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As the World Changes, We Make It Easier to Be Tryg Tryg A/S · Klausdalsbrovej 601, 2750 Ballerup, Denmark · CVR No

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As the World Changes, We Make It Easier to Be Tryg Tryg A/S · Klausdalsbrovej 601, 2750 Ballerup, Denmark · CVR No Annual report 2020 As the world changes, we make it easier to be tryg Tryg A/S · Klausdalsbrovej 601, 2750 Ballerup, Denmark · CVR no. 26460212 no. Denmark · CVR 601, 2750 Ballerup, A/S · Klausdalsbrovej Tryg 04 Contents Tryg at a glance Management’s review Highlights 03 Tryg at a glance 04 Business areas 05 Income overview 06 Tryg aims to pay a nominal, stable Introduction by Chairman and increasing ordinary dividend, while and Group CEO 07 maintaining stable results and a high Events 2020 09 level of return on capital employed Financial outlook 10 Targets and strategy 13 Shareholder remuneration Tryg’s results 17 (DKK per share) Private 21 Commercial 23 Corporate 25 07 Sweden 27 3.5 3.3 1.65 Introduction by Investment activities 29 Chairman and Solvency and dividend 31 Group CEO Investor information 33 10 Corporate governance 35 Financial outlook Supervisory Board 40 7.0 6.4 6.6 6.8 Executive Board 43 6.2 Corporate Responsibility in Tryg 44 2016 2017 2018 2019 2020 Financial statements Ordinary dividend Extraordinary dividend Financial statements 49 Group chart 118 Glossary 119 33 Product overview 121 Investor information Annual report 2020 | Tryg A/S | 2 Management’s review - Contents Highlights 2020 Financial 2020 Financial Q4 Customer Q4 7.0% 14.1 3,495m 7.4% 14.0 780m 33% Premium growth Expense ratio Technical result (DKK) Premium growth Expense ratio Technical result Increase in awareness in local currencies in local currencies of TryghedsGruppen’s member bonus among non-customers 2019: 6.1% excl. Alka 2019: 14.2 2019: 3,237m 2019: 5.6% excl. Alka 2019: 14.6 2019: 762m 2019: 28% 585m 311m 3,541m 513m 513m 1,223m 3.9 Return on free Total investment Profit before tax Return on free Total investment Profit before tax Number of products investments portfolio return (DKK) (DKK) investments portfolio return (DKK) (DKK) per customer (DKK) (DKK) 2019: 857m 2019: 579m 2019: 3,628m 2019: 226m 2019: 198m 2019: 940m 2019: 3.8 7.00 84.5 183 1.75 86.3 0.6% 72 Total annual dividend Combined ratio Solvency ratio Q4 dividend Combined ratio Improvement of under­ TNPS per share (DKK) per share lying claims ratio (DKK) (Group) percentage 2019: 68 points 2019: 6.80 2019: 85.1 2019: 162 2019: 1.70 2019: 86.1 2019: 0.5% Tryg reported a premium growth of 7.0%. The Alka synergies and lower than normal large and icant volatility after the outbreak of COVID-19 Quarterly dividend of DKK 1.75 per share, technical result of DKK 3,495m (DKK 3,237m) weather claims. Investment income of DKK in Q1 2020 and related worries regarding the supporting TryghedsGruppen’s member bonus. was impacted by continued positive develop- 311m (DKK 579m) driven by positive financial macroeconomic environment. Profit before tax Solvency ratio of 183. ments in the core business, the delivery of the market returns in a year characterised by signif- of DKK 3,541m (DKK 3,628m). Annual report 2020 | Tryg A/S | 3 Management’s review - Contents Tryg at a glance As the world changes, we make it easier to be tryg* Norway Sweden Strong market position 4 million customers Tryg is one of the largest non-life insurance Our 4.400 employees provide peace of mind companies in the Nordic region. We are the for 4 million customers and handle approxi- largest player in Denmark and the fourth- mately 1 million claims on a yearly basis. largest in Norway. In Sweden, we are the fifth-largest company in the market. Denmark Attractive Broad diversity Trygheds­ dividend policy of products Gruppen We aim to distribute a We offer a broad range TryghedsGruppen owns nominal, stable increase of insurance products for 53% of Tryg and contribu- 4 1 5 in dividend and to pay out private individuals as well tes to projects that create Market position Market position Market position 60-90% of our profit. as businesses. peace of mind via Tryg- Fonden. In 2020, Tryg- Fonden has contributed with up to DKK 650m. 13.1% 22.9% 3.3% Market share Market share Market share Read more about our history on tryg.com 1,100 2,859 441 Employees Employees Employees * ‘Tryg’ means feeling protected and cared for. Annual report 2020 | Tryg A/S | 4 Management’s review - Contents Business areas Private Commercial Corporate Sweden Private provides insurance products Commercial provides insurance Corporate provides insurance products Sweden provides insurance products to to private customers in Denmark and products including motor, property, including property, liability, workers’ private individuals within car, house, pet, Norway. Private offers a range of liability, workers’ compensation, travel compensation, transport, group life etc. child, boat and accident insurance etc. insurance products including motor, and health to small and medium-sized to corporate customers under the brand contents, house, accident, travel, business in Denmark and Norway. Tryg in Denmark and Norway, and Mod- motorcycles, pet and health. erna in Sweden. Tryg is part of the global AXA Corporate solutions network. 56% 1,344 20% 538 17% 291 7% 408 of premiums employees a) of premiums employees a) of premiums employees a) of premiums employees a) Distribution channels Distribution channels Distribution channels Distribution channels Own sales agents • Call centres • Call centres • Internet • Own sales agents • Own sales agents • Call centres • Real estate agents • Internet • Own sales agents • Franchise offices Insurance brokers Internet Car dealers • Franchises Brands Brands Brands Brands a) Employee numbers do not include shared service units such as IT, Finance etc. and claims departments Annual report 2020 | Tryg A/S | 5 Management’s review - Contents Income overview DKKm Q4 2020 Q4 2019 2020 2019 2018 2017 2016 Gross premium income 5,744 5,479 22,653 21,741 18,740 17,963 17,707 Gross claims -3,963 -3,851 -15,437 -14,857 -12,636 -11,865 -11,619 Total insurance operating costs -806 -798 -3,202 -3,081 -2,704 -2,516 -2,737 Profit/loss on gross business 975 829 4,014 3,803 3,400 3,582 3,351 Profit/loss on ceded business -187 -66 -499 -566 -624 -779 -951 Insurance technical interest, net of reinsurance -7 0 -20 1 -10 -14 -10 Technical result 780 762 3,495 3,237 2,766 2,789 2,390 Investment return after insurance technical interest 513 198 311 579 -332 527 987 Other income and costs -70 -20 -265 -188 -172 -77 -157 Profit/loss before tax 1,223 940 3,541 3,628 2,262 3,239 3,220 Tax -185 -234 -768 -783 -529 -720 -748 Profit/loss on continuing business 1,038 706 2,773 2,845 1,733 2,519 2,472 Profit/loss on discontinued and divested business after tax 0 -1 0 -2 -2 -2 -1 Profit/loss 1,038 705 2,773 2,843 1,731 2,517 2,471 Run-off gains/losses, net of reinsurance 314 256 1,145 1,194 1,221 972 1,239 Key figures Total equity 12,264 12,085 12,264 12,085 11,334 12,616 9,437 Return on equity after tax (%) 34.2 23.0 22.5 24.6 14.9 28.8 26.2 Number of shares 31 December (1,000) 301,750 301,700 301,750 301,700 301,743 301,945 274,595 Earnings per share (DKK) 2.10 2.33 9.19 9.42 5.73 9.12 8.84 Operating earnings per share (DKK) a) 2.18 2.46 9.54 9.82 5.84 9.12 8.84 Net asset value per share (DKK) 40.64 40.05 37.56 41.78 34.37 Ordinary dividend per share (DKK) 1.75 1.70 7.00 6.80 6.60 6.40 6.20 Extraordinary dividend per share (DKK) 1.65 3.31 3.54 Premium growth in local currencies 7.4 10.4 7.0 17.1 6.3 1.7 0.1 Gross claims ratio 69.0 70.3 68.1 68.3 67.4 66.1 65.6 Net reinsurance ratio 3.3 1.2 2.2 2.6 3.3 4.3 5.4 Claims ratio, net of ceded business 72.3 71.5 70.3 70.9 70.7 70.4 71.0 Gross expense ratio 14.0 14.6 14.1 14.2 14.4 14.0 15.7 Combined ratio 86.3 86.1 84.5 85.1 85.1 84.4 86.7 Run-off, net of reinsurance (%) -5.5 -4.7 -5.1 -5.5 -6.5 -5.4 -7.0 Large claims, net of reinsurance (%) 3.5 1.8 2.2 2.1 2.6 1.4 2.2 Weather claims, net of reinsurance (%) 2.6 1.7 1.6 1.9 2.0 1.7 2.0 Discounting (%) 0.2 0.7 0.2 0.7 1.1 1.0 0.9 COVID-19 claims, net of reinsurance (%) -0.9 0.0 -0.8 0.0 0.0 0.0 0.0 Combined ratio on business areas Private 83.3 83.8 83.9 83.7 81.6 82.1 83.8 Commercial 86.4 90.3 83.3 86.8 80.3 82.6 82.1 Corporate 100.5 92.6 88.0 87.6 95.6 90.0 88.8 Sweden 75.5 75.3 83.2 84.8 86.0 88.1 90.7 a) Adjusted for depreciation on intangible assets related to Brands and Customer relations after tax Note: Tryg´s acquisition of Alka affects the Financial Statement from closing the 8 November 2018 Annual report 2020 | Tryg A/S | 6 Management’s review - Contents Meeting 2020 targets and a potential acquisition that will create the biggest non­life insurer in Scandinavia Introduction by Chairman & Group CEO Annual report 2020 | Tryg A/S | 7 Management’s review - Contents All financial targets met products, make changes to existing products and High profitable growth driven by Sweden.
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