Tryg — Earnings Release 2017

Jul 11, 2017

Tryg’s Supervisory Board has today approved the interim report for Q2 and H1
2017.

Technical result of DKK 810m, approximately 5% above Q2 2016. Premium growth of
2.0% mainly driven by positive development in Private Denmark. H1 profit before
tax more than 10% above corresponding period 2016 driven both by the technical
result and investment income. Solvency ratio of 209 and quarterly dividend of
DKK 1.60 per share benefit shareholders and support TryghedsGruppen’s 8%
members’ bonus in 2017.

Financial highlights Q2 2017

-- Premium growth of 2.0% in local currencies including the Skandia child
insurance portfolio
-- Technical result of DKK 810m (DKK 770m)
-- Combined ratio of 81.7 (82.6) – large claims below Q2 2016 and weather
claims approximately at the same level. DKK 85m savings from efficiency
programme
-- Underlying claims ratio improved in both Private and for the Group compared
to Q2 2016
-- Expense ratio of 14.3 (15.0) driven by lower operating expenses and
positive top line growth
-- Investment return of DKK 131m boosted primarily by positive equity markets
-- Profit before tax of DKK 915m (DKK 934m) and after tax of DKK 714m (DKK
734m)
-- Q2 dividend of DKK 1.60 per share and solvency ratio of 209

Financial highlights H1 2017

-- Profit before tax of DKK 1,694m (DKK 1,497m) and after tax of DKK 1,319m
(DKK 1,179m)
-- Technical result of DKK 1,378m (DKK 1,332m)
-- Combined ratio of 84.4 (84.9) - large claims and weather claims below H1
2016 and an increase in the corporate underlying claims ratio
-- Expense ratio of 14.3 (15.1) driven by a reduction in nominal expenses and
higher top line growth
-- Premium growth of 1.8% driven mostly by Private Denmark
-- Investment return of DKK 354m, boosted primarily by strong equity markets
-- H1 dividend of DKK 3.20 per share (DKK 1.60 paid in April. DKK 1.60 to be
paid on 14 July)

Customer highlights Q2 2017

-- NPS of 22 (23)
-- Retention rate of 87.6 (88.1)
-- Share of customers with three or more products of 58.1% (56.9%)

Statement by Group CEO Morten Hübbe:

We deliver a good technical result, which is approximately 5% higher compared
to Q2 2016. Premium growth for the Group driven primarily by Private Denmark is
particularly noteworthy. Also, we are pleased to see progresses towards our
expense ratio target of 14 driven by our efficiency programme.

In addition, we continue to focus on digitalisation of our business and on
developing new, innovative insurance solutions, which should improve our
customers’ peace-of-mind. As an example, we have introduced new pay-per-use
coverages with a duration as low as 15 minutes. Also, we have experienced a
high demand from our customers for our latest product launches such as cyber
and child insurance products.

Finally, I am pleased that for the second year running, TryghedsGruppen has
sent bonus letters to approximately 850,000 of our Danish customers, explaining
that they will receive a bonus amounting to 8% of their premium paid for 2016.

Conference call
Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe and CFO
Christian Baltzer will present the results in brief followed by Q&As.

The conference call will be held in English. An on-demand version will be
available shortly after the conference call has ended.

Conference call details:

Danish participants: +45 35 44 55 83

UK participants: +44 (0) 203 194 0544

US participants: +1 855 269 2604

All Q2 material can be downloaded on tryg.com/dk/Investor/Downloads shortly
after the time of release.