Tryg Forsikring A/S Tier 2 subordinated bond issue Company - - PowerPoint PPT Presentation

Company presentation

Tryg Forsikring A/S

Tier 2 subordinated bond issue

May 2016

Arranged by:

2

Certain statements in today’s presentations 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 the presentations 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 financial reports 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 presented as anticipated, believed, estimated or expected. We are not under any duty to update any of the forward-looking statements

• r to conform such statements to actual results, except as may be required

by law.

Important information

Disclaimer

3 5 10 15 20 25 30 35 5 10 15 20 25 30 35 Equity Acc dividends Acc share buy-back ROE

Strong value propositions

High profitability | Strong customer retention | Low balance sheet risk I II III IV V VI

Strong earnings and high profitability Leading Scandinavian non-life insurer Robust capitalization and low leverage – assigned “A2” rating with positive outlook by Moody’s Low risk balance sheet with conservative investments allocation Strong customer relationships with very high retention Highly attractive market fundamentals

Stable inflow of cash Tryg’s combined ratio development

Note(*): Moderna Försäkringar is included from 2 April 2009 || Source: Company reporting

Return on Equity (%) DKK bn 75 80 85 90 95 100 105 110 Sweden Norway Denmark

*

4

Tryg Forsikring A/S at a glance (I)

Leading Nordic non-life insurance company

• Tryg’s history dates back to the

18th century

• Pure non-life insurer active in Denmark,

Norway and Sweden

• Retail is approx. 80% of total premiums
• Motor, Property and Accident & Health

are Tryg’s main product lines

• TryghedsGruppen, a mutual foundation

rooted in Denmark, has a 60% stake in the company

• Bonus scheme recently introduced

expected to boost retention long term

• Unrivaled brand strength and recognition

with significant local goodwill due to TryghedsGruppen

• Employees: 3,359
• Customers: 2.8 million
• Premiums earned 2015: DKK 17,977m
• Combined ratio 2015: 86.7
• Total equity Q1- 2016: DKK 9,111m

Customer Satisfaction Brand Strength Attractive Products Distribution Network Employee Satisfaction

Tryg’s operating fundamentals 2015 premiums split by COUNTRY 2015 premiums split by BUSINESS MIX 2015 premiums split by PRODUCT LINE

Source: Company reporting

56% 22% 22% Private Commercial Corporate 31% 24% 14% 11% 5% 5% 10% Motor Fire & property - private Fire & property - comm. Health & accident Worker' comp Liability Other 52% 38% 11% Denmark Norway Sweden

5 18% 17% 6% 11% 7% 10% 31% Tryg Topdanmark If Codan Gjensidige

• Alm. Brand

Other 14% 22% 25% 10% 29% Tryg If Gjensidige Sparebank1 Other

Tryg Forsikring A/S at a glance (II)

Operating in attractive market fundamentals

Market share DENMARK Q1’15

Norway Denmark

Market position: Market share: Employees: Premiums earned: Technical result: Combined ratio: #1 18.0% 1,859 DKK 9,346m DKK 1,371m 85.2 TOP3 13.4% 1,113 DKK 6,766m DKK 844m 87.9 TOP5 2.9% 387 DKK 1,894m DKK 328m 82.7 #1 TOP3

Market share NORWAY Q4’15 Market share SWEDEN Q4’15 EUR 7.0bn EUR 6.2bn EUR 7.9bn

1. Solid macroeconomic environment 2. Consolidated and mature markets 3. High degree of customer loyalty 4. Rational key players and most of them listed 5. High efficiency level with some of the lowest expense ratios in the world 6. High profitability and stable business 7. Considerable barriers to entry

Tryg’s combined ratio development Key market characteristics

Note(*): Moderna Försäkringar is included from 2 April 2009 Source: Forsikringogpension (DK), FNO (NO), Svenskforsäkring (SE), Company reporting

Market share Nordics Q4’14

9% 5% 17% 9% 9% 9% 42% Tryg Topdanmark If Codan Gjensidige Länsforsikringar Other 75 80 85 90 95 100 105 110 Sweden Norway Denmark

EUR 25.7bn

3% 18% 15% 2% 30% 16% 16% Moderna (Tryg) If Trygg-Hansa (Codan) Gjensidige Länsforsikringar Sweden

*

Acquisition of Skandia’s child insurance portfolio during 2015: Tryg is operating in Sweden through the following brands:

TOP5

6

Tryg Forsikring A/S at a glance (III)

Long term profitable growth

Tryg strives to deliver long term profitable growth resulting in attractive value creation for all stakeholders

Leading in efficiency Leading Scandinavian insurer with strong track record

• Efficiency programme of DKK 750m
• Claims procurement
• Reducing expense level

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

Low risk and high returns

• Matching assets and liabilities
• Low risk investment portfolio

Customer care worth recommending

• 90% first contact resolution
• Annual coverage check

Next level pricing

• 25% of tariffs above peers in 2017
• Differentiated product offering

Source: Company reporting

7 80 85 90 95 100 105 110 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2004* 2003 2002 2001 2000

Resilient business model through cycles

Proven operations ensure stable inflow of cash

Note(*): IFRS from 2004 - previous years are Danish GAAP || Note(general): data before 2009 is not corrected for the sale of Marine Hull business, and Finland before 2008 || Source: Company reporting

Selected financial results Combined ratio Premium hikes Premium hikes Smaller adjustments Efficiency program Customer and efficiency focus

High quality portfolio with high retention rate

III II I IV V

Highly attractive underlying profitability Conservative asset allocation Stable operating result and proven track record of a solid cash flow generation Only one quarterly loss in the last ten years due to extreme winter weather

• 2,000
• 1,000

1,000 2,000 3,000 4,000 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Pre-tax profit Technical result Investment result

Combined ratio target : <87

8

Sustainable efficiency program 2015-2017E

Expense and claims reduction of more than DKK 750m within 3 years

Annual cost savings 2012 - 2017E Overview of efficiency program 2015 - 2017E Development in FTEs New initiatives towards 2017

Claims reduction Expense reduction DKK 750m DKK 250m DKK 500m

Old program New program

Source: Company reporting

• Utilization of Nordic

procurement volume

• Sourcing
• Simplification
• First contact resolutions
• Improved retention rates
• Enhanced fraud detection

120 300 282 100 105 150 30 250 55 82 113 50 60 75 15 125 50 100 150 200 250 300 350 400 2012 2013 2014 Target 2015 2015 Target 2016 Q1'16 Target 2017

Expense Claims

3,914 3,703 3,599 3,359 3,333 3,000 3,200 3,400 3,600 3,800 4,000 2012 2013 2014 2015 Q1'16

9 82% 84% 86% 88% 90% 92%

Tryg’s strategic business initiatives

Source: Company reporting

Private – Customer retention Commercial – Customer retention

III II I IV V

High customer retention level at 85-90% Price increases of 3% to offset claims inflation and improve profitability Product portfolio diversification focused on recent acquisition of Skandia’s child insurance portfolio, Nordic extended warranty and pet insurance Continued development of digitalization – a key strategic initiative from Tryg Danish members’ bonus to be paid on the 1st of June 2016 and equal to approximately 8% of average premium paid DK NO

82% 84% 86% 88% 90% 92%

DK NO

Focus on customer retention while increasing prices and product mix

10 Covered bonds, 67.5% Bonds/deposits, 13.7% (free)

• Inv. Property,

5.2% EM, 1.1% HY, 2.1% Equities, 6.2% Bonds/deposits, 5.7% (match)

Sound investment approach and related return

Conservative asset allocation and low return volatility provides consistency

Annual gross return* 2007 - 2015

• Aim of investment is to support insurance world class

ambition

• Low interest rates requires more focus on the insurance

business

• Above average return despite lower risk
• Matching of assets and liabilities implies lower net capital

requirement in Solvency II

MAX and MIN deviation in quarterly return 2007 - 2016 YTD Portfolio Q1’16 (DKK 40bn) Key comments

Free 11.3bn 29%

Match

28.7bn

71% Source: Company reporting * calculated as gross return before discounting / average investment assets

• 4.1%
• 1.7%
• 1.5%
• 1.9%
• 0.7%

3.3% 4.6% 2.9% 2.1% 2.4%

• 5.0%
• 2.5%

0.0% 2.5% 5.0% Peer 1 Peer 2 Peer 3 Peer 4 Tryg

Min Max Average

Return 4.1% 3.5% 6.8% 4.4% 4.8% 4.6% 2.8% 4.3% 1.1% 0% 1% 2% 3% 4% 5% 6% 7% 2007 2008 2009 2010 2011 2012 2013 2014 2015

11

Solvency II and Capital (I/IV)

Solvency II finally went alive on January 1, 2016

Source: Company reporting

Key comments Solvency Capital Requirement and Own Funds Q1’16, DKKm

5,098 10,794

• 1,173
• 2,663

2,209 256 3,531 898 2,041 2,000 4,000 6,000 8,000 10,000 12,000 Market Health Default Non-Life Opera- tional Deferred tax Diversifi- cation SCR Q1'16 Own funds Q1'16

• Tryg’s partial internal model was approved in November 2015 by the Danish FSA
• Tryg models internally “only” the non-life risk, the rest is calculated using standard formulas.
• As a consequence, the Solvency Capital Requirement before diversification is much in line with the standard charges

specified in Solvency II regulations

• The Solvency ratio with the approved internal model and the standard formula was 212% (199% adjusting for the Skandia’s

child insurance acquisition) and 173% respectively as of Q1’16

• The Danish FSA has stated that a solvency ratio of 125% or below would result in additional supervision.
• Tryg has significant buffers before any potential intervention by the FSA

12

Solvency II and Capital (II/IV)

A strong Solvency II position and a solid capitalization

Note(*) Solvency Capital requirement based on SF = Standard Formula, PIM = Partial Internal model | Note(**) Before adjustments for the acquisition of Skandia’s child insurance portfolio | Source: Company reporting

Solvency ratio in a peer context Q1’16* Solvency ratio development Q1’15 – Q1’16

• Tryg holds a very strong Solvency II position following the

adjustments to the new regulations

• The overall impact following an inclusion of Skandia’s child

insurance portfolio, awaiting regulatory approval, will lower the Solvency 2 ratio from 212% to 199%

• The classification of the Norwegian Natural Perils funds as Tier

2 capital was approved during Q1 2015

• The Solvency Capital Requirement can be met by 50% tier 2

capital resulting in a potential room to issue additional Tier 2 capital of approximately DKK 900m corresponding to SEK 1bn

155% 151% 159% 154% 212% 199% ** 0% 50% 100% 150% 200% 250%

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'16 (adjusted for Skandia's child insurance portfolio)

Update with Q1 numbers and remove adj. PIM after company reportings of Q1

Key comments Own Funds composition (% of Solvency Capital Requirement)

**

212%, DKK 10,749bn

163% 12% 37% 0% 50% 100% 150% 200% 250% Q1'16 own funds composition

Tier 2 Tier 1 Core equity

139% 181% 154% 198% 173% 212% 177% 175% 181% 0% 50% 100% 150% 200% 250%

SF PIM SF PIM SF PIM SF PIM SF PIM SF PIM Gjensidige Group (under transationl rules) IF P&C Tryg

• Alm. Brand

Forsikring Storebrand Group (under transtional rules) Topdanmark

(under transitional rules)

13

• Tryg is using the standard model from Solvency II to calculate the capital requirement on the Market risk module
• The Solvency II ratio is not highly sensitive to equity markets movements as most of the ‘Own funds’ hit from a sharp fall in

equity markets would be offset by a lower equity capital charge

• The Solvency II ratio shows the highest sensitivity to spread risk*
• Interest rate risk is very low due to matching strategy
• A change in the UFR (Ultimate Forward Curve) from 4.2% to 3.2% would reduce the Solvency ratio from 212% to 207%

*Assumption is for a 100bps widening/narrowing of our entire fixed income book (Danish government bonds, Danish mortgage bonds, Norwegian government bonds, high yield etc.)

212% 215% 209% 220% 203% 210% 213% 200% 223% 207%

0% 50% 100% 150% 200% 250% Q1 +20%

• 20%

+20%

• 20%

+100 bps

• 100 bps

+100 bps

• 100 bps
• 100 bps

2016 Equity Property Interest Spread UFR

Solvency II and capital (III/IV)

Solvency II ratio displays low sensitivities to market movements

Source: Company reporting

Key comments Solvency ratio sensitivity

14

Solvency II and Capital (IV/IV)

Subordinated debt in SEK will improve Tryg’s risk management

Note(*) Before adjustments for the acquisition of Skandia’s child insurance portfolio | Source: Company reporting

Key comments Own funds impact from a 10% increase in local currencies

• Tryg’s presence in the three Nordic countries means exposure

to fluctuations in the local currencies NOK and SEK in regards to both financial results and solvency ratio

• Tryg has chosen a currency hedge strategy that is focusing on

mitigating the currency impact on financial results. However this introduces increased volatility with regards to the solvency ratio

• The overall impact (net move of Own Funds and Solvency

Capital Requirement) of a 10% move in NOK/DKK is limited due to Tryg’s current outstanding subordinated debt in NOK

• The overall impact of a 10% move in SEK/DKK is higher, but

would be reduced sharply through the issuance of subordinated debt in SEK

Sensitivity from 10% increase in currencies Q1’ 16*, DKKm

Own Funds NOK/DKK SEK/DKK

+ Equity No sensitivity due to hedge strategy

• Intangible assets

Negative Negative + Expected future profits Positive Positive + Subordinted debt Positive Positive = Own Funds Q1’16 DKK 190m DKK -30m

190 130

• 30

70 50 70

• 50

50 100 150 200 250

Own Funds SCR Own Funds SCR Own Funds SCR NOK/DKK SEK/DKK SEK/DKK (post SEK 1bn subordinated)

15

Better capitalized and more profitable than most financial peers

Note(*) Group | Source: Company reporting

Return on average equity 2015 Equity to total assets 2015

• The equity base in relation to total assets is in line with
• ther strong Nordic P&C peers and more robust than both

Nordic life insurers and banks

• Same goes for profitability and combined ratio where Tryg

is in a leading position versus peers

• Risk of default in a P&C insurance company due to liquidity

issues is very remote as the nature of the cash flow is such that premiums are received first and claims are paid in the future

Key comments Combined ratio 2015

Tryg in a peer group context

0% 5% 10% 15% 20% 25% 30%

* * *

0% 5% 10% 15% 20% 25% 30%

* * * * 10 20 30 40 50 60 70 80 90 100 *

16

Strong A2 rating with positive outlook from Moody’s

…reflecting our leading position, strong profitability, strong asset quality & low leverage

Source: Moody’s

Key comments Rating and underlying rationale Rating

Insurance Financial Strength Rating (IFSR)

• Moody’s assigned an “A2” rating with a positive outlook

reflecting Tryg’s:

• Leadership position in P&C insurance in the Nordic region
• Strong profitability both from a return on capital and

underwriting (combined ratio) perspective

• Very good asset quality
• Relatively low financial leverage
• The positive outlook reflects Moody’s expectation that

Tryg’s strengths are likely to continue, and that capitalisation will remain robust

A2 (positive outlook)

Outstanding subordinated rating

Baa1 (hyb)

Expected subordinated rating

Baa1 (hyb)

17

Achievable long-term business plan

Well defined strategic targets reveal ambitious plans for the company

Note(*): excluding one-off effects || Note(**): private (DK & NO) || Source: Company reporting

Financial targets Customer targets Shareholder remuneration target ROE 2005 to 2015 (target 2017)

I II III I II III I II

Return on Equity (ROE) after tax 2017: ≥ 21% Combined ratio 2017: ≤ 87 Expense ratio* 2017: ≤ 14 Net Promoter Score (NPS) 2017: + 100 Retention rate 2017: + 1pp Customers ≥ 3 products** 2017: + 5pp Payout ratio 60% – 90% Aiming for a nominal stable increasing dividend

III

Share buy-back May occur as extraordinary events

10 20 30 40

18

Transaction summary

Indicative key terms

Source: Tryg, Nordea, SEB

Issuer:

Tryg Forsikring A/S

Instrument:

Solvency 2 Compliant Subordinated bond issue (Tier 2 Capital)

Moody’s Ratings:

A2 (Issuer Rating) / [Baa1] (Expected Instrument Rating)

Volume:

SEK [Benchmark]

Maturity Date:

[] 2046

Issuer’s Call option:

Ordinary calls on [] [2021], and any interest payment date thereafter. Conditional calls on either a Capital Disqualification Event; or a Rating Agency Event; or a Taxation Event

Coupon rate:

Tranche A) 3 months STIBOR + [Margin], payable quarterly in arrears Tranche B) Mid swap + [Margin] up to and including the first optional redemption date, thereafter 3 months Stibor + [Margin]

Margin:

[]% until [] 2026, thereafter [1.00]% increase to []%

Deferral of Interest Payments:

At the Issuer’s option, subject to 6 months dividend pusher. Mandatory in the event of breach of solvency requirements. Arrears of Interest will be cumulative

Listing:

An application will be made for the Bonds to be listed on [Oslo Børs]

Bond Trustee:

Nordic Trustee ASA

Governing law / Denominations:

Danish law / SEK 1,000,000

Arrangers:

Nordea & SEB

19

Strong solvency capital position of 212%, which implies a considerable buffer to any potential intervention by the FSA

Key investment considerations

Nordic footprint | Lean operations | High profitability | Strong capitalization

1 2 3 4 5 7 8

Dedicated Nordic non-life insurance company, with proven

• perations and favourable outlook, diversified across both

countries and products Operates in mature markets, with high entry barriers and customer retention rates, dominated by established key players focusing on lowering cost Profitability has been high and improving in recent years due to efficiency programmes and low customer price sensitivity Aiming to achieve a combined ratio of ≤ 87 and expense ratio

• f ≤ 14 from 2017 and onwards

ROE after tax has been 19% on average the last 10 years and Tryg aims to achieve ≥ 21.0% within 2017 Only one quarterly pre-tax loss since 2006 due to heavy

• winter. Re-insurance protects Tryg from large claims and single

events Assigned A2 rating with a positive outlook by Moody’s following Tryg’s leading position in P&C insurance in the Nordic region, its strong profitability both from return on capital and underwriting, very good asset quality and a relatively low financial leverage

Source: Company reporting

6

The classification of the NNP funds as Tier 2 capital leaves a potential room for issuing approximately DKK 900m Tier 2 subordinated debt

9

Appendix

21

Norway Denmark Sweden

Distribution of new sales 2015

Broad distribution power through diverse sales channels is key

Source: Company reporting

Corporate

57% 29% 14% Own sales Affinity Nordea 44% 12% 38% 6% Own sales Car dealers Affinity Nordea 51% 3% 31% 15% Own sales External partners Online & others Atlantica/Bilsport MC 45% 55% Own sales Brokers

22

Key financial figures and consensus 2011-2018E

Overview

Note(*): DKK 15.3m excluding one-offs || Note(**): 14.9 excluding one-off || Note (***): Based on 16 standalone estimates ahead of Q1 2016 || Source: Company reporting

DKKm 2011 2012 2013 2014 2015 2016 E 2017 E 2018 E

Gross premium income 19,948 20,314 19,504 18,652 17,977 17,789 18,004 18,240 Technical result 1,572 2,492 2,496 3,032 2,423 2,623 2,789 2,768 Investment income, net 61 585 588 360

• 22

96 192 204 Profit/loss before tax 1,603 3,017 2,993 3,302 2,327 2,666 2,932 2,904 Profit/loss 1,140 2,208 2,369 2,557 1,981 2,085 2,293 2,269 Combined ratio 93.2 88.2 87.7 84.2 86.8 85.4 84.6 85.0 Gross expense ratio 16.6 16.4 15.6 14.6(*) 15.3(**) 14.4 14.1 14.0 Total insurance provision 34,220 34,355 32,939 31,692 31,571 n.a n.A n.a Shareholder's equity 11,107 11,119 9,831 9,396 9,111 n.a n.A n.a Earnings per share 3.77 7.30 7.88 8.74 6.95 7.5 8.4 8.5 Dividend per share 1.30 5.20 5.40 5.80 6.00 6.2 6.5 6.7 Share buy back

• 800

1,000 1,000 1,000 823 681 555

Consensus(***)

23

Established ownership structure

60% owned by TryghedsGruppen (foundation) and 40% free float

Note(*): from Bloomberg || Note(**): from Ipreo’s Big Dough database || Note(***): large shareholders = more than 10,000 shares (~0.017%)

Geographical distribution of free float (40%) 2015(**) TOP 10 shareholders Q1 2016 (*) Shareholders overview year-end 2015(**) (***)

TryghedsGruppen

60.00 %

Tryg A/S Black Rock Fund Advisors Nordea Bank AB Norges Bank Investment Management The Vanguard Group Danske Bank A/S Handelsbanken Fonder Skandinaviska Enskilda Banken Massachusettes Mutual Life INS

1.78 % 1.42% 0.99% 0.82 % 0.79 % 0.78 % 0.53 % 0.50 % 0.49 %

TOTAL TOP10

68.1%

59% 14% 12% 12% 3% Denmark UK US Other Nordic region 61% 11% 12% 16% TryghedsGruppen Large Danish shareholders Large international sharegholders Small shareholders

24

Strong A2 rating with positive outlook from Moody’s

Source: Moody’s

Base-case scenario assumptions and methodology Rating and underlying rationale

Market position, Brand and Distributions: A

• Strong market position in the Nordic region albeit less diversified

than larger continental peers Product risk and Diversification: A

• Good product risk albeit concentration in property and motor and

in the Nordics Asset Quality: A

• Relatively conservative investment philosophy compared to direct

Nordic peers, supported by low level of reinsurance and intangible assets Capital Adequacy: A

• Robust capitalisation albeit constrained by the relatively high

dividend policy and share buy-back program Profitability: A

• Profitability expected to remain strong, notwithstanding some

headwinds Reserve Adequacy: A

• Consistent reserve releases over the last few years

Financial Flexibility: A

• Relatively low financial leverage although access to capital

markets not comparable to the largest European players

Rating Rationale Insurance Financial Strength Rating

Insurance Financial Strength Rating Current Subordinated debt Expected new Subordinated debt

A2 (positive) Baa1 Baa1

Factors that can lead to an upgrade

The positive outlook could translate into a rating upgrade from:

• Maintenance of the reported combined ratio below 90% and/or
• Sustaining Solvency II coverage above 180% and gross underwriting

leverage below 4x and/or

• Adjust financial leverage above 20%

Factors that can lead to an downgrade

Although currently seen as unlikely given the positive outlook, negative pressure could arise from:

• A material weakening of market position and/or
• Meaningful reduced capital adequacy with gross underwriting leverage of

above 6x on sustained basis and/or Solvency II coverage below 130% and/or

• Meaningful deterioration in profitability with combined ratio consistently

above 95% and/or

• Adjust financial leverage consistently above 30%

Select Key Metrics

Select Key metrics 2011 2012 2013 2014 2015 Gross premium written (DKKm) 20,192 20,128 19,820 28,672 28,150 Net Income (DKKm) 19,069 18,981 18,600 17,613 16,985 Return on average capital (ROC) 9.8% 16.9% 17.0% 16.3% 15.5% Gross underwriting leverage 5.5x 4.6x 4.3x 4.1x 4.5x Financial leverage 24.8% 21.5% 19.1% 16.6% 15.0% Total leverage 24.8% 21.5% 20.4% 17.9% 18.6% Earnings coverage 13.1x 23.9x 23.8x 27.8x 23.2x

…reflecting our leading position, strong profitability, strong asset quality & low leverage

25

Key economic figures in the Nordic region

Stable outlook

Norway Sweden Denmark

#1 TOP3 TOP5 Tryg exposure Source: Economic Outlook, Nordea Markets 2016

Denmark Norway Sweden % 2016E 2017E GDP Growth 1.3 1.8 Inflation 0.6 1.2 Unemployment 4.2 3.9 Current account balance in % of GDP 7.3 6.8 Budget balance in % of GDP

• 2.7
• 2.2

Public debt in % of GDP 40.9 42.6 % 2016E 2017E GDP Growth 1.0 1.6 Inflation 2.6 1.5 Unemployment 4.8 4.9 Current account balance in % of GDP 7.0 7.6 Budget balance in % of GDP 5.7 6.3 Public debt in % of GDP 0.0 0.0 % 2016E 2017E GDP Growth 3.8 2.2 Inflation 1.3 1.6 Unemployment 6.8 6.9 Current account balance in % of GDP 6.4 5.9 Budget balance in % of GDP

• 0.9
• 1.1

Public debt in % of GDP 43.1 43.2

Tryg Forsikring A/S | Klausdalsbrovej 601 | 2750 Ballerup | Denmark | Tel: +4570112020

Arranged by: