Tryg’s Supervisory Board has today approved the interim report for Q1 2020.
Premium growth of 8.9% (6.0% excluding Alka in Q1 2019), technical result of
Financial highlights Q1 2020
- Premium growth of 8.9% (6.0% excluding Alka) in local currencies
- Technical result of
DKK 672m (DKK 626m ) driven by a combined ratio of 88.0 - Underlying claims ratio (
Private and Group ) improved by 0.4 and 0.5 - Expense ratio of 14.1 (14.0)
- Investment return on free portfolio
DKK -713m (DKK 373m ) - Total Investment return of
DKK -980m (DKK 353m ) - Profit before tax of
DKK -372m (DKK 930m ) - Tryg moves to full-year dividend payment for 2020 (as opposed to quarterly dividend)
- Solvency ratio of 159 end of Q1 and approval of updated partial internal model on
April 20 leading to a reduction of the solvency capital requirement by approximatelyDKK400m
Customer highlights Q1 2020
- Transactional Net Promotor Score (TNPS) at an all-time high level of 69 (67)
- Number of products per customer increased to 3.9 (3.8)
- For the fifth year in a row TryghedsGruppen decided to pay member bonus of 8%
Statement by Group CEO
I am very pleased that Tryg has confirmed its robust business model during this period, delivering a solid technical result somewhat higher than in Q1 2019. Like many other companies, Tryg has been impacted by the COVID-19 outbreak, especially on the investment result, but also in our travel insurance department, which in Q1 has served approximately 30,000 customers in
At the same time, we notice a positive development in other lines of business during the COVID-19 outbreak as a result of lower economic activity and the lock-down. In March, we have experienced 15% fewer claims in motor and contents insurance (fewer burglaries), 20% fewer claims in accident insurance and 35% fewer claims in health insurance (after the healthcare system locked down) in
Overall, this does not change the fact that COVID-19 affects Tryg negatively in Q1 as the high travel insurance claims has been only partly mitigated by lower claims frequencies reporting an overall net negative impact of
Finally, I want to highlight that we are proud that in a period with extraordinary many calls (during the last two weeks of March, our travel insurance departments received the same amount of calls that we normally receive in the entire Q1) we experience the highest customer satisfaction ever. And again, this year, the customers can look forward to receiving a bonus from TryghedsGruppen. For the fifth year running, TryghedsGruppen announced a member bonus, equivalent to 8% of premiums paid, which means that both Alka and Tryg customers, or every 4th citizen in
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 82 33 31 94
US participants: +1 833 526 8396
All Q1 material can be downloaded on tryg.com/en/investor shortly after the time of release.
Attachment
- 08_TRYG_2020_Q1 report
© OMX, source