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TrygVesta report 2 0 0 5 2 8 . february 2 0 0 6 Stine Bosse, CEO Morten Hbbe, CFO TrygVesta annual report 2005 2 0 0 5 in review Solid im provem ent strengthen of position Pre-tax profit DKK 2,913m up by DKK 861m The

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SLIDE 1

TrygVesta • annual report 2005

TrygVesta report 2 0 0 5

2 8 . february 2 0 0 6

Stine Bosse, CEO Morten Hübbe, CFO

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SLIDE 2

02-03-2006 Side 2

2 0 0 5 in review

Solid im provem ent – strengthen of position

  • Pre-tax profit DKK 2,913m up by DKK 861m
  • The technical result DKK 2,053m – up by DKK 353m
  • Investment yielded a return of DKK 1,681m – up by DKK 478m
  • Combined ratio 89.0 – Return on equity 28% after tax
  • Premium growth of 2.9% - from DKK 15,266m up to DKK 15,705m
  • Significant improvements in the three major business areas
  • Dividend payout ratio of 68% of the profit for the year, equal to DKK 21

per share

  • Expected result for 2006 s DKK 2,200m pre tax and a combined ratio at 91
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SLIDE 3

02-03-2006 Side 3

The financial perform ance in figures

DKKm Gross earned premiums 3,961 3,820 15,705 15,266 Earned premiums, net of reinsurance 3,749 3,450 14,739 13,620 Gross claims ratio 70.0 75.1 72.0 69.3 Ceded business as a percentage

  • f gross premiums

4.9 2.6 0.1 4.7 Gross expense ratio 16.8 16.9 16.9 17.1 Combined ratio 91.7 94.6 89.0 91.1 Operating ratio 89.6 92.7 87.2 89.1 Technical result 421 284 2,053 1,700 Investments 272 273 888 378 Other income/ expenses

  • 15
  • 8
  • 28
  • 26

Profit before tax 678 549 2,913 2,052 Profit after tax 496 369 2,097 1,421 Q4 2 0 0 4 Q4 2 0 0 5 2 0 0 5 2 0 0 4

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02-03-2006 Side 4

416 461 236 739 278 200 400 600 800 2001 2002 2003 2004 2005

Large claim s on w eather related claim s

  • Expenses related to windstorms and disasters above normal year due

to the January windstorm

  • + DKK 800m above the level of 2004
  • Expenses related to large claims losses close to a normal year in

2005

  • DKK 45m relative to 2004

Gross large claim s expenses, total Gross disaster and w indstorm expenses

Normal level

911 111 73 184 84 200 400 600 800 1.000 2001 2002 2003 2004 2005

Normal level

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SLIDE 5

02-03-2006 Side 5

Claim s Ratio

83,6% 78,3% 72,6% 74,0% 72,1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2002 2003 2004 2004 I FRS 2005 I FRS

Claim s Ratio, net

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02-03-2006 Side 6

Expenses

23,6% 22,4% 21,2% 17,1% 16,9% 0% 5% 10% 15% 20% 25% 2002 2003 2004 2004 I FRS 2005 I FRS

Expense ratio

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SLIDE 7

02-03-2006 Side 7

Result breakdow n

Technical result / business areas Technical result / geography

  • Technical result improved across country and business area
  • P&C Norway in particular supported by low claims ratios
  • Danish business hampered by the windstorm in January
  • Good balance in earnings between Denmark and Norway
  • 45

390 831 524 874 756 464

  • 41
  • 100

100 300 500 700 900 P&C DK P&C NO Corporate Other DKKm 2004 2005

722 956 1,023 1,138 500 1000 1500 2000 2500 2004 2005 DK Norway

Effects of previous efforts continue to m aterialize

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02-03-2006 Side 8

Highlights 2 0 0 5

  • Customer satisfaction and loyalty in top
  • Two major events – storm and flooding
  • Nordic partnership agreement was prolonged to 2010
  • Customer concepts successfully introduced in Norway
  • New Motor insurance in Denmark
  • Successful IPO
  • Decision made to enter Sweden in 2006
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SLIDE 9

02-03-2006 Side 9

Business areas

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SLIDE 10

Privat & Com m ercial - Denm ark

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02-03-2006 Side 11

Private & Com m ercial Denm ark

High grow th and strong earnings

Strong perform ance despite January storm Growth at 5,6 %

  • Index 2,4%
  • Price increase 1,2%
  • Organic growth 2%
  • Retention rate

from 84.4 to 85.0

  • Increased market

share

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02-03-2006 Side 12

Private & Com m ercial Denm ark

Gross claim s & gross expense ratios

Claims ratio up 5.8 percentage points

  • January storm affects the claims

development by approx. 11.3 percentage points before reinsurance and 1.4 percentage points net of reinsurance

  • Steady to declining claims frequency
  • Reduced average claims for motor –

increased average claims for house-

  • wners
  • Strong focus on existing customers

and new sales

Good profitability despite the storm

79.5 78.4 74.1 73.7 3.5 3.0 1.7

  • 7.4

23.0 22.7 17.8 17.7

  • 10

10 30 50 70 90 110 2002 2003 2004 2005

Gross claims ratio Net of ceded business Gross expence ratio

104.9 99.8 93.2 89.8

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02-03-2006 Side 13

Developm ent in claim s frequency DK

Developm ent in claim s frequency

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SLIDE 14

Privat & Com m ercial - Norw ay

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02-03-2006 Side 15

Private & Com m ercial Norw ay

Positive indication from new price structure

Very satisfactory claim s level 4.4% growth

  • Growth in local

currency at 1%

  • Index 1.1%
  • Price increase 0.6%
  • Organic growth -0.7%
  • Rentention rate 83.0 to

83.7

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02-03-2006 Side 16

Strong profitability and basis for stronger custom er focus

Claims ratio still at a very low level

  • Only limited effect of the heavy rains in Bergen in September
  • Low claims level
  • Low claims frequency on Motor

and House

  • Lower claims level for new customers
  • Very low level of house fires
  • Low level of large claims

– but one Property claim of NOK 27m

  • Increasing number of claims handled

by telephone Expense ratio down 0.4 percentage point

  • Improved effectiveness and investments

in sales activities and improved customer service

Private & Com m ercial Norw ay

Gross claim s & gross expense ratios

60.8 71.9 72.0 61.4 1.3 1.6 2.0 5.4 20.4 20.8 24.7 27.0 20 40 60 80 100 120 2002 2003 2004 2005

Gross claims ratio Net of ceded business Gross expense rartio

104.4 98.6 83.2 83.1

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02-03-2006 Side 17

Developm ent in claim s frequency N

Developm ent in claim s frequency

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SLIDE 18

Corporate

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02-03-2006 Side 19

Corporate

Good results after necessary initiatives

Negative development of premiums driven by:

  • Aviation Pool
  • Full effect of net

pricing

  • Increased

deductibles Very satisfactory result

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SLIDE 20

02-03-2006 Side 20

Corporate

Gross claim s & gross expense ratios

Profitable level im proved

  • Underlying claims level very

satisfactory

  • Very positive development in the

Norwegian business in part due to effects of price increases in personal lines

  • January storm affects the claims ratio

by 2.7 percentage points before reinsurance and 0.3 percentage point net of reinsurance Expense ratio down 0.3 percentage point

  • Despite lower premium level
  • Focus on efficiency incentives
  • Synergies

71.5 68.5 85.3 72.0 9.0 11.4 15.4 7.1 11.4 11.7 16.8 16.5 20 40 60 80 100 120 2002 2003 2004 2005

Gross claims ratio Net of ceded business Gross expense ratio

108.9 100.7 94.6 92.4

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02-03-2006 Side 21

New Markets

Rolling out Profitable Bancassurance Approach

  • Entry into new markets, i.e.

Finland and Sweden without incurring substantial Greenfield costs

  • Leverage Nordea partnership
  • Product initially branded Nordea
  • Ability to capture further growth

potential by developing direct distribution channels

  • Finnish penetration on track
  • Long-term market share targets
  • f 8% of the private market

Finland: Gross Earned Prem ium s

DKK MM

Danish GAAP IFRS

TrygVesta Bancassurance in Finland

Growth 44%

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02-03-2006 Side 22

Custom ers

  • Strong brands in the Nordic countries
  • Come up with solutions rather than economic compensation
  • Actively perform as supplier of peace of mind
  • Strengthening loyalty

8 4 2 1 4 1 5 14 28 90 10 20 30 40 50 60 70 80 90 100 Ved ikke 1 2 3 4 5 6 7 8 9 10 Appraisal Number of answers

Said by the custom ers, w hen asked if they w ould recom m end Tryg as insurance com pany for friends and collegeaus 1 0 is ”Abolutely”

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02-03-2006 Side 23

EPSI benchm ark Nordic countries Contentm ent and loyalty – private custom ers

If 2005 TrygVest a 2005 Codan/ Tryg- Hansa 2005 Branche 2005

64 66 68 70 72 74 76 64 66 68 70 72 74 76

Contentm ent Loy alt y

October 2005

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02-03-2006 Side 24

EPSI benchm ark Denm ark Contentm ent and loyalty – private custom ers

If 2005 Ny kredit 2005 Branc he 2005 Try g 2005 Alka 2005 Alm.Brand 2005 Codan 2005 Top 2005 Øv rig 2005

6 3 6 5 6 7 6 9 7 1 7 3 7 5 7 7 7 9 8 1 8 3 6 3 6 5 6 7 69 7 1 7 3 7 5 77 7 9 8 1 8 3

Contentm ent Loyalty

October 2005

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02-03-2006 Side 25

EPSI benchm ark Norw ay Contentm ent and loyalty – private custom ers

Vest a Sparebank1 Gjensidige If Øv rig Branc he

6 2 6 4 6 6 6 8 7 0 7 2 7 4 7 6 7 8 6 2 6 4 6 6 68 7 0 72 7 4 7 6 7 8

Contentm ent Loyalty

October 2005

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02-03-2006 Side 26

EPSI benchm ark Finland 2 0 0 5 Contentm ent and loyalty – private custom ers

Tapiola If Pohjola Branc he Ot her Nordea Vahinkov akuut us

6 8 7 0 7 2 7 4 7 6 7 8 8 0 8 2 6 4 66 6 8 7 0 7 2 7 4 76 7 8

Contentm ent Loyalty

Ultimo 2005 The group ”Other” is constituted by several small companies.

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02-03-2006 Side 27

Processes

Nordic synergies

  • Systematic sharing of knowledge
  • Cross border IT-systems – SAP, DOP and call centre
  • Economies of scale
  • Competence building

Claim s handling

  • Motor claims handling automation in Denmark
  • Tryg Bygning and Tryg Reparation

The internet

  • Vesta.no and tryg.dk – record high attendance

904082 1552984 2094231

500.000 1 .000.000 1 .500.000 2.000.000 2.500.000

2003 2004 2005 Norden

Num bers visiting the internet

  • Excl. Norge
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02-03-2006 Side 28

Synergies

Norw ay

DoP DoP/ avtalefront

Denm ark

Bankinsurance TI A Mileage New Motor insurance

Aftaleværksted

UW -policy UW -policy

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02-03-2006 Side 29

Em ployees

Com m on identity and values

  • Value process and theme packages
  • Common internal communication

A focused and com m itted effort m akes good results

  • Employee stocks
  • Incentive-programme for

management and leading employees

  • Management development
  • Stress is a time related

phenomenon

Full tim e em ployees in TrygVesta

3739 3750 3728 3694 3660 3670 3680 3690 3700 3710 3720 3730 3740 3750 3760 2002 2003 2004 2005 Antal fuldtidsm edarbej der e ultim o perioden

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02-03-2006 Side 30

Strategy

TrygVesta’s strategic focus areas in 2 0 0 6

  • Retain our focus on existing customers
  • Promote sales through Nordea in Denmark, Norway, Finland

and Sweden

  • To streamline our distribution platform in Norway
  • To achieve additional synergies by extending our Nordic

platform

  • To utilise our purchasing power better in claims procurement
  • IPO introduction
  • Premium initiatives and phase-
  • Focus on direct Nordic insurance
  • Customer related activities
  • ut of unprofitable segments
  • Second wave of Nordic synergies

Sale of TBi, Poland and Estonia

  • New Nordic organisation
  • First wave of Nordic synergies

2003 2004 2005

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02-03-2006 Side 31

Strategy

Three winners:

  • To exploit buying power further through ”claims purchase”
  • Better custom er service
  • Low er claim s expenses - for our stock holders
  • Business volum e to our suppliers
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02-03-2006 Side 32

Strategy

  • Innovation and development
  • Common customer systems
  • Back-bone systems - SAP
  • To streamline distribution platforms in Norway
  • To gain further synergies by developing the Nordic platform
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02-03-2006 Side 33

Strategy

  • Continued focus on existing customers
  • Promote sales through Nordea in Denmark, Norway, Finland and Sweden

18% 21% 22% 24% 8% Commencing business 2006

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02-03-2006 Side 34

Targets and Outlook 2 0 0 6

  • Expected pre-tax profit of DKK 1,650 in 2006
  • Combined ratio of 91 in 2006

Financial expectations for full year 2 0 0 6

Actual Actual Expected Favourable Negative DKKm 2004 2005 2006 scenario scenario Technical result 1,700 2,053 1,800 2,100 1,500 Profit on investment 378 888 400 Profit for the period before tax 2,052 2,913 2,200 Profit for the period 1,421 2,097 1,650 1,875 1,425 Combined ratio % 91.1 89.0 91 89 93

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02-03-2006 Side 35

Capital, balance and investm ents

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02-03-2006 Side 36

Stable Financial Platform

4.268 5.360 6.117 6.802 8.215 6.787 4.564 3.000 4.000 5.000 6.000 7.000 8.000 9.000 2001 2002 2003 2004 2004 I FRS 2005 I FRS 2005 I FRS* * ) less dividend of 1.428 m DKK

Capitalisation 2 0 0 2 -2 0 0 5 Equity 2 0 0 1 -2 0 0 5

4.268 6.010 6.167 6.852 7.885 9.313 6.018 7.755 8.797 7.571 8.682 10.110 4 2 % 5 1 % 5 6 % 5 0 % 5 3 % 9 4 % 1 2 5 % 1 4 8 % 1 2 1 % 1 2 9 % 1 5 6 % 6 3 %

  • 2.000

4.000 6.000 8.000 10.000 12.000 14.000 2002 2003 2004 2004 I FRS 2005 I FRS 2005 I FRS (før udbytte) 0% 20% 40% 60% 80% 100% 120% 140% 160% Capital less dividend Rating capital Solvency ratio S&P CAR

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02-03-2006 Side 37

Dividend and Solvency Ratio

410 50 650 1428 200 400 600 800 1.000 1.200 1.400 1.600 2000 2001 2002 2003 2004 2005

Solvency ratio 2 0 0 0 -2 0 0 5 TrygVesta dividend 2 0 0 0 -2 0 0 5

100% 200% 300% 400% 500% 2000 2001 2002 2003 2004 2005 Solvency ratio in Tryg Forsikring

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02-03-2006 Side 38

I m proved Return on Equity

Return on Equity, TrygVesta

  • 46%

3% 39% 33% 22% 28% 23% 15%

  • 47%

1%

  • 60%
  • 40%
  • 20%

0% 20% 40% 60% 2001 2002 2003 2004 IFRS 2005 IFRS

Return on Equity, pre-tax Return on Equity, post-tax

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02-03-2006 Side 39

I m proved Reserving

Run-off results Technical Reserves

  • 262
  • 410
  • 589
  • 17

263

  • 800
  • 600
  • 400
  • 200

200 400 2001 2002 2003 2004 I FRS 2005 I FRS Gross Run-off Result 16.807 18.975 19.134 19.914 21.261 10.000 12.000 14.000 16.000 18.000 20.000 22.000 2001 2002 2003 2004 I FRS 2005 I FRS Gross Technical Reserves

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02-03-2006 Side 40

I nvestm ent result

  • Return on investment 2005 significantly better than expected
  • Return on investment 5,5 % - 0,4 % -point over benchmark
  • Return on investment for the year 2005:
  • Nordic
  • If

5,8 %

  • TrygVesta

5,5%

  • Danish
  • Tryg Forsikring

6,2 %

  • Alm. Brand Forsikring

2,8%

  • Norwegian
  • Gjensidige NOR

5,3 %

  • Vesta Forsikring

4,6 %

  • Sparebank 1

3,1%

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02-03-2006 Side 41

I nvestm ent result

2,7% 22,3% 9,4% 5,5% 2,4% 21,6% 9,4% 5,1%

0% 3% 5% 8% 10% 13% 15% 18% 20% 23% 25% Oblilgationer m.v. Aktier Ejendomme Total Afkast i procent TrygVesta koncern Benchmark

Bonds etc. Shares Real property

Group

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02-03-2006 Side 42

The group’s asset allocation

  • Investments as of 31.12.05: Bonds etc. 27,6 bn. DKK, shares 4,8 bn.

DKK and real property 2,1 bn. DKK. In total 34,4 bn. DKK.

  • Risk capacity relating to FT’s yellow light exploited with 68% as of

31.12.05.

  • Duration as of 31.12.05 - 1,6 year against 1,4 year as of 30.09.05

and 1,3 year as of 31.12.04

80,1% 13,9% 6,0% 82,2% 10,9% 6,9% 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% 70,0% 80,0% 90,0% Obligat ioner m.v. Akt ier Ejendomme 31.12.05 31.12.04

Bonds etc. Shares Real property

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02-03-2006 Side 43

Danish peers

Figures for all companies have been calculated according to Tryg’s accounting principles

Danish Peer Com parison

DKKm / IFRS FY 2004 FY 2005 FY 2004 FY 2005 Gross earned premiums 8 525 8 764 4 142 4 079 Technical result 722 956 422 399 Key ratios Gross claims ratio 73,6% 78,0% 69,0% 86,7% Ceded business, as a % of GPE 3,5%

  • 3,9%

3,2%

  • 14,5%

Claims ratio, net of ceded busine 77,1% 74,1% 72,2% 72,2% Gross expense ratio 16,3% 16,6% 19,1% 19,1% Combined ratio 93,5% 90,7% 91,3% 91,3% P&C insurance - group Pre-tax profit 2 052 2 913 354 375 Alm.Brand ex. Re TrygVesta (DK)

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02-03-2006 Side 44

Danish Peer Com parison

Danish peers

Combined ratio, gross method

85 90 95 100 105 110 115 2000 2001 2002 2003 2004 YTD 1Q-05 YTD 2Q-05 YTD 3Q-05 YTD 4Q-05 TrygVesta (DK) Topdanmark Codan (DK) Alm.Brand ex. RE

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02-03-2006 Side 45

Pre-tax profit in Gjensidige and Sparebank1 is equal to ”Operating result” (Result before provisions to statutory equalization reserves).

Norw egian Peer Com parison

Norw egian peers

NOKm FY 2004 FY 2005 FY 2004 FY 2005 FY 2004 FY 2005 FY 2004 FY 2005 Gross earned premiums 7 447 7 349

  • 12 753

13 719 3 493 3 573 Earned premiums, net 6 157 6 864 10 343 10 683 12 345 13 358 2 483 2 732 Technical result 939 1 424 N/ A N/ A 1 628 1 797 258 466 Key ratios Gross claims ratio 64,4% 58,2% N/ A N/ A 66,7% 69,1% 68,3% 67,9% Ceded business, as a % of GPE 6,2% 5,0% N/ A N/ A 3,3% 2,6% 3,0% 1,2% Claims ratio, net of ceded busine 70,5% 63,2% N/ A N/ A 70,0% 71,6% 71,3% 69,1% Gross expense ratio 20,2% 22,2% N/ A N/ A 19,6% 19,7% 22,3% 21,2% Combined ratio 90,8% 85,4% N/ A N/ A 89,6% 91,3% 93,7% 90,3% Key ratios, net Combined ratio, net 88,8% 84,4% 85,5% 86,6% 89,2% 91,1% 91,1% 87,3% P&C insurance - group Pre-tax profit 2 311 3 137 4 761 6 415 2 312 4 161 347 505 Exchange rate 1,126 1,077 0,917 0,864 Sparebank1 TrygVesta (NO) If (NO) Gjensidige

This table has been prepared using NGAAP (IF: SGAAP) and "Association of Norwegian Financial Managers in the Finance Sector" recommendation regarding Natural Perils reserve.

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02-03-2006 Side 46

Norw egian peers

Combined ratio, net of reinsurance

Norw egian Peer Com parison

80 85 90 95 100 105 110 115 2000 2001 2002 2003 2004 YTD 1Q-05 YTD 2Q-05 YTD 3Q-05 YTD 4Q-05 TrygVesta (NO) Gjensidige Sparebank 1 I f (NO)

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02-03-2006 Side 47

Nordic Peer Com parison

Nordic peers

Calculation of RoE before tax: IF 2005: RoE after tax / 0,72. IF 2004: Profit before tax / Shareholders’ equity (1.1+ 31.12)/ 2

DKKm / IFRS FY 2004 FY 2005 FY 2004 FY 2005 Gross earned premiums 15 266 15 705 29 314 29 348 Technical result 1 700 2 053 3 645 3 847 Key ratios Gross claims ratio 69,3% 72,0% N/ A N/ A Ceded business, as a % of GPE 4,7% 0,1% N/ A N/ A Claims ratio, net of ceded busine 74,0% 72,0% N/ A N/ A Gross expense ratio 17,1% 16,9% N/ A N/ A Combined ratio 91,1% 89,0% 93,2% 91,1% P&C insurance - group Pre-tax profit 2 052 2 913 4 232 5 963 RoE before taxes (p.a.) 33 % 39 % 28 % 33 % Exchange rate 0,815 0,803 TrygVesta If

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02-03-2006 Side 48

Nordic peers

Combined ratio, gross method

Nordic Peer Com parison

85 90 95 100 105 110 115 120 2000 2001 2002 2003 2004 YTD 1Q-05 YTD 2Q-05 YTD 3Q-05 YTD 4Q-05 I f Codan TrygVesta

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02-03-2006 Side 49

Our Vision

It is our vision to be perceived as the leading “peace of mind” supplier to the Nordic region in the markets and within the business areas chosen by us

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02-03-2006 Side 50

Disclaim er

  • Certain statements in this presentation are based on the beliefs of our

management, as well as assumptions made by and information currently available to management, and such statements may constitute forward-looking statements. These forward-looking statements (other than statements of historical fact) regarding

  • ur future results of operations, financial condition, cash flows, business strategy,

plans and objectives of management for future operations can generally be identified by terminology such as “targets,” “believes,” “expects,” “aims,” “intends,” “plans,” “seeks,” “will,” “may,” “anticipates,” “would,” “could,” “continues” or similar expressions or the negatives thereof.

  • Such forward-looking statements involve known and unknown risks, uncertainties

and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking

  • statements. We urge you to read our annual report available on our website at

www.TrygVesta.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 materialize, or should any

underlying assumptions prove to be incorrect, our actual financial condition or results

  • f operations could differ materially from that described herein as anticipated,

believed, estimated or expected.

  • We do not intend, and does not assume any obligation, to update any forward-

looking statements contained herein, except as may be required by law.