Tryg

Investor Presentation • Dec 4, 2024

Tryg Capital Markets Day

December 4, 2024

United Towards '27 Leveraging scale to drive technical and commercial excellence

In 2023, Tryg welcomed a new CEO and Executive Board; the management team balances experience and competence, united in leading Tryg towards '27

Tryg (o

Our purpose is more relevant than ever before

In a changing world, we make it easier to be 'tryg'

Note: The word 'tryg' in danish means 'to feel safe, protected, cared for'.

2027 financial targets are the most ambitious in Tryg's history

Strengthen market leading profitability

As always, assuming current interest rates, currency levels and guided large/weather claims

Generate resilient growth in insurance service result

DKK 8.0-8.4bn

Deliver best in class return on own funds

35-40%

Keep strong shareholders' remuneration focus intact

DKK 17-18bn, including DKK 15-16bn ordinary dividend range during 2025-2027 and DKK 2bn extraordinary share buyback

Launch of DKK 2bn extraordinary share buyback, enabled by de-risking of investment portfolio

Expected solvency development, %

Enabled by strong solvency position and de-risking of Free portfolio, which include sale of equities and corporate bonds, releasing ~800m SCR (further elaboration in financial section)

Tryg (

Expected Q4 2024 solvency of around 195% including extraordinary share buyback

Following the RSA Scandinavia acquisition, Tryg chose a more conservative approach to solvency, which has served us well in an ongoing turbulent macro environment

Annual, year-end assessment of solvency position is also driven by ambitious return on own funds target. Long term, we expect to gravitate towards a less conservative level

1) Ericandinary bylack approved by FSA and landred to the Sate 4ª Dec 2024; 2) Other includes currences, organic aprilation and other SCR movements

Agenda

1 Follow-up on CMD targets for 2024 Summary of 2027 strategy N Strategic pillars for 2027 Scale & Simplicity Technical Excellence Customer & Commercial Excellence Sustainability & ESG ধ

• Financial & capital management 5
• Concluding remarks 6

Tryg has a long history of delivering on targets

Comfortably at target

Tryg has delivered its financial targets in every strategy period for +10 years

	Key Performance Indicators	Targets 2024	Projected 2024
Financial	Combined ratio	≤ 82%
	Insurance service result	DKK 7.2-7.6bn
	Return on own funds (ROOF)	≥ 25%
	Expense ratio	~13.5%
	Customer satisfaction	88	Q4 to-date: 87 +3pp up since
Strategic	Reduced CO2 emissions from claims processes	20-25k ton p.a.	2020 in period with high inflation
	Growth in value creating actions upon login	> 40%

Tryg has delivered strong results despite significant macro headwinds

Inflation, 12-month change in tax-adjusted consumer price index1, %

Macroeconomic factors

DKK vs. SEK/NOK², monthly average exchange rate

Geopolitical uncertainty

Post-covid frequency normalisation

Extreme weather

War in Europe

Tryg has successfully delivered on the acquisition of RSA Scandinavia and gained significant size

Tryg has delivered on targeted RSA Scandinavia synergies

Immediate benefits from scale came primarily from inmarket synergies in SE and NO post acquisition

Tryg has significantly scaled-up due to two large acquisitions

Insurance service result, DKK bn

Increased size is now showing further opportunities for more cross-border synergies

Tryg has strategically increased its retail share to ~93% of insurance revenue, reducing risk and volatility

Retail (private and commercial customers) share of group insurance revenue, %

Tryg (o)

Retail segment is highly attractive as margins are higher, while volatility and capital requirements are lower than other segments

Tryg has expanded its retail business through the acquisitions of Alka and Trygg-Hansa/Codan Norway, while also growing retail segments organically

Tryg has strategically reduced exposure to large international risks in corporate business since 2021

Tryg remains focused on producing attractive shareholder returns

Dividend per share, DKK

Ordinary dividend

11

Extraordinary dividend/share buybacks

1) 2021 DPS impacted by the higher number of shares at 653m (301m end of 2020) following the DKK 37bn rights issue to fund the acquisition of RSA Scandinavia; 2) Expected impact of share buyback to be spread out over 2024 and 2025

Tryg has a strong track-record of attractive shareholder returns

As promised, dividend per share in 2023 above pre-RSA Scandinavia acquisition and related rights issue

Strong solvency position strengthens certainty of the ordinary dividend

Agenda

	Follow-up on CMD targets for 2024
	Summary of 2027 strategy
	Strategic pillars for 2027
	Scale & Simplicity
	Technical Excellence
	Customer & Commercial Excellence
	Sustainability & ESG
	) Financial & capital management

6 Concluding remarks

Summary of 2027 strategy

Tryg is a leading insurance company in Scandinavia with 300 years of insurance experience

Tryg has over 5 million customers across Scandinavia, with leading positions in all three markets

3

Scandinavia is a highly attractive insurance region

	Business environment	Productivity _ =		Expense ratio			Combined ratio
Trust in government¹	Ease of doing business index2	GDP per capita, 2023, USD k3		2-year average ('22-'23), %4			2-year average ('22-'23), %4
					Tryg ■ 13.5 部分		Tryg	83 #11
1 64 D	#4	1 100 S	68	peers	13.8 #10 Gjensidige ■	Scandi peers	Gjensidige	85 449
C	69 #10		56	Scandi	15.8 # #19 If			85 4449
4 - 64	#9		88
61	#22		53	peers Alm Brand G.	17.9 4 25.3 # Fremtind		Alm Brand G. Fremtind	89 플 98
43	#32	44		Local	14.4 4 Folksam	Local peers	Folksam	1024
35	#58	38			23.0 G F		F	95 49
37	#30	33				peers
사 40	#8	গাৰ	49	Euro beers	27.849 Zurich Allianz 24.8 ( 3	Euro	Zurich Allianz	95 69 194 45

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15

Tryg has a unique position as a pure Scandinavian player and leading in private lines

Tryg runs a well-diversified business ...

P&C insurance revenue by geography, 2023, % in Scandinavia

... while being the leading Scandinavian insurer in private lines

P&C insurance revenue by segment3, 2023, % of Group revenue

1) Tryz has very small share of revenue outside from e.g. Tryg Trade (credit insurance business); 2) Includes 100% of revenue from TopDanmark and Gross Written Premiums as proxy for Revenue from Hastings; 3) As reported, supplemented by internal assumptions

Benefits from geographical balance and private lines market leadership

Commercial cross-border scale building on market leading brands and retail position in all markets

Cost effectiveness through shared approach to operational excellence

Low risk and volatility maintaining attractive margins and low capital requirements

In 2027, Tryg targets the highest insurance service result and strongest combined ratio ever

Financial KPIs	Strengthen market leading profitability	o	~81% combined ratio As always, assuming current interest rates,
	Generate resilient growth in insurance service results		currency levels and guided large/weather claims DKK 8.0-8.4bn
	Deliver best in class return on own funds		35-40% --
	Keep strong shareholders' remuneration focus intact		DKK 17-18bn, including DKK 15-16bn ordinary dividend range during 2025-2027 and DKK 2bn extraordinary share buyback
	Continue improving customer satisfaction		83 (+2p, rebased including Trygg-Hansa)
Strategic KPIs	Increase straight-through processing for digitally reported claims		>55% (+10pp)
	Reduce CO2 emission, continuing focus АИРАИАТА ИАСИАНАШАЦИИ		6% per claim, on average

16

6% per claim, on average

Strategic focus towards 2027 is anchored around three strategic pillars

Scale & Simplicity

Leverage increased size to combine IT systems, simplify processes and deliver economies of scale

DKK 500m ISR in 2027

Technical Excellence

Scale world-class portfolio management and advance pricing and underwriting with new data and technology

Customer & Commercial Excellence

Scale proven commercial successes across the group and further strengthen focus on customer satisfaction

DKK 200m ISR in 2027

Customer experience | Corporate responsibility | Data and technology | People and culture

DKK 300m

ISR in 2027

Initiatives in strategic pillars build up to insurance service result of DKK 8.0-8.4bn in 2027

Breakdown of 2027 insurance service result target, DKK bn

1) As per Q1-Q3 2024, large weather claims were than normalised levels; } / A always assuming current interest rates corrency levels and grided largelver caims 18

Methodology for building 2027 ISR target: Examples show gross impact per initiative, and pillars sum up to expected net effect of all planned initiatives

Strategic initiatives show expected gross impact

Illustrative breakdown of 2027 ISR impact for strategic initiatives

Illustrative breakdown by pillar of ISR benefits net vs gross, DVK m

Strategic pillars show expected net impact and build up to

expected net ISR improvement in 2027

Agenda

	Follow-up on CMD targets for 2024
	Summary of 2027 strategy
		Strategic pillars for 2027
		Scale & Simplicity
		Technical Excellence
		Customer & Commercial Excellence
		Sustainability & ESG
Financial & capital management

Concluding remarks

Scale is essential to win in insurance

infrastructure

Purchasing Power

New ( technologies and AF

Tryg has significant scale after years of growth

Tryg has doubled its size over the last 8 years...

Insurance revenue, Tryg Group, DKK bn

... and complexity is a by-product of the successful growth journey

1,000 IT applications

1,200 IT vendors 글===

1,000 IT consultants

22 1) Switched from IFRS4 to IFRS17 in 2019 2) Proforma Trygg-Hansa numbers included with full-year effect

Capitalise on scale advantage in Tryg's core

Capitalise on scale advantage in Tryg's core

Non-exhaustive examples

Streamline IT applications to future-proof business and save costs

IT costs have risen with the acquisition of RSA Scandinavia

Decommissioning of overlapping IT applications is key to scale benefits

Key benefits

Recent accomplishments

~335

systems

decommissioned as part of RSA Scandinavia integration

DKK ~120m ISR, annual

run-rate

2027 ambition

DKK ~150m

ISR from streamlining IT applications by

• serve single country (26pp reduction)
• · Decommissioning redundant applications
• · Right-sizing infrastructure to support decreasing number of applications

Consolidate IT vendor landscape to improve cost and quality

Streamline IT development organisation to drive productivity and scale

Current IT development organisations are built for local priorities

Individual decentral IT organisations

Illustrative example

Future organisation is built for scale benefits

Streamlined IT organisation

Illustrative example

Scandinavian

2027 ambition

Tryg (0)

DKK ~150m

ISR from streamlined IT development organisation by

• · Consolidating local teams to harvest efficiencies and enable Scandinavian development
• · Streamlining roles and ways of working to increase productivity
• · Decreasing administrative roles and share of external developers

Capitalise on scale advantage in Tryg's core

Non-exhaustive examples

Advance Tryg's world-class claims handling to the next level and scale to Sweden

2024

2021

Significant efficiency gains and increase in customer satisfaction

DKK ~140m ISR impact from increased efficiency, annual run-rate

2027 ambition

Tryg (o)

DKK ~100m

ISR from further automation of claims handling by

• · 55% of digitally reported claims handled with straightthrough-processing (10pp increase)
• · Finalising Guidewire implementation in DK, and scaling Guidewire to SE
• · Utilising new technologies and Al to increase scope for automation

1) Straight-through-processing - a digitally reported claim, going through customer facing processes without the involvement of a manual claim's handler 29

Repair rates, %

13%

2021

Car bumpers

+15pp )

28%

2024

Reduce claims spend by increasing repair rates and supplier consolidation

Car glass

+4pp

33%

2024

Increase repair rate to improve cost efficiency

~45% lower price levels on motor repairs versus replacements

Consolidate spend with Scandinavian suppliers for better prices

5-15% savings potential by partnering with Scandinavian suppliers

Example of savings potential

DKK 65m in annual savings from Scandinavian re-tender on car windshields

Repair rate motor, % +8pp 38% 30%

2024 2027 ambition

29%

2021

Scandinavian spend, %

2027 ambition

DKK ~200m

ISR from strategic procurement optimisation by

• · Increasing repair rates within motor and building claims
• · Consolidating spend with Scandinavian suppliers
• · Renegotiating largest local supplier contracts

potential

Evidence

30

Prevent even more fraud using Al

Tryg has a history of reducing fraud

Annual fraud avoided, DKK m

Increase fraud detection by utilising advanced analytics and AI models

x) 'Lima' scans incoming claims flagging potential fraud

'Venice' identifies fraudulent repair shops

2027 ambition

DKK ~100m

ISR from further improvements in fraud detection and fraud prevention by

• · Scaling Al tools and processes across countries
• Enriching existing models with Scandinavian data to improve model results
• Utilising latest Al o technology to build new models and processes

2017 2021 ~400 2024E ~600

8 fraudulent auto repair shops identified and terminated in 2023

Capitalise on scale advantage in Tryg's core

Non-exhaustive examples

Simplify product variations to improve operational efficiency scaling best practices from Norway

Long tail of products suggest clear potential in product simplification

Successful product simplification in Norway to be scaled across the group

Degree of product simplicity

Significant benefits come from reducing product variations

Faster product and pricing updates

Lower IT run costs

More efficient claims handling

Simpler customer communication

2027 ambition

DKK ~50m

ISR from product simplification by

• · Cleaning up legacy products to decrease number of product variations
• Decreasing amount of niche products with low revenue and profit
• Streamlining product design for more efficient operations

Automate back-end operations to increase efficiency and quality

Automation replaces external back-office support

Chatbots assist employees during customer interactions

Reduction in processing times by ~90-95% for selected tasks

2027 ambition

Tryg O

DKK ~100m

ISR from automating backoffice tasks and streamlining processes by

• · Scaling existing chatbots across countries to reduce admin tasks
• Using Al assistant to . remove admin tasks from employees in customer facing functions
• · Scaling automation of external back-off suppliers

Capitalise on scale advantage in Tryg's core

Non-exhaustive examples

35

Agenda

Follow-up on CMD targets for 2024
Summary of 2027 strategy
Strategic pillars for 2027
Scale & Simplicity
Technical Excellence
Customer & Commercial Excellence
Sustainability & ESG
Financial & capital management

( 6 ) Concluding remarks

Strategy deep dives: Technical Excellence

Technical excellence is the backbone of Tryg

Portfolio insights

Risk selection

Pricing

Tryg combined ratio (ex. run-off)¹, %

Consistent high-margin profitability requires focus on technical excellence

Continuous improvement of Tryg's combined ratio

Examples of technical excellence actions supporting the journey

Strengthened portfolio management capabilities across all Business Units, with +20 roles added, adopting Trygg-Hansa best practices

Tryg (o)

Automated the pricing back-end and improved individual underwriting with custom-made underwriting tool, greater sophistication and data utilisation

Established Scandinavian Center of Technical Excellence, to drive cross-market scale and develop technical disciplines for a competitive edge

Drive technical excellence with targeted efforts and data accuracy

DKK 300m ISR in 2027

Drive technical excellence with targeted efforts and data accuracy

Non-exhaustive examples

Manage profitability and volatility in underperforming sub-portfolios with structural portfolio management

Sweden's world-class portfolio management will be scaled to Denmark and Norway

Portfolio profitability, size1 and growth rate2 by product and country, 2023

A Norwegian property portfolio proves how structural portfolio management increase profitability and growth

Four levers driving improvement of Norwegian property portfolio

Stronger adherence to Scandinavian risk guidelines: Portfolio adjusted for risk and focused on Scandinavian markets

Strategic exits: Reduced total exposure by 16%, including high-volatile industries like recycling and food production

Optimised pricing of existing portfolio: Better risk alignment with individual rate increases where relevant

More accurate tariffs: Improved pricing for large claims and weather risks, including industry and property owner tariffs

Strong impact on growth and COR in the Norwegian property portfolio despite macro headwinds

COR of the Norwegian property portfolio, %

Strategy deep dives: Technical Excellence

World-class technical excellence from Sweden scaled to Denmark & Norway

Sweden has a proven toolbox for optimising portfolios

Clear roles and mandates to ensure one source of truth

Proven process from data to forward-looking actions

Sophisticated targeting of customer segments

Now serving as a major inspiration for Denmark and Norway

insurance revenue in portfolios currently identified for targeted improvements

2027 ambition

ITV2 10

DKK ~200m

ISR from structured portfolio management by

• · Implementing forward-looking processes in all Business Units
• · Increasing granularity in portfolio and trend follow up
• · Targeting growth in profitable segments

Drive technical excellence with targeted efforts and data accuracy

Non-exhaustive examples

Strategy deep dives: Technical Excellence

Faster time to market and better pricing with more frequent tariff updates

Pricing sophistication improved by implemented actions

After implementing unified platform where applicable, utilisation of AI begins

Current implementation level of the new platform

Tryg (o)

2027 ambition

DKK ~150m

ISR from improved pricing sophistication by

• Including new advanced data sources in price models
• Utilising benefits of Al in pricing tools
• · Fully implementing new pricing platform in Commercial Lines

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Using new advanced data sources improves pricing and price differentiation

Visualisation of Topographical Wetness Index

Integrating historical claims with external data enhances data quality and risk differentiation

Drive technical excellence with targeted efforts and data accuracy

Non-exhaustive examples

Improve individual underwriting process with new platform, setting foundation for advanced underwriting

New UW platform enables strong optimisation of individual underwriting

UW platform delivers significant COR improvement

Combined ratio for individual underwriting, %

Improved exposure management

2027 ambition

DKK ~50m

ISR from improved UW by

• · Increasing use of new UW platform from 30% to 80%
• · Further developing platform to add features, increase sophistication and harvest Al opportunities

Drive technical excellence with targeted efforts and data accuracy

Tryg (o

DKK 300m ISR in 2027

Agenda

Follow-up on CMD targets for 2024
Summary of 2027 strategy
	Strategic pillars for 2027
	Scale & Simplicity
	Technical Excellence
	Customer & Commercial Excellence
	Sustainability & ESG
	Financial & capital management

( 6 ) Concluding remarks

Strategy deep dives: Customer & Commercial Excellence

Customer and commercial excellence fuels long-西班牙 TH term growth Sun Sun Shound Shound Station

Customer loyalty

positions

Strong brand - Local strongholds to scale

Commercial excellence is a key competitive advantage for Tryg

Strong commercial fundamentals

96%

Brand awareness in all markets

Leading positions on multiple fronts

TRYGG CHANSA 4~42%

Personal Accident market share

~88% Retention rates across business units

Tryel® alka 4~24% Market share 48%

Online new sales share in Private Lines

Revenue synergies from Trygg-Hansa acquisition drive our commercial strategy

Strategic rationale

Complementary strengths in DK & NO vs. SE

Harvest revenue synergies by scaling

High credibility of initiatives and delivery certainty

Scale from SE to DK & NO

Scale from DK & NO to SE

the the

Boost customer and commercial excellence

DKK 200m ISR in 2027

Boost customer and commercial excellence

Non-exhaustive examples

55

Trygg-Hansa is worldclass within Personal Accident (PA)

Large and profitable PA segment Market shares1, Private Lines SE, '23 ~42% ~19% PA Total Insurance revenue split, Private Lines SE, '23 ~62% ~38% Non-PA PA COR, Private Lines SE, '20-'23 avg. (-11pp) Non-PA PA

Stronghold starts with pregnancy insurance

Continuous work to strengthen position

+40% increase in no. of leads after channel optimisation

+20% in sales after improving child insurance

Scale Trygg-Hansa's PA success to Denmark and Norway

Introduce pregnancy products

Launched pregnancy insurance in 2023/2024

Strengthen existing offerings

Revamped child insurance

increase in sales vs. 50% last year after launch

2027 ambition

DKK ~1,000m

insurance revenue uplift from growing Personal Accident across Scandinavia by

• · Replicating products, services, and distribution model from SE to DK and NO
• Expanding PA ecosystem in SE with new partnerships and product offerings
• · Optimising conversion rates across customer lifecycle

Strengthen position in small commercial customers further by growing online channel

Attractive and digital segment

company purchases2

of small commercial

filed online

customers' claims are

75%

SE paving the way in online distribution

No. of leads from website

2027 ambition

DKK ~300m

insurance revenue uplift from online distribution to small commercial customers by

• · Building online distribution in Commercial Lines NO
• · Increase lead generation and cross-sales from website visits
• · Enhancing self-service offerings to improve retention

Thereby contributing to uplift in total insurance revenue from small commercial customers of DKK ~700m in 2027

1) Companies with < 10 FTEs, sources: Danmarks Statistisk Sentralbyrå, Statistikmyndigheten; 2) Source: Dansk Erhvery, 2023 ని 8

Boost customer and commercial excellence

Non-exhaustive examples

Grow motor portfolio in SE by leveraging insights from DK and NO

Potential to scale motor insights from DK and NO to SE

Private Lines market share1, '23

Catering to customer preferences is key in unlocking growth

Relaunched Aktsam brand to target underpenetrated segment

2027 ambition

Tryg (o)

DKK ~ 300m

insurance revenue uplift from growing motor in SE by

• Growing market share in 50+ segment with Aktsam brand
• · Winning new partnerships, and increasing leads from existing ones
• Investing in distribution capacity

1

~30%

Increase focus on strategic partnerships

Partnerships drive customer loyalty

Relative to non-partner customers, partner customers have...

76%

10pp

5pp

higher customer retention rates

Learnings from strong partnerships to be scaled

2024E

2021

2027 ambition

DKK ~300m

insurance revenue uplift from scaling our approach to partnerships by

• · Winning new partnerships with attractive customer bases, e.g., banks
• · Optimising existing partnerships with focus on collaboration to update offering and increase leads
• · Increasing conversion rates through sales excellence

Increase customer satisfaction (CSAT) to support cross-sales and retention

Satisfied customers are more profitable

Premium growth 18 months later, %

Retention rate, %

CSAT impact of selected initiatives from improved onboarding +6p communications from proactively offering +5p insurance reviews from shortening claims C +6p D handling time by one week Re-baselining CSAT targets to incorporate Sweden -6p 87 81 2024E 2024E

Structured approach to improving CSAT

• · Scaling successful initiatives from DK & NO to SE
• · Personalising customer communications and offerings

2027 ambition

• Optimising and digitising . customer journeys
• Investing in faster and more transparent claims management

1) Not satisfied = CSAT score of 1, 2 or 3 out of 5; Satisfied = CSAT score of 4 or 5 out of 5

Tryg (o)

Strategic KPI

Boost customer and commercial excellence

Non-exhaustive examples

Agenda

Sustainability & ESG
		Customer & Commercial Excellence
		Technical Excellence
		Scale & Simplicity
	Strategic pillars for 2027
	Summary of 2027 strategy
	Follow-up on CMD targets for 2024

• Financial & capital management 5
• Concluding remarks (

Sustainability and ESG are part of Tryg's DNA

Tryg embraces its vital role in society, working with communities to make it easier to be 'tryg'

Sustainability is anchored in Tryg's core business

Sustainability and ESG are integrated parts of Tryg's business model

300 years of expertise in coverage and risk advisory
23% of all product categories include preventive elements
~5pp increase in repairs over replacements from 2020 - 2024
Top ranked employer in Danish financial sector

Tryg is driving sustainable change from within core business

Tryg continues to drive the green transition across the value chain

2027 ambition

Strategic KPI 196 6 Average CO2ereduction per claim

The target has changed from an absolute target to an intensity target to account for growth

Key drivers of CO2e reductions, Q1 - Q3 2024

9,727 tonnes of CO2e from 213,435 repaired auto parts

7,030 tonnes of CO2e from 29,401 recycled spare parts

Tryg will join the SBTi organisation and announce targets once approved by SBTi

The Science-Based Targets initiative

The leading measure for linking corporate climate targets to science

+6,500 companies with approved targets worldwide1

19 of Danish C25 companies committed

Sustainability & ESG

Future-fitting Tryg's business through climate adaptation and prevention

Tryg future-proofs the business with a core focus on climate adaptation and prevention

2027 ambition

70

Sustainability & ESG

People at Tryg are key to driving strong business performance

Key factors reflecting solid foundation

Levers to further empower people towards 2027

Advance diverse leadership teams

Enhance digital and AI literacy

Enforce an attractive workplace

Empower a high-performing organisation

Agenda

Financial & capital management
Sustainability & ESG
	Customer & Commercial Excellence
	Technical Excellence
	Scale & Simplicity
Strategic pillars for 2027
Summary of 2027 strategy
Follow-up on CMD targets for 2024

ි Concluding remarks

Financial section will highlight four key areas

Tryg targets best-ever ISR driven by strongest ever COR

1 | FRS 4; 2) Proforma Trygt-Hansa numbers included with full-year effect; 3) As always, Combined Ration (COR//SR tares, currency levels and guided large/weather claims (guidance unchanged at DKK 800/800m per annum).

Tryg | O

Strong continuation of an Insurance Service Result that has virtually doubled from 2020 to 2024

Historical run-off result is higher due to deliberate reduction of buffers. Run-off level has been gradually reduced

Going forward, Tryg guides a run-off of ~2%

With 93% being highly diversified retail revenues, the guided run-off level should be seen as a continuation of Tryg's conservative reserving approach

74

Expect DKK ~300m CAPEX impact from strategic initiatives

Recall that net impact of strategic initiatives is given

OPEX investments already accounted for in Insurance Service Result impact

CAPEX build-up, all else equal, expected to increase by net DKK ~300m towards 2027

Financial section will highlight four key areas

ROOF is a fundamental part of Tryg's Capital Management

Tryg's capital management revolves around optimising shareholder remuneration

Tryg (o)

ROOF is a key metric in everything Tryg does and expresses how well the insurance revenue translates into dividends

Large variation (up to 10x) in capital consumption across insurance products:

• Capital light products have a more direct route from earnings to dividends
• Products with higher capital consumption need to be more profitable to achieve similar ROOFs

ROOF serves as a supplement, not a substitute, to combined ratio

ROOF is also an important metric for assessing investment activities

ROOF has continuously improved: ambitious 2027 target of 35-40%

2021-2024 ROOF improvements

2024 vs. 2021 development primarily driven by ongoing optimisation and increased earnings and synergies following the RSA Scandinavia acquisition

B

ব

2024-2027 ROOF improvements

2027 vs. 2024 development driven by

• Extraordinary DKK 2bn share buybacks, enabled by streamlining of capital position through de-risk of Free Portfolio and a robust solvency position
• · profit growth pursued in retail areas with lower relative capital consumption

2027 ROOF target confirms Tryg among the most profitable insurers worldwide

ROOF Comparison, Nordic Insurance Companies1

Tryg remains firmly convinced that having a strong Scandinavian retail footprint, with a unique and stable earnings diversification, reduces capital requirements while helping achieve a higher Return on Own Funds

Financial section will highlight four key areas

Today Tryg is announcing a significant de-risk of the Free investment portfolio

Free provides a return on Own Funds

reduction following de-risking

Free Portfolio is de-risked to reduce volatility and improve ROOF

Tryg (o)

Free and Match portfolio combined now consist of ~95% covered and government bonds (~85% previously)

Higher ROOF on covered and government bonds, driven by low capital consumption

Other asset classes have a ROOF lower than insurance business and high capital charges

Real Estate is currently still a part of the Free Portfolio (DKK 3.4bn at Q3 2024). Long term Tryg does not expect Real Estate to be part of the asset mix potentially releasing further DKK ~300m SCR

1) ROOF is using standard normalised returns are covered and government bonds 2.3%, real estate 6.5%, equities 6.0% and corporate bonds 3.1%

De-risking improves ROOF with neutral EPS impact due to reduced number of shares

ITV2 10

1) Full sale of proprities is expected to fee up addition and lover normalised investment result of DKK - 200m pre lax is broadly offer of other eduction from DKK 1.6bn excess capital (with current solvency ratio), assuming current share price 83

The Free portfolio is de-risked to enhance stability of earnings

Back-test of the de-risked investment portfolio vs. current Free Portfolio

Since 2020, there has been multiple shocks to capital markets both from interest rates, credit spreads and the equity markets

Tryg has a strong and hedged balance sheet

Investment activities reflect Tryg's focus on managing balance sheet risk

Solvency Ratio continues to display low sensitivity to market risk

Q4 2024 pro-forma solvency ratio sensitivity to key asset classes, after Free portfolio de-risk

Tryg (0)

Financial section will highlight four key areas

Total shareholder remuneration of DKK 17-18bn between 2025 and 2027

Shareholders' remuneration communicated today, DKK bn

Ordinary dividend range implies continuation of strong trajectory

1) 2021 DPS impacted by the higher number of shares at 653m (301m end of 2020) following the DKK 37bn rights issue to fund the acquisition of RSA Scandinavia

88

(0)>

Tryg chose a more conservative approach to solvency following the RSA Scandinavia acquisition, which has served well in an ongoing turbulent macro environment. Long term, we expect to gravitate towards a less conservative level

Annual year end assessment of solvency position is also driven by very ambitious return on own funds target

Unchanged dividend policy with payout ratio of 60-90% secondary to growing the ordinary dividend

Strong capital management is a key enabler for continuing Tryg's attractive dividend journey

Agenda

Follow-up on CMD targets for 2024
Summary of 2027 strategy
Strategic pillars for 2027
Scale & Simplicity
Technical Excellence
Customer & Commercial Excellence
Sustainability & ESG
Financial & capital management

ි Concluding remarks

Tryg's vision is to further strengthen retail position, leveraging scale, world-class technical excellence and strong distribution setup

Scandinavian leader in retail insurance, with strong brands, high customer satisfaction and loyalty in all markets

Europe's most efficient insurer with a high degree of automation, scaled back-end and efficient claims handling

World-class in selecting and pricing risks to maintain strong profitability and competitive pricing

Responsible and future-proof company that drives the sustainability and diversity agenda with concrete and measurable actions

Strongest distribution, meeting customers where they are, in an efficient way

Top-ranked employer in our industry, best at attracting and developing talent in all our markets

Why Tryg is a special one:

Pure P&C player with majority retail business

Operating in stable and attractive Scandinavian region (DK, NO, SE)

Best-in-class combined ratio levels

Low volatility investment portfolio

Robust solvency position

Predictable dividends

6

Do you know the only thing that gives me pleasure?

lt's to see my dividends coming in John D. Rockefeller

Tryg | O

THANK YOU

Disclaimer

Certain statements in this presentation are beliefs of our management as well as assumptions made by and information currently available to the management. Forward-looking statements of historical fact) regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectived by terminology such as "targets", "believes", "expect", "aims", "intends", "plans", "seeks", "will", "may", "anticipates", "continues" or similar expressions.

A number of different factors may case the actual performantly from the forward-boking statements in this presentation including but not limited to general economic development, changes in the competitive environments in the financial narkets, extraordinary events such as natural disasters or terrorist attacks, changes in legislation or case law and reinsurance.

We urge you to read our annual report available on tryg.com for a discussion of some of the factors that could aftect our future performance and the industry in which we operate.

Should one or more of these isks or uncertailse or should any underlying assumptions prove to be incorrect, our actual financial condition or results of operations could materially differ from that described herein as anticipated, estimated or expected.

We are not under any of the forward-looking statements or to conform such statements to actual results, except as may be required by law.