Third quarter 2009 report

Third quarter 2009 results (compared with third quarter 2008)

Premium growth of 11.4% and premium increases start to improve profitability – more premium increases.

Outlook 2009 for pre-tax profit upgraded from DKK 2.2bn to DKK 2.4bn and net income upgraded from DKK 1.7bn to DKK 1.8bn.

Premium growth of 11.4 % in local currency (7.3% in DKK and inclusive Moderna Försäkringar) to DKK 4,747m.

The premium growth was 9.6% to DKK 13,567m in the first nine months of 2009. 

DKKm                                     Q3 08      Q3 09                     9M 08      9M 09      

Premium income                      4,425       4,747                       12,996      13,567      

Insurance technical result           546         397                          1,867       1,200

Investment results                    -331         332                        -831            876

Pre-tax profit                             198         717                         999          2,038

Net income                                232         530                         766          1,560

The development in insurance technical result was impacted by an increase in house/content claims costs as well as lower interest rates, which increases the net present value of claim provisions.

First quarterly result with positive income from Sweden.

Combined ratio was 92.2 against 90.9.

TrygVesta upgrades the outlook for 2009 due to improved investment result in the third quarter of 2009. Premium growth is maintained at 8%, and the technical result is reduced from DKK 1.6bn to DKK 1.5bn, pre-tax profit is upgraded from DKK 2.2bn to DKK 2.4bn and net income is upgraded from DKK 1.7bn to DKK 1.8bn.

Download all Q3 material at Results & data