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Tryg — Earnings Release 2011
Aug 17, 2011
3389_rns_2011-08-17_786b96d7-a9cc-4203-a0c0-236409781a41.pdf
Earnings Release
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Tryg A/S / Half-yearly Results
17.08.2011 17:01
Dissemination of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
With a profit after tax of DKK 362 million and a combined ratio of 91.5, Tryg reported a solid second quarter result. Thereby, Tryg took another step towards achieving the medium-term target of a return on equity of 20%, corresponding to a combined ratio of 90.
Second quarter of 2011
-- Profit before tax of DKK 487 million against DKK 173 million in the second quarter of 2010. Technical result before tax of DKK 496 million against DKK 394 million in the second quarter of 2010.
-- Premium growth of 3.5% in local currency affected by premium increases and organic growth in Sweden and Finland. Total gross earned premiums were DKK 5,145 million.
-- Combined ratio of 91.5 against 92.5 in the second quarter of 2010, affected by premium increases, claims initiatives and higher costs for weather damage claims.
-- Gross investment return of DKK 456 million, corresponding to a yield of 1.2% (4.8% p.a.).
-- New organisation implemented in May 2011 with a view to strengthening the focus on profitability.
First half of 2011
-- Profit before tax of DKK 848 million against DKK 60 million in the first half of 2010. Technical result of DKK 772 million against DKK 40 million in the same period of 2010.
-- Premium growth of 4.3% in local currency affected by premium increases and organic growth in Sweden and Finland. Total gross earned premiums were DKK 10,183 million.
-- Combined ratio of 93.7 against 100.4 in the first half of 2010. The improvement was primarily due to the extraordinarily hard winter in the first quarter of 2010, premium increases and the emerging effect of a number of claims costs and cost reduction initiatives.
-- Gross investment return of DKK 616 million, corresponding to a yield of 1.5% (3.0% p.a.).
-- Return on equity of 14.7% after tax in the first half of 2011.
Download the interim report, tables and presentations on tryg.com/download.
Teleconference
Today, 17 August 2011 at 20:00 CET, Tryg hosts a teleconference, where questions can be asked to CEO Morten Hubbe and IR Director Ulrik Andersson. The teleconference is in English. Interested can participate on telephone +44 207 509 5139 or +45 32 71 47 67.
Contact
-- Investor Relations Director Ulrik Andersson, +45 21 71 30 18
or [email protected]
-- Investor Relations Manager Lars Moeller, +45 22 66 66 05 or [email protected]
-- Chief Communications Officer Troels Rasmussen, +45 30 35 30 70 or [email protected]
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News Source: NASDAQ OMX
17.08.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Tryg A/S
Denmark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0060013274
Category Code: IR
LSE Ticker: 0GBV
Sequence Number: 871
Time of Receipt: Aug 17, 2011 17:01:03
End of Announcement
DGAP News-Service