Q3 2014 results

Investor presentationFollow us on Twitter: @TrygIR

2

Contents

Highlights Q3 2014 3

Premiums and portfolio 9

Claims and expenses 14

Investment, capital and financial targets 20

For new investors 24

Appendix 32

Disclaimer

Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by and information currently available to the management. Forward-looking statements (other than statements of historical fact) regarding our future results of operations, financial condition, cash flows, business strategy, plans and future objectives can generally be identified by terminology such as “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, ”anticipates”, “continues” or similar expressions.

A number of different factors may cause the actual performance to deviate significantly from the forward-looking statements in this presentation 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.

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

Should one or more of these risks or uncertainties materialise 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, believed, estimated or expected.

We are 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.

Highlights Q3 2014 - Strong result despite cloudbursts. Topline trend improving.

782907

0

200

400

600

800

1,000

1,200

Q3 2014 Q3 2013

D KKm

84.883.7

70

75

80

85

90

95

Q3 2014 Q3 2013

Pre-tax profit

Combined ratio

15.1

0

4

8

12

16

20

Q3 2014 Q3 2013

Expense ratio

3

• Pre-tax profit of DKK 782m (DKK 907m) impacted by lower investment return.

• Technical result of DKK 793m (DKK 766m).

• Combined ratio improved to 83.7 (84.8) despite cloudburst claims of approx. DKK 150m.

• Premium dropped 0.8% (-3.4%) - however, an improved trend in development.

• Efficiency programme helped expense ratio down to 15.1 (15.5).

• Investment result of DKK -1m (DKK 152m) driven by lower equity and bond return.

• 75% of the share buy back programme of DKK 1,000m completed.

15.515.1

0

5

10

15

20

Q3 2014 Q3 2013

Important news in Q3 2014

• Heavy cloudbursts – however, implemented claims initiatives reduced claims costs.

• Tryg acquires Securator and strengthens its position in the Nordic Market for product and extended warranty insurance for electronics.

• Continued development of new price differentiated products. New launches in Q4.

• Efficiency programme progresses as planned. DKK 95m reached in Q3.

• Launch of health care portal – advice on physical and mental health.

• Tryg hosts Capital Markets Day on 5 November in London.

4

Strategic initiatives 2014

Increased price differentiation

Expenses/claims reductions

Customer journey & success culture

IT operational stability

5

6

Key figures Q3/9M 2013/14

7

Combined ratio development in business areas

Group CRQ3 2014: 83.7Q3 2013: 84.8

Combined ratio – Commercial (DK & NO)Combined ratio – Private (DK & NO)

Combined ratio – Private Sweden Combined ratio – Corporate

82.379.0

81.1

85.4

75

80

85

90

95

100

Q3 2014 Q3 2013 9M 2014 9M 2013

92.5

87.890.0

92.2

80

85

90

95

100

105

110

Q3 2014 Q3 2013 9M 2014 9M 2013

87.5

96.3

89.6 90.7

80

85

90

95

100

Q3 2014 Q3 2013 9M 2014 9M 2013

80.8 81.5 82.485.5

75

80

85

90

95

100

Q3 2014 Q3 2013 9M 2014 9M 2013

1,000

700

300

835

615

220

0

200

400

600

800

1,000

1,200

Target 2015 Achieved 2012-2013 Achieved Q1-Q3 2014

8

DKKm

Efficiency programme up until 2015

Targeted and achieved savings on claims

• Savings of DKK 835m achieved so far.

• DKK 95m achieved in Q3 2014.

• DKK 30m reduction in expenses

• DKK 65m reduction in claims

• Claims initiatives – Craft Network, Scalepoint and E-auction.

• Expense initiatives – New customer split between Commercial/Corporate, let of part of Bergen HQ, IT outsourcing and digital communication.

Expenses Claims Total

Follow up on efficiency programme

Premiums and portfolio

Gross earned premiums, DKKm

2,289 2,329

1,045

999 1,025386 442

1,075

0

1,000

2,000

3,000

4,000

5,000

6,000

Q3 14 Q3 13

Private Commercial Corporate Sweden

10

Topline and technical result

Gross earned premiums reduced 0.8% (-3.4%) related to:

• Continued high retention level in Private and even improved retention level in Commercial.

• Higher sales level in general in Private compared to last year.

• Commercial – improved retention but sales lower than expected.

• Corporate – growth in Sweden, slightly positive development in DK and NO.

• Sweden affected by cancellation of Nordea agreement.

4,8674,712

Technical result, DKKm

445 440

188 230

130 4254

30

0100200300400500600700800900

1,0001,100

Q3 14 Q3 13

Private Commercial Corporate Sweden

793 766

Local currency

Group: -0.8 (-3.4)

-8.4 (-4.7)

0.5 (-2.6)

-1.6 (-4.7)

0.5 (-2.9)

90

100

110

120

130

140

2008

2009

2010

2011

2012

2013

2014

90

100

110

120

130

140

150

2008

2009

2010

2011

2012

2013

2014

11

Private - average premiums

House insurance – average premium (index 2008 = 100)

Motor insurance – average premium (index 2008 = 100)

Average premiums increase Y/Y

Average premiums increase Y/Y

2.2%

(Q2 2.6%)

0.0%

(Q2 0.5%)

-0.9%

(Q2 -0.6%)

1.4%

(Q2 1.9%)

82%

84%

86%

88%

90%

92%

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2-14

Q3-14

82%

84%

86%

88%

90%

92%

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

12

Customer retention

Private

Commercial

13

Private Sweden – CR and customer retention

125

103

99102 103

9997

114

110

95

91

88

95 94

88 88 89 89

93

80

85

90

95

100

105

110

115

120

125

130

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

Q4-11

Q1-12

Q2-12

Q3-12

Q4-12

Q1-13

Q2-13

Q3-13

Q4-13

Q1-14

Q2-14

Q3-14

Customer retention

Nordea portfolio

50%

60%

70%

80%

Q1-

11Q

2-11

Q3-

11Q

4-11

Q1-

12Q

2-12

Q3-

12Q

4-12

Q1-

13Q

2-13

Q3-

13Q

4-13

Q1-

14Q

2-14

Q3-

14

Claims and expenses

15

CR and claims ratios Q3 2013-14

Claims ratio development - Group

6065707580859095

Q1 09

Q3 09

Q1 10

Q3 10

Q1 11

Q3 11

Q1 12

Q3 12

Q1 13

Q3 13

Q1 14

Q3-14

Gross claims rat io Claims rat io, net of reinsurance

• Underlying development is adjusted for:

• Large claims

• Weather claims

• Run-off and interest

• Improved underlying development on Group level driven by:

• one-off effects

• efficiency improvements

Underlying claims, net Q3 2013/2014

67.8 68.567.2 66.9

87.3

70.172.675.0 75.1

79.4

Q3 2014 Q3 2013

Group Private Commercial Corporate Sweden

16

Run-off, net DKKm

Large claims, weather claims and run-off

Large claims, net DKKm Weather claims, net DKKm

80 83

356373

050

100150200250300350400

Q3 2014 Q3 2013 9M 2014 9M 2013

147

328

202

20

50

100

150

200

250

300

350

Q3 2014 Q3 2013 9M 2014 9M 2013

Expected annual

level 2014: DKK 500m

Expected annual

level 2014: DKK 550m

Run-off net, effect on combined ratio

5.7%6.3%

3.0%

4.0%

5.0%

6.0%

7.0%

2007 2008 2009 2010 2011 2012 2013 Q32014

9M2014

298 243

793 723

0100200300400500600700800900

Q3 2014 Q3 2013 9M 2014 9M 2013

Tivoli cloudburst claims 2011 vs. 2014

Changes since 2011

• Tivoli now has a contingency plan for cloudburst.

• Investments in protection initiatives (pumps, tubes, flood barriers).

• Reconstruction in ’water-proof’ material in consultation with Tryg.

• Storage of contents in basements above floor level based on Tryg’s instructions.

• Volume of water twice as massive in 2014 as in 2011.

• Claims costs in 2014 were only 1/3 of the costs in 2011.

Future

• The contingency plan to be refined by new knowledge.

• Flood barriers are established in several places. (extremely effective)

• Last vital breaker panel will be moved/ secured.

• Upgrade of back-up power system.

• Tivoli seeks exchange of experience with other business groups.

17

Tivoli note archive

Before: Wooden floor (600,000 DKK)Now: Quarry tile (0 DKK)

’Flood Barrier’

Expense ratio development

Expense ratio

18

FTE development

16.6 16.7 16.616.4

15.6

15.5 15.1

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

• Expense improved from 15.5 in Q3 2013 to 15.1 in Q3 2014 - an improvement of 0.4 point.

• Nominal expenses on Group level reduced significantly in Q3 2014.

• Efficiency programme

• Reduction in FTE by 127 (excl. Securator) since Q4 2013.

DKKm

Nominal costs in business areas

4,076

3,913

3,7033,639 3,633

4,101

2010 2011 2012 2013 Q2 2014 Q3 2014

11965

183

115

351

210

60

346

Private Commercial Corporate Sweden

Q3 2013 Q3 2014

19

Interest sensitivity

1% increase in interest rate level will:

• Increase pre-tax result by around DKK 300m.

• Improve combined ratio by approx. 1 pp.

• Impact NO pension obligation by around DKK 125m.

Pension scheme Norway - discounting rate

1.21.0

2.0

3.0

4.0

5.0

6.0

%Claims reserves - discounting rate

2006 2007 2008 2009 2010 2011 2012 2013 2014

2.0

3.0

4.0

5.0

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

%

2.8

Investment, capital and financial targets

21

Investment result Q3 2014

Free investment

Match regulatory deviation

Match performance

Other financials

Total return

0.3% 0.2%

-1.6% -1.2%

1.3%

0.2%0.0%

Govt. B

onds

Cov. B

onds

Hig

h-yie

ldEm

ergi

ng m

arke

ts

Equi

ties

Inve

stm

ent p

rope

rty

Tota

l

Free portfolio – Q3 2014 (DKK 12.8bn)

2

7

23

38

1710

3

Equities (22)

Investment property (15)

Bank deposits/bonds (15)

Govt. Bonds (3)

High yield (6)

Cov. Bonds (36)

Em. market bonds(3)

Percentage

Match portfolio – Q3 2014 (DKK 31.2bn)

7

93

Cov. Bonds (94)

Bank deposits/bonds (6)

Percentage

Percentage return – Free portfolio

Investment return

DKKm

21

0

16

-38

-1

6,723

0

4,000

8,000

12,000

Individual Solvency

22

Capital structure and status on share buy back

• Capital buffer based on Individual Solvency increased to 64% (2013 Q4: 50%) and was impacted by:

• 9M result 2014• Share buy back deducted in buffer

• Based on Solvency II model the capital buffer was 29% (2013 Q4: 25%).

• 75% of 2014 share buy back of DKK 1bn. completed.

Solvency II issues:

Further planned implementation of Solvency II in Denmark postponed until January 2016 by Danish FSA.

Unsolved issues:• Future eligibility in Norway of Natural Perils

Pool and the Guarantee scheme provision• Expected future profits • Full inclusion of subordinated capital

11,107 10,716

1,818 1,842

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 Q4 2014 Q3

Subordinated loancapitalEquity

Equity and subordinated loan

Capital – Q3 2014

Capital requirement

Buffer

Excess capital4,297

DKKm

DKKm

0%

10%

20%

30%

40%

2005

2006

2007

2008

2009

2010

2011

2012

2013

H1 2

014

2014

2015

23

Financial targets

ROE target

ROE after tax

ROE after tax of 20% to be achieved by delivering a full year combined ratio

of 90 or lower.

Expense ratio <15 in 2015

For new investors

25

Tryg - quick overview

Tryg is a non-life insurance company present in Denmark (No. 1), Norway (No. 3) and Sweden (No. 5).

58.8m shares and a market cap of DKK 34bn (June 2014).

Standard & Poor’s rating: A-/Stable.

Dividend policy: Payout ratio of 60–90% Aiming for a nominal stable increasing dividend.

DKKm 2012 2013

Gross earned premium 20,314 19,504

Gross claims -14,675 -14,411

Gross expenses -3,295 -3,008

Insurance result 2,492 2,496

Net investment result 585 588

Pre-tax result 3,017 2,993

Net result 2,208 2,369

Combined ratio 88.2 87.7

No. of employees (FTE) 3,913 3,703

Shareholder’s equity 10,979 11,107

9

14

11

520

24

125

Motor - TPL

Motor - casco

Workers' comp.

Health & accident

Liability

Fire & property - private

Fire & property - comm.

Other

Gross premium split by products - 2013

48.9

40.1

11

Denmark

Norway

Sweden

Gross premium split by geography – 2013

10 oktober 201426 26

Tryg – at a glance

• Tryg goes back to 18th century

• The current Tryg was formed in 2002 by sale of Nordea’s non-life activities –with a continuing strategic partnership

• Non-life insurance in Denmark, Norway and Sweden

• IPO Oct. 2005 on Nasdaq OMX Copenhagen

• Majority owner: TryghedsGruppen(60%) a mutual company in Denmark

• Turnover 2013: DKK 19.5bn (~EUR 2.6bn)

• CEO: Morten Hübbe

• 3,633 employees

Share performance since IPO

NorwayMarket position: #3

Market share: 14.2%CR in 2013: 84.5

SwedenMarket position: #5Market share: 3.5%

CR in 2013: 98.9

DenmarkMarket position: #1

Market share: 19.0%CR in 2013: 87.5

11

16

1360

Danish institutional

Non-Danishinstitutional

Smaller shareholders

TryghedsGruppen

Shareholder breakdown CEO

Morten Hübbe*

CFO

Tor MagneLønnum*

Commercial

Trond BøeSvestad

Corporate

Truls HolmOlsen

Claims

Jesper Joensen

Sweden

Per Fornander

Private

Lars Bonde*

People &ReputationRikke Larsen

*Executive Management Tryg A/S and Tryg Forsikring A/S

0

20

40

60

80

100

120

140

160

180

200

220

240

260

280

300

320

340

nove

mbe

r 05

febr

uar 0

6m

aj 0

6au

gust

06

nove

mbe

r 06

febr

uar 0

7m

aj 0

7au

gust

07

nove

mbe

r 07

febr

uar 0

8m

aj 0

8au

gust

08

nove

mbe

r 08

febr

uar 0

9m

aj 0

9au

gust

09

nove

mbe

r 09

febr

uar 1

0m

aj 1

0au

gust

10

nove

mbe

r 10

febr

uar 1

1m

aj 1

1au

gust

11

nove

mbe

r 11

febr

uar 1

2m

aj 1

2au

gust

12

nove

mbe

r 12

febr

uar 1

3m

aj 1

3au

gust

13

nove

mbe

r 13

febr

uar 1

4m

aj 1

4au

gust

14

Tryg incl. dividend Euro Insurance index

27

Dividend policy- creating long-term value for our shareholders

21

33

17

6.54

6.52

26 27

15.5

1613

21

13

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

DK

K p

er

sh

are

• Payout ratio of 60–90%.

• Aiming for a nominal stable increasing dividend.

• Ambitious ROE target of 20% after tax calls for disciplined capital approach.

• Adjustment of the capital level can be made via share buy back.

Total distribution to shareholders

New dividend policy

Cash dividend Ordinary buy back Extraordinary buy back

28

Structure of the Nordic insurance markets

8.9

10.5

4.8

18.2

9.1

8.5

40.0

TrygIfCodanGjensidigeLänsförsäkringarTopdanmarkOther

Nordic

EUR 24,5bn (as at Q4-2012)

Percentage

5.9

18.7

6.1

17.3

12.39.8

29.9TrygTopdanmarkCodanAlm. BrandGjensdigeIfOther

Denmark

DKK 50,9 bn/EUR 6,8bn (as at Q3-2013)

Percentage

10.1

25.1

23.4

14.1

27.3 TrygIfGjensidigeSparebank1Other

Norway

NOK 54,1 bn/EUR 6,4bn (as at Q2-2014)

Percentage

15.1

15.818.5

30.31.5

2.9

16.1

ModernaLänsforsäkringarIfCodanFolksamGjensidigeOther

Sweden

SEK 67.9bn/EUR 7.6bn (as at Q2-2014)

Percentage

10 oktober 201429 29

Distribution of new sales 2013

Denmark

58%30%

12%

Own sales Affinity Nordea

Norway

46%

12%

36%

6%

Own sales Car dealers Affinity Nordea

Sweden

52%

22%

8%

18%

Own sales External partnerswww & others Atlantica/Bilsport MC

Corporate

50%50%

Own sales Brokers

30

Combined ratio performance

80

85

90

95

100

105

110

2000

2001

2002

2003

2004

2004

*20

0520

0620

0720

0820

0920

1020

1120

1220

139M

201

4

2002-2004 price increases of DKK 2.1bn implemented. Reduced combined ratio from 107 to 94.2011-2012 price increases will improve underlying combined ratio.2012-2015 operational focus with target to cut expenses and claims costs by DKK 1bn in total.

*IFRS from 2004. Previous years are Danish GAAP.

Data before 2009 is not corrected for the sale of Marine Hull business.

Premium hikes

Premium hikes

Smaller adjustments

Efficiencyprogramme

31

Key figures 2010-13 and consensus for 2014-16

DKKm 2010 2011 2012 2013 2014 2015 2016

Gross premium income 18,894 19,948 20,314 19,504 18,687 18,773 19,014

Gross claims incurred -15,111 -15,783 -14,675 -14,411

Operating expenses -3,136 -3,271 -3,295 -3,008

Technical result 460 1,572 2,492 2,496 2,657 2,610 2,661

Investment income, net 550 61 585 588 495 309 303

Pre-tax profit 1,006 1,603 3,017 2,993 3,085 2,881 2,925

Tax -265 -455 -837 -620

Net income 593 1,140 2,208 2,369 2,335 2,192 2,237

Total insurance provision 32,031 34,220 34,355 32,939

Shareholders' equity 8,458 9,007 10,979 11,107

Earnings per share 9.5 18.9 36.5 39.4 40.2 38.8 40.6Cash dividend per share 4.0 6.52 26.0 27.0 28.3 29.3 30.3

Share buy back DKKm 0.0 0.0 800 1,000 968 915 722

Combined ratio 98.3 93.2 88.2 87.7 86.2 86.5 86.4

Consensus

Appendix

Follow us on Twitter: @TrygIR

33

Group

Gross premiums Combined ratio

Gross claims ratio Expense ratio

65

70

7580

85

90

95

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

7580859095

100105110

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

12

13

14

15

16

17

18

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

4,400

4,600

4,800

5,000

5,200

5,400

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

-4

0

4

8GEP (LHS)

Local currency (RHS)

DKKm %

34

Private

Gross premiums Combined ratio

Gross claims ratio Expense ratio

65

70

7580

85

90

95

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

7580859095

100105110

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

12

13

14

15

16

17

18

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

1,900

2,100

2,300

2,500

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

-4

0

4

8GEP (LHS)

Local currency (RHS)

DKKm %

35

Commercial

Gross premiums Combined ratio

Gross claims ratio Expense ratio

5565758595

105115

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

75

85

95

105

115

125

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

12131415161718192021

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

1,000

1,100

1,200

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

-8

-4

0

4

8GEP (LHS)

Local currency(RHS)

DKKm %

36

Corporate

Gross premium Combined ratio

Gross claims ratio Expense ratio

5565758595

105115125

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

80

90

100

110

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

9

10

11

12

13

14

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

900

1,000

1,100

1,200

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

-12

-8

-4

0

4

8

GEP (LHS)

Local currency(RHS)

DKKm %

37

Sweden (Private)

Gross premium Combined ratio

Gross claims ratio Expense ratio

60

70

80

90

100

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

85

95

105

115

125

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

5

10

15

20

25

30

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

250

300

350

400

450

500

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Q3 14

-15-10-50510152025

GEP (LHS)

Local currency(RHS)

DKKm %

38

Geographical segments

10 oktober 201439 39

Economic key figures

Source: Economic Outlook, Nordea Markets, September 2014

Denmark Sweden

% 2014 2015 % 2014 2015GDP Growth 0.5 1.3 GDP Growth 2.0 2.3

Inflation 0.7 1.2 Inflation 0.0 1.1

Unemployment 5.1 5.1 Unemployment 7.9 7.6

Current account balance in % of GDP 5.9 5.3 Current account

balance in % of GDP 6.0 5.6

Budget balance in % of GDP -0.3 -2.9 Budget balance in % of

GDP -2.2 -1.4

Public debt in % of GDP 44.4 45.2 Public debt in % of GDP 42.4 41.7

Norway

% 2014 2015GDP Growth (mainland) 2.3 1.5

Inflation 2.1 1.7

Unemployment 3.4 3.7

Current account balance in % of GDP 10.7 11.0

Budget balance in % of GDP 11.0 11.2

Public debt in % of GDP 0.0 0.0