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Technical result, investment income boost Tryg's Q3 profit YOY

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Technical result, investment income boost Tryg's Q3 profit YOY

reported athird-quarter profit after tax of 732 million Danish kroner, compared to 110million kroner in the same period in 2015.

EPS for the period was 2.63 kroner, compared to 38 øre ayear earlier.

Tryg's technical result increased to 744 million kroner inthe period from the year-ago 647 million kroner, which included one-off costsof 120 million kroner related to the company's efficiency program. Thetechnical result was positively affected by the internal efficiency program inthe amount of 55 million kroner and was negatively impacted by a "slightlyhigher" underlying claims level, according to the company.

Investment return after insurance technical interest totaled191 million kroner in the third quarter, compared to a loss of 441 millionkroner a year earlier. Investment income was boosted primarily by a positivedevelopment in equity markets, especially in comparison with the large dropexperienced in the same period in 2015.

Third-quarter gross premium income totaled 4.51 billionkroner, compared to the year-ago 4.58 billion kroner, while gross claims fellon a yearly basis to 2.69 billion kroner from 3.51 billion kroner.

For the nine months to September-end, Tryg posted a profit after tax of 1.91billion kroner, up from 1.22 billion kroner a year ago. EPS for the period was6.81 kroner, compared to the year-ago 4.24 kroner.

Tryg's third-quartercombined ratio stood at 83.7%, compared to 86.1% a year earlier. The nine-monthcombined ratio improved to 84.4% from the year-ago 86.3%. The company is aimingfor a combined ratio less than or equal to 87% for 2017.

Tryg added that itintends to partially integrate its car sales channel organization in Norwayinto the Tryg organization and to launch commercial and corporate cyberinsurance in Denmark, Norway and Sweden in the fourth quarter.

As of Oct. 10, US$1 was equivalent to 6.67Danish kroner.