Tryg A/s · OMXCOP:TRYG

Tryg A/s — Investor Day (November 2021)

83 slides from Tryg A/s's investor day presentation, Nov 16, 2021

Slide 1: Growing a successful core, while shaping the future
Tryg A/S Growing a successful core, while shaping the future Capital Markets Day London, November 16th 2021
Slide 3: Tryg Executive Board
Tryg Executive Board Morten Hübbe Barbara Plucnar Jensen Lars Bonde Johan Kirstein Brammer Group CEO Group CFO Group COO Group CCO 3
Slide 4: Agenda
Agenda 1 Follow-up on CMD targets and initiatives 2018 - 2020 2 Introducing the 2021 - 2024 strategy and targets Q&A session 2.1 Full speed ahead in a successful core 2.2 Change the way to win in B2B Q&A session followed by coffee break 2.3 Shape the future 2.4 Trygg-Hansa / Codan NO integration and
Slide 5: Tryg 2024 at a glance: Growing a successful core, while shaping the future
Tryg 2024 at a glance: Growing a successful core, while shaping the future Target highest ever technical result DKK 7.0-7.4bn Continue growing the successful, DKK ~1.6bn technical result existing business improvement in existing business Acquisition process and synergies on DKK 900m synergies realis
Slide 6: Follow-up on CMD targets and initiatives 2018-2020
Follow-up on CMD targets and initiatives 2018 - 2020
Slide 7: Status CMD 2020 targets
1 Status CMD 2020 targets * 7 Note: Tryg is the Danish word for feeling safe
Slide 8: Tryg delivered on the 2020 targets presented at last CMD in 2017
1 Status CMD 2020 targets Tryg delivered on the 2020 targets presented at last CMD in 2017 Key Performance Targets Realised Category Indicators 2020 2020 Technical result DKK 3.3bn DKK 3.5bn Combined ratio ≤ 86% 84.5% FINANCIAL Expense ratio ~14% reaffirmed 14.1% Return on equity ≥ 21% 22.5% TNPS 70
Slide 9: Tryg delivered on all four key priorities from 2020 strategy
1 Status CMD 2020 targets Tryg delivered on all four key priorities from 2020 strategy Claims Digital empowerment Product and service Distribution efficiency excellence of customers innovation Priorities presented at ▪ DKK 600m in ▪ DKK 100m ▪ DKK 1bn in ▪ DKK 150m in CMD 2017 claims cost improvemen
Slide 10: The Alka acquisition has been executed successfully
1 Status CMD 2020 targets The Alka acquisition has been executed successfully Tryg has delivered on all Alka synergies Alka is performing at a historic high Targeted and realised benefits, DKKm Portfolio, DKKm Targeted benefits Q3 YTD - Realised benefits +24% On track 300 ~2,600 279 176 150 75 90 20
Slide 11: Tryg performs well when benchmarked against competitors
1 Status CMD 2020 targets Tryg performs well when benchmarked against competitors The Nordic insurance market is attractive Large, listed Highly consolidated High retention with unique characteristics: players (DK+NO) market rates Tryg is the only Alka pure non-life Combined ratio Expense ratio ROE
Slide 12: Introducing the 2021-2024 strategy and CMD targets
Introducing the 2021 - 2024 strategy and CMD targets
Slide 13: The acquisition has created the largest Scandinavian P&C player
2 2024 CMD targets The acquisition has created the largest Scandinavian P&C player Tryg 2020 Trygg-Hansa and Codan NO 2020 Gross premiums earned, DKKbn Technical result, DKKbn Market shares1, % Tryg Group Pro-forma 2020 ~14 ~17 #3 in 2.0 2.3 Sweden 8.6 10.8 2.2 0.3 ~3 #3 in Norway ~13 ~2 ~15 6.4 1.0
Slide 14: Trygg-Hansa: Strong and stable profitability, growth to improve
2 2024 CMD targets Trygg-Hansa: Strong and stable profitability, growth to improve Trygg-Hansa has high profitability Profitability driven by strong retention Next step is to increase growth Combined ratio, % Trygg-Hansa retention rates, 2020 NEP, local currency, bn Underlying claims ratio, % 12.1 1
Slide 15: Trygg-Hansa: Pioneer and market leader of personal accident
2 2024 CMD targets Trygg-Hansa: Pioneer and market leader of personal accident Large PA share in Trygg-Hansa premiums High retention rate drives PA performance Trygg-Hansa has strong competitive edge PA1 share of total premiums, 2020 Avg. retention, years PA market size, 2017-2020, SEKm +4% ~30% ~9,
Slide 16: 2024 targets: Highest technical result ever
2 2024 CMD targets 2024 targets: Highest technical result ever Targets 2020 Realised FY 2020 Targets 2024 Technical result DKK 3.3bn DKK 3.5bn DKK 7.0-7.4bn DKK ~17-19bn in pay-out in 2022- 2024 from ordinary Combined ratio ≤86% 84.5% ≤82% dividends and Financial KPIs extraordinary buy-backs Expense
Slide 17: Retail focus drives value creation
2 2024 CMD targets Retail focus drives value creation Premiums mix, DKKbn Corporate ~90 Commercial % Retail share (%) Acquisition Private and 2024 Strategy ~82 Acquisition of retail-focused ~78 Alka Tryg’s focus in previous strategy period on growth in Private incl. new products and services combine
Slide 18: Strong track record of growing technical result
2 2024 CMD targets Strong track record of growing technical result Technical result, DKKbn Trygg-Hansa, Codan NO, and Synergies DKK 7.0-7.4bn Alka adjustment Tryg technical result Growth rate at ~8% CAGR when excluding Alka +10% 3.5 3.2 2.8 2.8 2.4 2016 2017 2018 2019 2020 2024 target Run-offs Run-o
Slide 19: Tryg will deliver on ambitions by focusing on four key pillars
2 2024 CMD targets Tryg will deliver on ambitions by focusing on four key pillars TRYG 2024 1 Full speed ahead 2 Change TRYGthe way 2023 3 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies DKK ~1.5bn premiums in DKK ~1050m increase in TR DKK ~600m increase in T
Slide 20: Drivers of doubling technical result
2 2024 CMD targets Drivers of doubling technical result Breakdown of 2024 technical result target DKK 7.0-7.4bn TRYG 2024 Full speed Change the TRYG 2023 Trygg- ahead in a way Shape the Hansa and successful to win in future Codan NO core B2B synergies 2020 technical Trygg-Hansa Full speed Change the
Slide 22: Full speed ahead in a successful core
Full speed ahead in a successful core
Slide 23: Tryg will continue to improve core business
2.1 Full speed ahead Tryg will continue to improve core business Strategic focus areas Target 2024 Technical result impact, 2024, DKK ~150m ~650m Advanced ~300m approach ~200m to claims Claims handling & Procurement Fraud Total process excellence DKK ~1050m Total TR contribution in 2024 Technical re
Slide 24: Three-fold structure used to present the strategy
2.1 Full speed ahead Three-fold structure used to present the strategy Relevance Evidence Potential Why is this topic Which results has Tryg What is the ambition to relevant for Tryg to delivered historically be achieved in 2024? address in the strategy? on this topic? 24
Slide 25: Full speed ahead in a successful core
FULL SPEED AHEAD IN A Advanced approach to claims SUCCESSFUL CORE Sales and customer excellence 25
Slide 26: Relevance: Claims is Tryg's largest cost driver
2.1 Full speed ahead Claims Relevance: Claims is Tryg’s largest cost driver Claims costs account for 83% of total costs Three levers to address claims costs Total costs, 2020, DKKbn Claims costs Expenses 19 3 (17%) 16 Process Procurement Fraud detection (83%) excellence excellence 26
Slide 27: Process excellence and automation expected to reduce claims costs
2.1 Full speed ahead Claims Process excellence and automation expected to reduce claims costs Evidence: Automation journey leads to Potential: DKK ~200m in 2024 higher number of claims per FTE and reduces the payout per claim Costs (estimated index=100) 100 ~60 ~35 DKK ~200m Technical result from pr
Slide 28: Further potential from procurement savings
2.1 Full speed ahead Claims Further potential from procurement savings, building on strong past Evidence: Tryg has strong track record Evidence: Key driver has been renegotiating Potential: DKK ~300m in 2024 Procurement savings from Degree of compliance, Motor DKK ~300m previous programmes, DKKm Ren
Slide 29: Tryg will continue to reduce fraud with data tools and nudging
2.1 Full speed ahead Claims Tryg will continue to reduce fraud with data tools and nudging Relevance: Savings opportunity in fraud Evidence: Further use of data and nudging Potential: DKK ~150m in 2024 Fraud detection rate out of eligible claims Fraud detection rate DKK ~150m costs (DKK ~10bn in Try
Slide 30: Sales and customer excellence
FULL SPEED AHEAD IN A Advanced approach to claims SUCCESSFUL CORE Sales and customer excellence 30
Slide 31: Relevance: Partnerships are efficient lead generators
Sales and 2.1 Full speed ahead customer excellence Relevance: Partnerships are efficient lead generators Partnerships provide leads into attractive customer segments Tryg has proven ability to convert these leads Large partnerships, Tryg Lead conversion rate, Private, 2020, index=100 +17% 117 100 Di
Slide 32: Partnership metrics attractive, expected to yield DKK ~150m
Sales and 2.1 Full speed ahead customer excellence Partnership metrics attractive, and expected to yield DKK ~150m Evidence: Tryg’s partnership portfolio is performing well across key metrics Potential: DKK ~150m in 2024 Average partner figures, Private DK+NO, 2020 DKK ~150m Technical result from pa
Slide 33: Relevance: More products per customer is key to profitability
Sales and 2.1 Full speed ahead customer excellence Relevance: More products per customer is key to profitability Customers with more products have higher customer lifetime Loyal customers have much better profitability Customer lifetime, years Average claims ratio, % 15.8 -17pp ~25% of customers in
Slide 34: Tryg will leverage track record in cross- and upselling
Sales and 2.1 Full speed ahead customer excellence Tryg will leverage strong track record within cross- and upselling Evidence: Tryg is cross-selling to single- Evidence: Alka is upselling additional Potential: DKK ~150m in 2024 product Enter customers coverages to existing customers Enter cross-sel
Slide 35: Data and analytics are key to matching price and risk
Sales and 2.1 Full speed ahead customer excellence Data and analytics are key to matching price and risk Relevance: Gap identified in Tryg vs. Evidence: Alka’s advanced pruning Potential: DKK ~100m in 2024 Alka practices methods result in TR uplift Share of portfolio identified for pruning, Technica
Slide 36: Concluding thoughts on Full speed ahead in a successful core
2.1 Full speed ahead Concluding thoughts on Full speed ahead in a successful core TRYG 2024 1 Full speed ahead 2 Change the way 3 4 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies DKK ~1.5bn premiums in DKK ~1050m increase in TR DKK ~600m increase in TR DKK ~
Slide 37: Change the way to win in B2B
Change the way to win in B2B
Slide 38: Focus on growth in Commercial and profitability in Corporate
2.2 Win in B2B Focus on growth in Commercial and profitability in Corporate Target 2024 Technical result improvement by 2024, DKK 30% ~100m ~600m portfolio increase in Commercial smallest and most ~250m profitable Commercial segment (0-9 FTEs) ~250m Corporate ~90% (revenue DKK combined ratio with ru
Slide 39: Change the way to win in B2B: Commercial
2.2 Win in B2B Commercial Change the way to win Commercial in B2B Corporate 39
Slide 40: Small customers make up a large and profitable segment
2.2 Win in B2B Commercial Relevance: Small customers make up a large and profitable segment Small customers is the largest Commercial segment Small customers make up the most profitable segment Scandinavian market size1 per segment (# FTEs), 2021 Tryg COR2 per segment (# FTEs), 2021YTD DK NO SE Tryg
Slide 41: Tailored packages and focused distribution drive growth
2.2 Win in B2B Commercial Evidence: Tailored packages and focused distribution drive growth Increased premiums and improved distribution Several specific initiatives launched Learn from Trygg-Hansa Average small customer premiums, Commercial DK Bundle Tailor 35% of new 900 packages Tailor options ba
Slide 42: Tryg well underway to 30%-growth target
2.2 Win in B2B Commercial Potential: Tryg well underway to 30%-growth target Early success in profitably growing the small customer portfolio More, better insured customers Small customer portfolio, Commercial DK+NO, DKKm +9% +30% 30% ~2,800 portfolio increase in small Commercial segment by 2024 ~2,
Slide 43: Change the way to win in B2B: Corporate
Change the way to win Commercial in B2B Corporate 43
Slide 44: Corporate business is structurally more challenging than retail
2.2 Win in B2B Corporate Corporate business is structurally more challenging than retail High competition, use of brokers, volatility and high capital requirements are key features Profitability gap Average COR (excl. run-off), 2016- 2020 Tryg Private 86% Large clients Highly brokered Presence of Hi
Slide 45: Underlying profitability improved while COR is volatile
2.2 Win in B2B Corporate Relevance: Underlying profitability improved while COR is volatile Underlying claims ratio improved Large claims are volatile by nature Specific customers, products drive volatility Underlying claims ratio Large claims (net), DKKm Share of Share of large premiums, claims (ne
Slide 46: Evidence: From price increases to structural changes
2.2 Win in B2B Corporate Evidence: From price increases to structural changes From price increases to structural changes Exposure to unattractive customer segments reduced Rate increases, Corporate Nordic # large liability policies, index=100 13% 11% -26% 100 7% 74 4% 2019 2021 H1 2018 2019 2020 202
Slide 47: Potential: 90% COR target and focus on smaller customers
2.2 Win in B2B Corporate Potential: 90% COR target and focus on smaller customers Tryg will shift portfolio towards smaller customers and reduce least attractive exposure Reach combined ratio of ~90% Tryg Corporate premiums mix 2024 ambition ~2% Larger global1 10% Exit ~23% ~70% Larger 35% Select re
Slide 48: Concluding thoughts on Change the way to win in B2B
2.2 Win in B2B Concluding thoughts on Change the way to win in B2B TRYG 2024 1 Full speed ahead 2 Change the way 3 4 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies DKK ~1.5bn premiums in DKK ~1050m increase in TR DKK ~600m increase in TR DKK ~900m in synergi
Slide 51: Shape the future
Shape the future
Slide 52: Tryg will continue track record of launching products profitably
2.3 Shape the future Tryg will continue track record of launching products profitably Tryg has grown DKK 1bn by expanding market New products are profitable and improve with scale Premiums from NP&S1, 2018-2020, DKKm Example from Private DK+NO, NP&S portfolio, 2020 Typical variance 410 1,060 120 (Il
Slide 53: Two focus areas to drive DKK ~1.5bn in premiums
2.3 Shape the future Two focus areas to drive DKK ~1.5bn in premiums Expand the market of today DKK ~1.5bn in Prevention premiums from new products and services by 2024+ Build the market of tomorrow 53
Slide 54: Tryg develops to meet changing needs for mobility insurances
2.3 Shape the future Mobility Tryg develops to meet changing needs for mobility insurances Relevance: Changing market Vision: Adapt offerings to new trends Plan: Meet customers’ needs Polestar embedded insurance Auto accounts for ~30% of Tryg’s Launched October 6th 2021 total premiums Vision Traditi
Slide 55: Tryg will expand market by complementing public welfare
2.3 Shape the future Health Tryg will expand market by complementing public welfare Relevance: Growing market Evidence: Products launched successfully Vision: Expand market Scandinavian healthcare expenditure, Portfolio, DKKm DKKbn Dental Towards private customers ~80 ~1,150 Offer products that comp
Slide 56: Concluding thoughts on Shape the future
2.3 Shape the future Concluding thoughts on Shape the future TRYG 2024 1 Full speed ahead 2 Change the way 3 4 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies DKK ~1.5bn premiums in DKK ~1050m increase in TR DKK ~600m increase in TR DKK ~900m in synergies 202
Slide 57: Trygg-Hansa / Codan NO integration and synergies
Trygg-Hansa / Codan NO integration and synergies
Slide 58: Process and timeline for RSA acquisition are on track
2.4 Synergies and integration Process and timeline for RSA acquisition are as expected and on track Codan DK Demerger Codan DK Deal closing Demerger sale announced application filed closing 1 Jun 2021 11 Jun 2021 4 Oct 2021 Est. 1 Apr 2022 Est. H1 2022 Completion following Alm. Brand announces Filin
Slide 59: DKK 900m in synergies targeted, driven by ~80% cost synergies
2.4 Synergies and integration DKK 900m in synergies targeted, driven by ~80% cost synergies Geographic split of synergies Synergy target over time and across categories Estimated pre-tax synergies split by country, DKKm Estimated pre-tax synergies split by function and year, DKKm ~150 ~900 ~900 ~250
Slide 60: Alka experience will facilitate the full realisation of synergies
2.4 Synergies and integration Alka experience will facilitate the full realisation of synergies Program Transfer People structure with of synergy retention joint ownership levers & culture 60
Slide 61: Synergy catalogue is broken down into ~150 specific initiatives
2.4 Synergies and integration Synergy catalogue is broken down into ~150 specific initiatives TR impact in 2024 Cost initiatives Commercial initiatives DKK ~30m DKK ~20m Crash repair Cross- and Examples supplier network upselling (SE) of large synergy initiatives DKK ~30m DKK ~30m Data-driven Repric
Slide 62: Three aspects will ensure retention and motivation of key employees
2.4 Synergies and integration Three aspects will ensure retention and motivation of key employees Tryg is an attractive place to work at Strong cultural fit between companies Joint focus on retaining employees #1 most attractive financial services company for young professionals1 Dedicated personal
Slide 63: Concluding thoughts on Trygg-Hansa and Codan NO synergies
2.4 Synergies and integration Concluding thoughts on Trygg-Hansa and Codan NO synergies TRYG 2024 1 Full speed ahead 2 Change the way 3 4 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies DKK ~1.5bn premiums in DKK ~1050m increase in TR DKK ~600m increase in TR
Slide 64: Conclusion of presentation of the four 2024 strategic pillars
2.4 Synergies and integration Conclusion of presentation of the four 2024 strategic pillars TRYG 2024 1 Full speed ahead 2 Change the way 3 4 4 Trygg-Hansa and Shape the future in a successful core to win in B2B Codan NO synergies Customer experience Corporate responsibility 64
Slide 65: Customer experience
Customer experience
Slide 66: Customer experience is linked to financial performance
3 Customer experience Customer experience is linked to financial performance Relevance: Satisfied customers are better customers financially Evidence: Improve ability to act on customer experience Private DK+NO customers 2021-2024 I will consider leaving Tryg 2018-2020 Expand I will not leave Tryg u
Slide 67: Ambitious targets set for customer satisfaction and digitalisation
3 Customer experience Ambitious targets set for customer satisfaction and digitalisation Evidence: Initiatives across the customer journey Potential: Ambitious targets on customer experience Improvement in retention rate from ‘Hooked’ Onboarding onboarding program 88 ≥40% (0-100 scale) +9pp Customer
Slide 68: Corporate responsibility
Corporate responsibility
Slide 69: Corporate responsibility is part of Tryg's identity and operating model
4 Corporate responsibility Corporate responsibility is part of Tryg’s identity and operating model Responsibility is rooted in Tryg values Tryg’s customer offerings and operating model will contribute to a sustainable future Tryg’s three Corporate Responsibility focus areas: Responsible Green Sustai
Slide 70: Sustainable claims handling main driver of sustainability impact
4 Corporate responsibility Sustainable claims handling main driver of sustainability impact Relevance: Motor accounts for half Evidence: Tryg is handling motor claims Potential: Sustainable claims handling of supplier spend sustainably to drive reductions Share of supplier claims spend Share of dama
Slide 71: Association with Tryghedsgruppen provides unique brand platform
4 Corporate responsibility Association with Tryghedsgruppen provides unique brand platform Largest shareholder has strong brand and contributes to society The TrygFonden brand is visible throughout Denmark 1 (Largest shareholder) Premiums Savings Member bonus (Danish customers) Customers & society 7
Slide 73: Financials and capital management
Financials and capital management
Slide 74: Financial section will highlight five key areas
Financials and capital 5 management Financial section will highlight five key areas Investments Solvency II ratio Solvency II ratio Return on Own Dividends and overview development sensitivities Funds buybacks 1 2 3 4 5 Tryg will continue creating attractive shareholder value 74
Slide 75: Invested assets up ~50%
Financials and capital 5 management Invested assets up ~50% Match portfolio, DKKbn Free portfolio, DKKbn Low-risk fixed-income assets that mirror the Group’s insurance Global multi-asset low-risk portfolio, predominantly short duration liabilities to offset interest rate changes fixed-income securit
Slide 76: Solvency II ratio is expected at ~195-205 in H1 2022
Financials and capital 5 management Solvency II ratio is expected at ~195-205 in H1 2022 Solvency II Ratio development Q4 2020 to Q2 2022E (%) 899 Impact from DKK ~37bn rights issue Expected closing of Codan DK sale1 – DKK ~5bn buyback Post Q2 2022, Solvency ratio Deal closing meaning initiated and
Slide 77: Solvency II ratio continues to display low sensitivity to market risk
Financials and capital 5 management Solvency II ratio continues to display low sensitivity to market risk Solvency II Ratio sensitivities to key asset classes 198 185 188 182 182 181 181 184 Biggest spread sensitivity is 179 179 178 178 180 178 178 176 174 170 towards covered bonds, driven 160 by hi
Slide 78: Introducing Return on Own Funds (ROOF) as an improved profitability measure
Financials and capital 5 management Introducing Return on Own Funds (ROOF) as an improved profitability measure in a Solvency II world Expected Return on Own Funds development 2021 to 2024 target (%) Following the acquisition of Trygg-Hansa and Codan NO, the RoE does not fully reflect Tryg will also
Slide 79: Tryg aims to pay DKK ~17-19bn to shareholders in 2022-2024
Financials and capital 5 management Tryg aims to pay DKK ~17-19bn to shareholders in 2022 - 2024 Tryg aims to pay DKK ~12-14bn Shareholders remuneration, DKKbn in ordinary dividends between 2022 and 2024 Ordinary dividends Extraordinary dividends ~0.5 Extraordinary share buyback Tryg intends to carr
Slide 80: Concluding remarks
Concluding remarks
Slide 81: 2024 strategy and targets will ensure highly attractive shareholders' returns
6 Concluding remarks Technical result DKK 7.0-7.4bn Do you know the Combined ratio ≤82% only thing that gives me pleasure? Expense ratio ~14% reaffirmed It’s to see my 2024 strategy dividends coming in and targets will ensure Return on Own Funds ≥25% John D. Rockefeller highly attractive Synergy rea
Slide 83: Disclaimer
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, financ

Tryg — Investor Day (November 2021) on 6ix

Tryg A/s — Investor Day (November 2021)

Slide 1: Growing a successful core, while shaping the future

Slide 2: Welcome

Slide 3: Tryg Executive Board

Slide 4: Agenda

Slide 5: Tryg 2024 at a glance: Growing a successful core, while shaping the future

Slide 6: Follow-up on CMD targets and initiatives 2018-2020

Slide 7: Status CMD 2020 targets

Slide 8: Tryg delivered on the 2020 targets presented at last CMD in 2017

Slide 9: Tryg delivered on all four key priorities from 2020 strategy

Slide 10: The Alka acquisition has been executed successfully

Slide 11: Tryg performs well when benchmarked against competitors

Slide 12: Introducing the 2021-2024 strategy and CMD targets

Slide 13: The acquisition has created the largest Scandinavian P&C player

Slide 14: Trygg-Hansa: Strong and stable profitability, growth to improve

Slide 15: Trygg-Hansa: Pioneer and market leader of personal accident

Slide 16: 2024 targets: Highest technical result ever

Slide 17: Retail focus drives value creation

Slide 18: Strong track record of growing technical result

Slide 19: Tryg will deliver on ambitions by focusing on four key pillars

Slide 20: Drivers of doubling technical result

Slide 21: Questions?

Slide 22: Full speed ahead in a successful core

Slide 23: Tryg will continue to improve core business

Slide 24: Three-fold structure used to present the strategy

Slide 25: Full speed ahead in a successful core

Slide 26: Relevance: Claims is Tryg's largest cost driver

Slide 27: Process excellence and automation expected to reduce claims costs

Slide 28: Further potential from procurement savings

Slide 29: Tryg will continue to reduce fraud with data tools and nudging

Slide 30: Sales and customer excellence

Slide 31: Relevance: Partnerships are efficient lead generators

Slide 32: Partnership metrics attractive, expected to yield DKK ~150m

Slide 33: Relevance: More products per customer is key to profitability

Slide 34: Tryg will leverage track record in cross- and upselling

Slide 35: Data and analytics are key to matching price and risk

Slide 36: Concluding thoughts on Full speed ahead in a successful core

Slide 37: Change the way to win in B2B

Slide 38: Focus on growth in Commercial and profitability in Corporate

Slide 39: Change the way to win in B2B: Commercial

Slide 40: Small customers make up a large and profitable segment

Slide 41: Tailored packages and focused distribution drive growth

Slide 42: Tryg well underway to 30%-growth target

Slide 43: Change the way to win in B2B: Corporate

Slide 44: Corporate business is structurally more challenging than retail

Slide 45: Underlying profitability improved while COR is volatile

Slide 46: Evidence: From price increases to structural changes

Slide 47: Potential: 90% COR target and focus on smaller customers

Slide 48: Concluding thoughts on Change the way to win in B2B

Slide 49: Questions?

Slide 50: Coffee Break

Slide 51: Shape the future

Slide 52: Tryg will continue track record of launching products profitably

Slide 53: Two focus areas to drive DKK ~1.5bn in premiums

Slide 54: Tryg develops to meet changing needs for mobility insurances

Slide 55: Tryg will expand market by complementing public welfare

Slide 56: Concluding thoughts on Shape the future

Slide 57: Trygg-Hansa / Codan NO integration and synergies

Slide 58: Process and timeline for RSA acquisition are on track

Slide 59: DKK 900m in synergies targeted, driven by ~80% cost synergies

Slide 60: Alka experience will facilitate the full realisation of synergies

Slide 61: Synergy catalogue is broken down into ~150 specific initiatives

Slide 62: Three aspects will ensure retention and motivation of key employees

Slide 63: Concluding thoughts on Trygg-Hansa and Codan NO synergies

Slide 64: Conclusion of presentation of the four 2024 strategic pillars

Slide 65: Customer experience

Slide 66: Customer experience is linked to financial performance

Slide 67: Ambitious targets set for customer satisfaction and digitalisation

Slide 68: Corporate responsibility

Slide 69: Corporate responsibility is part of Tryg's identity and operating model

Slide 70: Sustainable claims handling main driver of sustainability impact

Slide 71: Association with Tryghedsgruppen provides unique brand platform

Slide 72: Questions?

Slide 73: Financials and capital management

Slide 74: Financial section will highlight five key areas

Slide 75: Invested assets up ~50%

Slide 76: Solvency II ratio is expected at ~195-205 in H1 2022

Slide 77: Solvency II ratio continues to display low sensitivity to market risk

Slide 78: Introducing Return on Own Funds (ROOF) as an improved profitability measure

Slide 79: Tryg aims to pay DKK ~17-19bn to shareholders in 2022-2024