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Tryg posts YOY drop in Q3 profit

Danish insurer Tryg A/S reported third-quarter profit of 627 million kroner, down from 671 million kroner in the year-ago period.

EPS for the quarter was 2.07 kroner, compared to 2.44 kroner a year earlier.

Third-quarter gross premium income rose on a yearly basis to 4.70 billion kroner from 4.58 billion kroner. Gross claims expanded year over year, to 3.28 billion kroner from 2.95 billion kroner.

Tryg's technical result fell to 761 million kroner from the year-ago 789 million kroner. Investment return after insurance technical interest amounted to 79 million kroner, compared to 87 million kroner a year earlier.

For the nine months to Sept. 30, the insurer posted a profit of 1.62 billion kroner, down from 1.99 billion kroner in the same period in 2017. EPS for the period was 5.36 kroner, compared to the year-ago 7.25 kroner.

Tryg's third-quarter combined ratio stood at 83.8%, compared to 82.6% a year earlier. The nine-month combined ratio was 84.1%, compared to the year-ago 83.8%.

After-tax return on equity stood at 21.7% in the third quarter, down from 30.3% a year earlier. The nine-month after-tax ROE also fell, to 18.1% from the year-ago 30.9%.

The company's solvency ratio stood at 291% at the end of September, or 207% when adjusted for the capital raised for its acquisition of fellow Danish insurer Alka Forsikrings AS. Tryg reiterated that it expects a solvency ratio of about 170% after completing the acquisition.

As of Oct. 10, US$1 was equivalent to 6.47 Danish kroner.