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Front page slide

Q2 and H1 2015 resultsInvestor presentation

Follow us on Twitter: @TrygIR

Contents

2

Highlights Q2 2015 3

Premiums and portfolio 9

Claims 14

Investment, capital and targets 17

For new investors 21

Appendix 29

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.

Financial highlights Q2 2015- Tryg delivered a robust ROE of 21.9% despite a negative investment market, and pays out a semi-annual dividend of DKK 2.50. Satisfactory technical resultwith an underlying improvement in a competitive market.

3

• Pre-tax result of DKK 714m (DKK 1,150m) impacted by:

• negative financial markets and DKK 343m lower investment return due to losses on bonds and lower equity return

• Q2 2014 impacted by one-off effects of DKK 135m

• Technical result of DKK 825m (DKK 941m)

• slightly better than Q2 2014 before one-off effects of DKK 135m.

• ROE of 21.9% (32.1%) p.a. after tax underpins Tryg’s robust business model

• Drop in premium growth of 1.4% in local currencies (-1.2%) affected by competition and loss of large Corporate accounts

• Semi-annual dividend of DKK 2.50 per share

• Equivalent to some 40% of the total dividend based on 2015 results

714

1,015

135

Q2 2015 Q2 2014

Pre-tax profit (DKKm)

82.2

80.7

2.8

Q2 2015 Q2 2014

Combined ratio

15.2

12.6

2.8

Q2 2015 Q2 2014

Expense ratio

83.5

One-off effects

15.4

1,150

Customer highlights Q2 2015- Continued improvement in Net Promoter Score (NPS)

4

• New price-differentiated products launched:

• Personal accident insurance in both Denmark and Norway

• Holiday home insurance in Norway

• Change of car ownership insurance in Denmark

• The new car insurance launched in Q1 was recommended ‘best in test’ by the Danish Consumer Council.

• Launch of Tryg Home Hotline – service hotline for customers to ask questions regarding issues related to their house, apartment or holiday home, such as damp issues.

• Tryg’s Swedish Corporate business voted the best company by insurance brokers for the third year running.

11

2022

CMD 2014 Q2 2015 Target 2017

NPS

56.3 56.661.3

CMD 2014 Q2 2015 Target 2017

Customers with ≥3 products (%)

87.9 88.0 88.9

CMD 2014 Q2 2015 Target 2017

Retention rate

Key figures Q2/H1 2014/2015

5

DKKm Q2 2015 Q2 2014 H1 2015 H1 2014 2014

Gross premium income 4,550 4,711 9,016 9,294 18,652

Claims, net of reinsurance -2,786 -2,995 -5,861 -6,041 -11,977

Gross expenses -681 -582 -1,366 -1,301 -2,689

Technical result 825 941 1,254 1,464 3,032

Return on investment aftertechnical interest

-84 259 177 348 360

Profit/loss before tax 714 1,150 1,379 1,752 3,302

Profit/loss 580 869 1,105 1,322 2,557

Claims ratio, net of reinsurance

67.0 68.1 71.0 70.7 69.6

Gross expense ratio 15.2 12.6 15.4 14.2 14.6

Combined ratio 82.2 80.7 86.4 84.9 84.2

82.2

80.7

2.8

Q2 2015 Q2 2014

83.5

Combined ratio improved by 1.3 pp.

6

Commercial, DK & NO

80.7

78.8

3.3

Q2 2015 Q2 2014

Group

78.1

79.1

4.4

Q2 2015 Q2 2014

Corporate

Private, DK & NO

82.183.5

84.7

90.3

82.9

1.8

Q2 2015 Q2 2014

One-off effects

78.9

88.6

Q2 2015 Q2 2014

Sweden

87.0

-1.6

Efficiency programme, DKK 38m achieved in Q2

7

• Programme delivering as planned with

target to achieve savings of DKK 750m in

the next 3 years.

• Lower expected 2015 savings than in 2014.

• Claims initiatives:

• In4mo with improved claims control

• New road assistance agreement

• Expense initiatives:

• IT sourcing

• New commercial structure with mandate in frontline

Efficiency programme up until 2017 (DKKm)

150

225

375

175

388 395

73

2012 2013 2014 2015 H1 2015 2016 2017

Achieved Target

Old programme New programme

Expense ratio improved from 15.4 to 15.2

8

• Expense ratio improved from 15.4 in Q2 2014 to 15.2 in Q2 2015 – (adjusted for one-off effects in Q2 2014).

• 2015 will be impacted by one-off costs relatedto new efficiency programme.

• Efficiency programme delivered savings of DKK 15m related to:

• Outsourcing within financial area• IT sourcing

• Reduction in FTE by 104 since Q4 2014.

4,077

3,914

3,703

3,599

3,495

2011 2012 2013 2014 Q2 2015

FTE - Development

15.4 *15.2

16.6 16.4

15.6

14.6

2011 2012 2013 2014 Q2 2014 Q2 2015

Expense ratio

* Adjusted for one-off effects

Nominal costs in business areas

340

171109

61

281

13398

70

76

46

19

-6 Private Commercial Corporate Sweden

Q2 2015 Q2 2014 One-off effects

Premiums and portfolio

4,5504,711

Q2 2015 Q2 2014

-1.4%

Gross earned premiums reduced by 1.4%

10

Gross earned premiums (DKKm)

DKKm Q2 2015 Q2 2014Local currencies

Q2 2015Local currencies

Q2 2014

Private 2,226 2,275 -0.3% 0.1%

Commercial 997 1,053 -4.3% -3.9%

Corporate 993 1,030 -1.4% 1.8%

Sweden 342 358 -1.8% -9.3%

Group 4,550 4,711 -1.4% -1.2%

Gross earned premiums reduced 1.4% (-1.2%) related to:

• Private impacted by the competitive situation. Retention was stable in Denmark but decreased slightly in Norway

• Commercial Norway impacted by a weaker economic situation and the competitive situation

• Corporate development impacted by loss of large accounts and one-off impact in same quarter last year

825

806

135

Q2 2015 Q2 2014

Slight increase in technical result

11

220178

46

Q2 2015 Q2 2014

Commercial, DK & NO (DKKm)

Sweden (DKKm)

434 419

75

Q2 2015 Q2 2014

Group (DKKm)

Corporate (DKKm)

Private, DK & NO (DKKm)

One-off effects

941

494224

180

43

7250-5

Q2 2015 Q2 2014

99161

19

Q2 2015 Q2 2014

90

95

100

105

110

115

DK

NO

12

Motor insurance – average premium (index 2011 = 100)

Private - average premiums- DK profitability strong but competition increasing

90

95

100

105

110

115

DK

NO

House insurance – average premium (index 2011 = 100)

Average premiums increase Y/Y

-2.3% 0.5%

(Q1-1.9%) (Q1 0.8%)

Average premiums increase Y/Y

-0.8% 1.1%

(Q1 -0.8%) (Q1 1.4%)

• NO: price increases from July

• DK: changed selection reducesaverage price

• DK –2.3% decrease y/y driven by:• improved frequency• competitive situation

• Profitability very strong on motor

Customer retention

13

82%

84%

86%

88%

90%

92%

DK

NO

Commercial

82%

84%

86%

88%

90%

92%DK

NO

Private

• High and stable customerretention in Denmark

• Slight decrease in Norway

• Customer retention stablein Denmark

• Retention decreased in Norwayimpacted by changed distribution set-up and competition

Front page slide

Claims

69.570.0

Q2 2015 Q2 2014

Improved underlying claims ratio

15

63.6 62.8

Q2 2015 Q2 2014

Commercial (DK & NO)

75.672.8

Q2 2015 Q2 2014

Sweden

68.3 68.8

Q2 2015 Q2 2014

Group

76.579.3

Q2 2015 Q2 2014

Corporate

Private (DK & NO)

Underlying development is adjusted for large claims, weather claims, run-off and interest.

Large claims, weather claims and run-off

16

3.4

4.94.75.0

5.0

6.1

2011 2012 2013 2014 Q2 2014 Q2 2015

Run-off net, effect on combined ratio (%)Claims reserves discounting rate (%)

60 23

721

356

620

447

2011 2012 2013 2014 Q2 2014 Q2 2015

Weather claims, net DKKm

78127

546471

407

574

2011 2012 2013 2014 Q2 2014 Q2 2015

Large claims, net DKKm Expected annual

level 2015: DKK 500m

Expected annual

level 2015: DKK 550m

3.2

2.0

1.5

Q2 20141.4 Q2 2015

0.9

2011 2012 2013 2014 2015

Front page slide

Investment, capital and targets

Investment return – loss on bonds

18

Cov. Bonds 67.5%

Bonds/deposits 3.1%

Equities 6.3%

HY 2.5%

EM 1.0%

Inv. Property 5.1%

Bonds/deposits 14.5%

1.1

0.0

-1.2

1.1

-0.1

0.3

Free portfolio return (%)

Portfolio (DKK 41.5bn)

99

8

100

1

19

3

52

68

2129

Bonds Equity HY & EM Inv. Property

Nordics EU ex Nordics North America EM/Other

Geographical exposure (%)

93

5 2

69

1220

88

6 5

AAA AA-A BBB-B

Match Free Total

Rating (%)Free12.2bn 29%

Match29.3bn 71%

Investment return

DKKm Q2 2015 Q2 2014

Free portfolio 41 244

Match regulatorydeviation

-44 49

Match performance -11 50

Other financials -70 -84

Total return -84 259

Capital structure

19

6,694

3,400

Q2 2015

Capital – Q2 2015, DKKm

10,036 9,571

1,7931,801

Q2 2015 Q1 2015

Equity Subordinated loan capital

Equity and subordinated loan, DKKm

Capitalrequirement

Excess capital

Buffer

• Capital buffer based on Individual Solvency decreased to 51% (Q1 2015: 55%) and was impacted by:

• Result Q2 2015

• Executed share buy back of 2015 and H1 cash dividend 2015

• Based on Solvency II standard model the capital buffer was 21% (Q1 2015: 23%)

• H1 2015 cash dividend of DKK 2.5 per share (DKK 746m)

Solvency II unsolved issues:

• Future eligibility in Norway of Natural Perils Pool and the Guarantee scheme provision in own funds

• Internal model expected to be approved by 31 December 2015 at the latest. Application has been submitted

Financial and customer targets

20

Customer targets

Financial targets

Net Promoter Score (NPS) + 100%

Retention rate + 1 pp

Customers ≥ 3 products** + 5 pp

** Private (DK & NO)

2015 2017

ROE after tax = 20% ≥ 21%

Combined ratio ≤ 90 ≤ 87

Expense ratio < 15* ≤ 14

* Excl. One-off effects

0

10

20

30

40

ROE after (%)

For new investors

Tryg – at a glance I

22

• Tryg goes back to 18th century.

• Very strong brand position especially in Denmark.

• Non-life insurance in Denmark, Norway and Sweden.

• Approx. 80% retail business.

82%

84%

86%

88%

90%

92%

Private

DK

NO

82%

84%

86%

88%

90%

92%

Commercial

DK

NO

NorwayMarket position: #3

Market share: 13.6%CR in 2014: 80.4

SwedenMarket position: #5Market share: 3.0%CR in 2014: 98.2

DenmarkMarket position: #1

Market share: 18.2%CR in 2014: 84.1

56

23

21

Private

Commercial

Corporate

Business split 2014

31

5

115

24

14

10

Motor

Workers' comp

Health & accident

Liability

Fire & property - private

Fire & property - comm.

Other

Gross premium split by products 2014

Percentage

Percentage

4.2

6.6

3.4

1.3

3.1

0.81.3

5.2 5.4 5.8

2.5

4.2

2.6

2.63.2

3.4

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H1

2015

Cash dividend Ordinary buy back Extraordinary buy back

0%

10%

20%

30%

40%

50%

60%

60

9

14

17

Danishinstitutional

Non-Danishinstitutional

Smallershareholders

Tryg – at a glance II

23

• Tryg goes back to 18th century.

• Very strong brand position especially in Denmark.

• Non-life insurance in Denmark, Norway and Sweden.

• Approx. 80% retail business.

Shareholder breakdown 2014

Strengthening of brand value

Shareholder performance since IPO

Low risk investment portfolio

New dividend policy

Shareholder remuneration since IPO

Standard deviation 2011-2013

DKK

Percentage

0

25

50

75

100

125

150

175

200

225

250

275

300

325

350

375

400

425

450

475

Tryg incl. dividend Euro Insurance index

Tryg’s equity story

24

Long term profitable growth and attractive shareholder value creation

Financial targets 2017

• ROE: ≥21%

• Combined ratio: ≤87%

• Expense ratio: ≤14%

Customer targets 2017

• NPS +100%

• Retention rate +1 pp

• ≥ 3 products +5 pp

Dividend policy

• Payout ratio of 60-90%

• Aiming for a nominal stable increasing dividend

• 90% first contact resolution

• Annual coverage check

• 25% of tariffs better than peers in 2017

• Differentiated product offering

• Efficiency programme of DKK 750m

• Claims procurement

• Reducing expense level

• Matching assets and liabilities

• Low risk investment portfolio

Low risk and high returns

Leading in efficiency

Leading Scandinavian insurer with strong

track record

Customer care worth recommending

Next level pricing

Structure of the Nordic insurance market

10 August 201525

Denmark

DKK 51.0bn/EUR 6.8bn (as at Q2-2014)

Sweden

SEK 70.9bn/EUR 7.5bn (as at Q1-2015)

Norway

NOK 55.4bn/EUR 6.3bn (as at Q1-2015)

Nordic

EUR 25.1bn (as at Q4-2013)

13.6

22.6

25.1

10.1

28.6 Tryg

If

Gjensidige

Sparebank1

Other

9.9

4.7

17.6

9.0

8.69.2

41.0

Tryg

Topdanmark

If

Codan

Gjensidige

Länsforsikringar

Other

18.2

17.7

6.1

11.86.4

9.8

30.0Tryg

Topdanmark

If

Codan

Gjensidige

Alm. Brand

Other

3.0

18.3

15.6

1.6

30.3

16.4

14.8

Moderna (Tryg)

If

Trygg-Hansa (Codan)

Gjensidige

Länsforsikringar

Folksam

Other

Percentage

PercentagePercentage

Percentage

56

4

26

14

Own sales

External partners

Online & others

Atlantica/Bilsport MC

63

24

13

Own sales

Affinity

Nordea

45

15

32

8

Own sales

Car dealers

Affinity

Nordea

4357

Own sales

Brokers

Distribution of new sales 2014

26

Norway

Corporate Sweden

Denmark

Percentage

PercentagePercentage

Percentage

80

85

90

95

100

105

110

Combined ratio performance

27

Premium hikes

Premium hikes

Smaller adjustments

Efficiencyprogramme

Customer andefficiency focus

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.

2015-2017 New efficiency programme of DKK 750m launched.

*IFRS from 2004. Previous years are Danish GAAP.

Data before 2009 is not corrected for the sale of Marine Hull business, and Finland before 2008.

Key figures 2011-14 and consensus 2015-17

28

Consensus

DKKm 2011 2012 2013 2014 2015 2016 2017

Gross premium income 19,948 20,314 19,504 18,652 18,334 18,480 18,784

Technical result 1,572 2,492 2,496 3,032 2,555 2,782 2,937

Investment income, net 61 585 588 360 348 236 238

Pre-tax profit 1,603 3,017 2,993 3,302 2,785 2,919 3,075

Net income 1,140 2,208 2,369 2,557 2,175 2,274 2,394

Combined ratio 93.2 88.2 87.7 84.2 86.3 85.2 84.7

Expense ratio 16.6 16.4 15.6 14.6(*) 15.3 14.5 14.2

Total insurance provision 34,220 34,355 32,939 31,692

Shareholders’ equity 9,007 10,979 11,107 11,119

Earnings per share 3.8 7.3 7.9 8.7 7.5 8.0 8.6

Dividend per share 1.3 5.2 5.4 5.8 6.1 6.4 6.7

Share buy back 0 800 1,000 1,000 1,011 872 682

Based on 17 estimates * 15.3 excluding one-off

Appendix

Follow us on Twitter: @TrygIR

Group

30

12

13

14

15

16

17

18

Expense ratio

75

80

85

90

95

100

Combined ratio

60

65

70

75

80

85

90

95


-4

-2

0

2

4

6

8

4,400

4,600

4,800

5,000

5,200

5,400

Gross premiums

%DKKm

GEP (LHS)

Local currency (RHS)

Private

31

12

13

14

15

16

17

18

Expense ratio

75

80

85

90

95

100

Combined ratio

60

65

70

75

80

85

90

95


-4

0

4

8

1,900

2,100

2,300

2,500

Gross premiums

%DKKm

GEP (LHS)


Commercial

32

Expense ratio

70

75

80

85

90

95

100

Combined ratio

50

55

60

65

70

75

80

85

90


-8

-4

0

4

8

950

1,000

1,050

1,100

1,150

1,200

Gross premiums

%DKKm

GEP (LHS)


12

13

14

15

16

17

18

19

20

21

Corporate

33

9

10

11

12

13

14

Expense ratio

80

85

90

95

100

105

Combined ratio

65

70

75

80

85

90

95


-8

-4

0

4

8

900

1,000

1,100

1,200

Gross premiums

%DKKm

GEP (LHS)


Sweden

34

5

10

15

20

25

30

Expense ratio

75

90

105

120

Combined ratio

60

65

70

75

80

85

90

95


-15-10-50510152025

250

300

350

400

450

500

Gross premiums

%DKKm

GEP (LHS)


Geographical segments

Norway

DKKm Q2 2015 Q2 2014 H1 2015 H1 2014 FY 2014

Gross premiums earned

1,777 1,872 3,468 3,653 7,337

Technical result 403 652 458 844 1,478

Key ratios:

Gross claims ratio 62.3 62.2 69.7 67.9 66.5

Result of ceded business

0.3 1.2 2.0 0.4 1.4


Combined ratio 77.6 65.9 87.2 77.5 80.4

Sweden

DKKm Q2 2015 Q2 2014 H1 2015 H1 2014 FY 2014


482 508 914 974 1,975

Technical result 93 59 163 96 44

Key ratios:



2.1 0.0 1.1 1.4 2.2


Combined ratio 80.7 88.8 82.1 90.6 98.2

Denmark

DKKm Q2 2015 Q2 2014 H1 2015 H1 2014 FY 2014


2,299 2,336 4,643 4,675 9,361

Technical result 329 230 633 524 1,510

Key ratios:



-35.8 -6.0 -16.2 -1.6 2.1


Combined ratio 85.7 90.4 86.2 89.0 84.1

35

Norway

% 2015 2016

GDP Growth (mainland) 1.5 1.7

Inflation 2.3 2.0

Unemployment 4.1 4.4

Current account balance in % of GDP

5.4 8.2

Budget balance in % of GDP 6.7 8.2

Public debt in % of GDP 0.0 0.0

Sweden

% 2015 2016

GDP Growth 2.6 2.4

Inflation 0.2 1.4



5.4 6.0

Budget balance in % of GDP -1.2 -0.6


Economic key figures

36

Source: Economic Outlook, Nordea Markets, June 2015

Denmark

% 2015 2016

GDP Growth 1.7 2.0

Inflation 0.6 1.7



5.5 5.1

Budget balance in % of GDP -1.2 -1.9


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