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Tryg Q3 profit dips YOY

Tryg A/S reported third-quarter net profit of 671 million Danish kroner, down from 732 million kroner in the same period in 2016.

EPS for the quarter was 2.44 kroner, compared to 2.63 kroner a year earlier. The S&P Capital IQ consensus normalized EPS estimate for the period was 2.36 kroner.

Third-quarter gross premium income rose on a yearly basis to 4.58 billion kroner from 4.51 billion kroner, while gross claims also increased year over year to 2.95 billion kroner from 2.69 billion kroner.

Tryg's technical result increased to 789 million kroner from the year-ago 744 million kroner. Investment return after insurance technical interest totaled 87 million kroner, compared to 191 million kroner a year earlier.

For the nine months to Sept. 30, Tryg posted a profit of 1.99 billion kroner, up from 1.91 billion kroner a year ago. EPS for the period was 7.25 kroner, compared to the year-ago 6.81 kroner.

Tryg's third-quarter combined ratio stood at 82.6%, compared to 83.7% a year earlier. The nine-month combined ratio was 83.8%, compared to the year-ago 84.4%. The company is aiming for a combined ratio of less than or equal to 87% for 2017.

After-tax return on equity stood at 30.3% for the third quarter, up from 32.2% a year earlier, while the nine-month after-tax ROE rose to 30.9% from the year-ago 26.9%. Tryg is targeting an after-tax ROE of at least 21% for full year 2017.

Tryg said it will pay out Oct. 13 a quarterly dividend of 1.60 kroner per share, corresponding to 440 million kroner, which the company said is supported by its overall results and a solvency ratio of 211% at the end of September after deducting the third-quarter dividend. The solvency ratio stood at 209% at June-end.

As of Oct. 9, US$1 was equivalent to 6.34 Danish kroner.