July 9, 2020 / 5:41 AM / a month ago

BRIEF-Tryg Q2 Profit Before Tax DKK 1,539 Mln, Above Company Consensus

July 9 (Reuters) - Tryg A/S:

* REG-TRYG A/S – INTERIM REPORT Q2 AND H1 2020

* REG-TRYG A/S – INTERIM REPORT Q2 AND H1 2020

* PREMIUMS GROWTH OF 7.9% IN H1, DRIVEN PRIMARILY BY A POSITIVE DEVELOPMENT IN PRIVATE SEGMENT

* OUTBREAK OF COVID-19 HAD A NEGATIVE H1 IMPACT OF DKK -422M INCLUDING INVESTMENT LOSSES, CORE BUSINESS WAS NEGATIVELY IMPACTED BY DKK -85M ON A GROSS BASIS

* Q2 COMBINED RATIO 80.9% (COMPANY CONSENSUS 81.5%)

* WE DELIVER A SATISFACTORY QUARTERLY RESULT, HELPED BY A VERY POSITIVE INVESTMENT INCOME FOLLOWING A REBOUND IN CAPITAL MARKETS AFTER ABYSMAL Q1.

* Q2 PROFIT BEFORE TAX DKK 1,539 MILLION (COMPANY CONSENSUS DKK 1,475 MILLION)

* TRYG’S CORE INSURANCE BUSINESS CONTINUES TO PERFORM WELL HELPED BY A GOOD GROWTH, UNDERLYING IMPROVEMENTS AND DELIVERY OF ALKA SYNERGIES

* Q2 TECHNICAL RESULT DKK 1,063 MILLION (COMPANY CONSENSUS DKK 1,039 MILLION)

* LOOKING AT H1, WE HAVE BEEN STRONGLY IMPACTED BY OUTBREAK OF COVID-19, WHICH HAS IMPACTED OUR RESULT NEGATIVELY WITH AN INVESTMENT LOSS OF APPROXIMATELY DKK 440M

* WE HAVE ALREADY REACHED OUR CMD CUSTOMER TARGET OF A TNPS (TRANSACTIONAL NET PROMOTER SCORE) OF 70 IN Q2.

* THE OUTBREAK OF COVID-19 IS LIKELY TO HAVE SERIOUS REPERCUSSIONS ON THE GLOBAL ECONOMIES AND POLITICAL DEVELOPMENTS.

* TRYG’S FINANCIAL TARGETS FOR 2020 ARE RE-CONFIRMED

* Q2 PREMIUM GROWTH OF 7.0% (5.9 % EXCLUDING ALKA IN Q2 2019) IN LOCAL CURRENCIES

* Q2 GROSS PREMIUM INCOME DKK 5,595 MILLION (COMPANY CONSENSUS DKK 5,616 MILLION) Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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