AI assistant
Tryg Interim / Quarterly Report 2024
3389_rns_2024-07-15_559ef4dd-f856-47b3-a2a0-dc0e18e3f08a.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Admincontrol
List of Signatures
Page 1/2
Half-year report 2024 - Tryg Forsikring AS.pdf
| Name | Method | Signed at |
|---|---|---|
| Steffen Kragh | MitID | 2024-07-11 09:26 GMT+02 |
| Osvold, Mette | BANKID | 2024-07-11 09:23 GMT+02 |
| MitID | 2024-07-11 09:16 GMT+02 | |
| Allan Kragh Thaysen | MitID | 2024-07-11 08:31 GMT+02 |
| Charlotte Dietzer | MitID | 2024-07-11 08:28 GMT+02 |
| Anna Lena Maria Darin | BANKID | 2024-07-11 09:32 GMT+02 |
| Gunnar Elias Bakk | BANKID | 2024-07-11 08:27 GMT+02 |
| Lars Ulrik Bonde | MitID | 2024-07-11 08:23 GMT+02 |
| Jukka Pekka Pertola | MitID | 2024-07-11 11:04 GMT+02 |
| Agerup, Benedicte E Bakke | BANKID | 2024-07-11 08:23 GMT+02 |
| Tina Snejbjerg | MitID | 2024-07-11 10:00 GMT+02 |
| Anne Kjer Kaltoft | MitID | 2024-07-11 08:22 GMT+02 |
| Jørn Rise Andersen | MitID | 2024-07-11 16:37 GMT+02 |
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
External reference: 359D3767856A43138023C2A71721B2F5
Confidential
Philip Morris v. ABC
Admincontrol
List of Signatures
Page 2/2
| Name | Method | Signed at |
|---|---|---|
| MitID | 2024-07-11 13:50 GMT+02 | |
| MIKAEL KÄRRSTEN | BANKID | 2024-07-11 17:33 GMT+02 |
| Thomas Peider Hofman-Bang | MitID | 2024-07-11 11:07 GMT+02 |
| Mengmeng Du | BANKID | 2024-07-11 11:06 GMT+02 |
| Claus Wistoft | MitID | 2024-07-11 12:07 GMT+02 |
| Carl-Viggo Johannes Östlund | BANKID | 2024-07-11 11:09 GMT+02 |
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
External reference: 359D3767856A43138023C2A71721B2F5
Confidential
Philip Morris v. ABC
Tryg
Half-year report 2024
Tryg Forsikring A/S
Tryg Forsikring A/S - (CVR-no. 24280666) - Kapasitusskredj 601 - 2750 Solstrup
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Contents
Management's review
- Income overview 3
- Tryg Forsikring's results 4
- Private 6
- Commercial 7
- Corporate 8
- Investment activities 9
- Solvency and dividend 10
- Financial outlook 11
Financial statements
- Statement by the Supervisory Board and the Executive Board 13
- Tryg Forsikring Group
- Income statement 14
- Statement of comprehensive income 15
- Statement of financial position 16
- Statement of changes in equity 17
- Cash flow statement 20
- Notes 21
- Tryg Forsikring A/S (parent company)
- Income and comprehensive income statement 29
- Statement of financial position 30
- Statement of changes in equity 32
- Notes 34
- Glossary, key ratios and alternative performance measures 36
- Disclaimer 38
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Income overview
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Insurance revenue | 19,077 | 18,390 | 37,135 |
| Gross claims | -12,861 | -12,800 | -25,270 |
| Insurance operating costs | -2,593 | -2,440 | -4,959 |
| Insurance service expenses | -15,454 | -15,240 | -30,229 |
| Profit/loss on gross business | 3,622 | 3,150 | 6,906 |
| Net expense from reinsurance contracts | -136 | 83 | -507 |
| Insurance service result | 3,486 | 3,233 | 6,399 |
| Net Investment result | 418 | 236 | 615 |
| Other income and costs | -746 | -955 | -1,815 |
| Profit/loss before tax | 3,159 | 2,514 | 5,199 |
| Tax | -728 | -631 | -1,206 |
| Profit/loss | 2,431 | 1,883 | 3,993 |
| Run-off gains/losses, net of reinsurance | 617 | 510 | 1,099 |
| Key Ratios | |||
| Total equity | 39,690 | 39,954 | 40,062 |
| Return on equity after tax (%) | 12.2 | 9.1 | 9.6 |
| Return on Own Funds (%) | 32.0 | 25.8 | 25.6 |
| Return on Tangible Equity (%) | 47.3 | 32.1 | 35.8 |
| Revenue growth in local currencies (%) | 4.4 | 4.3 | 4.8 |
| Gross claims ratio | 67.4 | 69.6 | 68.0 |
| Net reinsurance ratio | 0.7 | -0.4 | 1.4 |
| Claims ratio, net of reinsurance | 68.1 | 69.2 | 69.4 |
| Expense ratio | 13.8 | 13.3 | 13.4 |
| Combined ratio | 81.7 | 82.4 | 82.8 |
| Run-off, net of reinsurance (%) | -3.2 | -2.8 | -3.0 |
| Large claims, net of reinsurance (%) | 1.9 | 3.1 | 2.7 |
| Weather claims, net of reinsurance (%) | 2.5 | 1.9 | 3.4 |
| Combined ratio by business area | |||
| Private | 84.0 | 84.0 | 84.5 |
| Commercial | 76.6 | 79.7 | 78.1 |
| Corporate | 78.9 | 78.6 | 83.2 |
Helf-year report 2024 | Tryg Forsikring A/S
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Tryg Forsikring's results
H1 2024 results
Insurance revenue growth of 4.4% (4.3%) measured in local currency was mainly driven by price adjustments across all segments whilst the Corporate business was adversely impacted by higher churn as a consequence of price initiatives and the rebalancing of the portfolio. The H1 2024 insurance service result was DKK 3,486m (DKK 3,233m). The claims ratio, net of reinsurance, was 68.1% (69.2%) and characterised by a higher level of weather-related claims compared to the same period last year.
Insurance revenue
Insurance revenue was DKK 19,077m (DKK 18,390m in H1 2023), corresponding to premium growth of 4.4% mainly driven by price adjustments across all segments whilst the Corporate business was adversely impacted by higher churn as a consequence of price initiatives and the rebalancing of the portfolio.
Claims
The claims ratio, net of reinsurance, was 68.1% (69.2% in H1 2023) and characterised by the sum of weather and large claims compared to the same period last year.
Expenses
The expense ratio was 13.6% (13.3% in H1 2023).
Investment activities
Investment income totalled DKK 418m (DKK 236m in H1 2023).
Other income and costs
Other income and costs were DKK -746m (DKK -955m), including amortisation of customer relations related to RSA Scandinavia and Alka, educational and development costs and other central costs. Cost related to one-off regulation of Tryg Forsikring's contribution to the DFIM guarantee funds for claims (Guarantee funds for claims caused by unknown or uninsured vehicles) were included in H1 2024.
Profit before and after tax
Profit before tax was DKK 3,159, whilst profit after tax was DKK 2,431. Total tax amounted to DKK -728, equating to a tax rate of approximately 23%.
Helf-year report 2024 | Tryg Forsikring A/S | 4
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Business areas - Tryg Forsikring
Private
Private provides insurance products to private customers in Denmark, Sweden and Norway. Private offers a range of insurance products including motor, content, house, accident, travel, motorcycle, pet and health.
65%
of insurance revenue
Distribution channels
Own sales agents • Call centres • Real estate agents • Online • Bancassurance • Car dealers • Franchises • Partner
Brands
alka
TRYGG
TRYGG HANSA
Commercial
Commercial provides insurance products to small and medium-sized commercial customers in Denmark, Sweden and Norway. Commercial offers a range of insurance products including motor, property, liability, workers' compensation, travel and health.
25%
of insurance revenue
Distribution channels
Call centres • Online • Bancassurance • Own sales agents • Franchises • Partner
Brands
Tryg
TRYGG
HANSA
Corporate
Corporate provides insurance products to large corporate customers in Denmark, Sweden and Norway. Corporate offers a range of insurance products including motor, property, liability, workers' compensation, travel and health.
10%
of insurance revenue
Distribution channels
Own sales agents • Insurance brokers
Brands
Tryg
TRYGG
HANSA
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Private
H1 2024 results
The insurance service result was DKK 2,059m (DKK 1,932m). The claims ratio, net of reinsurance, was 70.9% (71.4%), supported by a better level of run-off at 2.3% (0.7%), whereas weather claims were higher at 2.6% (1.9%). The underlying claims ratio deteriorated, driven by a higher claims frequency in the motor segment. The expense ratio was 13.1% (12.6%).
65% The business area accounts for 65% of the Group's total insurance revenue.
Key figures - Private
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Insurance revenue | 12,833 | 12,072 | 24,455 |
| Gross claims | -8,902 | -8,530 | -17,305 |
| Insurance operating costs | -1,675 | -1,520 | -3,074 |
| Insurance service expenses | -10,577 | -10,050 | -20,379 |
| Profit/loss on gross business | 2,256 | 2,023 | 4,076 |
| Net expense from reinsurance contracts | -198 | -90 | -276 |
| Insurance service result | 2,059 | 1,932 | 3,800 |
| Run-off gains/losses, net of reinsurance | 289 | 85 | 268 |
| Key Ratios | |||
| Revenue growth in local currencies (%) | 6.9 | 4.7 | 5.5 |
| Gross claims ratio | 69.4 | 70.7 | 70.8 |
| Net reinsurance ratio | 1.5 | 0.7 | 1.1 |
| Claims ratio, net of reinsurance | 70.9 | 71.4 | 71.9 |
| Expense ratio | 13.1 | 12.6 | 12.6 |
| Combined ratio | 84.0 | 84.0 | 84.5 |
| Combined ratio exclusive of run-off | 86.2 | 84.7 | 85.6 |
| Run-off, net of reinsurance (%) | -2.3 | -0.7 | -1.1 |
| Large claims, net of reinsurance (%) | 0.2 | 0.4 | 0.3 |
| Weather claims, net of reinsurance (%) | 2.6 | 1.9 | 3.8 |
Financial highlights H1 2024
| 6.9 | 2,059m | 13.1 | 84.0 |
|---|---|---|---|
| Revenue growth in local currencies (%) | Insurance service result (DKK) | Expense ratio (%) | Combined ratio (%) |
| H1 2023: 1,932m | H1 2023: 12.6 | H1 2023: 84.0 |
Half-year report 2024 | Tryg Forsikring A/S | 6
Management's review - Contents
Commercial
H1 2024 results
The insurance service result was DKK 1,113m (DKK 924m). The claims ratio, net of reinsurance, was 61.3% (64.1%), supported by a better run-off at 3.6% (2.6%), but adversely impacted by a higher level of weather claims at 2.9% (2.1%) due to harsh winter conditions. The underlying claims ratio improved, propelled by profitability initiatives. The expense ratio was 15.3% (15.6%).
25%
The business area accounts for 25% of the Group's total insurance revenue
Key figures - Commercial
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Insurance revenue | 4,749 | 4,559 | 9,178 |
| Gross claims | -2,726 | -2,901 | -5,517 |
| Insurance operating costs | -725 | -712 | -1,454 |
| Insurance service expenses | -3,452 | -3,613 | -6,972 |
| Profit/loss on gross business | 1,297 | 946 | 2,207 |
| Net expense from reinsurance contracts | -184 | -23 | -197 |
| Insurance service result | 1,113 | 924 | 2,010 |
| Run-off gains/losses, net of reinsurance | 171 | 119 | 315 |
| Key Ratios | |||
| Revenue growth in local currencies (%) | 4.6 | 3.8 | 3.9 |
| Gross claims ratio | 57.4 | 63.6 | 60.1 |
| Net reinsurance ratio | 3.9 | 0.5 | 2.1 |
| Claims ratio, net of reinsurance | 61.3 | 64.1 | 62.3 |
| Expense ratio | 15.3 | 15.6 | 15.8 |
| Combined ratio | 76.6 | 79.7 | 78.1 |
| Combined ratio exclusive of run-off | 80.2 | 82.4 | 81.5 |
| Run-off, net of reinsurance (%) | -3.6 | -2.6 | -3.4 |
| Large claims, net of reinsurance (%) | 3.9 | 4.8 | 3.8 |
| Weather claims, net of reinsurance (%) | 2.9 | 2.1 | 3.1 |
Financial highlights H1 2024
| 4.6 | 1,113m | 15.3 | 76.6 |
|---|---|---|---|
| Revenue growth in local currencies (%) | Insurance service result (DKK) | Expense ratio (%) | Combined ratio (%) |
| H1 2023: 924m | H1 2023: 15.6 | H1 2023: 79.7 |
Half-year report 2024 | Tryg Forsikring A/S | 7
Management's review - Contents
Corporate
H1 2024 results
The insurance service result was DKK 315m (DKK 377m). The claims ratio, net of reinsurance, was 66.1% (66.7%), supported by a lower level of large claims at 9.6% (17.1%), whilst a lower run-off result at 10.5% (17.3%) had an adverse impact. The underlying claims ratio improved, propelled by profitability initiatives and reduced volatility. The expense ratio was 12.9% (11.9%).
The business area accounts for 10% of the Group's total insurance revenue
Key figures - Corporate
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Insurance revenue | 1,495 | 1,758 | 3,502 |
| Gross claims | -1,234 | -1,369 | -2,448 |
| Insurance operating costs | -192 | -209 | -430 |
| Insurance service expenses | -1,426 | -1,677 | -2,878 |
| Profit/loss on gross business | 69 | 181 | 624 |
| Net expense from reinsurance contracts | 246 | 196 | -34 |
| Insurance service result | 315 | 377 | 590 |
| Run-off gains/losses, net of reinsurance | 157 | 305 | 517 |
| Key Ratios | |||
| Revenue growth in local currencies (%) | -14.1 | 2.8 | 2.3 |
| Gross claims ratio | 82.5 | 77.8 | 69.9 |
| Net reinsurance ratio | -16.4 | -11.2 | 1.0 |
| Claims ratio, net of reinsurance | 66.1 | 66.7 | 70.9 |
| Expense ratio | 12.9 | 11.9 | 12.3 |
| Combined ratio | 78.9 | 78.6 | 83.2 |
| Combined ratio exclusive of run-off | 89.4 | 95.9 | 97.9 |
| Run-off, net of reinsurance (%) | -10.5 | -17.3 | -14.7 |
| Large claims, net of reinsurance (%) | 9.6 | 17.1 | 16.6 |
| Weather claims, net of reinsurance (%) | 0.7 | 1.1 | 1.7 |
Financial highlights H1 2024
| -14.1 | 315m | 12.9 | 78.9 |
|---|---|---|---|
| Revenue growth in local currencies (%) | Insurance service result (DKK) | Expense ratio (%) | Combined ratio (%) |
| H1 2023: 377m | H1 2023: 11.9 | H1 2023: 78.6 |
Half-year report 2024 | Tryg Forsikring A/S
Management's review - Contents
Investment activities
Investment result
Capital markets performed well in the first half of 2024 despite geopolitical tensions still running very high in various parts of the world. Inflation expectations started to ease in the second half of 2023, while the trend was more stable in 2024. Central banks in all the world's advanced economies are still attempting to carefully balance a high interest rate environment with not hampering economic growth. Equity markets performed well, helped by expectations of lower interest rates in the second half of 2024.
The investment return for the half year was DKK 418m (DKK 236m in H1 2023).
Free portfolio
Financial markets experienced a good first half of 2024 characterised by positive equity market developments on the back of expectations of lower interest rates in the second half of 2024.
The result of the free portfolio was DKK 314 (DKK 251m in H1 2023).
Match portfolio
The match portfolio of DKK 44bn primarily consists of Scandinavian covered bonds for the purpose of matching insurance liabilities while keeping capital consumption low. The return for H1 2024 was DKK 397 (DKK 166m for H1 2023).
Other financial income and expenses
Other financial income and expenses include interest expenses related to outstanding subordinated debt, the cost of currency hedges to protect own funds and general balance sheet items, the value change on the inflation swap, the cost of running the investment operations and other general costs.
Other financial income and expenses were DKK -293m (DKK -181m in H1 2023).
Return - Investments
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Free portfolio, gross return | 314 | 251 | 622 |
| Match portfolio | 397 | 166 | 468 |
| Other financial income and expenses | -293 | -181 | -475 |
| Investment result | 418 | 236 | 615 |
Return - Match portfolio
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Return, match portfolio | 561 | 652 | 2,580 |
| Value adjustments, changed discount rate | 396 | 63 | -905 |
| Unwind of discounting | -560 | -549 | -1,207 |
| Match | 397 | 166 | 468 |
Return - free portfolio
| DKKm | H1 2024 | H1 2024 (%) | H1 2023 | H1 2023 (%) | Investment assets | |
|---|---|---|---|---|---|---|
| 30.06.2024 | 31.12.2023 | |||||
| Government and Covered Bonds | 77 | 1.2 | 58 | 1.1 | 6,782 | 7,198 |
| Corporate and Emerging Markets Bonds | 22 | 0.8 | 89 | 2.8 | 2,744 | 2,969 |
| Investment grade credit | 8 | 0.6 | 36 | 3.0 | 1,086 | 1,113 |
| Emerging markets bonds | 5 | 0.4 | 32 | 2.7 | 960 | 1,157 |
| High-yield bonds | 9 | 1.3 | 21 | 2.7 | 698 | 699 |
| Diversifying Alternatives | 23 | 1.5 | 42 | 3.4 | 2,147 | 1,456 |
| Equity | 349 | 14.7 | 273 | 7.9 | 2,669 | 2,418 |
| Real Estate | -157 | -4.7 | -211 | -5.3 | 3,244 | 3,465 |
| Total | 314 | 1.7 | 251 | 1.4 | 17,586 | 17,506 |
Half-year report 2024 | Tryg Forsikring A/S | 9
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Solvency and dividend
The solvency ratio
The solvency ratio (based on Tryg Forsikring's partial internal model) was 195 at the end of H1 2024 compared to 197 at the end of 2023 for Tryg Forsikring (parent company).
Own funds
Own funds totalled DKK 15,239m at the end of H1 (DKK 15,188m at the end of 2023) for Tryg Forsikring (parent company). Tryg Forsikring's own funds consist predominantly of shareholders' equity and subordinated loans.
Solvency capital requirement
Tryg Forsikring calculates its individual solvency capital requirement based on a partial internal model in accordance with the Danish Financial Supervisory Authority's Executive Order on Solvency and Operating Plans for Insurance Companies. The model is based on the structure of the standard model. Tryg Forsikring uses an internal model to evaluate insurance risks, while other risks are calculated using standard model components.
The solvency capital requirement, calculated using the partial internal model, was DKK 7,804m (DKK 7,707m at the end of 2023) for Tryg Forsikring (parent company).
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Management's review - Contents
Financial outlook
Global geopolitical tensions remained high at the beginning of 2024, causing some macroeconomic volatility. Inflation levels fell during the final months of 2023 but remain elevated compared to recent years. The Scandinavian economies continued to perform well, while non-life insurance markets remained broadly stable, with all listed players adjusting prices to protect margins and fight inflationary pressures.
2024 Outlook
Global geopolitical tensions remained high at the beginning of 2024 on multiple fronts: Russia's invasion of Ukraine, Middle East tensions, US/China tensions on the future of Taiwan and a number of other flashpoints around the world. These geopolitical tensions are reflected in a complex macroeconomic environment characterised by relatively high inflation and high interest rate levels. Inflation levels (as measured by CPI) and general inflation expectations eased in the last few months of 2023, driving interest rates slightly lower.
Financial markets remain edgy and exposed to sudden moves but in general performed recently in H1 2024, primarily driven by good returns from equities and fixed income asset classes.
Despite the complex macroeconomic environment, Scandinavian countries continue to perform relatively well. A high level of trust in public authorities, solid overall public finances with low levels of government debt and relatively low unemployment rates remain strong competitive advantages, especially during periods of volatility.
Scandinavian non-life insurance markets remain generally stable. The region is characterised by relatively high product penetration, with ratios of non-life premiums as a percentage of GDP being some of the highest in the world. Product offerings are broader and more diverse compared to larger European countries. Motor, Property and Accident & Health are the most important business lines, but smaller products like contents insurance and travel insurance are also widely sold. Households usually cover their insurance needs well and trust in insurance companies is generally high. Retention levels are very high in Scandinavia compared to everywhere else in the world. This is a key profitability driver, as it helps insurers keep their overall expenses low. Retention rates hover around 90% in the Private and Commercial (SME) segments, which together represent close to 90% of Tryg Forsikring's total business. Direct distribution also contributes significantly to the very efficient business model.
Investment activities (DKK 64bn as per end of 2023) are managed taking into consideration the specifics of the non-life insurance business. Invested assets are split into a match portfolio (DKK 46bn) and a free portfolio (DKK 18bn). The match portfolio is primarily made up of Scandinavian covered bonds (rated AAA) matching the insurance liabilities. The objective is for the return on the portfolio to be as close as possible to zero, as capital gains or losses driven by interest rate movements should result in similar, but opposite, movements (gains or losses) on assets and liabilities. The free portfolio is a diversified mix of assets where the goal is to seek the best risk-adjusted return. Riskier asset classes like equities, real estate and corporate bonds should offer higher normalised returns compared to more secure asset classes like covered bonds.
strong competitive advantages, especially during periods of volatility.
Half-year report 2024 | Tryg Forsikring A/S
Financial statements - Contents
Contents – Financial statements H1 2024
Financial statements
13 Statement by the Supervisory Board and the Executive Board
Tryg Forsikring Group
14 Income statement
15 Statement of comprehensive income
16 Statement of financial position
17 Statement of changes in equity
20 Cash flow statement
21 Notes
Tryg Forsikring A/S (parent company)
29 Income and comprehensive income statement
30 Statement of Financial position
32 Statement of changes in equity
34 Notes
36 Glossary, key ratios and alternative performance measures
38 Disclaimer
HAT-year report 2024 | Tryg Forsikring A/S | 12
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement by the Supervisory Board and the Executive Board
The Supervisory Board and the Executive Board have today considered and adopted the half year report of Tryg Forsikring Group and Tryg Forsikring A/S (hereafter named as Group and parent company respectively) for the period 1 January to 30 June 2024.
The financial statement, which is unaudited and has not been reviewed by the company's auditors, is prepared in accordance with IAS 34 Interim Financial Reporting and the Danish Insurance Business Act.
The financial statement for the parent company is prepared in accordance with the Danish Insurance Business Act.
In our opinion, the report gives a true and fair view of the Group and the parent company's assets, liabilities and financial position at 30 June 2024 and of the results of the Group and parent company's activities and cash flows for the period for the Group.
We are furthermore of the opinion that the Management's review gives a true and fair view of developments in the activities and financial position of the Group and the parent company, the results for the period of the Group's and the parent company's financial position in general and describes principal risks and uncertainties that the Group and the parent company face.
Ballerup, 11 July 2024
Executive Board
| Johan Kirstein Brammer
Group CEO | Allan Kragh Thaysen
Group CFO | Lars Bonde
Group COO | Alexandra Bastkær Winther
Group CCO | Mikael Kårrsten
Group CTO |
| --- | --- | --- | --- | --- |
Supervisory Board
| Jukka Pertola
Chairman | Steffen Kragh
Deputy Chairman | Benedicte Bakke Agerup | Carl-Viggo Östlund | Thomas Hofman-Bang | MengMeng Du | Anne Kaltoft |
| --- | --- | --- | --- | --- | --- | --- |
| Claus Wistoft | Jørn Rise Andersen | Charlotte Dietzer | Tina Snejbjerg | Elias Bakk | Mette Osvold | Lena Darin |
Half-year report 2024 | Tryg Forsikring A/S | 13
A
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Income statement
| DKKm | H1 2024 | H1 2023 | Full Year 2023 | |
|---|---|---|---|---|
| Note | Insurance revenue | 19,814 | 19,521 | 39,126 |
| Insurance service expenses | -16,191 | -16,371 | -32,219 | |
| Net expenses from reinsurance contracts | -136 | 83 | -507 | |
| 1 | Insurance service result | 3,486 | 3,233 | 6,399 |
| Investment activities | ||||
| Profit/loss from associates | -40 | -34 | -75 | |
| Income from investment property | 12 | 24 | 35 | |
| Interest income and dividends | 865 | 706 | 1,624 | |
| 2 | Value adjustments | 60 | 187 | 1,663 |
| Interest expenses | -211 | -142 | -332 | |
| Administration expenses in connection with investment activities | -128 | -103 | -194 | |
| Investment return | 557 | 638 | 2,721 | |
| Net finance income/expense from insurance contracts | -197 | -462 | -2,190 | |
| Net finance income/expense from reinsurance contracts | 59 | 60 | 84 | |
| Net Investment result | 418 | 236 | 615 | |
| 3 | Other income | 61 | 57 | 115 |
| 3 | Other costs | -807 | -1,011 | -1,930 |
| Profit/loss before tax | 3,159 | 2,514 | 5,199 | |
| Tax | -728 | -631 | -1,206 | |
| Profit/loss for the period | 2,431 | 1,883 | 3,993 |
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of comprehensive income
| DKKm | H1 2024 | H1 2023 | Full Year 2023 | |
|---|---|---|---|---|
| Note | Profit/loss for the period | 2,431 | 1,883 | 3,993 |
| Other comprehensive income which cannot subsequently be reclassified as profit or loss | ||||
| Actuarial gains/losses on defined-benefit pension plans | 0 | 0 | -2 | |
| Tax on actuarial gains/losses on defined-benefit pension plans | 0 | 0 | 0 | |
| 0 | 0 | -1 | ||
| Other comprehensive income which can subsequently be reclassified as profit or loss | ||||
| Exchange rate adjustments of foreign entities | -623 | -1,871 | -105 | |
| Hedging of currency risk in foreign entities | 130 | 509 | 130 | |
| Tax on hedging of currency risk in foreign entities | -34 | -128 | -33 | |
| -527 | -1,490 | -8 | ||
| Total other comprehensive income | -527 | -1,490 | -9 | |
| Comprehensive income | 1,903 | 393 | 3,984 |
Helf-year report 2024 | Tryg Forsikring A/S | 15
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of financial position
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
|---|---|---|---|---|
| Note | Assets | |||
| Intangible assets | 31,197 | 30,730 | 31,987 | |
| Operating equipment | 213 | 188 | 191 | |
| Group-occupied property | 648 | 901 | 935 | |
| Total property, plant and equipment | 1,061 | 1,089 | 1,125 | |
| Investment property | 444 | 1,085 | 498 | |
| Equity investments in associates | 44 | 21 | 34 | |
| Total investments in associates | 44 | 21 | 34 | |
| Equity investments | 3,902 | 3,163 | 3,939 | |
| Unit trust units | 9,755 | 10,655 | 8,192 | |
| Bonds | 52,869 | 52,060 | 57,045 | |
| Other lending | 0 | 75 | 0 | |
| Derivative financial instruments | 1,334 | 1,879 | 2,038 | |
| Reverse repurchase lending | 203 | 50 | 59 | |
| Total other financial investment assets | 68,063 | 67,882 | 71,272 | |
| 4 | Total Investment assets | 68,551 | 68,988 | 71,804 |
| Assets from reinsurance contracts | 3,177 | 3,133 | 3,060 | |
| Receivables from Group undertakings | 649 | 49 | 208 | |
| Other receivables | 174 | 1,501 | 210 | |
| Total receivables | 823 | 1,550 | 418 | |
| Current tax assets | 0 | 750 | 5 | |
| Cash at bank and in hand | 2,580 | 1,294 | 3,089 | |
| Other | 0 | 0 | 5 | |
| Total other assets | 2,581 | 2,044 | 3,099 | |
| Interest and rent receivable | 386 | 311 | 418 | |
| Other prepayments and accrued income | 901 | 779 | 898 | |
| Total prepayments and accrued income | 1,287 | 1,091 | 1,316 | |
| Total assets | 108,677 | 108,625 | 112,809 | |
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
| --- | --- | --- | --- | --- |
| Note | Equity and liabilities | |||
| Equity | 39,690 | 39,954 | 40,062 | |
| Subordinated loan capital | 2,977 | 2,824 | 3,031 | |
| Insurance contracts liabilities | 49,285 | 48,684 | 49,463 | |
| Pensions and similar obligations | 55 | 62 | 77 | |
| Deferred tax liability | 3,140 | 3,223 | 3,317 | |
| Other provisions | 104 | 120 | 223 | |
| Total provisions | 3,299 | 3,406 | 3,616 | |
| Amounts owed to credit institutions | 1,303 | 1,182 | 2,028 | |
| 4 | Debt relating to repos | 2,605 | 2,628 | 4,645 |
| 4 | Derivative financial instruments | 1,807 | 2,534 | 1,779 |
| Debt to Group undertakings | 284 | 83 | 298 | |
| Current tax liabilities | 788 | 404 | 389 | |
| Other debt | 6,624 | 6,858 | 7,460 | |
| Total debt | 13,412 | 13,687 | 16,599 | |
| Accruals and deferred income | 14 | 70 | 38 | |
| Total equity and liabilities | 108,677 | 108,625 | 112,809 |
5 Contingent Liabilities
6 Related parties
7 Accounting policies
Helf-year report 2024 | Tryg Forsleting A/S | 16
Financial statements - Contents
Statement of changes in equity
| DKKm | Share capital | Reserve for exchange rate adjustment | Other reservesa) | Retained earnings | Proposed dividend | Non-controlling Interest | Share-holders of Tryg | Additional Tier 1 capital | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 31 December 2023 | 1,646 | -2,184 | 4,547 | 34,065 | 1,000 | 1 | 39,075 | 987 | 40,062 |
| H1 2024 | |||||||||
| Profit/loss for the period | -137 | 91 | 2,440 | 2,394 | 36 | 2,431 | |||
| Other comprehensive income | -527 | -527 | -527 | ||||||
| Total comprehensive income | 0 | -527 | -137 | 91 | 2,440 | 0 | 1,867 | 36 | 1,903 |
| Dividend paid | -2,238 | -2,238 | -2,238 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -36 | -36 | ||||||
| Total changes in equity in H1 2024 | 0 | -527 | -137 | 91 | 202 | 0 | -371 | 0 | -371 |
| Equity at 30 June 2024 | 1,646 | -2,712 | 4,410 | 34,155 | 1,202 | 1 | 38,704 | 987 | 39,690 |
a) The contingency fund provisions can be used to cover losses in connection with the settlement of insurance provisions or otherwise for the benefit of the insured and are not available for dividends.
A
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Helf-year report 2024 | Tryg Forsikring A/S | 17
Financial statements - Contents
Statement of changes in equity
| DKKm | Share capital | Reserve for exchange rate adjustment | Other reserves* | Retained earnings | Proposed dividend | Non-controlling Interest | Share-holders of Tryg | Additional Tier 1 capital | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 31 December 2022 | 1,646 | -2,176 | 4,724 | 35,384 | 2,570 | 1 | 42,149 | 506 | 42,655 |
| Changes in impairment owing to implementation of IFRS 9 | -2 | -2 | -2 | ||||||
| Changes in taxes due owing to implementation of IFRS 9 | 1 | 1 | 1 | ||||||
| Equity at 1 January 2023 | 1,646 | -2,176 | 4,724 | 35,382 | 2,570 | 1 | 42,148 | 506 | 42,654 |
| H1 2023 | |||||||||
| Profit/loss for the period | -299 | -221 | 2,385 | 1,864 | 19 | 1,883 | |||
| Other comprehensive income | -1,490 | 0 | -1,490 | -1,490 | |||||
| Total comprehensive income | 0 | -1,490 | -299 | -221 | 2,385 | 0 | 374 | 19 | 393 |
| Dividend paid | -3,781 | -3,781 | -3,781 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -19 | -19 | ||||||
| Issue of additional Tier 1 capital | 0 | 987 | 987 | ||||||
| Reduction of tier 1 capital | 0 | -280 | -280 | ||||||
| Total changes in equity in H1 2023 | 0 | -1,490 | -299 | -221 | -1,396 | 0 | -3,407 | 707 | -2,700 |
| Equity at 30 June 2023 | 1,646 | -3,666 | 4,424 | 35,161 | 1,174 | 1 | 38,741 | 1,213 | 39,954 |
A
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of changes in equity
| DKKm | Share capital | Reserve for exchange rate adjustment | Other reserves* | Retained earnings | Proposed dividend | Non-controlling Interest | Share-holders of Tryg | Additional Tier 1 capital | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 31 December 2022 | 1,646 | -2,176 | 4,724 | 35,384 | 2,570 | 1 | 42,149 | 506 | 42,655 |
| Changes in impairment owing to implementation of IFRS 9 | -2 | -2 | -2 | ||||||
| Changes in taxes due owing to implementation of IFRS 9 | 1 | 1 | 1 | ||||||
| Equity at 1 January 2023 | 1,646 | -2,176 | 4,724 | 35,382 | 2,570 | 1 | 42,148 | 506 | 42,654 |
| 2023 | |||||||||
| Profit/loss for the period | -178 | -1,358 | 5,460 | 3,924 | 69 | 3,993 | |||
| Other comprehensive income | -8 | -1 | -9 | -9 | |||||
| Total comprehensive income | 0 | -8 | -178 | -1,359 | 5,460 | 0 | 3,915 | 69 | 3,984 |
| Dividend paid | -7,030 | -7,030 | -7,030 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -69 | -69 | ||||||
| Issue of additional Tier 1 capital | 0 | 987 | 987 | ||||||
| Cancellation of Tier 1 capital | 41 | 41 | -506 | -465 | |||||
| Total changes in equity in 2023 | 0 | -8 | -178 | -1,318 | -1,570 | 0 | -3,074 | 481 | -2,593 |
| Equity at 31 December 2023 | 1,646 | -2,184 | 4,547 | 34,065 | 1,000 | 1 | 39,075 | 987 | 40,062 |
A
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Cash flow statement
| H1 | H1 | Full Year | |
|---|---|---|---|
| DKKm | 2024 | 2023 | 2023 |
| Cash flow from operating activities | |||
| Insurance revenue received | 20,402 | 19,960 | 36,905 |
| Insurance service expenses paid | -19,557 | -17,512 | -29,562 |
| Net expenses from reinsurance contracts | -254 | -25 | -876 |
| Cash flow from insurance activities | 591 | 2,422 | 6,468 |
| Interest income | 871 | 458 | 1,128 |
| Interest expense | -211 | -150 | -332 |
| Dividend received | 109 | 89 | 149 |
| Taxes | -346 | -140 | -175 |
| Other income and costs | -1,412 | -479 | -960 |
| Total cash flow from operating activities | -597 | 2,200 | 6,279 |
| Cash flow from investment activities | |||
| Purchase/sale of equity investments and unit trust units | -1,502 | -880 | 883 |
| Purchase/sale of bonds (net) | 3,969 | 56 | -523 |
| Purchase/sale of operating equipment (net) | -35 | -2 | -69 |
| Acquisition/sale of associate | -51 | 0 | 0 |
| Sale of investment property | 41 | 0 | 502 |
| Hedging of currency risk | 130 | 509 | 130 |
| Total cash flow from Investment activities | 2,552 | -318 | 922 |
| Cash flow from financing activities | |||
| Subordinated loan capital | 0 | 707 | -45 |
| Debt and receivables, Group | 613 | 162 | -124 |
| Dividend paid | -2,238 | -3,781 | -7,030 |
| Change in lease liabilities | -104 | -108 | -211 |
| Change in amounts owed to credit institutions | -725 | -124 | 722 |
| Total cash flow from financing activities | -2,454 | -3,144 | -6,688 |
| Change in cash and cash equivalents, net | -499 | -1,262 | 513 |
| Exchange rate adjustment of cash and cash equivalents, 1 January | -10 | -32 | -12 |
| Change in cash and cash equivalents, gross | -509 | -1,293 | 501 |
| Cash and cash equivalents at 1 January | 3,089 | 2,588 | 2,588 |
| Cash and cash equivalents at end of period | 2,580 | 1,294 | 3,089 |
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | Insurance service result in Management's Review | Reclassificationa | Income statement |
|---|---|---|---|
| 1 Insurance service result | |||
| H1 2024 | |||
| Insurance revenue | 19,077 | 737 | 19,814 |
| Gross claims | -12,861 | -737 | -13,599 |
| Insurance operating costs | -2,593 | 0 | -2,593 |
| Insurance service expenses | -15,454 | -737 | -16,191 |
| Expenses from reinsurance contracts held | -696 | 0 | -696 |
| Income from reinsurance contracts held | 560 | 0 | 560 |
| Net expense from reinsurance contracts | -136 | 0 | -136 |
| Insurance service result | 3,486 | 0 | 3,486 |
| DKKm | Insurance service result in Management's Review | Reclassificationa | Income statement |
| --- | --- | --- | --- |
| 1 Insurance service result (continued) | |||
| 2023 | |||
| Insurance revenue | 37,135 | 1,990 | 39,126 |
| Gross claims | -25,270 | -1,990 | -27,261 |
| Insurance operating costs | -4,959 | 0 | -4,959 |
| Insurance service expenses | -30,229 | -1,990 | -32,219 |
| Expenses from reinsurance contracts held | -1,729 | 0 | -1,729 |
| Income from reinsurance contracts held | 1,222 | 0 | 1,222 |
| Net expense from reinsurance contracts | -507 | 0 | -507 |
| Insurance service result | 6,399 | 0 | 6,399 |
a) IFRS 17 requires that claims provisions acquired shall be presented as Insurance revenue. The reclassification refers to Insurance revenue and Gross claims relating to Claims provisions from the Trygg-Hansa and Codan Norway acquisition. The presentation would have resulted in an artificial high insurance revenue and Gross claims with no impact on the Insurance service result. Therefore, Trygg Forsking presents Insurance revenue and Gross claims in "Management's review" without the above reclassification as it gives a fair view of Insurance revenue, Gross claims and Insurance service result as well as key ratios. This explains the difference between "Management's review" and the Financial Statements. Key ratios are calculated on the basis of the figures used in "Management's Review".
1 Insurance service result (continued)
| H1 2023 | |||
|---|---|---|---|
| Insurance revenue | 18,390 | 1,132 | 19,521 |
| Gross claims | -12,800 | -1,132 | -13,931 |
| Insurance operating costs | -2,440 | 0 | -2,440 |
| Insurance service expenses | -15,240 | -1,132 | -16,371 |
| Expenses from reinsurance contracts held | -869 | 0 | -869 |
| Income from reinsurance contracts held | 951 | 0 | 951 |
| Net expense from reinsurance contracts | 83 | 0 | 83 |
| Insurance service result | 3,233 | 0 | 3,233 |
Half-year report 2024 | Tryg Forsikring A/S | 21
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | Private | Commercial | Corporate | Other^{a)} | Group |
|---|---|---|---|---|---|
| 1 Operating segments | |||||
| H1 2024 | |||||
| Insurance revenue | 12,833 | 4,749 | 1,495 | 737 | 19,814 |
| Gross claims | -8,902 | -2,726 | -1,234 | -737 | -13,599 |
| Insurance operating costs | -1,675 | -725 | -192 | -2,593 | |
| Insurance service expenses | -10,577 | -3,452 | -1,426 | -737 | -16,191 |
| Net expense from reinsurance contracts | -198 | -184 | 246 | -136 | |
| Insurance service result | 2,059 | 1,113 | 315 | 0 | 3,486 |
| Net investment result | 418 | ||||
| Other income and costs | -746 | ||||
| Profit/loss before tax | 3,159 | ||||
| Tax | -728 | ||||
| Profit/loss for the period | 2,431 | ||||
| Run-off gains/losses, net of reinsurance | 289 | 171 | 157 | 0 | 617 |
| Intangible assets | 27,237 | 2,401 | 0 | 1,559 | 31,197 |
| Equity investments in associates | 44 | ||||
| Assets from reinsurance contracts | 305 | 1,116 | 1,714 | 42 | 3,177 |
| Other assets | 74,258 | ||||
| Total assets | 108,677 | ||||
| Insurance contracts liabilities | 29,827 | 12,538 | 9,420 | -2,500 | 49,285 |
| Other liabilities | 19,701 | ||||
| Total liabilities | 68,987 |
Description of segments
Please refer to the accounting policies in the Annual Report 2023 for a description of operating segments.
a) The other segment in the profit/loss includes insurance revenue and gross claims arising from the Trygg-Hansa and Coden Norway acquisition. Please refer to note 1 Insurance service result and Accounting policies in the Annual Report 2023 for further description.
Half-year report 2024 | Tryg Forsikring A/S | 22
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | Private | Commercial | Corporate | Other^{a)} | Group |
|---|---|---|---|---|---|
| 1 Operating segments (continued) | |||||
| H1 2023 | |||||
| Insurance revenue | 12,072 | 4,559 | 1,758 | 1,132 | 19,521 |
| Gross claims | -8,530 | -2,901 | -1,369 | -1,132 | -13,931 |
| Insurance operating costs | -1,520 | -712 | -209 | -2,440 | |
| Insurance service expenses | -10,050 | -3,613 | -1,577 | -1,132 | -16,371 |
| Net expense from reinsurance contracts | -90 | -23 | 196 | 83 | |
| Insurance service result | 1,932 | 924 | 377 | 0 | 3,233 |
| Net investment result | 236 | ||||
| Other income and costs | -955 | ||||
| Profit/loss before tax | 2,514 | ||||
| Tax | -631 | ||||
| Profit/loss for the period | 1,883 | ||||
| Run-off gains/losses, net of reinsurance | 85 | 119 | 305 | 0 | 510 |
| Intangible assets | 27,048 | 2,540 | 0 | 1,142 | 30,730 |
| Equity investments in associates | 21 | ||||
| Assets from reinsurance contracts | 348 | 1,066 | 1,651 | 69 | 3,133 |
| Other assets | 74,741 | ||||
| Total assets | 108,625 | ||||
| Insurance contracts liabilities | 28,596 | 12,539 | 9,752 | -2,204 | 48,684 |
| Other liabilities | 19,987 | ||||
| Total liabilities | 68,671 |
Half-year report 2024 | Tryg Forsikring A/S | 23
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | Private | Commercial | Corporate | Other^{a)} | Group |
|---|---|---|---|---|---|
| 1 Operating segments (continued) | |||||
| 2023 | |||||
| Insurance revenue | 24,455 | 9,178 | 3,502 | 1,990 | 39,126 |
| Gross claims | -17,305 | -5,517 | -2,448 | -1,990 | -27,261 |
| Insurance operating costs | -3,074 | -1,454 | -430 | -4,959 | |
| Insurance service expenses | -20,379 | -6,972 | -2,878 | -1,990 | -32,219 |
| Net expense from reinsurance contracts | -276 | -197 | -34 | -507 | |
| Insurance service result | 3,800 | 2,010 | 590 | 0 | 6,399 |
| Net investment result | 615 | ||||
| Other income and costs | -1,815 | ||||
| Profit/loss before tax | 5,199 | ||||
| Tax | -1,206 | ||||
| Profit/loss for the period | 3,993 | ||||
| Run-off gains/losses, net of reinsurance | 268 | 315 | 517 | 0 | 1,099 |
| Intangible assets | 28,089 | 2,584 | 0 | 1,314 | 31,987 |
| Equity investments in associates | 34 | ||||
| Assets from reinsurance contracts | 239 | 946 | 1,575 | 300 | 3,060 |
| Other assets | 77,729 | ||||
| Total assets | 112,809 | ||||
| Insurance contracts liabilities | 29,595 | 11,999 | 8,898 | -1,029 | 49,463 |
| Other liabilities | 23,284 | ||||
| Total liabilities | 72,747 |
Half-year report 2024 | Tryg Forsikring A/S | 24
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| 1 Insurance service result by geography | |||
| Danish general insurance | |||
| Insurance revenue | 9,042 | 8,628 | 17,396 |
| Insurance service result | 1,435 | 1,782 | 3,200 |
| Run-off gains/losses, net of reinsurance | 102 | 308 | 631 |
| Key ratios | |||
| Gross claims ratio | 67.5 | 65.2 | 66.5 |
| Net reinsurance ratio | 2.2 | 0.8 | 1.8 |
| Claims ratio, net of reinsurance | 69.7 | 66.1 | 68.3 |
| Expense ratio | 14.4 | 13.3 | 13.3 |
| Combined ratio | 84.1 | 79.3 | 81.6 |
| Run-off, net of reinsurance (%) | -1.1 | -3.6 | -3.6 |
| Number of full-time employees, end of period | 3,176 | 3,407 | 3,377 |
| Norwegian general insurance | |||
| NOK/DKK, average rate for the period | 64.89 | 66.23 | 65.37 |
| Insurance revenue | 4,074 | 3,955 | 7,962 |
| Insurance service result | 195 | 441 | 662 |
| Run-off gains/losses, net of reinsurance | 52 | 110 | 188 |
| Key ratios | |||
| Gross claims ratio | 79.2 | 71.7 | 73.8 |
| Net reinsurance ratio | 3.4 | 3.9 | 4.6 |
| Claims ratio, net of reinsurance | 82.6 | 75.6 | 78.4 |
| Expense ratio | 12.7 | 13.3 | 13.3 |
| Combined ratio | 95.2 | 88.9 | 91.7 |
| Run-off, net of reinsurance (%) | -1.3 | -2.8 | -2.4 |
| Number of full-time employees, end of period | 1,331 | 1,385 | 1,350 |
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
| --- | --- | --- | --- |
| 1 Insurance service result by geography (continued) | |||
| Swedish general insurance | |||
| SEK/DKK, average rate for the period | 65.56 | 65.89 | 64.88 |
| Insurance revenue | 5,819 | 5,685 | 11,512 |
| Insurance service result | 1,847 | 1,002 | 2,511 |
| Run-off gains/losses, net of reinsurance | 456 | 87 | 266 |
| Key ratios | |||
| Gross claims ratio | 59.9 | 75.3 | 67.2 |
| Net reinsurance ratio | -4.3 | -5.9 | -2.3 |
| Claims ratio, net of reinsurance | 55.6 | 69.3 | 64.9 |
| Expense ratio | 12.7 | 13.0 | 13.3 |
| Combined ratio | 68.3 | 82.4 | 78.2 |
| Run-off, net of reinsurance (%) | -7.8 | -1.5 | -2.3 |
| Number of full-time employees, end of period | 2,058 | 1,947 | 1,973 |
| Other European countriesa | |||
| Insurance revenue | 141 | 122 | 265 |
| Insurance service result | 10 | 8 | 27 |
| Run-off gains/losses, net of reinsurance | 6 | 5 | 14 |
| Number of full-time employees, end of period | 66 | 55 | 59 |
| Otherb | |||
| Insurance revenue | 737 | 1,132 | 1,990 |
| Insurance service expenses | -737 | -1,132 | -1,990 |
| Insurance service result | 0 | 0 | 0 |
a) Comprises credit & surety insurance (Tryg Geranti) in European countries besides Denmark, Norway and Sweden.
b) Reclassification relating to claims provisions from the Trygg-Hansa and Codan Norway acquisition. Please refer to note 1 Insurance service result and Accounting policies in the Annual Report 2023 for further description.
Half-year report 2024 | Tryg Forsikring A/S | 25
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| 1 Insurance service result by geography (continued) | |||
| Group (Total) | |||
| Insurance revenue | 19,814 | 19,521 | 39,126 |
| Insurance service result | 3,486 | 3,233 | 6,399 |
| Net investment result | 418 | 236 | 615 |
| Other income and costs | -746 | -955 | -1,815 |
| Profit/loss before tax | 3,159 | 2,514 | 5,199 |
| Run-off gains/losses, net of reinsurance | 617 | 510 | 1,099 |
| Key ratios | |||
| Gross claims ratio | 67.4 | 69.6 | 68.0 |
| Net reinsurance ratio | 0.7 | -0.4 | 1.4 |
| Claims ratio, net of reinsurance | 68.1 | 69.2 | 69.4 |
| Expense ratio | 13.6 | 13.3 | 13.4 |
| Combined ratio | 81.7 | 82.4 | 82.8 |
| Run-off, net of reinsurance (%) | -3.2 | -2.8 | -3.0 |
| Number of full-time employees, end of period | 6,630 | 6,794 | 6,759 |
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
| --- | --- | --- | --- |
| 2 Value adjustments | |||
| Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement: | |||
| Equity investments | -275 | 12 | -550 |
| Unit trust units | 606 | 117 | 765 |
| Bonds | 32 | 95 | 642 |
| Derivates (Equity, interest, currency and inflation) | -236 | 217 | 713 |
| 127 | 441 | 1,571 | |
| Value adjustments concerning assets or liabilities that cannot be attributed to IFRS 9: | |||
| Investment property | -12 | 128 | 96 |
| Other statement of financial position itemsa | -56 | -381 | -4 |
| -67 | -253 | 92 | |
| 60 | 187 | 1,063 |
a) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value totals DKK 69m (DKK 154m in H1 2023)
Half-year report 2024 | Tryg Forsikring A/S | 26
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| 3 Other costs and income | |||
| Include income and costs which cannot be directly ascribed to the insurance portfolio or investment assets. | |||
| Other income | |||
| Income related to the sale of non-insurance products | 61 | 57 | 115 |
| 61 | 57 | 115 | |
| Other costs | |||
| Amortisation of customer relations and trademarks | -473 | -476 | -968 |
| Integration and restructuring costs related to RSA Scandinavia | 0 | -300 | -300 |
| Costs related to the sale of non-insurance products | -79 | -75 | -162 |
| Other costsa) | -255 | -161 | -500 |
| -807 | -1,011 | -1,930 | |
| -746 | -955 | -1,815 |
a) Hereof DKK 180m related to restructuring costs and DKK 50m related to bankruptcy of Geflon in 2023.
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| 4 Tryg Forsikring's Investment portfolio | |||
| Total investment assets | 68,551 | 68,988 | 71,804 |
| Other, hereof financial instrument in liabilities a) | -4,802 | -5,941 | -6,763 |
| External customers | -1,544 | -1,915 | -1,672 |
| Tryg Forsikring's Investment portfolio b) | 62,205 | 61,132 | 63,369 |
| Match portfolio | 44,620 | 44,178 | 45,863 |
| Free portfolio | 17,586 | 16,954 | 17,506 |
a) Primarily debt relating to repos and derivatives
b) The setup of Tryg Invest is impacting Tryg Forsikring's balance sheet as external customers' investments are booked under "Total other financial investment assets" with opposing liabilities entries such as "Other debt".
4 Tryg Forsikring's Investment portfolio (continued)
Valuation of investment assets
Investment assets are measured at fair value with value adjustment in the income statement. Listed bonds and shares, parts of unit trusts as well as derivative financial instruments are measured at quoted prices or observable input at the balance sheet date.
The valuation of the investment assets can be distributed in the fair value hierarchy model, which is determined in accordance with IFRS 13. The model distributes the total investment assets based on the price at which the investment assets are set. Reference is made to the Annual Report 2023, note 16, for further description of the fair value hierarchy.
The primary part of Tryg Forsikring's investment assets are classified as level 1 and 2 with valuation based on quoted prices or observable input. This includes the primary part of the bond portfolio, equity investments and unit trust units as well as financial instruments. Investment assets, which are classified as level 3, includes unlisted shares, unlisted unit trust units, unlisted bonds and investment property. As these investment assets are not valued based on observable input, there will be a discretionary element in this hierarchy.
On 30 June 2024, the value of level 3 assets amounts to DKK 529m (DKK 1,207m on 30 June 2023 and DKK 1,001m on 31 December 2023).
Transfers between categories
Transfers between the categories quoted market prices and observable input mainly result from bonds that are reclassified either due to traced volume or the number of days between last transaction and the time of determination. As at 30 June 2024, financial assets of DKK 3,191m have been transferred from quoted market prices to observable input and DKK 3,571m from observable input to quoted market prices.
Half-year report 2024 | Tryg Forsikring A/S | 27
Financial statements - Contents
Notes
5 Contingent Liabilities
Price adjustments 2016-2020
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 Forsikring was not complying with regulations on 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 concluded that certain customers may have a recovery claim against Tryg Forsikring. Tryg Forsikring does not agree with the Danish Consumer Ombudsman's assessment as Tryg Forsikring believes it has followed the applicable regulation and guidelines stated by the Danish Financial Supervisory Authority ("FSA") in terms of price increases. The Danish Consumer Ombudsman decided in April 2022 that the case should be tested in court.
On 5th April 2024 the Danish Maritime & Commercial Court has ruled in favour of the Danish Consumer Ombudsman arguments against Tryg Forsikring. Tryg Forsikring has appealed the decision.
The Executive Board has decided not to disclose any amount but the case is deemed to have immaterial financial consequences for Tryg Forsikring's equity and solvency position.
Other
Companies in the Tryg Forsikring are party to a number of other disputes in Denmark, Norway and Sweden, which management believes will not affect the Group's financial position significantly beyond the obligations recognised in the statement of financial position on 30 June 2024.
6 Related parties
In H1 2024 a total dividend of DKK 2,238m (DKK 3,781m in H1 2023) was paid to Tryg A/S.
There have been no other significant transactions.
7 Accounting policies
Tryg Forsikring's Half-year report 2024 is presented in accordance with IAS 34 Interim Financial Reporting, the Danish Insurance Business Act. The Half-year report of the parent company has been prepared in accordance with the Danish Insurance Business Act.
The application of IAS 34 means that the report is limited relative to the presentation of a full annual report and that the valuation principles are in accordance with International Financial Reporting Standards (IFRS).
Changes in accounting policies
There have been no changes to the accounting policies or accounting estimates in H1 2024.
Other
The amounts in the report are disclosed in whole numbers of DKKm, unless otherwise stated.
The amounts have been rounded and consequently the sum of the rounded amounts and totals may differ slightly.
Half-year report 2024 | Tryg Forsikring A/S | 28
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Income and comprehensive income statement
(parent company)
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| Note | |||
| General Insurance | |||
| Gross premiums written | 20,883 | 20,077 | 36,656 |
| Ceded insurance premiums | -1,131 | -1,265 | -1,882 |
| Change in premium provisions | -1,714 | -2,092 | -1,491 |
| Change in profit margin and risk margin | -323 | 164 | 1,493 |
| Change in reinsurers' share of premium provisions | 298 | 272 | -103 |
| Premium income, net of reinsurance | 18,013 | 17,155 | 34,674 |
| Claims paid | -13,661 | -11,600 | -25,215 |
| Reinsurance cover received | 509 | 522 | 840 |
| Change in claims provisions | 1,034 | -571 | 808 |
| Change in the reinsurers' share of claims provisions | 192 | 244 | 155 |
| Claims, net of reinsurance | -11,926 | -11,404 | -23,412 |
| Bonus and premium discounts | -228 | -314 | -488 |
| Acquisition costs | -1,841 | -2,159 | -3,347 |
| Administration expenses | -1,184 | -747 | -2,557 |
| Acquisition costs and Administration expenses | -3,025 | -2,906 | -5,904 |
| Reinsurance commissions and profit participation from reinsurers | 137 | 125 | 256 |
| Insurance operating costs, net of reinsurance | -2,888 | -2,781 | -5,648 |
| Technical result | 2,970 | 2,657 | 5,146 |
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
| --- | --- | --- | --- |
| Note | |||
| Investment activities | |||
| Income from Group undertakings | 372 | 328 | 704 |
| Income from associates | -40 | -34 | -75 |
| Interest income and dividends | 722 | 543 | 1,295 |
| Value adjustments | -242 | 92 | 1,459 |
| Interest expenses | -122 | -148 | -326 |
| Administration expenses in connection with investment | -75 | -60 | -113 |
| Total Investment return | 614 | 721 | 2,943 |
| Return and value adjustment on insurance provisions | -146 | -421 | -2,082 |
| Total Investment return after Insurance technical interest | 468 | 301 | 861 |
| Other income | 61 | 57 | 115 |
| Other costs | -346 | -536 | -962 |
| Profit/loss before tax | 3,153 | 2,478 | 5,159 |
| Tax | -723 | -595 | -1,167 |
| Profit/loss for the period | 2,431 | 1,883 | 3,993 |
| Other comprehensive income which cannot subsequently be reclassified as profit or loss | |||
| Accuarial gains/losses on defined-benefit pension plans | 0 | 0 | -2 |
| Tax on actuarial gains/losses on defined-benefit pension plans | 0 | 0 | 0 |
| 0 | 0 | -1 | |
| Other comprehensive income which can subsequently be reclassified as profit or loss | |||
| Exchange rate adjustments of foreign entities | -623 | -1,871 | -105 |
| Hedging of currency risk in foreign entities | 130 | 509 | 130 |
| Tax on hedging of currency risk in foreign entities | -34 | -128 | -33 |
| -527 | -1,490 | -8 | |
| Total other comprehensive income | -527 | -1,490 | -9 |
| Comprehensive income | 1,903 | 393 | 3,984 |
Half-year report 2024 | Tryg Forsiering A/S | 29
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of financial position (parent company)
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| Note | |||
| Assets | |||
| Intangible assets | 31,197 | 30,730 | 31,987 |
| Operating equipment | 213 | 188 | 191 |
| Group-occupied property | 848 | 901 | 935 |
| Total property, plant and equipment | 1,061 | 1,089 | 1,125 |
| Investment property | 1 | 2 | 1 |
| Investments in Group undertakings | 17,315 | 17,415 | 17,503 |
| Equity investments in associates | 44 | 21 | 34 |
| Total Investments in Group undertakings and associates | 17,359 | 17,436 | 17,537 |
| Equity investments | 48 | 104 | 97 |
| Unit trust units | 788 | 35 | 32 |
| Bonds | 45,736 | 46,331 | 49,676 |
| Derivative financial instruments | 1,100 | 0 | 1,031 |
| Reverse repurchase lending | 203 | 1,318 | 59 |
| Total other financial investment assets | 47,876 | 47,788 | 50,895 |
| Total investment assets | 65,236 | 65,226 | 68,433 |
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| --- | --- | --- | --- |
| Note | |||
| Reinsurers' share of premium provisions | 440 | 508 | 146 |
| Reinsurers' share of claims provisions | 1,985 | 1,796 | 1,774 |
| Assets from reinsurance contracts | 2,426 | 2,304 | 1,920 |
| Receivables from policyholders | 3,198 | 2,736 | 1,787 |
| Total receivables in connection with direct insurance | 3,198 | 2,736 | 1,787 |
| Receivables from insurance enterprises | 219 | 482 | 410 |
| Receivables from Group undertakings | 914 | 144 | 570 |
| Other receivables | 138 | 1,232 | 179 |
| Total receivables | 4,469 | 4,575 | 2,945 |
| Current tax assets | 0 | 758 | 0 |
| Cash at bank and in hand | 2,416 | 951 | 2,811 |
| Total other assets | 2,416 | 1,709 | 2,812 |
| Interest and rent receivable | 338 | 270 | 361 |
| Other prepayments and accrued income | 894 | 759 | 896 |
| Total prepayments and accrued income | 1,232 | 1,029 | 1,257 |
| Total assets | 108,036 | 106,662 | 110,479 |
Helf-year report 2024 | Tryg Forsleting A/S | 30
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of financial position (parent company)
| DKKm | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
|---|---|---|---|---|
| Note | Equity and liabilities | |||
| Equity | 39,690 | 39,954 | 40,082 | |
| Subordinated loan capital | 2,977 | 2,824 | 3,031 | |
| Premium provisions | 4,318 | 5,587 | 1,246 | |
| Profit margin - Non-life contracts | 5,628 | 4,622 | 5,952 | |
| Claims provisions | 37,338 | 35,762 | 38,651 | |
| Risk margin - Non-life contracts | 1,428 | 1,428 | 1,428 | |
| Provisions for bonus and premium discounts | 1,275 | 1,473 | 1,239 | |
| Total provisions for insurance contracts | 49,987 | 48,871 | 48,516 | |
| Pensions and similar obligations | 55 | 62 | 77 | |
| Deferred tax liability | 3,147 | 3,119 | 3,313 | |
| Other provisions | 104 | 120 | 223 | |
| Total provisions | 3,306 | 3,301 | 3,613 | |
| Debt relating to direct insurance | 708 | 534 | 771 | |
| Debt relating to reinsurance | 173 | 393 | 110 | |
| Amounts owed to credit institutions | 844 | 590 | 1,221 | |
| Debt relating to repos | 2,494 | 2,415 | 4,645 | |
| Derivative financial instruments | 1,659 | 2,274 | 1,588 | |
| Debt to Group undertakings | 520 | 211 | 789 | |
| Current tax liabilities | 775 | 401 | 381 | |
| Other debt | 4,889 | 4,824 | 5,713 | |
| Total debt | 12,062 | 11,642 | 15,219 | |
| Accruals and deferred income | 14 | 70 | 38 | |
| Total equity and liabilities | 108,036 | 106,662 | 110,479 |
3 Contingent Liabilities
4 Related parties
5 Accounting policies
6 Key ratios
7 Reconciliation of profit/loss and equity (Danish FSA and IFRS)
A
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of changes in equity (parent company)
| DKKm | Share capital | Revaluation equity method | Other reserves | Retained earnings | Proposed dividend | Non-controlling interest | Share-holders of Tryg Forsikring | Additional Tier 1 capital | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 31 December 2023 | 1,646 | 1,387 | 4,546 | 30,495 | 1,000 | 1 | 39,075 | 987 | 40,062 |
| H1 2024 | |||||||||
| Profit/loss for the period | 374 | -137 | -283 | 2,440 | 2,394 | 36 | 2,431 | ||
| Other comprehensive income | -11 | -516 | -527 | -527 | |||||
| Total comprehensive income | 0 | 363 | -137 | -799 | 2,440 | 0 | 1,867 | 36 | 1,903 |
| Dividend paid | -2,238 | -2,238 | -2,238 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -36 | -36 | ||||||
| Total changes in equity in H1 2024 | 0 | 363 | -137 | -799 | 202 | 0 | -371 | 0 | -371 |
| Equity at 30 June 2024 | 1,646 | 1,750 | 4,409 | 29,696 | 1,202 | 1 | 38,704 | 987 | 39,690 |
| Equity at 31 December 2022 | 1,646 | 706 | 4,724 | 32,502 | 2,570 | 1 | 42,149 | 506 | 42,655 |
| H1 2023 | |||||||||
| Profit/loss for the period | 311 | -299 | -532 | 2,385 | 1,864 | 19 | 1,883 | ||
| Other comprehensive income | -32 | -1,459 | -1,490 | -1,490 | |||||
| Total comprehensive income | 0 | 279 | -299 | -1,991 | 2,385 | 0 | 374 | 19 | 393 |
| Dividend paid | -3,781 | -3,781 | -3,781 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -19 | -19 | ||||||
| Issue of additional Tier 1 capital | 0 | 987 | 987 | ||||||
| Cancellation of Tier 1 capital | 0 | -280 | -280 | ||||||
| Total changes in equity in H1 2023 | 0 | 279 | -299 | -1,991 | -1,396 | 0 | -3,407 | 707 | -2,700 |
| Equity at 30 June 2023 | 1,646 | 986 | 4,424 | 30,512 | 1,174 | 1 | 38,741 | 1,213 | 39,954 |
Half-year report 2024 | Tryg Forsikring A/S | 32
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Statement of changes in equity (parent company)
| DKKm | Share capital | Revaluation equity method | Other reserves | Retained earnings | Proposed dividend | Non-controlling interest | Share-holders of Tryg Forsikring | Additional Tier 1 capital | Total equity |
|---|---|---|---|---|---|---|---|---|---|
| Equity at 31 December 2022 | 1,646 | 706 | 4,724 | 32,502 | 2,570 | 1 | 42,149 | 506 | 42,655 |
| 2023 | |||||||||
| Profit/loss for the period | 688 | -178 | -2,047 | 5,460 | 3,924 | 69 | 3,993 | ||
| Other comprehensive income | -8 | -1 | -9 | -9 | |||||
| Total comprehensive income | 0 | 680 | -178 | -2,048 | 5,460 | 0 | 3,915 | 69 | 3,984 |
| Dividend paid | -7,030 | -7,030 | -7,030 | ||||||
| Interest paid on additional Tier 1 capital | 0 | -69 | -69 | ||||||
| Issue of additional Tier 1 capital | 0 | 987 | 987 | ||||||
| Cancellation of Tier 1 capital | 41 | 41 | -506 | -465 | |||||
| Total changes in equity in 2023 | 0 | 680 | -178 | -2,007 | -1,570 | 0 | -3,074 | 481 | -2,593 |
| Equity at 31 December 2023 | 1,646 | 1,387 | 4,546 | 30,495 | 1,000 | 1 | 39,075 | 987 | 40,062 |
Half-year report 2024 | Tryg Forsikring A/S | 33
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes (parent company)
| DKKm | H1 2024 | H1 2023 | Full Year 2023 | |
|---|---|---|---|---|
| 1 | Value adjustments | |||
| Value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement: | ||||
| Equity investments | -54 | -4 | 2 | |
| Unit trust units | 8 | -1 | -4 | |
| Bonds | 128 | 94 | 559 | |
| Derivates (Equity, interest, currency and inflation) | -249 | 349 | 934 | |
| -167 | 438 | 1,491 | ||
| Value adjustments concerning assets or liabilities that cannot be attributed to IFRS 9: | ||||
| Investment property | 2 | 0 | 1 | |
| Other statement of financial position itemsa) | -77 | -346 | -33 | |
| -75 | -346 | -32 | ||
| -242 | 92 | 1,459 |
a) Exchange rate adjustments concerning financial assets or liabilities which cannot be stated at fair value totals DKK 75m (DKK 163m in H1 2023)
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| 2 Other costs and Income | |||
| Include income and costs which cannot be directly ascribed to the Insurance portfolio or Investment assets. | |||
| Other Income | |||
| Income related to the sale of non-insurance products | 61 | 57 | 115 |
| 61 | 57 | 115 | |
| Other costs | |||
| Integration and restructuring costs related to RSA Scandinavia | 0 | -300 | -300 |
| Costs related to the sale of non-insurance products | -79 | -75 | -162 |
| Other costsa) | -268 | -161 | -500 |
| -346 | -536 | -962 | |
| -285 | -479 | -848 |
a) Hereof DKK 180m related to restructuring costs and DKK 50m related to bankruptcy of Gefon is 2023.
3 Contingent Liabilities
Please refer to Note 5 "Contingent Liabilities" in Tryg Forsikring Group
4 Related parties
Please refer to Note 6 "Related parties" in Tryg Forsikring Group
5 Accounting policies
The Half-year report of the parent company has been prepared in accordance with the Danish Insurance Business Act.
Changes in accounting policies
There have been no changes to the accounting policies or accounting estimates in H1 2024.
Half-year report 2024 | Tryg Forsikring A/S | 34
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Notes (parent company)
| DKKm | H1 2024 | H1 2023 | Full Year 2023 |
|---|---|---|---|
| 6 Key ratios | |||
| Gross claims ratio | 67.8 | 68.2 | 67.4 |
| Net reinsurance ratio | 0.0 | 0.6 | 2.0 |
| Claims ratio, net of reinsurance | 67.8 | 68.8 | 69.5 |
| Gross expense ratio | 16.2 | 16.3 | 16.3 |
| Combined ratio | 84.0 | 85.1 | 85.8 |
| Run-off gains/losses, gross | 1,014 | 692 | 1,067 |
| Run-off gains/losses, net of reinsurance | 589 | 505 | 1,702 |
For definitions of Key ratios - please refer to "Glossary, key ratios and alternative performance measures" on page 36
7 Reconciliation of profit/loss and equity (Danish FSA and IFRS)
The executive order on application of International Financial Reporting Standards for companies subject to the Danish Insurance Business Act issued by the Danish FSA requires disclosure of differences between the format of the half report under International Financial Reporting Standards and the rules issued by the Danish FSA.
There is no difference in profit/loss or equity recognised after Danish FSA and IFRS.
Half-year report 2024 | Tryg Forsikring A/S | 35
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Glossary, key ratios and alternative performance measures
The financial highlights and key ratios of Tryg Forsikring have been prepared in accordance with the executive order issued by the Danish Financial Supervisory Authority on the financial reports for insurance companies and multi-employer occupational pension funds, and also comply with 'Recommendations & Ratios' issued by the CFA Society Denmark.
| Claims ratio, net of reinsurance
Gross claims ratio = net reinsurance ratio. |
| --- |
| Combined ratio
The sum of the gross claims ratio, the net reinsurance ratio and the gross expense ratio. |
| Danish general insurance
Comprises the legal entities Tryg Forsikring A/S, Tryg Livsforsikring A/S, Forsikrings-Aktieselskabet Alka Liv II and excluding the Norwegian and Swedish branches. |
| Discounting
Expresses recognition in the financial statements of expected future payments at a value below the nominal amount, as the recognised amount carries interest until payment. The size of the discount depends on the market-based discount rate applied and the expected time to payment. |
| Gross claims ratio
Gross claims x 100
Insurance revenue |
| Gross expense ratio without adjustment
Gross insurance operating costs x 100
Insurance revenue |
| --- |
| Insurance revenue
Calculated as insurance revenue adjusted for change in gross premium provisions. |
| Net reinsurance ratio
Net expense from reinsurance contracts x 100
Insurance revenue |
| Norwegian general insurance
Comprises Tryg Forsikring A/S, Norwegian branch. |
| Other insurance
Comprises credit & surety insurance (Tryg Garanti) in European countries besides Denmark, Norway and Sweden and amounts relating to one-off items and reclassification relating to business combinations, from RSA Scandinavia transaction. |
| Own funds
Equity plus share of qualifying solvency debt and profit margin (solvency purpose), less intangible assets, tax asset and proposed dividend. |
| --- |
| Return on equity after tax (%)
Profit or loss for the period after tax
Weighted average equity |
| Run-off gains/losses
The difference between the claims provisions at the beginning of the financial year (adjusted for foreign currency translation adjustments and discounting effects) and the sum of the claims paid during the financial year and the part of the claims provisions at the end of the financial year pertaining to injuries and damage occurring in earlier financial years. |
| Solvency II
Solvency requirements for insurance companies issued by the EU Commission is the regulatory framework that the Group operates under. |
| --- |
| Solvency ratio
Ratio between own funds and capital requirement. |
| Swedish general insurance
Comprises Tryg Forsikring A/S, Swedish branch |
| Unwinding
Unwinding of discounting takes place with the passage of time as the expected time to payment is reduced. The closer the time of payment, the smaller the discount. This gradual increase of the provision is not recognised under claims, but under investment result in the income statement. |
Half-year report 2024 | Tryg Forsikring A/S | 36
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Financial statements - Contents
Large claims, net of reinsurance
Large claims, net of reinsurance, as calculated by the Tryg Forsikring, represents:
Large claims, net of reinsurance is defined as single claims or claims events gross above 10m in local currencies adjusted for reinsurance.
Large claims, net of reinsurance
Insurance revenue
Weather claims, net of reinsurance
Weather claims, net of reinsurance, as calculated by the Tryg Forsikring, represents:
Weather claims, net of reinsurance, is defined as claims related to storm, cloudbursts, natural perils and winter, adjusted for reinsurance.
Weather claims, net of reinsurance
Insurance revenue
Run-off, net of reinsurance
Run-off, net of reinsurance, as calculated by the Tryg Forsikring, represents
Run-off, net of reinsurance
Insurance revenue
Return On Own Funds (ROOF)
Profit for the period after tax x 100
(Own Funds beginning of the year + Turnpike Equity end of the period)/2
Tangible Equity
Tangible Equity is defined as weighted average equity excluding intangible assets and deferred tax related to intangible assets
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5
Half-year report 2024 | Tryg Forsikring A/S
Disclaimer
Certain statements in this financial report are based on the beliefs of our management as well as assumptions made by and information currently available to management. Statements regarding Tryg Forsikring's future operating results, financial position, cash flows, business strategy, plans and future objectives other than statements of historical fact can generally be identified by the use of words such as 'targets', 'believes', 'expects', 'aims', 'intends', 'plans', 'seeks', 'will', 'may', 'anticipates', 'would', 'could', 'continues' or similar expressions.
A number of different factors may cause the actual performance to deviate significantly from the forward-looking statements in this financial report, including but not limited to general economic developments, changes in the competitive environment, developments in the financial markets, extraordinary events such as natural disasters or terrorist attacks, changes in legislation or case law and reinsurance.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, Tryg Forsikring's actual financial condition or results of operations could materially differ from that described herein as anticipated, believed, estimated or expected. Tryg Forsikring is not under any duty to update any of the forward-looking statements or to conform such statements to actual results, except as may be required by law.
This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.
Document ID: 359D3767856A43138023C2A71721B2F5