Tryg’s Supervisory Board has today approved the interim report for Q2 and H1 2020.
Premiums growth of 7.9% in H1, driven primarily by a positive development in the Private segment. Technical result of
Investment income of
Financial highlights Q2 2020
• Premium growth of 7.0% (5.9% in Q2 2019 excluding Alka) in local currencies
• Technical result of
• Combined ratio of 80.9% (82.1%)
• Underlying claims ratio (
• Large claims at 1.3% (2.4%) and weather claims at 0.9% (0.9%)
• Expense ratio of 14.3 (14.2)
• Return on free investment portfolio
• Total investment return of
• Profit before tax of
• Solvency ratio of 193
Financial highlights H1 2020
• Premium growth of 7.9% (6.0% excluding Alka in H1 2019) in local currencies
• Technical result of
• Combined ratio of 84.4 (85.0)
• Large claims at 1.8% (2.9%) and weather claims at 1.4% (1.7%)
• Expense ratio of 14.2 (14.1)
• Return on free investment portfolio of
• Investment return
• Profit before tax of
Customer highlights Q2 2020
• Transactional Net Promotor Score (TNPS) at an all-time high level of 70 (67)
• Number of products per customer increased to 3.9 (3.8)
• For the fifth year running, TryghedsGruppen will pay out a member bonus of 8% to its members
Statement by Group CEO
We deliver a satisfactory quarterly result, helped by a very positive investment income following a rebound in capital markets after the abysmal Q1. Tryg’s core insurance business continues to perform well helped by a good growth, underlying improvements and the delivery of the Alka synergies.
Looking at H1, we have been strongly impacted by the outbreak of COVID-19, which has impacted our result negatively with an investment loss of approximately
In H1, we have received 125,000 travel claims across Scandinavia, where approximately half of it – 65,000 – is related to COVID-19. That is an 80% increase compared to H1 2019, where Tryg received 70,000 claims relating to travel insurance.
Additionally, Tryg has launched a number of financial initiatives to help our customers in a difficult time. For example, we have encouraged customers to perform an insurance check if their needs have changed following the outbreak of COVID-19. We have encouraged our customers to lower their annual estimated kilometers if they drive less than normal. We have also encouraged our commercial customers to change to their payments to monthly premiums and offered to refund their yearly premium to strengthen their liquidity.
We have also taken on an extraordinary social responsibility and, among other things, provided cyber insurances for free to small and medium-sized businesses during COVID-19. For the third year running, we have offered our customers to make use of our free medical hotline during the summer and finally, we have been given more than 20,000 children a child insurance for the Danish Football Union’s annual football school to bring into focus the social problem that almost every fifth child does not have an accident insurance. Finally, I am very pleased, that we have already reached our CMD customer target of a TNPS (Transactional net promoter score) of 70 in Q2.
Conference call
Tryg hosts a conference call today at
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 15 01 08
US participants: +1 833 526 8398
All Q2 and H1 material can be downloaded on https://tryg.com/en/downloads-2020 shortly after the time of release.
Attachment
- 09_TRYG_2020_Q2_report
© OMX, source