largest owning more than 5% of the company's shares. 「ryg's share capital comprises a single share shareholder, TryghedsGruppen smba, owns

capital structure is aligned with the needs of the Group and the interests of its shareholders and contingency capital plan, which are reviewed applicable to Tryg as a financial undertaking, The Supervisory Board ensures that Tryg's that it complies with the requirements Tryg has adopted a capital plan and a annually by the Supervisory Board

the Supervisory Board proposes the distribution adjustment of the capital structure is required. Depending on the financial results, each year extraordinary annual dividend if a further of quarterly dividends, and possibly an

Duties, responsibilities and composition of the Supervisory Board2

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

decide on and/or adjust the Group's strategy to The Executive Board reports to the Supervisory developments and Group performance, capital Board on strategies and action plans, market requirements and risks, etc. The Supervisory achieve its strategic targets. The Supervisory is Executive Board works with the Supervisory financial resources are available for Tryg to sustain value creation in the company. The developed and monitored. The Supervisory Board ensures that the necessary skills and Board to ensure that the Group's strategy Board holds an annual strategy seminar

Annual Report 2024 | Tryg A/S | 36

Calculated excluding Tryg's own shares

GOV-2 GOV-1

Governance

Financial results

recommendation 3.2.1. in the	The role of the Supervisory Board excl. employee representatives
Recommendations on Corporate Governance.	ESRS ID	Unit	2024	2023	2019
ਰੰਤ The other three members are dependent, they are appointed by Tryg's largest	Size of the Supervisory Board: Number of non- executive members GOV-1 01	Number	6	6	റ്റ
shareholder, TryghedsGruppen. See pages 47	Number of executive members GOV-1_02	Number	0	0	0
50 for information on when the individual	Number of employee representatives ಗಾ GOV-1 0	Number	S	S	7
members joined the Supervisory Board, were re- members elected by elected, and when their current election period tion of new talent ends. I o ensure the integra into the Supervisory Board	Percentage of members of administrative, management and supervisory bodies by gender and other aspects of diversity GOV-1_05
may hold office for a the annual general meeting	Board members age group, <30 years	Number	0	0	0
maximum of twelve years.	Board members age group, 30-49 years	Number	3	7
	Board members age group, 50 and above	Number		10
members in the section Supervisory Board independent board See details about the	Board's gender diversity ratio GOV-1_06	%	33	33	50
on pages 47-50 and at www.tryg.com/ en/governance/management/ supervisory-board	Other information about the Supervisory Board Independent supervisory board members GOV-1 07	%	67	67	63
The Supervisory Board has 14 members in total l ryg's employees are entitled to elect a number s. In total the board the composition of the Supervisory Board with ryg wishes to keep a balanced distribution in rights, duties and responsibilities as any other of board representatives, who have the same women and seven n 44 and 69 years, and Sweden and all of which are non-executive, including five Three out of the nine members elected at the annual general represent the markets that Tryg operates in. respect to gender, nationality and age. The men (including one male and four female meeting are women. This complies with Board. policy. are from Denmark, Norway employee representatives). member of the Supervisory legislation as well as Tryg's employee-elected member members are aged betwee currently comprises seven	members is calculated at the end of the reporting period. Also, in accordance with section based on their relation to TryghedsGruppen. The figure are excl. employee representative. GOV-1_02 Number of executive members: Tryg's Supervisory Board consists of only non- a term of four years. Percentage of members of administrative, management GOV-1_01 Size of the Supervisory Board: Number of non-executive members: The total GOV-1_05 Board members age group, <30 years, 30-49 years and 50 years and above: representatives. Also in accordance with section 143(1) in BEK no. 503 of 23/05/2024. board-composition or in the CVs on page 47-50. Independent members are calculated members and their independence is published on Tryg's website https://tryg.com/en/ calculated at the end of the reporting period and include all board GOV-1_03 Number of employee representatives: The employee representatives are GOV-1_06 Board's gender diversity ratio: The average ratio of female to male board GOV-1 07 Percentage of independent board members: Information about board number of members in the supervisory Board excluding employee-elected and supervisory bodies by gender and other aspects of diversity executive directors who have no management responsibilities, 143(1) in BEK no. 503 of 23/05/2024 Accounting principles The age groups are elected for members

Board specifies its activities in a set of rules of

Introduction

Contents

III

procedure and an annual cycle for its work.

adopts the rules of procedure of the Supervisory

relevant policies, guidelines and instructions

Board and the Executive Board, comprising

Each year, the Supervisory Board reviews and

Over the coming strategy period, Tryg wants to

further enhance ESG board oversight. Among

Board on ESG in the quarterly reports, and a

quarterly ESG dashboard to ensure close

the initiatives are further elaboration to the

and report on compliance with limits defined by

the Supervisory Board and in legislation.

relevant information to the Supervisory Board

requires the Executive Board to disclose all

requirements for communication with the Executive Board. Financial legislation also

describing reporting requirements and

monitoring of development against targets and

strategic initiatives.

Supervisory Board. At the annual Board strategy

seminar, the full strategy, including ESG, was

presented and discussed. The strategy

encompasses numerous material ESG impacts, risks and opportunities translated into strategic

developed and received final approval from the

In 2024, the 2027 strategy and targets were

ESRS disclosure points incorporated by reference in this section (ESRS ID): GOV-1_01-07;_14, and GOV-2_01-03

Annual Report 2024 | Tryg A/S | 37

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Supervisory board composition and diversity of

Supervisory Board were elected by the annual general meeting for a term of one year. Of the

The current nine external members of the

members1

meeting, six (67%), and thus the majority, are

independent, thus complying with

nine members elected at the annual general

criteria for climate adaptation, employees and diversity, and resource use in claims handling.

impact, products that meet the EU Taxonomy

objectives, such as targets related to climate

Financial results Strategy	Governance	Financial statements Sustainability statement
As part of the evaluation, the Supervisory Board	Duties and composition of the Executive Board	Board committees
and also focuses on other executive positions	and Each year, the Supervisory Board reviews	Tryg has an Audit Committee, a Risk Committee
board memberships held by the members of the	adopts the rules of procedure of the Supervisory	a Nomination Committee, a Remuneration
Of Supervisory Board, including the level	Board and the Executive Board, comprising	Committee and an IT Data Committee. The
commitment and workload associated with	relevant policies, guidelines and instructions	frameworks for the committees' work are
each position to prevent potential overboarding.	describing reporting requirements and	defined in their terms of reference.
board The evaluation is based on the individual	requirements for communication with the
member's ability to devote the necessary time	Executive Board. Financial legislation also	The Board Committees' terms of
for preparation, their performance, attendance	requires the Executive Board to disclose all	reference can be found at www.tryg.com/
and participation at committee and board	relevant information to the Supervisory Board	en/governance/management/
the meetings in Tryg. Specifically for ESG,	and report on compliance with limits defined by	supervisory-board/board-committees
evaluation confirmed that the Board has been	the Supervisory Board and in legislation.	including descriptions of members,
involved in discussing matters related to ESG		meeting frequency, responsibilities and
strategy and reporting, and that the necessary	I he Supervisory Board considers the	activities during the year.
to governance and actions are in place	composition, development, risk and succession
implement the new reporting requirements.	plans of the Executive Board in connection with	All members of the Audit Committee and three
	the annual evaluation of the Executive Board,	out of five members of the Risk Committee,
In 2024, an externally assisted evaluation was	and regularly in connection with board	including the committee chair, are independent.
conducted of all board members and members	meetings. Each year, the Supervisory Board	Three out of the five members of the
g of the executive management based on	discusses Tryg's activities to guarantee diversity	Remuneration Committee are independent,
questionnaire focusing on board competencies	at management levels. Tryg attaches great	including the committee chair. Two out of three
and performance and individual interviews with each member of the Supervisory Board. The	importance to diversity at all management	members of the Nomination Committee are
very overall conclusion was that Tryg has a	set figures for the underrepresented gender that levels. Tryg has adopted policy and target	independent, including the committee chair. Three out of five members of the IT Data
good, value-adding and professional	equa out specific targets to ensure diversity and	Committee are independent, including the
Supervisory Board that works efficiently and in	opportunities and access to management	committee chair.
accordance with sound governance principles.	positions for qualified men and women. For
The evaluation resulted in a continued strong	several years, Tryg has had a strong focus on	Board committee members are elected
focus on ESG, Diversity and Digitalisation.	diversity and has been aiming to increase the	primarily on the basis of their specialist skills
	number of women in management positions to	considered important by the Supervisory Board.
See CVs and descriptions of skills in the	41%2.The number of women in management	The involvement of the employee
section Supervisory Board on pages 47-50	positions increased from 41%3 in 2023 to	also representatives in the committees is
and at www.tryg.com/en/governance/	Progress in 2024, exceeding the initial target.	considered important. The committees
management/supervisory-board	has been driven through continuous focus in the recruitment and HR processes	exclusively prepare matters for decision by the entire Supervisory Board.
The board has broad representation of
members with ESG experience, as reflected in the CVs of each board member available on	See the General action plan for diversity including women in management at	Read more about the ESG oversight at committee level on page 59.
pages 47-50.	ww.tryg.com/en/governance/policies
		The specialist skills of all members are also described at www.tryg.com/en/
		governance/management/supervisory-
		board/about-board

ESRS disclosure points incorporated by reference in this section (ESRS ID): GOV-1_04; _08;_15-17; G1.GOV-1_02 Accounting principles available on page 112

Annual Report 2024 | Tryg A/S | 38

The definition has been aligned with the ESRS definition as reported in the Sustainability changed the figures from 2023.

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

To ensure geographic representation, employee

Introduction

Contents

III

representatives are divided across the three

Denmark, two from Sweden and one from

Norwav.

countries with two representatives from

set discusses Tryg's activities to guarantee diversity composition, development, risk and succession plans of the Executive Board in connection with annual evaluation of the Executive Board, figures for the underrepresented gender that positions for qualified men and women. Read out specific targets to ensure diversity, equal meetings. Each year, the Supervisory Board at management levels. Tryg attaches great importance to diversity at all management opportunities and access to management levels. Tryg has adopted policy and target more about the policy, specific initiatives, targets and progress on pages 105-113. and regularly in connection with board The Supervisory Board considers the the

Skills and expertise available - Supervisory board1

duties in the best possible way. In addition to the management, general management, CFO/audit, regulatory compliance, insurance - commercial evaluation of its work and skills to ensure that it possesses the expertise required to perform its facilitated with external assistance every three primarily on the following qualifications and and product insurance – technical/financial years to ensure objectivity in the evaluation skills: business judgement, problem solving, The Supervisory Board performs an annual networking, risk management, succession modelling, IT & digitalisation, value chain annual self-evaluation, an assessment is development, financial services, risk and process. The Supervisory Board focuses people and organisation, ESG business optimisation and customer journey.

Strategy

Governance

Remuneration of management

Tryg has adopted a remuneration policy for Tryg in general that includes specific schemes for the other employees in Tryg whose activities have a for 2024 was adopted by the Supervisory Board company - risk-takers. The remuneration policy in January 2024 and approved by the annual Supervisory Board, the Executive Board and material impact on the risk profile of the general meeting on 21 March 2024.

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

Remuneration of the Supervisory Board

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

Remuneration of the Executive Board

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

company's shareholders in the short and long Tryg wants to strike an appropriate balance predictable risk and value creation for the between management remuneration, term. of 25% of the base salary and other benefits. The Executive Board to do their best to realise the The Executive Board's remuneration consists a fixed base salary, a pension contribution of sufficient motivation for all members of the appropriate for the market and provide base salary must be competitive and company's defined targets. Furthermore, Tryg has an incentive programme for the Executive Board with a variable pay element of up to 50% of the fixed salary including pension.

of accordance with specific weighted financial and components under the incentive programme is based on a result and performance assessmen non-financial targets decided at the beginning for the performance vear (financial vear) in The allocation of the variable salary the performance year.

should contribute to retaining the participants in performance results. Secondly, the programme programme is to ensure the congruence of the financial interest of the participants and the company's shareholders and to create a correlation between remuneration and The principal purpose of the incentive the programme at Tryg.

The allotted conditional shares are deferred for combination of cash and conditional shares.

five years from the time of allotment. After the

For the performance year 2024, the variable pay

element was in January 2025 allotted as a

criteria on which the variable salary is based are receive free shares in Tryg A/S corresponding to the numbers of conditional shares allotted. The granting of free shares is conditional upon the end of the deferral period, the participant will 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). Read more about remuneration at Tryg in Remuneration Report at www.tryg.com/ the Remuneration policy and in the en/governance/remuneration

ndependent and internal audit

meeting where the annual report is presented as The Supervisory Board ensures monitoring by ndependent auditor attends the annual board well as meetings in the Audit Committee and 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 Risk Committee.

auditors meet with the Audit Committee without Supervisory Board. At least once a year, the ndependent 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

f ryg complies with all the Recommendations on Corporate Governance. Annual Report 2024 | Tryg A/S | 39

三 Contents

Strategy

Introduction

Financial results

Sustainability statement

Capital and risk management

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

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

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

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

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 monitoring of each business unit with Board on a quarterly basis - thus providing Risk management carries out ongoing risk regard to their performance towards the existing and emerging strategic and overall strategic objectives. all

Annual Report 2024 | Tryg A/S | 40

results set the overall ambition for profitability Capital Markets Day targets for ROOF and UW Supervisory Board sets out general guidelines for permitted insurance risk. This includes The insurance risk policy adopted by the profitability measuring, reinsurance, etc. versus capital consumption (measure of underwriting principles, new products, guidelines for provisioning, general unexpected risk). Commercial businesses are considered the most attractive segments due business in Scandinavia with a focus on the retail to their higher margins while volatility and capital Tryg's main focus is to write non-life insurance Tryg's business model. It is therefore naturally Taking on insurance risk is the cornerstone of well-diversified and an other segments. I ryg has a conservative approach to claims ight on the retail the area where Tryg has the largest risk requirements are lower th segment. The Private and The insurance portfolio is profitable with an overwe provisioning segment. appetite. mpensation and the insurance ovisions being miums are	Day-to-day monitoring of developments in the
	underlying profitability, capital consumption, etc.) is key to ensuring development in line insurance business (premium growth, with desired risk appetite.
	a sufficient degree via ordinary diversification. The risk in situations where this cannot be achieved to The internal model used to calculate the solvency allocate capital consumption to the business and capacity of the reinsurance programme is set so Reinsurance is used to reduce the underwriting retention limit specifies the maximum loss that provision based on the guidelines set out in the that it is very unlikely that a breach will occur. Tryg is willing to take on a specific event. The The actuary function calculates the technical capital requirements in Solvency II is used to Both the retention limit and the capacity are thereby ensure sufficient profitability in the insurance risk policy. These are regularly approved by the Supervisory Board. presented to the Supervisory Board. insurance business.

results set the overall ambition for profitability
Capital Markets Day targets for ROOF and UW
Supervisory Board sets out general guidelines
for permitted insurance risk. This includes
The insurance risk policy adopted by the
profitability measuring, reinsurance, etc.
versus capital consumption (measure of
underwriting principles, new products,
guidelines for provisioning, general
unexpected risk).
Commercial businesses
are considered the most attractive segments due
business in Scandinavia with a focus on the retail
to their higher margins while volatility and capital
Tryg's main focus is to write non-life insurance
Tryg's business model. It is therefore naturally
Taking on insurance risk is the cornerstone of
well-diversified and
an other segments.
I ryg has a conservative approach to claims
ight on the retail
the area where Tryg has the largest risk
requirements are lower th
segment. The Private and
The insurance portfolio is
profitable with an overwe
provisioning
segment.
appetite.
mpensation and
the insurance
ovisions being
miums are

Day-to-day monitoring of developments in the

underlying profitability, capital consumption,
etc.) is key to ensuring development in line
insurance business (premium growth,
with desired risk appetite.

a sufficient degree via ordinary diversification. The
risk in situations where this cannot be achieved to
The internal model used to calculate the solvency
allocate capital consumption to the business and
capacity of the reinsurance programme is set so
Reinsurance is used to reduce the underwriting
retention limit specifies the maximum loss that
provision based on the guidelines set out in the
that it is very unlikely that a breach will occur.
Tryg is willing to take on a specific event. The
The actuary function calculates the technical
capital requirements in Solvency II is used to
Both the retention limit and the capacity are
thereby ensure sufficient profitability in the
insurance risk policy. These are regularly
approved by the Supervisory Board.
presented to the Supervisory Board.
insurance business.

三 Contents

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Definition

The risk that insurance prem insufficient to cover the cor other costs associated with business. The risk of the insurance pro inadequate.

Definition	Strategy	Risk Management	Objectives and methods
Financial losses due to changes in the value of financial assets or liabilities.	assets into the free portfolio and the match divide its investment Tryg has decided to portfolio.	Supervisory Board sets out general guidelines The investment risk policy adopted by the and specific tolerance limits for permitted	Daily reporting on investment return on all asset classes.
	mitigate interest rate risk from provisions. The strategy for the match portfolio is to	investment risk.	Independent daily control ensures compliance with permitted risk-taking.
	The strategy of the free portfolio is to support Tryg's dividend policy and ROOF target. In Q4 portfolio and thereby enhance earnings 2024, Tryg decided to de-risk the free stability.
Operational risk
Definition	Strategy	Risk Management	Objectives and methods
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.	The Supervisory Board sets out the overall strategy regarding operational risk.	security, physical security, compliance, fraud, Supervisory Board sets out tolerance limits and general guidelines for operational risk. The operational risk policy adopted by the This includes general guidelines for IT	risks and incidents potentially resulting in a management, monitoring and reporting on Ongoing identification, measurement, loss or a near loss for Tryg.
		money laundering, contingency planning and model risk.	covering incident management, operational risk self-assessments and internal controls, This is ensured by implemented methods and through business continuity management.

Annual Report 2024 | Tryg A/S | 42

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

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

Annual Report 2024 | Tryg A/S | 43

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

and increasing ordinary dividend on an annual basis. The targeted payout ratio of 60-90%	(based on operating earnings) is secondary to	the aim of increasing the annual dividend. e	Tryg has an "A1" (stable outlook) insurance Moody's rating	financial strength (IFSR) rating from Moody's.	The rating agency highlights Tryg's strong	position in the Nordic P&C market, robust profitability, very good asset quality and	relatively low financial leverage. Moody's also	assigned an "A3" rating to Tryg's Tier 2 debt and a "Baa3" rating to Tryg's Tier 1 debt.			Solvency ratio development	(%)			0.5 0.5	196 202 195 191 197 1.95	1.95	1.95	1.95
Own Funds target (ROOF) and the dividend policy.	Tryg will pay a Q4 dividend per share of DKK	dividend for the first nine months of DKK 5.85 1.95 on 28 January 2025 after having paid	per share, bringing the total for the full year to DKK 7.80 per share.		In December 2024, Tryg announced a share	324m out of the total DKK 2bn has been bought buyback of DKK 2bn. As per end of 2024, DKK	back. TryghedsGruppen, Tryg's largest	shareholder, is not participating in the buyback. TryghedsGruppen owns 48.1%** of the shares, increased ownership level towards the stated with the ongoing buyback facilitating an	50% plus target.		Shareholder remuneration	(DKK per share)	Extraordinary Share buyback (2bn) Extraordinary Share buyback (5bn) Extraordinary Share buyback (1 bn Ordinarv	1.1	32 4.6	1.85	1.85	1.85 6.3 7.0	1.85 4.3
throw the match investment portfolio and interest rate swaps.		The relatively low sensitivities towards currency risk are due to Tryg's FX strategy of reducing FX	risk on the balance sheet and thereby protecting the solvency ratio and dividend capacity.		Shareholders' remuneration	S The Supervisory Board regularly assesses Tryg" capital structure in light of future internal	earnings forecasts and balance sheet needs. The	company's strategy for the coming years and are also based on the most significant risks projections include initiatives set out in the identified by the company.		Tryg's strategic targets, including the Return On Capital adequacy is measured in relation to	Solvency Capital Requirement	(DKKm)					6,769 7,633
obligations in 199 out of 200 a way that Tryg should be ital requirement (SCR) is	2024, Tryg's SCR was DKK	evel is mainly explained by a om DKK 7,633m at year-end	ee investment portfolio.	atio continues to display low	s movements in the capital	as further reduced by the de- investment portfolio.		urities represent some 95% of ng of 100 basis points would sets, therefore the highest rds spread risk, where a	cy ratio by approximately 15	ls interest rate risk is due to an s (covered bonds). The low					13,239

** Calculated excluding Tryg's own shares

14,998

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三 Contents

The lower le de-risking of the fr able to honour its 6,769m, down fro The solvency capi calculated in such years. At year-end

Tryg's solvency rat markets, which wa risking of the free i sensitivity toward:

Fixed-income secu Tryg's invested ass sensitivity is towar impact the solven percentage points sensitivity toward: widening/tighteni

Own funds

(DKKm)

Strategy

Introduction

Financial results

Financial statements

Sustainability statement

Governance

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D Annual Report 2024 | Tryg A/S | 44

Q4
2024

Q3
2024

Q2
2024

Q1
2024

Q4
2023

2024

2023

2022

2021*

2020

Q4 2024

Q4 2023

Q4 2024

Q4 2023

end of 2020) following the DKK 37bn rights issue to fund the acquisition 2021 DPS impacted by the higher number of shares at 653m (301m

of RSA Scandinavia.

Introduction

Strategy

Financial results

Sustainability statement

Investor information

information requirements are met at the highest possible level. IR is in charge of communication team Investor Relations (IR) is responsible for Tryg's is with equity investors, fixed income investors stakeholders can form a true and fair view of important that investors, analysts and other communication with the capital markets. It financial results. For this reason, Tryg's IR company developments, including Tryg's strives to be as open and transparent as possible to ensure that stakeholders' and rating agencies.

team met more than 300 investors from all over meetings and conferences were held in-person shareholders and potential investors. Quarterly world . The majority of analyst and investor conferences at a local and global level. In 2024 Tryg's Executive Board and Investor Relations After the publication of quarterly and annual Copenhagen and London. Tryg also attends analyst presentations are typically held in reports, Tryg's management and IR team ordinarily travel extensively to meet with investor meetings and various financial across Europe, the USA and Canada.

targets for 2027 were disclosed. Tryg targets an on 4 December 2024 in London where financial insurance service result of between DKK 8.0bn selected aspects of the business, while a more three years. Tryg hosted a Capital Markets Day financial targets are unveiled, is hosted every recommendations and earnings forecasts. in-depth Capital Markets Day, where new The Tryg share is currently covered by 18 hosts an annual Analyst Day focusing on analysts, who continuously update their

and total cumulative shareholder repatriation of between DKK 17 and 18bn divided between an ordinary dividend range of DKK 15 to 16bn and and DKK 8.4bn, a combined ratio around 81, a Return On Own Funds between 35% and 40% an extraordinary buyback of DKK 2bn starting on 4 December 2024 and ending on 30 June 2025.

The Tryg share

are published in English - and in Danish on an announcements and trading announcements optional basis. Interim reports and annual The Tryg share is listed on the NASDAQ reports are published in English only. Copenhagen exchange. Company

DKK investment operations are relatively low risk and negatively. The share developed more positively he business is considered stable and produces improved macroeconomic environment driven return (price and dividends) on the share was a pressure in the first part of the year as inflation strong cash flow. Equity market performance The Tryg share started the year at a price of 1 46.9 and ended 2024 at DKK 151.5. Total from the spring onwards due to favourable nflation trends matched by the announced performance is not particularly sensitive to during the year was positively helped by an defensive stock, as the company's top-line by lower inflation and falling interest rates. positive 7.67%. The Tryg share was under profitability initiatives. Tryg is a relatively macroeconomic environment weighed macroeconomic developments, while worries and a generally challenging

Geopolitical developments remain complex at times, resulting in sudden market shocks.

Share capital and ownership

Tryg's share capital totalled DKK 3,081,960,545 shareholder holding more than 5% of the share at 31 December 2024. There is one share class largest shareholder, TryghedsGruppen smba, 6,392,109 shares with a nominal value of capital. TryghedsGruppen supports peace of mind and healthcare activities in the Nordic DKK 5), and all shares rank pari passu. The owns 48,1%* of the shares and is the only region. 61

Quarterly dividends

The Tryg share has a distinct income profile due Tryg started paying quarterly dividends in 2017 to the business generally growing in line with GDP, thus producing high margins that are mostly returned to shareholders.

business and the company's focus on returning capital to shareholders. Tryg's dividend policy is nsurance is one of the sectors offering the nighest dividend vield. From an investment perspective, a quarterly dividend is a clear reminder of the high profitability of Tryg's based on the following premises:

· an aspiration to distribute a steadily increasing · a general objective of creating long-term value · a competitive dividend policy compared to the dividend in nominal terms on a full-year basis. or the company's shareholders.
- policies of Tryg's Nordic competitors.
  - annual distribution of 60-90% of operating

earnings.

Trygheds Gruppen

In 2024, and for the ninth vear TryghedsGruppen, paid out running, Tryg's largest shareholder,

Denmark, corresponding to 6% of the annual premiums paid in 2023. TryghedsGruppen owns DKK 1bn in member bonuses 48.1%* of the shares in Tryg. to Tryg's customers

TrygFonden

annually to projects that create contributes around DKK 680m TrygFonden is the leading and and defibrillators. TrygFonden creating peace of mind, such as coastal lifeguards, cuddle bears for children in hospita peace of mind in all parts of best-known peace-of-mind activities that contribute to supporting around 800 promoter in Denmark, Denmark.

Calculated excluding Tryg's own shares

Annual Report 2024 | Tryg A/S | 45

										2020	2.115	7.0	76%
										2021	2,802	4.28	89%
										2022	4,118	6.29	183%	5,000
Financial calendar 2025*	24 Jan. 2025 Tryg shares are traded ex-dividend 28 Jan. 2025 Payment of Q4 dividend	26 Mar. 2025 Annual general meeting 11 Apr. 2025 Interim report Q1	14 Apr. 2025 Tryg shares are traded ex-dividend 11 July 2025 Interim report Q2 and H1 16 Apr. 2025 Payment of Q1 dividend	14 July 2025 Tryg shares are traded ex-dividend 16 July 2025 Payment of Q2 dividend	13 Oct. 2025 Tryg shares are traded ex-dividend 10 Oct. 2025 Interim report Q1-Q3	15 Oct. 2025 Payment of Q3 dividend	* Supervisory Board's approval required			2023	4.734	7.4	123%	1,000
										2024	4.844	7.8	101%	2,000
Tryg's annual general meeting will be held on 26 advertised in the daily press in February 2025 March 2025 at 15:00 CET. The notice will be Annual general meeting	and will be sent to shareholders upon request.								Shareholder distribution	DKKm	Dividend	Dividend per share (DKK)	Payout ratio	Extraordinary share buyback programme Extraordinary dividend
• the capital level must at all times reflect Tryg's targets for Return On Own Funds and statutory • The capital level may be adjusted via capital requirements.	extraordinary dividends or share buybacks						Free float - geographical distribution UK Denmark	Others USA	34% 23%			1896	16%

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

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

Annual Report 2024 | Tryg A/S | 46

Extraordinary dividend per share (DKK)

*Free float is exclusive of TryghedsGruppen. Source:

CMi2i

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

solid knowledge and experience Denmark, Tryg Forsikring. Has Manager advisor in Claims of the insurance industry. Environmental, Social and Board member, Employee representative

Governance knowledge

Department. Employed since 1987. Has worked with management and HR-related issues in the financial sector, specifically the insurance Board member, Employee Officer of Tryg's Personnel industry for many years. representative

insurance knowledge from his years in the industry, business know-how Manager in Tryg Forsikring. Solid Product & Strategic Engagement Board member, Employee representative and judgement.

Chair

and electrical engineering, the latest position being the CEO of Siemens management experience in the IT and telecommunication industry Denmark from 2002 to 2017. More than 25 years of top

Foundation. Extensive global CEO in the Danish Industry Board member

experience in the B2B environment and within the professional services industry.

trade unions as well as board seats management positions in Danish Customs and Tax Union. Many Union Chairman of the Danish years of experience from top in financial companies. Board member

management, sales and as Chair Many years of experience from business development, project the insurance industry within of Finansforbundet in Tryg. Board member, Employee representative

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

t 2024 | Tryg A/S |- 4 ]

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

Contents

III

Introduction

Strategy

Financial statements

Supervisory Board

Jukka Pertola®

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

Siemens Gamesa Renewable Energy A/S, COWI Holding Board seats, Chair Tryg A/S and Tryg Forsikring A/S, Education MSc in Electrical Engineering Board member Asetek A/S A/S. GN Store Nord A/S Siemens Denmark

international experience with global and regional business Committee (Chair) Asetek A/S, Remuneration Committee, and electrical engineering. The latest position being the CEO Committee in COWI Holding A/S (Chair), Remuneration Committee in Tryg A/S, Nomination and Remuneration lecommunication, IT, digitalisation, business models, strategy and business development. Understanding and Nomination Committee and Technology & Innovation experience in the IT and telecommunication industry experience of risk management, M&A. ESG, business Committee memberships Remuneration Committee Experience More than 25 years of top management (Chair), Nomination Committee (Chair) and IT Data Competencies Solid technological background in Siemens Denmark from 2002 to 2017. Broad know-how and judgement as well as insurance Committee (Chair) in GN Store Nord A/S responsibilities in both BtC and BtB Number of shares 13.000

Change in portfolio since the start of 2024 0

Steffen Kraghal

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

Experience 23 years' experience heading an international financial business, and corporate management including nternational Holding Group since 2001. Previously CEO Career President & CEO of Egmont Fonden and Egmont banking group Hafnia Holding A/S and stockbroker Erik _undbeckfond Invest A/S). Various Egmont companies inance and accounting, capital markets, securities and funding, legal and regulatory matters of importance to Egmont subsidiaries, employment in insurance and Competencies Experience within strategy, economics company with 6,000 employees within the consumer space where technology, data, subscription, and user Former chairman of Nykredit, including roles in Audit, Committee memberships Remuneration Committee, Tryg A/S, Lundbeckfonden (Investment committee) Nomination Committee, Audit and Risk Committee Risk. Remuneration and Nomination Committees business development, data, technology and ESG Board seats, Chair Lundbeckfonden (including Forsikring A/S, Nordic Bioscience Holding A/S Board seats, Deputy Chair Tryg A/S and Tryg Board member: Various Egmont companies Education MSc in Economics and MBA tc xperience are key elemen Møllers Efterfølgere A/S Number of shares 6.500 of

Change in portfolio since the start of 2024 0

Benedicte Bakke Agerup®

Born in 1964. Joined the Supervisory Board in 2024. Norwegian citizen.

Previously CFO of Wilh. Wilhelmsen ASA and CFO of KLP nsurance. Advisor and mentor for various startup Career CEO of Laho AS, Procerta AS since 2018. companies

AS, Søren Bulls Vei 25 Invest AS, Laboratoriebygg AS, KGJ nfrastructure GP L.L.C., Unifor, Helseapps AS, Feminvest Administration ("siv.øk") from the Norwegian School of Board member Tryg A/S and Tryg Forsikring A/S, Altera Committee memberships Audit Committee and Risk Management Program at Harvard Business School. Economics ("NHH"), completed the Advanced Education Degree in Economics and Business Board seats, Chair Puregas AS, Laer & Co AS Partnership IX AS and Inven2 AS

Committee in Tryg A/S, Chair Audit Committee of Altera nfrastructure GP L.L.C.

unlisted companies within insurance, maritime, energy executive. Previous directorships in several listed and Experience CFO and senior management positions in complex and large organisations. Wealth and pension management experience and as a broad business and renewables and finance

includes strategy, restructuring, financial investments and communication, business development and governance risk management and has in-depth understanding of the financial institutions are subiect to. Business know-how Competencies Has worked extensively with capital and financial services sector. Familiar with a balance-sheet driven businesses and the regulatory implications that Number of shares 0

Change in portfolio since the start of 2024 0

Carl-Viggo Ostlunda)

Born in 1955. Joined the Supervisory Board in 2015.

Delimport Ltd, The Real Impact Company AB and RiQuest Career Former CEO of Swedish banks SBAB and Nordnet 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 & Östlund AB, Delimport Ltd, Goobit Group AB including Board member Tryg A/S and Tryg Forsikring A/S, Allert and the insurance company SalusAnsvar. At present Finans AB, Umbrella Investment Group AB, Director Ywonne Media Group AB, Wonderbox AB, Umbrella Goobit AB and Goobit Blocktech AB, Havsgaard AB, Accounting, Stockholm School of Economics Nedvi Fastigheter AB and Ponture AB Swedish citizen. Group AB

understanding of digitalisation and risk management, ESG Committee memberships |T Data Committee (Chair) and Experience from the following industries: manufacturing, ndustry, 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 Competencies Solid background from the insurance isted and privately held companies as well as banks. udgement, banking and finance know-how, Change in portfolio since the start of 2024 0 Substitute member Irisande Care Group AB ogistics, insurance, finance and banking Remuneration Committee in Tryg A/S Number of shares 7,788

Annual Report 2024 | Tryg A/S | 48

rnativ 22.	as board member. Thorough knowledge of the Tech	Claus Wistoftb)	Committee memberships Remuneration Committee and Nomination Committee in Tryg A/S, Chairman of the
	Spotify and COO at Acast. Extensive board experience ional experience from leading positions within Marketing and Operations at startup space as well as internat	Born in 1959. Joined the Supervisory Board in 2019. Danish citizen.	Audit Committee in Lån og Spar Bank A/S, member of the Risk Committee and Remuneration Committee in Lăn og Spar Bank A/S
	from Retail, Life Insurance and Aviation. Member of Sweden's National Innovation Council	Syddjurs, now city councillor, Municipality of Syddjurs and Career Former 1st Deputy Mayor, Municipality of	management positions in Danish trade unions as well as Experience Many years of experience from top
y 2020	Competencies General top management experience from the Tech industry. Extensive experience in the areas of IT	member of the finance committee. Agriculturalist, wind energy production, tenanted properties and project	Competencies Understanding of the financial sector, board seats in financial companies
y 2023 ativ	marketing, organisation, and sustainability strategy, business development & digitalisation, transformation,	development of building sites. CEO in C.W. Holding A/S and former CEO in Demex Holding A/S	finance and risk management, member loyalty and care, investments and capital management, political flair
uble	Number of shares 3,000	Education Agricultural education at Bygholm Agricultural College and various business courses	Number of shares 0
ningen	Change in portfolio since the start of 2024 0	Board member Tryg A/S and Tryg Forsikring A/S,	Change in portfolio since the start of 2024 0
ു ഹോട r) and	Anne Kaltoft®	Holding ApS, Houmarken A/S, Lyngfeldt A/S, Lyngfeldt TryghedsGruppen smba, 1/5 Torntoft, jf. Seidelmann	Charlotte Dietzerb)
	Born in 1961. Joined the Supervisory Board in 2023	Ejendomsfonden Maltfabrikken, DinBoli A/S and Maskinudlejning ApS, K/S Prinz Carl Anlage I,	Born in 1974. Joined the Supervisory Board in 2020
industry	Danish citizen.	Rosenfeldt Gods	Danish citizen.
director	Danish Heart Career Managing Director of the	Committee memberships Risk Committee in Tryg A/S	Employed since 1998
cluding	Foundation.	Experience Top management experience from operating	Career Manager advisor in Claims Denmark, Tryg
dent and vears)	Education MSc in Medicine, Medical Specialist in cardiology, PhD in cardiology, Master of Public	Competencies Analytical approach to problem-solving, his own business for 38 years	Education Insurance education at Forsikringsakademiet Forsikring
nip,	Management. Pathfinder (a leadership development	solid business know-how and business development,	(level 5) as well as various management and
	programme).	understanding of risk management and succession	communication training courses. Supervisory Board
	Board member Tryg A/S, Tryg Forsikring A/S,	Number of shares 8,716	at Forsikringsakademiet programme
rmance	TryghedsGruppen smba	Change in portfolio since the start of 2024 0	Board member Tryg A/S and Tryg Forsikring A/S
ation of	Committee memberships TrygFondens bevillingsudvalg		Committee memberships IT Data Committee in Tryg A/S
	Experience Many years' experience from top	Jørn Rise Andersenb)	Experience Division partner in Tryg A/S and examiner at
	system, and as Managing Director of the Danish Heart management positions within the Danish healthcare		Competencies Solid knowledge and experience of the Forsikringsakademiet
	Foundation	Born in 1956. Joined the Supervisory Board in 2022.	insurance industry. Excellent interpersonal and verbal
	Competencies Competencies within management,	Danish citizen	communication skills. Environmental, Social and
	strategy and business development, communication and	Career Union Chairman of Dansk Told og Skatteforbund	Governance knowledge
	governance, optimisation of structure and processes,	(the Danish Customs and Tax Union)	Number of shares 841
22.	financial management and social development within	Education 3-year education in the Danish Customs	Change in portfolio since the start of 2024 +135
	health	Authorities. Various accounting courses (business
	Number of shares 0	diploma level), such as internal and external accountancy,
ions at	Change in portfolio since the start of 2024 0	Board seats, Chair Dansk Told og Skatteforbunds organisation and tax law
istration		Fælleslegat, TryghedsGruppen SMBA
nputer		Board member Tryg A/S and Tryg Forsikring A/S,TJM
		Forsikring, Lån og Spar Bank A/S, Interesseforeningen,
Dometic		Fondet af 1844, Fagbevægelsens Hovedorganisation (the
		Trade Union Central Organisation), CO 10 (The Central
ryg A/S,		Organisation of 2010) and Forenede Gruppeliv

三 Contents

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Supervisory Bo

Thomas Hofman-Bangal

Born in 1964. Joined the Supervisory Board in 202 Career CEO of the Danish Industry Foundation Danish citizen.

Board seats, Chair CBS Academic Housing, K Alte Private Equity 2019 K/S, K Alternativ Private Equit K/S, K Alternativ Private Equity 2021 K/S, K Altern Private Equity 2022 K/S. K Alternativ Private Equit K/S, K Alternativ Private Equity 2024 K/S, Half Do Education Certified Public Accountant

Board member Tryg A/S, Tryg Forsikring A/S, Fore Roskildefestivalen, K Alternativ Private Equity 202 Committee memberships Audit Committee (Chair Risk Committee (Chair) in Tryg A/S Institute fmba, Tranes Fond

Experience Extensive global experience in the B2I environment and within the professional services in various roles as CEO, CFO, CFO, COB, non-executive for world class and market-leading companies, inc positions as CEO KPMG Denmark (5 years). Preside Group CEO NKT (8 years) and Group CFO NKT (6 Competencies Key competencies include leaders culture, transparency, integrity, strong team perfo Extensively involved in development and dissemin development and execution of ambitious growth strategies focused on value creation, performance Change in portfolio since the start of 2024 0 knowledge in sustainability. Number of shares 12,233

Mengmeng Dua)

Born in 1980. Joined the Supervisory Board in 202 Swedish citizen.

of the document.

professional board member. Former leading posit Career Independent advisor to tech startups and Spotify and Acast

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

Annual Report 2024 | Tryg A/S | 49

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Supervisory Boa
Tina Snejbjergb)	experience with organisation development, business development, customer handling and interaction	Members of the Supervisory Board are elected for a term of one year. Employee representatives are, however, elected for a term of four years.
Born in 1962. Joined the Supervisory Board in 2010. Danish citizen.	Change in portfolio since the start of 2024 +1 35 35 Number of shares 4, "	al Independent member of the Supervisory Board, as per the definition in Recommendations on Corporate Governance b) Dependent member of the Supervisory Board
Career Officer of Tryg's Personnel Department Employed since 1987	Mette Osvoldb)
Board member The Central Board of Education Insurance training	the Supervisory Board in 2022 Born in 1978. Joined
Forsikringsforbundet, Tryg A/S and Tryg Forsikring A/S Committee memberships Risk and Remuneration	Norwegian citizen. Employed since 2003
Experience From 1987 to 2001, Tina Snejbjerg worked Committees in Tryg A/S	Education BSc in Business and Finance from Oxford Career Chair of Finansforbundet in Tryg
with insurance sales to both private and commercial	Brookes University
customers as well as providing insurance advice to	Board member Tryg A/S and Tryg Forsikring A/S and
deputy chair of the local branch of Forsikringsforbundet customers. From 2001-2009, Tina Snejbjerg was the	Experience Many years of experience from the insurance Finansforbundet (Central)
and since 2009 she has been the chair, working with	industry within business development, project	Committee meeting overview 2024
operations, strategy, negotiating agreements and engaged in recruiting and retaining members	management, sales and as chair of Finansforbundet in l ryg		Audit Supervisory	Risk	Nomination	Remuneration	II Data
Competencies Many years of experience mean Tina	Competencies Solid insurance knowledge, experience	Name	Committee Board	Committee	Committee	Committee	Committee
Snejbjerg has acquired solid business know-how and	with strategy and business development, management,
judgement, problem-solving abilities, and has worked	human resources, organisation, negotiations, processes	Jukka Pertola	12/12		3/3	4/4	4/4
with management and HR-related issues in the financial sector, specifically the insurance industry	customer interaction, and culture ld 853 Number of shares he	Steffen Kragh	12/12	8/8 117	3/3	4/4
Number of shares held 2,792	Change in portfolio since the start of 2024 0	Benedicte Bakke Agerup®	11/12	7/8 6/7
Change in portfolio since the start of 2024 +135		Carl-Viggo Ostlund	11/12			4/4	4/4
	Lena Darinb)	Thomas Hofman-Bang	12/12	8/8 117
Elias Bakkb)		Mengmeng Du	11/12				4/4
	the Supervisory Board in 2022 Born in 1961. Joined	Claus Wistoftb) Anne Kaltoft	11/12
Born in 1975. Joined the Supervisory Board in 2017.	Swedish citizen.	Jørn Rise Andersen	12/12 12/12	5/8	3/3	4/4
Danish citizen.	Career Claims handler Employed since 1989	Charlotte Dietzer	12/12				4/4
Career Product & Strategic Engagement Manager in Tryg Employed since 2006	Education Cand.jur/LLM	Tina Snejbjerg	12/12	7/8		4/4
Forsikring	Board seats, Chair Chair of Akademikerföreningen of	Elias Bakk	12/12				4/4
Education Norra Real Gymnasium, financial services & insurance at Företagsekonomiska Institut Stockholm.	Board member Tryg A/S and Tryg Forsikring Trygg-Hansa since 2012	Mette Osvold	12/12
Programme at Forsikringsakademiet for new board	Experience Since 1989, Lena Darin has worked as a	Lena Darin	12/12
members	claims handler in the insurance industry. Former Board	a Joined the Board 21 March 2024. Please note that 1 board meeting was held prior to 21 March 2024, and 11 were held
Committee memberships IT Data Committee in Tryg A/S Board member Tryg A/S and Tryg Forsikring A/S	Employee representative at Trygg-Hansa (2012-2015) Competencies Solid knowledge and experience of the	after 21 March 2024. As for the Audit Committee, 6 meetings were held after 21 March 2024. As for the Risk Committee, 7
Experience Team Manager in Moderna Affinity for 12	insurance industry	meetings were held after 21 March 2024.
years, Business and Product development in Moderna and Trygg-Hansa Affinity for 6 years	Change in portfolio the start of 2024 110 Number of shares held 110	6 Joined the Risk Committee 21 March 2024. Please note that 1 Risk Committee meeting was held prior to 21 March 2024
Competencies Solid insurance knowledge from his years		and 7 Risk Committee meetings were held after 21 March 2024.

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Annual Report 2024 | Tryg A/S | 5 0

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

in the industry, business know-how and judgement,

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

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Introduction

Strategy

Sustainability statement

Executive Board

Johan Kirstein Brammer Group CEO

Born in 1976. Joined Tryg in 2016.

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 Graduate Diploma (HD-Finance) Copenhagen Business 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 with McKinsey & Co as a strategy consultant based in Australia and the UK. Before joining McKinsey & Co, Johan was an attorney with Kromann Reumert in

time as a management consultant as well as a number of with a strong commercial sense and a desire to grow the strategic roles across several industries. He couples this isiness and improve the customer experience through nternational and strategic mindset developed from his experience within transformative M&A across borders innovation and digitalisation. Johan has extensive Competencies: Johan Kirstein Brammer has an nternational setting.

Number of shares held at the start of 2024: 74.854 Number of shares held: 91.131 Change in portfolio: +16,277 and sectors

Allan Kragh Thaysen Group CF0

Born in 1977. Joined Tryg in 2018.

Joined the Executive Board in 2023

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

several positions in the Norwegian company Gjensidige from 2005 to 2018, where he became Financial Director management within non-life insurance. He has for many reporting, financial planning and analysis, reserving, risk Throughout his career he has been part of several M&A Allan Kragh Thaysen is deeply rooted in the insurance the Danish and Swedish operation of the business ears been in management positions within the core ransactions and integration cases, and he played a inance areas: accounting, tax, external and internal Scandinavian businesses, Trygg-Hansa and Codan sector and has extensive experience from finance from 2010 to 2018. He started his career as an oivotal role for Tryg in the acquisition of RSA's accountant at Deloitte from 1998 to 2005. management and capital modelling. Norway. for t

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

Denmark. This range of experience has provided Johan with a broad, diverse toolbox, having held strategic and

P&L responsibilities across multiple industries in an

Number of shares held at the start of 2024: 504 Number of shares held: 8.000 Change in portfolio: +7,496

Alexandra Bastkær Winther Group CCO

Born in 1985. Joined Tryg in 2020.

Education: Mphil in Finance, University of Cambridge and 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 Consulting Group (BCG) for of member of Alka Liv II and Alka Fordele. Prior to Tryg, Alexandra initially led the transformative acquisition across multiple industries and geographies. At Tryg. MSc in Economics, University of Copenhagen Experience: Alexandra Bastkær Winther is an Joined the Executive Board in 2023. Board seats: Forsikring og Pension

es before she specialised in Financial Institutions, M&A and almost a decade working as a management consultant Transformation. 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 driving better outcomes for customers and employees. nnovative and commercial mindset with a continuous ocus on identifying potential for further improvement This is supported by a strong implementation capacity, focus on leadership & change management, ultimately deep experience in strategy development & execution, M&A and large-scale transformations. She has an Number of shares held at the start of 2024: 235 Number of shares held: 7,111

Lars Bonde Group coo

Change in portfolio: +6.876

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 Competencies: Comprehensive experience from the 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. nsurance industry. Experienced in strategy, business nternational experience. Extensive board experience Management and leadership experience, including oss several countries

Number of shares held at the start of 2024: 142,707 Number of shares held: 159,616 Change in portfolio: +16,909 Annual Report 2024 | Tryg A/S | 52

Mikael Kärrsten Group сто

Born in 1975. Joined Tryg in 2022.

Director, and in 2023 Mikael joined the Executive Board of Hansa and Codan Norway in April 2022, he held positions experience was brought into Tryg when Mikael joined the underwriting, pricing and product management. Over the past 15+ years he has held management positions within In RSA Scandinavia, Mikael was one of the key architects as Underwriting Director for Trygg-Hansa (2016-2018) and Chief UW Officer for RSA Scandinavia (2018-2022). particular a competitive edge through in-depth portfolio understanding and proactive action management. This gained RSA Scandinavia in general and Trygg-Hansa in of the insurance technical excellence programme that Experience: Mikael Kärrsten has extensive experience technical field, including portfolio management, case Before joining Tryg as part of the acquisition of Tryggunderwriting, both in commercial and personal lines. from insurance management, particularly within the 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 Joined the Executive Board in 2023.

orofitability, analytics, portfolio management and product nclude management, case underwriting, pricing, development.

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 Kärrsten is a commercially oriented, technical Number of shares held at the start of 2024: 2,880 spent two decades within insurance, he has an generate results through proactive leadership. Number of shares held: 6,332 Change in portfolio: +3,452

me stainab

disclosure じ C ਦੇ

Basis for preparatio
ustainability governance S
ategy, business model and value S
o D aterial impacts, risks and

ાં બાદના પાક

Climate change
Resource use and circu
EU Taxonomy

ocial

Own workforce
Consumers and end-users
Governance
Business conduct O
Responsible investment practices 0
Independent auditor's limited assurance report on Sustainability statement Data points deriving from other EU legislation O

Annual Report 2024 | Tryg A/S | 53

Strategy

Financial results

Sustainability anchored in the core business

Tryg delivers on its 2024 strategy targets with good traction across its three 2024 strategy pillars. Building on this strong foundation, new targets are defined to guide efforts towards 2027.

2024 performance

Sustainable insurance

Focus on repairs and use of recycled material has helped reduce

27,825 tCO2e emissions

Green workplace

Emissions from own operations

and emplovee transportation

70% reduction

Women across all levels

Diverse workplace

43%

Equivalent to 30 product categories Relative to base year 2024.

of management

Empowering people

Create gender proportionality at each management level of minimum

40/60 gender diversity

of the document.

The seal is a guarantee for the authenticity

Governance

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

Future-fit products

~60% of product categories in scope for climate Products supporting customers in adapting to climate change. adaptation to be aligned with the EU Taxonomy

Decarbonising the value chain and focus on repairs

and reuse in claims handling

Climate action

6% CO2e reduction per average claim2

2027 ESG targets

Introduction

Strategy

Financial results

Follow-up on 2024 Sustainability strategy

The table outlines Tryg's Sustainability targets and 2024 performance.

9

Responsible company

Sustainable insurance Resource use and circular 1 economy page 87 Strategic focus area	2024 targets	80% increase in sustainable

handling

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

Status on targets related to responsible investment not reported, due to changes to investment strategy, see page 31

Market-based and scope 2 only

Market-based

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D Annual Report 2024 | Tryg A/S | 55

ircular		Supplier management page 124 ----		Responsible investment	Own workforce page 103 -- ▶		Climate change page 77 -- ▶
	2024	2024 targets	2024		2024 targets	2024	2024 targets
inable	47%	Sustainability screening of suppliers			management level (2026 · 33% women at other	29%	· 35% CO2e reduction
s CO2e	27,825	• Up to 90% of contract suppliers	89%		target)		· 58% CO2e reduction from energy consumption
trom ns		· Up to 100% of contract suppliers within claims	97%		· 33% women at top management level	32%	· 12% CO2e reduction from
		High supplier performance for			· 41% women at director level	36%	waste
		· Up to 50% of contract screened suppliers	44%		· 41% women in management	43%	· 23% CO2e reduction from air travel
		· 70% of contract suppliers within claims suppliers	46%		positions		· 23% CO2e reduction from car fleet
				2024 2030 targets			2030
				reduction from equity 50% CO2e intensity portfolio			· 55% CO2e reduction
				production companies · Exclusion of fossil fuel with no strategy for green transition

13

Green workplace

Climate change

1 page / /
2024 targets	201
· 35% CO2e reduction	10
· 58% CO2e reduction from energy consumption	372
· 12% CO2e reduction from	L

发发布

49%

% (

28%

70%2

2024

三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

General disclosures

ESRS 2

Basis for preparation
· Governance
· Strategy
Impacts, risks and opportunities

	with the ESRS ID in the report are marked	statement following the fiscal year 1 January	Sources of estimation and outcome uncertainty
General basis for preparation	number in accordance with IG-3.	2024 to 31 December 2024. See Group chart	Tryg aims to disclose data as correctly and
This statement represents Tryg's statutory		on page 218.	accurately as possible by using primary
Sustainability Statement in accordance with the	entified as material Only ESRS data points id		measurement data and by standardising the
EU's Corporate Sustainability Reporting	under the double materiality assessment and	Activities under Tryg's credit and surety	calculation of emissions using emission factors
Directive (CSRD) and the associated European	mandatory under the ESRS are reported.	business, Tryg Trade, are not included in the	from Tryg's carbon accounting system.
Sustainability Reporting Standards1 (ESRS).	are Voluntary data points according to the ESRS	quantitative or qualitative data points. This is
The statement also covers Tryg's statutory	follows ESRS recommendations regarding one- not included in the report. Furthermore, Tryg	primarily due to its size, constituting less than 1% of the total profit/loss.	Tryg relies on the following key methods of measurement aligned with the
reporting on the underrepresented gender as	or three-year phase-in periods. These data		recommendations of the GHG protocol: 1)
expressed in Section 143 of the Danish	points will be reported in 2025 and 2027,	Any deviations to this, are described in the	Spend-based, 2) Activity-based and 3) Hybrid.
Executive Order on Financial Reports for	respectively.	accounting principles under the relevant
Insurance Companies and Lateral Pension	All data points in the Sustainability Statement	indicators.	Tryg does not use any indirect data sources, e.g. industry or sector averages, in the value chain.
Funds.	are subject to limited assurance. The	The Sustainability Statement covers Tryg's up-
Tryg also reports according to the key indicators	quantitative data points included in the scope of	and downstream value chain. See further details	Tryg uses estimates in its reporting on selected
of the climate partnership of the Danish	limited assurance in 2023 are specifically	in the sections: 'Business model and value chain	data points due to its fast closing and
Financial Sector as well as the Norwegian	marked (●) in the ESG tables.	and 'Material impacts, risks and opportunities'	dependency on data from suppliers. A defined
Transparency Act.		on pages 64 and 68.	process for assessing and, if necessary,
	The index on page 71-72 shows material		adjusting estimates is in place. For further
Finally, the report comprises information for	disclosures and their location throughout the	Disclosures in relation to specific	information on estimates, please refer to the
communicating on progress to the UN Global	report. Where relevant, Tryg has used the	circumstances	specific disclosure requirement regarding the
Compact and thus underlines Tryg's ongoing	principle of 'Incorporation by reference' to		GHG calculation.
commitment to the Ten Principles on human	ensure integration throughout the	Time horizons
and labour rights, environment and anti-	Management's review.	The short-term time horizon for data in the	Any potential sources of measurement
corruption.		Sustainability Statement follows the financial	uncertainty, assumptions or estimates are
	References to other EU legislations as defined	statement. Medium- (up to five years) and long-	described in the accounting principles of the
This is the first time Tryg is reporting in	by ESRS 2 Appendix B, is available on page 129 -	term (more than five years) horizons are aligned	respective disclosure point.
accordance with CSRD and ESRS and best	131.	with the definitions under the double materiality
efforts have been put into translating the		assessment.	Changes in reporting or reporting errors
quantitative and qualitative disclosure	Going forward, Tryg will continue to assess and		Materiality thresholds are defined for when to
requirements into relevant descriptions and	develop its disclosures in line with the disclosure		restate quantitative information together with
data points. As a guiding tool, Tryg has relied on	requirements of the ESRS.		procedures for how a restatement should be
the implementation guides made available by			performed, which also covers cases of reporting
the European Financial Reporting Advisory	Scope of reporting		errors in prior periods. If data has been restated,
Group (EFRAG), in particular the	The organisational scope for the Sustainability		this will be clearly stated.
Points (IG-3)2. The quantitative ESRS data points 'Implementation guide 3': List of ESRS Data	Group and its subsidiaries, and it is prepared in Statement includes all operations for Tryg
	alignment with Tryg's consolidated financial

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

III

General basis for preparation

BP-2 BP-1

Annual Report 2024 | Tryg A/S | 57

of the document.

the Compliance Board and the Risk Committee, ESG Board. Additionally, Sustainability & ESG is discussed at management level in for example matters. Tryg has a dedicated Sustainability & To ensure proper oversight of sustainability

for regarding Supervisory Board oversight and sustainability-related skills, see Corporate exercised through the board committees, which further details are disclosed on the following page. For general information At Supervisory Board level, oversight is Governance section pages 36 - 39.

Sustainability & ESG Board

agenda. The board is chaired by Tryg's COO and strategic direction on the sustainability and ESG Tryg's Sustainability & ESG Board drives Tryg's composed of Senior Executives from central functions such as HR, Compliance, Risk management and Procurement.

recommendations related to material impacts, At quarterly meetings, the board discusses Tryg's direction, specific initiatives and risks and opportunities.

Board has centred around the preparation of the commitment, products aligned with the criteria 2027 strategy and the related ESG focus areas environmental management system ISO 1400 the In 2024, the focus of the Sustainability & ESG covers, among other themes, Tryg's climate and targets as well as CSRD reporting. This assessment and the annual evaluation of of the EU Taxonomy, double materiality

The Sustainability & ESG Board receives a from own activities and from the claims handling process.

projects prior to final approval by the Executive The Sustainability & ESG Board approves Board and/or the Supervisory Board.

business, the composition of the board will be targets are more closely connected to Tryg's updated as of 2025, when Senior Executives Commercial and Claims, will step on to the rom Tryg's three business areas, Private, board. This will help ensure that ESG is

[ryg's Compliance Board monitors compliance

Compliance Board

anchored closer to the business.

cutting legislation and regulation. The purpose

risks and the implementation of new cross-

the board is to ensure strategic and tactical

material compliance decisions and activities.

prioritisation, and alignment and approval of

including diversity. CO2e emission reductions quarterly update on the strategic ESG targets,

board is chaired by the CFO and composed the COO. Directors from each business areas

The

IT, Legal, and Risk management, while Cyber

security and Tryg's CCO attend as observers.

Risk Committee management level

functions attend based on relevance and need.

Representatives from business areas and staff

management level, a Risk Committee chaired defined risk categories. This includes the overall responsibility for business conduct matters. consolidates the total risk profile across the management system across Tryg and by the CFO ensures an efficient risk At

Supervisory Board Executive Board

Investor Relations, Financial Performance and Executive Board, Senior Vice Presidents from The Risk Committee is composed of the management and Compliance. The Risk Group legal, as well as the head of Risk

Risk

Sustainability & ESG team

COO

Chair

Commercial Private Claims

Committee reviews risk appetite across Tryg or a quarterly basis, including for its specific ESG targets.

In light of Tryg's 2027 strategy, where the ESG

risk management, monitoring and follow-up on annual wheel of the Risk Committee to further different processes as well as ensuring proper As of 2025, ESG is formally included in the strengthen the integration of ESG across orogress.

Commercial Steering Group and Product & Distribution Board

discussions between the commercial directors Tryg's Commercial Steering Group, chaired by about products, distribution and customer the CCO, ensures strategic and tactical experiences.

Commercial Steering Group. The board meets 4 Product & Distribution Board ensures that Tryg Prevention, and members are appointed by the adapting products to the EU Taxonomy. The business areas and countries. This includes Under the Commercial Steering Group, the knowledge sharing and inspiration around facilitates sharing of best practices across board is chaired by Group Innovation and coordinates product development and times a year

Sustainability statement

III

Strategy

Governance

Financial statements Sustainability statement	ESG is an integrated part of the work performed by the Supervisory Board committees, specifically the Audit, Risk, Nomination	Material issues addressed in 2024	Review and approval of double materiality assessment process Review of result of half-yearly and year-end limited assurance Review and approval of 2024 annual report. process on non-financial data and result for 2025 reporting	development in risk profile, risk identification, significant Quarterly review of risk management report including Yearly assessment of own risk and solvency (ORSA) Emerging risk profile. operational events	Self-evaluation of the competencies required and available in the governing bodies.	ensuring that the targets defined contribute to Tryg's business Annual review and approval of variable salary programme, strategy, long-term interests and sustainability.

Governance			0 Annual review and approval of double materiality assessment financial data points, including observations and conclusions Oversee the result of the limited assurance process of non- Oversee result of internal controls in relation to reporting.	C 0 Assess and monitor the efficiency of the risk management Monitor risk management system, related processes and	professional competencies and experience to understand the Competency and diversity policy to ensure that Supervisory company's activities and associated risks, including ESG.	elements to include in remuneration of Supervisory Board and Prepare variable salary programme for the Executive Board. Prepare recommendations to the Supervisory Board on
Financial results		Area of responsibility incl. in terms of reference	CSRD-compliant reporting	Review the Group risk profile and emerging risk profile Review the Group risk appetite Review operational incidents environment. systems	Board members have adequate collective knowledge,	Executive Board.
Strategy	committees. Areas of responsibility and issues addressed are listed below. ESG integration across Supervisory Board committees	Body of governance	Audit committee	0 Risk committee	Nomination committee	0 0 Remuneration committee
Introduction	CONCECCLE
= Contents	ALL AND THE LED

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Annual Report 2024 | Tryg A/S | 59

三 Contents

Financial statements

Strategy

Governance

Remuneration

Integration of sustainability-related

based on their organisational level. The purpose of the incentive schemes is first and foremost to performance. The incentive scheme is based on ensure alignment of financial interests between Executive Board, risk takers and other leaders weighted financial and non-financial targets participants and Tryg's shareholders and to create a link between remuneration and Tryg has incentive programmes for the performance into incentive schemes defined at the beginning of the year.

composed of targets for employee engagement, Sustainability & ESG targets constituted 15% of avoided CO2e emissions from claims handling, categories and assessed on a linear scale from milestones and thresholds within each of the operations, top-line growth from prevention disclosed. Performance is based on specific management and management teams. The CO2e emission reductions from Tryg's own weight of the respective ESG targets is not 1 to 7. The specific targets are approved the variable salary in 2024. The index is initiatives, and diversity and inclusion in Specifically for the Executive Board, annually by the Supervisory Board.

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GOV-3

三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

Due diligence

Core elements of due diligence	Sections in the Sustainability Statement
Embedding due diligence in governance, strategy and business model	Strategy and business model, p. 64 Sustainability governance, p. 58
Engaging with affected stakeholders in all key steps of the due diligence	Employee engagement survey, p. 106 - 107 Supplier screenings, p. 124 - 125 Stakeholder engagement, p. 67 Customer engagement, p. 116
ldentifying and assessing adverse impacts	Employee engagement survey and communication p. 122 Corruption and bribery risk assessment, Supplier screenings, p. 124 - 125 ESG customer screenings, p. 1 15 committees, p. 106 - 107
Tracking the effectiveness of these efforts and communicating	Employee engagement survey process, p. 106 - 107 Supplier screenings, p. 124 - 125

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GOV-4

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D Annual Report 2024 | Tryg A/S | 61

	ransparency Act #
sessment considers severity, likelihood el of complicity of potential adverse ഗ്	ensure that relevant employee issues can be raised and managed.	information from suppliers and to support them future will be to clarify the specific needs for subject. A key initiative on this matter in the
	Read more in the section "Own Workforce" on	in materialising this within their business.
ment across its own employees, desk-based human rights risk	page 103.	Read more about how Tryg works with
nted areas of potentially heightened risk. ers and suppliers, Tryg identified and	In the supply chain, Tryg has established Suppliers	responsible supply chain management on page 124.
rpose of the assessment was to map al impacts and ensure that existing	monitor and assess potential impacts and poor measures and governance to continuously	Customers
ses, governance and actions for ion are in place.	performance across social and environmental issues. Through questionnaires covering ESG	environmental impacts through the commercial Tryg can be linked to adverse social and
	topics and a supplier risk assessment, Tryg can	customers it insures. Tryg is therefore actively
nployees	identify suppliers of concern where further	communicating its expectations to commercial
own employees, the general risk of being	action might be needed. One questionnaire	customers to follow the ten principles of the UN
and labour rights is considered low. This cit or contributing to adverse impacts on	specifically asks suppliers about their respective due diligence measures across ESG themes.	Global Compact. This is part of the insurance conditions.
o the nature of the work - primarily
elated, high-skilled work - and the	The outcome of the screenings shows	Following a risk-based approach, the largest
n of its operations, i.e. Denmark, Norway	generally low risk of adverse impacts at	commercial customers are also screened
eden.	suppliers include industries that are potentially suppliers. Nevertheless, realising that Tryg's	according to ESG parameters. The screening considers the customers' respective
s from the impact risk assessment	more exposed to labour rights issues, Tryg	performance and governance around ESG as
ond to material negative impacts	continuously works to improve its processes	well as any potential adverse media cases,
ed under the ESRS standard 'S1 Own	and to more precisely determine, address and	current investigations, verdicts or injunctions.
rce', namely related to working hours / fe balance and gender pay inequalities.	supplier level. Specifically for large IT suppliers, mitigate the specific risks that might occur at	performance and thus actual impacts that Tryg The screenings provide insight into the actual
	an increased risk of human and labour rights	might be linked to. Based on the result of the
the measures for tracking developments	and business integrity impacts are identified	2024 screenings, no further actions were
ning insight into current state is the	based on desk research. Relevant mitigation	needed.
ted by a mandatory pre-defined process ee engagement survey, which is m discussions and follow-up.	measures are currently being investigated to ensure effective and relevant actions going torward.	Read more about Tryg's work with consumers and end-users on page 114.
nally, close collaboration and frequent gs with unions and union	Tryg's supply chain is related to environmental Generally, the highest risk frequency within
ntatives, both at local and regional level,	protection. However, this is largely due to a lack of information from these suppliers on the

三 Contents

Introduction

Norwegian T

Strategy

Financial results

Governance

Financial statements

Sustainability statement

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

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Transparency Act. This section constitutes the For general information regarding Tryg's reporting according to its criteria.

The ass and lev

Tryg Norway is subject to the Norwegian

impact

business and value chain see page 64.

Human and labour rights due diligence

mitigation. The company has high ambitions to conduct extends beyond compliance and risk Tryg's commitment to responsible business foster a diverse culture and push for more suppliers, and through engagement with sustainable solutions both internally for employees, through collaboration with customers.

example, the International Bill of Human Rights decent working conditions as expressed in, for (ILO) core conventions on fundamental rights and the International Labour Organisation's As expressed in Tryg's Human and Labour respecting fundamental human rights and Rights policy, Tryg is fully committed to and principles in working life.

through its products and services, its customers environmental impacts across its operations, contribute or be linked to adverse social and and business partners, and across its supply Tryg recognises that it can potentially cause, chain.

of the document.

principles in line with the UN Guiding Principles identifying, assessing and mitigating actual or and the OECD Guidelines of continuously Tryg therefore works with due diligence potential adverse impacts.

Using a highligh potenti proces assess custon The pu mitigat

Own er

For its compli human office-r locatio and Sw is due t

Finding corres identifi Workfo work-li Among employ suppor for tear and ga

Additio represe meetir

Annual Report 2024 | Tryg A/S | 62

Strategy

Governance

Financial statements

Risk management and internal controls

Scope, main features and components

information, statements, figures or conclusions Risk assessments are integrated into the data collection process to prevent misleading based on inaccurate or incomplete data

5000 was not finally approved before December ED-5000 has been used as a reference point for Explanatory Memorandum. The exposure draft this reporting process as the final version ISSA The framework for Tryg's risk assessment in sustainability reporting follows the IAASB 2024.

Risk assessments

material misstatements are likely to arise in the risk management systems established for the responsible for monitoring and assessing the assessment has been performed for all main data collection process. A risk mapping and The risk assessment methodology for the Sustainability Statement identifies where data points. Tryg's Audit Committee is financial and ESG reporting process.

Main risks identified, mitigation strategies and related controls

the specific data points and described in relation Risks are identified as incidents that can have an 'Qualitative characteristics of information'. Risks are identified in the data collection process for impact on the audit objectives: Completeness, to the audit objectives together with relevant accuracy and consistency from ESRS 1-2 mitigation actions.

Mitigation actions and quality controls are described for each process step for each

GOV-5

Annual Report 2024 | Tryg A/S | 63

identified risk. The controls are integrated into group or across similar groups of disclosures. the specific data collection process for each

corrective or detective controls - in order to be able to identify risks as early as possible in the Tryg aims to base its control environment on forward, Tryg will work to automate as many robust preventive controls - as opposed to automated controls are in place and, going data collection process. Both manual and controls as possible.

Periodic reporting of findings from risk assessment and internal controls

auditors, which is in line with the process of the periodical internal or external reporting. Audits are performed by both internal and external activities are performed in connection with The risk assessment and mitigating control financial audit.

connection with half-year and year-end audits ncluding potential observations or identified risks, are reported to the Audit Committee in The results of the limited assurance process

ntroduction

Financial results

Strategy

Governance

Financial statements

Strategy, business model and value chain

Business model and value chain

million customers, an insurance revenue of DKK 38,596m, and approximately 2.2 million claims annually. Insurance is provided for private and Scandinavia, with 7,587 employees1, around Tryg is one of the largest non-life insurers in commercial customer segments across Denmark. Sweden and Norway

content, house, cyber, accident, travel, pet and Private customers constitute approximately 68% of premiums. Products include motor health insurance.

constitute approximately 32% of premiums, and the product range includes motor, property, iability, workers' compensation, travel and health, transport and group life insurance. Commercial and corporate customers

importance of providing high quality advisory on customers against unforeseen events. Through its purpose. 'As the world changes, we make it dentifying and assessing insurance risks and relevant and appropriate coverage, properly Tryg aims to be a proactive peace-of-mind creator for its customers by protecting easier to be tryg", Tryg underlines the relevant prevention measures.

customers, it can reduce the number and size of preventing claims from arising in the first place. claims, which has an economic, environmental Close to the core of its business is a focus on In addition to the comfort this provides and social upside.

2 'tryg' means to feel safe, protected and cared for in Danish Headcount

Annual Report 2024 | Tryg A/S | 64

to their respective members and to Tryg's own sectors to offer attractive packages and prices organisations and companies across various Tryg also engages in partnerships with customers

pricing framework as well as appropriate capital nsurance product ranges, risk assessments and insurance products to customers is intellectual designed processes, appropriate non-life allocation and an investment framework. The primary resource required to deliver property: Skilled employees, IT systems,

portfolio primarily consisting of Nordic covered To match insurance liabilities, the majority of 「rvg's investments are placed in a match nvestment portfolio with the purpose of bonds. Tryg Invest manages Tryg's total ensuring long-term attractive returns.

handles claims on behalf of Tryg, which works One of Tryg's main deliveries to customers is to ensure stable and close collaboration with claims handling. Tryg's network of suppliers suppliers so they operate and deliver in accordance with Tryg's expectations.

and assessors make sure that terms. conditions. ambition to push claims suppliers towards new Supplier relations management, procurement and more resource-efficient ways of working. quality and standards are complied with. In addition to handling claims, Tryg has an

resources and is an area where Tryg can make a Handling claims requires significant amounts of pushing its suppliers toward more circular and significant impact by collaborating with and resource-efficient approaches.

Introduction

Governance

Sustainability statement

to bolster future business resilience and Three strategic sustainability themes enhance competitiveness

Future-fit products

Taxonomy, corresponding to approximately 60% of all product categories1 in scope for 30 product categories aligned with the EU climate adaptation. .

Climate action

42% CO2e emissions reduction in Scope 1
100% annual sourcing of renewable electricity in Scope 2
40% of suppliers (by spend) aligned with SBTi targets in Scope 3

6% CO2e reduction per average claim

Empowering people
Minimum 40% gender representation across each management level .

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Annual Report 2024 | Tryg A/S | 65

Financial results Strategy	Governance	Sustainability statement
stream flooding, and rising groundwater. Tryg climate change and prevent claims in a world water levels - from heavy rainfall, river and dedicated to helping its customers adapt to	Two specific 2027 targets are defined with the change and reduce the impact from resolving aim of helping customers adapt to climate claims:	working to reduce their CO2e emissions, while customers. Many of these are already actively Tryg has a number of large commercial some have not progressed so far yet.
same time, Tryg aims to mitigate these impacts as much as possible by reducing its own CO2e facing more extreme weather events. At the emissions.	Taxonomy, corresponding to approximately EU 60% of all product categories in scope for 30 product categories aligned with the climate adaptation.	them towards a green transition with the target: extraction and production of fossil fuels, Tryg take a more proactive role in pushing Specifically for customers involved in the aims to
Tryg is committed to helping customers prevent climate-related claims through proactive Future-fit products	Reducing the consumption of new materials in claims handling by 10% per average claim. ●	covered by green transition plans by 2027 extractors and producers of fossil fuels 100% of premiums from commercial
strategic focus on preventing claims before they customers to implement preventive measures, Tryg helps them safeguard their homes and and motivating ryg's long-term support and effective solutions. This possessions from extreme weather. commitment aligns with 7 occur. By communicating	change is one of the most significant challenges Addressing and mitigating the impact of climate right now. Tryg is dedicated to contributing to this effort and has defined specific climate The targets are: Climate action targets.	customers requires committed employees and range of competences. Continuously investing in people to leverage the entire talent pool Creating peace of mind across society and Empowering people therefore crucial
anticipating the impacts of climate change and Tryg contributes to understanding, pricing and related weather events, even in the long term. By leveraging extensive data and forecasting,	L 42% CO2e emissions reduction in Scope 100% annual sourcing of renewable electricity in Scope 2 in 2030 by 2030 0	engagement, a diverse and inclusive culture and the organisation, specific levers are identified. high talent retention, but to further empower Tryg builds on a strong position of high
ipports its millions of so they can move safely as possible If claims do occur, Tryg su customers in Scandinavia forward as smoothly and	40% of suppliers (by spend) aligned with SBTi targets in Scope 3 by 2029	are advancing female leaders in tocus on creating diversity in and top management and director level, these maintaining Among
break from the 'use-and-throw-away' culture For several years Tryg has been working to and instead promote a circular approach,	current initiatives by continuing to repair floors, A large part of Tryg's direct and indirect CO2e annual claims. By 2027, Tryg will intensify its emissions stems from its approx. 2.2 million	leadership, accelerating solutions for career development, and leveraging leadership to sustain an attractive workplace and high- performing organisation.
focusing on repair and reuse. Large amounts of glass, are required when customers need to materials, such as wood, metal, plastic and	all while maintaining the highest standards of recycle car parts and refurbish mobile phones safety and quality	ensure that relevant and necessary A specific target for gender proportionality is measures are in place to be able to advance defined to
a van, or get a new rebuild their house, repair mobile phone.	The target that will drive development towards 2027 is:	gender balance on each level of management. female leaders internally in order to reach
Tryg is now specifically targeting the reduction of new materials used in the claims handling process.	6% CO2e emissions reduction per average claim	Minimum 40% gender representation Towards 2030, the guiding target is:
	Read more about the specific targets on page 80 - 82.	across each management level

category "House/Villa" is counted three times because all three countries offer this insurance category. A product category is defined as one or more insurance products 'tryg' means 'to feel safe, protected and cared for in Danish SBM-1

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Sustainability-targets

Introduction

Contents

III

Sustainability & ESG is an integral part of Tryg's 2027 strategy being an enabler within all three pillars of Customer & Commercial Excellence, Scale & Simplicity, and Technical Excellence.

providing safety and comfort to customers. Tryg is committed to creating peace of mind not just Building on Tryg's purpose 'As the world changes, for today, but for the next 10, 20 and 30 years. we make it easier to by tryg¹', insurance is about

of insecurity in people's lives. In Scandinavia, its Climate change is evidently a significant source effects are mainly seen through increasing

targets related to three focus Tryg has defined specific areas:

customers in adapting to climate change Future-fit products: Supporting our and preventing its impacts.

Customer & Commercial Excellence and Incorporated under the strategic pillars Scale & Simplicity'

Incorporated under the strategic pillars transition throughout the value chain. Climate action: Driving the green Scale & Simplicity and Technical Excellence"

sustainability targets by leveraging all our Empowering people: Achieving talent.

'Customer & Commercial Excellence and Incorporated under the strategic pillars Scale & Simplicity'

Contents

Introduction

Strategy

Financial results

Governance

Stakeholder engagement

Try enqages with is key stakeholder goups across and for different purposes. The table describes the nature, outcome and anchoring of the engagements.

Stakeholder	Stakeholder engagement	keholder interests and purpose Stal	Outcome of engagement	Organisational anchoring
Employees	Annual and pulse engagement surveys Development plan and training. Performance dialogues Work committees	where great talents perform, thrive and want to invest their Work-life balance, job security, personal development, Attract and retain employees. Make Tryg a workplace Decent working conditions and environment benefits and payments. career: 0	Reduce or maintain employee turnover. Result of employee engagement survey ●	incentives programme for Executive Board informed about the results of employee Employee engagement included in the Executive and Sustainability Boards Supervisory Board informed about pulse surveys employee turnover. engagement and 0
Customers	Min side (tryg.dk, tryg.no, trygg-hansa.se) Sales and relations meetings Complaints handling Customer surveys. Customer service Risk assessments Claims handling	Prevention measures for most prevalent climate risks claims through prevention, relevant products, proper risk protect customers against unforeseen events and Value propositions, benefits, prevention initiatives Information about customer data handling. assessments and efficient claims handling: Prices and case handling nsurance coverage Help	Proactive approach to ensure adequate Reduction in number and size of claims Reduction in number of complaints and relevant coverage of claims. Increased customer awareness Customer satisfaction score 0 0 0	Quarterly status on customer satisfaction programme and in the general employee Customer satisfaction score included in score to the Executive and Supervisory the Executive Board's incentive bonus scheme. Boards 0
Suppliers	Case-by-case management between suppliers and claims assessors sharing best and new Supplier self-assessment questionnaires Supplier relations management Negotiations and agreements Supplier workshops. practice	Pushing for responsible business conduct and decent competences towards more resource-efficient claims Clearly defined expectations to suppliers (quality, Sharing knowledge to increase capabilities and Long-term planning for suppliers speed of delivery, etc.) working conditions handling. ● 0	Close supplier relations and security of Reducing CO2e emissions related to supplier network. claims	Reduced CO2e emissions from repairs and ಹಿ reported quarterly to the Sustainability quarterly reports and presentations to management and Supervisory Board reuse in the claims handling process Claims handling costs included in ESG Board. C
Investors	Communication and meetings with analysts Quarterly conference calls with analysts/ Roadshows meeting Investors Annual general meetings. Investor conterences Capital markets days investors	Q&As about recent developments, targets, dividend Introduction to Tryg and the Scandinavian non-life and capital allocations, ESG, etc. insurance market	non-financial targets and development Manage expectations for financial and Understanding expectations from analysts/investors.	development and feedback from analysts Quarterly reports on stock price and investors.

of the document.

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SBM-2

Contents III

Introduction

Strategy

Financial results

Governance

Material impacts, risks and opportunities

Material risks

(DMA). Tryg has identified and assessed material impacts, risks and opportunities across its up-Based on the double materiality assessment and downstream value chain and in its own operations.

use and circular economy (E5), Own workforce ESRS themes: Climate change (E1), Resource Materiality is identified across the following (S1), Consumers and end-users (S4), and Business conduct (G1).

related to product offerings or specific customer employees, governance and processes for data and product and service offerings. Upstream use and management, prevention measures and associated climate impact of the claims handling process. Downstream impacts are Material for Tryg's own operations are its impacts centre around the resource use segments.

A detailed description of the impacts and opportunities are presented under the respective ESRS topical descriptions.

business, its consequences for pricing decisions As an insurance company, climate, and weather addressing this type of risk is the core of Tryg's in particular, are risks that Tryg has identified management framework. Quantifying and understands the impact of climate on its and diligently works with under its risk business and key to ensure that Tryg and in the customer dialogues.

exist across the material themes, yet due to data Tryg recognises that generic and gross risks availability, only the risk of weather related

claims are described in the report - although not considered material from a residual risk perspective Going forward, Tryg will work to further mature data, quantification and understanding of social environmental and governance risks.

Theme	Negative impacts	Positive impacts	Risks	Opportunities
E1 Climate change	Climate change mitigation	Climate change adaptation	Weather related claims	Climate change adaptation
E5 Resource use and Resource inflows circular economy	incl. resource use	incl. resource use Resource inflows
S1 Own workforce	Other work-related Equal treatment rights	Work/life balance Equal treatment
S4 Consumers and end-users	Information-related impacts	Personal health & Safety		Social inclusion
G1 Business conduct		relationships with Management of suppliers

SBM-3

such as HR, supply chain, compliance, facilities impacts, risks and opportunities were primarily subject matter experts within specific areas, The stakeholders involved in identifying and Tryg's three business areas, Private	understanding and overview of Tryg's activities Commercial and Claims. Whereas the group of stakeholders for the validation workshops was and business, e.g. investor relations, legal, risk composed of people who possess an overal management and finance. Assumptions:	within the largest types of claims, namely motor Customers: For the downstream assessment of scope of the assessment is limited to suppliers the probability of negative impacts or risks are and building - which are also the areas where impacts towards or through customers, the considered highest relative to other claims Claims handling: For claims suppliers, the areas	assessment focused on the general purpose and delivery of an insurance company to private and opportunities were considered only in terms of commercial customers. From a value chain perspective, specific impacts, risks and	Investments: As described under the financial established market consensus for moving high-climate impact sectors due to the towards a green transition.	investments. The updated strategy means that results, Tryg has performed a de-risking of its credits have been removed to ensure a more Scandinavian covered bonds. Equities and the portfolio is now made up primarily of stable return.
impacts, risks and opportunities were existing standards and frameworks and peer reviews. Insights from existing due diligence systems, Sources for identifying actual and potential internal information, insights from external tv assessment	areas, representatives from the Executive Board internal stakeholder proxies or industry insights, were fed into the identification phase through surveys, external stakeholder feedback from internal stakeholder interviews with subject matter experts, directors from the business such as supplier screenings, engagement and core functions.	opportunities were validated by cross-functiona workshops. The short-listed impacts, risks and Once finalised, long-lists of impacts, risks and teams of subject matter experts in different determined valid for the assessment phase. opportunities were further assessed for completeness and dependencies and	DMA results & reporting scope	Sustainability & ESG Board and Audit Committee	Reporting requirements on material disclosures
A first step to identifying and assessing impacts, risks and opportunities material to Tryg was to map and understand the business model and Phase I: Understanding the business model and value chain	chain activities to create a clearly defined scope stakeholders were mapped across key value Phase II: Identifying impacts, risks and value chain of Tryg. Resources and key for the assessment. opportunities	opportunities were identified gave rise to heightened risk of adverse impacts across the pre-defined ESRS topics, sub-topics and sub-sub topics. Across Tryg's activities, no However, the scope of claims suppliers was value chain activity or business relationship limited to the largest claims areas. See assumptions. mpacts, risks and description under	Assessment Identification	Assessment of risks and opportunities Desktop research, peers, Identification of impacts stakeholders	Assessment of impacts Identification of risks and opportunities
Double materia opportunities, Tryg has conducted a DMA where materiality is considered from both an impact To identify material impacts, risks and and financial perspective.	validate and assess the analysis. Where relevant, with each validated by internal stakeholders and selected internal stakeholder groups have acted assessment was divided into separate phases, proxies for key external stakeholder groups involved throughout the process to inform, A wide group of internal stakeholders was as proxies for external stakeholders. The	best practice, new guidance, new developments The DMA will be reviewed annually based on before continuing to the next phase. or organisational changes.	Understanding	Business model outline	Value chain mapping

IRO-2 IRO-1

Annual Report 2024 | Tryg A/S | 69

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of the document.

Financial statements

Governance

Financial results

Strategy

Introduction

三 Contents

IIII ouuction Collettis	rillalleidiresults ી વાણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામના લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપા	Guvellidlice	rinancial Statements Sustamaniny Statement
investment practices were identified as material in the DMA. However, in light of the changes to Governance measures around responsible	The transition risks are not directly informed by the climate scenarios.	such criteria are defined as the insurance sector in the Nordic region.	identifying relevant risks that will be further assessed in terms of appropriate mitigation DMA is considered an important radar for
the portfolio, these are no longer considered material.	mitigating actions such as reassurance, price In the current assessment of risks, existing	Phase III: Assessing impacts, risks and opportunities	measures and management.
Process used to identify material impacts, risks and opportunities	taken into consideration when determining the adjustments and prevention measures were financial impact, which was in line with the	thresholds for impact and financial materiality The assessment methodologies and initial were aligned with the Risk management	bilateral engagements with key stakeholders in For both impact and financial materiality, the actual assessment was performed through
Climate: Impacts on climate change are	guidance available at the point in time when the	framework of Iryg.	the organisation and, finally, validated at
insurance company, the majority of Tryg's identified across Tryg's value chain. As an	analysis was performed. As a result, no climate- related risks were considered material in the	Impact materiality: Impacts have been assessed according to severity (scale, scope and	workshops with cross-functional teams.
or emissions stems from suppliers, investments customers, which is reflected in the specific	2024 DMA.	irremediability) and likelihood. For positive	Phase IV: Final validation and senior level approval
negative impacts identified and assessed as	Resource use and circular economy: Impacts,	impacts, irremediability was not considered, and	The consolidated overview of material impacts,
the number or size of claims, and are considered material. Prevention measures can help reduce	risks and opportunities related to resource inflow focus on claims suppliers, more	for actual impacts, likelihood was not considered.	validated first by a cross-functional team before risks and opportunities was also reviewed and
a positive impact.	specifically within motor and building. The inflow of resources is considered at a	Financial materiality: Risks and opportunities	it was approved first by the Sustainability & ESG Board and ultimately by the Audit Committee.
The risks identified under climate change are	consolidated level across suppliers. No	were considered in terms of their potential
connected to Tryg's business model. They relate centred around underwriting and closely	screenings or consultations were performed and the assessment was based on existing	effect on, respectively, cash flow, development, performance, position, cost of capital and	Determining material information to be disclosed
ട്ട to both climate mitigation and adaptation	knowledge, as it has been a strategic target for	access to finance. The potential financial effects	To determine what information to disclose,
example the increase in frequency and severity well as physical and transitional risks, for	Tryg in recent years.	stakeholders from finance and risk management were assessed in close collaboration with key	initial thresholds for materiality were defined in
of weather events and the emergence of new	Pollution, water and marine resources, and	and based on various sources of input such as	validated and approved, all material themes and the assessment phase. Once completed,
technology for the green transition, which from	biodiversity: For the purpose of identifying	financial targets and performance, existing risk	disclosure requirements were further assessed
an insurance perspective can be difficult to price.	material impacts, risks and opportunities for the thematic ESRS standards on pollution, the	management framework, estimates and assumptions.	to determine the final scope of reporting
	assessment has focused on Tryg's claims		disclosures.
UN consensus climate-scenarios,	suppliers. For water and marine resources, only Tryg's own activities have been assessed. For	on a stand-alone basis, they are rather seen as a Sustainability-related risks are not considered	Specific disclosures related to topics, sub-topics
Representative Concentration Pathways (RCP), are compared against Tryg's portfolio and	biodiversity, actual and potential impacts are	part of the company's overall risk taxonomy and	or sub-sub topics below the threshold were not included. A holistic lens was applied to ensure
claims patterns to assess the financial impact of	identified and assessed across its up- and	are considered in the established ongoing risk management processes. Given the relevance	that the final set of disclosures reflects the
both chronic and acute climate-related hazards	downstream value chain. Due to the nature of	and focus on sustainability-related risks, further	material matters.
such as flooding or cloudbursts on Tryg's claims costs, in particular its weather-related claims.	transitional or physical risks are identified with the insurance business, no dependencies,	work is being carried out to ensure that there is
The analysis considers low, medium and high emission scenarios.	regards to biodiversity. One systemic risk related to customers' impact on biodiversity is identified	even more clarity on how sustainability-related risks are managed within the company's risk
	but not assessed material for an insurance	management system.
market changes are described under SBM-3. regulation, technological advancement and Transition risks relating to policies and	company at this point in time. No consultations Business conduct: Business conduct is on these topics. have been conducted	the purpose of the DMA where it is the gross risk Under Tryg's risk management, the residual risk is considered, as opposed to risks identified for
	considered across Tryg's own operations, as	that determines materiality. In this context, the

三 Contents

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Annual Report 2024 | Tryg A/S | 70

三 Contents

Strategy

Financial results

Financial statements

Index of material disclosures

ESRS standard		DR Description	Page number
	BP-1	General basis for preparation of sustainability statement	19
	BP-2	Disclosures in relation to specific circumstances	57
	GOV-1	The role of the administrative, management and supervisory bodies	36 - 391; 58 - 59
	GOV-2	Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies	36 - 391; 58 - 59
	GOV-3	performance in incentive schemes Integration of sustainability-related	og
ESRS 2	GOV-4	Statement on due diligence	19
	GOV-5	Risk management and internal controls over sustainability reporting	ਦੇਤ
	SBM-1	chain Strategy, business model and value	64 - 66
	SBM-2	Interests and view of stakeholders	67
		SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	68; 75 - 77; 87; 103; 114; 121
	RO-1	Description of the process to identify and assess material impacts, risks and opportunities	69 - 70
	IRO-2	Disclosure requirements in ESRS covered by the undertaking's sustainability statement	71 - 72; 129 - 131
	E1-1	Transition plan climate change mitigation	元
	E1-2	Policies related to climate change mitigation and adaptation	77
E1	=1-3	climate change policies Actions and resources in relation to	77 - 78; 80
	E1-4	Targets related to climate change mitigation and adaptation	80 - 82
	E1-5	Energy consumption	79
	E1-6	emissions Gross Scopes 1, 2, 3 and Total GHG	83 - 86
	=5-1	circular economy Policies related to resource use and	88
	=5-2	Actions and resources related to resource use and circular economy	88 - 90
E5	E5-3	circular economy Targets related to resource use and	โซ
	=5-4	Resource inflows	ਰਤ
	E5-5	Resource outflows	ਰੇਤ
	S1-1	Policies related to own workforce	105 - 106
S1	S1-2	Process for engaging with own workforce and workers' representatives about impacts	106 - 107
	S1-3	Process to remediate negative impacts and channels for own workforce to raise concerns	108

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1 Some disclosure points under GOV-1 and GOV-2 are incorporated by reference in the Corporate Governance section. See further details here.

IRO-2

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Introduction

ESRS standard		DR Description	Page number
	S1-4	Taking action on material impacts on own workforce and approaches to managing material opportunities related to own workforce, and effectiveness of those actions	108 - 110
	S1-5	Tarqets related to manaqing material negative impacts and managing material risks and opportunities	111 - 112
		S 1-6 Characteristics of the undertaking's employees	104; 107
	S1-7	Characteristics of non-employees in the undertaking's own workforce	104
S1	S1-8	Collective bargaining coverage and social dialogue	107
		S1-9 Diversity metrics	112
	S1-13	Training and skills	113
	51-16	Remuneration metrics (pay gap and total remuneration)	113
	S1-17	Incidents, complaints and severe human rights impacts	108
		S4-1 Policies related to consumers and end-users	114 - 115
	S4-2	Process for engaging with consumers and end-users about impacts
S4	S4-3	Process to remediate negative impacts and channels for consumers and end-users to raise concerns	116 - 117
	S4-4	Taking action on material impacts on consumers, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	117 - 118
	S4-5	Targets related to managing material negative impacts, and managing material risks and opportunities	118 - 119
	G1-1	Corporate culture and business conduct policies	121 - 122
G1		G1-2 Management of relationships with suppliers	124 - 125
		G1-3 Prevention and detection of corruption and bribery	123

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

ill

Introduction

Strategy

Financial results

Environment

E1 Climate change
E5 Resource use and circular economy

EU Taxonomy

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Strategy

Sustainability statement

Climate change

Transition plan for climate change

Tryg is committed to taking its part in mitigating to a low-carbon economy. As a financial sector the impact of climate change and contributing company, the majority of Tryg's CO2e impacts are indirect and occur in the value chain, e.g. from suppliers and investments.

locations in Denmark, Norway and Sweden, Tryg from its offices through energy efficiency, waste With approximately 7,600 employees across 32 measures to also reduce the climate impact of its own operations by minimising emissions remains focused on taking the necessary reduction and segregation, and changing employees' transportation habits.

Tryg has finalised its 2024 strategy period and has set new targets that will drive its climate ambitions going forward.

manuals from the GHG protocol, Partnership for targets as part of its 2027 strategy. The targets validated, Tryg has worked to define its targets manuals from the SBTi. As such, although not externally available guidance such as relevant Tryg has defined climate emissions reduction Carbon Accounting Financials (PCAF) and are defined based on best practices and in line with the Paris Agreement's 1.5℃ scenario.

The targets are:

Scope 1: 42% CO2e emission reductions by 2030 compared to 2023
Scope 2: 100% annual sourcing of renewable electricity until 2030
by spend) have set Science Based Targets Scope 3: 40% of suppliers (measured by 20291

CO2e emission reductions from claims handling In addition to these targets based on conclusive scientific evidence, Tryg has defined a target for related to own operations, waste and business travel. Tryg is not excluded from the EU Parisactivities and has updated its existing targets aligned Benchmarks.

The primary levers and actions defined to drive progress on the targets are:

Scope 1

The majority of scope 1 emission reductions will the company car fleet focusing on getting more employees eligible for company cars to choose will be on shifting the heating source to district driven by incentives and policies related to used in one minor building in Denmark. Focus stems from natural gas heating, which is still electrical vehicle. A minor part of scope 1 heating or heat pumps, for example.

Scope 2

Sourcing renewable electricity is dependent on Guarantee of Origin certificates will be applied various issues, such as authority approval, dialogue with the landlord and physical condition of the site. For the remainder

Scope 3

Supplier engagement is a prerequisite for driving suppliers, Tryg will advocate and push for them climate impact. Additionally, Tryg will continue andling through repairs and reuse, leading to commit to Paris-aligned targets, the larger the to commit to SBTi. The more companies that ts focus on more resource-efficient claims progress in the supply chain. Across all its CO2e emission reductions

Senior-level approval of transition plan

Sustainability & ESG Board. The targets and underlying roadmaps are an integral part of fryg's 2027 strategy and as such ultimately The transition plan is approved by the approved by the Supervisory Board.

across the organisation as of 2025. More details about the specific action plans are described in new targets to ensure ownership and progress Governance and roadmaps are defined for all the following sections.

of the document.

The seal is a guarantee for the authenticity

Introduction

Strategy

still being discussed and must be expected to be

further defined over the coming years.

Financial results

Sustainability statement Governance

Material impacts, risks and opportunities

Negative impacts Material negative impacts on climate change mitigation relate to claims handling and underwriting.

Claims handling

positively impact the number and size of claims

happening in the first place or minimising any

damage or loss that might occur, Tryg can

change by including prevention measures in product offerings. By preventing claims from

Tryg can have a positive impact on climate

Positive impact and opportunity

resource use from replacing broken or stolen

tems

and thereby reduce the climate impact and

Prevention is also identified as an opportunity

ambition of being a proactive peace-of-mind

for Tryg and consequently central to Tryg's

creator. In addition to the comfort this gives

emissions from Tryg's own operations. Thus, the oractices towards more efficient resource use committed to going forward, and which it has Claims handling is a resource-heavy process requires close collaboration across the value impact is high and the time horizon for the impact to occur is short. Changing existing that is closely linked to the core of Tryg's insurance business. Emissions from the resources used to handle claims, e.g. by replacing or repairing broken items, are significantly higher than the total direct chain. This is an area Tryg will remain defined specific targets for.

Underwriting

integrated across numerous products today. It is

customers, there is also both an environmental

and social upside. Prevention initiatives are

lines and one of the technical screening criteria

for classifying a product as EU Taxonomy

aligned.

an integrated focus area across the business

In its essence, providing insurance is a means to mitigate risks, reduce financial uncertainty and responsibility. At the same time. Tryg wants to contribute to the green transition and a more customers. Ensuring that those who need make accidental loss manageable for insurance have access to it is a social sustainable societal development

In light of a changing climate with more frequent

weather events, introducing new climate-

adapted insurance products presents an

modifying existing products to include specific

opportunity for Tryg. Our efforts may involve

new climate-related coverage and prevention

measures

for certain activities in the fossil fuel sector. This and greenhouse gas emission reduction targets Tryg will start pushing for green transition plans with conclusive scientific evidence, as of 2025 In addition to the new climate targets, aligned encouraging and monitoring its customers' is a first step towards Tryg proactively plans for decarbonisation.

As an integral part of its risk management, Tryg

applies consensus UN Representative

Understanding climate impact on Tryg

Concentration Pathways (RCP2.6, RCP4.5 and

RCP8.5) to assess the potential impact of

impact sectors such as fossil fuel are recognised and clear. However, the role of insurance here is The negative repercussions of high-climate-

SBM-3

these low, medium and high emission scenarios

are considered against Tryg's portfolio and

claims patterns.

climate change on its business. The impacts of

Task Force for Climate-Related Financial Disclosures

pages 36 and 58), SBM-3 (page 75 - 77) double materiality assessment (page 69), and throughout The recommendations of the Task Force for Climate-Related Financial Disclosures (TCFD) have been fully integrated into the climate change-related disclosure standards, ESRS E1, on Climate Change. As a result, Tryg no longer includes a separate overview of the recommendations. The relevant descriptions are covered in the sections on Corporate and Sustainability Governance the section on Climate change (pages 74 - 86).

	The effects of climate change are expected to be	To counter the financial impact of changes in
	changes from decade to decade. Increases in significant within this century, with visible	capabilities of pricing and analysis, reserves and weather events, Tryg relies on its technical
	average temperatures and sea levels will be	claims forecasting, underwriting risks and
	followed by a significant increase in the	reinsurance.
	frequency and severity of extreme weather
	events, i.e., heavy rain and flooding or draught. Also, coastal flooding is expected to be a	Reinsurance is used to reduce the underwriting risk in situations where this cannot be achieved
	significant issue on a global scale due to rising	to a sufficient degree via ordinary diversification
	sea levels. However, risks associated with wind	- thereby capping the cost of large and weather-
	storms are expected to be relatively unchanged	related claims. As a non-life insurance company
	The increase in coastal flooding, in particular, is	thus ensuring that the long-term climate impact the insurance policies are renewed annually,
	also expected to impact the interface of what	on claims costs will be mitigated through annual
	can be insured and what will be covered through	price adjustments. The forward-looking
	national schemes, measures or services. It could	scenario-based approach accounting for
	also be a new product designed to help	climate impact is incorporated into the pricing
	I he customers adapt to a changing climate.	of products where relevant (notably Taxonomy-
	2027 strategy commits to ensuring that 30	aligned insurance products)
	product categories1 are aligned with the
	technical screening criteria of the EU Taxonomy,	To prevent or minimise claims, Tryg advises its
	corresponding to 60% of all product categories	customers on how to protect their assets from
	in scope. Read more on page 95.	environmental and climate-related damage.
		Tryg works closely with local authorities to
	Similarly, Tryg will continuously track	prevent damage to buildings and assets through
Ship The Danish financial sector's climate partner	technological developments, advanced	for example a willingness to share data on areas
	knowledge and the application of sophisticated	that are exposed to weather-related claims.
In 2019, the Danish government set up thirteen climate partnerships divided into industries that will contribute to the government's ambition of reducing Denmark's carbon emissions	data to enhance its claims prevention and
by 70% by 2030 compared with 1990.	climate adaptation measures. Tryg has	The transition to a global low-carbon economy
	established an approval process for new and	is also associated with climate-related risks,
	significantly redesigned products involving	including regulatory, technological and societal
than 0.1% of total The financial sector's own emissions are estimated to account for less Danish emissions.	relevant Group functions, such as Legal,	developments, which represent a range of risks
	Compliance, Risk and Sustainability, in	and opportunities for Tryg as a business.
reas: The sector wants to contribute to the Danish reduction target in four a	evaluating perspectives such as ESG risks and
	the possibilities for climate adaptation.	Transitional risks
carbon footprints Setting targets and monitoring the reduction in customers'		One of Tryg's main transitional risks is
Actively engaging with customers て	Physical risks	associated with developments in climate-
Integrating sustainability into business models క	While the residual risk from weather events was	related policies and regulations. This includes
Reducing emissions from the financial sector itself 4.	assessment, it remains a key focus area under not deemed material in the double materiality	the implementation of national carbon taxes or the tightening of energy efficiency standards.
	Tryg's risk management and is essential to
Relevant data points are available on pages 78 - 84; 94 - 97; and 162.	ensure that Tryg can maintain its resilience.	Despite having a relatively limited direct
		footprint, the introduction of regulations and

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

1 A product category is defined as one or more the same object, e, a house. Try counts the number of product categories per county, meaning hat, for instance, the product category "House/Villa" is counted three because all three countries offer this insurance category.

Annual Report 2024 | Tryg A/S | 76

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E1-2
E1-3

policies on climate-related matters, such as reporting requirements. will have significant carbon taxes or increased compliance and

implications for Tryg.

insuring outdated technologies or industries that fail to adapt quickly. Market shifts towards more sustainable products and services can affect the related to high-emission activities or industries technologies obsolete, creating risks related to towards greener solutions can render existing Additionally, technological advancements potentially reducing demand for products demand for certain types of insurance,

lead to higher claims and legal costs for Tryg. litigation against companies perceived to be contributing to climate change, which could Furthermore, there is an increasing risk of

to The transition to a low-carbon economy migh processes, leading to increased claims related industries heavily reliant on carbon-intensive also disrupt supply chains, particularly for business interruptions.

transitional risks due to climate-related policies these challenges and maintain competitiveness training and controls are essential to navigate and market changes, proactive adaptations In summary, while Tryg faces several in the evolving landscape.

Policies related to climate change mitigation and adaptation

Tryg's Climate and Environmental policy guides O facilities, procurement and the business areas. climate and environment. The policy applies f all legal entities and business areas and cuts and is owned by the Head of Sustainability efforts to mitigate negative impacts on across various functions in Tryg, such as & ESG.

Efforts to ensure protection of the climate and environment, including biodiversity, are driven by the certified environmental management commitment to integrate the UN Global system ISO 14001 and reflect Tryg's Compact Principles into its business

cooperating with and encouraging suppliers and minimise its direct and indirect adverse climate emissions from e.g. claims handling constitute environmental and social considerations into and environmental impacts. As an insurance the bulk of emissions. Tryg is committed to The policy outlines Tryg's commitment to company, we acknowledge that indirect business partners to integrate climate, their operations.

Tryg remains focused on actively working to focus on reducing emissions from company through the use of renewable energy and a mprove energy efficiency across its sites cars and business travel.

adaptation in terms of managing climate-related risks. Data monitoring and prevention measures are among the mechanisms to mitigate the risk. The policy also addresses climate change

Actions and resources in relation to climate change policies

emission reduction targets. The new targets are throughout the year has been to make sure that expected to be feasible within current resource Tryg continues to build on its positive progress in order to reach its 2024 targets and be ready Specific initiatives completed during the year to start delivering on the newly defined CO₂e re described below. The overall purpose allocation.

Electricity and energy savings

Tryg covers 100% of its electricity consumption through Guarantee of Origin certificates. Going nto the new strategy period, Tryg maintains its ambition of using 100% renewable electricity.

and air conditioning systems, and relocation to continuously minimising the share covered by The ambition is supported by actions such as adjustment of operating times on ventilation converting to more energy-efficient lighting, ensure that general consumption levels are more energy-efficient locations in order to reduced to the extent possible, thereby certificates.

This is an important step in its scope 1 emission reductions, and means that Tryg only has one district heating at its site in Kolding, Denmark. In 2024, Tryg converted from natural gas to minor site left that still uses natural gas.

Waste

equipment at its Danish locations enables Tryg to better sort its waste into fragments and ensure that what can be reused is reused. mplementation of new waste handling

Additionally. Tryg makes sure to donate or resell excess office furniture to charity organisations compared to the base year as a result of these or at auctions. As of 2025, Tryg expects to be emissions from waste were reduced by 20% able to expand its waste report to include IT waste sent to reuse. During the year, CO2e initiatives.

Business travel

Business travel is an area where each employee can make a difference through their behaviour. ncreased options for online collaboration and meetings support this.

III

Governance

Financial statements

Contents

ntroduction

Tryg has updated its travel policy and frequently

consider whether travel is necessary or if the

emphasises the need for each employee to

meeting can be online instead. As a result of

these efforts, emissions for air travel have been

reduced by 49% since 2019.

Strategy

Governance

Sustainability statement

Financial statements

2024 636 443 45 .080 858 858 2023 880 2019 380 Unit tCO2e tCO2e tCO2e tCO2e +CO2F Emissions from fossil fuel consumption, Cars total Emissions from fossil fuel consumption, Cars DK Emissions from electricity consumption, Cars DK Emissions from fossil fuel consumption, Cars SE Emissions from electricity consumption, Cars SE Company cars (scope 1 and 2) Scope 2 Scope 1

Business travel (scope 3-C6)

tCO2e

Emissions from electricity consumption, Cars total

	Unit	2019	2023	2024
Air travel	tCO2e	299 ర	2,629	.684
Public transport	tCO2e			283
X la	tCO2e			268
Business travel in private cars	tCO2e			506
Business travel. Total	tCO2e	299 3	2,629	2.741
		imited assurance in 2023

Note: All environment tables are aligned with the requirements of ESRS E 1-6 table 1 (AR48) on page 83. Years are therefore listed in ascending order.

sustainability initiatives. This collaboration is the their impact on the climate and the environment through an environmental certification process Norwegian small businesses to actively reduce The collaboration provides Tryg's customers first of its kind, with the goal of encouraging

claims handling initiatives focused on repairing

protocol, and progress will be driven by the

guidance from the Greenhouse Gas (GHG)

per claim by 2027. The target is based on

and reusing to the extent possible rather than

replacing with new items.

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Norway.

Financial results

changes in Tryg's actual emission inventory over reduction target represents reductions in Tryg's claims handling initiatives, the CO2e emissions total emissions calculated by comparing time relative to a base year. Tryg is thus expanding the scope of the target.

ISO 14001 environmental management certification guides our efforts

locations in Denmark, Norway and Sweden. The mplementation and follow-up on initiatives and Tryg is certified according to the environmental environmental management system supports management system ISO 14001 across all its Tryg in ensuring continuous focus, planning, targets related to environment and climate.

travel in private cars. This forms the baseline for

a new 2030 target for business travel. Tryg will

public transport by train, bus, taxi and business

include other types of business travel, such as

As of 2024, the KPI has been expanded to

environment and will support Tryg in delivering on its strategy and ambitions while paving the way for future climate considerations. Regular external audits are performed to maintain the The certification implies a highly systematic approach to working with climate and certification.

Tryg in Denmark has granted an increase in the

Company cars

option.

total cost of ownership (TCO) for employees selecting an electrical vehicle. The increased

TCO has had a visible effect in the car fleet

towards electrical vehicles.

not possible, select the most emission-efficien

employees to minimise transportation and, if

continue to monitor travel patterns and urge

Eco-Lighthouse certification in Norway

national Eco-Lighthouse certification scheme, which focuses on the environment and a safe Tryg Norway is further certified under the working environment for employees.

emissions. Tryg does not have company cars in

cars, which has resulted in a general increase

As of 2024, cars in Sweden are included in the

calculation of CO2e emissions from company

foundation to assist small and medium-sized enterprises with their sustainability efforts. Tryg Norway has furthermore entered a collaboration with the Eco-Lighthouse

reducing CO2e emissions by an average of 6%

To account for emissions from the claims handling process, Tryg has set a target of

Claims handling:

with tools and expertise they can use in their

(read more on page 91) that only covers specific

Compared to the target for avoided emissions

Introduction Contents

III

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Energy consumption and mix

ESRS ID	Unit	2019	2023	2024
Energy consumption and mix
Total energy consumption from electricity and district heating				15,490
Total electricity consumption	MWh			8.636.0
Total district heating	MWh			6,854
E1-5_02 Total energy consumption from fossil sources	MWh			4.533
Company cars, fossil fuel	MWh			4.20-
Natural gas, tota	MWh			323
arv Diesel, station	MWh
E1-5_01 Total energy consumption related to own operations	MWh	26,779	17,848	20,023
Total energy consumption from renewable sources
E1-5_06 Fuel consumption from renewable sources	MWh			122
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (Market-based) E1-5 07	MWh			3.933

E1-5 - Energy consumption and mix Accounting principles

documentation from suppliers. Locations under 750 m2 are based on average estimation on m2. The figures for own operation are based on utility activity data based on meter readings and

suppliers. When the results from 04 have been collected and calculated, a comparison control is The data includes estimations on 04 performance because of delays in receiving invoices from performed and any deviations are considered against material thresholds. E1-5_01 Total energy consumption related to own operations: Tryg's energy consumption in own operations forms the input to scope 1 and 2. It covers energy consumption based on fossil sources, electricity consumption and district heating used across Tryg's facilities.

E1-5 02 Total energy consumption from fossil sources: Energy consumption from fossil fuel comes from two sources.

Denmark and Sweden. Norway has no company cars. Driving consumption is based Company cars, fossil fuel: All transportation in fossil fuel company vehicles in on data processed by Tryg's leasing partner.
Stationary combustion: Includes natural gas based on meter readings and documentation from suppliers, and diesel use for emergency generators. 2.

E1-5_03 Total energy consumption from nuclear sources: Tryg's energy consumption consists of an energy mix based on the Nordic energy co-operation, which consists of among other sources,

14,056 70

MWh

Percentage of renewable sources in total energy consumption

E1-5 09

E1-5_05 Total energy consumption from renewable sources

Limited assurance in 2023

nuclear. Tryg has no direct nuclear sources.

E1-5_05 Total energy consumption from renewable sources: Share of renewable sources in Tryg's consumption of fuels, electricity and district heat. E1-5 06 Fuel consumption from renewable sources: Fuel consumption from renewable sources comes from Tryg's use of natural gas that contains a percentage of the renewable source biogas. Percentage share comes from https://groengas.dgc.dk/ (2022 figures)

E1-5_07 Consumption of purchased or acquired electricity, heat, steam, and cooling from

consumption of purchased or acquired electricity and district heating is based on market-based renewable sources (market-based): The calculation of Tryg's share of renewable energy in the emission factors, being the most conservative and representative.

renewable energy share includes how much of the total consumed energy comes from renewable E1-5_09 Percentage of renewable sources in total energy consumption: The indicator of energy sources.

Strategy

Sustainability statement

Climate change adaptation actions

patterns can directly impact Tryg in terms of the As an insurance company, changes in weather claims. Such claims can be severe for Tryg's customers, who can potentially experience frequency and severity of weather-related destruction of their homes.

weather events with both human and economic consequences, the time has come to realise that as a society there is a need for a more proactive approach to protect these assets in the future In light of another year marked by severe

Helping customers and society to adapt to these challenges is a high priority for Tryg, which has oroactively started to address this at a societal level. The purpose is to ensure that adequate revention measures are in place for climate extreme weather events we must expect will adaptation in order to be prepared for the continue to occur in the future.

Tryg has partnered with Rambøll, a global leader in engineering and consultancy, to provide damages and increasing the use of reused solutions for mitigating weather-related commercial customers with innovative materials in the claims handling.

industry, making these projects and insuring identification for buildings constructed with addresses a long-standing challenge in the The partnership also aims to simplify risk lower-carbon footprint materials. This them more feasible. In Norway, Tryg continues its partnership with initiative aimed at co-producing new solutions for predicting and managing climate risks on a Climate Futures together with a cluster of oartners in climate and weather-sensitive sectors. Climate Futures is a Norwegian

time horizon ranging from ten days to ten years into the future. By participating in this project, value and relevance of its claim's prevention Tryg gains knowledge that can improve the advice and actions for customers. Tryg continues its work to adapt products to the EU Taxonomy. With the main purpose of helping criteria for climate change adaptation under the customers adapt to climate change, the essence of Taxonomy-aligned products is to ensure that happening. Read more about Tryg's work with related hazards and that the products include customers are protected against weatherrisk incentives for preventing claims from the EU Taxonomy on page 94.

Taxonomy, there is no link between the financial Aside from premiums being aligned with the EU reporting and the climate-related activities.

Targets

respectively, and for its total GHG emissions. As entered a new period, targets are presented in Tryg has defined targets for scope 1, 2 and 3, two tables, one for 2024 and one for 2027 / Tryg has finalised one strategy period and 2030 targets.

practices and externally available guidance such The climate targets are defined based on best Partnership for Carbon Accounting Financials as relevant manuals from the GHG protocol, (PCAF) and SBTi.

departments in Tryg. No external stakeholders The targets are owned by the respective have been involved in the process.

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E1-4

2024 58 12 23 23 35 Targets Units రం પ્રદ 96 ಳಿಂ ಗಿರ 1.684 2,802 Reporting year 2024 636 332 112 O O O ● O 2023 133 Comparative 58 520 629 4.180 8 ん 880 140 9,376 Base vear 299 2019 4.152 ಗ್ರಾ tCO2e tCO2e tCO2e tCO2e Units tCO2e CO2e reduction from energy consumption (market-based) CO2e Total emissions reduction (market-based)0 CO2e reduction from air travel (C6) b) Significant scope 3 GHG emissions CO2e reduction from waste (C5) CO2e reduction from car fleet a) Scope 1 GHG emissions Scope 2 GHG emissions Total GHG emissions Scopes E1-4_10 E1-4_13 E1-4_16 E1-4_07 ESRS ID	Climate targets - 2024 Sustainability strategy				Reduction vs Performance
					2024 baseline
					28
					92
					20
					49
1,378 tCO2e Achieved GHG emission reductions in 2024 E1-3 03					70
20,000-25,000 80 tCO2e 96 27,825 47 ● C 21,208 29 ರಿ) (p 11.493 0 tCO2e 70 Avoided emissions from more sustainable claims handling Prevention and claims handling Increase in sustainable spend					27,825 47

a) Figures are based on fossil fuel company cars in Denmark.

b) Fiqures only include air travel from external business travel management systems.

c) The total figures are based the same definition as 2019 which included company cars (DK), natural gas travel (air travel, air travel, air travel, (air travel, d) Base line year 2020. Annual Report 2024 | Tryg A/S | 81

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E1-3
E1-4

Introduction

Follow-up 2024 climate targets

Strategy

Financial results

Governance

Sustainability statement

Financial statements

2027 and 2030 climate targets
Accounting principles for the respective figures are described under the Accounting Principles for E1-6 on page 85 - 86. The table below presents Tryg's 2027 and 2030 climate emission reduction									targets. The table includes base year value, comparative year as well as 2024 reduction against baseline.
Climate targets - 2027 and 2030 Sustainability targets		Base year	Compara-	Reporting		Targets			Performance Decarbonisation lever
Scopes			tive	year				Reduction vs baseline
ESRS ID	Units	2024	N/A	2024	Units	2027	2030	2024
Scope 1 GHG emissions E1-4 07
CO2e emissions reduction E1-4_07	tCO2e	1,120		1,120	ಗಿಂ	24	42	0	Transition away from natural gas and change in company car fleet
(part of C02e emission reduction, scope 1) CO2e reduction from car fleet	tCO2e	1,080		1.080	%				Internal policies and incentives towards electrical vehicles
E1-4_10
Scope 2 GHG emissions E1-4_13
Annual sourcing of renewable energy (Renewable electricity)	tCO2e	100		100	రిం	100	100	0	Compensate by purchasing GO (Guarantee of Origin certificates )
CO2e reduction from energy consumption (location-based) E1-4_13	tCO2e	978		978	%	ട്ടി L	15	0	Energy-efficiency

Scope 3 GHG emissions E1-4_16
CO2e reduction from waste (C5) E1-4 16	tCO2e	112		112	ಗಿಂ	ర్	9	0	Waste segregation
CO2e reduction from from business travel, air travel (C6) E1-4_16	tCO2e	1,684		1,684	ಗಿಂ	(P C	G	0	Internal policies, online meeting and collaboration platforms
Suppliers have set Science Based Targets®	ర్గా	(၁			96	b) 40	40	-	Supplier engagements and Terms and conditions
CO2e reduction per average claim	tCO2e	(כ			70	9			Repairs and reuse in clams handling
Total GHG emissions
CO2e Total emissions reduction target (location-based)	tCO2e	757,703		757.703	%	TBD (2025)	TBD (2025)		0 Scope 1, 2 and 3
Expected GHG emission reductions E1-3 04	tCO2e	(p			જ્ઞા
Other Climate actions and products
Climate-adapted product categories, aligned with the EU Taxonomy	Number	13		13	No.	30
Reduction in use of new materials per average claim E5-3 04	KS				96	10			Repairs and reuse in claims handling
Customers active within fossil fuels to have green transition plan in place	ల్లిన				%	100
h) Target vear 2029 due to alignment with SRTi manuals a) Target based on air travel.				c) The target covers all supplier emissions across the scope 3 categories C1, C2 and C11e 2024. First time reporting will be year-end 2025. d Evnactad GHG amiccion reductions can only he calculated when all target haights are		cot

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

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Annual Report 2024 | Tryg A/S | 82

			Retrospective						Milestones and target years
		Base year Comparativ e	Reporting year	Index	Actual reduction	Target	Target	Target	Target	Target	Annual Base year % Target/
	(tCO2e)	(tCO2e)	(tCO2e)	(%)	(%)	(tCO2e)	(%)	(tCO2e)	(%)	(tCO2e)	(%)
ESRS ID	2024	N/A	2024	N / N-1	N-1/N	2027	2027	2030	2030	(2050)
Gross Scope 1 GHG emissions Scope 1 GHG emissions E1-6_07	1,120		1,120			851	24	649	42		(p
GHG emissions from regulated emission trading Percentage of Scope 1 schemes E1-6 08	100		100
Gross location-based Scope 2 GHG emissions Scope 2 GHG emissions E1-6_09	78 6		978			905	7,5	831	15		d) రా
Gross market-based Scope 2 GHG emissions -6 10 E1	32 ಗಾ		332
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions E1-6	05 9 55.		755.605
Purchased goods and services	61 ರ್ಗ್ 40.		40,361			N/A	9 9
2 Capital goods	169		169			N/A	0 9
(not included in Scope1 or Scope 2) 3 Fuel and energy-related Activities	8 S		518				N/A
5 Waste	ਟ - ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------		112			108	a 3	105	9		p
6 Business travelling	2,741		2,741			2,686	g 2	2,604	9		(p
11 Use of sold products	291,381		291,381			N/A	0 C
15 Investments	420,323		420,323				e TBD (2025)		TBD (2025)
Total GHG emissions
Total GHG emissions (location-based) E1-6_12	757,703		757,703				N/A		N/A
Total GHG emissions (market-based) E1-6_13	757,057		757.057				TBD (2025)		TBD (2025)

a) The target for Scope 3 consists of C5 (Waste) and C6 (Business travel, air travel for C1, C2, C11 and C15 are intensity targets. c) Target are set in Q1-2025. The Investment target are based on SBT i recommendations where Tryg set a reduction intensity target in % per m2. b) Transversal intensity target 'CO₂e emissions reduction per claim' at 6% covers all supplier emissions across C1, C2 and C11,

d) Annual % target / based year are calculated on the 2030 target.

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E1-6

三 Contents

Strategy

Financial results

Governance

Sustainability statement

Financial statements

2024

2023

2019

Sustainability statement
Governance
Financial results

Strategy

Gross Scopes 1, 2, 3 and Total GHG emissions
ESRS ID	Units

Gross Scopes 1. 2. 3 and Total GHG emissions

-



Percentage of contractual instruments used for sale and purchase of unbundled energy attribute claims in relation to
Scope 2 GHG emissions J ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -0 ( பா

		0.00002
	Number	Number
GHG Intensity based on Insurance revenue	E1-6 30 GHG emissions intensity, location-based (total GHG emissions per insurance revenue)	E1-6 31 GHG emissions intensity, market-based Itotal GHG emissions per insurance revenuel

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Annual Report 2024 | Tryg A/S | 84

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

	Accounting principles GHG emissions	Governance	Sustainability statement
I ryg's carbon footprint provides a general E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	Facility data is provided by external suppliers consumption. Because of the rapid year-end with a delay compared to the time of	C8. Upstream Leased Assets: Tryg does not C9. Downstream Transportation and operate assets that are leased.	emissions are calculated as both location- and marked-based.
external systems. The carbon footprint analysis overview of Tryg's greenhouse gas emissions converted into CO2 equivalents (CO2e). It is based on reported data from internal and	closing in Tryg, the fourth quarter is an estimate based on relevant data from the corresponding period including adjustment for any known changes. When actual data is available, an	C10. Processing of Sold Products: Tryg does Distribution: Tryg has no physical products that need to be transported or distributed after point of sale.	emissions: Scope 3 includes indirect emissions E1-6_11 Gross Scope 3 greenhouse gas from Tryg's activities in the value chain.
by the Greenhouse Gas Protocol Initiative (GHG Corporate Accounting and Reporting Standard, is based on the international standard: A Protocol) and developed by the World	Scopes and definitions of scope 1 and 2 have update is made in the next external reporting the figures are above the material limit.	C 12. End-of-life treatment of sold products: companies' production of goods and/or not sell products that are part of other services.	goods and C11. Use of sold products are all new disclosures in 2024, based on spend data from C1. Purchased goods and services, C2. Capital Tryg's procurement system.
Resources Institute (WRI) and World Business greenhouse gases, all converted into Carbon Council for Sustainable Development The reporting considers the following (WBCSD, 2021).	been updated. Scope 3 has been expanded, as added to the emission figures, and category 6 and 15 have been completeness. See descriptions of the categories in scope under E1-6_11. has also been extended to ensure the categories 1, 2, 3, 11	C13. Downstream leased assets: Tryg does Tryg does not offer any products to its C14. Franchises: Tryg Group does not not lease assets to other companies. customers that generate waste after end-of-life of the products.	C5 Waste generated in operations: Data is based based on the derived distribution by multiplying included in scope 1 or scope 2). New data point the total facilities and transport consumption C3 Fuel and energy-related activities (not figures by the relevant emission factor.
inventory, as well as in the different scopes. The defines what should be included in the carbon dioxide), CH4 (methane), N2O (Nitrous oxide), trifluoride). The methodology is based on the Greenhouse Gas Protocol. The calculation is based on the financial control aspect that Dioxide Equivalents (CO2e): CO2 (Carbon (Perfluorocarbons) and NF3 (Nitrogen reporting is presented by source type. SF6 (Sulphur hexafluoride), HFCs (Hydrofluorocarbons) and PFCs	Distribution: Tryg does not produce physical The following scope 3 GHG emission categories sub-elements. Plans to include transport of goods and therefore has no transport of separately so the effect on the total figure is Emissions from each category are reported are excluded from the GHG inventory: C4. Upstream Transportation and transparent.	emissions: Scope 1 consists of the total energy from Tryg's carbon accounting system. Details All emission factors used in the calculation of scope 1-3 are based on the emission factors described under each disclosure regarding regarding methods and assumptions are E1-6_07 Gross Scope 1 greenhouse gas operate any franchises. scope 1-3.	investments in covered bonds are calculated by using key figures (CO2e emissions per million in transportation, taxi and business travel. Data is on invoices from waste management facility or C15 Investments: CO2e emissions from Tryg's system. The inventory is based on a hybrid of C6 Business travel: Includes flights, public management systems and Tryg's expense sourced by external business travel activity and spend data. supplier.
Panel on Climate Change (IPCC), Department of The key external sources used as a basis for the Energy Agency (IEA/OECD), Intergovernmental Accounting principles for selected indicators Resource Institute (WRI/US), International CO2e calculations in this report are World Energy and Climate Change (DECC/UK), EcoInvent LCI Database.	indirect products and services in the coming transportation. It is currently assessed that homes to Tryg locations using all kinds of there is too much uncertainty associated employees commute from their private with calculating the figures. This will be further assessed in the coming years. C7. Employee Commuting: Tryg's years.	emissions: Includes indirect emissions related to control. According to the GHG protocol, scope 2 cooling at locations where Tryg has operational emissions from company cars in Denmark and purchased energy, i.e. electricity and heating/ emissions from fossil fuel sources, which are E1-6_09 & E1-6_10 Gross location- and marked-based Scope 2 greenhouse gas Sweden and stationary combustion.	from Swedish and Norwegian issuers are not yet DKK) supplied by Capital Market Partners. They respective issuers in Denmark. CO2e emissions possible for them to produce. Therefore, these two CO2e emission figures on covered bonds calculated using a key figure for the Danish collect publicly available data from the portfolio.

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Annual Report 2024| Tryg A/S | 85

Introduction

E1-6_02 & E1-6_13 Total GHG emissions (location-based) (tCO2e) and Total GHG

(respectively, location- and market-based) and emissions (market-based) (tCO2e): The total GHG emission (location-based) and (marketbased) is based on a sum of scope 1, 2 3 all categories.

with attribute claims in relation to Scope 2 GHG E1-6_22 Percentage of contractual instruments used for sale and purchase of unbundled energy percentage of contractual instruments for Tryg's contains energy from renewable sources. The emissions: Tryg's consumed energy also

Energy Certificates (RECS). Tryg covers 100% of protocol is considered the same as Renewable total consumed energy comes from electricity scope 2 emissions includes how much of the generated through Guarantee of Origin (GO) certificates, which according to the GHG its electricity consumption through GO certificates.

(location-based) and (market-based) (total GHG

from the financial statements, note 4, page 157. in tonnes CO2e divided by insurance revenue

emissions (location-based) and (market-based) E1-6_30 & E1-6_31 GHG emissions intensity, emissions intensity is based on Total GHG emissions per net revenue): Tryg's GHG

Governance

Financial results

Strategy

Sustainability statement

Financial statements

Annual Report 2024 | Tryg A/S | 86

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Strategy

Introduction

Financial results

Governance

Resource use and circular economy

Material impacts, risks and opportunities

Positive and negative impact

handling process, i.e. at the claims suppliers and Tryg's material impacts on resource use and circular economy are identified in the claims their respective use of resources.

This involves all types of materials for replacing amount of resources needed to handle claims. Claims handling is identified as an area where or repairing broken items and is considered Tryg can have a negative impact due to the short term.

Extensive use of resources puts pressure on the producing material as well as on the climate in At the same time, Tryg has a strategic focus on material rather than replacing with new items. environment and nature when extracting and reducing resource use in the claims handling process, focusing on repairs and reused terms of the related emissions.

customers, yet an area where Tryg is dependent on the supplier base to make sure that material Handling claims is the core of Tryg's delivery to impacts are addressed.

Thus, minimising resource use and prioritising the use of recycled materials requires close supplier collaboration and a willingness to change existing practices.

percentage of spend used for these initiatives on an annual basis. Going into the 2027 strategy emissions from claims handling and on the Tryg has reported on the avoided CO2e

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Contents |||

ntroduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

centred around reusing, repairing and ultimately strategic target to further drive the practice of more circular approach to claims handling period, resource use is defined as a new reducing the use of new materials.

Policies related to resource use and circular economy

functions in Tryg, such as facilities, procuremen expresses Tryg's commitment to minimising and the business areas, and is owned by the resource use in the claims handling process. Head of the Sustainability & ESG function. The policy applies to all legal entities and Tryg's Climate and Environmental policy business areas and cuts across various

The policy describes how resource use and the more than 2.2 million claims annually, Tryg car circular economy are particularly important to address in the claims handling process. With repairs and utilisation of reused spare parts. have a significant impact by minimising the resources and materials used by increasing

materials in the claims handling process and to Tryg is committed to reducing the use of virgin cooperate with and encourage suppliers to consider this in their approach to handling claims

level. For Tryg, it means including data regarding to preferred suppliers alongside other KPIs such new repair or preservation methods that can be repair and reuse in the matrix that steers claims working and sourcing of spare parts at supplier as geography and cost. It also means that Tryg plays a role in continuously helping to identify It entails the implementation of new ways of expanded to more types of claims.

Practices around supply chain management are Tryg's ambition is to push for a shift away from policy does not address renewable resources. the traditional replace-with-new towards a repair and reuse mindset. Currently, Tryg's described under G1 Business conduct on page 124.

resource use and circular economy Actions and resources related to

Tryg has for several years, in close collaboration preserved, repairing what can be repaired, and use and the associated emissions from claims reusing what can be reused – thereby putting with suppliers, focused on reducing resource resource use in the claims handling process, To address the negative material impact of handling. Through specific initiatives, Tryg handling aimed at preserving what can be works to create a mindset around claims the least possible strain on the planet's resources.

such as procurement, claims and the insurance collaboration, capacity building and knowledge sharing both internally across relevant teams, mindset, which takes time and involves close assessors, as well as externally towards and This new way of working requires a shift in between suppliers and partners. Internally, Tryg facilitates knowledge sharing o good practices. Initiatives can be implemented across all types of claims in all countries, and internal knowledge sharing is necessary to expand the types of claims where reused material or repairs can be applied

ntroduction

Strategy

thus increases the potential for working with

resource efficiency.

webinars with external suppliers and partners. possible, included at dedicated theme days or

Externally, inspiration and knowledge sharing

about repairing and reusing are, to the extent

Financial results

Governance

Ensuring internal progress

Sustainability statement

Financial statements

common platform, the Sustainability Initiative qualifying new initiatives and projects that can The Procurement and Claims departments in Tryg gather all initiatives and new ideas on a Platform. It includes a gatekeeper model for be implemented.

It targets suppliers and serves as inspiration and initiatives where repairs or reuse can be applied During 2024, Tryg launched the catalogue 'Handled with care', describing specific capacity building for the supplier base.

within the categories Motor and Building. These for significant impact if applied across the category are managed. Even small improvements in the more circular thinking in terms of how claims categories in particular hold a great potential way individual claims are handled can have a Tryg's largest groups of claims suppliers are over the course of a year.

seeing a real impact from its efforts. Established bumpers, rims, car body parts and headlights Motor claims remains the area where Tryg is practices for repairing windshields, car are now showing good results.

ibe collaborates with are increasingly using recycled spare parts to repair the cars. With regards to its customers. Tryg's insurance conditions descr suppliers, specific KPIs related to repair rates repairing instead of replacing with new. With Additionally, the auto repair shops that Tryg how Tryg will attempt to resolve claims by are increasingly included in contracts.

with one of the largest chains of car repair shops and bumpers, even on cars less than 5 years old the car and customers' warranties remain intact This expands the scope of potential repairs and reused spare part is never older than the rest of In Norway, Tryg has entered into a partnership on the use of reused car parts, such as doors which is normally the lower boundary. The

practices across markets and product groups. Monthly internal reports on current initiatives continuously build capacity and share best are shared with relevant stakeholders to Tryg also focuses on the construction sector

handling within building claims through smarter spot repairs of parquet floor and preservation of repair techniques and preservation. Among the foundation walls or building materials such as and on how to promote and improve claims initiatives are repairs of doors and windows. concrete or tiles.

challenges or focus areas are shared with the Quarterly reports on progress and potential

Executive Board and the Sustainability &

ESG Board.

projects to assess the applicability, feasibility, Norway and Sweden regularly conduct pilot different business areas across Denmark, To expand the number of initiatives, the mpact, and data foundation of a given technique or process.

that products from claims handling that are still functioning can be reused and resold instead of directly feed into the specific targets but which support the agenda of limiting the unnecessary Tryg works with a business partner to ensure waste of resources. In Sweden, for example, This can also include initiatives that do not being scrapped.

Responsibility and profitability go hand in hand

Our efforts to push for more conscious resource merely replacing with new. Close collaboration example of how responsibility and profitability chains are not always fully established and the attempt to find used spare parts can be a more use in the claims handling process are a good safety or quality. As it is still early days, supply resolving claims, and never at the expense of expectations are therefore crucial in Tryg's can go hand in hand. Used spare parts and complex task for the claims handlers than repairs are a cost-effective approach to and knowledge sharing as well as clear ongoing supplier dialogues. Annual Report 2024 | Tryg A/S | 89

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

• Conservation of building foundations &

initiatives that have an impact on the amount of

initiatives for reducing emissions related to transport. The initiatives feed into the 2027

new materials used in claims handling and

The list on the rights hand side outlines key

Key actions taken in the reporting year

building materials
- Partial repairs of parquet floors .
  - Reuse of tiles
Reduce the use of building materials
· Multiseal

the most part been effectuated for some years target on resource use. The initiatives have for

and also feed into the 2024 target of avoiding

20,000 - 25,000 tonnes of CO2e emissions.

In total, 27,825 tonnes CO2e emissions were avoided in 2024 as a result of new and more

efficient ways of handling claims.

Smart-repair of pipes

Content

Repairs of phone screens
- Motor
- Repairs of headlights
- Repairs of rims
· Repairs of plastic car bumpers
- Repairs of car body parts
· SMART-repair
Repairs of caravans
Repairs of windshields • Used spare parts

Reduced transport need

Reduction of transport related to inspection
- activities
· Online veterinarian consultations (FirstVet) Remote monitoring of building claims
- Online psychological help

to the specific projects listed above. As

such, the scope does not cover all

claims handling activities. Going

of the document.

emissions. The scope of this is limited

In the 2024 strategy period, Tryg has

Avoided emissions

worked with a target for avoided

Online medical consultations
Electric rental cars
Paint in-house
Photo inspection
Road assistance by phone-fix service • Use of biofuels in marine services

material are defined and aligned with

the ESRS E5 standard to guide the

claims handling process.

related to CO2e emission reductions forwards 2027, new targets

and reductions in the use of new

Annual Report 2024 | Tryg A/S | 90

Introduction

Strategy

Financial results

Sustainability statement

Governance

Through these initiatives, Tryg's absolute target

emissions by 2024. In the first year of reporting

repairs and reused material across all claims.

To track the effectiveness of its strategic focus

Use of new materials

Targets

on reducing the use of new materials in the

As a measure for monitoring the extent of

Sustainable spend

「ryg measures the share of spend used for

was to avoid 20,000 - 25,000 tonnes of CO2e

areas and markets. Included in the target is also and classification of sustainable spend is based The 2024 target was to reach an 80% increase compared to base vear 2020. The evaluation nitiatives effectuated across Tryg's business on the performance of the repair and reuse spend used on emission-saving initiatives these initiatives. material per claim by 10% by 2027. The target is claims handling process, Tryg has set a strategic not mandatory by law. No interim targets have The target concerns resource inflows, i.e. the intensity target to reduce the use of new

been defined.

share of spend, Tryg updated the methodology sustainable was 47% compared to base year Due to maturity and more sophisticated and accurate methodologies for calculating the In 2024, the share of spend classified as such as online or phone solutions. 2020. the minimisation of primary raw material use. As materials used across all claims categories. With handling, the target relates to the increased use of circular materials or repair techniques and the overarching objective of reducing the such, it does not address circular product management or other matters related to amount of new materials used in claims resource use and circular economy. design, sustainable sourcing, waste

The target is based on data from claims handling systems, specifically the quantity of materials oartners, such as material weight factors. The target is not based on conclusive evidence. used per claim case, as well as data from

material use are based on the data foundation stakeholders have been involved in setting the data from suppliers and partners. No external Methodologies used in the reporting of new from the claims handling systems as well as target.

used. Progress on target will be reported for the baseline will be calculated based on 2024 data The target is part of Tryg's 2027 strategy. The for number of claims and amount of material

first time in the 2025 Annual Report.

E5-3

needs by offering smarter online solutions, such

materials and from reducing transportation

replacing, the use of recycled parts and

as online medical support or road assistance by

phone.

Incorporated into the target was a commitment emissions were avoided from claims handling. on the target, in 2021, 13,600 tonnes of CO2e opportunities for avoiding CO2e emissions in 「ryg's claims handling processes. While not to continue working to identify more

quantify the climate impact of changing existing involved in ensuring progress on the target and procurement and claims are continuously based on conclusive evidence, it aims to practices. Internal stakeholders across in identifying focus areas.

CO2e emissions from a baseline or conventional alternative sustainable claims handling process. The calculation of avoided CO2e emissions is principles. From a life cycle perspective, the claims handling process are compared to an based on Life-cycle assessment (LCA)

defined target. 2024 is the last year of reporting the target is replaced by the targets focusing or In 2024, Tryg reached a level of 27,825 tonnes on avoided CO2e emissions, as going forward handling initiatives, which is well beyond the CO2e intensity and use of new materials per avoided CO>e emissions from the claims claim.

reuse initiatives in 2024 was 47%. This is the last

vear of reporting on sustainable spend. as the

target is not included in the 2027 strategy.

During the 2024 strategy period, Tryg worked

Avoided emissions

The target measures the CO2e emissions that

re avoided as a result of repairing instead of

emissions from its claims handling initiatives.

with a target to measure the avoided CO2e

result, Tryg did not reach its 2024 target of 80%

Report. The updated methodology is perceived

in 2023, as described in the 2023 Annual

as more conservative but more accurate. As a

The share of spend classified for e.g. repair and

of the document.

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Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

2024 2023

2020

Unit

Avoided emissions from claims handling projects

Avoided emissions from claims handling projects
Motor	tCO2e	0954	20,106	,625 24,
et d ంది Health	tCO2e	55	300	31 ന
Building	tCO2e	0	ട്ടി 47:	S 03
Content	tCO₂e	ర్ 383.	P ಒ ന	1,834
Total	tCO2e	11,493	21,208	27,825
Suctainahla Snand - volume adjustad racults	్రస్		20	1.7

Accounting principles

Claims handling: Claims handling covers both private and commercial claims. The CO2e emissions alternative sustainable claims handling process. The calculations are mainly performed by the use reduction effect is based on Life-cycle assessment (LCA) principles. From a life cycle perspective, of LCA software, including the environmental databases ecoinvent and exiobase as well as other the CO2e emissions from a baseline/conventional claims handling approach are compared to an relevant sources, such as DEFRA (Department for Environment, Food and Rural Affairs) and EPD (Environmental Product Declaration).

Tryq's claims payments that can be documented as payments to more sustainable solutions and are Sustainable spend: Sustainable spend is limited to supplier payments. Sustainable spend refers to referred to as more sustainable claims handling.

Limited assurance in 2023

building claims. In 2024, Try introduced reporting on Motor, where of Resource inflow from building claims will be included E5-4 2 Overall total weight of products and biological materials used during the reporting period: Try has no critical raw materials on as of 2025. Data is collected based on different systems in Denmark, Norway and Sweden. All systems collect information on the use of spare parts rare earths according to the definition in the European Critical Raw Materials a list of Critical and strategic raw material (CRM) This means that Resource inflows are the claims handling process. The main resource-intensive business are motor and Identifying and reporting on reused on the same method as the reporting of new spare parts, but using categories regarding hazardous waste according to the waste categories, recovery operation types, which includes; incineration, landfill and other 5,759 0.28 2024 0.28 0 0 233 457 461 227 E5-5 08 - E5-5 09 Recovery operation and treatment type: The waste is diverted in respectively hazardous and non- E5-5_15 Total amount of hazardous waste: This consist of various chemical substances, fluorescent tubes, batteries and similar materials E5-5_07 Total Waste generated: Waste is generated in own operations and based on invoices from waste management supplier E5-4 04 The absolute weight of secondary recycled components, secondary intermediary products and secondary E5-5_11 Percentage of non-recycled waste: The percentage of the total amount of wasted generated. Units Tonnes Tonnes 70 Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes Tonnes E5-5_10 Non-recycled waste: This is disposal waste that cannot be recycled and therefore is sent to landfill. The absolute weight of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking's products and services (including packaging) Overall total weight of products and technical and biological materials used during the reporting period from disposal, breakdown by non-hazardous waste in recovery operation types materials used to manufacture the undertaking's products and services (including packaging) used in the operation of facilities. Tryg continually tries to minimise this type of waste fraction. Waste diverted from disposal, breakdown by hazardous waste in recovery operation types (in tonnes), and a suitable weight factor is derived from the system named Märkesdemo Waste directed to disposal, breakdown by non-hazardous waste in treatment type Waste directed to disposal, breakdown by hazardous waste in treatment type E5-5_16 Total amount of radioactive waste: Tryg has no radioactive waste. Tryg is aiming to have no non-recycled waste. Percentage of non-recycled waste Total amount of hazardous waste Total waste generated Non-recycled waste Resource outflows Resource inflows Accounting principles Waste diverted disposal operations. reuse and recycle. E5-5_08 E5-5_15 E5-4 02 E5-5_08 E5-5_09 E5-5_09 E5-5_10 ESRS ID E5-4 04 E5-5_11 E5-5 07 accordance with the waste hierarchy defined by To further enable waste sorting and compliance amounts of II equipment are regularly disposed Directive, with the result that the majority of the legislation, waste handling equipment has been with the EU Directive on Waste from Electrical landlords are responsible for making sure that waste is in place. This is progressing, and Tryg operations, Tryg manages its internal waste in of. Here, Tryg places demands on the supplier four purposes: Preparing for reuse, recycling, the EU, which means that waste is sorted for who handles the electronic waste to comply Restriction of Hazardous Substances (RoHS) the optimal solution for sorting and reusing office furniture such as desks, cabinets and One example of reuse is donations of used usable IT equipment is sold on or recycled. As a result of continual replacement, large proactively contributes to finding the best and Electronic Equipment (WEEE) and the Across sites in Sweden and Norway, local with the waste hierarchy and EU Waste To address resource outflow in its own installed at all Danish locations. other utilisation and disposal. solution for every location. bookcases to charities.	Internal waste management implemented	Resource use and circular economy

三 Contents

ដូចជាប្រជាជាតិ

Annual Report 2024 | Tryg A/S | 93

Introduction

Strategy

Governance

EU Taxonomy-aligned insurance and investment activities

Enabling our customers to adapt to

climate change

The section constitutes Tryg's reporting pursuant to Article 8 of Regulation (EU) 2020/852 on the EU Taxonomy.

Non-life insurance activities

Taxonomy-alignment ratio

portion of Tryg's insurance premiums that meet The Taxonomy-alignment ratio represents the technical screening criteria outlined below including substantial contributions to climate the

mpacts, it is increasingly crucial for Tryg to offer

relevant products and measures to help its

DNSH (Do No Significant Harm)

with significant human, material and economic

Given another year of severe weather events

adapting to climate change

Strategy 2027 and target to support customers

premium stemming from incoming reinsurance.

As Tryg does not offer reinsurance products or

services. A.1.2 and A.1.2.1 are considered

irrelevant for Tryg.

significantly reduced the alignment ratio in 2024

compared to 2023. As of 31 December

gross premiums written. Consequently, this new

interpretation and calculation method has

The alignment ratio reported in 2023 was based

on Tryg's best understanding of the legislative

requirements and associated guidance at the

the share of coverage for climate-related perils is now calculated proportionally relative to the

Since Tryg primarily offers multi-risk products,

change adaptation, doing no significant harm to climate change mitigation, and compliance with

minimum social safeguards.

2024, DKK 917,486,607, corresponding to 2,6%

total insurance activities, are aligned with the

time. However, relevant guidance for reporting

insurance premium related to the coverage of

20241 specifies that only the portion of the

calculate Taxonomy eligibility and alignment.

climate-related perils should be used to

EU Taxonomy. For comparison, Tryg reported

9.8% in 2023.

It is Tryg's understanding that A.1.2 is related to

EU Taxonomy - Insurance activities

Substantial contribution to climate change

		adaptation
Economic activities	premiums	premiums	premiums	Absolute mitigation	resources marine	Circular economy	Pollution	Biodiversity ecosystems and	Minimum safeguards
	DKK	90	90	Y / N					Y /N
	2024		2023
Taxonomy-aligned activities (environmentally sustainable) A.1 Non-life insurance and reinsurance underwriting	917,486,607	9 2	8 6
A.1.1 Of which reinsured	42,358,242	0	9
A. 1.2. Of which stemming from reinsurance activity 31
A.1.2.1 Of which reinsured (retrocession) al
Taxonomy-eligible but not environmentally sustainable activities A.2 Non-life insurance and reinsurance underwriting not Taxonomy-aligned activities		0.0	83
B. Non-life insurance and reinsurance underwriting Taxonomy-non-eligible activities	34,095,250,522	97.4
Multiservice suppliers - transport reduction
Total (A.1 + A.2 + B)	35,012,737,129	100	100

Not relevant for products in scope for 2024.

The drate on the interpretation and implementation of certain legal provisions of the Disclosurs Delegated Actual Both PLU Taxonomy Regulation on the eportine of Taxonomy-eligible and Taxonomic activities and assets (third Commission Notice),

Annual Report 2024 | Tryg A/S | 94

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

of the document.

Strategy

to climate change adaptation by aligning insurance life insurance company, Tryg plays a pivotal role in society by helping to assess and manage risks to life, health and assets, including those related to weather events. This capability allows Tryg customers adapt to climate change. As a noncontribute to the environmental objective of products with the EU taxonomy.

customers - so more of Tryg's customers can peace-of-mind in relation to their insurance at time when climate change continues to bring is essential for Tryg to ensure that products aimed at helping customers adapt to climate incentives for prevention, should be clearly prevent climate-related damage and have communicated to and actively utilised by change also deliver tangible value to the customers. Thus, the benefits, including new challenges.

of Tryg not only focuses on what creates peace-ofchanging weather patterns into account in price ensuring peace-of-mind in 10. 20. and 30 years Taxonomy is therefore seen as a tool for futurecome and create value for both customers and prepare its customers for the changes that will proofing Tryg's business and reducing the risk against climate-related risks while also taking losses by enabling and protecting customers time. By thinking long-term, Tryg can better communities they are a part of. The EU mind here and now: Trvg also focuses on the

Nature, objectives and evolution of Taxonomy-aligned economic activities

change adaptation is the only one of the EU's six According to the Taxonomy Regulation, non-life activities in making substantial contributions to The technical screening criteria emphasise how insurance is classified as an enabling economic activity that can significantly contribute to EU's insurance can make a substantial contribution. adaptation, provided it directly supports other non-life insurance products can play a crucial role in climate change adaptation, as detailed this objective. Tryg understands that climate environmental objective of climate change environmental objectives where non-life below.

customers are covered against relevant climatencentive to prevent climate-related damage. cloudbursts, and that the policies contain an This means that the insurance policies have been thoroughly scrutinised to ensure that related risks, such as storms, wildfires and

customers with preventative measures ahead of screening criteria. Tryg Denmark has continued approach for sending text messages to private recycled materials. Additionally, a systematic prevent new climate-related damage and for coverage as an add-on to the already aligned to enhance its house and building insurance products with the EU Taxonomy's technical In 2024, Tryg has focused on aligning more additional costs for installing measures to repairing damage using eco-certified and products and introduced a new climate building insurance product. This covers extreme weather was developed.

models.

Voluntary information:

Tryg's strategic ambitions towards 2027

target is that a total of 30 product categories will be Taxonomy-aligned by 2027, corresponding to climate adaptation and prevention through relevant communication measures, new partnerships The aim of the target is not merely Taxonomy alignment. Tryg aims to foster innovative thinking designed during the strategy period - with the criteria set forth in the EU Taxonomy. Trye's 2027 As part of Tryg's new strategy towards 2027, launched in December 2024, Tryg has set a target for the total number of taxonomy-aligned products - measured in product categories*. Each of and dialogue with customers - both before and after customers experience extreme weather [rye's six business areas in Denmark. Norway and Sweden has contributed to the target and committed to aligning all their products in scope for climate adaptation - whether new or rearound climate change and ensure that customers know and understand the importance of approximately 60% of all product categories in scope for climate adaptation. events and resulting claims.

Calculation of Taxonomy-aligned premiums

and data

guidance prescribes that only the portion of the calculating Taxonomy-aligned premiums as of product were included for alignment, the new Based on guidance from the EU Commission. premiums written from a Taxonomy-aligned such as cloudbursts, storms, drought, floods premium relating to climate-related hazards, 2024. Whereas, previously, the full gross Tryg has updated its methodology for etc., should be included.

available guidance of the EU Taxonomy. Each of these are aligned against Tryg's gross premium Different split methods are used, in line with written in order to ensure comparability.

premium for a specific product, the premium is If Tryg does not have the necessary data to identify and document the climate-related reported as 'non-eligible'.

Calculation of Taxonomy-eligible premiums

eligibility. If not, the premium will be reported as non-eligible. Due to limitations in extracting and eligibility. Unlike previous vears, only premiums related premium can be documented, either in calculation of eligible premiums. If the climateclimate-related cover are now counted in the documenting specific climate-related covers full or proportionately, it will be included for premiums for which Tryg has the necessary premiums will only include already aligned The updated methodology for calculating from lines of business explicitly including alignment also impacts the calculation of across all lines of business, the eligibility data. Annual Report 2024 | Tryg A/S | 97

Turnover-based share of insurance premiums and investment assets

Sustainability statement

Contents

ntroduction

Strategy

Financial results

Governance

Financial statements Sustainability statement

Total Taxonomy-alignment - Investment activities 2024

2024

be fully Taxonomy-eligible. Fund reporting data

directly. All exposures have been determined

Most of these asset class exposures are held

Real Estate:

through funds, while a minor portion is held

The weighted average value of all the investments of insurance 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:

I urnover-based:	Turnover-based:
0.66	388,700,897
Capital expenditures-based:	Capital expenditures-based:
0.66	389,229,077

Assets covered by the KPI relative to total investments of insurance undertakings (total AuM). Excluding investments in sovereign entities.

Coverage:	58,579,821,001

Coverage ratio:	96.1

Derivatives:

categorised pursuant to the Climate Delegated

Economic activities concerning the total

Assets for assessment

investment assets of Tryg have been

mitigation and/or climate change adaptation

Tryg makes investments in different asset

activities could be related to climate change

Act - including Annexes 1 and 2, as such

aligned as a precautionary assumption until data

quality is considered sufficient.

green bonds but are also considered non-

These assets are not included in the calculation of the KPIs. Part of the holdings are invested in

Sovereign, supranational and agency bonds:

available and is assumed non-aligned in the

reporting.

Article 8 or 9 whenever possible - or funds tha

can demonstrate an equivalent level of ESG

integration (especially relevant for non-EU

funds). Other ESG features are also evaluated,

including Taxonomy alignment.

Tryg seeks to select funds that are either SFDR

invested by external managers. At fund level,

Scandinavia, Tryg manages a large amount of

nvestment assets. Most of Tryg's assets are

As the largest non-life insurance company in

Taxonomy-aligned investments

nvestment assets

Taxonomy alignment data is currently not

(alignment). For directly held real estate,

is used to calculate the relevant KPIs

derivatives. These assets are not included in the Holdings include primarily fixed income calculation of the KPIs.

Other unlisted exposures:

The exposures include unlisted infrastructure equity positions, Taxonomy alignment data is calculate the relevant KPIs. For directly held and private equity held through funds, and available, fund reporting data is used to directly held unlisted equity positions. If currently not available.

Annual Report 2024 | Tryg A/S | 98

EU taxonomy eligibility is evaluated using NACE

Covered Bonds:

obtained from Sustainalytics for the purpose.

Disclosures are based on available data calculation method is presented below. classes, and a description of data and

codes provided by the EU Taxonomy Compass

Currently, Tryg does not have data available to

evaluate Taxonomy alignment, and eligible exposures are considered non-aligned as a

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

considers a green bond Taxonomy-aligned if the

screening). This is a precautionary assumption

until data quality is considered sufficient.

bond is considered eligible (in NACE code

precautionary assumption. Part of the holdings

are invested in green bonds, but Tryg only

<-- PDF CHUNK SEPARATOR -->

The proportion of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of The percentage of derivatives relative to total assets covered by the KPI.
	DKK
	The value in monetary amounts of derivatives
	0
Directive 2013/34/EU over total assets covered by the KPI.	Value of exposures to financial and non-financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU.
For non-financial undertakings:	For non-financial undertakings:
	4,177,601,266
For financial undertakings:	For financial undertakings:
	54,402,219,735
The proportion of exposures to financial undertakings from non-EU countries 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 Articles 19a and 29a of Directive 2013/34/EU.
For non-financial undertakings:	For non-financial undertakings:
	2,284,288,473
For financial undertakings:	For financial undertakings:
	8.031.054.444
The proportion of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI. Non-financial undertakings:	Value of exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive Non-financial undertakings: 2013/34/EU.
	0
Financial undertakings:	Financial undertakings: 0
The proportion of exposures to other counterparties and assets over total assets covered by the KPI.	Value of exposures to other counterparties and assets cover total assets covered by the KPI. 0

respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at than investments held in The proportion of the insurance or reinsurance undertaking's investments other funding, or are associated with, Taxonomy-aligned economic activities.	insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are Value of the insurance or reinsurance undertaking's investments held in respect of life associated with, Taxonomy-aligned economic activities. 378.109.317
The value of all the investments that are funding economic activities that are not Taxonomy-eligible relative to the value of total assets covered by the KPI.	Value of all the investments that are funding economic activities that are not Taxonomy-eligible. 54,400,839,904
The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy- aligned relative to the value of total assets covered by the KPI.	Value of all the investments that are funding Taxonomic activities, but not Taxonomy-aligned relative to the value of total assets covered by the KPI. 3.790.280.199

Annual Report 2024 | Tryg A/S | 99

Breakdown of numerator of the KPI 2024
DKK ಳಿರ
The proportion of Taxonomy-aligned exposures to financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI.	Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU.
For non-financial undertakings:	For non-financial undertakings:
Turnover-based:	Turnover-based:
0 0
Capital expenditures-based:	Capital expenditures-based:
0 0
For financial undertakings:	For financial undertakings:
Turnover-based:	Turnover-based:
0 0
Capital expenditures-based:	Capital expenditures-based:
0 0
Capital expenditure-based: 0.65	Capital expenditure-based: 378,109,317

The proportion of Taxonomy-aligned exposures to other counterparties and assets covered 0.65	378,637,497
by the KPI.	Value of Taxonomy-aligned exposures to other counterparties and assets in over total assets covered by the KPI.
Turnover-based:	Turnover-based:
0 0
Capital expenditure-based:	Capital expenditure-based:
0 0

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Annual Report 2024 | Tryg A/S | 100

of the document.

		Breakdown of the numerator of the KPI per environmental objective		Nuclear and fossil gas related activities (Appendix XII)
		Nuclear and fossil gas related activities (Appendix XII)		Nuclear energy related activities 2024 Nuclear energy related activities
		Breakdown of the numerator of the KPI per environmental objective		demonstration and deployment of innovative electricity generation facilities that The undertaking carries out, funds or has exposures to research, development,	NO
Taxonomy-aligned activities 2024				produce energy from nuclear processes with minimal waste from the fuel cycle.
		Provided 'do-no-significant-harm' (DNSH) and social safeguards positive assessment		The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
	0/2	0/2		heat,including for the purposes of district heating or industrial processes such as 2	NO
	lurnover:	Transitional activities:		hydrogen production, as well as their safety upgrades, using best available
	0.66	0.59	0.59	technologies
(1) Climate change mitigation	CapEx:	Enabling activities:		purposes of district heating or industrial processes such as hydrogen production The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the ర	NO
	0.66	0.66	0.66	from nuclear energy, as well as their safety upgrades
	I urnover:	Transitional activities:		Fossil gas related activities
	0.59			The undertaking carries out, funds or has exposures to construction or operation
2) Climate change adaptation				of electricity generation facilities that produce electricity using fossil gaseous ട. tuel ਪ	NO
	CapEx:	Enabling activities:		The undertaking carries out, funds or has exposures to construction,
	0.59	0.59	0.59	refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. 9	NO
				The undertaking carries out, funds or has exposures to construction,
				refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. ്	NO


				Contextual information

Governance

Financial results

Strategy

Introduction

三 Contents

Tryg's investment portfolio consists of Nordic covered bonds and a minor share of real estate. I.e. there is no exposure to specific nuclear and fossil gas related activities.

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Social

S1 Own workforce

S4 Consumers and end-users

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of the document.

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Strategy

Financial results

Governance

Financial statements

opportunities

insurance company, employees are high-skilled Tryg can directly impact its employees through Norway and Sweden. Employee well-being and engagement is critical for Tryg to deliver on its office workers, primarily located in Denmark, ts established company culture, benefits, policies and practices. As a Scandinavian strategy and targets.

Negative impacts

terms of gender pay inequality and harassment. Potential negative impacts are identified in

As described on page 1 1 3, gender pay inequality that it is a structural issue that requires a variety exists. Tryg recognises this, but also recognises of initiatives to address the many underlying aspects.

been launched to help push towards more equal equity and inclusion, including establishing the creating a workplace with a focus on diversity, mechanisms behind gender pay equality. In previous years, a number of initiatives have Tryg has for many years been dedicated to representation and pay between genders. data foundation and understanding the

actions are not in place. Tryg has a no tolerance Harassment is identified as a potential negative encourages employees to raise concerns if they discrimination and harassment policy, and mpact that can occur if proper mitigation experience anything related to this. Annual Report 2024 | Tryg A/S | 103

Positive impact

employees, and for enabling them to perform at creating a company culture offering purposeful and flexible work, allowing for leisure time, and work. This is central to retaining and attracting ensuring proper influence in their day-to-day Tryg can positively impact employees by their full potential.

engagement and improved collaboration as well employees in the sense that they can be their Fostering and cultivating a diverse, equal and as more diverse thinking, which benefits not only the organisation but also customers. nclusive culture also positively impacts true self at work. It creates employee

S1-6_02 Number of employees: The headcount represents the number of employees with The total headcount split into the main countries of operation: Denmark, Norway, Sweden employment status 'active'. It includes the employment types; permanent, temporary and headcounts are split into male, female, not reported and others in the organisation, and 51-6_02 Total gender distribution headcount and total gender distribution ratio: Total and others. Others is primarily represented by Tryg Trade, which is not included in the employees are people not employed or salaried by Tryg. The global employment type country. All figures are an average of headcounts during each month of the reporting also reported as respective ratios. Gender is specified by the employees themselves. non-guaranteed hourly paid employees. The employees are divided by gender and S1-7_02 Non-employee workers in the own workforce (headcount): Tryg's non- Not disclosed 0 0 A thin red line indicates the mandatory tables as defined by the ESRS. period, with the figures determined at the end of each month. External' is used for registering non-employee workers. Othera) 0 0 0 0 S1-6 05 Country distribution Accounting principles other social figures. Male 3,648 350 89 4,087 2019 54 46 0 Female 3,499 3,102 74 323 0 O O O 0 O O O Limited assurance in 2023 4,350 7,943 3,591 55 45 0 2023 ਟ 2024 3,743 2,352 2,804 2024 7,587 4,087 3.499 54 46 0 0 1.492 0 Male Unit % male % female Female Other Number Number reported Number Number Number % other reported Not % not Characteristics of non-employee workers in the Characteristics of the undertaking's employees Employment types and gender (headcount) Total gender distribution headcount Number of non-guaranteed hours employees Non-employee workers in the own Country distribution: Denmark Total gender distribution ratio undertaking's own workforce Country distribution: Sweden Country distribution: Norway Number of permanent employees Number of temporary employees workforce (headcount) Number of employees Number of employees (headcount) Social data S1-6 05 S1-6 05 ESRS ID S1-6 05 S1-6 02 S1-7_02 S1-6 02	Contents	Introduction	Strategy	Financial results	Governance	Sustainability statement	Financial statements



















								Total
								7,587
								6,751
								163
								673

ª Gender as specified by the employees themselves.

Annual Report 2024 | Tryg A/S | 104

Contents III

ntroduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Policies related to own workforce

culture where everyone feels equally included. A that reflect the society we live in is assumed to well-being of employees is critical for creating diverse pool of employees and managers with retain the full pool of talent. Under the tagline different backgrounds, skills and experiences Tryg is committed to providing a healthy and engaging working environment. Securing the an attractive workplace and for being able to "Tryg as you are', Tryg strives for a company better understand and match the changing needs of Tryg's diverse customers.

ultimately approved by the Supervisory Board driving positive impacts towards ensuring an inclusive, engaging and attractive workplace. mitigating potential negative impacts and Each of them are reviewed annually and Four policies guide Tryg's work around and hereafter published on tryg.com.

Sustainability policy
Human and labour rights policy
Tryg's Code of Conduct (CoC)
- underrepresented gender Policy and target for the

Sustainability policy

Tryg's Sustainability policy guides the processes Compact and the UN Sustainable Development for fulfilling the sustainability strategy and the legal requirements as well as for adhering to public commitments such as the UN Global

Specifically for Tryg's own employees, the policy internationally recognised human rights and the where everyone is treated with equal dignity and core conventions of the International Labour outlines Tryg's commitment to respecting commitment to create a company culture Organization (ILO). It guides the overall

respect and feels equally included to ensure that all employees are comfortable being their true self at work.

Human and labour rights policy

fryg's commitment to respect all fundamental The Human and labour rights policy describes human rights and decent working conditions.

internationally recognised human rights such as and principles in working life. The commitment Cultural Rights from 1966, the UN Convention on Civil and Political Rights from 1966 and the ILO's core conventions on fundamental rights specifically address trafficking, forced or child the UN Convention on Economic, Social and covers human rights at large, and does not undamental human rights means labour

and business relations, and in the supply chain. human and labour rights in its own operations contribute or be linked to adverse impacts on through its products and services, customers Tryg recognises that it can potentially cause,

prevent and mitigate risks of adverse impacts on C Guidelines for Multinational Enterprises, which human and labour rights both internally in our organisation and across the value chain. Due means that it continuously works to identify, Tryg supports the UN Guiding Principles on Business and Human Rights, and the OECD the limited exposure, there is no workplace accident prevention policy or management svstem in place.

Tryg's Norwegian branch is subject to the Norwegian Transparency Act.

Norwegian Transparency Act on page 62. Read Tryg's reporting according to the

Trvg's CoC

which Tryg's employees and other parties acting customers, colleagues, competitors, suppliers on Tryg's behalf must familiarise themselves Tryg's CoC addresses all the key issues with and comply with in their interactions with and other stakeholders.

It describes how Trygexpects everyone to, for example:

Contribute to promoting equal opportunities and safe working conditions for all colleagues
employees take action against behaviour environment where it is expected that hat may be experienced as offensive Create a safe and pleasant working
Refrain from discrimination of employees oolitical views or national, social or ethnic orientation, beliefs, religion, skin colour, based on gender, age, disability, sexual origin
stereotypes and prejudices they may hold about people different from themselves Support shared responsibility to respect Be aware of and try to reduce the

numan rights

Annual Report 2024 | Tryg A/S | 105

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S1-1

Be aware of and express concerns about actual or suspected negative impacts on human rights.

For managers it includes:

Acting as role models to uphold high moral and ethical standards
- Actively ensuring that their employees are aware of Tryg's rules and safeguards
Taking action against inappropriate behaviour.

principles. This is also part of the onboarding for consequences for employment. Each year, all employees complete CoC training and take a test to confirm their understanding of its Any violations of the CoC may have new employees.

Policy for the underrepresented gender

The Underrepresented gender policy applies to all employees in Tryg Forsikring A/S and guides long-term objectives: the

equal treatment and equal opportunities for To promote awareness of and attention to women and men.
- To achieve representation for women at all overall distribution of women and men levels of management that reflects the in Trvg.
performing the same job or a job of the opportunities for women and men To promote equal pay and equal same value.

opportunities while complying with applicable It ensures that Tryg delivers on its ambition of creating a gender balance and equal rules and legislation in this area. HR is responsible for working with diversity and inclusion as well as promoting the under-

represented gender through initiatives, goal developments: these actions are described setting and continuously monitoring more in the sections below.

Processes for engaging with own workforce

Engagement with and remedy for workforce on human and labour rights

actual and potential adverse impacts on human and labour rights internally in the organisation. insights, such as employee or whistleblower surveys, as part of a due diligence to identify ases and employee engagement and pulse continuously assesses relevant data and As part of Tryg's commitment, Tryg

Employee engagement survey

and well-being of employees in order to be able the year. Tryg conducts employee engagement dialogues around issues that can be improved. understanding of the motivation, engagement to create the best possible workplace. During surveys to enable employee feedback and Tryg wants to ensure close alignment and

for individual employees to ensure they have the The surveys are an important tool for Tryg to be completed, discussions and follow-up plans are undertaken in the respective divisions, sections best possible conditions for fulfilling their work. The annual survey is conducted in the autumn. and teams to ensure that the insights feed into able to deliver on its financial results. but also and a shorter Pulse survey at mid-year. Once actions.

The HR function is responsible for conducting the engagement survey and managers are responsible for the follow-up.

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Contents

Strategy

Financial results

Sustainability statement

Governance

2024

llnit

The survey is carried out by an external provider employee exposure to harassment or offensive motivation, management, team collaboration, environment. Questions specifically related to behaviour ensure that employees have the working conditions, payment and terms of and covers themes such as engagement, employment, training and development, harassment and psychological working opportunity to speak up.

communication committees at the regional and

employee organisations, Tryg has works and

Nordic level. The purpose of the committees is

The committees are composed of members of information exchange across the organisation.

acceptance through open dialogue and

to promote mutual understanding and

the Executive Board, HR leadership and

employee and union representatives.

To facilitate dialogues across trade unions and

Engagement with trade unions

ever before, Tryg is transforming. Change is now The result of the 2024 survey showed a still high level of engagement at 77 out of a maximum of 75. The result is a decline from last year's result offers more opportunities and challenges than 100, above the Nordic industry benchmark of a fundamental condition and it is satisfying to of 79, but a slight increase from the mid-year see that Tryg has maintained its high level of competitive and strong in a market that Pulse survey in the spring. To remain engagement.

engagement, career development and diversity

and inclusion initiatives.

In addition to the survey, each employee has order to ensure continuous engagement and performance appraisals two times a year in development.

Employee turnover [S1-6 ] ne management met de lange met de lange met de lange en de lange en de lange en de langer en de langer en de langen de langen de langen de langen de langen de langen de lange

ESRS		Unit	2024	2023
S1-6 11	Employee who have left undertaking	Number	.730	405
12 S1-6	Employee turnover	నిర	22	8
	Share of voluntary leavers (of turnover rate)	ಗಿರ	L C T
	(of Share of involuntary leavers P turnover rate)	જુરી	8
				imited assurance in

Collective bargaining coverage and social dialogue ESRS ID

S1-8 01	Percentage of total employees covered by collective bargaining agreements
	bargaining agreements: Tota Collective o	ಗಿರ	ਰੇਤੇ
	ark agreements: Denm bargaınıng Collective	ಳಿಕ	88
	agreements: Norway bargaining Collective	જુદ	94
	agreements: Sweden Collective bargaining	ಗಿರ	100
51-8 06	Employees covered by workers' representatives
	covered by workers' representatives: Denmark Employees	96	8 8
	Employees covered by workers' representatives: Norway	ಗಿರ	94
	Employees covered by workers' representatives: Sweden	ర్గం

Social dialogue

organisation, changes in terms and conditions

Organisational changes, downsizing the

Among topics discussed in 2024 were:

related to workforce reduction, changes to

employee-related policies, employee

પાવાળદ્યાદ
2024	Collective Bargaining Coverage	Social dialogue
	Employees - EEAa)	Workplace representation
Coverage Rate		(EEA only)
0-19%
20-39%
40-59%
60-79%
	Denmark	Denmark
80-100% Norway		Norway
	Sweden	Sweden

Accounting principles

of, respectively, voluntary and involuntary leavers by the average total headcount. The number involuntary leavers. The share of leavers within the year is calculated by dividing the number S1-6 11 Employees who have left undertaking: Total leavers include both voluntary and covers all employees, including temporary and non-guaranteed hourly paid employees.

employees leaving within the year divided by the average headcount during the financial year The number includes all employees, including temporary and non-guaranteed hourly paid S1-6_12 Employee turnover (headcount): The turnover rate is based on the total share of employees.

2019

529

Employees that have a collective bargaining agreement divided by headcount per country. S1-8 01 Percentage of total emplovees covered by collective bargaining agreements:

S1-8 06 Employees covered by workers' representatives: The total percentage of employees There is a total of seven different collective bargaining agreement across Tryg.

covered by workers' representatives split by country level due to different legislation across Denmark, Norway and Sweden.

a) EEA: European Economic Area

Strategy

Financial results

Sustainability statement

Governance

Processes to remediate negative impacts and channels for own workforce to raise concerns

HR. Employees also have the option of involving managers' manager, or through the help of representative, occupational health and safety discrepancies can be handled by the manager representative, HR, or use Tryg's anonymous encouraged and aimed for that any potential whistleblower mechanism. It is generally concerns with their direct manager, staff Employees in Tryg can at any time raise a workers' representative. the

employee is expected to be aware of and report any concerns about non-compliant conduct, or actual or suspected lack of respect for human and labour rights in its own business, among communicated via the intranet, employment Tryg's CoC explicitly addresses how every contract and the annual Code of Conduct partners or in the supply chain. This is training.

Whistleblower hotline

employees to report concerns relating to serious matters directed against an employee, such as harassment, sexual harassment or violation of Tryg's whistleblower hotline is available for all discrimination, psychological violence, human rights.

whistleblower unit, consisting of the compliance Forsikring A/S and the Chairman of Tryg's Audit and Risk committee. Employees can choose to be anonymous but are encouraged to identify themselves, though with the reassurance that Whistleblowers are protected against reprisal officer in Tryg A/S, the Legal Director of Tryg Reports to the whistleblower scheme are received and processed by the internal their identity will remain confidential. under the Whistleblower Act.

2024 Unit ncidents of discrimination ESRS ID

2019

2023

Number

S1-17_02 Number of incidents of discrimination

Accounting principles

S1-17_02 Number of incidents of discrimination is a collective term for cases of discrimination, bullying, sexual harassment and other types of harassment that can occur at the workplace. Cases are reported to the HR department through leaders, union or employee representatives or through the Whistleblower hotline.

Taking action on material impacts on own workforce

mportant task in enabling employees to create For the benefit, retention, engagement and a purposeful and well-balanced work life. performance of employees, Tryg has an

for flexibility, influence and purpose. Tryg works across a range of initiatives to address material conditions available to help facilitate the need impacts, risks and opportunities related to its Determining the right balance is an individual responsibility, but Tryg can make relevant own workforce.

Allocation of resources

responsibility for ensuring adequate measures 「ryg's HR department has operational for employee-related impacts.

responsibility and resource use is decentralised across Tryg. In practice, the theme is integrated ranging from considerations in the recruitment process, composition of teams, to action plans advancing the diversity and inclusion agenda for addressing improvement points from the One person has dedicated responsibility for across the organisation in ways of working, engagement survey, and as such the across the organisation.

Contents |||

ntroduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

actions to avoid discrimination and harassment Creating a diverse working place, and taking

equity and inclusion with both ongoing and new launched on Tryg's intranet, so that employees can easily find relevant information and tips on In 2024. Tryg continued its work with diversity initiatives. A dedicated site covering initiatives within diversity, equity and inclusion has been how to get involved in the work.

largest offices in Denmark, Norway and Sweden now have reflection rooms that can be utilised Actions have also been taken to increase the for meditation and prayer. Denmark has also inclusiveness of office environments. The implemented gender-neutral bathrooms.

other, or choose not to register in the interna HR system, allowing people to freely choose themselves as respectively female, male, or As of 2024, employees in Tryg can identify their preferred pronoun.

Internal employee resource groups to foster understanding and inclusion

Understanding is key to creating an inclusive ethnic origin, gender, age, sexual orientation, workplace with a diverse representation of health status, disabilities, political opinion, religious beliefs or other facets or needs. To facilitate this, Tryg has two internal resource focusing on LGBTQ+ people, and the Sunflower groups based in Denmark: the Rainbow group, group, focusing on invisible disabilities.

engagement and ultimately a workplace where everyone is comfortable being their true self. dedicated purpose to share insights, create Common for the two resource groups is a

Rainbow resource group

Pride month, the network is active in co-hosting purpose. Creating an inclusive and safe working employees who identify as LGBTO+ and also of barriers that LGBTQ+ persons might face in the employees who act as allies, which is the exact environment requires an effort from everyone, events together with Tryg to further shed light, every quarter to discuss specific conditions or The Rainbow resource group consists both of educate and involve colleagues in the agenda. workplace. In connection with international supporting the agenda. The network meets and allied colleagues play a crucial role in

Strong feeling of inclusion among employees

ncludes specific questions about inclusion. Like signal that employees feel safe being their true last year, these questions received the highest scores across all categories, which is a strong self at work and that they experience equal The annual employee engagement survey opportunities for all.

Making the invisible visible

nclusion of people with invisible disabilities and With the purpose of making the invisible visible, programme with the purpose of ensuring Tryg supports the Hidden Disabilities Programme, which is an international special needs.

structures or behaviour that are not inclusive or understand the challenges that colleagues with discuss how Tryg can create the most suitable enables employees to engage in the area and where people do not feel safe. The group can help Tryg identify blind spots where further nvisible disabilities face, which can lead to An internal Tryg sunflower resource group conditions for all. It can be difficult to fully

At Tryg, there are equal identify, age, ethnicity, religion, disability, etc. regardless of gender opportunities for all, sexual orientation.

At Tryg, I can be who I am.

makes sure everyone in the team is heard and My direct manager feels included. Annual Report 2024 | Tryg A/S | 109

Sustainability statement

Financial statements

maternity/paternity leave for women, men and co-parents, and quarterly reporting on gender drive the change are a focus on unconscious lower. Among the initiatives in place to help bias in talent reviews, equal conditions of diversity across all management levels.

place when recruiting for leadership positions to inclusion and minimising bias in the recruitment applicants is too limited. In Denmark, Tryg has a stringent recruitment and approval process in searches for management positions in cases consistent focus in the recruitment process. Among the initiatives are external candidate recruitment partners are trained in ensuring ensure a gender-balanced population. All where the level of diversity in the pool of Tryg also promotes diversity through a process

To increase the share of women in management positions, Tryg has defined targets for different Accounting Principles). This also includes the levels of management (see definitions in the lower levels of management as a means for building up the talent pool.

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Introduction

Strategy

Governance

Contents III

Introduction

Strategy

Targets

diversity at management levels in its current and Tryg has defined targets for increasing gender coming strategy period.

Building on progress and initiatives established women across all employees, and 43% women in the previous strategy period, Tryg remains management levels. Currently, Tryg has 46% committed to ensuring a minimum of 40% gender representation across each across all levels of management.

that the relevant and necessary measures are in internally and achieve a gender balance on each The target of minimum 40% covers all levels of management levels, the aspiration is to ensure the organisation with the primary focus on the female representation. By focusing on gender most senior roles as these have the lowest place to be able to advance female leaders proportionality across the different level of management. Tryg follows market practice and defines gender balance as when neither women nor men are represented by less than 40%.

respectively 2024, 2030 and the 2026 target for 'Other management levels' that is mandatory by The table on page 112 shows the targets for Danish law.

Executive Board. The second level is managers below the Supervisory Board. The first level is with staff responsibilities reporting directly to according to BEK no. 503 Section 143 (2) of 23/05/2024 as the two management levels the Executive Board and persons who are organisationally on the same level as the 'Other management levels' are defined members of the Executive Board. Annual Report 2024 | Tryg A/S | 111

Danish legislation. with three of nine (33%) nonemployee elected members being women. No distribution that is considered equal under Tryg's Supervisory Board has a gender specific target is therefore defined.

Setting targets and involving affected stakeholders

diversity at management level is owned by the HR department and is part of the corporate process for developing the 2027 strategy. The process for setting targets for gender

internal stakeholder engagement and alignment. The strategy and targets are ultimately approved Initially the high-level strategic ambition for the area is defined, followed by a process to further concretise the target. The process involves by the Supervisory Board.

Further, employee representatives, who are also potentially affected stakeholders, are involved in the review process as part of the Supervisory Board's review.

Financial results

51-9_02 Gender distribution, top management level: Gender distribution at Executive Board and persons who are organisationally on the same level as employed in a management position during the last month of the reporting the upper level in Tryg called 'Top management', which consists of 'Senior defined according to BEK no. 503 Section 143 (2) of 23/05/2024. It is two calculated at the end of the reporting period and include all headcounts in Gender distribution, all management levels (headcount): The number of types of either 'permanent' or 'temporary'. The indicator includes Tryg's employment Gender distribution, director level: Gender distribution on the second management levels below the Supervisory Board. The first level is the are S1-9_03 - 05 Employee age groups (headcount): The age groups are responsibilities reporting directly to members of the Executive Board. Gender distribution, the other level of management: This indicator is O O O C at management level is the year-end headcounts who management level, the director level, is based on job level or role. 24 28 2023 47 Limited assurance in 2023 the Executive Board. The second level is managers with staff period. A manager must be an 'active' employee with the Vice President', 'Vice President' and 'Executive Board'. 2024 26 49 25 Tryg. The age groups are > 30, 30-49 and 50+years. Unit % % ల్లో Employees, 50 years and Employees, 30-49 years Employees, < 30 years four levels of management. Accounting principles Employee age groups above employees S1-9_03 S1-9 04 51-9 05 ESRS ID Targets 2030 40 40 40 -5 -4 2024 ১ Perfor- -1 target mance vs. a) 33 33 Targets 41 41 2024 2019 46 0 35 0 0 0 O O 0 O O O 0 0 0 O 0 0 0 0 O O 0 O O O O 59 480 339 40 15 73 24 74 26 રે 3 29 2023 0 0 0 27 69 0 0 22 0 0 Limited assurance in 2023 41 0 7 1 2024 432 332 0 43 0 0 29 0 68 0 0 6 112 0 64 36 0 0 25 10 0 29 0 0 0 57 0 32 0 0 9 19 1 Unit % male % not reported Number male % male % not reported Number male Number female % male % female Number male reported % male Number male Number female % female reported % not reported Number female % female % not reported reported % female Number female reported Number not Number not Number not % other Number not Number other % other % other % other Number other Number other Number other Gender distribution at management levels Gender distribution, Gender distribution. Gender distribution, Gender distribution, levels (headcount) top management the other level of all management director level management a) Target for June 30, 2026 level S1-9 02 ESRS ID

							2019
							16
							53

							31

S1-9

Tryg has a gender-neutral remuneration policy and strives for equal pay. However, it is	of responsibility - not on the specific person currently holding the complexity and degree	ESRS ID	Unit	2024	2023	2019
accomplished a complete gender pay balance acknowledged that Tryg has not yet	position.	Employees that participated in regular performance and career development 51-13_02	ಗಿಂ	60	0 66
analyses to better understand where there are Tryg works purposefully to improve data and	ryg regularly launches differences. Tryg Denmark has for the past initiatives that aim to minimise structural To reduce inequality, T		male Number	2,414	O 2,557
causes. Tryg is currently preparing for the EU differences as well as their respective root	where every parent, regardless of gender or couple of years had a parental leave policy	Employees that participated in regular	temale Number	2,120	O 2,282
pay transparency directive and is continuously working on identifying and reducing pay gaps within the organisation.	of paid parental entation in 2022, male employees' parental leave increased from an 5 weeks relation, is entitled to 2 leave. Since its implem	performance and career development by gender S1-13_03	Number other	0
architecture with specific job levels and salary In June 2024, Tryg introduced a new job	average of 8.2 weeks to 17.22 weeks in 2024 extraordinary pool to Tryg has introduced an		Number not reported	1	O 0
packages tied to these. This will enable Tryg to packages will be based on the role and level of increase fairness and transparency, as salary an employee as well as internal and external benchmarks. The job levels are defined by	increase gender pay equality.	S 1-13_04 Average employee training hours	Hours	3		20
Accounting principles			Hours male	3
reviews divided by the total number of employees (permanent) in Tryg minus employees not development reviews: Total number of employees that have participated S1-13_02 Percentage of employees that participated in regular perform in scope for career development and training e.g. students. Figures are m	anaged in Tryg's in development ance and career	Average employee training hours by gender S1-13 04	Hours Hours female other	3 0
S1-13_02 Employees that participated in regular performance and career development global HR system.			reported Hours not	0
S1-13_03 and S1-13_04 Average employee training hours per person and by gender: Only development reviews, broken down by gender (male, female, other, and not reported). reviews: The number of employees that have participated in regular perf	ormance and career			Limited assurance in 2023	0
includes mandatory compliance training. The figure is reported as an average per person and split by gender. The figures are managed in Tryg's three learning platforms.		Pay ratio
pay gap by calculating the difference between average gross monthly earnings of males and S1-16_01 Gender pay ratio per country: This indicator measures the average female-male		ESRS ID	Unit	2024	2023	2019
females that are included in the headcount figure.		Gender pay ratio - Denmark S1-16 01	ಗಿರ	3
S1-16_02 Annual total remuneration ratio: Total annual remuneration ratio of the highest		Gender pay ratio - Norway S1-16_01	ಗಿರ	S
paid employees to the median annual total remuneration for all employees excl. the highest		Gender pay ratio - Sweden S1-16 01	70	3
paid employee.		Annual total remuneration ratio S1-16 02	ల్లి	21	O 21	9 ਟ

三 Contents

Introduction

Financial statements

Sustainability statement

Governance

Financial results

Strategy

architecture w

Accountin

S1-13_02 P

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S1-16 S1-13

Strategy

Consumers and

end-users

Material impacts, risks and opportunities

adequate protection against unforeseen events. economic losses and unforeseen expenditures In essence, Tryg manages risks on behalf of its customers, which creates a safety net for responsibility to provide customers with As an insurance company, Tryg has a

customers. Yet, this comes with a responsibility Tryg needs to be well positioned to understand product offerings that benefit both Tryg and its of ensuring transparent and ethical processes claims prevention. The prevalence of data in understanding customer needs, the value of its customers and their particular needs for solutions can contribute to more precise development of artificial intelligence (AI) personalising offerings, as well as the for how data is handled and applied.

is handled can impact all types of customers for about its customers on a daily basis, and how it all types of products. Data is the basis of Tryg's determine prices and coverage, handle claims Tryg handles personal and confidential data business, and a prerequisite for Tryg to and safeguard its business model.

Negative impacts

governance and policies in place for handling unlawful management of data can negatively impact Tryg's customers, and having strong Any potential unethical, irresponsible or

'Tryg' means feeling protected and cared for in Danish

64-1 -

relevant that customers can trust that their data and applying data to customise products and determine prices is key. In light of the rise of is handled with due care and consideration. automated or AI solutions, it is ever more

that data is used in a responsible manner that is transparent, fair and thoughtful of the customer dependent on relevant and accessible products such, Tryg has established processes to ensure and services that can help protect them agains any negative impact of unforeseen events. As Furthermore, society and customers are

handling are considered general for the industry and not related to a specific group of customers The potential negative impacts regarding data

Positive impact and opportunity

provide insurance to its customers. Insurance can provide peace of mind for customers and protect them against uncertainties related to Data is the foundation for Tryg to be able to property damage or sickness. e.g.

whether that relates to potential cyber threats, relevant products that respond to some of the supporting and protecting customers against weather-related damage to their assets, or health problems. This is an integral part of main challenges faced by our customers, unforeseen events. Tryg aims to develop An opportunity is identified in terms of

「ryg's strategy and its purpose, 'As the world changes we make it easier to be Tryg1'.

Policies related to consumers and end-users

used to target the specific product offerings and To fulfil the societal obligation of safeguarding handling, application and storage of the data accessible products, data is key, as is the customers and developing relevant and determine prices.

Policies for managing material impacts with responsible and ethical use of data and the regards to Tryg's customers centre around protection of rights.

Data - responsible use, handling and protection

particularly confidential and personal data. Tryg governance setup that allows the potential of Al technology to be harnessed while also ensuring standards and thoughtful consideration of how To ensure ethical use of data, Tryg refers to the With the increased focus and application of AI association Insurance & Pension Denmark as internationally agreed standards. Data ethical oractices are based on three main principles Transparency, free choice and data security. Data Ethical Codex from the Danish trade has taken the first steps in establishing a well as relevant legal requirements and to apply and safeguard customers' data solutions comes a need for high ethical

Annual Report 2024 | Tryg A/S | 114

Financial statements Sustainability statement	labour rights in order to monitor performance. parameters specifically including human and Commercial customers of a certain size are furthermore screened according to ESG	the product does not have unfavourable effects approval process. The purpose is to ensure that All new products and significant adaptations of existing products must go through a product	customers and that the product provides value for customers, unintentionally discriminates or appropriate measures have been taken to prevent or mitigate any adverse effects on negatively impacts equal treatment, that for the customer.	and share guidance and best practices with the follow developments on e.g. equal treatment, Tryg's Legal and Quality departments closely relevant business areas as appropriate.	Furthermore, one of the most important tasks of all Tryg's customer-facing functions is to deliver good customer experience. As an insurance company, Tryg has a responsibility to deliver e	qualified, understandable and relevant advice beyond this and includes making sure that measures, etc. But our responsibility goes with regards to coverage and preventive processes and decisions on claims are	necessary practical or emotional support they transparent, and that customers get the need in their specific situation.	Denmark has established a dedicated sunflower group of customers might need more patience, For customers with hidden disabilities, Tryg in phone line to address any special needs. This	when filing a claim or having to understand their have been trained in answering these calls and insurance cover. Customer-facing employees extended explanations or emotional support the phone line is open daily.
Governance					data security with the industry and authorities as part of its memberships of the respective Trade Associations in Denmark, Norway and Sweden. Tryg collaborates and shares experiences on	information security in the insurance industry and in society. Any data breach is carefully To the extent possible, Tryg shares threat intelligence to support a high level of analysed to prevent future breaches.	Respecting human rights through its customer Tryg's Human and Labour Rights policy relations.	describes Tryg's commitment to the UN Guiding Principles for business and human rights across its value chain, including in customer relations	that these customers, as a minimum, live up to clear expectations in the insurance conditions respect human and labour rights and sets out the ten principles of the UN Global Compact. I ryg expects its commercial customers to
Financial results Strategy					The policy outlines specific guidelines for access legal rights of individuals; and manage access to maintain availability of information; protect the information.	and Procedures as well as Tryg's Three Line of compliance programmes. It is complemented by the Information Security Rules, Processes and data protection, system development, resilience, and controls, cyber security	Defence governance model. An appointed Chief responsibility for overseeing the policy and for facilitating the process for determining the Information Security Officer (CISO) has	second line of defence. Executive Board and Supervisory Board. The cyber risk appetite to be approved by the CISO operates from the	Tryg continuously monitors the evolution of the adapting technical and organisational cyber controls to ensure proper cyber resilience. surrounding cyber-threat landscape while
oduction	applicable respect for	pach to the ig that Al is use of Al damental he	sponsible	es and	olicy and the up, including department annually.	by customers, rotect data escribes ers.	le with sed a.g. ity	applies to all tems and is ory Board.	safeguard protected rmation; integrity, hether

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Contents

III

Introduction

that practices are not in violation o legislation and are conducted with individual rights and freedoms.

employed in a lawful, ethical and re organisation. It establishes five func within Tryg, with the aim of ensurin Tryg's Al policy describes our appro development and use of AI across principles for the development and manner.

The five principles are:

Thoughtfulness & Accountabili .
- Fairness . .
Privacy & Data governance Transparency .
- Robustness & Security .

business areas within the Tryg Grou all subsidiaries. Tryg's Group Legal Supervisory Board for approving it The policy applies to all legal entitie is responsible for maintaining the p

Tryg's Information Security policy o and information entrusted to Tryg suppliers, employees or other parti Tryg's commitment and efforts to

The policy is aligned and compatibl ISO27001:2013, NIST Cyber Secur Framework) and best practices. It a business units and information sys approved annually by the Superviso financial services industry-recognis Information Security frameworks (

of the document.

Information and all assets must be from internal or external threats, w deliberate or accidental in order to accuracy and completeness of info confidential information; maintain

Strategy

Sustainability statement

consumers and end-users about Processes for engaging with impacts

customers in order to gather insights on areas that work well and areas that can be improved Tryg engages on a regular basis with its

Listening to our customers

successful Tryg. Consequently, it is a key target responsibility resides in each business area High customer satisfaction is an important externally on a quarterly basis. Operational parameter for creating and maintaining a in Tryg's corporate strategy and reported

satisfaction. The targets focus on the customer journey, including several types of touchpoints experiences, onboarding and claims handling and key processes, e.g. telephone and online processes and the overall relation with our Tryg has defined a target for customer customers.

about level of satisfaction as well as open-ended questions for direct feedback, allowing for more ensure individual follow-up on negative scores or comments as a way for Tryg to gain a better Customer feedback is collected automatically opportunity to make data more insightful and understanding of the specific customer pain. nteraction. They include specific questions action-oriented. Customer feedback loops through trigger-based surveys after each nuanced customer feedback and the

Depending on the issue in question, actions can All customers are included in the scope of the feedback. Feedback is shared with the relevan initiate appropriate actions for improvements departments at Tryg who, when relevant, will surveys and have the option of providing

processes or improving communication to be training and coaching, streamlining customers.

ensure quick follow-up. This provides managers organisation as soon as it is received in order to Customer feedback is made available to the in the customer-facing areas with a strong management tool and enables broad engagement across the organisation.

Proactive customer communication

aims to be a proactive peace-of-mind creator for Guided by its purpose, 'As the world changes, we make it easier to be Tryg', Tryg is committed to sickness, etc. Whether this relates to warnings measures for avoiding property damage, Tryg uncertainties related to property damage or extreme weather events or prevention proactively protecting customers against its customers. on

damage or loss that might occur. Tryg regularly mechanisms available through their insurance, or which they can add in order to minimise the happening in the first place or minimising any sends out emails or newsletters to customers. reminding them of services or prevention This is a way of preventing claims from risk of having a claim.

weather forecast predicts cloudbursts or storms and can forward this to customers together with reminder and advice on how to best safeguard warnings and are as such targeted towards the protect their assets. Through data agreements direct text messages to relevant customers to cloudbursts or storms, Tryg proactively sends inform and encourage them to take action to with local suppliers, Tryg is alerted when the their belongings. The alerts focus on local In the case of weather events such as customers at risk.

consumers and end-users to raise Process to remediate negative mpacts and channels for

concerns

they have the option of raising a complaint with In the event of a customer disagreeing with the Tryg's Quality department, which will reassess final conclusion of a claims handling process, the case.

about options for complaints are communicated Complying with legal requirements, information to the customer in the event of a dispute over available on Tryg's websites and described in the final coverage. The information is also the insurance conditions.

f agreement cannot be reached between Tryg and the customer, Tryg refers the case to the 'Ankenævnet') and similar institutions in relevant public institutions, such as the Insurance Appeals Board in Denmark Norway and Sweden.

the business conduct of Tryg or any misconduct performed by a Trygemployee, can at any time Customers are, however, not protected by the protection against reprisal, in accordance with Customers who want to raise concerns about special provisions of the legislation on use Tryg's Whistleblower mechanism the Whistleblower Act.

Read more about Tryg's Whistleblower mechanism on page 122. Annual Report 2024 | Tryg A/S | 116

Strategy

Sustainability statement

Taking actions on material impacts on consumers and end-users

handling and application of data. These types of concerns ensuring compliance and responsible actions centre around internal processes, such as a strong governance setup for data handling are considered prerequisites for Tryg to run its cyber security and functioning IT systems and categorised under two themes: The first one Actions to address material impacts can be business.

protect them from unforeseen events. Among these actions are close customer interactions The other type of actions is largely dependent measures to help customers prevent damage addresses their specific needs and can help and development of initiatives, services or on data and connected to Tryg's purpose: Delivering insurance to customers that and protect their assets.

allocations. This will be further investigated over disciplines associated with managing material impacts towards customers, it is currently not possible to identify the specific resource Due to the diverging and cross-cutting the coming years.

Developing and deploying AI solutions

is made solutions and helping customers prevent With data as the foundation for offering tailorclaims, it is critical to ensure that the data use especially true when it comes to automated in the best interest of the customer. This is solutions and the use of AI technology.

Board helps ensure that Tryg follows its defined principles of thoughtfulness & accountability, A governance setup on the development and established. A newly established Al Advisory fairness, transparency, privacy & data deployment of AI solutions has been

S4-4

Annual Report 2024 | Tryg A/S | 117

for example a pre-screening in the design phase. governance, and robustness & security through

adequate level of traceability and explainability, taking into consideration the use-case and the unintended biases in the algorithm or data. At not produce discriminatory outcomes due to responsibility to ensure that the system does the same time, the system must maintain an When developing AI technology, Tryg has a type of Al model used.

ensuring fairness, transparency, accountability processes remain thoughtful of the customers, years to make sure that the data solutions and and strong data governance over the coming Tryg will continue to strengthen its setup for help drive customer satisfaction and meet regulatory and ethical standards.

fraining and awareness of data handling

confidential processing of data and avoidance of regularly trains employees in privacy and cyber behaviour are central to ensuring proper and Generally, the human factor and employee cyber incidents. Tryg raises awareness and security through mandatory e-learning and training programmes.

Among the focus areas for 2025 are training and adequately equipped and that standards are initiatives to ensure that the organisation is defined as to how Tryg addresses the area. establishing the proper governance and For Al. focus during 2024 has been on internal awareness.

Contents III

Introduction

Strategy

classical risk analyses and data from wearables,

benefiting the customer, its employees, Tryg

and society.

Tryg is able to prevent work-related injuries

Financial results

Governance

Sustainability statement

Financial statements

Prevention

focus area across the business lines and one part of Tryg's delivery to its customers and are a Prevention measures are considered a central years and already has a number of initiatives orivate households and risk assessments for Tryg has worked with prevention for several place, such as pump well or rat blockers for insurance product as EU taxonomy-aligned of the technical criteria for classifying an commercial customers.

Advocating for better climate adaptation and

As a corporate citizen, Tryg wishes to actively

protection of customers' assets

helping to tackle the challenges we face as a

contribute to driving societal change and

society. Tryg wishes to be part of the public

During 2024, new prevention initiatives included prevent fires at farms for agricultural customers Hansa has developed an Al model to predict the occur in order to be able to prevent future ones For customers working with the transportation of goods, Tryg has developed a programme to risk of claims based on deviations in predicted serve the purpose of improving peace of mind help understand and predict how accidents claims estimates. Together, these initiatives unwanted costs or operating losses. Trygga partnership with an electrical installer to and thereby avoid claims that can lead to for Tryg's customers and minimising the number and extent of any damage.

democracy festival, 'Folkemøde'. Engaging with

In 2024, Tryg participated in the Danish

politicians, NGOs, academics and key opinion

eaders, CEO Johan Kirstein Brammer hosted a

adaption - calling for more political action and

debate on the topic of preventive climate

Advising and supporting customers

customer-facing risk management function has been established with the purpose of creating a positive impact for customers. This can take t recommendations in an easily accessible and form of larger analyses and projects or more general material such as one pagers or video guidelines communicating Tryg's advice and For commercial customers, an external comprehensible manner.

evident that the type of damage we must expect

to see during this century will challenge the nterface between what can be insured and

what should be covered through national

schemes.

impact on its business. From the analyses, it is

As described on page 75. Tryg works with UN

RCP climate scenarios to assess the climate

occupational injuries. Through a combination of facing risk management concept focusing on include 'Tryg på Arbejde', the first customer-Specific initiatives under Risk management

54-5

current and future customers' risk exposure to

model but, more importantly, to safeguard its

conditions - not only to safeguard its business

consequences of more extreme weather

needed to help society adapt to the

Tryg's ambitions are clear, political action is

weather-related damage. Citizens, particular safeguard them against emerging climate threats and ensure the protection of their hazards, need to have confidence in their those most at risk from weather-related government and insurance company to property in the future.

Targets

key parameters for Tryg. The 2024 target was to reach 88 on a scale from 0 to 100 - a stable and 「ryg's customer satisfaction score is one of the widely used method for calculating customer satisfaction. At year-end the customer satisfaction score was 87.

use through dialogue with partners, customers

and society.

debate and put its knowledge and insights into

The score is based on customers' assessment of the customer journey and covers key processes which the customers will receive a survey. The service matters. It is based on direct customer survey includes both questions that should be customer relationship, where the customer is satisfaction in touchpoints and key processes target and will continue to focus on customer rated and open text fields for direct feedback. digital self-service and claims handling, after nteractions cover, for example, phone calls, Towards 2027, Tryg is committed to a new onboarded, to handling claims and ongoing and touchpoints from the beginning of the feedback from interactions with Tryg.

significant destruction and substantial human

and economic consequences.

a-100-years weather events that resulted in

Denmark and Norway experienced once-in-

extreme weather conditions. In 2023, both

awareness of the consequences of more

address their specific pain and areas where Tryg The open-ended text fields allow customers to achieve a customer satisfaction score of 83, A new target has been defined for 2027 to can improve the customer experience. which Tryg will report on as of 2025.

Strategy

Sustainability statement

expanded to include Trygg-Hansa (as opposed This is due to the fact, that the target has been The 2027 target is lower than the 2024 target. scope for customer satisfaction to get a more to the 2024 target that merely covered Tryg Denmark and Norway) and broadening the holistic view of e.g., the digital customer experience.

customer feedback are shared with the business which collaborate closely with all business areas input, learnings and business planning that can drive improvements in customer satisfaction. It The processes around customer satisfaction is is ultimately the Executive Board that approves driven by the Group Customer Insights team, across Denmark, Norway and Sweden. Each areas to ensure transparency and actions to business area has thorough insight into the customer experience and contributes with the target level and focus. The results and address areas of improvement.

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Strategy

Financial results

Governance

Financial statements Sustainability statement

Governance

G1 Business conduct

Responsible investment practices

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三 Contents

Strategy

Introduction

Financial results

Governance

Sustainability statement

business, its credibility, and its ability to succeed partners and external investment managers to with its strategy. It is a responsibility that Tryg As a financial sector company, responsible business conduct is fundamental for Tryg's promotes throughout its value chain and expects employees, suppliers, business comply with.

Material impacts, risks and opportunities

potential adverse impact, policies and initiatives related to prevention and detection of incidents In the double materiality assessment, only an opportunities related to corruption or bribery because Tryg recognises that this could be a were assessed material. However, to fulfil its commitment to the UN Global Compact and considered material. No impacts, risks or impact related to supplier relations was of corruption and bribery are described.

Positive impact

enabling a smooth claims handling process that benefits customers. This includes processes to mutually beneficial interactions with suppliers, ensure that suppliers share Tryg's values and establishing and maintaining effective and and delivery of services for the purpose of A positive impact is identified in terms of standards.

suppliers by ensuring a steady flow of work. The network of claims suppliers. This benefits Tryg in terms of having an established and known Tryg aims to direct claims to suppliers in its supplier base while helping the often small benefits are mutual and require close collaboration.

Business conduct

Business conduct policies and corporate culture

undertaken to comply with the Code of Conduct competition, duty of confidentiality, sensitive in their cooperation agreements with Tryg. It expectations and guidelines applicable to all covers themes such as accountability, good Tryg's Code of Conduct (CoC) describes employees and other partners who have data, and security and economic crime. business conduct, effective and free

procedures are established to operationalise the ncidents of corruption and bribery, breaches of principles around, for example, preventing To support the CoC, standard operational financial sanctions and tax evasion. The CoC is based on the rules applicable to Tryg the ten principles of the United Nations Global nternationally agreed standards, in particular Nations Convention against Corruption. It is Compact, and more specifically the United reviewed annually and approved by the as an insurance company as well as Executive Board.

describes expectations for suppliers. Read more environmental requirements to suppliers on about how Tryg works to convey social and Tryg's Supplier Code of Conduct clearly page 124. Annual Report 2024 | Tryg A/S | 121

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Contents III

ntroduction

Strategy

Financial results

Governance

Sustainability statement

Establishing, developing, promoting and evaluating corporate culture

facilitate credibility, integrity and independence company, Tryg administers a special trust from in its operations in order to not jeopardise the the public in providing economic security for A strong compliance setup is critical for how customers. Tryg must be able to ensure and Tryg conducts business. As an insurance trust of its customers or the public.

based on Tryg's policies and instructions and are business areas and Group functions responsible In Tryg's governance model, initial precautions environment through the 1st, 2nd and 3rd line responsible for compliance with both internal responsible for carrying out everyday work are taken to ensure an appropriate control for day-to-day risk management. They are of defence. The 1st line of defence is the and external requirements.

adequacy of the provisions, and for facilitating legislation and internal policies, assessing the monitoring compliance with applicable laws responsible for respectively overseeing and and monitoring effective risk management Actuarial and Risk Management functions. The 2nd line consists of the Compliance, practices and reporting.

monitor Tryg's compliance with legislation and regulation. The governance setup provides the Internal and external assessments regularly The 3rd line consists of the Internal Audit management and governance processes. independent and objective audit of the foundation for ways of working in Tryg. function responsible for ensuring an organisation's internal controls, risk

To ensure that Tryg can live up to its purpose deliver on its strategy and continue to create

G1-1

three key characteristics are set forth to support culture of Tryg: Create development, show trust, take responsibility. They apply to all employees, leadership and employee performance across Tryg. The characteristics are defining for the peace of mind for its customers and society, regardless of level and function.

Training on business conduct

Tryg's values and principles for ethical business All Tryg employees are required to complete epractice are included as training elements. The new employees and members of management behaviour. As an integral part of the CoC, antiensure that they are aware of and understand corruption, whistleblower and good business learning on Tryg's CoC on an annual basis to training is mandatory for all Tryg employees,

measures, control functions and specific groups performed to properly understand the potential potentially be a higher risk of corruption and at risk. Group Security is responsible for the bribery, an annual risk assessment must be assessments to ensure an objective and For the business areas where there can risks, their impact, relevant mitigation unbiased outcome.

areas are therefore also expected to discuss and work with the principles and standards for anticorruption and anti-bribery in their respective teams and through internal training sessions. handling, procurement and contracts. These customer-facing functions, such as claims Areas of higher risk are considered to be

Whistleblower scheme

be questioned and that any suspected violations Tryg wishes to ensure that its credibility cannot of the law or other serious matters are investigated.

ndividuals, such as persons working under the websites and on the intranet. For the full scope customers, can speak up about any suspected scheme, which is available via Tryg's external violation of the law or other serious matters the Whistleblower mechanism see Tryg supervision of suppliers or consultants and Employees and other specifically defined relating to Tryg via Tryg's whistleblower Home (whistleblowernetwork.net) of

serious offences or other serious matters, such suspected violations of financial regulations or the Anti-Money Laundering Act, suspicion of as financial crime, including bribery, fraud or Among the matters that can be reported are corruption, violation of competition rules,

osychological violence, discrimination, human rights violations, harassment or violations of suspected serious matters directed against employees, e.g. any form of physical or Tryg's Code of Conduct.

the scope of the Whistleblower mechanism, and protection and protection against retaliation in so far as the nature of the report is covered by In certain cases, whistleblowers have special as long as the report is based on reasonable cause and good faith.

whistleblower unit, which is composed of the Head of Group Compliance in Tryg A/S, the reported matters are investigated by the Reports can be made anonymously and

	Accounting principles	board members will be handled with different precautionary measures to ensure that prompt, independent and objective case handling can or	Chairman of Tryg's Audit and Risk committee. Legal Director of Tryg Forsikring A/S and the The whistleblower scheme is an electronic,
100 ర్గం	G1-3 - Prevention and detection of corruption and bribery Percentage of functions-at-risk covered by training programmes G1-3_07
202 2024 Unit	Prevention and detection of corruption and bribery ESRS ID
CFO of Tryg.	monitoring of transactions.
Group Security reports Tryg's over and bribery risks to the Manageme Supervisory Board's risk committe severe cases can be directly escali	established for the approval flows and the procedure and for developing necessary guidance or training for their respective employees. Furthermore, controls are
contacted to ensure independent investigation of the specific case.	internal governance holds each business area communication and training. The established responsible for ensuring compliance with the
compliance with the procedure, G HR, the Whistleblower mechanism management's Risk Committee ca	Among the measures is a management commitment, risk assessments,
and travel. Any advantages given o must be transparent to both partie organisations. In case of suspecte	designed to foster a culture for fighting corruption and for detecting incidents of corruption.
Tryg has defined thresholds for the receiving of gifts, advantages, repr	corruption. Preventative measures must be appropriate and effective defence against

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reported persons.

Financial results

Strategy

Introduction

三 Contents

Sustainability statement

Governance

Financial statements

, Group Security, nt and qualified the giving and epresentation, en or received ism or the cted noncan be rties'

verall corruption ittees. Specific, calated to the ment's and

ESRS ID	Unit	2024	2023	201

	G1-3 – Prevention and detection of corruption and bribery
- 3	Percentage of functions-at-risk covered by training
07 ) G1	96 programmes

tolerance approach to corruption and bribery. The training covers CoC, anti-corruption G1-3_07 Percentage of functions-at-risk covered by training programmes: Mandatory training of all Tryg employees (permanent and temporary). Tryg operates with a zeroand bribery, whistleblower, business ethics and practice, and IT security.

employee training, Tryg has a written procedure

In addition to Tryg's CoC and the annual

Prevention and detection of corruption

the necessary security measures to protect the integrity and identity of the whistleblower and and bribery

Tryg helps to counter bribery and corruption. in place for the purpose of establishing how

In general, Tryg must at all times have an

i.e. reports concerning employees, management

G1-3

moderate the case handling process, depending on who the report concerns and the nature of it,

Governance and procedures are in place to

Contents III

ntroduction

Strategy

Supplier management

Management of relationships with supplier

র্ব standard payment terms towards suppliers that sustainability is therefore an integral part of the Tryg is a large buyer with a large annual spend. suppliers. This benefits Tryg in terms of having an established and known supplier base while helping the often small suppliers by ensuring steady flow of work. The benefits are mutual are included in the contracts to prevent late procurement processes. Tryg aims to direct claims to suppliers in its network of claims and require close collaboration. Tryg has large spend can create a high impact, so payment.

purposes: one, to ensure that potential negati monitored and, if necessary, acted upon; and two, to drive a change towards more circular social or environmental impacts are closely practices in the claims handling processes. Tryg engages with suppliers for two main

request for proposal' process, also for indirect managers engage in dialogue with suppliers to inspire and learn about trends and share Tryg's sustainability is an integral part of any supplier cleaning suppliers, and that sustainability is pproach to more resource-efficient claims supplier agreements, e.g. with canteen or included in the contracts. Tryg's sourcing Tryg's procurement teams ensure that handling.

Compact and specifically outlines requirements sustainable and responsible business conduct. is based on the ten principles of the UN Global expresses the requirements and expectations for suppliers and partners with respect to Tryg's Supplier Code of Conduct (SCoC) within business ethics, climate and

environment, working conditions, employment practices, health and safety and human rights, including the total prohibition of child and forced labour.

mitigate risks of adverse impacts on human and Business and Human Rights, which means that labour rights both internally in the organisation it continuously seeks to identify, prevent and Tryg supports the UN Guiding Principles on and across the value chain. Tryg's Human and Labour Rights policy includes standards for human and labour rights - thereby mitigating risks. The commitment to human and labour rights includes a commitment to conduct to identify, prevent and mitigate adverse human rights impacts from occurring in the value chain regular due diligence to ensure that Tryg is able sustainability performance and achieve higher commitment to proactively collaborate with suppliers to help them increase their

health & safety in place, or more generally about One of the means for engaging with suppliers is topics, such as human and labour rights, for rights policy or programmes and training on nstance whether the supplier has a human through questionnaires related to specific what their due diligence process entails.

on sectors and geographic location, specific due Tryg conducts an annual impact assessment as workers. Besides conducting an analysis based the supplier will be the first step to identifying gaps or breaches are identified, dialogue with suppliers as part of the screening process. I part of its due diligence to identify actual or potential negative impacts on value chain diligence questionnaires are answered by what is needed to mitigate the situation.

Sustainability statement

Governance

Financial results

Supplier screenings

breach of contract with Tryg, in which case Tryg imebound action plan addressing the breaches and a plan to remedy this and, as a last resort in cases of continued breaches, Tryg reserves the engages in dialogue with the supplier with a requirements in the SCoC may constitute a right to terminate any agreement with the Repeated or serious violations of the supplier.

platform. Through the platform, Tryg can screen compliance with the SCoC, Tryg systematically screens suppliers through an evaluation To enable an evaluation of suppliers'

adherence to the ten principles of the UN Global and evaluate suppliers' ESG risks and their Compact based on their responses to ESG questionnaires.

their responses to the ESG questionnaires. Tryg engages in dialogue with suppliers accordingly. assesses whether further action is needed and questionnaires covering ESG topics. Based on actual risk areas where supplier collaboration should be advanced as a means of improving This allows Tryg to identify any potential or Currently, 1,600 suppliers have received performance.

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G1-2

Financial statements		2024 target Perfor- mance vs.	-1	-3	-6	-24
			90	100	50	70			as
		2024 Targets							are classified
		Base year 2022	43	50
Sustainability statement	performing suppliers has been expanded, which has caused a slight decline in the percentage. performing. The scope for assessing high-	Compara- 2023 tive	66	73	50	48			1-5 employees) are classified as high-performing if they
		Reporting year 2024	89	97	44	46
		Unit	%	%	ల్లిన	ಗಿರ
Governance	through the supplier evaluation platform. 46% Management of relationships with suppliers contracted by Procurement were screened In 2024, 97% of active claims suppliers of these were categorised as high-	ESRS ID	Suppliers screened Contract suppliers G1-2 02	Suppliers w/ claims	High-performing suppliers Contract suppliers G1-2 02	Suppliers w/ claims	Accounting principles	G1-2_02 Suppliers screened: Tryg systematically screens contract and claims suppliers through an evaluation platform to evaluate suppliers' compliance with Tryg's Supplier Code of Conduct and sustainability performance,	high-performance suppliers. The tracking is done for both contract suppliers and suppliers High-performing suppliers: If a supplier has accepted Tryg's Supplier Code of and has a policy or certificate within areas of sustainability they Small suppliers (size with claims. Conduct G1-2 02	accept the Supplier Code of Conduct and have a documented positive contribution within selected sustainability area. P
Financial results Strategy	are understandable to suppliers, both large and suppliers to ensure that they and that more knowledge on sustainability is imately builds capacity on necessary guidance established across the organisation. During 2024, Tryg reviewed its ESG ರಿ small, and with th questionnaires to provided. This ulti	efforts for risk mitigation or knowledge sharing sustainability amongst suppliers and enables To address the increasing burden suppliers, iew responses and guide Tryg to better revi	sector in Denmark, face in terms of submitting environmental and social information to their suppliers within the motor customers, Tryginitiated a process in close especially smaller	collaboration with the Danish industry	to standardise the information organisation, Insurance & Pension Denmark, to develop a standard framework for supplier l he purpose was questionnaires.	lightening the burden of suppliers having to requested from this type of supplier across insurance companies in Denmark, thereby report different data in different formats.		performance and compliance CoC, the guiding target is that by iers contracted all of Tryg's suppli with the supplier To track supplier Targets	target of ensuring that at least g screened in 2024. Out of claims suppliers achieve high-performance rating. Procurement are these, Tryg has a 70% of screened	on sustainability and at the same time leaves no- and motivates its supply chain to increase focus size of the supplier to ensure that Tryg inspires takes into consideration the one behind or excludes any potential positive contribution among smaller suppliers. The classification
Introduction Contents	This can be due to lack of formalised procedures and interpreting questions, or simply not having issues at supplier level, issues of understanding to manage some of the social or environmental I ryg pays close attention to and tracks supplier responses to the questionnaires. This includes have difficulties answering the questionnaires. dialogues with (often smaller) suppliers who	In cases where a supplier has not responded to the necessary capacity or resources available. the questionnaires or accepted Tryg's SCoC, Tryg's Procurement team will engage in	matter and, if needed, draw up a timebound dialogue with the supplier to resolve the action plan.	As expressed in the SCoC, Tryg expects	employees have the ability to voice grievances Additionally, workers in the value chain can at suppliers to have a grievance mechanism or anonymously and without fear of reprisal. similar procedure in place to ensure their	supervision of the management of contracting anonymous whistleblower hotline, which is available for persons working under the any time raise concerns through Tryg's	parties, subcontractors, suppliers and consultants.	Whistleblower mechanism is given under the A description of the process for tracking and monitoring issues raised through the	This year, the process for supplier screening Actions for improving processes around supplier screenings and follow-ups section 'Whistleblower scheme'	purpose of supplier screenings were cemented. was further established amongst procurement basis ensures that Tryg's processes are aligned Building capacity internally and on an ongoing colleagues, where the scope, impact and

III

Actions for improving processes around supplier screenings and follow-ups

of the document.

Annual Report 2024 | Tryg A/S | 125

Contents III

Introduction

Strategy

Financial results

Governance

Financial statements

Responsible investment practices

Tryg has made strategic changes to simplify and December 2024, all equities and high-risk assets investment portfolio and ensure a stable return have been sold - to create a simpler, less risky reduce the risk of its investment portfolio. As announced at the Capital Markets Day in

ncluding green bonds. These bonds are know demonstrate strong resilience against climate diversified portfolio of Nordic covered bonds, As a result, Tryg now primarily invests in a government bonds, and mortgage bonds, for their stability and reliability and also and environmental risks.

investment practices. Due to the recent changes Tryg believes that a strong governance setup key to ensuring transparent and responsible to the investment strategy, no action plan or targets are currently defined for the areas

Policies for governing responsible

details how portfolios are screened for potential Furthermore, the process for ethical screening The Responsible investment policy governs breaches of policies against controversial Tryg's responsible investment practices. weapons and behaviour. nvestment practices

activities are managed with due consideration to characteristics and meet sustainable investment policy is twofold: To ensure that the investment sustainability-related risks and their potential The purpose of the Responsible investment adverse impact on society. Secondly, to promote environmental and social objectives.

Responsible investment policy [link]

natural inclination towards an ethical mindset externally and typically through commingled managers are UN PRI signatories and have a External manager selection and monitoring fund structures. Tryg's external investment Some of Tryg's investments are managed

into account specific asset class characteristics integration of ESG considerations while taking An important aspect of the implementation of managers' governance and commitment to external managers and specific investment funds. Tryg evaluates (a) the external fund responsible investment is the selection of responsible investing and (b) the specific

positive environmental and social impacts, and meet sustainable investment objectives when Tryg qualifies all external managers through a manage sustainability-related risks, promote monitoring to ensure that each manager can due diligence process followed by ongoing applied.

organisations and UN PRI signatories and, on average, score well on UN PRI assessments. Additionally, most have explicit net-zero commitments and have joined relevant Tryg's external managers are generally members of responsible investment coalitions.

As part of the ongoing monitoring of asset managers, Tryg continues to review their responsible investment practices. Annual Report 2024 | Tryg A/S | 126

Ethical screening process

weapons and controversial behaviour defined as are violation of the ten principles of the UN Global aligned to Tryg's values, ethical screenings . To ensure that the individual holdings are conducted annually against controversial Compact.

compliance with UN and EU council regulations. The screening is carried out using data from an external ESG research provider and considers

If a violation is identified, a formal escalation process guides the further process.

Process for ethical screening [link]

engagement vary in nature and timing from, and e assurance engagement. Consequently, the level assurance that would have been obtained had of assurance obtained in a limited assurance engagement is substantially lower than the are less in extent than for, a reasonable The procedures in a limited assurance	Group's activities and business relationships Statement in accordance with the ESRS and for (IRO-1) of the Sustainability Statement. This understanding the context in which the subsection Double materiality assessment disclosing this Process as included in the responsibility includes:	sustainability reporting methods and making the selection and application of appropriate that is free from material misstatement, assumptions and estimates that are whether due to fraud or error; and reasonable in the circumstances.
reasonable assurance engagement been performed.	take place and developing an understanding the identification of the actual and potential of its affected stakeholders;	In reporting forward-looking information in Inherent limitations in preparing the Sustainability Statement
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under	to sustainability matters, as well as risks and impacts (both negative and positive) related opportunities that affect, or could	the basis of disclosed assumptions about events accordance with ESRS, management is required to prepare the forward-looking information on
Auditor's responsibilities for the assurance this standard are further described in the engagement section of our report.	reasonably be expected to affect, Tryg A/S's financial position, financial performance, capital over the short-, medium-, or long- cash flows, access to finance or cost of	actions by the Group. Actual outcomes are likely that may occur in the future and possible future to be different since anticipated events frequently do not occur as expected.
We are independent of the Group in accordance with the International Ethics Standards Board Our independence and quality management	identified impacts, risks and opportunities the assessment of the materiality of the term;	Auditor's responsibilities for the assurance engagement
for Accountants' International Code of Ethics for (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other Professional Accountants	related to sustainability matters by selecting making assumptions that are reasonable in and applying appropriate thresholds; and the circumstances. 0	Statement is free from material misstatement, Our responsibility is to plan and perform the assurance about whether the Sustainability assurance engagement to obtain limited
ethical responsibilities in accordance with these requirements and the IESBA Code.	preparation of the Sustainability Statement, Management is further responsible for the	conclusion. Misstatements can arise from fraud whether due to fraud or error, and to ıssue limited assurance report that includes our
Quality Management 1, which requires the firm to design, implement and operate a system of Our firm applies International Standard on quality management including policies or	which includes the information identified by the Insurance Business Act Chapter 17 including: Process, in accordance with the Danish compliance with the ESRS;	of users taken on the basis of the Sustainability reasonably be expected to influence decisions individually or in the aggregate, they could or error and are considered material if,
procedures regarding compliance with ethical applicable legal and regulatory requirements. requirements, professional standards and	subsection EU Taxonomy-aligned insurance preparing the disclosures as included in and investment activities section of the	As part of a limited assurance engagement in Statement as a whole.
Management is responsible for designing and information reported in the Sustainability implementing a process to identify the Management's responsibilities for the Sustainability Statement	Sustainability Statement, in compliance with preparation of the Sustainability Statement designing, implementing and maintaining such internal control that management determines is necessary to enable the Article 8 of the Taxonomy Regulation;	exercise professional judgement and maintain accordance with ISAE 3000 (Revised) we professional scepticism throughout the engagement.

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

III

To the stakeholders of Tryg A/S

Limited assurance conclusion

engagement on the sustainability statement of Statement"), for the financial year 1 January Management's review (the "Sustainability We have conducted a limited assurance Tryg A/S (the "Group") included in the 31 December 2024.

and the evidence we have obtained, nothing has prepared, in all material respects, in accordance with the Danish Insurance Business Act Chapter come to our attention that causes us to believe Based on the procedures we have performed that the Sustainability Statement is not including: 17,

compliance with the European Sustainability Sustainability Statement (the "Process") is in the process carried out by the management Reporting Standards (ESRS), including that to identify the information reported in the accordance with the description set out in the subsection Double materiality assessment (IRO-1); and
compliance of the disclosures in subsection section of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the investment activities the Environmental Taxonomy-aligned insurance and EU

Basis for conclusion

"Taxonomy Regulation").

of the document.

additional requirements applicable in Denmark. 3000 (Revised), Assurance engagements other engagement in accordance with International Standard on Assurance Engagements (ISAE) information ("ISAE 3000 (Revised)") and the than audits or reviews of historical financial We conducted our limited assurance

Our independence and

Management's respon Sustainability Stateme

Annual Report 2024 | Tryg A/S | 127

Strategy

Financial results

Governance

Financial statements

Our responsibilities in respect of the Process include:

Obtaining an understanding of the Process Process, including the outcome of the conclusion on the effectiveness of the but not for the purpose of providing a Process:
- disclosure requirements of the ESRS; and Designing and performing procedures to Considering whether the information identified addresses the applicable
with Tryg A/S's description of its Process, as evaluate whether the Process is consistent disclosed in the subsection Double materiality assessment (IRO-1)

Our other responsibilities in respect of the Sustainability Statement include:

Identifying where material misstatements are likely to arise, whether due to fraud or error; and
misstatements are likely to arise. The risk of resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. Sustainability Statement where material Designing and performing procedures not detecting a material misstatement misrepresentations, or the override of responsive to disclosures in the internal control.

Summary of the work performed

misstatements are likely to arise, whether due to about the Sustainability Statement. The nature, the identification of disclosures where material depend on professional judgement, including fraud or error, in the Sustainability Statement. performing procedures to obtain evidence A limited assurance engagement involves timing and extent of procedures selected

Obtained an understanding of the Process engagement, with respect to the Process, we: In conducting our limited assurance

internal documentation of its Process]; and management; and reviewing the Group's sources of the information used by

performing inquiries to understand the

with the description of the Process set out in Evaluated whether the evidence obtained implemented by Tryg A/S was consistent from our procedures about the Process the subsection Double materiality assessment (IRO-1)

engagement, with respect to the Sustainability In conducting our limited assurance Statement, we:

obtaining an understanding of the Group's Obtained an understanding of the Group's preparation of its Sustainability Statement including the consolidation processes by control environment, processes and information systems relevant to the reporting processes relevant to the
preparation of the Sustainability Statement control activities, obtaining evidence abou but not evaluating the design of particular their implementation or testing their operating effectiveness:
- identified by the Process is included in the Evaluated whether the information Sustainability Statement;
presentation of the Sustainability Statement Evaluated whether the structure and the
- information in the Sustainability Statement; Performed inquires of relevant personnel and analytical procedures on selected are in accordance with the ESRS;
procedures on selected information in the Performed substantive assurance Sustainability Statement:
Where applicable, compared disclosures in the Sustainability Statement with the

data for developing estimates and forwardcorresponding disclosures in the Financial Evaluated the methods, assumptions and Statements and Management's review;

taxonomy-aligned economic activities and Obtained an understanding of the Group's process to identify taxonomy-eligible and the corresponding disclosures in the looking information; and

Other Matter

Sustainability Statement.

Statement for the financial year 1 January – 31 The comparative information not marked with assurance engagement. Our conclusion is not modified in respect of this limitation of scope. grey dots included in the Sustainability December 2023 was not subject to an

PricewaterhouseCoopers Statsautoriseret Hellerup, 23 January 2025 Revisionspartnerselskab CVR no 33 77 12 31

State Authorised Public Accountant Per Rolf Larssen

State Authorised Public Accountant Stefan Vastrup mne32126

Annual Report 2024 | Tryg A/S | 128

other EU legislation Data points deriving from
Disclosure Requirement and related data point	SFDR ( 23 )	Pillar 3 ( 24 )	Regulation ( 25 ) Benchmark	EU Climate Law ( 26 )
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d)	p. 37 / p. 58-59		p. 37 / p. 58-59
Percentage of board members who are independent paragraph 21 (e) ESRS 2 GOV-1			p. 37 / p. 58-59
Statement on due diligence paragraph 30 ESRS 2 GOV-4	61 p.
Involvement in activities related to fossil fuel activities paragraph 40 (d) ESRS 2 SBM-1	Not material	Not material	Not material
:============================================================================================================================================================================= Involvement in activities related to chemical production paragraph 40 (d) ESRS 2 SBM-1	Not material		Not material
Involvement in activities related to controversial weapons paragraph 40 (d) iii ESRS 2 SBM-1	Not material		Not material
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv ESRS 2 SBM-1			Not material
Transition plan to reach climate neutrality by 2050 paragraph 14 ESRS E1-1				p. 74
Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (q) ESRS E1-1		p. 74	p. 74
GHG emission reduction targets paragraph 34 ESRS E1-4	p. 80	p. 80	p. 80
imate impact sectors) paragraph 38 Energy consumption from fossil sources disaggregated by sources (only high cl ESRS E1-5	Not material
ESRS E1-5 Energy consumption and mix paragraph 37	79 p.
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 ESRS E1-5	Not material
3 and Total GHG emissions paragraph 44 2, 1. Gross Scope ESRS E1-6	p. 83	p. 83	p. 83
55 Gross GHG emissions intensity paragraphs 53 to ESRS E1-6	p.84	p. 84	p. 84
GHG removals and carbon credits paragraph 56 ESRS E1-7				Not material
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 ESRS E1-9			Material (phase-in)
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) Location of significant assets at material physical risk paragraph 66 (c). ESRS E1-9 ESRS E1-9		Material (phase-in)
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Material (phase-in)
69 Degree of exposure of the portfolio to climate- related opportunities paragraph ESRS E1-9			Material (phase-in)

IRO-2

Annual Report 2024 | Tryg A/S | 129

Introduction

Contents

lll

Financial results

Strategy

Sustainability statement Governance

Financial statements

Disclosure Requirement and related data point	SFDR ( 23 )	Regulation ( 25 ) Benchmark
ESRS E2-4	Not material
Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28
Water and marine resources paragraph 9 ESRS E3-1	Not material
Dedicated policy paragraph 13 ESRS E3-1	Not material
Sustainable oceans and seas paragraph 14 ESRS E3-1	Not material
Total water recycled and reused paragraph 28 (c) ESRS E3-4	Not material
Total water consumption in m 3 per net revenue on own operations paragraph 29 ESRS E3-4	Not material
ESRS 2- SBM 3 - E4 paragraph 16 (a) i	Not material
ESRS 2- SBM 3- E4 paragraph 16 (b)	Not material
ESRS 2- SBM 3 - E4 paragraph 16 (c)	Not material
Sustainable land / agriculture practices or policies paragraph 24 (b) ESRS E4-2	Not material
Sustainable oceans / seas practices or policies paragraph 24 (c) ESRS E4-2	Not material
Policies to address deforestation paragraph 24 (d) ESRS E4-2	Not material
(d) Non-recycled waste paragraph 37 ESRS E5-5	ਰੇ 3 p.
Hazardous waste and radioactive waste paragraph 39 ESRS E5-5	ਰੇ ਤੇ D.
Risk of incidents of forced labour paragraph 14 (f) ESRS 2- SBM3 - S1	Not material
Risk of incidents of child labour paragraph 14 (g) ESRS 2-SBM3 - S1	Not material
Human rights policy commitments paragraph 20 ESRS S1-1	105 p.
Labor Organisation Conventions 1 to Due diligence policies on issues addressed by the fundamental International 8, paragraph 21 ESRS S1-1		105 p.
22 processes and measures for preventing trafficking in human beings paragraph ESRS S1-1	Not material
workplace accident prevention policy or management system paragraph 23 ESRS S1-1	Not material
grievance/complaints handling mechanisms paragraph 32 (c) ESRS S1-3	p. 108

Sustainability statement

Governance

Financial results

Annual Report 2024 | Tryg A/S | 130

Strategy

三 Contents

Introduction

			Benchmark
Disclosure Requirement and related data point	SFDR ( 23 )	Pillar 3 ( 24 )	Regulation ( 25 )	EU Climate Law ( 26 )
Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) ESRS S1-14	Not material		Not material
ESRS S1-14
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	Not material
Unadjusted gender pay gap paragraph 97 (a) ESRS S1-16	113 p.		p. 113
Excessive CEO pay ratio paragraph 97 (b) ESRS S1-16	113 p.
Incidents of discrimination paragraph 103 (a) ESRS S1-17	p. 108
Guidelines paragraph 104 (a) ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD	Not material		Not material
(b) - Significant risk of child labour or forced labour in the value chain paragraph 1 ESRS 2-SBM3 - S2	Not material
Human rights policy commitments paragraph 17 ESRS S2-1	Not material
ESRS S2-1 Policies related to value chain workers paragraph 18	Not material
nd OECD guidelines paragraph 19 ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles a	Not material		Not material
Due diligence policies on issues addressed by the fundamental International Labor Organisations 1 to 8, paragraph 19 ESRS S2-1			Not material
Human rights issues and incidents connected to its upstream value chain paragraph 36 ESRS S2-4	Not material
Human rights policy commitments paragraph 16 ESRS S3-1	Not material
non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines paragraph 17 ESRS S3-1	Not material		Not material
ESRS S3-4
Human rights issues and incidents paragraph 36	Not material
ESRS S4-1 Policies related to consumers and end-users paragraph 16	p. 114
Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 ESRS S4-1	115 p.		115 p.
Human rights issues and incidents paragraph 35 ESRS S4-4	Not material
United Nations Convention against Corruption paragraph 10 (b) ESRS G1-1	p. 121
Protection of whistle- blowers paragraph 10 (d) ESRS G1-1	122 p.
Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) ESRS G1-4	Material (postponed)		Material (postponed)
Standards of anti- corruption and anti- bribery paragraph 24 (b) ESRS G1-4	Material (postponed)

Annual Report 2024 | Tryg A/S | 131

Financial statements

Governance

Financial results

三 Contents

Strategy

Introduction

Contents III

Introduction

Strategy

Financial results

Contents - Financial statements

Tryg's Group consolidated financial statements are prepared in accordance with IFRS Accounting Standards

Tryg Group

Note
	Statement by the Supervisory Board and the Executive Board
	Independent Auditor's Reports
	Financial highlights
	Income statement
	Statement of comprehensive income
	Statement of financial position
	Statement of changes in equity
	Cash flow statement
1	Risk and capital management
2	Insurance revenue
3	Insurance service result
7	Operating segments
ഥ	Insurance service result by geography
9	Insurance service result by line of business
1	Insurance service expenses
00	Interest and dividends
6	Value adjustments
10	Net finance income/expenses from insurance contracts
	Net finance income/expenses from reinsurance

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Other income and costs

12 11

contracts

Income and comprehensive income statement Tryg A/S (parent company)

164 166

Intangible assets

33 34

Tax

Note 13 14 15 16

140

17 18 19 20

138 l 39

205 206

Property, plant and equipment	170	Statement of financial position	206
Investment property	171	Statement of changes in equity	207
Equity investments in associates	171	Notes	208
Financial assets	172
Assets from reinsurance contracts	175	Reporting for Q4
Cash at bank and in hand	176	Quarterly outline - Segments	213
Equity	176	Quarterly outline - Geography	215
Subordinated loan capital	178
Insurance contracts liabilities	180
Pensions and similar obligations	182	Information
Deferred tax	183	Group chart	218
Other provisions	184	Glossary, key ratios and alternative performance
Earnings per share, operating earnings per share	184	measures	219
Other debt	184	Disclaimer	221
Contractual obligations, collateral and contingent
liabilities	185
Related parties	186
Share-based payments	189
Financial highlight	190

158

157

24 25

156

22 23

142 144 145

141

Contr
- liabilit 29

163

Relate 30
-
Share-31

163

Finano 32
Accounting policies 33 163

191

163

Contents ||

Introduction

Strategy

Financial results

Sustainability statement

tement by the Supervisory Board

and the Executive Board

have today considered and adopted the Annual The Supervisory Board and Executive Board Report of Tryg A/S for the financial year 1 January - 31 December 2024.

Accounting Standards as adopted by the EU and Insurance Business Act. Management's Review financial statements of listed companies. The been prepared in accordance with the Danish further requirements in the Danish Insurance companies and the requirements of NASDAQ The Consolidated Financial Statements have Parent Company Financial Statements have has been prepared in accordance with the Business Act for listed financial services Copenhagen for the presentation of the been prepared in accordance with IFRS Danish Insurance Business Act.

Group Statements and the Parent Company Financial cash flows of the Group for the financial year and the Parent Company operations and the Statements give a true and fair view of the Group's and the Parent Company's assets, our opinion, the Consolidated Financial December 2024 and of the results of the iabilities and financial position as at 31 January 2024 - 31 December 2024. In our opinion, Management's Review includes a fair review of the development in the operations and uncertainty factors that may affect the the Parent Company and describes significant and financial circumstances of the Group and Group and the Parent Company risk

Additionally, the sustainability statement, which is part of Management's Review, is prepared, in

process undertaken by Management to identify Act and rules issued accordingly. This includes accordance with the description set out in the Reporting Standards (ESRS) including that the Chapter 17 of the Danish Insurance Business is in compliance with the European Sustainability IRO-1). Furthermore, disclosures within the Environmental section of the sustainability accordance with Article 8 of EU Regulation subsection Double materiality assessment all material respects, in accordance with statement are, in all material respects, in the reported information (the "Process") 2020/852 (the "Taxonomy Regulation"). The year 2024 marks the initial implementation of Chapter 17 of the Danish Insurance Business Act concerning compliance with ESRS. As such, more clear guidance and practice are

anticipated in various areas, which are expected assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since to be issued in the coming years. Furthermore, the sustainability statement includes forwardanticipated events frequently do not occur as looking statements based on disclosed expected.

2024 with the file name tryg-2024-12-31- en.zip In our opinion, the annual report of Tryg A/S for the financial year 1 January to 31 December is prepared, in all material respects, in compliance with the ESEF Regulation

We recommend that the Annual Report be adopted at the Annual General Meeting.

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Annual Report 2024| Tryg A/S | 133 othe psiole Mengmeng Di Thomas Hofman-Bang Mikael Kärrsten 1h Afrem Group CTO Elias Bakk ಡಿ Alexandra Bastkær Winther Carl-Viggo Ostlund there andra Tina Snejbjer Group CCO Benedicte Bakke Ager arlotte Dietzer Lars Bonde Group COO Ara Ors Jørn Rise Andersen min Claus Wistoft whit

Jour.

Governance

Independent Auditor's Reports

To the shareholders of Tryg A/S

Report on the audit of the Financial Statements

Our opinion

Group's financial position at 31 December 2024 Accounting Standards as adopted by the EU and and of the results of the Group's operations and further requirements in the Danish Insurance cash flows for the financial year 1 January to Statements give a true and fair view of the In our opinion, the Consolidated Financial December 2024 in accordance with IFRS Business Act.

of December 2024 and of the results of the Paren Moreover, in our opinion, the Parent Company Company's operations for the financial year 1 January to 31 December 2024 in accordance the Parent Company's financial position at 31 Financial Statements give a true and fair view with the Danish Insurance Business Act.

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

What we have audited

The Consolidated Financial Statements of Tryg statement of changes in equity, the cash flow accounting policy information for the Group. statement and statement of comprehensive ncome, the statement of financial position, A/S for the financial year 1 January to 31 statement and notes, including material December 2024 comprise the income

statement of financial position, the statement of changes in equity and notes, including material The Parent Company Financial Statements of Tryg A/S for the financial year 1 January to 31 December 2024 comprise the income and comprehensive income statement, the accounting policy information.

Collectively referred to as the "Financial Statements".

Basis for opinion

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

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

Independence

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

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 We were first appointed auditors of Tryg A/S or 26 March 2021 for the financial year 2021. We engagement of 4 years including the financial resolution for a total period of uninterrupted vear 2024.

We considered the appropriateness of Management's defined were any indications of impairment of the assets. We analysed understanding of IT systems, business processes and relevant impairment review was required and evaluated whether there ter and in antes are the struct in a procession in and the internal second of the Prancis Steen of the control of the marked for auto of the marked for and of framies of our controls related to the assessment of the carrying amount of customer relations and the process for identifying CGUs that IFRS. We performed detailed testing for the assets where an the reasonableness of significant assumptions in relation to growth rates, claims ratio, reinsurance ratio, gross cost ratio, goodwill, trademarks and customer relations. In respect of Management, including assessment of expected premium require impairment testing to determine compliance with accuracy of the relevant value-in-use models prepared by We performed risk assessment procedures to obtain an controls, we assessed whether these were designed and We examined the methodology used by Management to assess the carrying amount of goodwill, trademarks and Further, we assessed the appropriateness of disclosures including sensitivity analyses prepared for the significant discount rate and inflation and tested the mathematical We evaluated and challenged the assumptions used by implemented effectively to address the risk of material How our audit addressed the key audit matter the ongoing operations related to the assets. CGUs within the business. misstatement. Management. assumptions. total assessment of the future projected cash flows that are used to elated to the impact on future earnings from competition and long-lived nature of the assets, the significant assumptions are economic trends in key markets. Bearing in mind the generally exercised by Management in estimating future cash flows and The key assumptions and accounting treatment are described DKK 28,925 million, which constitutes 28% of the total assets in Note 1 4 "Intangible assets" in the Financial Statements and estimates and assessments" and "Measurement of Goodwill, assess the recoverability of the carrying amount of goodwill, claims ratio, reinsurance ratio, gross expense ratio, discount trademark and customer relations. There are specific risks Management's view of expected insurance revenue, gross Recoverability of the carrying amount of goodwill, relations focused on this, as there is a high level of subjectivity in "Accounting policies" sections "Significant accounting The principal risks are in relation to Management's Trademarks and Customer relations" in Note 33. The Group's goodwill, trademarks and customer Independent Auditor's Reports trademarks and customer relations models used are complex. rate and inflation. Wet Statements of "Risk and capital management" in Note 1 and in ndustry knowledge with a view to ensure that these are in line ignificant assumptions applied based on our experience and oasis for the calculation of provisions for insurance contracts, assumptions applied, and calculations made. For a sample of regulatory and accounting requirements, including IFRS estimates and assessments" and "Insurance and reinsurance We performed risk assessment procedures with the purpose of achieving an understanding of it-systems, procedures and elevant controls relating to claims processing and insurance these were designed and implemented effectively to address We used our own actuaries in the evaluation of the actuarial orovisions for insurance contracts, we tested the calculation on assessed and challenged the methods and models and 17 . This comprised an assessment of the continuity in the orovisioning. In respect of controls, we assessed whether the risk of material misstatement. For selected controls, We assessed whether the disclosures on provisions for Accounting policies" sections "Significant accounting which we planned to rely on, we tested whether these methods and models applied by the Group as well as How our audit addressed the key audit matter Reference is made to the description in the Financial We tested the calculation of provisions for insurance nd the data used to the underlying documentation. controls had been performed on a consistent basis insurance contracts were adequate. contracts on a sample basis. contracts" in Note 33. opinion thereon, and we do not provide a separate opinion on these matters. time value of money and the associated financial risks, and The a risk adjustment for non-financial risks. The estimate includes The IFRS 17 premium allocation approach (PAA) is applied for Subsequently, the carrying amount of the LRC is increased by 46,969 million, which constitutes 45% of the total equity and We focused on the measurement of provisions for insurance nprise estimates of future cash flows, adjusted to reflect Accounting estimates in respect of provisions for insurance Measurement of provisions for insurance contracts coverage, LRC) and claims provisions (liability for incurred expected fulfilment cash flows relating to insurance events occurred at the statement of financial position date, which contracts is an experience-based estimate involving use of contracts, as the accounting estimate is by nature complex The Group's provisions for insurance contracts total DKK Services are primarily provided based on passage of time remaining service period. Insurance acquisition costs are provisions (LRC) is recognised as the premiums received. Claims provisions (LIC) are measured as the total of the historic claims data and complex actuarial methods and requency and extent of insurance events relating to the and influenced by subjectivity and thus to a large extent direct and indirect claims handling costs that arise from estimate covers direct and indirect costs relating to the recognised as insurance revenue for services provided. On initial recognition the carrying amount of premium any premiums received and decreased by the amount events occurred at or before the statement of financial models, which involve significant assumptions on the liabilities. Provisions for insurance contracts primarily comprise premium provisions (liability for remaining measurement of groups of insurance contracts. associated with estimation uncertainty. Key audit matters expensed as incurred. nsurance contracts.

claims, LIC).

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

III

Annual Report 2024| Tryg A/S | 135

oosition date.

of the document

Introduction Contents	Independent Auditor's Reports	Governance	Financial statements Sustainability statement
Management's Review and, in doing so, consider ot cover Management's Review, and we do not with the Consolidated Financial Statements and equirements of the Danish Insurance Business Management's Review includes the disclosures equired by the Danish Insurance Business Act. the Parent Company Financial Statements and Management is responsible for Management's This does not include the requirements related Act, except for the requirements related to the sustainability statement, cf. above. We did not Our opinion on the Financial Statements does to the sustainability statement covered by the otherwise appears to be materially misstated. Based on the work we have performed, in our view, Management's Review is in accordance nconsistent with the Financial Statements or whether Management's Review is materially In connection with our audit of the Financial separate auditor's limited assurance report as been prepared in accordance with the statements, our responsibility is to read our knowledge obtained in the audit, or as part of the audit express any form of Statement on Management's Review dentify any material misstatement in Moreover, we considered whether assurance conclusion thereon. Management's Review. Review ereon	to going concern and control as Management determines is necessary Accounting Standards as adopted by the EU and operations, or has no realistic alternative but to Management is responsible for the preparation of consolidated financial statements that give a Business Act and for the preparation of parent unless Management either intends to liquidate company financial statements that give a true the Group or the Parent Company or to cease further requirements in the Danish Insurance Management is responsible for assessing the misstatement, whether due to fraud or error. Insurance Business Act, and for such interna Group's and the Parent Company's ability to using the going concern basis of accounting and fair view in accordance with the Danish continue as a going concern, disclosing, as true and fair view in accordance with IFRS statements that are free from material In preparing the Financial Statements, to enable the preparation of financial Management's responsibilities for applicable, matters related the Financial Statements do so.	is higher than for one resulting from error, as and to issue an auditor's report that includes our those risks, and obtain audit evidence that is opinion. Reasonable assurance is a high level of additional requirements applicable in Denmark material misstatement resulting from fraud economic decisions of users taken on the basis As part of an audit in accordance with ISAs and Denmark, we exercise professional judgement a bası intentional omissions, misrepresentations, audit ਰ misstatement of the Financial Statements, Statements as a whole are free from material whether due to fraud or error, design and misstatement, whether due to fraud or error, arise from for our opinion. The risk of not detecting fraud or error and are considered material if, perform audit procedures responsive to and the Identify and assess the risks of material will always detect a material misstatement individually or in the aggregate, they could the additional requirements applicable in assurance, but is not a guarantee that an sufficient and appropriate to provide reasonably be expected to influence the fraud may involve collusion, forgery, Our objectives are to obtain reasonable assurance about whether the Financial Auditor's responsibilities for the audit or the override of internal control. and maintain professional scepticism in accordance with ISAs when it exists. Misstatements can of these Financial Statements. throughout the audit. We also: of the Financial Statements conducted	our auditor's report. However, future events Evaluate the appropriateness of accounting auditor's report to the related disclosures in relevant to the audit in order to design audit Obtain an understanding of internal control ability to continue as a going concern. If we Evaluate the overall presentation, structure expressing an opinion on the effectiveness conclude that a material uncertainty exists, basis of accounting and based on the audit Parent Company to cease to continue as a including the disclosures, and whether the opinion. Our conclusions are based on the Group's and the Parent Company's conditions that may cast significant doubt or conditions may cause the Group or the of the Group's and the Parent Company's disclosures are inadequate, to modity our audit evidence obtained up to the date of and content of the Financial Statements, policies used and the reasonableness of Management's use of the going concern our circumstances, but not for the purpose underlying transactions and events in a evidence obtained, whether a material procedures that are appropriate in the manner that gives a true and fair view. uncertainty exists related to events or we are required to draw attention in Conclude on the appropriateness of Financial Statements represent the disclosures made by Management. the Financial Statements or, if such accounting estimates and related internal control. going concern. on the 0

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Document ID:

0B653D38890E4BF78CE4FF97188B8A1D

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Introduction

Strategy

Financial results

Financial statements

Sustainability statement

Governance

Independent Auditor's Reports

ട്ട് ട are responsible for the direction, supervision Parent Company Financial Statements. We Plan and perform the group audit to obtain Consolidated Financial Statements and the and review of the audit work performed for entities or business units within the group regarding the financial information of the purposes of the group audit. We remain solely responsible for our audit opinion. sufficient appropriate audit evidence a basis for forming an opinion on the

the significant deficiencies in internal control that governance regarding, among other matters, 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. independence, and to communicate with them independence and, where applicable, actions with a statement that we have complied with 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 From the matters communicated with those We describe these matters in our auditor's disclosure about the matter.

Report on compliance with the ESEF Regulation

we performed procedures to express an opinion the orepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) As part of our audit of the Financial Statements financial year 1 January to 31 December 2024 requirements related to the preparation of the whether the annual report of Tryg A/S for with the filename tryg-2024-12-31-en.zip is 2019/815 on the European Single Electronic annual report in XHTML format and iXBRL Format (ESEF Regulation) which includes tagging of the Consolidated Financial Statements including notes. on

Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:

The preparing of the annual report in XHTML format;
The selection and application of appropriate iXBRL tags, including extensions to the ESEF elements in the taxonomy, for all financial information required to be tagged using taxonomy and the anchoring thereof to judgement where necessary;
Ensuring consistency between iXBRL tagged Statements presented in human-readable data and the Consolidated Financial format: and

For such internal control as Management preparation of an annual report that is compliant with the ESEF Regulation. determines necessary to enable the

prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence auditor's judgement, including the assessment whether due to fraud or error. The procedures extent of procedures selected depend on the we have obtained, and to issue a report that includes our opinion. The nature, timing and requirements set out in the ESEF Regulation, of the risks of material departures from the assurance on whether the annual report is Our responsibility is to obtain reasonable include:

Testing whether the annual report is prepared in XHTML format;
internal control over the tagging process; company's iXBRL tagging process and of Obtaining an understanding of the
Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes:
from the ESEF taxonomy and the creation of company's use of iXBRL elements selected element in the ESEF taxonomy has been extension elements where no suitable Evaluating the appropriateness of the identified:
elements to elements in the ESEF taxonomy; Evaluating the use of anchoring of extension and

audited Consolidated Financial Statements. Reconciling the iXBRL tagged data with the

2024 with the file name tryg-2024-12-31-en.zip In our opinion, the annual report of Tryg A/S for the financial year 1 January to 31 December is prepared, in all material respects, in compliance with the ESEF Regulation.

Hellerup, 23 January 2025

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab CVR No 33 77 12 31

State Authorised Public Accountant Per Rolf Larssen

mne24822

State Authorised Public Accountant mne32126

Stefan Vastrup

三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements Sustainability statement

Financial highlights

DKKm	2024	2023	2022	2021	2020
nsurance revenue	39.974	39,126	38,365	25,369	23,442
nsurance service expenses	-31,902	-32,219	-32,156	-21,304	-19,276
Net expenses from reinsurance contracts	-748	-507	-576	-727	-480
Insurance service result	7,324	6,399	5,636	3,338	3,687
Net investment result®	643	631	-441	1,369	241
Other income and costs	-1.664	-2.001	-2.143	-752	-387
Profit/loss before tax	6,303	5.029	3.051	3.956	3.541
ax	-1.488	-1.178	-804	-795	-768
Profit/loss on continuing business	4.816	3,851	2.247	3.161	2,773
Profit/loss on discontinued and divested business	0	0	0	-3
Profit/loss for the period	4,816	3,851	2,247	3,158	2,773
Other comprehensive income
Other comprehensive income which cannot subsequently be reclassified as profit or loss	-1	-1	-2	0	-62
Other comprehensive income which can subsequently be reclassified as profit or loss	-837	-8	-1.828	-36	48
Other comprehensive income	-838	-9	-1,830	-36	-14
Comprehensive income	3,978	3,842	417	3,122	2,759
Run-off gains/losses, net of reinsurance	1,090	1,099	759	435	1,194
Run-off gains/losses, Gross	1.898	1,735	1,120	421	1,179
Statement of financial position
Insurance contracts liabilities	46.969	49,463	49,063	32,968	31.081
Assets from reinsurance contracts	2.974	3,060	2,823	2,244	2,052
l otal equity	38,864	40,351	42,504	49,008	12,264
Total assets	104,376	112,940	113.387	99,245	59.647
Key Ratios
Gross claims ratio	65.6	68.0	68.7	70.9	6 68.
Net reinsurance ratio	1.9	1.4	1.7	6 ১	2.0
Claims ratio, net of reinsurance	67.6	69.4	70.3	73.8	70.9
Expense ratio	9 ന്ന	13.4	3.5	13.1	13.3
Combined ratio	81.0	82.8	83.8	86.8	84.3
Operating ratio	81.0	82.8	83.8	ರಿ 86.	84.3
Relative run-off gains/losses	6 2.	2.7	6 ঠ	ರಿ -	4.9
Return on equity after tax (%)	12.2	7 6	4.9	ರು L	S 22.
Share price (DKK)	151.50	146.90	165.35	161.50	192.10
Market price/Net asset value	7 2	2.2	2.5	2.2	4.7
Price/Earnings	L 9.	24.2	47.6	29.3	20.9

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Contents	Introduction		Financial statements
	Income stateme
DKKm		2024	2023
Note
ঠ	Insurance revenue	39,974	39,126
L	Insurance service expenses	-31,902	-32,219
	Net expenses from reinsurance contracts	-748	-507
3-6	Insurance service result	7.324	6.399
	Investment activities
	Profit/loss from associates	-48	-75
	Income from investment property	22	35
8	Interest income and dividends	1,633	1,624
6	Value adjustments	559	1,674
8	Interest expenses	-392	-344
	Administration expenses in connection with investment activities	-239	-176
	Investment return	1,535	2,738
10	Net finance income/expense from insurance contracts	-1.016	-2,190
11	Net finance income/expense from reinsurance contracts	124	84
	Net investment result	643	631
12	Other income	132	145
12	Other costs	-1,796	-2,147
	Profit/loss before tax	6,303	5,029
	l ax	-1.488	-1.178
	Profit/loss for the period	4.816	3,851
27	Earnings per share	7.71	6.08
27	Diluted earnings per share	7.70	6.07

	Contents

DKKm

Strategy

Introduction

Financial results

Sustainability statement

Governance

Financial statements

2023

2024

Statement of comprehensive income


Profit/loss for the period	9 4,81	3,851
Other comprehensive income which cannot subsequently be reclassified as profit or loss
Actuarial gains/losses on defined-benefit pension plans
Tax on actuarial gains/losses on defined-benefit pension plans

Other comprehensive income which can subsequently be reclassified as profit or loss
Exchange rate adjustments of foreign entities	-1.030	-105
Hedging of currency risk in foreign entities	262	36
Tax on hedging of currency risk in foreign entities	-6:	-33
	-83
Total other comprehensive Income	-838

3,842

3,978

Comprehensive income

	Statement of fir		ncial		osit
DKKm		2024	2023	DKKm		2024	2023
Note				Note
	Assets				Equity and liabilities
14	Intangible assets	30.692	31,987	21	Equity	38.864	40.351
	Operating equipment	192	191	22	Subordinated loan capital	2.906	3.031
	Group-occupied property	759	ਰ 35
15	Total property, plant and equipment	951	1.125	23	Insurance contracts liabilities	46.969	49,463
16.18	Investment property	429	498	24	Pensions and similar obligations	57	77
17				25	Deferred tax liability	2,780	3,367
	Equity investments in associates Total investments in associates	38 38	54 54	26	Other provisions Total provisions	2,921 84	3,666 223

	Equity investments	3,836	3,939		Amounts owed to credit institutions	989	2,028
	Unit trust units	1,168	8,192		Debt relating to repos	3.684	4,645
	Bonds	59,687	57,065	8	Derivative financial instruments	1,048	1,779
	Derivative financial instruments	661	2,038	ర్ర 1	Current tax liabilities	887	389
	Reverse repurchase lending	340	59	28	Other debt	6,068	7,551
8	Total other financial investment assets	65.693	71.293		Total debt	12.677	16,391
	Total investment assets	66.159	71.844		Accruals and deferred income	39	38
L	Assets from reinsurance contracts 6	2,974	3,060		Total equity and liabilities	104.376	112.940
	Other receivables	472	526	-	Risk and capital management
	Total receivables	472	526	29	Contractual obligations, collateral and contingent liabilities
13	Current tax assets	43	197	30 31	Related parties
20	Cash at bank and in hand	2.123	3,132	32	Share-based payment Financial highlights
	Other	0	S	33	Accounting policies
	Total other assets	2,166	3,334
	Interest and rent receivable	388	418
	Other prenavments and accrued income	574	645

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Total prepayments and accrued income

Total assets

1,063 112,940

962 104,376

Strategy

Introduction

三 Contents

Financial results

Sustainability statement

	Contents

Strategy

Financial results

Governance

Statement of changes in equity

		Reserve for
		exchange rate	Other	Retained		Proposed controlling Non-	Share-	holders of
DKKm	Share capital		reservesal	earnings	dividend	interest		Tryg Tier 1 capital Total equity
Equity at 31 December 2023	3,174	-1,796	4,547	32,263	1.174		39,364	987	40,351
2024
Profit/loss for the period			-186	84	4.844		4.742	73	4.816
Other comprehensive income		-837					-838		-838
Total comprehensive income		-837	-186	83	4.844		3,905	13	8 .97 ಗಾ
Nullification of own shares	-92			92
Dividend paid					-4.816		16 -4.8.		-4,816
Dividend, own shares				76					76
Interest paid on additional Tier 1 capital								-73	-73
Purchase and sale of own shares				-707			-707		-707
Share-based payment				9 9			56		56
Total changes in equity in 2024	-92	-837	-186	-400	28	0	-1.487	0	-1.487
Equity at 31 December 2024	3,082	-2,633	4,361	31,864	1,202		37,877	987	38,864

a The continency fund provisions can be used to cover the settement of insurance provisions or otherwise for the insured and are not available for dividends

Proposed dividend pershare is catal dividend proposed by the Supervisory Board after the end divided by the total number of stares at the end of the year 6 6, 20, 10 shares.

The possible payment of dividend from Trye Forsikring A/S influenced by contingency fund provisions of DKK 4,367m in 2023,

Contents III

Introduction

Strategy

Financial results

Governance

Statement of changes in equity

		Reserve for
		exchange rate	Other	Retained		Proposed controlling Non-	Share-	holders of
DKKm	Share capital	adjustment	reservesal	earnings	dividend	interest	Tryg	Tier 1 capital Total equity
Equity at 31 December 2022	3,273	-1,789	4,724	35,247	1,047		42,504	0	42,504
Changes in impairment owing to implementation of IFRS 9
Changes in taxes due owing to implementation of IFRS 9
Equity at 1 January 2023	3,273	-1.789	4,724	35,245	1,047		42,502		42,502
2023
Profit/loss for the period			-178	-763	4.734		3,794	57	3,851
Other comprehensive income		-8					-9		ರ್
Total comprehensive income		-8	-178	-765	4,734		,785 గా	57	,842 8
Nullification of own shares	-99			6 6					0
Dividend paid					-4.607		-4.607		-4.607
Dividend, own shares				135			135		135
Interest paid on additional Tier 1 capital								-57	-57
Purchase and sale of own shares				-2,531			-2,53		-2,531
Issue of additional Tier 1 capital								987	ರಿಕ
Share-based payment				79			o
Total changes in equity in 2023	-99	-8	-178	-2.982	127	0	-3,138	987	-2,151
Equity at 31 December 2023	3.174	-1.796	4.547	32,263	1.174		39.364	987	40.351

a The continency fund provisions can be used to cover the settlement of insurance provisions or otherwise for the insured and an ot available for dividents.

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

三 Contents

Introduction

Financial results

Financial statements Sustainability statement

Cash flow statement

DKKm	2024	2023
Cash flow from operating activities
Insurance revenue received	38,886	36,905
Insurance service expenses paid	-31.436	-29,060
Net expenses from reinsurance contracts	-663	-876
Cash flow from insurance activities	6.786	6.970
nterest income	1,291	1,145
nterest expense	-392	-344
Dividend received	155	149
Corporate taxes	-1.365	-318
Other income and costs	-826	-1,034
Total cash flow from operating activities	5.649	6.569
Cash flow from Investment activities
Purchase/sale of equity investments and unit trust units	6.771	883
Purchase/sale of bonds (net)	-6.084	-523
Purchase/sale of intangible assets	-819	-502
Purchase/sale of operating equipment (net)	-9	-69
Acquisition/sale of associate	-31	165
Sale of investment property	38	502
Hedging of currency risk	262	130
Total cash flow from investment activities	129	585
Cash flow from financing activities
Purchase and sale of own shares (net)	-707	-2.531
Subordinated loan capital	0	-45
Dividend paid	-4.816	-4.607
Change in lease liabilities	-210	-211
Change in amounts owed to credit institutions	-1.039	722
Total cash flow from financing activities	-6,772	-6,672
Change in cash and cash equivalents. net	-994	482
Exchange rate adjustment of cash and cash equivalents, 1 January	-16	-12

Liabilities arising from financing activities

DKKm

		Amounts owed to
	Subordinated	credit
2024	loans"	institutions	Total
Carrying amount at 1 January	8 4.01	2.028	6.045
Exchange rate adjustments	-126		-126
Amortisation
Cash flow		-1.039	-1.039
Carrying amount at 31 December	3.894	686	4,881
2023
Carrying amount at 1 January	4,154	1.305	5,459
Exchange rate adjustments	-94		-93
Amortisation
Cash flow	-45		67
Carrying amount at 31 December	4.018	2.028	6.045

a) hereof is DKK 987m recognised as equity cf. note 21

of the document. Document ID:

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470 2,662 3,132

-1,009 3,132 2,123

Change in cash and cash equivalents, gross

Cash and cash equivalents at end of period Cash and cash equivalents at 1 January

0B653D38890E4BF78CE4FF97188B8A1D

Strategy

Governance

Strategy

Sustainability statement

Notes

Risk and capital management

Risk management in Tryg

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

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

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

The 2nd line consists of the Compliance-, Actuarial- and Risk Management function:

The compliance function has the overall responsibility for overseeing and monitoring compliance with applicable laws and legislation as well as internal policies and guidelines. The key responsibility of the actuarial function is to ensure and assess the adequacy of the provisions.

The risk management function is responsible for the facilitation and, monitoring of effective risk management practices and reporting of adequate risk-related information throughout the organisation.

Governance model

Tryg's risk management environment

	The Supervisory Board's Risk Committee was established to ensure that all risk and capital related topics are discussed thoroughly before discussed in the Supervisory Board.	A solid capital base, supporting both the statutory requirements and a single 'A' rating from	Support of a steadily increasing nominal dividend per share, with a payout ratio in the interval	Tryg's capital base currently consist of Tier 1 and 2 capital, such as shareholders' equity and	Tryg's partial internal model, where insurance risks are modelled using an internal model, while The capital base is continuously measured against the capital requirement calculated based on	The model determines Tryg's required capital with a 99.5% confidence level over a 1-year horizon,	which means that Tryg will be able to fulfil its obligations in 199 out of 200 years. The partial internal model has been used for several years, and was approved by the Danish Financial	Supervisory Authority (DFSA) in December 2015. A major model change was last approved by DFSA	Monitoring of the capital base also involves capital projections based on expected business plans		which implies that Tryg must assess all material risks that the company is or may be exposed to. ORSA is the company's own risk and solvency assessment based on the Solvency II principles,	The ORSA report also contains an assessment of whether the calculation of solvency capital	results are reported to the Supervisory Board and its Risk Committee during the year. Therefore, the Tryg's risk activities are implemented via continuous risk management processes, where the main ORSA report is an annual summary document assessing all these processes.
		Tryg's capital management is based on the key business objectives: Capital management	60-90% (of operating earnings) Moody's.	subordinated loans.	other risks are described using the standard formula.			in October 2023.	within the strategic planning period and selected stress scenarios.	Company's Own Risk and Solvency Assessment (ORSA)		requirement is reasonable and is reflecting Tryg's actual risk profile.
												risk management and governance processes. Internal audit reports independently to the Supervisory The third line must ensure an independent and objective audit of the organisation's internal controls,	Supervisory Board. In addition to these 4 members, the Chief Financial Officer, Chief Risk Officer and the General Counsel (in Capacity as overseeing the Compliance function) are part of the Committee.
	I he risk management function ensures a consistent approach to risk identification across the organisation, risk assessment of the most significant risks at Group level and reporting to the	Furthermore, the function prepares specific recommendations in relation to capital management,	The functions in the second line must have an overview of business processes and risks across the			Operationally	- Frameworks - Limitations	- Contingency plans - Instructions		Capital model - Stress tests			The Supervisory Board has organised their own Risk Committee consisting of 4 members of the
Risk and capital management (continued)		reinsurance, investment risk management and more.		What risk profile does Tryg want? - Business model	Strategy Policies	How is this supported? Tactically	- Capital plan - Policies	plan Allocated capita - Contingency	How is the actual risk profile measured? Tactically	- Internal controls - Risk reports	The 3rd line consists of Internal Audit and Internal Audit function:		and to its Audit Committee.
Notes	Supervisory Board		organisation.										Board

	Notes
	Risk and capital management (continued)
Insurance risk	Insurance risk comprises two main types of risks: Underwriting risk and reserving risk.			I he use of reinsurance introduces counterparty risk, which is managed by engaging a diverse range of reinsurers with suitable ratings and adequate capital levels, as defined by the Supervisory Board.
Sensitivity analysis
DKKm		2024	2023	Concentration of underwriting risk
Effect of 1% change in:				Reinsurance is ceded across all geographic in which Tryg operates, Tryg does not have a significant
Combined ratio (1 percentage point)		+/-400	+/-391	concentration of credit risk with any single reinsurer.
Catastrophe event Large single loss		-300 -200	-150 -300	The geographical concentration of the Group's liabilities for incurred claims is noted below.
Underwriting risk	Underwriting risk refers to the possibility that insurance premiums may not be adequate to cover			The disclosure is based on the countries where the business is written.
	compensations and other costs related to the insurance business. This	risk is primarily managed		DKKm			2024
	through the company's insurance policy, which is defined by the Supervisory Board and implemented				Denmark	Sweden	Norway	Other
business procedures via	and underwriting guidelines. Tryg assesses underwriting risk using its capital			Income protection	8,793	8,078	3,065	0
	model to determine the capital impact of insurance products.			Motor	1,453	6,909	840	0
								0
	Reinsurance is employed to mitigate underwriting risk when it cannot	be sufficiently reduced through		Property	2,309	699 2	1,572
	standard diversification. As of January 1, 2025, the main components	of Tryg's reinsurance program		Liability Other	1,726 1,620	168 656	373 501	84 0 1
include:
				Total	15,901	511 18,	6,351	84 ﺮ
	Major Events like natural perils: For significant incidents involving damage to buildings and						2023
	contents/business interruption etc, Tryg's reinsurance program offers protection for losses defined			Income protection	8,608	595 റ്റ	3,193	0
				Motor	1,717	7,340	755	0
	in 200-year by the Solvency II Standard Scenario, equivalent to a 1	event. The retention for such
is DKK 300m events				Property	2,514	2,750	1,836	0
				Liability	1,553	810	693	0
	Large Claims: Tryg is protected by reinsurance on a per-risk basis for large claims incidents			Other	2.09	359	13 1	203
claims is DKK 200m.	involving damage to buildings and contents/business interruption.	The retention for these large		Total	16,483	19,853	7,189	203
	retention is adjusted to a maximum estimated loss of DKK 60m, however nominal maximum of Credit/Surety: Tryg's retention is 20% of DKK 500m for Credit and	for larger Surety clients the %-
DKK 120m for certain bond types.
0	Other Lines: There is also reinsurance coverage for other lines with a retention of DKK 100m.

Strategy

Sustainability statement

Notes

Risk and capital management (continued) 1 -

Reserving risk

Reserving risk relates to the risk of Tryg's insurance provisions being inadequate. The Supervisory Board lays down the overall framework for the handling of reserving risk in the insurance policy, while the overall risk is measured in the capital model. The uncertainty associated with the calculation of claims reserves affects Tryg's results through the run-off on reserves.

zero coupon inflation swaps. Tryg determines the claims reserves via statistical methods as well as Long-tailed reserves in particular are subject to interest rate and inflation risk. Interest rate risk is hedged by means of Tryg's match portfolio which is aligned to the discounted claims reserves. In order to manage the inflation risk of claims reserves, Tryg has mitigated the inflation risk through assessments of individual claims. At the end of 2024, Tryg's claims reserves net of reinsurance totalled DKK 38,059m (DKK 40,705m in 2023) with an average discounted duration of approximately 5.6 years in 2023) and average duration undiscounted 8.2 years (7.9 years in 2023).

Sensitivity analysis

DKKm	2024	2023
1% change in intlation on person-related lines of business		+/- 9 15
10% error in the assessment of long-talled lines of business
(workers' compensation, motor liability, liability, accident)	+/-2.734	+/-2.853

	Contents

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Risk and capital management (continued) -

Liability for incurred claims (LIC)

Gross (DKKm)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	Total
Estimated accumulated claims
End of vear	11,716	691 13.	11,894	11.757	12,666	5,118	15,891	16,344	24.949	27.255	.278 27.
year later	12,032	625 13.	11.741	838 11.	13,372	5,153	15,700	19,909	24.242	26,413
vear later	11.872	594 13.	11.669	12,045	13,336	5,118	16,598	18,275	24,207
vear later	11.793	13,515	11,797	11.947	13,349	16,028	16,994	18,219
vear later	11,690	13,545	11,768	11,941	14,121	861 5.	17,114
o vear later	11.611	13,526	11,738	567 2.	14.001	824 15.
vear later	11.365	13,493	2,188	12,456	13,969
vear later	11.300	888 13.	12,257	513 12,
vear later	11,583	13,816	12,177
a vear later	11,526	13,780
10 vear later	11,778
	11.778	13.780	12.177	12,513	13,969	15.824	17.114	18.219	24,207	26.413	27,278	193.272
Cumulative payments to date	-10,863	-12,974	-11,202	-11.418	-12,740	-14,318	-14,222	-15,491	-20,861	-20,508	-14,856	-159,453
Provisions before discounting, end of year	916	806	975	1,095	1,229	1,506	2,892	2,727	3,346	5,905	12,422	33,819
Discounting	-150	-154	-191	-208	-232	-274	-593	-464	-422	-513	-717	-3,918
Reserves from 2013 and prior years												,906 8
Gross provisions for claims, end of year												,807 38,
Debt related to Liability for incurred claims (LIC) and other nsurance liabilities												2,139

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31

December 2024 to prevent the impact of exchange rate fluctuations.

Contents

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Notes

Risk and capital management (continued) 1

Asset for incurred claims (AIC

Ceded business (DKKm)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	Total
Estimated accumulated claims
End of vear	241	2,016	185	260	530	33	677	510	,239	1,914	1,460
1 vear later	272	823 1.	229	354	581	402	752	587	806	1,01
2 year later	269	S 85	223	348	605	422	7 67	472	76
3 year later	264	1,836	8 21	358	615	412	618	442
4 vear later	271	1,846	7 21	330	590	35.	642
5 year later	267	1,859	7 21	322	8 55	426
6 vear later	268	1,851	9 21	251	547
7 vear later	268	1,847	215	9 33
8 year later	270	1.843	212
9 vear later	268	1,847
10 year later	498
	498	1,847	212	336	547	426	642	442	761	1,011	1.460	8.183
Cumulative payments to date	-257	-1,834	-210	-316	-594	-472	-612	-414	-599	-353	-175	-5,836
Provisions before discounting, end of year	241	12		20	-47	-46	30	28	162	658	,286	2,346
Discounting	-5			- 1		9	-2	-3	-5	-13	-37	-57
Reserves from 2013 and prior years												119
Provisions for claims, end of year												2,408
Receivable related to Asset for incurred claims (AIC)												480

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31

December 2024 to prevent the impact of exchange rate fluctuations.

= Contents

Strategy

Introduction

Financial results

Sustainability statement Governance

Notes

Risk and capital management (continued) -

Liability for Incurred claims (LIC) and Asset for incurred claims (AIC)

let of reinsurance (DKKm)	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	Total
stimated accumulated claims
nd of vear	11,475	11,675	11,710	11,497	12,136	14,787	15,214	15,834	23,711	25,341	8 25,81
vear later	11,760	11,801	512	11.484	12,791	14,752	14,948	,322 19,	23,435	25,401
year later	11,603	11,739	11.446	11,698	12,731	14,696	15,925	17,803	23,446
vear later	11,528	11,680	.579	11,589	12,734	15,617	16,375	17,777
vear later	11,419	11,698	.553	11,611	13,531	15,510	.472 16.
vear later	11,345	11,667	,523	12,245	13,443	8 39 5,
vear later	11,097	11,642	,973	12,205	422 13.
year later	11,031	12,041	12,043	12,177
vear later	11,313	11,973	11,965
vear later	11,258	11,934
0 vear later	11,280
	11,280	11,934	11,965	12,177	13.422	15,398	16.472	17.777	23,446	25.401	8 25,812	185,090
umulative payments to date	-10,606	-11.140	-10,992	-11,102	-12,146	-13,846	-13,610	-15,078	-20,261	-20,154	-14,681	-153,617
rovisions before discounting, end of year	675	794	973	1,075	,276	1,552	2,862	2,699	3,185	5,247	11.136	31.473
Discounting	-145	-154	-191	-207	-235	-280	-591	-462	-416	-500	-680	-3,861
eserves from 2013 and prior vears												8,787
Provisions for claims, net of reinsurance, end of year												36,400

The amounts in foreign currency in the table are translated to DKK using the exchange rate at 31 December 2024 to prevent the impact of exchange rate fluctuations.

Eiopa yield curves used on all contracts measured under PAA			202					2023
Currency	year	years 5	10 years	years	30 years	year	5 years	10 years	years 20	30 years
K 0	2.22 %	70 2.14	96 2.26	2.25 %	2.38 %	% 3.34	96 2.31	% 2.38	2.41 %	ರ್ 2.55
SEI	70 2.25	% 2.41	96 2.63	70 2.93	જ્ઞા 3.05	% 3.04	ಗಿರ 2.25	ಗಿರ 2.25	% 2.76	70 2.99
	4.30 %	96 4.00	96 3.94	જ્વ 3.81	3.70 %	% 3.99	70 3.31	0/2 3.21	ಲ್ಲೇ .26 >	70 3.30

Financial statements	2023 2024			-201 -121	1 36 124	-66 3	-990 -863	1,301 1.106	312 245		-735 -823	620 623	-115 -201		-357 -19	31 0		-575 -492			-2,096 -211	2,024 211	-72 0		+/- 99 +1-95	+/-377 +/-493
Sustainability statement
Governance	DKKm	Sensitivity analysis	Effect of 1% increase in interest curve: Interest rates NOK:	mpact of interest-bearing securities	Higher discounting of insurance contracts liabilities	Net effect of interest rate rise SEK:	Impact of interest-bearing securities	Higher discounting of insurance contracts liabilities	Net effect of interest rate rise	DKK, EUR and Other:	mpact of interest-bearing securities	Higher discounting of insurance contracts liabilities	Net effect of interest rate rise	Equity market	15% decline in equity market	Impact of derivatives and related thereto	Real estate market	15% decline in real estate markets	Currency market	Equity:	15% decline in exposed currency (exclusive of EUR) relative to DKK	Impact of derivatives	Net impact of exchange rate decline	Insurance service result per year:	Impact of 15% change in NOK exchange rates relative to DKK	Impact of 15% change in SEK exchange rates relative to DKK
Financial results											eason other risk mitigation
Strategy			daily basis.
Risk and capital management (continued) Introduction		investment policy. In overall terms, Tryg's investment portfolio is divided into a match portfolio and The overall framework for managing investment risk is defined by the Supervisory Board in Tryg's	a free portfolio. The match portfolio corresponds to the discounted insurance contracts liabilities with the purpose of hedging the interest rate sensitivity as closely as possible. Tryg is monitoring and manage the risk of the Group's interest rate risk on a		The free portfolio is subject to the framework defined by the Supervisory Board through the	target. At the end of 2024, investment properties accounted for 5.4% (including property funds) of investment policy. The strategy of the free portfolio is to support Tryg's dividend policy and ROOF		Tryg operates its insurance business in other currencies than Danish kroner, Tryg is therefore	exposed to currency risk. Tryq is primarily exposed to fluctuations in the other Scandinavian	currencies due to its ongoing insurance activities. Cash flow from insurance revenue and gross	claims in other currencies cause a natural currency hedge, for which n	measures are not required for these activities. However, the part of tangible equity held in other	currencies than Danish kroner will be exposed to currency risk. This risk is to a large degree hedged on an ongoing basis using currency swaps.		In addition to the above-mentioned risks, Tryg is exposed to credit, counterparty and concentration	risk. These risks primarily relate to Tryg's investments in AAA-rated Nordic and European	government and mortgage bonds. These risks are also managed through the investment policy and	the framework for reinsurance defined in the insurance policy.
Notes Contents - ll	Investment risk						the total investment assets.

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Notes

Risk and capital management (continued)
The notes below are based on Tryg's investment portfolio without the external customers share							Credit risk
									2024		2023
DKKm					2024	2023	Bond portfolio by ratings	DKKm		96	DKKm	%
Bonds portfolio including interest derivatives							AAA	56,776		95.2	54,887	89.6
Duration 1 year or less					23,308	24,674	AA		1,368	2.3	1,710	2.8
Duration 1 - 5 years					20,849	17,904	V	1,032		1.7	1,055	1.7
5 - 10 years Duration					,932 8	12,532	BBB		0	0.0	1,007	1.6
Duration more than 10 years					1,964	1,909	BB		0	0.0	550	0.9
Total					55,053	57,019	B or lower		507	0.8	2,046	3.3
Duration					3.2	3.1	Total	59.683		100.0	61,256	100.0
The duration is adjusted for options. The adjustment relates to Danish mortgage bonds and reflects							Reinsurance balances
the expected duration-shortening effect of the borrower's option to cause the bond to be redeemed							AAA to A		2,825	8 97.	2,922	96.6
through the mortgage institution at any point in time.							Not rated		63	C 2	102	3.4
							Total	2,888		100.0	3,024	100.0
DKK 88m (DKK 2,345 in 2023). Unlisted equity investments are based on an estimated market price. Equity exposure, including share derivatives and excluding shares related to The share exposure is primarily invested in Nordic countries. Equity investments					property exposure, totals		The maximum exposure to credit risk from reinsurance contracts is DKK 480m (DKK 410m in 2023). At 31 December 2024, the maximum exposure to credit risk from insurance contracts totals DKK
							2,026m (DKK 1,800m in 2023), which primarily relates to premiums receivable for insurance services
Exposure to currency risk							which the Group has already provided.
DKKm	2024			2023			In 2024 management performed impairment test of the receivables from reinsurance contracts. The
	debt Assets and	Hedge	Exposure	debt Assets and	Hedge	Exposure	total net impact of write-down and reversed write-down for 2024 amount to DKK 4m in
USD	2,221	-2,221	0	6,610	-6,462	148	2023).
EURa)	1,868	-208	1,660	7 € 2,09	115	209 て
GBP	365	-369	7	437	-410	27
nok	-542	657	115	9 2,71	-2,646	70
SEK	-705	599	106	ന 3,21	-3,197	15
Other	69	-75	9	994	-777	217
Total			1,892			2,686

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Contents	Introduction	Strategy	Governance	Sustainability statement	Financial statements
Notes 1	Risk and capital management (continued)
Information Security Policy. Operational risk		Operational risk relates to errors or failures in internal procedures, fraud, breakdown of infrastructure, IT security and similar factors. Tryg focuses on an adequate control environment for its operations to guidelines covering the various aspects of the Group's operations. The Supervisory Board defines the mitigate operational risk. In practice, this work is organised by means of procedures, controls and overall framework for managing operational risk in Tryg's Operational risk policy and in the	Strategic risk Other risks	position covers both business transactions, IT strategy, choice of business partners and changed collaboration with the Executive Board. Before determining the strategic market conditions. Tryg's strategic position is determined by Tryg's Supervisory Board in close The strategic risk is the risk of loss as a result of Tryg's chosen strategic position. The strategic
crises.		A special crisis management structure is set up to deal with the eventuality that Tryg is hit by major	Supervisory Board and Executive Board.	decisions are subject to a risk assessment, explaining the risk of the chosen strategy to Tryg
business critical systems.	addition, comprehensive IT contingency plans have been established,	This comprises a Crisis Management Team at Group level, national contingency teams at country level and finally business continuity teams in the individual areas. Tryg has prepared contingency primarily focusing on the plans to address the most important areas among these ensuring servicing of customers. In	Compliance risk	effectively. The compliance function conducts a risk assessment annually and identifies the areas to be reviewed in the coming year. Compliance continuously deals with the identified compliance risks whether Tryg's methods and procedures for complying with the legislation are reliable and function addition, the Compliance Function also provides ongoing training in compliance matters, e.g. Code until they are mitigated and monitors and assesses whether any new risks are being handled. In suffering financial losses or deterioration of reputation due to non-compliance with legislation, Compliance risk means the risk of Tryg being subject to legal sanctions , authority sanctions, of conduct and GDPR training as part of our mandatory compliance training courses. market standards or internal regulations. The Compliance function controls assess	and reports
			the market and adapt the products as the conditions change. Emerging risk	Executive Board, and also at an operational level by the individual business areas, which monitor Emerging risk covers both new risks and already known risks, with changing characteristics. The management of this type of risk is handled at a strategic level by the Supervisory Board and

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Risk and capital management (continued)
Liquidity risk is the risk of loss as a result of not bey fall due. For non-life insurance company like Try, Liquidity riskis practically non-existent, as pemium payments fall due before claims payments. The majority of Tryg's investment portiolio are placed in AA or AA rated bonds which as hort-time span. Liquidity risk
Maturity of the Group's financial obligations including interest
	2024				2023
DKKm	0-1 year	1-5 years	>5 years	Total	0-1 year	1-5 years	>5 years
Subordinated loan capital	181	S 72	6 4.71	5,625	169	9 67	4.721
Amounts owed to credit institutions	989	0	0	989	2,028	0	0
Debt relating to unsettled funds transactions and repos	3,684	0	0	3,684	4,645	0	0
Other debt	6,068	0	0	6,068	7,551	0	0
Total	10,922	S 72	6 4,71	16,366	14,392	9 67	4,721
DKKm		0-1 year	1-2 years	2-3 years	3-4 years	4-5 years	>5 years
Expected cash flow from Insurance contracts liabilities and assets, not discounted 2024
Liabilities for incurred claims		5,866	5,729	3,622	2,721	2,140	18,207
Assets for incurred claims		-2.217	-41	-129	S -7	8 -2	8 -11
		13,649	5,318	3,493	2,646	2,112	18,089
Liabilities for incurred claims 2023		17,089	6,386	3,850	2,909	2,271	18,621
Assets for incurred claims		-2.122	-687	-108	-75	-24	-112
		14,968	5,698	3,742	2,834	2,247	18,509

Contents

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Insurance revenue ನ

DKKm	2024	2023

Direct insurance	894 39.	39.045
Indirect insurance	80	00	DKK
Insurance revenue total	39,974	39,126
Direct insurance, by location of risk
Denmark	83 8	17.347
Other EU countries®	13,494	13,591
Other countries™	D .21 8	107 8
	39,894	39,045

a) Primarily Sweden b) Primarily Norway

Insurance service result ကိုးကား

	Insurance service result in
	Management's		Income
DKKm		Review Reclassificational	statement
2024
Insurance revenue	38,596	1.378	39.974
Gross claims	-25,328	8 -1.378	-26,706
Insurance operating costs	-5.196		-5.196
Insurance service expenses	-30.524	-1.378	-31,902
Expenses from reinsurance contracts held	-1.349		-1.349
Income from reinsurance contracts held	601		601
Net expense from reinsurance contracts	-748	0	-748
Insurance service result	7,324		7,324

	2022

CULJ
Insurance revenue	37,135	1,990	39,126
Gross claims	-25,27	0 .991	-27,26
Insurance operating costs	-4,959		-4,959
Insurance service expenses	-30,229	-1,990	-32,219
Expenses from reinsurance contracts held	1,729 -1		1,729
p ರ ncome from reinsurance contracts hi	,222		22 2
Net expense from reinsurance contracts	-507		-507
Insurance service result	6,399		6,399

impact on the Insurance service result. Therefore, Tryq presents Insurance revenue and Gross claims in "Management's reclassification refers to Insurance revenue and Gross claims relating to LIC from the Trygg-Hansa and Codan Norway acquisition. The presentation would have resulted in an artificial high insurance revenue and Gross claims with no Review" without the above reclassification as it gives a fair view of Insurance revenue, Gross claims as well as key ratios. This explains the difference between "Management's Review" and the Financial Statements. Key ratios are a) IFRS 17 requires that Liability for incurred claims (LIC) acquired shall be presented as Insurance revenue. The calculated based on the figures presented in "Management's Review".

= Contents	Introduction		Strategy		Financial results	Governance	Sustainability statement			Financial statements
Notes
Operating segments 4
2024 DKKm		Private Commercial	Corporate	Othera)	Group	2023 DKKm	Commercial Private	Corporate	Othera)	Group
Insurance revenue	26,100	9,588	8 2,90	1,378	39,974	Insurance revenue	9,178 24,455	3,502	1,990	39,126
Gross claims	-17,942	-5,186	-2,200	-1.378	-26,706	Gross claims	-5,517 -17,305	-2.448	-1,990	-27,261
Insurance operating costs	-3,337	-1,469	0 -39	0	-5,196	nsurance operating costs	-1,454 -3,074	-430	0	-4,959
Insurance service expenses	-21,279	-6,654	-2,591	-1,378	-31,902	Insurance service expenses	-6,972 -20,379	-2,878	-1,990	-32,219
Net expense from reinsurance						Net expense from reinsurance
contracts	-323	-579	154	0	-748	contracts	-197 -276	-34	0	-507
Insurance service result	4,498	2,355	472	0	7,324	Insurance service result	2,010 3,800	590	0	6,399
Net investment result					643	Net investment result				631
Other income and costs					-1,664	Other income and costs				-2,001
Profit/loss before tax					3 6,30	Profit/loss before tax				5,029
l ax					-1.488	lax				-1,178
Profit/loss for the period					4,816	Profit/loss for the period				3,851
Run-off gains/losses, net of						Run-off gains/losses, net of
reinsurance	592	267	231	0	1,090	reinsurance	315 268	517	0	1,099
Intangible assets	26,683	2,242	0	1,768	30,692	ntangible assets	2,584 28,089		,314 1 0	31,987
Equity investments in associates					00 3	Equity investments in associates				54
Assets from reinsurance						Assets from reinsurance
contracts	207	784	8 1,54	435	974 7	contracts	946 239	1,575	300	3,060
Other assets					70,67	Other assets				77,839
Total assets					104.376	Total assets				112,940
Insurance contracts liabilities	28,876	11.236	8.443	-1,586	46,969	nsurance contracts liabilities	11,999 29,595	8,898	-1,029	49.463
Other liabilities					18,542	Other liabilities				23,126
Total liabilities					65.512	Total liabilities				72,589

Non-current assets by country				2024	2023	a) The 'Other' segment in the profit/loss insurance revenue and gross claims arising from the Tryg-Hansa and Codan Norway acquisition. Please refer to note 3 Insurance service result and Accounting policies for further description. The assets
Denmark				6,776	6,806	from reinsurance contracts and provisions for insurance contracts allocated to the segment pertain to debts and receivables
Norway				1,510	1,642	from insurance contracts. Other assets and liabilities are managed at Group level and are not allocated to the individual segments but are included under 'Other'.
Sweden				23,350	24,657
Other				8	8	Description of segments
Total				31,643	33,112	Please refer to the accounting policies, note 33, for a description of operating segments.

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

	Notes
19	Insurance service result by geography
DKKm		2024	2023	DKKm	2024	2023
	Danish general insurance			Swedish general insurance
	Insurance revenue	18.207	17.396	SEK/DKK, average rate for the period	65.33	64.88
	Insurance service result	3,323	3,200	Insurance revenue	11,796	11,512
	Run-off gains/losses, net of reinsurance	286	631	Insurance service result	3.284	2,511
	Key ratios			Run-off gains/losses, net of reinsurance	675	266
	Gross claims ratio	65.0	66.5	Key ratios
	Net reinsurance ratio	2.7	1.8	Gross claims ratio	60.5	67.2
	Claims ratio, net of reinsurance	67.7	68.3	Net reinsurance ratio	-1.2	-2.3
	Expense ratio	14.1	13.3	Claims ratio, net of reinsurance	59.3	64.9
	Combined ratio	81.7	81.6	Expense ratio	12.8	13.3
	Run-off, net of reinsurance (%)	-1.6	-3.6	Combined ratio	72.2	78.2
	Number of full-time employees, end of period	3,154	3,423	Run-off, net of reinsurance (%)	-5.7	-2.3
	Norwegian general insurance			Number of full-time employees, end of period	2.085	1,973
	NOK/DKK, average rate for the period	64.30	65.37	Other European countries®
	Insurance revenue	8,282	7,962	Insurance revenue	311	265
	Insurance service result	636	662	Insurance service result	81	27
	Run-off gains/losses, net of reinsurance	114	188	Run-off gains/losses, net of reinsurance	14	14
	Key ratios			Number of full-time employees, end of period	65	ਦੇ ਰੋ
	Gross claims ratio	76.3	8 73.	Otherb)
	Net reinsurance ratio	3.1	4.6	Insurance revenue	1,378	1.990
	Claims ratio, net of reinsurance	9 79.	78.4	Insurance service expenses	-1,378	-1,990
	Expense ratio	12.9	13.3	Insurance service result	0	0
	Combined ratio	92.3	91.7
	Run-off, net of reinsurance (%)	-1.4	-2.4	a) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden.
	Number of full-time employees, end of period	1,318	1,350	b) Reclassification relating to claims provisions from the Tryge-Hansa and Codan Norway acquisition. Please refer to note 3 Insurance service result and Accounting policies for further description.

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

Annual Report 2024 | Tryg A/S | 158

Strategy

Introduction

三 Contents

. C

Governance

Sustainability statement

Notes

Insurance service result by geography (continued) ပါ

DKKm

2023

2024

Group (Total)
Insurance revenue	39,974	39,126
Insurance service result	7,324	6,399
Net investment result	643	631
Other income and costs	-1.664	-2,001
Profit/loss before tax	6.303	5,029
Run-off gains/losses, net of reinsurance	1.090	1,099
Key ratios
Gross claims ratio	9 65.	68.0
Net reinsurance ratio	6	1.4
Claims ratio, net of reinsurance	67.6	69.4
Expense ratio	S 13.	13.4
Combined ratio	81.0	82.8
Run-off, net of reinsurance (%)	-2.8	-3.0
Number of full-time employees, end of period	6,621	6,805

Contents

Strategy

Financial results

Governance

Sustainability statement

Notes

Insurance service result by line of business 6

										Motor comprehensive		Marine, aviation and
		Accident and health			Health care Worker's compensation			Motor TPL		insurance		cargo Insurance
DKKm	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Gross premiums written	6,702	6,223	1,058	905	1,052	1,034	2,742	2,910	9,430	8,611	193	199
Insurance revenue	6.603	6.171	1,034	880	1.046	1.040	2,779	2,885	9,153	8,699	194	252
Gross claims	-3.361	-3.499	-772	-561	-549	S	-1.937	-1.775	-7.088	-6.601	-62	-217
Insurance operating costs	-805	-787	-135	-109	-132	-144	-430	-405	-1.262	-1,237	-33	-30
Net expense from reinsurance contracts		-13	0		- /	-9		-30	-89	-88	-59	31
Insurance service result	2,442	1,872	127	209	358	892	430	676	715	772	41	35
Gross claims ratio	50.9 %	56.7 %	74.6%	63.8 %	52.5 %	-0.5 %	69.7 %	61.5 %	77.4%	75.9 %	31.9%	86.3 %
Combined ratio	63.0 %	69.7 %	87.7 %	76.2 %	65.7 %	14.2 %	84.5 %	76.6 %	92.2 %	91.1 %	79.1 %	86.1 %
Claims frequencyal	7.9 %	6.8 %	40.0 %	37.0 %	96 9.8	13.7 %	% 4.9	5.9 %	36.6 %	32.0 %	14.4 %	27.4 %
Average claims DKK®	13.732	12.517	4.95	5,058	107.000	66.23	6.516	13.033	7.905	8.025	42.032	33,525
Total claims	278.162	252,439	156,821	132,998	6,570	9,509	116,801	148,916	866,173	814.423	3,078	6,411

		Fire and contents		Fire and contents						Credit and guarantee		Tourist assistance
		(Private)		(Commercial)		Change of ownership		Liability insurance		insurance		insurance
DKKm	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Gross premiums written	8.792	8,116	4.470	4.501	19	చ	1.774	1,804	902	807	1,263	1,123

		(Private)		(Commercial)		Change of ownership		Liability insurance		insurance		insurance
DKKm	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Gross premiums written	8.792	8.116	4.470	4,501	19	చ	1.774	1.804	902	807	1,263	1,123
Insurance revenue	8,652	8,195	4.384	4.438	S		.714	.762	900	809	.222	1.140
Gross claims	-6.049	-6,192	-2.544	-3.545		- 1	-880	-778	-165	-429	-991	-947
Insurance operating costs	-1.197	-1.081	-627	-605		-3	-258	-260	-134	-121	-132	-127
Net expense from reinsurance contracts	-289	-221	-99	15			124	-70	-340	-109	-2	-1
Insurance service result	1,116	701	1.115	303	8	చ	700	653	262	150	97	65
Gross claims ratio	69.9 %	75.6 %	58.0 %	79.9 %	% 44.1	14.9 %	51.4%	44.2 %	18.3 %	53.0 %	81.1 %	0/2 83.1
Combined ratio	87.1 %	91.4%	74.6%	93.2 %	44.4 %	59.3 %	59.1 %	62.9 %	70.9 %	81.4 %	92.0 %	94.3 %
Claims frequency®	6.9 %	8.0 %	11.1 %	10.7 %	2.3 %	2.8 %	5.6 %	5.7 %	% 0.3	0.3 %	25.7 %	90 23.5 9
Average claims DKK句	11.041	11.060	58.909	69.622	23.994	21,979	63,587	65,556	903,763	931.454	5.484	5,611
I otal claims	554.223	569,227	50,548	50,804	252	202	176 9	5,216	653	834	194,102	9.864

Contents

Strategy

Financial results

Governance

Sustainability statement

Notes

Insurance service result by line of business (continued) ల

			Total exclusive of Group			Group Life, one-year
		Othero		Life		policiesd-e)		Total
DKKm	2024	2023	2024	2023	2024	2023	2024	2023
Gross premiums written	0	0	38,397	36,236	918	890	39,315	37,126
Insurance revenue	00 37	.990	39,075	38,267	900	859	39,974	39,126
Gross claims	00 37	-1,990	-25,783	-26,530	-924	-730	-26,706	-27,261
Insurance operating costs			-5.144	-4,91	-52	-48	-5.196	-4,959
Net expense from reinsurance contracts			-737	-495	-1 1	-11	-748	-507
Insurance service result	0		7,411	6,330	-87	69	7,324	6,399
Gross claims ratio			64.7 %	67.6 %	102.6 %	85.0 %	65.6 %	68.0 %
Combined ratio			80.3 %	82.6 %	109.7 %	91.9 %	81.0 %	82.8 %

c) Please refer to note 4 regarding "Other".

d) Group Life one-year policies related to Norwegian Group Life and Alka Group Life.

el Claims prevention cost (1% in 2023) and primarily eleted to Fire a contents (Private) but also Fire and contents (Conmercial), Heathere, Motor comprehensive and Accident f) Key ratios are calculated based on the figures used in "Management's Review" excluded amounts under "Other".

-410 2023 -2,799 -366 2024 -3,223


Insurance operating costs, gross, classified by type
Commissions
Staff expenses

-410
-2,957 -409 -3,122


Commissions regarding direct insurance contracts
Other acquisition costs Total acquisition costs
Administration expenses

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

Other income and costs Changed discount rate Changed discount rate Other income Unwinding Unwinding assets. DKKm 10 12 11 1,427 47 1,280 1,624 -195 -149 -344 2023 149 -550 -392 1.426 S 52 1,633 2024 -181 1,241 -211 -261 15 Interest expenses subordinated loan capital, credit Institutions and cash at Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement: Interest income and dividends Interest and dividends Interest expenses, other Interest income, bonds Interest income, other Notes Value adjustments Equity investments Interest expenses Unit trust units Dividends bank DKKm 8 6	Net finance income/expenses from reinsurance contracts Net finance income/expenses from insurance contracts Exchange rate adjustment from reinsurance contracts Exchange rate adjustment from insurance contracts	102 -1.016 75 39 2024 -1.125 1 11	78 2023 -912 -2.190 -1,285 1 -














		124	84

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



	Income related to the sale of non-insurance products 765 751	121	115
Other income 642 295 Bondsa)		11	31
713 -111 Derivatives (Equity, interest, currency and inflation)		32	1 45
Other costs 1,571 673
Value adjustments concerning assets or liabilities that cannot be	Amortisation of customer relations	-934	-968
attributed to IFRS 9:	Integration and restructuring costs related to RSA Scandinavia	0	-300
ರಿಕ -28 Investment property	Costs related to the sale of non-insurance products	-153	-162
Other costsa 9 -86 Other statement of financial position itemsbl		-709	-717
103 -114		-1.796	-2,147
1.674 559		-1.664	-2.001

a) Hereof DKK 58m related to IT investments and DKK 123m related to restructuring costs in 2024 (DKK 180m in 2023).

b) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value total DKK 57m (DKK

17m in 2023) 2023)

Annual Report 2024 | Tryg A/S | 163

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

三 Contents

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Notes

Tax 13

DKKm	2024	2023	DKKm
Tax on accounting profit/loss	1,6399	.268	Net current
Difference between Danish and foreign tax rates	-141	-56	Exchange ra
Tax adjustment, previous years	-1	-64	Current tax
Adjustment of non-taxable income and costs			Current tax
Change in valuation of tax assets			Adjustment
Change in tax rate		00	Tax paid for
Other taxes			Net current
	1,488	1,178
			Current tax
Effective tax rate	70	ಗಿಂ	position as
Tax on accounting profit/loss	26.0	25.2	Assets, curr
Difference between Danish and foreign tax rates	-2.2	-1.1	Liabilities, c
l ax adjustment, previous years	-0.3	-1.3	Net current
Adjustment of non-taxable income and costs	0	0.3
Change in valuation of tax assets	0 0.	0.
Change in tax rate	0.0	0.2
Other taxes	0.0	0.0
	23.6	23.4

DKKm	2024	2023
Net current tax at 1 January	-192
Exchange rate adjustments	S
Current tax for the year	-1.895	-1,277
Current tax on changes in equity	-68	-33
Adjustments of current tax in respect of previous years	-58	28
Tax paid for the year	365	310
Net current tax at 31 December	-844	-192
Current tax is recognised in the statement of financial position as follows:
Assets, current tax	43	197
Liabilities, current tax	-88.	-389
Net current tax at 31 December	-844	-192

Current tax

profit/loss, except for items recognised directly in equity or other comprehensive income, in which Tax in the income statement comprises current and deferred tax. Taxes are recognised through case the tax effect will also be recognised for those items.

Current tax is calculated based on the relevant tax rate for each country.

Tax is adjusted by any tax related to previous periods.

of the document.

Financial statements

Sustainability statement

Introduction

Strategy

Financial results

Governance

Notes

Tax (continued) 13

2023

2024

	Profit/loss	Corporate		Profit/loss	Corporate
DKKm	before tax	paid tax	Other taxes	before tax	paid tax	Other taxes
Denmark	8 .65' 1 C	701	,324 C L	S S C	8 26	9 2,231
Norwa	4 95.	249	8 3	833	8	529
Sweden	S .6. 2	405	930	T 59	-26	904
Other countries	9 D	3	45	23	-9	44
Total	6,303	.365	9 ,67 5	5,029	310	4,713

The figures below illustrates financial result before tax compared to actual tax payments for other countries.

44	-9	23	S 9	C	9	otal
	0	-	Z		-3	Ireland
- C	0	-8	১		g-	UK
	0	-G	L		7 -	Belgium
	0	9-	ւ	0	l -	Switzerland
C	0	ट	3	0	6	Austria
C	0	S-	リ		ﺎ	Netherlands
ट	9	ਟ	3	7	40	Germany
	9 1	34	00	1	38	Finland

Activities in these other countries consist of Tryg's Credit & Surety business, Tryg Trade.

countries. Corporate tax payment for the actual payments (related to current and previous years) during the year made to the respective countries. There may be a difference in the Due to local tax regulations, there may be variations in the timing of tax payments between the accrual of the profit/loss before tax for the year and the actual tax paid.

Tryg Group also pays other taxes consisting of employer/social taxes, insurance premium taxes and consumption taxes, such as VAT. These are specified in the figures in the next table.

2024
			Insurance
		Employer	premium
DKKm	taxes	taxes	taxes	VAT	Total
Denmark	424	.151	684	64	2.324
Norway	70	234	941	33	1,378
Sweden	267	331	212	19	930
Other	6	18			45
Total	871	1,735	1,854	217	4,676
2023
Denmark	476	967	727	65	2.236
Norway	194	239	1.042	54	1.529
Sweden	252	314	256	82	904
Other	8	16	21		44
Total	929	1,537	2.046	202	4,713

Global minimum tax regime

The Group has applied the mandatory exception for recognition and disclosure about deferred tax asset and liabilities related to Pillar II income taxes.

		and Trademarks customer		Assets under construc-				and Trademarks customer		Assets under construc-
DKKm 2024	Goodwill	relations	Softwarea)	tional	Total	2023 DKKm	Good will	relations	Softwarea)	tional	Total
Cost						Cost
Cost at 1 January	20,693	12,332	861 C	559	36.445	Cost at 1 January	20,673	12,287	2,597	369	.926 35.
Exchange rate adjustments	-556	-354	-34	-8	-952	Exchange rate adjustments	-9	45	-31	-5	-1
Transferred from assets under						Transferred from assets under
construction to software Additions for the year	0	37 0	264 391	555 -391	856 0	construction to software Additions for the year	29 0		262 45	-262 458	531
Disposals for the year		0	-307		-307	Disposals for the year	0		-12	-1	-13
Cost at 31 December	20,137	12,015	3,175	715	36,041	Cost at 31 December	20,693	12,332	2,861	559	36,445
Amortisation and write-downs						Amortisation and write-downs
Amortisation and write-downs at						Amortisation and write-downs at
1 January	-129	-2,223	-2.106		-4.459	1 January	-104	-1,254	-1,851	0	-3,209
Exchange rate adjustments	0	54	21		76	Exchange rate adjustments	7	-2	18	0	21
Amortisation for the year	0	-929	-290		-1,219	Amortisation for the year	0	-967	-274	0	-1,241
Impairment losses and write-						Impairment losses and write-
downs for the year	0	0	-42		-42	downs for the year	-29	0	-4	0	-33
Reversed amortisation	0	0	295	0	295	Reversed amortisation	0	0	9	0	9
Amortisation and write-downs at 31 December	-129	-3,098	-2,122	0	-5,350	Amortisation and write-downs at 31 December	-129	-2,223	-2,106	0	-4,459
Carrying amount at 31 December	20,008	8,917	1,053	715	30,692	Carrying amount at 31 December	20,564	10,110	755	559	31,987

a) Hereof proprietary software and assets under construction DKK 522m at 31 December 2023)

Annual Report 2024 | Tryg A/S | 166

Notes

Introduction

Financial results

Sustainability statement

Financial statements

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

Governance

	Notes
	Intangible assets (continued) Impairment test Goodwill 14					economic growth. The required return is based on an assessment of the tested business activities compared with the market's expectations for the Group.
	Primary assumptions for impairment test:	development from past experiences. Management have identified CAGR and Combined ratio as the main drivers for cash flow. It is based on experience and no external data sources is used besides to When assessing the cash flow management has based its estimates of insurance revenue on the insurance portfolio adjusted to reflect the expected effect of business decisions and market The value-in-use method is used when testing the Goodwill for impairment.			31 December 2023).	2023) and does not indicate any impairment in 2024. Goodwill amounts to DKK 4.2bn at The impairment test shows a calculated value in use of approximately DKK 33.2bn (DKK 27.2bn at 31 December 2023) relative to the value of the CGU of DKK 15.4bn at 31 December
	is taken into	on expected claims ratios, which corresponds to normalised large- and weather claims. Reinsurance account when looking at the overall insurance service result together with the expected individual cash generation units and are not expected to change significantly in the near future. expense ratio. Required returns are based on management's requirements for returns of the determine the required return. The portfolio is indexed with the wage		index. Gross claims are based	down of goodwill.	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	2024	2023
				Carrying	Earned premium assumed CAGR 0 - 10 years - Required return before tax	Earned premium assumed CAGR > 10 years (terminal period)	ಗಂ 96 ಗಿಂ 3 ਟ 8
	Material goodwill DKKm			amount, end of year	Expected level of combined ratio		82 %
	Trygg-Hansa and Moderna Alka			4,242 14,551	CAGR + 1.0 percentage point (0-10 years) Sensitivity information	Impact on the calculated present value from the following changes:	+1.4bn	+1.1bn
	Codan Norway			1,026	CAGR - 1.0 percentage point (0-10 years) Required return +1.0 percentage point		-1.3bn -5.2bn	-1.0bn -3.8bn
	Alka	In 2018, Tryg acquired Forsikrings-Aktieselskabet Alka. The insurance activities were incorporated into the Tryg Group's business structure from 8 November 2018. Comprises the sale of insurance			Combined ratio +1.0 percentage point Required return -1.0 percentage point Combined ratio -1.0 percentage point		+1.7bn +7.6bn -1.7bn	+5.2bn -1.3bn +1.3bn
	products to customers under the 'Alka' brand.				The above changes have no impact on equity
		At 31 December 2024, 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.			Norway	incorporated into the Tryg Group's business structure from 1 April 2022 and distributed under the In 2022, Tryg acquired the Norwegian branch Codan Norway. The insurance activities were
This file is sealed with a digital signature.		The cash flows appearing from the latest prognosis approved by management for the next 6 quarters are used when calculating the value in use of Private Denmark. The cash flows in the latest prognosis adjusted for expected growth rates determined on the basis of expectations for the general period have been extrapolated for financial years after the prognosis	periods (terminal period) and		Tryg Group's business structure from 1 June 2017. Tryg Brand.	In 2017, Tryg acquired Obos' insurance portfolio. The insurance activities were incorporated into the

Conta -

14 Intangible assets (continued) Notes
	appearing from the latest prognosis approved by management for the next 6 quarters are used when goodwill based on the allocation of the cost of goodwill to the cash-generating unit. The cash flows expected growth rates determined on the basis of expectations for the general economic growth. The required return is based on an assessment of the risk profile of the tested business activities calculating the value in use of Private Norway. The cash flows in the prognosis period have been At 31 December 2024, management performed an impairment test of the carrying amount of extrapolated for financial years after the prognosis periods (terminal period) and adjusted for compared with the market's expectations for the Group.		Sweden Brand.	In 2016, Tryg acquired Skandia's child and adult accident insurance portfolio. The insurance activities In 2022, Tryg acquired the Swedish branch Trygg-Hansa. The insurance activities were incorporated into the Tryg Group's business structure from 1 April 2022 and distributed under the Trygg-Hansa were incorporated into the Tryg Group's business structure from 1 September 2016.
December 2023).	The impairment test shows a calculated value in use of approximately DKK 8.9bn (DKK 8.1bn at 31 December 2023) relative to the value of the CGU of DKK 4.5bn (DKK 3.8bn at 31 December 2023) and does not indicate any impairment in 2024. Goodwill amounts to DKK 1.1 bn at 31		segment "Private".	goodwill based on the allocation of the cost of goodwill to the cash-generating unit. The Trygg-Hansa portfolio 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 managed together as part of the Swedish private business and reported as part of the operating At 31 December 2024, management performed an impairment test of the carrying amount of
down of goodwill.	highest effect on the equity. An increase in the required return of approx. 4.1% will result in a write According to the sensitivity information below a change in the required return rate will have the			Hansa' brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC and Moderna Private Sweden comprises the sale of insurance products to private customers under the " I rygg- Djurförsäkringar. Sales take place through its own sales force, call centres and online.
- Expected level of combined ratio Required return before tax Sensitivity information	Earned premium assumed CAGR > 10 years (terminal period) - Earned premium assumed CAGR 0 - 10 years	3 % 88 % 2 % 11 % 2023 88 % ಗಿಂ ಳಿಕ ಗಿಂ 2024 11 3 -	compared with the market's expectations for the Group. The required	The cash flows appearing from the latest prognosis approved by management for the next 6 quarters are used when calculating the value in use of "Sweden". The cash flows in the latest 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 return is based on an assessment of the risk profile of the tested business activities
	Impact on the calculated present value from the following changes: CAGR + 1.0 percentage point (0-10 years) CAGR - 1.0 percentage point (0-10 years) Required return + 1.0 percentage point Required return - 1.0 percentage point	+0.2bn -0.2bn -1.0bn +1.3bn +0.2bn -0.2bn +1.4bn -1.1bn	at 31 December 2023).	2023) and does not indicate any impairment in 2024. Goodwill amount to DKK 14.6bn (DKK 15.1bn The impairment test shows a calculated value in use of approximately DKK 43.8bn at 31 December 2023) relative to the value of the CGU of DKK 27.6bn at 31 December
	The above changes have no impact on equity Combined ratio + 1.0 percentage point Combined ratio - 1.0 percentage point	+0.8bn -0.8bn +0.8bn -0.8bn	down of goodwill.	highest effect on the equity. An increase in the required return of approx. 2.0% will result in a write According to the sensitivity information below a change in the required return rate will have the

Annual Report 2024 | Tryg A/S | 168

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

			Amortisation	Remaining
	2024 (DKKm)	2023 (DKKm)	period (years)	amortisation (vears)
Trygg-Hansa
Trademark	2,484	2,569	n/a	n/a
Customer relations (Private)	4.892	5.757	10	L
Customer relations (Commercial)	538	688	1	7
Alka
Trademark	603	603	n/a	n/a
The impairment test compares the carrying amount with the estimated present value of future cash been recognised. The cost is recognised as write-downs under insurance service expenses in the The test did indicate an impairment of DKK 42m (DKK 4m at 31 higher related costs and income statement. due to systems, flows.		some lower expected systems benefits, a write-down	December 2023) of it	has
Assets under construction are not amortised but tested once a year for impairment or when if any indication of a decrease in value.
Software is assessed for impairment at the balance sheet date or when there are indications that the future cash flow cannot justify the carrying amount. If the recoverable amount is lower than carrying amount, the difference is recognised	in the income statement.			the
The recoverable amount is the higher of fair value less sales costs and value in use.

Notes

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Intangible assets (continued) 14

	2024	2023
- Earned premium assumed CAGR 0 - 10 years	ಗಿರ 3	% 3
- Earned premium assumed CAGR > 10 years (terminal period)	70 3	ಳಿಕ 3
- Required return before tax	80 8	రిం 10
- Expected level of combined ratio	86 81	ಲ್ಲಿ 19
Sensitivity information
Impact on the calculated present value from the following changes:
CAGR + 1.0 percentage point (0-10 years)	+2.1bn	+1.6bn
CAGR - 1.0 percentage point (0-10 years)	-2.0bn	-1.5bn
Required return + 1.0 percentage point	-8.3bn	-5.7bn
Required return - 1.0 percentage point	+13.8bn	+8.4bn
Combined ratio + 1.0 percentage point	-2.2bn	-1.7bn
Combined ratio - 1.0 percentage point	+2.2bn	+1.7bn	SO

The above changes have no impact on equity

Trademarks and customer relations

customer relations as an integrated part of the impairment test of goodwill in Sweden, Norway and As at 31 December 2024 management performed an assessment of the carrying amounts of Alka portfolio.

Alka and Trygg-Hansa trademarks have indefinite useful lifetimes as the trademarks are one of the most well-known trademarks in their respective countries and comprise the sale of insurance products to customers under their brand.

0B653D38890E4BF78CE4FF97188B8A1D

This file is sealed with a digital signature.

	ROU Operating Leases	Leases ROU Group- occupied			Operating Leases ROU		Leases ROU Group- occupied
DKKm 2024	nenta) equipm equipment	property"	Total	2023 DKKm	equipmenta equipment		propertyb)	Total
Cost				Cost
Cost at 1 January	105 324	1,611	2,040	Cost at 1 January	295	G 10	1,203	1,603
Exchange rate adjustments	-3	-33 0	-36	Exchange rate adjustments	-2	0	-16	-19
Additions for the vear	37 6		9 S	Additions for the year	56		424	481
Disposals for the year	-6 -96	-54	9 -15	Disposals for the year	-25		0	-25
Cost at 31 December	136 234	1,530	1,900	Cost at 31 December	324	105	1,611	2,040
Accumulated depreciation and value adjustments				Accumulated depreciation and value adiustments

Accumulated depreciation and value adjustments at 1 January	-98 -141	-676	9 -91	Accumulated depreciation and value adjustments at 1 January	-133	-89	-510	-732
Exchange rate adjustments	-	0	9 15	Exchange rate adjustments		0	6	10
Depreciation for the year	-15 -26	-156	-197	Depreciation for the year	-23	-9	-175	-207
Reversed depreciation and value adjustments	ਰੇਤ	46 S	9 14	Reversed depreciation and value adjustments	1 5	0	0	15
Accumulated depreciation and value	-109 -70	-771	-950	Accumulated depreciation and value adjustments at 31 December	-141	-98	-676	-915
adjustments at 31 December
Carrying amount at 31 December	28 164	759	વેરે	Carrying amount at 31 December	183	L	ਰੇਤੇ 5	1,125

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Financial results

Strategy

Introduction

三 Contents

Governance

C Alata with yearly rent adjustments. Tryg has no lease contracts with variable lease payments based on sale or similar. Refer to note 28

for lease liabilities.

Contents

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Notes

16	Investment property
DKKm		2024	2023
	Fair value at 1 January	00 49
	Exchange rate adjustments		0 -31
	Additions for the year
	Disposals for the year	8 -3	-588
	Value adjustment for the year®	-3	6 6
	Tota	429	8 49

a) Value adjustment recognised in the income statement property held at the statement of financial position date amounts DKK -28m (DKK -31m in 2023)

Total rental income amounts to DKK 31m (DKK 46m in 2023) .
- Total expenses amounts to DKK 7m (DKK 9m in 2023). .

External experts were involved in valuing the majority of the investment properties.

Please refer to note 18 for a description of fair value measurement of investment properties.

Return percentages, weighted average (%)

œ 5.	2 9	Tota
0 ഹ	D S	proper Residential
பு 9	T	5 L . It proper Office
.5 7	0 0	1 susiness propert വ

Sensitivity

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 The valuation of investment property is based on the market-based rental income and operating rates. The average rates of return applied are stated above.

חוש מחו fair value of ﻤﻄﺎﺑ e m ﻪ ﺩﺭ ﻣﺮﺩﻡ ﺍﺳﺖ.

rail vatue of investment property (Provin) IIIIIIaCC5 UII IIIc
% in applied rate of return of 0.25% increase !	1	20 1
ಳಿಂ of return of 0.25's pplied rate a in . Decrease i	8	22
in net rental income of 3% Decrease	3 1	9 -1 '
of 3% Decrease in occupancy rate	C 1 1	-3

Equity investment in associates 17 -

DKKm	2024	2023
Cost
Cost at 1 January	300	396
Additions for the year	52	ട്ടേ
Disposals for the year	-21	-165
Cost at 31 December	330	300
Revaluations at net asset value
Revaluation at 1 January	-246	-175
Profit/loss for the year	-46	-72
Revaluations at 31 December	-292	-246

Carrying amount at 21 Dacamhar	20	E.L.

Notes Financial assets 18
DKKm		2023 2024	The Fair value hierarchy
Financial assets				Quoted market prices (level 1) consists of financial instruments that are quoted and traded in	a
	Financial assets held for trading	20,641 21,111		principal and active market (markets generally accessible and with substantial volume and trade
	Financial assets designated at fair value®	50,593 44,235	frequency).
	Derivative financial instruments at fair value used for hedge accounting Financial assets measured at amortised costb)	3,626 2,587 1	0	Valuation based on observable input (level 2) consists of financial instruments that are valued
Total financial assets		74,859 67.940		substantially on the basis of observable input other than quoted prices for the instrument itselt. It
Financial liabilities	Derivative financial instruments at fair value with value adjustments in		business considerations.	financial instrument is quoted in a market that is not active, Tryg bases its measurement on the most including transactions in similar financial instruments that are assumed to be motivated by normal recent transaction price adjusted for subsequent changes to market conditions, for instance, by
income statement		1,431 1.018
	Derivative financial instruments at fair value with value adjustments in			For a number of financial assets and liabilities, no market exists. In such cases, Tryg uses recent
	other comprehensive income	348 30		transactions in similar instruments and discounted cash flows or other generally accepted estimation
	Financial liabilities at amortised cost	17,643 14,534		and valuation techniques based on market conditions at the financial position date
	Total financial liabilities	19,422 15,583		basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to calculate an estimated value. This category covers instruments such as derivatives valued on the
	b) Financial assets at amortised cost only deviate to a minor extent from fair value a) Financial assets designated at fair value comprise bonds in the match portfolio.		estate.	to the value of similar liquid bonds. Equity investments includes private equity with underlying real
	Please refer to note 22 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.			Tryg has assessed whether quoted prices does represent fair value at the measurement date. Thus quoted prices derived from a brokered market are considered Level 2 input.
			Investment property.	Valuation based on signiticant non-observable input (level 3) consists of certain financial instruments based substantially on non-observable input. Such instruments includes a limited amount of unlisted observable input. Please refer to note 16 Investment property and accounting policies section shares and some unlisted bonds. The fair value of Investment property is also based on non-
				If, at the statement of the financial position date, a financial instrument's classification differs from its reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from Quoted prices to the Observable input category, while other bonds have become liquid classification at the beginning of the year the changes are considered to have taken place at the statement of the financial position. Developments in the financial markets can result in
				and have been moved from Observable input to the Quoted prices category.
				Annual Report 2024 Tryg A/S

Document ID:
0B653D38890E4BF78CE4FF97188B8A1D

Notes
Financial assets (continued) 18
Fair value hierarchy for financial instruments and investment property measured at fair value in the					DKKm	2024	2023
statement of financial position.			Non-		Financial instruments measured at fair value in the statement of financial position on the basis of non-observable input:
2024 DKKm	prices	Quoted Observable input	observable input	Total	Carrying amount at 1 January	1,001 3	1,145 -29
Investment property	0	0	429	429	Gains/losses in the income statement Exchange rate adjustments	-21	101
Equity investments	102	9 67	58	3.836	Purchases		373
Unit trust units	1,138	0	30	1.168	Sales	-467	-591
Bonds	30,066	.621 29	0	59.687	Transfers to/from Level 3 'non-observable input'	0	0
Derivative financial instruments, assets	0	661	0	661	Carrying amount at 31 December	517	1,001
Derivative financial instruments, debt	0	.048	0	-1.048
	31.306	910 32	517	64.733	Gains/losses in the income statement for assets held at the statement of	-14	て
2023					financial position date recognised in value adjustments
Investment property	0	0	498	8 49
Equity investments	142	6 ,69	97	6 ರಿತ 3
Unit trust units	6,966	,194	32	192 8	Tryg's investment portfolio
Bonds	26,564	8 30.12	373	57,065		66,159	71,844
Derivative financial instruments, assets	6	.029 ১	0	2,038	Other, hereof financial instrument in liabilities® Total investment assets	-4,924	-6,803
Derivative financial instruments, debt	0	.779	0	-1.779	External customers	-634	-1,672
	33.681	.271 35	1.001	69,952	Tryg's investment portfoliob)	60.602	63.369
Bonds measured on the basis of observable inputs consist of Norwegian			and Swedish bonds issued		Match portfolio	43,969	45,863
by banks and to some extent Danish semi-liquid bonds, where no quoted prices based on actual					Free portfolio	6,632 1	17,506
trades are available. External experts were involved in the majority of the investment properties.					b) The setup of Tryg Invest is impacting Tryg's balance sheet as external customers' investments are booked under "Total other financial investment assets" with opposing liabilities entries such as "Other debt". a) Primarily debt relating to repos and derivatives
DKKm			2024	2023
Financial instruments transferred from "Quoted prices" to "Observable input"			1,287	11,521
Financial instruments transferred from "Observable input" to "Quoted prices"			611	0

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Transfers between the categories quoted prices and observable input mainly result from bonds that are reclassified either due to traded volume or the number of days between last transaction and the time of determination.

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of the document.

purposes consists of FX-forward contracts with a duration of 3 months and have a nominal value of Value adjustments of foreign entities recognised in other comprehensive income in the amount of: Derivative financial instruments used in connection with hedging of foreign entities for accounting Derivate financial instruments used in connection with hedging of foreign entities for accounting SEK 6.4bn at a exchange rate of 64.45 and NOK 3.8bn at a exchange rate of 63.17. 2023 Gain 5,877 4,875 1,001 The hedge strategy is structured to mitigate fluctuations in Tryg's Own funds. Gains and losses on hedges charged to other comprehensive income: Net 844 1,106 262 Exchange rate adjustment for the year recognised in profit/loss 5,483 5,033 Losses 451 6,589 2024 Gains 2 5,877 71 Value adjustment at 31 December Value adjustments at 1 January Value adjustments for the year Value adjustments for the year Gains and losses at 1 January Gains and losses at 31 Value adjustments December purposes. DKKm DKKm -176 -240 258 57 -473 32 345 354 Fair value 542 0 -56 387 -167 377 position 212 21 statement of financial Negative 1,106 1,336 1,694 value 1.708 1,321 market 0 441 S 597 0 2,295 372 121 251 161 601 value 1,145 Positive 794 0 182 2,554 979 430 65 274 865 1,221 942 354 462 ,321 37 market Derivatives with value adjustments in the income statement at fair value: L 5,918 Nominal 206 33,269 0 8.041 17,422 49,464 37,119 39,024 64,765 13,065 83,954 13,656 37,029 100,144 125,607 Gross amount before offsetting Gross amount before offsetting Due after more than 5 years Due after more than 5 years Derivative financial instruments Exchange rate derivativesal Exchange rate derivativesal Due after less than 1 year Due after less than 1 year Due within 1 to 5 years Due within 1 to 5 years Inflation derivatives Inflation derivatives Interest derivatives Interest derivatives Share derivatives Share derivatives 2023 2024 DKKm		Financial assets (continued) 18


						Losses
						4,161
						872

						5,033



						2024
						-2,441
						-1.030
						-3
						-3,474





	a) hereof used for hedging of foreign entities nominal value of DKK 6.8bn at 31 December 2023)

		Asset for incurred claims					Asset for incurred claims
		Present	Risk adjustment				Present	Risk adjustment
DKKm 2024	remaining coveraged Assets for	value of future cash flow	for non- ris k financial	Total	2023 DKKm	remaining coveraged Assets for	future cash value of flow	risk for non- financia	Total
Balance at 1 January	36	2,184	840	3,060	Balance at 1 January	141	2,086	9 59	2.823
Reinsurance expenses	1.349	0	0	1,349	Reinsurance expenses	1.729	0	0	1,729
Claims recovered	0	-2.088	680	-1.409	Claims recovered	0	-2,632	774	-1,858
Run-off, adjustments of previous years		1.634	-826	808	Run-off, adjustments of previous years	0	1.182	-547	636
Net income/expenses from reinsurance					Net income/expenses from reinsurance
contracts held	1,349	-454	-147	748	contracts held	1.729	-1,450	228	507
Finance expenses from reinsurance contracts held	-3	-134	14	-124	Finance expenses from reinsurance contracts held	-34	-66	16	-84
Total amounts recognised in income statement	1.346	-588	-133	624	Total amounts recognised in income statement	1.696	-1.516	243	423
Cash flows					Cash flows
Premiums paid net of ceding commissions and					Premiums paid net of ceding commissions and
other directly attributable expenses paidal	-1.296	0	0	-1,296	other directly attributable expenses paidª	-1.800	0	0	-1,800
Recoveries from reinsurance®	0	586	0	9 58	Recoveries from reinsurance®	0	1.614	0	1.614
Total Cash Flows	-1,296	586	0	0 -71	Total Cash Flows	-1.800	1.614	0	-186
Closing balance assets from reinsurance contracts	87	2,181	706	7 97 7	Closing balance assets from reinsurance contracts	36	2,184	840	3,060
Balance at 31 December	87	2,181	706	2,974	Balance at 31 December	36	2,184	840	3,060

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Annual Report 2024 | Tryg A/S | 175

c) No recognised loss components in 2023 or 2024.

Sustainability statement

Introduction

三 Contents

Strategy

Financial results

Governance

Contents

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Cash at bank and in hand 20

Stage		C	న	న
	Total impairment IAS 39 provisions 31 December 2022	transition of IFRS 9 ect Eff	Total impairment provisions, 1 January 2023	Total impairment provisions, 31 December 2023

At 31 December 2024 management performed an impairment test of charges for receivables from impairment changes of charges for receivables from credit institutions and impairment provisions credit institutions. The impairment test resulted in provisions of DKK 2m in 2023). The are not material. Furthermore, there have been no transfers between stages or impairment provisions in stage 2 and 3.

Equity 21

Total C

	Shares outstanding		Own shares
Number of shares (1.000)	2024	2023	2024	2023
Number of shares at 1 January	455 617.	633,710	7.380	20.944
Acquired own shares during the yea	-4,732	6,359 -1	4,732	6,359
Cancellation in connection with share buyback			-18.443	-19.819
Exercise of incentive programme	441	105	-441	-105
Number of shares at 31 December	613,165	617.455	3,227	17,380
Number of shares as a percentage of issued	48 99	97.26	0.52	2.74
Nominal value at 31 December (DKKm)	3.066	3.087	9	87

All shares have equal rights.

Total impairment provisions, 31 December 2024

Pursuant to the authorisation granted by the shareholders, Tryg may acquire up to a total face value DKK 308m of the share capital in the period up until 31 December 2025. Own shares are acquired for share buyback and for use in the Group's incentive programme.

DKKm	2024	2023

Solvency II - Own funds
Equity according to statement of financial position	38.864	40,351
Proposed dividena	-1,202	-1.174
Outstanding Share buyback	-1,676	-304
Intangible assets	-30,692	-31,987
Profit margin, solvency purpose	3,600	3,400
laxes	1,459	1,660
Subordinated loan capital	2,886	3,052
Solvanev II - Own finds	12 230	1600 71

三 Contents

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Notes

Equity (continued) 21

Subordinated loan capital recognised as equity for accounting purposes

	Bond loan SEK 900mª		Bond loan NOK 600mª		Carrying amou
DKKm	2024	2023	2024	2023
Carrying amount of the loan recognised in					Bond loan SEK Bond loan NOK
statement of financial position	596	596	39	39
I otal capital losses and costs at the statement					Total carrying position
of the financial position date
Interest expenses for the year	43	33	32	23
Effective interest rate	70 6.75	70 7.61	20 8	ರಿಗ 00
Loan terms:

Listed bonds

SEK 900m

100

lssue price lssue date

Principal Lender

NOK 600m

March 2023

Perpetual

2028

100

Perpetual

2028

	Maturity year
	Loan may be called by borrower as from
	Repayment profile
	Interest structure
MITH ELEC (1)	a) Coupon on the Notes is due and payable only at the so its sole and absolute discretion elect to cancel any interes

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

3.50% above STIBOR 3m 3.45% above NIBOR 3m

Interest-only

DKKm	2024	2023
Carrying amount of the loan recognised in statement of financial position
Bond loan SEK 900m	9 6 S	Jl 6 S
Bond loan NOK 600m	39	ﺎ 39
in statement of financial Total carrying amount of the loan recognised
position	œ 98	8 6

5.90 % Bond loan SEK 1,300m 1.15% above STIBOR 3m The loas are automatically acceerated upon the light of Try Forsiking AS, Prices used for delevinetion of fair walle in respect of the loans are based on atual traded on atua 2.15% above STIBOR to call the loans before maturity or otherwise terminate the loan agreements. Tryg Forsikring A/S have the option to pay the Interest-only % Listed bonds SEK 1,300m 2024 843 826 98 (from 2031) 41 (until 2031) 39 May 2021 S 2026 2051 100 6.65 % 2023 564 100 29 Bond loan NOK 850m 562 ﺎ 2.25% above NIBOR 3m 1.25% above NIBOR 3m Interest-only Listed bonds % 33 534 533 100 2024 (from 2031) ﺎ (until 2031) NOK 850m .72 May 2021 9 2051 2027 100 2023 6.46 % ರಿ 8 669 660 ১ 6 Bond loan SEK 1,000m 3 2.4% above STIBOR 3m February 2021 Interest-only Listed bonds 5.79 % S ਟ 40 SEK 1,000m 2024 647 101 65 Perpetual 2026 100 .34 % 2023 967 104 Bond loan NOK 1,400m ﺎ 61 927 is entered and subsequently measured at amortised cost. 3.75% above NIBOR 3m 2.75% above NIBOR 3m The fair value of the loans are based on quoted prices. Given the low frequency of trades the prices are considered Level 2 input. 8 November 2015 NOK 1,400m Interest-only % Listed bonds 894 0 2024 67 (from 2025) 101 881 (until 2025) 2,886m (DKK 3,052m at 31 December 2023). .42 8 2045 2025 100 The fair value of the loan at the statement of financial position date is based on a price of subordinated loan at nominal maturity date with an option for early redemption. Amortised cost value of the loan recognised in statement of financial position Total capital losses and costs at the statement of the financial position date The loans are issued by Tryg Forsikring A/S. The creditors have no option The loans are initially recognised at fair value on the date on which a loan The share of subordinated loan capital included in own funds totals DKK The fair value of the loan at the statement of financial position date Loan may be called by borrower as from Interest expenses for the year Effective interest rate Repayment profile Interest structure Maturity year Loan terms: lssue price Issue date Principal Lender DKKm Bloomberg.	Subordinated loan capital 22	Notes
							2023
							872
							854













							3m

669 3,031	2,906 647					Total amortised cost value of the loan recognised in statement of financial position Bond loan SEK 1,000m
562 8	534 843					Bond loan SEK 1,300m Bond loan NOK 850m
927	88.					Bond loan NOK 1,400m
						Amortised cost value of loan recognised in statement of financial position
2023	2024					22 Subordinated loan capital (continued)	DKKm
							Notes
Financial statements		Sustainability statement	Governance	Financial results	Strategy	Introduction	三 Contents

The calculated risk adjustment corresponds to the confidence level of 75% at 31 December 2024 Incurred claims and other directly attributable expenses Claims and other directly attributable expenses paidbl Finance expenses from insurance contracts issued Insurance acquisition cash flows amortisation Run-off previous years adjustments to the LIC Insurance acquisition costs cash flowsol Closing insurance contract liabilities Insurance service expenses (gross) 23 Total income statement (gross) Profit/loss on gross business Insurance revenue receiveda) Balance as at 31 December Balance as at 1 January Notes Insurance revenue Total Cash Flows Cash flows

The calculated risk adjustment corresponds to the confidence level of 75% at 31 December 2024.

b) Clims and the directly attitled be equipment of the PCS 3 busines onlinitions (Tr get Harse, in and enclares and entraces and entrine on battility of renaining to couper o a) Isurance resired includes preniming coverse from business continations (Tyge-Horse) cance in declange at a digisterand recome a a dijustimat from boat currency (copy curre coverage includes administration costs related to insurance contracts.

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

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Financial statements				Total	49.063	-39.126	30,584	3,371	-1.735	32,219	-6.906	2,190	-4.716		38,785	-30,298	-3,371	5,116	49,463	49.463
	under the PAA	Risk adjustment	for non- financial	risk	2,045	0	1,292	0	-1.136	156	156	88	244		0	0	0	0	2,289	2.289
	Liabilities for incurred claims for contracts	Present	future cash value of	flows	40,939	0	27,703	0	6 -59	27,105	27.105	2,106	29,211		0	71 -28.		-28.711	41.440	41.440
Sustainability statement	coverage		Loss	component	1	0	0	0	0	0	0	0	0		0	0	0	0		ﺮ
	Liability for remaining		Excluding loss	component	6.077	-39.126	1,588	3,371	0	4,959	-34.167	- 4	-34,170		38,785	-1,588	-3,371	33.826	5,733	5.733

Governance

Financial results
																					8% at 31 December 2023.
Strategy
							Incurred claims and other directly attributable expenses
Introduction
23 Insurance contracts liabilities (continued)					Balance as at 1 January	Insurance revenue		Insurance acquisition cash flows amortisation	Run-off previous years adjustments to the LIC	Insurance service expenses (gross)	Profit/loss on gross business	Finance expenses from insurance contracts issued	Total income statement (gross)		nsurance revenue receiveda)	Claims and other directly attributable expenses paidb	Insurance acquisition costs cash flowso	Total Cash Flows	Closing insurance contract liabilities	Balance as at 31 December
Notes Contents				2023 DKKm										Cash flows							The calculated risk adjustment corresponds to the confidence level of 6

b) Claims and checkly attibutes continitions continitions (Frights) continuitos (Frights), chream on the capit on a cation on trion on concerner capit on the maining al Isurance resired includes premime coreage from business combinations (Tyge-Horsa, canceinderan ecolares and and reacly on and connect on a durency operaty, coverage includes administrations costs related to insurance contracts.

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

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24 Pensions and similar obligations
DKKm		2024	2023	Description of the Swedish plan
	Jubilees, pensions and other obligations	20	39	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
Compensation liability Recognised liability		28 8	51 12
	Present value of pension obligations funded through operations Defined-benefit pension plans Norway:	6 2	26	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.
	Specification of change in recognised pension obligations Recognised pension obligation at 1 January	26	7 ਟ	unable to provide sufficient information for the Group to use defined-benefit accounting. For this plan is primarily a defined-benefit plan in terms of the future pension benefits. FPK is The FTP
Exchange rate adjustments	Capital cost of previously earned pensions	-1	-2 9	reason, the Group has accounted for the plan as if it were a defined-contribution plan in accordance with IAS 19.30.
Paid during the period Actuarial gains/losses		-4	-4 ਟ	This years premium paid to FPK amounted to DKK 17m (DKK 18m in 2023), which is about 3.0%
	Recognised pension obligation at 31 December	29	26	(2.3% in 2023) of the annual premium in FPK (2023). FPK writes in its annual report for 2023 that
	Total pensions and similar obligations at 31 December	29	26	The Solvency Ratio is defined as the own funds relative to the solvency capital requirement. a solvency ratio of 126 at 31 December 2023 Solvency ratio 135 at 31 it had	December 2022).
	Total recognised obligation at 31 December	57	77
Accrued employer contributions	Present value of pensions earned during the year Specification of pension cost for the year:	9 1	S -
	Total year's cost of defined-benefit plans	L	9
Number of pensioners	The premium for the following financial years is estimated at	105	ﺎ 102
Assumptions used		నిం	%
Discount rate		8 2	3.0
Pension adjustments Salary adjustments		1.9 S ಗೆ	2.4 3.8
G adjustments		3.3	3.5
Turnover		7.0	7.0
Employer contributions Mortality table		K2013 19.1	K2013 19.1

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三 Contents

Introduction

Strategy

Financial results

Governance

Sustainability statement

Notes

Deferred tax 25

	2024	2023	Tax value of non-capitalised tax loss
Tax assets			DKKm
Land, buildings and operating equipment	4
Bonds			Denmark
Capitalised tax loss			Norway
Receivables and provisions	327		Sweden
	345	S	Finland
Tax liabilitv			Germanv
Intangible rights	1.954	2.168	Netherlands
Land and buildings	84	0	Austria
Debt and provisions		49	Switzerland
Contingency funds	1,086	1,156	Belgium
	3,125	3,373	UK
			Ireland
Deferred tax	2,780	3,367	Total
Development in deferred tax
Deferred tax at 1 January	3,367	3,542	Tax loss determined according to Swe
Exchange rate adjustments	-106	-14	legislation can be carried forward inde
Change in deferred tax relating to change in tax rate		8	years. The tax losses are not recognis
Change in deferred tax previous years	-76	-38	entities or branches can generate suff
Change in capitalised tax loss		179	losses.
Change in deferred tax recognised in income statement	-405	-314
Change in deferred tax recognised in equity		4	The total current and deferred tax rela

DKKm	2024		2023
	Loss	Tax value	Loss	Tax value
Denmark
Norway
Sweden
Finland
Germany
Netherlands
Austria
Switzerland	26		26
Belgium	5
UK	7
Ireland
Total	88		86

x losses are not recognised as tax assets as it has not been substantiated that the local ranches can generate sufficient future taxable income within 3-5 years to offset the tax ermined according to Swedish and Finnish, German, Belgium, Dutch and Austria tax an be carried forward indefinitely. In Switzerland tax losses can be carried forward 7

statement of financial position in the amount of DKK -68m (DKK -37m at 31 December 2023). rrent and deferred tax relating to items recognised in equity is recognised in the

3,367

2,780

Deferred tax at 31 December

2023), lease liabilities of DKK 856m (DKK 1,003m at 31 December 2023) Lease liabilities included in the statement of financial position Amounts recognised in the statement of cash flow Total undiscounted lease liabilities 31 December DKK 1,381m (DKK 1,216m at 31 December 2023). Amounts recognised in the income statement Hereof future cash flow of contract options Maturity of undiscounted lease liabilities Total cash out-flow for leases Interest on lease liabilities Due more than 5 years Due 1 year or less Due 2-5 years DKKm 0 2023 2023 3,794 3,794 739 94 0 129 223 4.533 -57 3,851 Other provisions primarily relate to the bankruptcy of Gefion, and Group's own insurance claims. In 2023 restructuring costs are also included. The maturity of the obligation is within 5 years. 2024 84 2024 4.816 4,742 4,742 223 -73 735 -2 5.477 -137 Amortisation on intangible assets related to customer relations after tax Profit/loss from continuing business to shareholders of Tryg Adjusted for interest on Additional Tier 1 capital cf. equity Earnings per share, operating earnings per share Profit/loss for the period cf. Income statement Operating Profit/loss for the period Other provisions 31 December Other provisions at 1 January Exchange rate adjustments Profit/loss for the period Change in provisions DKKm DKKm 27
	Other debt amounts to DKK 6,068m (DKK 7,551m at 31 December 2023) and mainly consists of
	and accrued costs of debt related to external customers' investments in Tryg Invest of DKK 634m (DKK 1,672m at 3 December ecember 2023), unsettled fund transactions of DKK 1,965m (DKK 1,977m at 31
	2024



	1,096



	210



	There are no short team-leases recognised in the financial statement.
624,507 615,441 Average number of shares ('000)
Please refer to note 15 for specification of ROU assets. 625,528 615,903 Diluted number of shares ('000)
6.08 7.71 Earnings per share, continuing business
6.07 7.70 Diluted earnings per share, continuing business
6.08 7.71 Earnings per share
6.07 7.70 Diluted earnings per share
7.26 8.90 Operating earnings per shareal

Annual Report 2024 | Tryg A/S | 184

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														2023	463	553		1.019
Financial statements							does not							2024	500	645	3	1.149
Sustainability statement				At the end of October 2020 Tryg received the Danish Consumer Ombudsman's assessment of the case. In the Danish Consumer Ombudsman's opinion Tryg was not complying with	regulations on giving notice for price adjustments for private customers when increasing prices	above normal indexation between March 2016 and February 2020. The case is related to a part of	the private portfolio in Denmark. Based on this assessment the Danish Consumer Ombudsman that certain customers may have a recovery claim against Tryg. I ryg	the applicable regulation and guidelines stated by the Danish Financial Supervisory Authority agree with the Danish Consumer Ombudsman's assessment as Tryg believes it has followed	("FSA") in terms of price increases. In April 2022 the Danish Consumer Ombudsman decided	Consumer Ombudsman arguments against Tryg. Tryg has appealed the decision and the permission On 5 April 2024 the Danish Maritime & Commercial Court has ruled in favour of the Danish	The Executive Board has decided not to disclose any amount but the case is deemed to have immaterial financial consequences for Tryg's equity and solvency position.	Companies in the Tryg Group are party to a number of other disputes in Denmark, Norway and beyond the obligations recognised in the statement of financial position at 31 December 2024. Sweden, which management believes will not affect the Group's financial position significantly	Tryg Livsforsikring A/S, Forsikrings-Aktieselskabet Alka Liv II and Holmia Livförsäkring AB have registered the following assets as having been held as security for the insurance provisions:
Governance		Contingent liabilities	Price adjustments 2016-2020				concluded		that the case should be tested in court.	to appeal has been granted by the Danish Supreme Court.		Other		DKKm	Equity investments	Bonds	Interest and rent receivable
Financial results			Total	1,529 1,529		2,216	2,216
		Obligations due by period	>5 years	117 117		11	11					companies under the
			3-5 years	155 155		45 1	451
Strategy			1-3 years	506 506		742	742
			<1 year	751 751		1,011	1,011
Introduction	Contractual obligations, collateral and contingent liabilities	Contractual obligations		Other contractual obligations 31		Other contractual obligations 31		a) Other contractual obligations mainly consists of investment commitments, IT and outsourcing agreements. Please refer to note 15 for lease agreements recognised as ROU assets.	Tryg has signed the following material contracts above DKK 50m	(DKK 909m in 2023) of which DKK 166m are expected called during 2025 (DKK 284m in 2023 are expected called during 2024), additionally DKK 308m (DKK 625m in 2023) within 5 years and DKK Tryg is committed to invest in some investment funds. The commitment amounts to DKK 573m 99m (DKK 0m in 2023) after 5 years.	Tryg has signed II intrastructure agreements with commitments amounting to DKK 489m (DKK	joint taxation group are jointly liable for any taxes to be withheld and paid in the group, including Tryg Groups Danish companies are in majority part of a joint taxation with TryghedsGruppen smba, with some exemptions due to Danish legislation. TryghedsGruppen smba is the administration company in the Danish joint taxation group. The Danish	income taxes, and taxes withheld at source such as taxes on interest and dividends.
Contents	Notes 29		2024 DKKm		2023						737m in 2023) within 5 years.

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Annual Report 2024 | Tryg A/S | 185

	Financial assets and liabilities are offset and the net amount reported when the Group and the	counterparty have a legally enforceable right of set-off and have agreed to settle on a net basis or to		Positive and negative fair values of derivative financial instruments with the same counterparty are offset if it has been agreed to settle contractual payments on a net basis when cash payments are	made or collateral is provided on a daily basis in case of fair value changes. The Group's netting of	positive and negative fair values of derivative financial instruments may be cleared through LCH		Master netting agreements and similar agreements entitle parties to offset in the event of default, Furthermore, netting is carried out in accordance with enforceable master netting agreements	which further reduces the exposure to a defaulting counterparty but does not meet the conditions				The Group has no related parties with a controlling influence other than the parent company,	TryghedsGruppen smba and the subsidiaries of TryghedsGruppen smba (other related parties).		2023 2024		0.5 8 0	0.6 2.6 0.6 0.1		0.3 0.2	0.3 0.1 0.0 0.1
										for accounting offsetting in the statement of financial position.				Related parties include the Supervisory Board, the Executive Board (which is considered Key
		realise the asset and settle the liability.				(CCP clearing).						Related parties 30			Management) and their members' family.	DKKm	Premium income	- Parent company (TryghedsGruppen smba)	Other related parties Key management	Claims payments	- Parent company (TryghedsGruppen smba)	- Other related parties Key management
					Net amount		0	2	ਟ		0	7	4			0	27	27		0	123	123
		Collateral which is not offset in the statement of financial position			Collateral		-340	-109	-450		-3,684	-494	-4.178			-59	-788	-847		-4,645	-434	-5,079
			Further	netting offsetting, master	agreements		0	-550	-550		0	-550	-550			0	-1.223	1,223		0	1,223	1,223
			According	to the of financial statement	position		340	661	1,002		3,684	1.048	4.732			59	2.038	2.096		4,645	1.779	6,424
					Offsetting		0	-659	-659		0	-659	-659			0	-516	-516		0	-516	-516
				Gross amount before	offsetting		340	1,321	1,661		3,684	1.708	5,392			59	2.554	2,613		4,645	2,295	6,940
Contractual obligations, collateral and contingent liabilities (continued) 29	Offsetting and collateral in relation to financial assets and liabilities				2024 DKKm	Assets	Reverse repos	Derivative financial instruments		Liability	Repo debt	Derivative financial instruments		2023	Assets	Reverse repos	Derivative financial instruments		Liability	Repo debt	Derivative financial instruments

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		Base salary	Share- based	Cash					Base salary	Share- based	Cash
DKKm 2024	persons Number of	allowance®) incl. car	salaryb) variable	variable salary	Pension	Total	2023 DKKm	persons Number of	allowance®) incl. car	salaryb) variable	salaryo) variable	Pension	Total
Supervisory Board	S	12	0	0	0	ਟ 1	Supervisory Board	9 1	12	0	0	0	12
Executive Board	S	33	6	7	8	54	Executive Board	1	30	ರಿ 1	10	8	66
Risk-takers investment functions	11	17	2		2	22	Risk-takers investment functions	12	15	ਟ	১	১	21
Risk-takers staff functions	34	52	10	3	6	7 1	Risk-takers staff functions	24	41	6			65
independent control Risk-takers functions	7	8	0	0		10	independent control Risk-takers functions	7	8	0	0		10
Risk-takers other functions	58	92	9	9	9	130	Risk-takers other functions	28	66	8		2	107
	127	214	38	13	36	301		91	172	48	30	30	280
					Number of persons (nom.)	Severance pay (DKKm)						Number of persons (nom.)	Severance pay (DKKm)
Of which retired							Of which retired
Supervisory Board						0	Supervisory Board					ਟ	0
Executive Board®					0	0	Executive Board®					N	7
Risk-takers					00	0	Risk-takers					0	0
					6	0						7	14

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Annual Report 2024 | Tryg A/S | 187

d) Severance pay is included in the remuneration table above in all categories.

Financial statements

Sustainability statement

Strategy

Introduction

三 Contents

Notes

Financial results

Governance

Related parties (continued) 30
programmes.	conditional shares, which are recognised over a deferral period up to 5 years from performance year Base salary are charges incurred during the financial year. Variable salary includes the charges for 2024. Reference is made to section 'Corporate governance' of the management's review on the corresponding disbursements. The Executive Board and risk-takers are included in incentive Please refer to note 31 for more information.	basis.	The transactions between TryghedsGruppen smba and Tryg A/S is conducted on an arm's length In 2024 Tryg A/S paid TryghedsGruppen smba dividends of DKK 2,265m (DKK 2,102m in 2023).
covered by the incentive schemes.	The members of the Supervisory Board in Tryg A/S are paid with a fixed remuneration and are not	administrative services, IT and data deliveries.	Intra-group transactions with TryghedsGruppen smba from Tryg Forsikring A/S consists of
allowances, and staff benefits	The members of the Executive Board are paid a fixed remuneration, pension, car allowance, special	The transactions amounts to DKK 4m (DKK 2m in 2023). All transactions are conducted on an arm's length basis.
Management review.	years for the Executive Board from performance year 2024. Please refer to 'Corporate governance' in The variable salary is awarded with 40% cash, and 60% conditional shares which are deferred for 5
severance pay equal to 36 months´ salary.	months' salary plus pension contribution. If a change of control clause is actioned COO is entitled to Each member of the Executive Board is entitled to 12 months' notice and severance pay equal to 12
	Risk-takers are defined as employees whose activities have a significant influence on the company's risk profile. The Supervisory Board decides which employees should be considered to be risk-takers.
TryghedsGruppen smba Parent company A/S.	TryghedsGruppen smba controls 47.9% (46.3% at 31 December 2023) of the total shares in Tryg
	This amounts to TryghedsGruppen smba controlling 48.1% (47.5% at 31 December 2023) of the shares outstanding in Tryg A/S as at 31 December 2024.

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Total Numbers
				Fair Value
	Average matching value per share at	Total value at time of	matching Value per share at 31	Total fair value at 31
Other Risk-takers Executive Board	grant date ਮ DK Total	allocation DKKm	DKK December	December DKKm
0 0 0 Matching shares allocated in 2024	0 0	0	0	0
437,916 03,203 262,901	140 804.021	112	152	122
-26,126 26.126 0 Category changes and addition	0 0	0	0	0
-49,958 -7.476 -14,328	140 -71,762	-10	152	-11
-270.07 87.363 క్ .57 -248.	140 -606.007	-85	152	-92
91,761 34,491 0	140 126,252	18	152	19

57,362 1.670 0 Matching shares allocated in 2023	163 59,032	10	147	6
341,802 108,118 295,068	138 989 744.	103	147	109
38,752 -6,585 -32,167 Category changes and addition	138 0	0	147	0
-49,958 -7.476 -14,328	138 -71.762	-10	147	-11
-205,400 -79,860 573 -248.	138 -533,833	-74	147	-78
125.196 14.197 0	138 139,393	19	147	20

In accordance with the Group's remuneration policy Tryg has on agreed terms allocated matching shares for some employees.
Executive Book, Risk-alers and Other employees are in Typ A S for each share they aquire in Trye A S at market price for liguid cast at a contractually agreed sun ver deferal
h 2024, the recepised fair your anounted to DKK 9m (DKK 14m in 2023), AC 3 December 2024, total tair value reded to matching shares mounted to DKK 19m (DKK 29m in 2023). The number of shares is adjusted for dividend paid, no expected dividend is included.

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Conditional shares				Total Numbers				Fair Value
					Average conditional value per share at	Total value at time of	Value per share at 31 conditional	Total fair value at 31
2024	Executive Board	Risk-takers	Other	Total	grant date DKK	allocation DKKm	DKK December	December DKKm
Conditional shares allocated in 2024	35,556	54.977	97.592	188.125	161	30	152	29
Allocated in 2018 - 2023	147,003	781,378	422,729	1,351,110	169	228	152	205
Category changes and addition	4,625	-69,713	96,421	31,333	169	S	152	S
Cancelled	0	-14,208	-12,857	-27,065	169	-5	152	-4
Exercised	Si -74.52	-429.680	68 -338.	-842.886	169	-143	152	-128
Total 31.12.24	77,103	267,777	167,612	512,492	169	87	152	78
2023
Conditional shares allocated in 2023	34,800	163,583	58,829	257,212	161	42	147	38
Allocated in 2018 - 2022	206,118	490,725	226,996	923.839	17 1	158	147	36
Category changes and addition	g -93.91	127.070	136,904	170.059	17 1	29	147	25
Cancelled	0	-14.208	-12,857	-27.065	171	-5	147	-4
Exercised	-10,077	-268,152	-213,898	-492,127	17	-84	147	-72
Total 31.12.23	102,126	335,435	137,145	574,706	171	98	147	84

Please refer to page 138

Annual Report 2024 | Tryg A/S | 190

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三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

Financial statements	about claims development; and
Sustainability statement	The expected fulfilment cash flows are similarly assumptions about discount rates, including especially liability for incurred claims represent the Group's most critical accounting estimates, Changes in the following key assumptions may Estimates of insurance contracts liabilities and as these provisions involve several uncertainty The sensitivity of the key assumptions and the assumptions about the contract boundary; factors. Similarly, the estimation of recoveries underlying assumptions and development of an adjustment to reflect the time value of change the fulfilment cash flows materially: about level of aggregation; and the financial risks related to future cash flows, to the extent that the a risk adjustment for non-financial risk. financial risks are not included in the applied to reinsurance contract assets estimates of future cash flows; and discount rates are disclosed in note 1. from reinsurers may be significant. estimates of future cash flows; Fulfilment cash flows comprise: any illiquidity premiums. assumptions assumptions money o
Governance	Generally speaking, the key differences between involves simpler calculation of provisions for the with a coverage period of one year or less as the more than one year, provided it can be PAA. The product groups Change of Ownership, the two methods are, for example, that the PAA IT effect of discounting on the provision for these has been assessed that the use of PAA will not whether the conditions for using the PAA have than eligibility tests have been carried out to assess The PAA may be used for insurance contracts conditions for using the PAA. Hence coverage period of one year or less under the will be limited. However, the PAA can also be used for insurance contracts with a coverage to The Tryg Group recognises all policies with a documented that measurement of technical Tryg has thus chosen to use the PAA for the previous policies as well as fewer reporting been met. All product groups have proved remaining coverage period in line with the contracts with a coverage period of more a materially different result than a materially different result than provisions according to the PAA will not one year. For these groups of contracts, Construction Policies and Affinity have measurement according to the GMM. measurement according to the GMM
Financial results	entire insurance portfolio. requirements. meet the period of produce produce
Strategy	International Financial Reporting Interpretations assumptions and estimates are significant to the requires management to exercise its judgement first time for the accounting year that began on Committee (IFRIC) has also issued a number of IFRS Accounting Standards requires the use of Goodwill, Trademarks and The International Accounting Standards Board The preparation of financial statements under The areas involving more No standards have been implemented for the Fair value of financial assets and liabilities international accounting standards, and the The PAA is basically a simplified version of Implementation of changes to accounting January 2024 that will have a significant judgement or complexity, or areas where the GMM which may be used if a number certain critical accounting estimates and (IASB) has issued several changes to the Insurance and reinsurance contracts in the process of applying the Group's consolidated financial statements are: Significant accounting estimates and standards and interpretation in 2024 Insurance and reinsurance contracts of conditions have been met. Customer relations Accounting regulation impact on the Group. accounting policies. Measurement of interpretations. assessments 0
Introduction Accounting policies Notes	prepared in accordance with the executive order contingency reserves allocated from untaxed prepared by listed financial services companies. company have been adjusted accordingly on recognition and measurement requirements of Dy Accounting Standards as adopted by the EU on the transition to IFRS Accounting Standards. Tryg has not implemented any new significant additional Danish The Danish FSA's executive order does not The parent company financial statements are companies and lateral pension funds issued on financial reports presented by insurance The accounting policies have been applied Business Act on annual reports The consolidated financial statements are comprehensive income of the parent the Danish FSA. The deviations from the accounting policies or IFRS Accounting disclosure requirements of the Danish allow provisions for deferred tax of prepared in accordance with the IFRS funds. Deferred tax and the other IFRS Accounting Standards are: Change in accounting policies 31 December 2024 and the consistently with last year.
Contents ਤੇ ਤੇ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	Standards in 2024. Insurance
	This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

On consolidation, intra-group income and costs, Items of subsidiaries are fully recognised in the and losses arising on transactions between the consolidation are prepared in accordance with intra-group accounts and dividends, and gains consolidated enterprises are eliminated. The financial statements used for the consolidated financial statements. the Group's accounting policies.
than the functional currency are transactions in CHF and GBP. Transactions in currencies other A functional currency is determined for each of functional currencies are DKK, SEK, NOK, EUR, the reporting entities in the Group. Tryg's Currency translation foreign currencies.
currency using the exchange rate applicable at translated using the exchange rates applicable Translation differences are recognised in the On initial recognition, transactions in foreign currencies are translated into the functional income statement under price adjustments. at the statement of financial position date. the transaction date. Assets and liabilities denominated in foreign currencies are
items are translated using the average exchange On consolidation, the assets and liabilities of the Group's foreign operations are translated using the exchange rates applicable at the statement of financial position date. Income and expense rates for the period.

Notes

Accounting policies (continued) 33

Fair value of financial assets and liabilities

an subject to material estimates. For securities that is consideration for credit and liquidity premiums. los are not listed on a stock exchange, or for which for which prices are quoted in an active market no stock exchange price is quoted that reflects discounting of the instrument cash flow using calculation. The valuation models include the the fair value of the instrument, the fair value similar financial instrument or using a model Measurements of financial assets and liabilit models with observable market data are not determined using a current OTC price of a or which are based on generally accepted appropriate market interest rate with due

Measurement of Goodwill, Trademarks and Customer relations

was acquired in connection with the acquisition Impairment testing involves estimates of future circumstances dependent on economic trends, of businesses. Goodwill is allocated to the cash Goodwill, Trademarks and Customer relations manages the investment. The carrying amount such as customer behaviour and competition. cash flows and is affected by several factors, generating units under which management is tested for impairment at least annually. including discount rates and other Cf. note 14.

amounts attributable to this financial vear. Value adiustments of financial assets and liabilities are as earned, whereas costs are recognised by the time of presentation of the financial statements position date are considered at recognition and conditions existing at the statement of financia ncome is recognised in the income statement and that confirm or invalidate affairs and measurement.

recognised in the income statement unless

otherwise described below.

All amounts in the notes are shown in millions of DKK unless otherwise stated.

Consolidation

Consolidated financial statements

assets held for trading and financial assets and

revaluation of investment property, financial

The financial statements have been prepared

Description of accounting policies Recognition and measurement under the historical cost convention and

nstruments) at fair value are recognised in the

income statement.

inancial liabilities (including derivative

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

exercises a controlling influence over the relevant activities in the enterprise in

financial position when the Group has a legal

iabilities are recognised in the statement of

is exposed to or has the right to a variable eturn on its investment, and question, 2

benefits will flow out of the Group, and the value

of such liabilities can be measured reliably.

event, and it is probable that future economic

constructive obligation as a result of a prior

measured at cost, with the exception of financial

On initial recognition, assets and liabilities are

fair value. Measurement after initial recognition

assets and liabilities, which are recognised at

can exercise its controlling influence to affect the variable return.

voting rights and exercises significant influence ndirectly holds between 20% and 50% of the but no controlling influence are classified as Enterprises in which the Group directly or associates.

Anticipated risks and losses that arise before the

is affected as described below for each item.

Basis of consolidation

financial statements are prepared by combining Tryg A/S and its subsidiaries. The consolidated orepared based on the financial statements of The consolidated financial statements are items of a uniform nature. Annual Report 2024 | Tryg A/S | 192

Contents |||

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

Strategy

Financial results

Governance

Notes

Accounting policies (continued) 33

Exchange rate differences arising on translation The presentation currency in the annual report are classified as other comprehensive income losses are recognised in the income statemen period in which the activities are divested. All other foreign currency translation gains and recognised as income or as expenses in the and transferred to the Group's translation reserve. Such translation differences are is DKK.

Operating segments

assessment of the Group's results divided into Segment information is based on the Group's segments. Executive Board is considered Key management and internal financial reporting reporting is based on the Group Accounting decisions on allocation of resources and operating decision makers. The segment system and supports the management policy. The operational business segments in the Group portfolios. Cf. note 4 reclassification column and involving brokers. Other encompasses Acquired are Private, Commercial, Corporate and Other. Private encompasses the sale of insurances to Norway. Commercial encompasses the sale of Corporate sells insurances to industrial clients businesses, in Denmark. Sweden and Norway primarily in Denmark, Norway and Sweden. In private individuals in Denmark, Sweden and addition, Corporate handles all business nsurances to small and medium sized description.

Geographical information is presented based on the economic environment in which the Tryg Group operates. The geographical areas are Denmark, Norway and Sweden.

be Segment income and segment costs as well as segment assets and liabilities comprise those ndividual segment and those items that can items that can be directly attributed to each investment activity managed at Group level comprise assets and liabilities concerning reliable basis. Unallocated items primarily allocated to the individual segments on a

Key ratios

Danish Finance Society and the Executive Order on Financial Reports for Insurance Companies according to IAS 33. This and other key ratios Recommendations and Ratios issued by The nd Multi-Employer Occupational Pension Earnings per share (EPS) are calculated Funds issued by the Danish Financial are calculated in accordance with Supervisory Authority.

nsurance revenue Income statement

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

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

_oss component

Tryg assumes that no contracts are onerous at Tryg considers facts and circumstances to dentify whether a group of contracts are nitial recognition unless facts and circumstances indicate otherwise. onerous based on:

Pricing information
Results of similar contracts it has recognised in Environmental factors, e.g., a change

market experience or regulations

Annual Report 2024 | Tryg A/S | 193

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

_oss-recovery components

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

recover from the group of reinsurance contracts component of the onerous group of underlying loss-recovery component is subsequently insurance contracts that the entity expects to 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 held. The

ટીર in	incentive programmes for executive board, risk comprise an employee bonus scheme and The Tryg Group's incentive programmes takers and other employees. Share-based payment	shares, the remaining expense is recognised in The shares are recognised at market value and performance year. It the holder retires during the maturation period but remains entitled to are accrued from up to five years from
U	Group's employees can be granted a bonus in the form of free shares. When the bonus is According to the remuneration policy, the Employee bonus scheme	Matching shares have been allocated to some employees in accordance with the incentive the current accounting year. Matching shares
വ	performance period. The scheme will be treated as a financial instrument, consisting of the right receiving shares or cash. The expected value of granted, employees can choose between the shares will be expensed over the	maturation period, based on the market price at The shares are recognised at market value and are accrued over the three or four year programme.
ed ﺎ	recognised in equity and is not remeasured. The remeasured until the time of exercise, such that delivery of shares. The difference between the number of shares or the actual cash amount. the total recognition is based on the actual to cash settlement and the right to request value of shares and the cash payment is remainder is treated as a liability and is	the time of acquisition. Recognition is from the shares, the remaining expense is recognised in end of the month of acquisition under staff expenses with a balancing entry directly in maturation period but remains entitled to equity. If the holder retires during the the current accounting year.
ട് to ഗ	Conditional shares have been allocated to some Equity-settled conditional shares are measured deferral period (the transfer date), where the employees in accordance with the incentive recognised under staff costs over the period from the allotment date until the end of the and at the fair value at the allotment date holder receive free shares. Conditional shares programme.	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 Income and expenses from reinsurance revenue and expenses from insurance contracts. Income and expenses from

Notes

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

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Accounting policies (continued) 33

Insurance service expenses arising from Insurance service expenses

loss generally as they are incurred. They exclude insurance contracts are recognised in profit or repayments of investment components and comprise the following items.

Incurred claims
Amortisation of insurance acquisition cash flows: .
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

Incurred claims

prevent, control and mitigate damage and other handling of claims incurred in relation insurance can be ascribed to unwinding and/or change in in respect of previous years. The portion which direct and indirect costs associated with the Incurred claims include run-off gains/losses 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.

Incurred claims comprise bonus and premiums discounts based on defined claims experience set prior to the period where the insurance contract was incepted or sold. Annual Report 2024 | Tryg A/S | 194

effects are included in Net finance income from insurance service result and insurance finance income or expenses. Changes relating to the ri the insurance service result while discounting adjustment for non-financial risk between the adjustment for non-financial risk are included Tryg disaggregates changes in the risk reinsurance contracts.

Insurance acquisition cash flows

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

Other insurance service expenses

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

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Contents |||

Introduction

Strategy

Financial results

Governance

Financial statements

Sustainability statement

Notes

Accounting policies (continued) 33

Investment activities

property operations less property management Income from investment properties before fair interest earned and dividends received during Income from associates includes the Group's value adjustment represents the profit from expenses. Interest and dividends represent separate line item in the income statement the financial year and are recognised as a share of the associates' net profit.

through profit or loss is recognised as interest and not part of the fair value adjustments. Coupon on bond designated as fair value

of represent expenses relating to the management adjustments. Investment management charges losses, including gains and losses on derivative The a profit) from or added (in case of a loss) to the Realised and unrealised investment gains and Invest Real Estate are either deducted (in case external investors share of the result in Tryg financial instruments, value adjustment of management fees on the investment area. translation adjustments and the effect of movements in the vield curve used for nvestment property, foreign currency discounting, are recognised as value of investments including salary and investment result.

nsurance finance income and expenses nsurance finance income and expenses

mounts risk adjustment for non financial risks groups of insurance and reinsurance contracts nd arising from the effects of the time value of and arising from the effects of the time value of 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

Other income and costs

Pension & Livsforsikring A/S and depreciations 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 portfolio or investment intangibles assets identified in Business combinations. of

Discontinued and divested business

technical interest net of reinsurance, investment statement. Discontinued and divested business costs, profit/loss on ceded business, insurance return after insurance technical interest, other impairment is recognised under other income gross discontinued business. Any reversal of earlier income and costs and tax in respect of the includes gross premiums, gross claims, consolidated in one item in the income Discontinued and divested business is and costs.

tem as assets held for sale and liabilities held for concerning discontinued activities are reported divested activities are consolidated under one The statement of financial position items whereas assets and liabilities concerning unchanged under the respective entries sale.

Statement of financial position Intangible assets

Goodwill

ic acquisition of business. Goodwill is calculated which management manages the investment iabilities at the time of acquisition. Goodwill allocated to the cash-generating units under identifiable assets, liabilities and contingent undertaking and the fair value of acquired Goodwill is not amortised but is tested for and is recognised under intangible assets. Goodwill is acquired in connection with the difference between the cost of the mpairment at least once per year.

Trademarks and customer relations

Trademarks and customer relations have been Customer relations are recognised at fair value nence are not amortised but instead tested for Trademarks with an indefinite useful lifetime, at the time of acquisition and amortised on a dentified as intangible assets on acquisition. straight-line basis over the expected useful mpairment at least once per year. ifetime of 5-15 years.

Software

capitalised on the basis of the costs incidental to earnings will exceed the costs in more than one asset is amortised according to the straight-line software. The costs are amortised based on an After completion of the development work, the development and directly attributable relevant fixed costs. All other costs connected with the year, are reported as intangible assets. Direct development or maintenance of software are where there is sufficient certainty that future Costs for group developed software that are costs include personnel costs for software dentifiable and unique software products, directly connected with the production of Acquired computer software licences are method over the assessed useful lifetime, estimated useful lifetime of up to 8 years. acquiring and bringing to use the specific though over a maximum of 8 years. The amortisation basis is reduced by any continuously charged as expenses. mpairment and write-downs.

Assets under construction

accordance with the amortisation periods stated until they are put into use, whereupon they are reclassified as software and are amortised in under the entry "Assets under construction" Group-developed intangibles are recorded above.

Strategy

Sustainability statement

Notes

Accounting policies (continued) 33

Fixed assets

Fixtures and operating equipment are measured relevant assets until the time when such assets at cost less accumulated depreciation and any calculated using the straight-line method over directly attributable to the acquisition of the encompasses the purchase price and costs Depreciation of operating equipment is estimated useful lifetime as follows: accumulated impairment losses. Cost are ready to be brought into use. Operating equipment its

Vehicles. 5 vears IT, 4 years
Furniture, fittings and equipment, 5-10 years

the expected useful lifetime, however maximally _easehold improvements are depreciated over the term of the lease.

revalued assets are sold, the amounts included Gains and losses on disposals and retired asse in the revaluation reserves are transferred to are determined by comparing proceeds with recognised in the income statement. When carrying amounts. Gains and losses are retained earnings.

Right-of-use assets Leasing

whether a contract is, or contains, a lease. It has At inception of a contract. Tryg assesses The underlying asset is identifiable the following prerequisites: c

use of the asset throughout the period of use substantially all the economic benefits from The group has the right to direct the use of The group has the right to obtain the asset

corresponding lease liability with respect to all excluding short-term leases (defined as leases with a lease term of 12 months or less) and lease agreements in which it is the lessee, Tryg recognises a right-of-use asset and a leases of low value assets.

that contains lease components, Tryg allocates component based on their relative stand-alone the consideration in the contract to each lease At inception or on reassessment of a contract prices. Right-of-use asset (ROU asset) and lease liability cost, which comprises the initial amount of the date. The ROU asset is initially measured the are recognised at the lease commencement lease liability adjusted for

lease payments made at or before the commencement date
estimate of costs to dismantle and remove any initial direct cost incurred
- the underlying asset or to restore the underlying asset
  - ROU assets are tested for impairment. lease incentives received

The lease liability _ease liability

present value of the lease payments that are not by ncremental borrowing rate. Subsequently, the adjustment is made to the carrying amount of paid at the commencement date, discounted using the rate implicit in the lease. If this rate is initially measured at the cannot be readily determined. Tryg uses its lease liability is measured at amortised cost liability is remeasured to reflect changes in using the effective interest method and is presented as part of other debt. The lease future lease payments. A corresponding the ROU asset.

and and buildings

oroperties are classified as investment property. occupied property and investment property. All _and and buildings are divided into owner-

nvestment property

Properties held for renting yields that are not occupied by the Group are classified as investment properties.

in the nature, location or maintenance condition market-specific rental income per property and nvestment property is recognised at fair value. similar properties, adjusted for any differences available, the Group uses alternative valuation tor projections and recent prices in the market specific assets. If this information is not The fair value is calculated on the basis of Fair value is based on transaction prices methods such as discounted cash flow of

developments.

special tenant terms and conditions. Cf. note 16. The resulting operating income is divided by the which is adjusted to reflect market interest rates capitalised value of the return on prepayments typical operating expenses for the coming year. and property characteristics, corresponding to the present value of a perpetual annuity. The required return on the property in per cent, property issues such as vacant premises or and deposits and adjustments for specific Changes in fair values are recorded in the value is subsequently adjusted with the income statement.

mpairment test for intangible assets, property

based on business plans. The business plans are normally established using budgeted cash flows expected useful lifetime. This also applies to the based on past experience and expected market Operating equipment and intangible assets are the depreciation method and the depreciation assessed at least once per year to ensure that Goodwill is tested annually for impairment, or which the asset belongs. The present value is performed for each cash-generating unit to salvage value. Write-down is performed if period that is used are connected to the mpairment, and impairment testing is more often if there are indications of mpairment has been demonstrated. and operating equipment

Contents |||

Introduction

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Accounting policies (continued) 33

Equity investments in Group undertakings

subsidiaries are recognised and measured using elimination of unrealised intra-group profits and the equity method. The parent company's sha losses is recognised in the income statement. in The parent company's equity investments of the enterprises' profits or losses after

are written down by the parent company's share Q negative net asset value are recognised at zero investments are measured at the pro rata shar of the enterprises' equity. Subsidiaries with a value. Any receivables from these enterprises In the statement of financial position, equity of such negative net asset value where the receivables are deemed irrecoverable.

to cover the liabilities of the relevant enterprise company has a legal or constructive obligation is f the negative net asset value exceeds the amount receivable, the remaining amount recognised under provisions if the parent

revaluation under equity if the carrying amount Net revaluation of equity investments in subsidiaries is taken to reserve for net exceeds cost

translation of the items in the income statement The results of foreign subsidiaries are based on costs in domestic enterprises denominated in transaction day exchange rates. Income and using average exchange rates for the period unless they deviate significantly from the

exchange rates applicable on the transaction foreign currencies are translated using the date. Statement of financial position items of foreign subsidiaries are translated using the exchange rates applicable at the statement of financial position date. When it is assessed that the parent company no longer has control over the subsidiary, it will be transferred to either assets held for sale or unquoted shares and when sold, it will be derecognised.

Equity investments in associates

generally in the form of an ownership interest of elimination of unrealised intra-group profits and Equity investments in associates are measured Group's proportionate share of the enterprises Associates are enterprises in which the Group ssociates is included as a separate line in the income statement. Income is made up after net assets. Significant transaction costs are between 20% and 50% of the voting rights. recognised as part of the acquisition price. Profit after tax from equity investments in using the equity method and the carrying amount of the investment represents the has significant influence but not control, osses.

measured at zero value. If the Group has a legal Associates with a negative net asset value are or constructive obligation to cover the

ഗ associate's negative balance, such obligation recognised under liabilities.

Recognition and classification of financial instruments

Financial instruments are classified as follows based on the Group's business models:

The asset is held to collect cash flows from payments of principal and interest (hold to amortised cost after initial recognition. collect business model). Measured at
വു model). Measured at fair value with changes payments of principal and interest and sellir The asset is held to collect cash flows from ncome with reclassification to the income the asset (hold to collect and sell business ecognised through other comprehensive statement on realisation of the assets.
value with value adjustment through profit or the trading book or assets, where contractual assets managed on a fair value basis, held in and principal of the receivable. It is also still loss. when such measurement significantly iabilities or recognition of losses and gains fair value through profit or loss. These include possible to measure financial assets at fair cash flows do not solely comprise interest occurred on measurement of assets and Other financial assets are measured at mismatch that would otherwise have reduces or eliminates an accounting on different bases.
Generally, financial liabilities are measured at 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 model. through profit or loss. Financial assets, which, if the financial assets will be placed in a category, measured at amortised cost fair fair value with accounting mismatch, are also recognised in 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 classification thereof. The review included an The Group's financial assets and business interest

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

lotes
Accounting policies (continued) 33
collect cash flows representing payments of principal and interest and which has limited financial asset is attributable to this category model whose objective is to hold assets to comprehensive income would result in an if measurement of the asset at amortised easured at fair value through profit or loss. nancial assets and liabilities measured at if the asset is not held within a business quity and bond portfolios are generally cost or at fair value through other ir value through profit or loss accounting mismatch. sales activity	provisions, and a free portfolio. The objective for approximately offset the capital gains and losses The investment portfolio is divided into a match fair value through profit or loss, unless they are opments on the insurance provisions. The free at with a view to obtaining the best risk-adjusted Derivative financial instruments (derivatives), portfolio is invested in different asset classes which are assets or liabilities, are measured the corresponding devel portfolio corresponding to the technical the return on the match portfolio is to classified as hedging instruments. on the assets with return.	The Group's activities expose it to financial risks stock exchange price is quoted that reflects the not listed on a stock exchange, or for which no determined using valuation techniques. These instruments or discounted cash flow analysis. include the use of similar recent arm's length SI exchange rates, interest rates and inflation. Forward exchange contracts and currency of the instrument, the fair value including changes in share prices, foreign swaps are used for currency hedging of transactions, reference to other similar Derivative financial instruments and hedge accounting fair value	Recognition of the resulting gain or loss depends hedging instrument and, if so, the nature of the In Discounting based on market interest rates is certain derivatives as hedges of investments P foreign entities. Changes in the fair value of company is entitled or intends to make net on whether the derivative is designated as item being hedged. The Group designates settlement of more financial instruments. instruments involving an expected future applied in the case of derivative financial negative values are only offset when the cash flow.
ne business model behind the bond portfolio is quity instruments are not based on cash flows do ot intrinsically based on collecting cash flows om payments of principal and interest but is onds which are held to match the insurance easured at fair value with value adjustment easured at fair value through profit or loss. inimisation, where contractual cash flows ot constitute a central element but follow hich comprise payments of principal and sed on, for example, short-term trading terest. Therefore, these instruments are tivity and investments focused on cost ntracts liabilities are designated to be lely from the investment. rough profit or loss.	The fair values of quoted securities are based on for the category financial assets at fair value are substantially all risks and rewards of ownership derecognised on a trade date basis, the date on transferred, and the Group has also transferred Realised and unrealised profits and losses that may arise because of changes in the fair value rights to receive cash flows from the financial ommits to purchase or sell Financial assets are derecognised when the recognised in the income statement in the stock exchange prices at the statement of assets have expired, or if they have been Financial assets are recognised and period in which they arise. which the Group c the asset.	Positive fair values of derivatives are recognised as derivative financial instruments under assets. portfolios of shares, bonds, hedging of foreign from the trading date and are measured in the form of futures, forward contracts, swaps and position items. Interest rate derivatives in the derivatives in the form of futures and options Derivative financial instruments are reported and insurance statement of financial interest rate risks related to the portfolio of statement of financial position at fair value. are used from time to time to adjust share FRAs are used to manage cash flows and bonds and insurance provisions. Share Negative fair values of derivatives are recognised under derivative financial exposures. entities	and losses accumulated in equity are included in the income statement on disposal of the foreign which provide effective currency hedging of the are recognised in the income statement. Gains comprehensive income. The tangible net asset requirements of hedge accounting. Changes in the fair value relating to the ineffective portion 90-100% by entering into short-term forward derivatives that are designated and qualify as net investment hedges in foreign entities and 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.

Annual Report 2024 | Tryg A/S | 198

instruments under liabilities. Positive and

financial position date. For securities that are stock exchange prices at the statement of

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

of the document.

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

A financia

· if the a model collect princip sales a
- · if mea cost of compr accour

Equity and measured Bonds wh contracts measured

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Strategy

Financial results

Governance

Financial statements

Sustainability statement

Notes

Accounting policies (continued) 33

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 financial 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 19.

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 at bank and in hand. Current tax assets are

provisions at the statement of financial position amortised cost, and the return is recognised as recognised at nominal value less impairment for on-account payments and any prior-year institutions are recognised and measured at Reverse repurchase lending to credit adjustments. Cash at bank and in hand is interest income in the income statement. date.

mpairment charges for loans, advances and receivables

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

credit losses over a period of 12 months for 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 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.
significant increase in credit risk since initial Stage 2 covers loans and advances etc with recognition. For this category, impairment 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, impairmen Stage 3 covers loans and advances that are the expected credit losses over the time-toassumption that the customers will default provisions are also made corresponding to to individual provisioning on the specific maturity.

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

Solvency II to derive the expected credit loss on a single name exposure. Further, determining fryg has applied the methodology used under the expected credit loss is subject to management judgement.

has no exposures covered by Stage 2 or Stage 3. At the statement of financial position date Tryg

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.

Share capital Equity

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

Foreign currency translation reserve

ncome and expense items are recognised using in Other comprehensive income. When an entity offset in other comprehensive income in respect currency risk in respect of foreign entities is also period. Any resulting differences are recognised recognised using the exchange rate applicable is wound up or sold, the balance is transferred to 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.

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 reserves is allocated.

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nsaction costs) and the redemption value is cognised in the income statement over the orrowing period using the effective interest ethod.	Some reinsurance contracts issued contain components that require separation. products do not include any distinct	when the first payment from the policyholder becomes due or, if there is no contractual due date, when it is received from the the beginning of its coverage period;
surance and reinsurance contract surance contracts assification	amount 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	when facts and circumstances indicate that An insurance contract acquired in a transfer of the contract is onerous. policyholder; and o
ntracts. Contracts held by Tryg under which it ontracts under which Tryg accepts significant insurance surance risk are classified as	irrespective of the insured event happening. The minimum guaranteed amounts have been claims, or another contractual payment	contracts or a business combination is recognised on the date of acquisition.
derlying insurance contracts are classified as risk related to nsfers significant insurance nsurance contracts.	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.	Groups of reinsurance contracts are established such that each group comprises a single Reinsurance contracts contract.
pose the Group to financial risk, but does not surance and reinsurance contracts also
clude any savings contracts.	Insurance contracts are aggregated into groups for measurement purposes. Groups of Aggregation and recognition	A group of reinsurance contracts is recognised Reinsurance contracts held that provide on the following date.
a limited extend Tryg also issues reinsurance ntracts to compensate other insurers for e insurance ims arising from one or mor ntracts issued by them.	risks and managed together, and dividing each each comprising contracts subject to similar identifying portfolios of insurance contracts, portfolio into annual cohorts (i.e. by year of insurance contracts are determined by	contract is initially recognised. This applies to proportionate coverage is recognised at the date on which any underlying insurance the Group's quota share reinsurance
surance and reinsurance contracts counting treatment	issue) and each annual cohort into three groups based on the profitability of contracts:	recognised at the beginning of the coverage Other reinsurance contracts held is contracts.
plies IFRS 17 to all remaining components of ter separating any distinct components, Tryg ey contain distinct components which must counting Standard instead of under IFRS 17. nsurance products to determine whether yg assesses its non-life insurance and accounted for under another IFRS	any remaining contracts in the annual cohort. have no significant possibility of becoming any contracts that, on initial recognition, any contracts that are onerous on initia onerous subsequently; and recognition; o o 0	entered into the related reinsurance contract period of the group of reinsurance contracts. underlying insurance contracts if Tryg recognised at the date of acquisition. Tryg recognises an onerous group of Reinsurance contracts acquired is held at or before that date. o
e insurance contract. Currently, Tryg's	An insurance contract issued is recognised from the earliest of:

Notes

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

Contents

III

Accounting policies (continued) 33

Additional Tier 1 capital

is recognised as equity for accounting purposes. accounting purposes. Interest is deducted from discretionary payment of interest and principal Correspondingly, interest expenses relating to Perpetual Additional Tier 1 capital with the issue are recorded as dividend for equity at the time of payment.

Dividends

Proposed dividend is part of equity until payment.

Own shares

The purchase and sale sums of own shares and dividends thereon are taken directly to retained shares acquired for incentive programmes and earnings under equity. Own shares include share buyback programme.

connection with the matching shares are taken Proceeds from the sale of own shares in directly to equity.

Subordinated loan capital

of the document.

Subordinated debt consists of financial liabilities repaid until the claims of ordinary creditors have capital is subsequently stated at amortised cost; voluntary or compulsory liquidation, will not be transaction costs incurred. Subordinated loan any difference between the proceeds (net of in the form of subordinated loan capital and Additional Tier 1 capital which, in case of been met. Subordinated loan capital is recognised initially at fair value, net of

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Annual Report 2024 | Tryg A/S | 200

Notes
Accounting policies (continued) 33
obligations that exist during the reporting period pay premiums or has a substantive obligation to portfolio, and the pricing of the premiums up Contract boundary define the cash flows within provide services (including insurance coverage to the reassessment date does not take into Tryg has the practical ability to reassess the account risks that relate to periods after the Tryg has the practical ability to reassess the Cash flows are within the contract boundary if may include both insurance and financial risks, Trygissues non-life insurance contracts with a The reassessment of risks considers only risks risks of the particular policyholder and can transferred from policyholders to Tryg, which in which Tryg can compel the policyholder to benefits that fully reflects the risks of that A substantive obligation to provide services set a price or level of benefits that fully the boundary of each insurance contract. contract and can set a price or level of risks of the portfolio that contains the they arise from substantive rights and reflects those reassessed risks; or but exclude lapse and expense risks. and any investment services). reassessment date. Contract boundary ends when:	the contract boundary of a reporting date to include the effect of changes in transferred to it and can set a price or level of the carrying amount of the liability for remaining On initial recognition of each group of contracts, coverage is measured at the premiums received expense insurance acquisition cash flows when receive services from the bility to reassess the risks has a substantive right to receive services from reflects those reassessed Tryg uses the premium allocation approach to compelled to pay amounts to the reinsurer or The contract boundary is reassessed at each during the reporting period in which Tryg is substantive rights and obligations that exist held if they arise from right to terminate the on initial recognition. Tryg has chosen to simplify the measurement of groups of Measurement, insurance contracts reinsurer ends when the reinsurer: Cash flows are within insurance contracts. reinsurance contract A substantive right to has the practical a benefits that fully has a substantive they are incurred. circumstances. the reinsurer. coverage. risks; or	contracts is onerous, then the Group recognises a loss in profit or loss and increases the liability If at any time during the coverage period, facts liability for remaining coverage is increased by Accordingly, Tryg has chosen not to adjust the time value of money and the effect of financial services provided. Services is usually provided any premiums received and decreased by the Tryg expects that the time between providing current estimates of the fulfilment cash flows amount recognised as insurance revenue for for remaining coverage to the extent that the that relate to remaining coverage exceed the carrying amount of the liability for remaining liability for remaining coverage to reflect the The coverage period is defined as the period Claims and claims handling costs including and circumstances indicate that a group of The fulfilment cash flows are discounted at premium due date is no more than a year. Subsequently, the carrying amount of the each part of the services and the related when an insured event can occur. based on passage of time. current rates (see below). coverage. risk.	claims handling costs that arise from events that policyholders. Claims include direct and indirect The risk adjustment for non-financial risk for the adjustment is based on statistical methods (cost adjustment for non-financial risk. The fulfilment cash flows of a group of insurance contracts do estimated future cash flows to policyholders or which comprise estimates of future cash flows, adjusted to reflect the time value of money and compensation required for bearing uncertainty about the amount and timing of the cash flows Liability for Incurred claims is measured as the have occurred up to the statement of financial separately from the other estimates and is the adjustment for non-financial risk between the not reflect the Group's non-performance risk. of capital) and the disclose of the confidence position date even if they have not yet been discounting in insurance finance income or third parties to fulfil the obligations toward that arises from non-financial risk. The risk total of the expected fulfilment cash flows, liability for incurred claims is determined Tryg disaggregates the change in the risk insurance service result and the effect of level corresponding to the results of that the associated financial risks, and a risk technique is in note 23. reported to the Group. expenses.
short period of insurance covers. Tryg apply the premium allocation model to all insurance contracts issued.		expected claims handling costs are expensed in the income statement as incurred based on the

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

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Annual Report 2024 | Tryg A/S | 201

Financial results Strategy	Governance	Sustainability statement	Financial statements
workers' compensation, personal accident and the actual claim takes time. This is the case for claims in motor liability, professional liability, health insurance classes.	the calculation of the liability for incurred claims Several assumptions and estimates underlying are interdependent. Most importantly, this can be expected to be the case for assumptions relating to interest rates and inflation.	the PAA, then Tryg adjusts the carrying amount reinsurance contracts are modelled using Risk adjustment for non-financial risk for of the asset for remaining coverage.
adder, Bornhuetter- Liability for incurred claims is determined for claims provisions are allocated to segments encompass more than one business area, ia. The models each line of business based on actuarial methods. Where such business lines based on pragmatic criter	areas in which explicit inflation assumptions are used, with claim payments being indexed based on wage increases or consumer price inflation. are Annuity payments and personal accident Inflation curves that reflects the market's	contract so that it represents the amount of risk similar statistical models as for direct insurance being transferred by the holder of the group reinsurance contracts to the issuer of those contracts.	Ol
method, are used for others. Chain-Ladder techniques are used for ines of business with a stable run-off pattern. among accident years in which the future run-off is In some instances, historic data used in the The Bornhuetter-Ferguson method, and Ferguson and the Loss Ratio method currently used are Chain-L sometimes the Loss Ratio highly uncertain.	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 the actuarial models will cause a and wage increase expectations are approximate the future indexation. immediately as a consequence of inflation hand, the effect of discounting will show the interest rate. assumptions, inflation used to	the statement of financial position. Any assets or contracts are included in the carrying amount of Portfolios of insurance contracts that are assets reinsurance contracts that are assets and those that are liabilities, are presented separately in and those that are liabilities, and portfolios of before the recognition of the related group of liabilities recognised for cash flows arising the related portfolios of contracts. Presentation
the expected future development of claims. This actuarial models is not necessarily predictive for situation the a priori estimate used for premium increase in claims based on the new legislation. history materialises change in the level of claims. The estimate is changes. In this This estimate is used for determining the increases is used to reflect the expected is the case with legislative maintained until new loss	adapted where necessary to reflect features that policies to measure a group of reinsurance contracts, Other correlations are deemed not to be The Group applies the same accounting differ from those of insurance contracts. Measurement, reinsurance contracts significant.	line of businesses on the basis of the Solvency II portfolios of insurance contracts are are split in requirements and regulation. The groups Tryg is subject to Solvency II capital regulation.
which can be used for re-estimation.	group of reinsurance contracts measured under If a loss-recovery component is created for a

Notes

Introduction

Contents

III

Accounting policies (continued) 33

of a group of insurance contracts at the amount Tryg recognises the liability for incurred claims of the fulfilment cash flows relating to incurred claims. The future fulfilment cash flows are discounted (at current rates).

Group and statistical analyses of claims incurred of more complex claims that may be affected by but not reported and the expected ultimate cost assessments of individual cases reported to the Fulfilment cash flows are estimated using the external factors (such as court decisions). The provisions include claims handling costs.

of expose the holder to no or negligible credit risk, associated financial risks at the reporting date. adjusted to reflect the liquidity characteristics Liability for incurred claims is discounted to Discount rate reflects the vield curve in the appropriate currency for instruments that reflect the time value of money and the payment of future incurred claims.

Assumptions and interdependencies

contract boundary are significant assumptions allocation model's simplified measurement Level of aggregation and the evaluation of as these define the use of the premium model.

annuity payments or where the assessment of Discounting affects in particular long tailed claims where payments may be made as

Annual Report 2024 | Tryg A/S | 202

Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

Financial statements	statement of financial position date at the latest	provisions. The provisions apply to the Group's own insurance claims and are reported when the damage occurs according to the same	principle as the Group's other claims provisions. Debt comprises debt in connection with direct	credit institutions, current tax obligations, debt are assessed at amortised cost based insurance and reinsurance, amounts owed to to group undertakings and other debt. Other	share of investment assets is included in other Debt related to leasing and external investors debt. External investors share of investment	recognised and measured at amortised cost, Repo deposits from credit institutions are
Sustainability statement	to the persons affected by the plan.	Own insurance is included under other	Debt	on the effective interest method. liabilities	assets relates to bonds and investment properties.	and the return is recognised as interest expenses in the income statement.
Governance	Deferred income tax is measured using the tax tax rates that apply in the relevant accounting value of assets and liabilities. rules and	countries on the statement of financial position date when the deferred tax asset is realised, or the deferred income tax liability is settled	recognised to the extent that it is probable that Deferred income tax assets, including the tax future taxable profit will be realised against value of tax losses carried forward, are	difference will be realised, and it is probable that which the temporary differences can be offset. the temporary difference will not be realised in Deferred income tax is provided on temporary differences concerning investments, except where Tryg controls when the temporary	Provisions are recognised when the Group has a an event prior to or at the statement of financial legal or constructive obligation because of the foreseeable future. Other provisions	are measured at the best estimate by economic benefits will flow out of the Group. management of the expenditure required to position date, and it is probable that future settle the present obligation. Provisions	obligations when a detailed formal restructuring Provisions for restructuring are recognised as plan has been announced prior to or at the
Financial results Strategy	liability, only uncertainty is whether the employees stays to retirement or not.	payment when they reach retirement and when they have been employed with the Group for 25 Employees of the Group are entitled to a fixed Other employee benefits	and for 40 years. The Group recognises this liability at the time of signing the contract of	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	operates. Current tax liabilities and current tax receivables are recognised in the statement of to The Group expenses current tax according the tax laws of the jurisdictions in which it Income tax and deferred tax	year, adjusted for change in tax on prior years' taxable income and for tax financial position as estimated tax on the paid under the on-account tax scheme. taxable income for the	statement of financial position liability method on all timing differences between the tax and Deferred tax is measured according to the
			employment.	models.

Notes

Introduction

Contents

III

Accounting policies (continued) 33

Pension obligations Employee benefits

to insurance companies or trustee-administered funds. In Norway, the Group operated a definedcontribution plan is a pension plan under which benefits. Försäkringsbranschens Pensionskassa (FPK) is unable to provide sufficient information for the Group to use defined-benefit accounting. employees upon retirement from the company. separate entity (a fund) and will have no legal or The schemes are funded through contributions Norway, an agreement of compensation to the The Group operates various pension schemes. contributions. In Sweden, the Group complies employees covered by the plan was agreed. A benefit plan which was closed at 01 January The plan is on that basis accounted for as a with the industry pension agreement, FTPbenefit plan as regards the future pension Planen. FTP-Planen is primarily a definedliability has been established to cover the the Group pays fixed contributions into a termination of the defined-benefit plan in expected compensation to be paid to the 2020. In Denmark, the Group operates a defined-contribution plan. As part of the constructive obligation to pay further defined-contribution plan. A defined-

lf the employee leaves before retirement only a part of the compensation is paid. There is no future actuarial assumptions related to the Annual Report 2024 | Tryg A/S | 203

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of the document.

Strategy

Governance

Notes

Accounting policies (continued) 33

Cash flow statement

from operating activities are calculated whereby major classes of gross cash receipts and gross financing activities as well as the Group's cash and cash equivalents at the beginning and end consolidated cash flow statement. Cash flows presented using the direct method and shows statement has been prepared for the parent of the financial year. No separate cash flow cash flows from operating, investing and The consolidated cash flow statement is 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 equipment as well as financial assets and deposits with credit institutions.

raising of loans, repayments of interest-bearing Cash flows from financing activities comprise share capital and related costs as well as the changes in the size or composition of Tryg's 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.

Strategy

Financial results

Sustainability statement

Parent company

Income and comprehensive income statement

			Parent company
DKKm		2024	2023	DKKm
Note				Note
	Investment activities			Profit/loss fo
	ncome from subsidiaries	859 4.	4,358
	ncome from associates			Other compre
	nterest income	9		as profit or lo
2	Value adjustment	6		Actuarial gain
	Interest expenses	-12	-563	Tax on actuar
	Administration expenses in connection with investment activities	-6	-6
	Total investment return	4,836	3,798	Other compre
ర్	Other costs	-122	-155	profit or loss Exchange rate
	Profit/loss before tax	4,715	3,643	Hedging of cu
7	l ax	28	151	Tax on hedgin
	Profit/loss for the period	4,742	3,794
	Proposed distribution for the period:			Total other co
	Dividend	4.844	4.734	Comprehensi
	Transferred to reserve for net revaluation according to the equity method	292	-3,328
	Transferred to retained earnings	-394	2,387
		4.742	3,794

Km	2024	2023
te
Profit/loss for the period	4.742	3,794

Other comprehensive income which cannot subsequently be reclassified as profit or loss
Actuarial gains/losses on defined-benefit pension plans	-1	て
Tax on actuarial gains/losses on defined-benefit pension plans
		-1
Other comprehensive income which can subsequently be reclassified as profit or loss
Exchange rate adjustments of foreign entities	-1.030	-1 05
Hedging of currency risk in foreign entities	262	130
Tax on hedging of currency risk in foreign entities	-68	-33
	-837	-8
Total other comprehensive income	-838	-9
Comprehensive income	3,905	3,785

Strategy

Introduction

Financial results

Governance

Statement of financial position

			Parent company
DKKm		2024	2023	DKKm
Note				Note
	Assets
S	Equity investments in subsidiaries	82 S 8 3	39,169
്ര	Equity investments in associates	0	20
	Total investments in associates and subsidiaries	38,582	39,189

	Total investment assets	38,582	39,189
	Receivables from subsidiaries	C	261
	Total receivables	0	261	00
	Current tax assets	27	151	6
	Cash at bank and in hand		8
	Total other assets	29	। ਦੇ ਰੋ
	Other prepayments and accrued income	C	41
	Total prepayments and accrued income	0	41
	Total assets	38.611	39,650

			Parent company
DKKm		2024	2023
Note
	Equity and liabilities
	Equity	37,877	39,364
	Debt to subsidiaries	684	211
	Other debt	0 S	S
	Total debt	734	286

	Total equity and liabilities	38,611	39,650
8	Contractual obligations, contingent liabilities and collateral
6	Related parties

Reconciliation of profit/loss and equity

Accounting policies

三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements

Statement of changes in equity

						Parent company
DKKm	Share capital	Revaluation reserves	Retained earnings	Proposed dividend	interest controlling Non-	Total equity
Equity at 31 December 2023	3,174	126	34.889	1,174		39.364
2024
Profit/loss for the period		292	-394	4.844		4.742
Other comprehensive income		-838	0			-838
Total comprehensive income	0	-545	-394	4,844	0	3,905
Nullification of own shares	-92		92			0
Dividend paid				-4.816		-4,816
Dividend, own shares			76			76
Purchase and sale of own shares			-707			-707
Share-based payment			56			56
Total changes in equity in 2024	-92	-545	-877	28	0	-1.487
Equity at 31 December 2024	3.082	-419	34.012	1,202	1	37,877

Equity at 1 January 2023	3,273	3,463	34,719	1,047		42,504
2023
Profit/loss for the period		-3,328	2,387	4.734		3,794
Other comprehensive income		-9	0			6
Total comprehensive income	0	-3,337	2,387	4.734	0	3,785
Nullification of own shares	-99		ਰੇ ਰੇ			0
Dividend paid				-4.607		-4,607
Dividend, own shares			135			135
Purchase and sale of own shares			-2,531			-2,531
Share-based payment			79			79
Total changes in equity in 2023	-99	-3.337	169	127	0	-3.139
Equity at 31 December 2023	3,174	126	34,889	1,174		39,364

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Document ID: 0B653D38890E4BF78CE4FF97188B8A1D

	Contents

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Income from subsidiaries -

	Parent company
DKKm	2024	2023

Tryg Invest A/S	4	8
Fordelsselskabet A/S		-24
Scandi JV Co A/S	0	43.
Tryg Forsikring A/S	00 83: 4.	3,927
	4.859	4.358

Value adjustments 2

Value adjustments only consist of currency adjustments both in 2023 and 2024.

Other costs ന

155 1	cr
120 1 1 1

dministration expenses

Remuneration for the Executive Board is paid partly by Tryg A/S and partly by Tryg Forsikring A/S and is charged to Tryg A/S via the cost allocation. Refer to note 7 in the Tryg Group for a specification of the audit fee.

Tax 4

		Parent company
DKKm	2024	2023
Reconciliation of tax costs
Tax on profit/loss for the year	-38	-180
Difference between Danish tax percent and local tax percent	9	23
I ax adjustments, previous years
Adjustment of non-taxabale income and costs	7
	-28	-151
Effective tax rate	%	%
Tax on profit/loss for the year	26.	25.2
Difference between Danish tax percent and local tax percent	-4.0	-3.2
Tax adjustments, previous years	0.1	0.0
Adjustment of non-taxabale income and costs	-3.0	-1.0
Net current tax at 31 December	19.1	21.0

三 Contents

Introduction

Strategy

Financial results

Governance

Financial statements Sustainability statement

Notes

Equity investments in subsidiaries 5

Cost
Cost at 1 January	39,043	69,061
Additions for the year	40	రు
Disposals for the year	-83	-30.021
Cost at 31 December	39,001	39,043
Revaluation and impairment to net asset value
Revaluation and impairment at 1 January	126	3,463
Revaluations for the year	4.096	3.693
Dividend paid	-4.642	-7.030
Revaluation and impairment at 31 December	-419	126
Carrying amount at 31 December	38,582	39,169

		Ownership	Profit/loss.	Equity,
Name, registered office and activity	City	share in %	DKKm	DKKm
2024
Tryg Invest A/S	Ballerup	100	4	, 6
Scandi JV Co A/S	Ballerup	00		58
Tryg Forsikring A/S	Ballerup	00	4.9	39.419
2023
Tryg Invest A/S	Ballerup	100	8
Fordelsselskabet A/Sa)	Ballerup	00	-24	9

등 영 은

11 40.062

437 3.984

100 100

Ballerup

a) Fordelsselskabet A/S was sold in April 2024

Tryg Forsikring A/S Scandi JV Co A/S

Equity investments in associates ల

Parent company

DKKm	2024	2023
Cost
Cost at 1 January	20	85
Disposals for the year	-20	65 -1
Cost at 31 December	C	20
Carrying amount at 31 December		20

Current tax assets 7

Reconciliation of tax costs
eceivable at 1 Januar Tax r	S	06
ear Current tax for the	P 2	9
7 Tax paid for the year	-15	1 06 -
Net current tax at 31 December	27	51 1

Contractual obligations, contingent liabilities and collateral ထ

ய

administration company in the Danish joint taxation group. The Danish companies under the including income taxes, and taxes withheld at source such as taxes on interest and dividends. Tryg Groups Danish companies are in majority part of a joint taxation with TryghedsGruppen smba, with some exemptions due to Danish legislation. TryghedsGruppen smba is the joint taxation group are jointly liable for any taxes to be withheld and paid in the group,

Tryg A/S has no significant disputes. Management believes that the outcome of these disputes will not affect Tryg A/S financial position significantly beyond the obligations recognised in the statement of financial position at 31 December 2024.

of the document.

Contents

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Notes

Related parties ക

Board, the Executive Board (which is considered Key Management) and their members' related TryghedsGruppen smba. Related parties with a significant influence include the Supervisory Tryg A/S has no related parties with a controlling influence other than the parent company, familv.

Parent company, TryghedsGruppen smba

A/S. This amounts to TryghedsGruppen smba controlling 48.1% (47.5% at 31 December 2023) of TryghedsGruppen smba controls 47.9% (46.3% at 31 December 2023) of the total shares in Tryg the shares outstanding in Tryg A/S as at 31 December 2024.

Transactions with Group undertakings and associates

Tryg A/S exercises full control over Tryg Forsikring A/S, Scandi JV Co A/S, Scandi Co 3 A/S and Tryg Invest A/S. In 2024 Tryg Forsikring A/S paid Tryg A/S DKK 4,642m (DKK 7,030m in 2023) and Tryg A/S paid TryghedsGruppen smba DKK 2,265m (DKK 2,102m in 2023) in dividends.

		Parent company
DKKm		2024	2023
	Intra-Group trading involved
	Providing and receiving services	8	ර
	- Intra-Group accounts	-684	50
	- Interest		-562

	The intra-group trading is primarily against Tryg Forsikring A/S
	Administration fee, etc. is settled on a cost-recovery basis.
	Intra-group accounts are offset and carry interest on market terms.

Specification of remuneration

el - u

			Share-
		e Base sal	p sel ba	8 Casl
2024 DKKm	of persons 8 Number	allowance® ca incl	0 rub) 0 sala g 8 g	ryc) ರಿ riabl ar sa g A	8 Pensio	ota F

D 1 Boar Supervisory	S	2	C	C		C
p 2 B 0 ದ Executive	S	3 3	6	7	8	1 17 S
p Risk-takers		C	C	C	C	C
	N	45	6	7	8	65

(DKKm) pay	0
(nom.) persons

Number of Severance

Financial statements Sustainability statement Governance	Base salary are charges incurred during the financial year. Variable salary includes the charges for performance 5 years from conditional shares, which are recognised over a deferral period up to	refer to note 31 for Tryg Group for more information. The members of the Supervisory Board in year 2024. The Executive Board and risk-takers are included in incentive programmes. Please Tryg A/S are paid with a fixed remuneration and are not covered by the incentive schemes. Total	The members of the Executive Board are paid a fixed remuneration, pension, car allowance, special allowances, and staff benefits. 12	66	The variable salary is awarded with 40% cash, and 60% conditional shares which are deferred for 0	5 years for the Executive Board from performance year 2024. Please refer to 'Corporate governance 77	Each member of the Executive Board is entitled to 12 months' notice and severance pay equal to ાં ટે 12 months' salary plus pension contribution. If a change of control clause is actioned COO entitled to severance pay equal to 36 months' salary. pay		Risk-takers are defined as employees whose activities have a significant influence on the 0	company's risk profile. The Supervisory Board decides which employees should be considered to 14	be risk-takers. 0	14	between Financial Statement prepared in accordance with the IFRS Accounting Standards and the There is no difference in profit/loss or equity recognised after Danish FSA and IFRS Accounting The executive order on application of IFRS Accounting Standards for companies subject to the Danish Insurance Business Act issued by the Danish FSA requires disclosure of differences Reconciliation of profit/loss and equity rules issued by the Danish FSA. Standards. 10
Financial results	Parent company	Pension	0	8	0	8	Severance (DKKm) Number of persons (nom.)		ﺎ	১	0	క	presented. The amounts are
		Cash salary9 variable	0	10	0	10
Strategy		salaryb) Share- variable based	0	18	0	18
Introduction		allowance® Base salary incl. car persons Number of	12 9 L	30	0	41 24
Notes Contents	Related parties (continued)	2023 DKKm	Supervisory Board	Executive Board	Risk-takersd)			Of which retired	Supervisory Board	Executive Board	Risk-takers		b) Total expenses recognised in 2024 and 2023 for matching shares allocated in 2024 and previous d) Risk-takers in Tryg A/S includes only one employee, wherefore salary and pension is not Car allowance is not included in the base salary for the Supervisory Board c) Including non-competition clause included in note 30 for Tryg Group.

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Strategy

Sustainability statement

Notes

Accounting policies 11 -

Please refer to Tryg Group's accounting policies in note 33.

Accounting error

the Parent company, related to the recognition of some subordinated loans classified as Equity in In the financial statements for 2023 there was an accounting error in the Financial statements of Tryg Forsikring A/S. The loans classified as Equity should not have been recognised in the Parent company Tryg A/S. It has no affect on the consolidated numbers, key figures or ratios in Tryg Group due to line by line consolidation. The accounting error had the following affect on Profit/loss for the year and Equity and therefore comparative figures have been restated accordingly.

	Financial
DKKm	2023 Statements	Change	Restated 2023
Income from subsidiaries	9 4,41.	-5	4,358
Profit/loss for the year	3,85	ಗ್ರಾ	,794 ന
Equity investments in subsidiaries	40,156	-987	39,169
Total Assets	40,637	-98	39,650
Equity	40,35	-98	39,364
fotal equity and liabilities	40.63	-987	39.650

Quarterly outlin		egments
DKKm	Q4 2024	03 2024	Q2 2024	2024 Q1	2023 Q4	2023 Q3	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Private
Insurance revenue	6.621	6.646	6.455	6.378	6.203	6,180	6.070	6,002	6,010	6,274
Insurance service result	1.095	1,345	1.323	735	991	877	1.104	828	1.027	1,254
Key ratios
Gross claims ratio	70.4	65.9	64.3	74.5	70.0	71.8	69.1	72.2	67.6	66.8
Net reinsurance ratio	0.8	1.1	2.1	1.0	1.6	1.4	0.1	1.4	2.8	0.1
Claims ratio, net of reinsurance	71.2	67.0	66.4	75.5	71.5	3.2 1	69.2	73.6	70.3	66.9
Expense ratio	12.2	8 N	3.1	13.0	2.5	2.6	12.6	2.6	12.6	13.1
Combined ratio	83.5	79.8	79.5	88.5	84.0	85.8	81.8	86.2	82.9	80.0
Combined ratio exclusive of run-off	85.4	82.5	81.9	90.5	85.4	87.4	82.2	87.2	84.1	81.9
Commercial
Insurance revenue	2,409	2,431	2,379	2,369	2,315	2,304	2,286	2,273	2,306	2,354
Insurance service result	572	670	717	396	623	463	523	401	414	481
Key ratios
Gross claims ratio	52.1	49.6	6 48.	65.9	56.0	57.3	65.9	61.4	70.4	61.1
Net reinsurance ratio	8.1	8.2	9 ഹ്	2.2	0.3	7.3	-4.0	5.1	-4.7	3.4
Claims ratio, net of reinsurance	60.2	57.8	54.5	68.1	56.2	64.6	61.8	66.5	65.6	64.5
Expense ratio	16.1	14.6	5.4 1	5.2 1	16.9	5.3 1	15.3	15.9	16.4	15.1
Combined ratio	76.3	72.4	69.9	83.3	73.1	79.9	77.2	82.3	82.0	79.6
Combined ratio exclusive of run-off	78.6	74.1	71.9	88.4	77.5	84.0	80.8	83.9	87.5	83.6
Corporate
Insurance revenue	704	709	710	785	879	865	844	914	904	917
Insurance service result	41	115	171	144	41	172	131	246	30	54
Key ratios
Gross claims ratio	78.2	58.7	62.4	100.8	69.0	54.6	116.7	42.0	75.0	74.4
Net reinsurance ratio	1.6	11.3	0.5	-31.8	14.3	12.1	-44.8	19.9	6.6	7.4
Claims ratio, net of reinsurance	79.8	70.0	62.9	69.0	83.3	66.8	71.9	61.9	81.5	81.9
Expense ratio	14.4	13.7	3.0	12.7	12.1	ర్ ന -	12.6	11.2	15.1	12.2
Combined ratio	94.1	83.7	75.9	81.7	95.4	80.1	84.4	73.1	96.6	94.1
Combined ratio exclusive of run-off	101.7	86.7	80.8	97.2	105.9	93.9	106.2	86.4	95.9	101.2

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Introduction

Strategy

Financial results

Sustainability statement

Governance

Financial statements

Annual Report 2024| Tryg A/S | 213

Quarterly outlin
	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
DKKm	2024	2024	2024	2024	2023	2023	2023	2023	2022	2022
Othera)
Insurance revenue	312	329	348	390	411	447	521	610	749	1.010
Insurance service result	0	0	0	0	0	0	0	0	0	0
Tryg total
Insurance revenue	10.046	10,115	9.893	9.921	9.808	9.797	9.722	9.799	9.969	10,555
Insurance service result	1.708	2.130	2,212	1.275	1.654	1.513	1.759	1.474	1.472	1.785
Net investment result	-265	444	347	117	146	265	53	167	549	-203
Other income and costs	-409	-441	-430	-384	-411	-553	-583	-455	-644	-618
Profit/loss before tax	1,033	2.134	2,129	1.007	1,389	1,225	1,229	1,187	1,377	964
Гах	-247	-523	-486	-232	-258	-311	-307	-302	-296	-336
Profit/loss	786	1,611	1.642	776	1,129	914	922	885	1,081	628
Key ratios
Gross claims ratio	4 9 9	61.3	60.3	74.5	7 9 9	9 9 9	72.7	66.5	69.0	66.2
Net reinsurance ratio	2.7	9 3	8 N	-1.4	7 て	6 గా	-5.0	4.2	1.3	1.6
Claims ratio, net of reinsurance	69.1	64.9	63.2	73.1	6 8 9	70.5	67.6	70.7	70.3	67.8
Expense ratio	13.3	3 13.	9 13.	S 13.	്ച 13.	13.3	13.3	13.3	13.8	13.5
Combined ratio	82.5	78.2	76.8	86.6	7 82.	83.8	80.9	84.0	84.0	81.3
Combined ratio exclusive of run-off	84.9	80.7	4 79.	90.6	85.4	87.1	84.1	86.2	86.1	84.2

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

autline

a) Amounts relating to Trygg-Hansa and Codan Norway acquisitions. Please refer to note 3 Insurance service result and note 33 Accounting policies in the financial statements for 2024

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Quarterly outlin		e og	90
	Q4	Q3	Q2	Q1	Q4	03	Q2	Q1	Q4	03
DKKm	2024	2024	2024	2024	2023	2023	2023	2023	2022	2022
Danish general insurance
Insurance revenue	4.556	4.609	4.571	4.471	4.434	4.334	4.361	4.267	4.115	4.133
Insurance service result	899	GBB	819	616	761	657	1.001	781	517	587
Run-off gains/losses, net of reinsurance	134	51	84	17	S S	269	204	103	25	97
Key ratios
Gross claims ratio	63.9	61.2	62.5	72.7	69.1	9 66.	64.5	66.0	74.7	71.2
Net reinsurance ratio	3.5	2.8	4.5	-0.2	1.1	4.3	-0.9	2.6	0.0	1.1
Claims ratio, net of reinsurance	67.4	64.0	6 66.	72.5	70.2	70.9	63.6	68.6	74.6	72.3
Expense ratio	12.8	14.5	5.2	13.7	2.6	14.0	13.5	13.1	12.8	13.5
Combined ratio	80.3	78.5	82.1	86.2	82.8	84.8	77.0	81.7	87.4	85.8
Run-off, net of reinsurance (%)	-2.9	-1.1	-1.8	-0.4	-1.2	-6.2	-4.7	-2.4	-0.6	-2.3
Number of full-time employees, end of period	3.154	3,133	3,208	3.288	3,423	3,496	3,449	3,403	3,345	3,307
Norwegian general insurance
NOK/DKK, average rate for the period	63.24	64.18	64.17	65.61	64.25	64.77	63.54	68.92	71.66	74.03
Insurance revenue	2.125	2.083	2.020	2.054	2.014	1,993	1.905	2,049	2.137	2.175
Insurance service result	130	311	240	-45	96	125	366	75	278	410
Run-off gains/losses, net of reinsurance	10	51	35	17	56	22	69	41	96	86
Key ratios
Gross claims ratio	79.5	67.5	74.7	83.6	75.2	76.7	66.7	76.4	63.8	66.4
Net reinsurance ratio	0.7	5.0	1.3	5.4	6.5	4.0	1.1	6.5	8.3	1.9
Claims ratio, net of reinsurance	80.3	S 72.	6.0 1	89.0	81.7	8 80.	67.8	8 82.	72.2	68.2
Expense ratio	3.6	S 7	2.1	13.2	3.6	3.0	13.0	9 13.	14.8	12.9
Combined ratio	93.9	85.1	88.1	102.2	95.2	93.7	80.8	96.4	87.0	81.2
Run-off, net of reinsurance (%)	-0.5	-2.5	-1.7	-0.8	-2.8	-1.1	-3.6	-2.0	-4.5	-4.0
Number of full-time employees, end of period	1,318	1,327	1,331	1,352	1,350	1,408	1,385	1,375	1,344	1,341

三 Contents

Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

Quarterly outlin		agg
DKKm	2024 Q4	03 2024	2024 Q2	01 2024	Q4 2023	2023 Q3	2023 Q2	2023 Q1	2022 Q4	2022 Q3
Swedish general insurance
SEK/DKK, average rate for the period	64.96	65.24	64.53	66.60	64.33	63.42	65.25	66.54	68.18	7 0.2 1
Insurance revenue	2.962	3.014	2,882	2,937	2,875	2,953	2,873	2,811	2,911	3,182
Insurance service result	627	810	1.147	700	790	6 71	391	611	687	774
Run-off gains/losses, net of reinsurance	86	133	121	336	166	13	8 1	69	70	96
Key ratios
Gross claims ratio	63.7	58.7	47.7	71.8	റ 56.	61.5	88.7	61.5	61.7	60.2
Net reinsurance ratio	1.3	2.4	0.4	-8.9	8 0.	1.7	-15.3	3.7	0.4	1.6
Claims ratio, net of reinsurance	65.0	61.1	ﺎ 48.	6 62.	57.7	63.2	73.4	65.2	62.1	61.9
Expense ratio	8 സ്	12.1	2.	13.3	8 14.	S て 1	13.0	13.0	14.3	13.8
Combined ratio	78.8	73.1	60.2	76.2	S 72.	75.7	86.4	78.3	76.4	75.7
Run-off, net of reinsurance (%)	-2.9	-4.4	-4.2	-11.4	-5.8	-0.4	-0.6	-2.5	-2.4	-3.0
Number of full-time employees, end of period	2.085	2,076	2.058	2.033	1,973	1,950	1,947	1,906	1.781	1.776
Other European countriesal
Insurance revenue	90	79	72	69	73	69	61	61	56	55
Insurance service result	51	20	9	7	2	12	0	8	-10	15
Run-off gains/losses, net of reinsurance	7	7	2	7	7	7	2	ర	6
Number of full-time employees, end of period	65	64	66	62	6 S	57	G S	53	49	51
Otherb)
Insurance revenue	312	329	348	390	411	447	521	610	749	1.010
Insurance service expenses	-312	-329	-348	-390	-411	-447	-521	-610	-749	-1,010
Insurance service result	0	0	0	0	0	0	0	0	0	0

Financial statements

Sustainability statement

Governance

Financial results

Strategy

Introduction

三 Contents

Quarterly outline
	Q4	Q3	Q2	Q1	04	03	Q2	Q1	Q4	03
DKKm	2024	2024	2024	2024	2023	2023	2023	2023	2022	2022
Tryg total
Insurance revenue	10.046	10.115	9.893	9.921	9.808	9.797	9.722	9.799	9.969	10.555
Insurance service result	1.708	2,130	2,212	1.275	1.654	1.513	1.759	1.474	1.473	5 1.78
Net investment result	-265	444	347		146	265	53	167	549	-203
Other income and costs	-409	-441	-430	-384	-411	-553	-583	-455	-644	-618
Profit/loss before tax	1,033	2,134	2.129	1.007	1,389	1.225	1,229	1.187	1,377	964
Run-off gains/losses, net of reinsurance	3 23	239	242	9 37	28	309	293	21	ర్ 19	280

Key ratios
Gross claims ratio	4 66.	61.3	60.3	74.5	4 66.	9 66.	72.7	66.5	69.0	66.2
Net reinsurance ratio	2.7	9 3	8 2.	-1.4	4 2.	6 ന	-5.0	4.2	1.3	1.6
Claims ratio, net of reinsurance	69.1	64.9	63.2	1 73.	6 68.	70.5	67.6	70.7	70.3	67.8
Expense ratio	13.3	3 3.	9 13.	S 13.	13.5	3.3	13.3	13.3	13.8	13.5
Combined ratio	82.5	78.2	76.8	9 86.	7 82.	8 83.	80.9	84.0	84.0	81.3
Run-off, net of reinsurance (%)	-2.4	-2.4	-2.5	6 -3.	-3.0	-3.3	-3.2	-2.4	-2.1	-2.9
Number of full-time employees, end of period	6,621	600 9	6,662	6,734	6,805	6,910	6,836	.736 9	8 .51 9	475 9

b) Reclassification relating to claims provisions from the Tryge-Hansa and Codan Norway acquisition. Please refer to note 3 a) Comprises credit & surety insurance (Tryg Trade) in European countries besides Denmark, Norway and Sweden. Insurance service result and note 33 - Accounting policies in the financial statements for 2024

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Introduction

Strategy

Financial results

Governance

Sustainability statement

Financial statements

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Strategy

Financial results

Governance

Glossary, key ratios and alternative erformance measures

Financial Supervisory Authority on the financial reports for insurance companies and multi-employer occupational pension funds, The financial highlights and key ratios of Tryg have been prepared in accordance with the executive order issued by the Danish also comply with 'Recommendations & Ratios' issued by the CFA Society Denmark. and

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 Alka Liv II and excluding the Tryg Livsforsikring A/S. Forsikrings-Norwegian and Swedish branches.

Diluted average number of shares

Average number of shares adjusted for number of shares which may potentially dilute.

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

Dividend per share

Proposed dividend

Number of shares end of period

Earnings per share

Profit or loss for the period Average number of shares

Earnings per share of continuing business

Diluted earnings from continuing business after tax

Diluted average number of shares

Gross claims ratio

Gross claims x 100

Insurance revenue

Gross expense ratio without adjustment

Gross insurance operating costs x 100

Insurance revenue

Calculated as insurance revenue adjusted for change in gross premium provisions.

Market price/net asset value

Share price

Net asset value per share

Equity end of period

Number of outstanding shares end of period

Net reinsurance ratio

Net expense from reinsurance contracts x 100

Insurance revenue

Norwegian general insurance

Comprises Tryg Forsikring A/S, Norwegian branch.

Other insurance

Trade) in European countries besides Denmark, business combinations, from RSA Scandinavia Norway and Sweden and amounts relating to one-off items and reclassification relating to Comprises credit & surety insurance (Tryg transaction.

Own funds

Equity plus share of qualifying solvency debt and profit margin (solvency purpose), less intangible assets, tax asset and proposed dividend.

Price/Earnings

Share price

Earnings per share

Return on equity after tax (%)

Weighted average equity

Profit or loss for the period after tax

Run-off gains/losses

The difference between the claims provisions at paid during the financial year and the part of the claims provisions at the end of the financial year the beginning of the financial year (adjusted for discounting effects) and the sum of the claims pertaining to injuries and damage occurring in foreign currency translation adjustments and earlier financial years.

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Governance

Glossary, key ratios and alternative performance measures

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 result 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 Tryg Group, represents

single claims or claims events gross above 10m Large claims, net of reinsurance is defined as in local currencies adjusted for reinsurance.

Large claims, net of reinsurance

Insurance revenue

Weather claims, net of reinsurance

calculated by the Tryg Group, represents: Weather claims, net of reinsurance, as

Weather claims, net of reinsurance, is defined as claims related to storm, cloudbursts, natural oerils 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

Return On Own Funds (ROOF)

Profit for the period after tax x 100

(Own Funds Primo + Own Funds Ultimo)/2

Return On Tangible Equity (ROTE)

Profit for the period after tax x 100

(Tangible Equity primo + Tangible Equity Ultimo)/ 2

Tangible Equity

Tangible Equity is defined as weighted average equity excluding intangible assets and deferred tax related to intangible assets

Contents III

Introduction

Strategy

Disclaimer

"seeks", 'will', 'may', 'anticipates', 'would', 'could', based on the beliefs of our management as well currently available to management. Statements financial position, cash flows, business strategy Certain statements in this financial report are identified by the use of words such as 'targets' statements of historical fact can generally be 'believes', 'expects', 'aims', 'intends', 'plans', as assumptions made by and information regarding Tryg's future operating results, plans and future objectives other than 'continues' or similar expressions.

actual performance to deviate significantly from natural disasters or terrorist attacks, changes in the forward-looking statements in this financial financial markets, extraordinary events such as 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.

incorrect, Tryg's actual financial condition or under any duty to update any of the forwardbelieved, estimated or expected. Tryg is not results of operations could materially differ statements to actual results, except as may from that described herein as anticipated, uncertainties materialise, or should any looking statements or to conform such Should one or more of these risks or underlying assumptions prove to be be required by law.

description of some of the factors which may page 40-44, and in note 1 on page 145 for a Read more in the Annual report 2024 in the chapter of Capital and risk management on affect the Group's performance or the insurance industry.

్రా

Sustainability statement

Governance

Financial results

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Annual Report 2024| Tryg A/S | 221

Human and labour rights policy. This implies the commercial business area has been responsible for identifying theses premiums in their systems these purposes. Tryg has utilised relevant NACE companies comply with international standards transport or manufacture of fossil fuels use of due diligence processes to continuously property or other assets dedicated to based on the NACE codes in scope. Premiums codes to identify these activities e.g. related to from customers active in these activities have Human and labour rights: Tryg follows the UN operations, suppliers and customers. Insights for human rights, corruption, taxation and fair identify, prevent and, if relevant, mitigate any (coal, oil and gas), as well as the insurance of adverse human rights impact across its own Multinational Enterprises as described in its Guiding Principles on Business and Human screenings or from employee engagement numerous weather events affecting Tryg's premium income related to the extraction, The taxonomy-aligned ratio must exclude been excluded from the numerator in the Comply with minimum social safeguards calculation of its Taxonomy-aligned ratio. are gathered from supplier and customer mining and quarrying or extraction. Each mitigation actions and monitoring of the processes to ensure strong governance, The minimum social safeguards ensure For each of these, Tryg has established awareness and understanding, proper Rights and the OECD Guidelines for potential impacts outlined below: Do no significant harm competition. customers. vehicles. storage, customer surveys. To ensure Tryg can also meet Claims handlers regularly go through an internal customers' future needs and demands, relevant research. Additionally, Tryg Denmark and Trygg- Customer satisfaction - including within claims contingency plans in place for both Private and authorities in planning and protecting assets or measures to assist both customers and public High and fair standards for claims and service adaptation efforts. Tryg has prepared to share climate change risk scenarios, interviews with handling - remains one of the key parameters activated in case of a large-scale claims event Tryg is dedicated to enhancing data quality to These analyses included relevant claims data, Denmark and Sweden for analytical research Commercial customers, that are ready to be Hansa will, upon request and free of charge, claims handlers and sales departments, and identifying risks and vulnerabilities, thereby improving decision-making in planning and share claims data with public authorities in applicable laws, including after large-scale activities against weather-related damage. natural disasters. In all countries, Tryg has involves continuously identifying effective such claims data with public authorities in training programme that enables them to for Tryg. It is noteworthy to see customer Norway, making it available for analytical always handle claims in accordance with Tryg's commitment to claims prevention provide authorities with better tools for Sharing climate-related claims data customer insights will be taken into related to different climate risks. consideration. purposes. related coverage, Tryg has reviewed the relevant and are as such targeted towards the customers continuously work to ensure that customers are predicts cloudbursts or storms and can forward text messages to customers to notify and guide this to customers together with a reminder and importance of climate adaptation and enabling climate-related perils for the products targeted as Naturskadeordningerne in Denmark and the by Tryg or other relevant insurance pools, such about the importance of prevention measures and the impact that preventing climate-related When a cloudburst is approaching, Tryg sends Through data agreements with local suppliers, belongings. The alerts focus on local warnings insurance coverage evaluation of climate-related damage covered for alignment. The analyses were based on an As part of the strategy towards 2027, Tryg will informed about relevant climate-related risks lead to discounted premiums or avoidance of customers' needs and demands for climate- actual and stated Tryg regularly communicates to customers and the benefits of prevention - enhancing needs and concerns in relation to climate- Tryg is alerted when the weather forecast Norwegian Naturskadepool, as well as an them about relevant preventive actions. advice on how to best safeguard their To ensure that aligned products meet knowledge and understanding of the customers to take relevant action. assessment of customers' damage can have on their Climate-related cover related risks. the excess. at risk. rygg-Hansa in Sweden has aligned products for that also account for future changes in climate continuously updating its data and techniques sources and climate projections based on the enables Tryg to set more accurate premiums to maintain a state-of-the-art standard. This urged to store the assets indoors, which can PCC's RCP scenarios. Tryg is committed to risk of damage following extreme weather- aligned a range of products, such as cabin, are Modelling and pricing climate risks
	business and boat, while Tryg Norway has
	contents, car, moped, motorcycle, tractor,
	snowmobile, motorhome and boat.

	n Tryg's risk modelling, climate risks
	assessed separately from other risks. The most
	relevant climate-related peril, defined as one or
	more perils with the most significant impact on
	claims, is integrated into the products. To
	evaluate the impact of climate change on
	pricing and future claims, Tryg uses historical
	nternal data along with external weather





	and weather patterns.

	Product design and distribution
	For products added in 2024, Tryg continues to
	ensure that each Taxonomy-aligned product
	includes a risk-based incentive for preventative
	actions to encourage customers to reduce the

	related events. In the Nordic region, the
	changing climate and weather patterns produce
	more water.

	Customers with Taxonomy-aligned insurance
	products are offered a reduced premium or can
	avoid the excess if they install specific devices
	that prevent weather-related claims. For house
	or building products this can for example be
	nstalling a backflow prevention valve or storing
	contents on elevated levels in basements. For
	motor- or boat-related products, customers are
		satisfaction remaining high despite years with

AI Terminal

Tryg

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easier to be e ma s the 10

Contents

Management's review

Introduction

Strategy

Financial results

Governance

A message from the Chair and Group CEO

A year of continued progress

Delivering on all financial targets for 2024

RSA Scandinavia synergies target exceeded

Growth driven by price adjustments to offset inflation

Weather claims in 2024

New targets and strategy for 2027

ncreased shareholder remuneration

Thank you to all employees

JOHAN KIRSTEIN BRAMMER

Leading market position

Around 6 million customers

dividend policy Attractive

Scandinavian Strong

TryghedsGruppen

Group

Presenting the new strategy at our Capital Markets Day

New steps on Tryg's technology journey

Tryg receives top score in MSCI ESG rating

Denmark

Tryg placed in time capsule for future generations

Setting the public agenda on climate protection

TryghedsGruppen's member bonus

Norway

Tailored coaching results in positive sales development

Sustainability Excellence in Norwegian

nsurance

Sweden

70 years of water safety

Products made to last and to make a difference

Supporting our clients in preventing claims

Guidewire powering claims operations

targets fully d 2024 financia

Follow-up on 2024 targets

Financial targets

Strategic targets

United Towards '27

Financial targets

Tryg identified three strategic targets in this new Strategic targets

strategic KPIs 2027 Financial and

Strategic pillars supporting the targets

Scale & Simplicity

Technical Excellence

Customer & Commercial Excellence

Enablers

Strategic pillars 2027

Financial highlights 2024

Financial highlights Q4 2024

Financial Q4 2024

82.5% Combined Ratio

1,033m

Income overview

Sustainability statement

Financial outlook

Capital markets day in London

2025 outlook

New operating segments going forward

Financial highlights 2024

Results 2024

nsurance revenue

Expenses

Other income and costs

Profit/loss before and after tax

Solvency and shareholders' remuneration

Results Q4 2024

Distribution chann

apellses