Investor presentation

Q2 2011 results

2

Contents

1.

Overview

Page

41.1 Headlines for Q2 2011

5

1.2 Key figures and recent development

6-7

1.3 Expenses

8

1.4 Investments

9-10

1.5 Provisions and discounting

11-12

1.6 Capital

13

1.7 Outlook

14

2.

Claims development

152.1 Claims ratio and frequency

16-18

2.2 Cloudburst and weather claims

19-20

3.

Segment performance

213.1 Performance overview

22-23

3.2 Segments overview

24-26

4.

Themes Q2

274.1 Average premium development

28

4.2 Customer retention

29

4.3 Claims initiatives

30

4.4 Macro development

31

5.

For new investors

32

6.

Appendix

41

3

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.

44

Overview

Q2 2011

5

Headlines

Q2 2011

Premium growthin local currency

2

3

4

5

6

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110 *

Q210

Q310**

Q410

Q111

Q211

%Combined ratio

80

90

100

110

120

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

• After tax result improved from DKK 128m to DKK 362m driven by price initiatives• Combined ratio of 91.5 vs 92.5 in Q2 2010• 3.5% premium growth driven by Private Nordic with 6.2% growth• Claims ratio net of 74.5 compared with 75.2 in Q2 2010• Cost ratio of 17.0 vs 17.3 in Q2 2010 impacted by redundancy payments• New organisation implemented in Q2 with unambiguous focus on profitability• Strong capital position with 13% buffer to ‘A-’ range

92.5

91.5

* Excl

acquisitions

** before

adjustment

for change

of ownership

insurance

6

Key

figures

Q2 2011

DKKm Q2 2010 Q2 2011 2010

Gross premiums earned 4,890 5,145 19,475

Gross claims ratio 73.1 72.9 80.2

Business ceded as % of gross premiums 2.1 1.6 1.6

Claims ratio, net of ceded business 75.2 74.5 81.8

Gross expense ratio 17.3 17.0 17.0

Combined ratio 92.5 91.5 98.8

Combined ratio before run-off 96.0 94.1 103.0

Technical result 394 496 375

Return on investments after technical interest -208 3 570

Profit/loss before tax 173 487 941

Profit/loss for the period 128 362 593

7

Group

4.000

4.300

4.600

4.900

5.200

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

15

16

17

18

19

20

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

60

65

70

75

80

85

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

85

90

95

100

105

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Gross premium, DKKm Combined ratio (excl. winter 2010)

Claims ratio (excl. winter 2010) Expense ratio

8

Expenses

16.5 16.0 15.5 15.614.5 14.1 14.4 14.0

0.4 0.8 1.3 1.5 2.7 2.9 2.9 2.8

16.9 16.8 16.8 17.1 17.2 17.0 17.3 16.8

2005 2006 2007 2008 2009 2010 YTD 10 YTD 11

Denmark & Norway Finland & Sweden

Data before 2009 is not corrected for the sale of Marine Hull business.

Breakdown of group expense ratio

16.015.6 16.016.6

16.215.5

16.415.9

26.130.1 24.1

45.8

64.560.450.0

21.6

2005 2006 2007 2008 2009 2010 YTD2010

YTD2011

Danmark & Norway Sweden & Finland

Expense ratio Highlights

•

Expense ratio improved from 17.3 in Q2 2010 to 17 in Q2 2011

•

Expenses Q2 impacted by redundancy payments

•

Number of employees grew in Sweden and Finland and number of claims handlers in DK/NO

9

Investment

result

Q2

Assets Return Q1 2011

32.2 mia.

DKK

9.4 mia.

DKK

Free investment

Result DKK 116mReturn 1.0%

(≈

4% p.a.)

Assets Return Q2 2011

32.4bn

9.2bn

Gross investment return(DKKm)

Bonds 424

Equities -29

Real estate 61

Total 456

Match

Mismatch 0.08%

10

Assets allocation

Total assets

6

23

57

92 5

4EquitiesReal estateCov. BondsGovt.DepositsHigh yieldOther

Percentage

Match portfolio

5

28

67

Cov. BondsGovt.Deposits

Percentage

Free portfolio (exposure)

619

44

24

7

EquitiesReal estateCov. BondsGovt.High yield

Percentage

•

Equity

exposure

reduced

in Q2 2011 by DKK 200m

•

No

exposure

to sovereign

bonds

in Italy, Spain, Greece

or

US26% in Q1 2011

11

Provisions and run-off

327824683800792561283 315

0

400

800

1,200

2005 2006 2007 2008 2009 2010 1H2010

1H2011

Insurance provision, DKKm

1.8%

3.0%

4.2% 4.1%3.6%

3.9%

3.1%2.7%

2005 2006 2007 2008 2009 2010 1H2010

1H2011

annualised

21,261 20,410 21,104 19,715 22,470 24,883 25,007

5,183 5,173 5,403 5,1006,208

6,819 8,820

2005 2006 2007 2008 2009 2010 Q2 2011

Claims provisions Premium provisions

Run-off net, DKKm

Relative run-off

Q2

Q1Q1

Q2

12

2.0

3.0

4.0

5.0

6.0

%

Discount rates

Interest rates are increasing after dive in 2010 but had a

set back in Q2 2011

Discounting effect Q2 2011 only slightly higher than Q2 2010

1% increase in interest level will:

-

increase pre-tax profit by around DKK 300m

-

improve combined ratio by approx. 1 % point

2007 2008 2009 2010 2011

-0.6

-0.4

-0.2

0.0

0.2

3M 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29

%

Denmark Norway Sweden

Interest movements from Q1 to Q2 2011

13

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Q1 08

Q2 08

Q3 08

2008

bef

ore

payo

utQ1

09Q2

09Q3

09

2009

bef

ore

payo

utQ1

2010

Q2 20

10Q3

2010

2010

bef

ore

payo

utQ1

2011

Q2 20

11D KKm

Capital requirement Buffer (5%) Surplus capital

Capitalisation

13%

14

Outlook

Mid-term

•

Mid-term target is return on equity of more than 20% after tax.

•

This implies a combined ratio level of 90% including potential run-off and at current interest rate level.

Annual impact fromprice increases

2011 2012

Before DKK 1bn DKK 0.6bn

New DKK 1bn DKK 1.0bn

0%

10%

20%

30%

40%

2003

2004

2005

2006

2007

2008

2009

2010

1H 2

011

2012

2013

2014

Mid-term target

•

Q2 result as expected according to mid-term target.

•

Normal maintenance called for additional and selective initiatives of DKK 400m.

•

Continued focus on claims initiatives will give further comfort in reaching planned mid-term target

•

Increasing interest rates will support lower combined ratio

ROE after tax

Claims development

16

Underlying

claims ratio Group

72.9

74.6

65

70

75

80

85

Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

Claims ratio is adjusted for items that fluctuate and distorts quarterly results •

weather claims, incl. extraordinary winter in Q1 and Q4 as reported in annual report 2010•

large claims, •

run-off •

discounting 1.7 %-point improvement primarily driven by price increases

17

Average claims and frequency

80

90

100

110

2006 2007 2008 2009 2010 2010H1

2011H1

80

100

120

140

160

180

2006 2007 2008 2009 2010 2010H1

2011H1

80

100

120

140

2006 2007 2008 2009 2010 2010H1

2011H1

Frequency, private cars NO

Average claims, private cars NO

Frequency, private house NO

Average claims, private house NO

80

100

120

140

160

2006 2007 2008 2009 2010 2010H1

2011H1

18

Average claims and frequency

80

90

100

110

120

2006 2007 2008 2009 2010 2010H1

2011H1

80

90

100

110

120

2006 2007 2008 2009 2010 2010H1

2011H1

80

90

100

110

120

2006 2007 2008 2009 2010 2010H1

2011H1

Frequency, private cars DK

Average claims, private cars DK

Frequency, private house DK**

Average claims, private house DK**

80

100

120

140

160

2006 2007 2008 2009 2010 2010H1

2011H1

** excl. storm, cloudburst

19

Weather claims, gross DKKm

1005290121112202 332

0

100

200

300

400

500

2006 2007 2008 2009 2010* H12010*

H12011

Large and weather

claims development

350373813491466 597 537

0

200

400

600

800

1,000

2006 2007 2008 2009 2010 H12010

H12011

•

Large claims gross amounted to DKK 300m in Q2 2011 against DKK 236m in Q2 2010.

•

Large claims net amounted to DKK 123m in Q2 2011 against DKK 180m in Q2 2010.

•

Difference between gross and net caused by large claim on captive arrangement in Norway.

•

Weather claims especially related to heavy flooding and landslides in Norway in June.

•

Q3 hit by heavy rain in Copenhagen will impact Q3 net earnings by DKK 180-200m.

Expected full year level based on history Expected full year level based on history

Large claims, gross DKKm

Q2

Q1Q2

Q1

Q2

Q1

*Excluding

extraordinary

winter

claims

20

Status on

Copenhagen cloudburst

in July•

18,500 claims reported mid August

•

Reinsurance will limit net claims to DKK 100m + reinstatement of around DKK 90m

•

New reinsurance feature established from 1 July to protect from multiple events (> DKK 400m)

•

Claims prevention is key focus

•

Claims assessors advises customers on claims prevention

•

Requirement of anti-flood device based on indvidual

assessment

•

Reduced max coverage in basements

•

Changed requirements regarding use of water resistent

materials in basements

Segment performance

22

Premiums and technical result

Gross earned premiumsDKKm

2,562 2,774

1,046

1,286 1,317

1,060

0

2,000

4,000

6,000

Q2 2010 Q2 2011

Private Nordic Commercial Nordic Corporate Nordic

excl. elimination

•

Top line grew

3.5% in local

currency

(5.2% in DKK)

•

Positive impact from price

increases. Private DK up 6.2%

•

Growth

in Finland and Sweden

contributed

with

approx. 9 % growth

•

Corporate

Denmark still facing

tough competition

•

Technical

result

grew

DKK 102m to DKK 496m

Technical result DKKm

240 273

204175

-47

48

-200

0

200

400

600

Q2 2010 Q2 2011

Private Nordic Commercial Nordic Corporate Nordic

23

Segment performance in Q2 2011

91.2 91.492.1

70

80

90

100

Q2 2009 Q2 2010 Q2 2011

99.8105.2

96.5

80

90

100

110

Q2 2009 Q2 2010 Q2 2011

Private Nordic - CR Commercial Nordic - CR Corporate Nordic - CR

•

6.2% premium growth in local currency (8.3% in DKK)

•

Average premium per customer increased 7% in Denmark and 3% in Norway

•

Claims ratio net improved from 75.7 to 75.4

•

CR unchanged but impacted by fluctuations in cost ratio

•

Higher level of weather claims in Norway

•

0.6% premium growth in local currency (1.3% in DKK)

•

Initiatives progresses as planned but customer retention impacted in DK

•

Lower level of large claim in Q2 2011

•

Positive influence from premium hikes made in autumn 2010

•

0.8% growth in premiums (DK: -1.8%, NO: 3% SE: 3.9%)

•

Still tough market conditions in all markets

•

Decrease in portfolio on workers’

comp.

•

Q2 2011 hit by higher level of large claims

•

Underlying claims development improved

11.4

3.3 9.3

78.181.2

69.4

50

60

70

80

90

100

Q2 2009 Q2 2010 Q2 2011

83.9 84.6 87.4

Large claims

24

Private Nordic

1,900

2,150

2,400

2,650

2,900

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

14

16

18

20

22

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

60

65

70

75

80

85

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

85

90

95

100

105

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Gross premium, DKKm Combined ratio (excl. winter 2010)

Claims ratio (excl. winter 2010) Expense ratio

25

Commercial Nordic

800

900

1,000

1,100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

20

22

24

26

28

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

50

60

70

80

90

100

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

80

90

100

110

120

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Gross premium, DKKm Combined ratio (excl. winter 2010)

Claims ratio (excl. winter 2010) Expense ratio

26

Corporate

1,100

1,200

1,300

1,400

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

8

10

12

14

16

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

50

60

70

80

90

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

70

80

90

100

110

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Gross premium, DKKm Combined ratio (excl. winter 2010)

Claims ratio (excl. winter 2010) Expense ratio

Themes Q2

28

Development

in average

premiums

80

90

100

110

120

2005 2006 2007 2008 2009 2010 2011

90

100

110

120

130

140

2005 2006 2007 2008 2009 2010 2011

Average price has declined for a number of years.

Increase past 12 months:

2.4%

3.9%

Pricing in house lagging claims development.

Increase past 12 months:

13.5%

7.6%

House insurance – average premium (index 2005 = 100)

Motor insurance – average premium (index 2005 = 100)

29

Customer

retention Private and Commercial

82%

84%

86%

88%

90%

92%

Q305

Q106

Q306

Q107

Q307

Q108

Q308

Q109

Q309

Q110

Q310

Q111

Private

•

Retention rate in Denmark is gradually improving

•

Retention rate stable in Norway

•

Retention primarily decreasing among customers with only one product

Commercial

•

Retention rate stable and strong

•

Danish retention rate marginally impacted by announced premium hikes by 1 October 2010

•

High retention support competitive strength and cost ratio

Private - retention rate

84.0

85.0

86.0

87.0

88.0

89.0

90.0

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Commercial - retention rate

30

Major claims initiatives

and Next

Level

Sourcing

Claims Process initiatives

Specialised organisation

Recourse

Reduce fraud – personal lines

DKK 100m

Procurement initiatives

E-auction

Emergency assistance agreement

Road assistance

Windscreen claims

Reduce loaner car costs

DKK 100m

Next Level Sourcing

Strengthen capabilities of sourcing

Review internal processes and procedures

Establish and further develop supplier relationships

31

0%

2%

4%

6%

8%

2008 2009 2010 2011 2012

Change

-2%

0%

2%

4%

6%

2008 2009 2010 2011 2012

Change

Macro development and inflation

-6%

-4%

-2%

0%

2%

4%

2008 2009 2010 2011 2012

Change

0%

1%

2%

3%

4%

2008 2009 2010 2011 2012

2011 and 2012 are Tryg estimates

GDP Building costs

CPI Motor repair costs

3232

For new investors

33

Tryg –

at a glance

NorwayMarket position #3

Market share 16.9%CR 2010 95.5

DenmarkMarket position #1

Market share 20.8%CR 2010 98.8

SwedenMarket position #5Market share 3.9%

CR 2010 107.8

FinlandMarket share 2.4%

CR 2010 111.0

•

The history of Tryg goes

back to the 18th century.

•

The current Tryg was

formed in 2002 by sale of

Nordea’s

non-life

activities –

with a

continuing strategic

partnership

•

Only Non-life insurance in

the Nordic area

•

Listed Oct. 2005 on

Nasdaq

OMX Copenhagen

•

Majority owner :

TryghedsGruppen

(60%)

a mutual foundation

rooted in Denmark

•

Turnover 2010: DKK

19.5bn (~EUR 2.6bn)

•

CEO: Morten

Hübbe

•

4.308 employees

34

34

Mission, vision and corporate values

We want to be perceived as the leading peace-of-mindprovider in the Nordic region

VisionOur customers should experience that we are:

· Compassionate· Dynamic ·

Innovative

Our handshake

Our mission is to secure a stable, high-quality supply ofproducts and services offering peace of mind to private

households and businesses

Mission

We provide peace of mind, because · We meet people with respect, openness and trust· We show initiative, share knowledge and take responsibility· We deliver solutions based on quality and simplicity· We create sustainable results

Corporate Values

35

Shareholder breakdown

Facts about Tryg

2.99.1

38.5

49.5

Denmark

Norway

Sweden

Finland

13

17

10

60

Danish institutional

Non-Danishinstitutional

Smallershareholders

TryghedsGruppen

6

15

11

7 19

24

14

4

Motor - TPL

Motor - casco

Workers comp.

Health & accident

Liability

Fire & property - private

Fire & property - comm.

Other

Gross premium split by geography - 2010

Percentage Percentage

Share performance since IPOGross premium split by segments - 2010

Percentage

20

60

100

140

180

220

okt05

apr06

okt06

apr07

okt07

apr08

okt08

apr09

okt09

apr10

okt10

apr11

Tryg Euro Insurance index

36

Organisational structure

37

Structure

of the Nordic insurance markets

Gjensdige 5.8 Tryg 20.8

If 5.3

Topdanmark 18.0Codan 13.2

Alm. Brand 10.0

Other 26.9

Sparebank1: 10.9

Gjensidige 27.2

If 25.3

Tryg 16.9Other 19.7

Other 17.3

Codan 15.5

If 18.7

Läns-forsäkringar

28.4

Gjensidige 1.3

Moderna 3.9

Folksam 14.9

Fennia 9.5

Tryg 2.4Other 17.8

If 24.2

Pohjola 27.6

Tapiola 18.5

Denmark

DKK 47.0bn/ EUR 6.3bn (as at Q2-10)

Norway

NOK 43.0bn/ EUR 5.5bn (as at Q1-11)

Sweden

SEK 60.4bn/ EUR 6.5bn (as at Q1-11)

Finland

EUR 3.5bn (as at Q4-10) incl. Tryg (EUR 84m)

Percentage Percentage

Percentage Percentage

Läns-försäkringar

8,5Tryg 11.8

Topdanmark 5.2

If 17.5Codan 9.6

Gjensidige 9.1

Other 38.3

Nordic

EUR 21.6bn (as at Q4-10)

Percentage

38

Distribution of new sales in 2010

Denmark

67%

23%

10%

Own sales Affinity Nordea

Finland

16%

49%

3%

10%

22%

Call center Car dealers Netbank Nordea Tied agents

Sweden

52%47%

1%

Call center Nordea Netbank

Corporate

53%47%

Direct sales Brokers

Norway

54%

14%

28%

4%

Own sales Car dealers Franchise Nordea

39

Premium hikes and combined ratio

Combined ratio

80

85

90

95

100

105

110

2000

2001

2002

2003

2004

2004

*20

0520

0620

0720

0820

0920

10Q1

2011

Q2 20

1120

1220

13

•

2002-2004 premium increases of DKK 2.1bn implemented. Reduced combined ratio from 107 to 94 (DK GAAP)

•

2009-2012 premium increases will improve combined ratio going forward

New ruling workers’ comp.

Extraordinary winter

*IFRS from 2004. Previous years are Danish GAAP

Data before 2009 is not corrected for the sale of Marine Hull business

Premium hikes

Premium hikes

Smalleradjustments

Annual impact from price increases

2010

DKK ~0.9bn

2011

DKK ~1.0bn

2012

DKK ~1.0bn

Mid-term target

40

Key figures 2004-10 and consensus for 2011-12Consensus

In DKKm 2004 2005 2006 2007 2008 2009 2010 2011 2012

Gross premium income 15,266 15,705 15,715 16,262 16,976 17,862 19,475 20,531 21,494Gross

claims incurred -10,425 -11,159 -10,292 -10,448 -11,473 -12,882 -15,617Operating expenses -2,611 -2,662 -2,662 -2,730 -2,964 -3,056 -3,304Ceeded

business -708 -7 -554 -553 -598 -520 -313Technical

interest, net 185 170 337 494 491 158 134Technical result 1,707 2,047 2,544 3,025 2,432 1,562 375 1,581 2,113Investment

income, net 371 894 1,228 340 -988 1,086 570 148 292Pre-tax profit 2,052 2,913 3,741 3,314 1,395 2,610 941 1,682 2,366Tax -556 -788 -632 -893 -513 -625 -265Net income 1,421 2,097 3,211 2,266 846 2,008 593 1,251 1,772

Total insurance provision 25,212 26,757 25,957 26,916 25,193 29,042 32,031Shareholders' equity 6,802 8,215 9,951 10,010 8,244 9,631 8,458

Earnings per share 22.0 31.3 45.5 33.5 12.8 31.2 10.8 20.6 29.6Cash dividend per share 10.0 21.0 33.0 17.0 6.5 15.5 4.0 10.51 15.21Stock buy back per hare 21.0 12.5 0.0

Combined ratio 90.0 88.2 85.9 84.4 88.2 92.2 98.8 93.4 91.3

4141

Appendix

42

Denmark SwedenDkkm Q2 2010 Q2 2011 Dkkm Q2 2010 Q2 2011

Gross premiums 2,413 2,477 Gross premiums 441 523

Technical result 223 305 Technical result -22 -4

Key ratios Key ratiosGross claims ratio 73.4 68.9 Gross claims ratio 80.7 80.5Business ceded as % 1.3 3.6 Business ceded as % 4.8 4.0Gross expense ratio 16.4 16.1 Gross expense ratio 20.4 18.4Combined ratio 91.1 88.6 Combined ratio 105.9 102.9

Norway FinlandDkkm Q2 2010 Q2 2011 Dkkm Q2 2010 Q2 2011

Gross premiums 1,890 1,986 Gross premiums 149 165

Technical result 210 203 Technical result -14 -8

Key ratios Key ratiosGross claims ratio 70.4 76.4 Gross claims ratio 76.5 78.8Business ceded as % 2.6 -2.5 Business ceded as % 1.3 1.8Gross expense ratio 16.7 16.7 Gross expense ratio 32.2 26.7Combined ratio 89.7 90.6 Combined ratio 110.0 107.3

Geographical

segments

43

Denmark Sweden% 2011 2012 % 2011 2012

GDP Growth 2.0 1.8 GDP Growth 4.7 2.3

Inflation 2.7 2.0 Inflation 3.2 3.0

Unemployment 4.0 3.8 Unemployment 7.3 6.8

Current account balance in % of GDP

5.9 5.4Current account balance in % of GDP

5.6 5.8

Budget balance in % of GDP

-3.8 -3.0Budget balance in % of GDP

1.0 1.7

Norway Finland% 2011 2012 % 2011 2012

GDP Growth 3.3 3.1 GDP Growth 3.7 3.0

Inflation 1.8 2.2 Inflation 3.5 2.5

Unemployment 3.0 2.8 Unemployment 7.7 6.9

Current account balance in % of GDP

16.8 17.2Current account balance in % of GDP

2.9 3.1

Budget balance in % of GDP

14.6 15.8Budget balance in % of GDP

-1.2 -0.3

Economic

key figures in the Nordics

Source: ECONOMIC OUTLOOK, Nordea

Markets, May 2011

44

Nordic peers

Premium growth in local currency (%)

-4

-1

2

5

8

11

14

2004 2005 2006 2007 2008 2009 2010 Q1 11 Q2 11

If Tryg Gjensidige Tryg excl. Moderna

Combined ratio

82

86

90

94

98

102

106

2004 2005 2006 2007 2008 2009 2010 Q111

Q211

If… Tryg Gjensidige

Gjensidige excl.Nykredit