Tryg A/S Annual Report 2022

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Tryg's Supervisory Board has today approved the annual report 2022.

Technical result of DKK 6,177m (DKK 3,709m) in 2022 impacted positively by a solid growth of 5.9%, the inclusion in the group figures of RSA Scandinavia for nine months and related synergies and significantly higher interest rates. The combined ratio was 82.2 (84.5) driven by the inclusion of Trygg-Hansa and Codan Norway, a generally improved underlying performance and tight cost controls. Investment results of DKK-1,193m (DKK 870m) was primarily impacted by very challenging capital markets conditions with equities producing poor returns and increasing interest rates hitting also fixed income returns. Overall pre-tax profit was DKK 3,051m (DKK 3,956m), the fall is entirely driven by challenging capital markets development and planned integration costs of DKK 949m related to the RSA Scandinavia acquisition. Quarterly dividend of 1.60 per share, bringing the total dividend for the full year to 6.29 per share, generally supporting TryghedsGruppen's member bonus. Solvency ratio of 201, hence showing resilience in challenging times and supportive of the dividend outlook.

Tryg technical result 2022 vs 2021 comparable, DKKm 2021 2022
Tryg technical result as reported 3,709 6,177
Codan NO and Trygg-Hansa technical result 2,182* 627**
Technical result new group pro-forma 5,891 6,804
* Pro-forma technical result for 2021
** Trygg-Hansa and Codan Norway were equity accounted in Q1 2022 and included in the investment result, the Q1 technical result of DKK 627m is added back in Tryg technical result to show a full year technical result on a comparable basis

Financial highlights 2022

  • Premium growth of 5.9% (4.9%) in local currencies
  • Technical result of DKK 6,177m (DKK 3,709m)
  • Combined ratio of 82.2 (84.5)
  • Expense ratio of 14.1 (14.1)
  • Investment return on the free portfolio of DKK -945m (DKK 869m)
  • Total investment return of DKK -1,193m (DKK 870m)
  • Profit before tax of DKK 3,051m (DKK 3,956m)
  • Full-year dividend of DKK 6.29 per share and solvency ratio of 201

Financial highlights Q4 2022

  • Premium growth of 6.7% (2.6%) in local currencies
  • Technical result of DKK 1,689m (DKK 1,380m)
  • Combined ratio of 82.1 (84.1)
  • Underlying claims ratio (Group) improved by 0.8 percentage points
  • Expense ratio of 14.3 (14.6)
  • Investment return on the free portfolio of DKK 205m (DKK 275m)
  • Total investment return of DKK 317m (DKK 803m)
  • Profit before tax of DKK 1,377m (DKK 1,458m)
  • Q4 dividend per share of DKK 1.60 per share

Customer highlights Q4 2022

  • Customer satisfaction score of 85 (85)
  • For the seventh year in a row, TryghedsGruppen decided to pay a member bonus. The bonus is around DKK 1.2bn, equivalent to 8% of the premiums paid in 2021

Statement by Group CEO Morten Hübbe:

Tryg's core business continued to develop positively with a premium growth of 5.9%. The top-line development was driven primarily by the Private and Commercial businesses. In spite of the external geopolitical and macroeconomic challenges, we perform well and continue to deliver a solid technical result of DKK 6,177m (including Codan Norway and Trygg-Hansa for nine months) supported by positive developments in the core insurance business. Looking specifically to the Q4, we saw a growth of 6.7% and reported the highest ever technical Q4 result of DKK 1,689m.

The integration of Trygg-Hansa and Codan Norway is progressing according to plan. We are delivering synergies ahead of schedule, and finally we keep leveraging from being a larger business with a more balanced Scandinavian footprint, which benefits both our innovation power, product development and financial strength. Importantly we will book the final DKK 300m of integration costs in 2023.

Despite a challenging macroeconomic environment in the recent year, our skilled employees have managed to successfully adapt, take the necessary precautions and steer the business towards a record result. Inflation levels, impacting our markets at different speeds, inevitably affect our claims expenses, and we will therefore continue a diligent focus on managing the impact from inflation through price adjustments and through our strong purchase agreements across the Scandinavian markets. Our financial targets for 2024 are unchanged, the technical result target of DKK 7.0-7.4bn is primarily positively impacted by the higher level of interest rates but negatively impacted by currencies (SEK and NOK) movements.

I am also pleased to share that we also saw strong progress on our ESG strategy; advancing sustainable decisions throughout our entire value chain. Finally, I am also happy to announce a full-year dividend per share of DKK 6.29 which represents an increase of 46% compared to 2021 reflecting higher earnings and the synergies delivery.

Conference call

Tryg hosts a conference call today at 10:00 CET. CEO Morten Hübbe, CFO Barbara Plucnar Jensen and CCO Johan Kirstein Brammer will present the results in brief followed by Q&As.
The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

Conference call details:

Danish participants: +45 78 76 84 90

UK participants: +44 (0) 203 769 6819

US participants: +1 646 787 0157

PIN: 560768

The annual report material can be downloaded on shortly after the time of release.


  • 05_tryg_annual report_2022
  • tryg-2022-12-31-en

Attachments 05_TRYG_Annual report_2022... TRYG-2022-12-31-en...


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