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Make a difference


More than 2.7 million customers, 120,000 of which are companies in Denmark, Norway and Sweden, rely on Tryg’s insurance expertise and know-how. The company is the second-largest provider of general insurance services in the Nordic countries and is listed on Nasdaq OMX Copenhagen. “Every day, we create peace of mind and value for 2.7 million customers,” explains Lars Møller, investor relations director since 2012. “Creating peace of mind for our customers, employees and shareholders is our strict focus and always has our priority. Therefore we need to be the best in the industry at insurance, people and creating earnings. Besides that, we seek a good and healthy balance between customers, employees and shareholders.”

Tryg’s impressive market position in the Nordic countries is tightly connected to a history of about 300 years. It all started when Copenhagen was subject to a fire in 1728 which resulted in an increasing public awareness of the need for insurance. In 1731, the Kjøbenhavns Brand was created. In 1880, the Norwegian insurance company Vesta was established, followed by the creation of Dansk Kautionsforsikrings-Aktieselskab in 1895, now called Tryg Garanti. For the first time, the name Tryg came up. Over the following years, Tryg expanded continuously. In 1994, it acquired the Danish insurance operations of Winterthur, and in 1995 Baltica. From then on, it operated under the name Tryg-Baltica. In 1996, Tryg-Baltica was listed on the Copenhagen Stock Exchange. Two years later, it entered the Polish market. Over the following years, Tryg continued its expansion, acquiring selected insurances companies at home and abroad. “In 2002, a few important things happened,” says Mr. Møller. “The TryghedsGruppen foundation bought Tryg’s non-life insurance activities from Nordea and the current Tryg was formed with a continuing strategic partnership with Nordea. Another important milestone was the acquisition of Zurich’s Danish and Norwegian non-life insurance activities.”

Today, Tryg has its headquarters in Copenhagen and franchise offices in Norway and Sweden. The group has 3,700 employees, 1,600 of whom are based in Copenhagen, and a turnover of 19.5 billion DKK. 50% of the turnover is generated in Denmark, 40% in Norway and the remaining 10% in Sweden. As a general insurer, Tryg is present in the private, commercial and corporate sector and uses several distribution channels. Products are sold by the company’s own sales forces, by insurance brokers, real estate agents, car dealers, trade unions and partners such as Nordea in Denmark and Norway and Danske Bank in Sweden as well as in cooperation with AXA group.

“Multiple product customers are our main focus within the private business,” stresses Mr. Møller. “They tend to be more loyal and thus also more profitable. We offer a broad range of products including home insurance, car insurance, motorcycle insurance, van insurance, personal accident insurance, health insurance, travel insurance, property insurance, liability insurance, worker’s compensation insurance, and fire and contents insurance. They are sold under various brands such as Tryg, Enter and Moderna. It is important that each business field has a clear responsibility for profitability.” The private sector is dominated by car-, family-, house,- travel- and accident insurance offered to private individuals in Denmark, Norway and Sweden. It makes up 49% of Tryg’s total earned premiums. Property insurance, liability insurance, car insurance and workers’ compensation are the main products in the corporate area, representing 21% of Tryg’s total earned premiums. They are distributed under the brands Tryg and Moderna through the company’s own sales force and insurance brokers.

“Our corporate customers are clearly defined,” says Mr. Møller. “They have more than 100 employees and an annual turnover of more than 100 million DKK. Currently, we have some 2,000 customers in the corporate business area.” The commercial business part is characterized by insurance sold to companies within in the areas motor, property, liability, worker’s compensation and health in Denmark, Norway and Sweden. “Regardless of which product or service, we always seek to create peace of mind for our customers,” underlines Mr. Møller. “This is one of Tryg’s main characteristics and sets us apart from the market. We strictly strive for high customer and employee satisfaction. Our customers are our most important asset and the company goal is to strenghten customer experience and make it so strong that our customers are confirmed in their choice of insurance every time they contact Tryg and are willing to actively recommend us to others.”

There are facts illustrating Tryg’s market success. The insurance company is the number one in Denmark, the number two in the Nordic region and the number three in Norway. “We create sustainable results and concentrate on customer retention,” points out Mr. Møller. “In order to further strengthen our market position, we introduced an efficiency program for the years 2012 up to and including 2015. Behind the program is the idea to constantly optimize claims procurement. Another point is that we will optimize our processes and reduce the number of full-time employees. As call centers have become more and more important over the last couple of years, we reduced the number of customer centers. This way we ensure better availability for our customers as they want to be served via phone and internet today. Another example of how we strengthen our focus on creating a strong profitability and efficiency.”

On the other side, Tryg aims to create value for the customers through add-on services and helps them to protect their identity. “Customer experience is very important”, says Mr. Møller. “We deliver the best quality possible and consistently invest in customer segments and benefit programs. We simply want to make a difference for our customers.” Based on this philosophy, Tryg has ambitious plans for the future. Financial goals include a 20% return of equity, net of tax, a combined ratio of 90% or less and an expense ratio below 15% in 2015. “We have a shareholder friendly dividend policy,” stresses Mr. Møller. “Now, we want to create more room to get even better services. Our focus is to strenghten customer experience while at the same time maintaining consistently high earnings.. A challenge will be the Internet. Although the use of the Internet to buy insurances is on a very low level in Scandinavia, we need to be aware that one day the Internet could be a serious competitor for us – and we will be well prepared.”

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