Hordaland på BørsBergen, 18 August 2016Espen Opedal, Country Manager Norway

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Disclaimer

Agenda

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.

Tryg – at a glance I

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• Tryg goes back to 18th century.

• Very strong brand position especially in Denmark.

• Non-life insurance in Denmark, Norway and Sweden.

• Approx. 80% retail business.

Retention rate - Private

DK

NO

Retention rate - Commercial

DK

NO

NorwayMarket position: #3

Market share: 13.4%CR in 2015: 87.9

SwedenMarket position: #5Market share: 2.9%CR in 2015: 82.7

DenmarkMarket position: #1

Market share: 18.1%CR in 2015: 85.2 Business split 2015

Gross premium split by products 2015

Percentage

Percentage

Tryg – at a glance II

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Shareholder breakdown 2015

Strengthening of brand value

Shareholder performance since IPO

New dividend policy

Shareholder remuneration since IPODKK

Percentage

Structure of the Nordic insurance market

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Denmark

DKK 52.0bn/EUR 7.0bn (as at Q1 2015)

Sweden

SEK 73.0bn/EUR 7.9bn (as at Q4 2015)

Norway

NOK 55.8bn/EUR 6.2bn (as at Q4 2015)

Nordic

EUR 25.7bn (as at Q4 2014)

Percentage

PercentagePercentage

Percentage

Tryg’s equity story

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Long term profitable growth and attractive shareholder value creation

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

• Aiming for a nominal stable increasing dividend

• Pay-out ratio of 60% to 90% (secondary)

• Extraordinary buybacks to further adjust the capital structure

• 90% first contact resolution

• Annual coverage check

• 25% of tariffs better than peers in 2017

• Differentiated product offering

• Efficiency programme of DKK 750m

• Claims procurement

• Reducing expense level

• Matching assets and liabilities

• Low risk investment portfolio

Low risk and high returns

Leading in efficiency

Leading Scandinavian insurer with strong

track record

Customer care worth recommending

Next level pricing

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• Market share of 13.3%

• 1,222 employees

• Premium income of NOK 8.1bn

• 3rd largest in general insurance Norway

• 2 brands (Tryg & Enter)

• Part of Tryg Group

Tryg Norway in briefWe create peace of mind for our customers, employees and shareholders

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Tryg Norway in brief

Geography

Trondheim

Haugesund

Tromsø

Bergen

Bodø

Oslo TønsbergDrammen Porsgrunn

Fredrikstad

Førde Gol

Hamar Hønefoss

Harstad

Kristiansand

Stavanger

Ålesund

Tryg Norway is an ambitious player in the Norwegian insurance market with itsNorwegian head office located in Bergen, and wide geographical presence.

Claims handling and Customer Service located in Bergen and Tønsberg.Strong sales and underwriting presence for the Commercial and Corporate market in Oslo

and Bergen.

Market Share (FNO as at Q1 2016)

Procent

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Tryg Norway - main focus now!

Portfolio Mgmt.

‘Trygt & Enkelt’Distribution

power

The place to be!

Efficiency

FranchiseKundesenter/Direkte Salg

Up sale & 3+

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Customer highlights Q2 2016- Many new digital self-service and claims solutions launched

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NPS

Customers with ≥3 products (%)

Retention rate

• TryghedsGruppen paid its member bonus to Tryg’s Danish customers, corresponding to 8% of the premium paid in 2015.

• Digital self-service solutions for house, accident, pet and leisure house launched in Denmark.

• Moderna, Tryg’s Swedish branch, was named Best Insurance Company of the year for the fourth year running.

• New Commercial property insurance product in Denmark and Norway.

• 200,000 customers upgraded to new motor, accident and house products.

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Private - average prices

Average price

4,200 5,700

• DK: changed selection reducesaverage price, price increasesstarting 2016 to offset highclaims inflation

• NO: small positive development reflect underlyingprice increases

• DK –2.1% decrease y/y driven by:• smaller cars• safer cars

• Competition remains strong in Motor DKK but also profitabilityvery high

• NO: small positive developmentreflects underlying price increases

Average price:

4,800 5,500

Motor insurance – average price (index 2011 = 100)

House insurance – average price (index 2011 = 100)

Average price development Y/Y

-2.1% 0.9%

(Q1 -2.5%) (Q1 1.0%)

Average price development Y/Y

-0.7% 0.1%

(Q1 -0.9%) (Q1 0.3%)

23%

15%

0%

5%

10%

15%

20%

25%

Ford Focus Nissan Qashqai

Motor insurance, not all claims are coming down

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Bumpers

Wind shields (Glass)• Wind shields price increases are mostly

driven by the calibration of connected equipment and in general by different type of wind shields installed (2016 vs 2011)

• Prices show the cost of wind shields today, i.e. today’s price of a 2011 wind shield model vs today’s price of a 2016 wind shield model*

• Some manufactures have started offering more advanced technologies also on smaller cars, this means that the cost on replacing wind shields is increasing

Wind shields, price increases in % from 2011-2016

• Bumpers prices increases are seen across manufacturers and model ranges

• Price increases are driven by extra add ons such as radars*

• We expect this trend to continue as the extra equipment become more complex

Bumpers, price increases in % from 2011-2016

Sources:*FORSI/Autotakst, (Forsikring & Pension’s system for claims management and list prices)**Source: Statistics Denmark, Net price index - 07.2.1.2 Spare parts for personal transport equipment

0

2000

4000

6000

8000

10000

12000

2011 2016

Nissan Qashqai

Bumper Bumper incl. Radar (4043 ex. VAT)

0

5000

10000

15000

20000

2011 2016

Ford Focus

Bumper Bumper incl. Radar (10157 ex. VAT)

6,682DKK

5,668DKK

19,378DKK

116%

17%

242%

15%

11,426DKK

6,372DKK

5,296DKK

2011: 5,383 DKK

2016: 6,618 DKK 2011:

5,310 DKK

2016: 6,086 DKK

Positive topline development in Private

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Gross earned premiums development

(Local currencies) DKKm Q2 2016 Q2 2015Local currencies

Q2 2016Local currencies

Q2 2015

Private 2,148 2,226 0.3% -0.3%

Commercial 977 997 0.4% -4.3%

Corporate 921 993 -3.7% -1.4%

Sweden 338 342 -1.8% -1.8%

Group 4,379 4,550 -0.6% -1.4%

Gross premiums down by 0.6% (-1.4%) in local currencies, Private & Commercial lines up, Corporate down

Positive Private lines trend especially considering that avg. motor price in Denmark was down 2.1%

Danish premiums up 1.7%, Norwegian premiums down 3.5% (in local currencies) primarily impacted by the

Corporate segment

Efficiency programme, DKK 51m achieved in Q2

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• Programme proceeds as planned, target to

achieve savings of DKK 750m over 3 years.

• Higher savings in 2016 compared to 2015.

• Claims initiatives of DKK 36m in Q2:

• Focus on helping injured policyholders to get back to work quickly

• Cash settlements through In4mo system

• Total crash repair to reduce damage and re-sale cars as opposed to send it to car breakers

• Expense initiatives of DKK 15m in Q2:

• Outsourcing Accounting

• Reorganisation of Agriculture & Small Commercial division

• Digital communication

Efficiency programme up until 2017 (DKKm)

Old programme New programme

Expense ratio continues to improve

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• Expense ratio improved 0.2 pp. to 15.0 in Q2 16 (15.2)

• Efficiency programme lowered costs by DKK 15m for Q2 mainly related to:

• Outsourcing within Finance and IT• Commercial reorganisation• Digital communication

• Further reduction in employees since year-end• Important reduction in number of jobs in Norway (approx. 60 positions) which will mostly impact 2017 P&L

FTE - Development

Expense ratio

Adjusted for one-off effects

Nominal costs in business areas

Financial highlights Q2 2016- Lower technical result and substantially higher investment return

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Pre-tax profit (DKKm)

Combined ratio

Expense ratio

• H1 DPS of DKK 2.60 and solvency ratio of 206 or 193 adjusted for Skandia child insurance portfolio

• Dividend growth in line with stated policy

• Solvency ratio includes H1 dividends and FY buy backs

• Pre-tax profit of DKK 934m (DKK 714m) impacted by:

• Lower technical result of DKK 770m (DKK 825m)

• High investment result of DKK 181m (DKK -84m)

• Technical result of DKK 770m (DKK 825m)

• NOK/DKK adverse move, low weather claims but also a higher underlying claims ratio

• Price increases started but it will take few quarters to see meaningful P&L impact

• Expense ratio of 15.0 (15.2) and combined ratio of 82.6

(82.2)

• Investment income of DKK 181m (DKK -84m)

• Substantially above expectations, driven both by the free portfolio and the match portfolio

• Equities were flat but strong returns on high-yield bonds, emerging-markets debt and index-linked bonds

Why invest in Tryg?

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Pre-tax result by division (YE 2015 data) High insurance penetration in the Nordics

Tryg is a dividend stockMotor combined ratios Nordics vs international

Premiums per capita (USD), 2014

Total yield (dividend and buy backs / market cap) at year end

DKK

Questions?

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