Tryg A/S / 3rd Quarter Results
Tryg's Supervisory Board has today approved the interim report for Q1-Q3 2016.
Solvency ratio of 217. Pre-tax profit improved significantly, driven primarily by a large swing in the investment return.
Financial highlights Q3 2016
-- Solvency ratio of 217 including the Skandia child insurance portfolio
consolidated from 1 September
Financial highlights Q1-Q3 2016
-- Profit before tax of DKK 2,420m (DKK 1,565m) and after tax DKK 1,911
-- Lower expense ratio of 14.9 (15.7
Customer highlights Q2 2016
-- NPS of 24 (20)
Statement by Group CEO Morten Hubbe:
We delivered a profit before tax of DKK 923m for Q3 2016, which was significantly higher compared to the prior-year period. When adjusted for one-off costs in Q3 2015, the technical result is virtually unchanged. As expected, the underlying claims level remained slightly high, but minor price adjustments and claims handling initiatives will contribute to addressing this in the course of 2017. New initiatives are being planned in all areas, which - together with the initiatives already implemented - will ensure that Tryg achieves an expense ratio at or below 14 in 2017.
An investment return of DKK 191m was realised, which is markedly higher than the result for the prior-year period.
On 1 September 2016, Skandia's child insurance portfolio was integrated with Tryg's business, which is very positive, both because it is a profitable business area, but also because it is a product area with a lot of potential across the Nordic countries.
A further 95,000 customers were converted to our new insurance products, bringing the total number of customers that have been converted to our new and updated products to 325,000.
The positive development in premium income for Private Denmark continued in Q3 2016, with growth of 2.2% being achieved, which is very satisfactory. The payment of the member bonus from TryghedsGruppen is also likely to support the Danish business in the longer term.
Conference call details:
Danish participants: +45 35 44 55 83
All Q3 material can be downloaded on tryg.com/en/Investor/Downloads shortly after the time of release.
Click on, or paste the following link into your web browser, to view the associated documents
News Source: NASDAQ OMX
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|Time of Receipt:||11-Oct-2016 / 07:30 CET/CEST|
|End of Announcement||EQS News Service|