TrygVesta and the external community 28 our customers 30 our processes 36 our employess 38 our business areas 44
We also have a strong strategic partnership with Nordea, one of the largest financial services providers in the Nordic region. Nordea sells our insurances through their branches throughout the Nordic region, and we sell Nordea’s life insurance and pension products.
We know our that future depends on our ability to innovate and develop in markets that are changing at an ever increasing pace and in which new demands arise rapidly. We therefore launched a number of initiatives in 2006 intended for future growth. For example, we began selling private insurance policies in Sweden and took the initial steps to selling insurance to commercial customers in Finland. We also strengthened our Health Care & Pension business area and added customer benefits to our peace of mind offering, including extended travel cover and an extended warranty insurance, and introduced mileage as a major price parameter for our motor policies.
TrygVesta became the first insurer in the Nordic region to introduce an extended travel policy covering evacuation and repatriation expenses, even in cases where there is no recommendation from the authorities. The extended coverage was initially introduced in Denmark, and later in the year also in Norway, Finland and Sweden.
TrygVesta launched a new pan-Nordic brand platform in Denmark and Norway, based on peace of mind and concerns.
In line with the Group’s strategic focus on the Nordic region TrygVesta divested Chevanstell
TrygVesta’s first-half pre-tax profit was an improvement of DKK 124m over the first six months of 2005.
TrygVesta adjusted motor insurance premiums in Denmark to create a better match to individual customers’ requirements and risk profiles.
TrygVesta – 2006 in review / TrygVesta Annual Report 2006 / Page 6 of 147
Kjerstin Fyllingen was appointed as a new member of the Group Executive Management in charge of Private & Commercial Norway.
Dansk Kaution extended its business area to the entire Nordic region. Outside Denmark, Dansk
New Markets, and Peter Falkenham took over responsibility for Private & Commercial Denmark.
TrygVesta’s employees donated DKK 2m to Doctors Without Borders and SOS Children’s Villages.
TrygVesta – 2006 in review / TrygVesta Annual Report 2006 / Page 7 of 147
We have asked seven very different people of different ages and with different backgrounds and occupations to give us an insight into their thoughts on security and peace of mind, insecurity, innovation and the future. Their views are dotted around these annual report.
When it comes down to it, there is probably nothing that can make people feel as insecure and unsafe as new technology. For me, security is about having control over my life. If, for instance, I am sitting in the back seat of a car and I don’t know the driver or trust him 100%, then I have lost control and I feel unsafe. If I
Talking about the future, I do not worry whether I can keep up with the changing times. I do not worry about bird flu, volcanic eruption and things like that either – the only thing that concerns me at the moment is that it will be really, really boring doing my A Levels.
JOHAN BICHEL LINDEGAARD IS 15. BESIDES GOING TO SCHOOL, JOHAN MAKES MONEY
Technical interest, net of reinsurance 583 323 335 537 595 832
Profit/loss on investments after transfer to profit/loss for the year before tax 3,709 2,913 2,052 1,947 1,045 -774
Profit/loss on discontinued and divested business after tax 126 -28 -75 -55 -217 -274 profit/loss for the year 3,211 2,097 1,421 1,407 742 -2,091
Total reinsurers’ share of provisions for insurance contracts 1,561 2,630 3,292 3,132 3,480 4,632 key ratios 1)
Claims ratio, net of ceded business 71.0 72.1 74.0 72.6 78.3 83.6
Financial highlights and key ratios of TrygVesta / TrygVesta Annual Report 2006 / Page 12 of 147
Return on equity before tax and discontinued and divested business 41 39 33 34 22 -46
Return on equity after tax and discontinued and divested business 35 28 23 25 15 -47
Earnings per share (continuing business) 45.5 31.3 22.0 21.5 14.1 -26.7
Number of shares, year end (1,000) 67,790 68,000 68,000 68,000 68,000 68,000 number of full-time employess, end of period 1) Calculated in accordance with “Recommendations & Financial Ratios 2005” issued by the Danish Society of Financial
Analysts except for per share data, which is based on 68,000,000 shares as though such number of shares was outstanding during the periods presented. The 68,000,000 shares reflect the number of outstanding shares after giving effect to the four-to-one share split set forth in the company’s amended articles of association approved by the company’s shareholders on 21 September 2005.
Financial highlights and key ratios of TrygVesta / TrygVesta Annual Report 2006 / Page 13 of 147
Positive ActualForecastNegative coMbined ratio 2005 and 2006 and forecast during 2006 technical result DKKm gross earned preMiuMs by business areas 2006gross earned preMiuMs 2006 technical result by business areas DKKm
TrygVesta’s financial performance in 2006 / TrygVesta Annual Report 2006 / Page 14 of 147
Reporting pre-tax profit of DKK 3.9bn including discontinued business and DKK 3.7bn excluding discontinued business and a return on equity of 35% after tax,
TrygVesta focuses on achieving a good balance in earned premiums, by geography as well as by business areas, where the Group’s largest business area, Private
The overall performance of the Group’s gross earned premiums matched TrygVesta’s market strategies but fell short of expectations at the beginning of 2006. Earned premiums were composed of growth in
Earned premiums in Private & Commercial Denmark and Private & Commercial Norway were lower than expected. Looking ahead, these measures are expected to have a positive impact on customer inflow and customer retention. In the Norwegian market, we primarily adjusted premiums for customers with more than one product and good profitability. This is the Group’s primary target group. Competition for motor policies intensified in Denmark, and TrygVesta’s successful introduction of the adjusted motor premium induced several competitors to offer similar terms.
Earnings from Danish and Norwegian general insurance were well balanced in 2006, and the Group’s three principal business areas, Private & Commercial Denmark, Private & Commercial Norway, and Corporate, all contributed a combined ratio below 88.
The gross claims ratio developed favourably in 2006 and ended the year at 67.4 compared with 72.0 in 2005.
TrygVesta’s financial performance in 2006 / TrygVesta Annual Report 2006 / Page 15 of 147
Run-off result, gross 423 263 -17 0 * See Financial forecast for 2007 for assumptions with respect to a normal year.
Nominal costs were 1.3% higher than in 2005. In addition to the investments referred to above, nominal costs include cumulative wage indexation of 4.4%, equivalent to DKK 81m. This emphasises the significant efficiency improvements in the Group.
The return on investment activities before other financial income and expenses and transfer to insurance activities totalled DKK 2,071m, which was 23% higher than in 2005. The performance equals a 5.8% return on investment assets, which was satisfactory and in line with expectations. TrygVesta’s investment performance in 2006 was, in particular, lifted by a very positive
TrygVesta’s financial performance in 2006 / TrygVesta Annual Report 2006 / Page 16 of 147
Tax on the profit for the year amounted to DKK 624m against DKK 788m in 2005. The effective tax rate was reduced from 27 in 2005 to 17 in 2006 due to the year’s tax-free capital gains and a one-off adjustment of deferred tax to cover the risk that gains on shares and real estate become taxable in the event of unprofitable insurance operations. This provision for deferred tax is not required any longer because the positive technical results reported by Tryg Forsikring A/S have resulted in the establishment of tax balances.
TrygVesta has previously announced that the Group expected a profit of DKK 80m from the sale. The higher profit originated from higher communtation gains in connection with Tryg Forsikring’s settlement of the reinsurance treaty with Chevanstell Limited.
DKK 42,783m in 2006. Liabilities comprised mainly shareholders’ equity of DKK 9,951m and technical provisions of DKK 25,957m.
The technical provisions were DKK 800m lower than in 2005, and the claims provision ratio was 124 in 2006 against 126 in 2005. The technical provisions and claims provision ratio were lower because provisions belonging to Chevanstell Limited were not included in the consolidated provisions in 2006. At 31 December 2005, Chevanstell Limited had technical provisions of
1,736m, made up of the profit for the year less dividends paid with respect to the 2005 financial year, and including adjustments mainly for actuarial gains and losses on the pension provision under IAS 19 and other minor adjustments. These figures exclude the proposed
However, I suppose this interaction is also important to other people, such as researchers and scientists. I
believe that in the future, it will become crucial to find new ways of extracting natural resources. That can only happen if new research is created and if researchers and scientists are allowed to research that which is conventionally considered unnecessary – that is, actively deselecting the safe choices. In this way, you could say that art and research have certain similarities.
MELOU VANGGAARD IS 39 AND AN ARTIST. SHE HAS HER OWN STUDIO AT ØSTERBRO
ifrs ifrs ifrs selected bsc benchmarks for trygvesta 2006 2005 2004 2003 2002 2001 financial perspective
Return on equity after tax 35.4 27.9 23.1 15.4 -47.4 1.2 customer perspective, private customers (index)
Proportion of customers with concept agreement 108 108 106 102 98 100 processes perspective (index)
Portfolio (nominal prices) per full-time employee 131 133 129 124 116 100
Customer satisfaction in claims handling 107 105 104 102 100 100 lerning perspective (index)
1) The renewal rate is adversely affected by the short policy cancellation notice implemented in Denmark in the autumn of 2005 and in
Strategy and focus areas for 2007 / TrygVesta Annual Report 2006 / Page 20 of 147
Our customers should be confirmed in their choice of insurer on an ongoing basis. We therefore intend to
Strategy and focus areas for 2007 / TrygVesta Annual Report 2006 / Page 21 of 147
Profit before tax 3,709 2,500 * in local currency storM and Weather losses DKKm run-off gains and losses DKKmlarge losses DKKm
Financial forecast for 2007 / TrygVesta Annual Report 2006 / Page 22 of 147
For the full 2007 financial year TrygVesta expects a profit on ordinary activities before tax of DKK 2,500m compared with DKK 3,709m for 2006. TrygVesta expects a return on equity of just over 26% before tax and around 19% after tax based on the dividend policy.
The combined ratio for 2007 is estimated to be at the level of 90-92 with an expectation of 91 before run-off compared with the 87.8 after run-off and 90.1 before run-off achieved for 2006.
TrygVesta has clearly defined a dividend policy resting on the cornerstone that we do not retain a larger part of the profit than is appropriate to maintaining the minimum level of capital required to operate and develop the company. This is achieved through active capital management and optimised capitalisation.
Expectations for the combined ratio in the medium term are at the level of 91-93, corresponding to a targeted return on equity after tax of 19-21%.
The forecast for the result for 2007 is based on assumptions with respect to gross earned premiums, gross claims incurred, gross expenses, result of business ceded and technical interest.
TrygVesta is committed to providing the market with precise profit guidance. Within the Group, we therefore attach great importance to using the very extensive records of previous performance which, together with TrygVesta’s size in our core markets, are very important when making financial forecasts. TrygVesta emphasises the importance of having a clear correlation between initiatives and the financial impact in all planning activities.
Financial forecast for 2007 / TrygVesta Annual Report 2006 / Page 23 of 147
The forecast generally assumes no run-off gains or losses in 2007 on the provisions for claims established.
and a net impact of 2.3% on the combined ratio for 2006.
Technical interest is based on interest rate assumptions as at 31 December 2006.
The forecast return on investment activities for 2007 is based on the following assumptions with respect to investment assets. Bonds are expected to account for around 80% of total investment assets and to yield a return of 3.9%. Shares are expected to account for around 14% and to yield a return on 7.0%, while real property is expected to account for 6% of assets and yield a return of 6.8%. This should be viewed against corresponding returns of 2.8%, 20.3% and 15.0% generated on bonds, shares and property, respectively, in 2006.
At the beginning of February 2007, the Danish tax authorities submitted a bill amending Danish tax legislation that is expected to change the corporate tax level in Denmark. At the time of publication of this report, neither the final form of the bill nor whether it would be adopted were known, and it has therefore not been incorporated in the forecast for 2007.
Financial forecast for 2007 / TrygVesta Annual Report 2006 / Page 25 of 147
The Nordic insurance market is worth some DKK 150bn, with the three pan-Nordic companies Codan, If and
The personal accident business has seen a favourable price development in recent years with a view to adjusting pricing to claims expenses. Prices in Denmark are adjusted using a company-specific index called the social index.
The recurring question among equity analysts and the media in 2006 was whether we were about to see a deterioration in the insurance cycle and a downturn in earnings. When considering the trend in earnings over a longer perspective, the challenge as we entered this millennium was to create a balance in insurance operations. This was achieved by adjusting premiums for a number of products, and was reflected in high growth rates from 2002 through 2005. The market’s restored profitability caused more companies to adjust their premium levels in 2006. Premium growth is now at a more normal level in a saturated market, and profitability has been restored. We believe the volatile returns on investments and higher risk awareness will ensure that the industry continues to focus on a positive development of their technical operations.
New capital requirements were also a controversial issue in 2006, especially Solvency II, the new pan-European regime scheduled for implementation in 2011, at the earliest. Solvency II will change the rules governing companies’ capital requirements. The Danish Financial
Supervisory Authority currently determines the capital requirement based on the existing solvency rules, which establish a minimum capital requirement of 100%
of the solvency requirement. The new capital requirements are generally expected to require an investment grade which in terms of Standard & Poor’s ratings would correspond to a rating of BBB-. By way of comparison, the existing solvency rules establish a capital requirement of 16% of net premiums or, in practice, 32% as a minium, as companies of TrygVesta’s size generally have excess cover of double the requirement.
The new Solvency II rules are not expected to change the capital requirement for TrygVesta and other insurers that currently meet the level of a Standard &
TrygVesta and the external community / TrygVesta Annual Report 2007 / Side 28 af 144
December 2006. The rules are expected to be introduced in the Danish Folketing in March 2007 and to come into effect on 1 July 2007. The bill is intended to ensure that companies implement a formal risk management environment comprising the risk elements required under Solvency II now rather than later. Details of the requirements for the companies’ risk management are not available at this time, but all other things being equal, the new rules will make much tougher demands on companies that do not already work with formal risk management and risk reporting.
TrygVesta and the external community / TrygVesta Annual Report 2007 / Side 29 af 144
At TrygVesta, we fundamentally believe that our customers’ requirements are best covered if we provide solutions rather than mere financial compensation when a claim is reported. This applies when customers need a garage to repair damage to their car, when their house or flat has been damaged by water, when a person needs help to return to the labour market after an accident, or when a business needs help to maintain or restore production after a claim.
In Norway, we scored second highest among Norwegian insurers for customer loyalty, while we recorded a setback with respect to customer satisfaction relative to 2005. The higher customer loyalty rating is very much attributable to the changed price structure in
Norway, where we abolished introductory discounts to new customers in May 2005. The high level of customer satisfaction was also reflected in the number of customer complaints, as we had the lowest proportion of complaints among the major companies.
We use the results for quality control as well as quality improvement.
Our customers / TrygVesta Annual Report 2006 / Page 30 of 147
We launched several new customer benefits in 2006. In light of the changed travel habits of our customers and recent years’ natural disasters and terrorist attacks, we extended our travel insurance coverage. We are the only insurer in the Nordic region to offer a travel policy covering evacuation and repatriation expenses, even in cases where the authorities do not recommend evacuation.
Internet to communicate with each other, and a strong brand is of particular importance to get customer attention. For that reason, we measure the trend for our websites in all markets.
TrygVesta pages in 2006 compared with around 88,000 hits in 2005.
custoMer survey norWay 2006 satisfaction and loyalty - private custoMers 1)
custoMer survey nordic countries 2006 satisfaction and loyalty - private custoMers 1) 2)
1) Satisfaction and loyalty is measured on a scale from 1-100. Industry = average for all companies surveyed. Source: EPSI Rating (EPSI is an independent non-profit organisation for measuring customer satisfaction in the Nordic region).
Our customers / TrygVesta Annual Report 2007 / Side 32 af 144
Via my work in public health, it has become increasingly clear to me that it is absolutely essential to all of us to feel that we have a certain amount of influence on our own lives. We all need to feel that we are free to do what we want, but at the same time, we all recognise that too much freedom can be somewhat frightening.
In the Nordic societies such as Norway and Denmark, we have created a type of security for all that is entirely unique. We can feel safe and secure irrespective of what happens – also when we get old. I believe this is completely indispensable and worth remembering, not least in the current climate when we are noticing a tendency to forget the significance of this security. We have now reached some sort of turning point. We feel safe and secure, but now we also want recognition and self-realisation – the human race is looking for its own basic element and wants the opportunity to develop further.
We are quite at odds with ourselves these days – for life cannot just be easy, secure, full of self-realisation and entirely free of risks. Seneca, who really ought to be a kind of house philosopher for TrygVesta, put it very well: There is only one route to quality of life and that is to accept that the account book of your life will have both good and bad entries. After all, zero risk is an impossibility. Thus, we have to enter into a partnership with at least the possibility of danger.
We have achieved so much with regard to creating a society of security – securing good living conditions for all. That is one thing we must never forget. Things have improved and I don’t believe that the sum of worries is constant. Just think about what life was like a hundred years ago – there was so much more suffering, sorrow and anxiety.
I hope that society also in the future will retain the will to secure fair living conditions for all – the entire community. I also hope that we may retain the relatively high levels of security and trust that we currently enjoy in the Nordic region. In other countries, I have observed how fear can destroy the health of an entire society.
PER FUGELLI IS 63 AND A PROFESSOR OF SOCIAL MEDICINE AT THE UNIVERSITY
AMONG OTHER THINGS, HOW THE DISTRIBUTION OF VALUES SUCH AS SECURITY
We want to be perceived as the leading peace of mind provider of the Nordic region. In order to achieve our vision we must commit ourselves to developing and innovating our business on an ongoing basis. In 2006, we dedicated ourselves to launching a number of initiatives aimed at preparing us to meet future challenges.
We changed our organisational structure in a number of ways in the autumn of 2006, reflecting a wish to ensure that we extend maximum focus on, and that the
Group Executive Management is firmly committed to, the areas designated as future major growth areas for the Group. We have merged the areas Finland, Sweden,
Health Care & Pension, BusinessLab and Nordic Bankassurance into one business area under the name New
In connection with starting up in Sweden we used the experience gained from our start-up in Finland. Among other things, we launched a similar business platform with sales through Nordea and via the Internet, and also set up our own call centre. Furthermore, we reaped the benefits of synergies from re-using the same IT system.
Further to the BusinessLab concept, some of our employees have attended an Entrepreneurial Leadership programme at the Technical University of Denmark, which they completed in January 2007. In connection with their studies, the employees will establish a business plan for a new business area.
Health Care & Pension. By concentrating our development efforts in one place, we achieve a number of organisational and market advantages, and we expect that the business centre will help us capture an even greater share of the rapidly growing market for health insurance. We experienced growth of more than 66% in 2006, and we are confident that the positive trend will continue in 2007. In 2007, we intend to focus strongly on developing welfare solutions with a broad appeal to customers and supplementing the Nordic welfare system.
Again in 2006, we saw strong growth, of 36% over 2005, in our sales of Nordea’s pension plans. Corporate pension plans were the prime driver of this growth.
However, it is by no means everybody who is covered by a corporate pension plan or other pension schemes provided for by collective agreements, in particular among self-employed persons. An amendment to the
Our processes / TrygVesta Annual Report 2006 / Page 37 of 147
In order to implement the Group’s business strategy, we rely on the competence and dedication of our employees. They are our most important asset and the people through whom our customers in their everyday lives experience our provision of products and services that offer peace of mind. We therefore depend on our ability to continue to attract and retain the best employees by being an attractive workplace offering our employees freedom to act, thrive and develop.
An employee survey conducted in 2006 showed good results, which we intend to use in local development efforts. In 2007, we will therefore focus on following up on the individual departments’ action plans in order to improve results.
We focused strongly on enhancing competence in 2006. Our management teams participated in several development programmes, and we intend to roll out similar processes in the entire Group during 2007. We also focused on developing new management potential. These people attended various training modules for the purpose of preparing them for becoming managers in TrygVesta.
Our employess / TrygVesta Annual Report 2006 / Page 38 of 147
We launched a new pan-Nordic learning portal in September, which will be used, among other things, for elearning. In late 2006 we also implemented a pan-Nordic introduction programme for new employees based on e-learning. The learning portal will be expanded in 2007 to include our Finnish employees, thus creating a shared Nordic portal for course development and competence building. Courses include e-learning as well as various forms of instructor-based learning. We also believe the knowledge sharing that takes place every day in the individual departments is extremely important and intend to make increased use of multimedia resources and other tools that support cooperation and learning in 2007.
An increasing number of our corporate customers call for advice, service and an overview of their risks. To accommodate their requirements, we launched a major training programme for 250 Norwegian and Danish employees in our Corporate business area in 2006. We anticipate that all employees will have completed the programme by the end of 2008.
February 2006. The 18-month trainee programme is intended to cater to the Group’s long-term requirement for highly qualified employees and management candidates. The trainees are also expected to make an important contribution in our efforts to develop processes across national borders and business areas.
Danish employees accepted the offer, and about half of them successfully quit smoking.
Number of employees 3,808 3,718 3,762 distribution of Managers in norWaydistribution of Managers in denMark
Male and feMale eMployees in denMark Male and feMale eMployees in norWay
TODAY IS THE 85TH CONSECUTIVE DAY OF RAIN IN BERGEN THAT IS NOT A GOOD SIGN
You also need to go quite far into the country in order to find snow on the mountains. That is another thing that’s not normally like that this time of year. We humans find it difficult to relate to anything before it becomes somehow tangible and affects us personally, for instance when our own health is affected. Unfortunately, we are now facing this with our climate. Only in recent years when Asia and the USA have been ravaged by several tsunamis, when the storms in Europe have intensified considerably and the temperature in the Nordic region has increased, have people started taking seriously the entire issue of climate change.
Within the world of business, I believe that coming to the fore will be companies that support these areas with regard to both products and services. Technology will also play a central role in the future, both in the home and at work.
For my own part, if I could take out whatever insurance I wanted, I would probably choose a two-month policy against bad weather. A sort of sun guarantee insurance…
Provides general insurance products for private households and small and medium-sized enterprises in Denmark under the brand name Tryg. The Group’s products in Denmark are distributed principally through our proprietary distribution network consisting of five regional customer centres and 16 local service centres staffed by our own customer advisors and sales agents. Products are also distributed through other channels, including affinity groups and Nordea’s 340 bank branches. Private
Provides general insurance products for private households and small and medium-sized enterprises in Norway under the brand names Vesta and Enter. The Group’s products in Norway are distributed through 85 franchise offices which are licensed to use our brand and exclusively sell our products and
Is included in Corporate and is the leading supplier of guarantee insurance in the Nordic region.
Our business areas / TrygVesta Annual Report 2006 / Page 44 of 147
Nordea Vahinkovakuutus. In February 2007, we will start selling commercial products to small and medium-sized enterprises. The Group’s products in Finland are primarily distributed through the 440 branches of Nordea. Products are also sold through our own call centre, through car dealers and via the Internet. The Finnish business has 77 employees.
In late 2005 Private & Commercial Denmark introduced, among other things, mileage as a price parameter for motor insurances, which provided for a better risk selection and thus also a fairer price to customers.
Private & Commercial Denmark / TrygVesta Annual Report 2006 / Page 46 of 147
The combined ratio for 2006 was 87.9, which was 1.9 percentage points lower than in 2005. The positive development was due to sustained improvement in the claims expenses and an improved run-off result.
Gross run-off gains amounted to DKK 120m in 2006, while the net amount was DKK 55m. This had a positive impact of 1.9 percentage points on the claims ratio.
Run-off result, gross 120 -2 -138 0 for savings because only a small part of claims are handled under this arrangement, and the average saving per claim is much greater for building than for motor claims.
The claims frequency for, in particular, building insurance continued at a low level in 2006 and was considerably lower than in a normal year. The frequency for motor insurance, on the other hand, saw an upward trend in 2006, but continued to be at a relatively low level.
The gross expense ratio fell to 17.4 in 2006, which was 0.3 percentage point lower than in 2005. In particular, changes in the sales process to include more teambased customer servicing had a favourable impact on the expense ratio.
The Group has defined as an overall target to expand the provision of products and services that offer peace of mind and to set the agenda in the peace of mind universe. We aim to achieve this, among other things, by greater insight into customer requirements and needs and through enhanced focus on product development. A long-term goal is to increase the group’s market share in Denmark. In order to meet these targets, the Private & Commercial Denmark business area will launch additional new customer benefits in the coming year, designed to ease the everyday lives of customers and provide added peace of mind. In addition, Private & Commercial Denmark intends to focus on distribution through multiple channels and enhancing the efficiency of sales and customer contact.
In local currency, the fall in gross earned premiums was 2.9%. The deterioration was partly attributable to the changed price structure introduced in May 2005 and partly to a new customer benefit programme launched in 2006, under which the discount offered to customers who buy more than one product increased. While the changed price structure had an adverse effect on sales of new policies in the first half of 2006, the overall effect of the new price structure and the customer benefit programme was to lift sales in the second half of 2006. These measures also impacted customer loyalty very positively. Measured in terms of renewal rates, customer loyalty increased considerably in 2006.
TrygVesta’s insurances were also included in Nordea’s benefit programme, becoming an integral part of a home loan campaign in the autumn of 2006, which boosted sales further.
Gross claims incurred -2,892 -2,844 -2,696 profit/loss on gross business 695 843 817 profit/loss on ceded business -76 -62 -73
Business ceded as a percentage of gross premiums 1.7 1.3 1.6
Private & Commercial Norway / TrygVesta Annual Report 2006 / Page 48 of 147
The gross claims ratio was 2.7 percentage points up on 2005, but it remained at a low level compared with prior years. The effect of run-off gains on the claims ratio in 2006 was DKK 87m or 1.9 percentage points, while the corresponding figure for 2005 was DKK 164m or 3.6 percentage points. Motor continued to see a positive trend in the claims frequency in 2006, while building recorded a slightly higher claims frequency. The average motor claim increased, mainly due to higher repair costs. The average building claim also increased, mainly because of the higher cost of craftsmen. Private &
The gross expense ratio was 20.4 in 2006, in line with the 2005 figure. Private & Commercial Norway invested heavily in customer-oriented IT systems for the purpose of making workflows and processes more efficient and improving productivity.
Kjerstin Fyllingen was appointed as a new member of the Group Executive Management in charge of Private
In 2007, Private & Commercial Norway will implement the first phase of a new IT support of sales processes which will improve productivity and enhance customer experience. As in Denmark, Private & Commercial Norway will also focus on expanding the product range and peace of mind offering within the health area. In addition, Private
& Commercial Norway will expand the market position in the coming year among small and medium-sized enterprises, primarily through franchise offices, with a particular focus on under-represented geographical areas.
Tryghedsgennemgang Privat - a peace-of-mind review for private customers. The concept is intended as a measure to prevent claims by making the customer aware of risks in the home. Customers are given a 5% discount on their building insurance if the criteria in the peace-of-mind review are met. The peace-ofmind review has already become an important element in the dialogue with customers.
Private & Commercial Norway / TrygVesta Annual Report 2006 / Page 49 of 147
The Corporate business area recorded a technical result of DKK 853m in 2006, which was an improvement of
Gross earned premiums were 5.5%, or DKK 255m, higher than in 2005. The favourable development was driven by a positive trend in the number of policies sold and in the proportion of customers who renewed their policies, which exceeded expectations by a substantial margin. Around nine out of ten corporate customers chose to continue their relationship with the Group in 2006, and the risk consultancy project was the main contributor to this positive trend. The risk consultancy project is a new team-based way of working, in which sales, underwriting, claims and other staff work with the customer to identify risks and prepare a risk report describing the customer’s overall risk scenario.
Gross earned premiums 4,921 4,666 4,801 profit/loss on gross business 945 771 809 profit/loss on ceded business -302 -421 -549
Business ceded as a percentage of gross premiums 6.1 9.0 11.4
part, driven by the social index, a very positive volume of new workers’ compensation policies was also sold.
The improvement was driven by sustained favourable developments in the expense ratio and the claims ratio.
The gross claims ratio for the year was 69.8 compared with 72 in 2005. This was, in particular, attributable to a favourable claims performance in the Norwegian part of the Corporate business.
The Corporate business area had 11 large losses exceeding DKK 10m in 2006, and the aggregate cost of large losses was significantly higher than in 2005. The large losses had an adverse impact of 9.3 percentage points on the claims ratio against 7.6 percentage points in 2005. In terms of claims expenses, most of the large losses were incurred by Danish corporate customers’
In 2007, the Corporate business area will focus on expanding the provision of products and services that offer peace of mind and on gaining greater insight into customers’ needs by increasing the offer of self-service facilities and streamlining the product structure.
Corporate / TrygVesta Annual Report 2006 / Page 51 of 147
Claims ratio, net of ceded business 78.3 81.1 75.5 finnish general insurance
Nordea Vahinkovakuutus, TrygVesta’s Finnish business, continued the positive performance in 2006. In the third quarter of the year, the branch reported its first ever break-even result on the technical account. For the full year, the technical result was a loss of DKK 34m compared with a loss of DKK 41m in 2005.
Gross earned premiums amounted to DKK 198m in 2006 against DKK 140m in 2005, equivalent to growth of 41.4%. Growth was driven by higher sales through
The number of policies sold developed very favourably through the year with some 80,000 policies sold in 2006, some 10% more than in 2005.
The claims ratio improved by 2.8 percentage points relative to 2005. The improvement was attributable to the underlying customer selection, which is based on Nordea’s segmentation of customers. Nordea accounted for around two thirds of sales in 2006. The
The expense ratio was 41.7 in 2006, which was 8.5 percentage points lower than in 2005. The favourable performance was mainly due to absolute costs being almost unchanged from 2005 as a result of efficient processes and steeply increasing premium income.
However, the expense ratio was strongly affected by costs in connection with the start-up of commercial sales in 2006. Excluding the costs of starting up commercial sales, the expense ratio was 32.
The branch has employed another 20 persons to sell from Nordea’s largest branches in order to stimulate sales in this segment. In addition, the sales force is supplemented by salespersons paid on a commission basis, and sales through our call centre will also be strengthened.
The branch met with a positive reception and had sold almost 26,500 policies to some 13,000 customers by 31 December 2006. The portfolio exceeded SEK 50m with an average premium per product of SEK 2,436 at satisfactory start-up with great potential
The base in Malmoe and additional staff in Stockholm and Gothenburg provides a good basis for providing service and advice to customers and to Nordea’s employees throughout Sweden. The Swedish business works closely with the head office in Ballerup, Denmark and is supported by corporate functions such as Group
In Sweden, Vesta Skadeförsäkring intends to expand its market position through the established sales channels in 2007. The branch also intends to ensure a superior level of customer focus and customer satisfaction and to trim and improve key processes such as customer renewal and claims handling. New products and sales channels will be introduced as and when required by developments in the business.
Swedish general insurance / TrygVesta Annual Report 2006 / Page 54 of 147
In 2006 the return on investment activities before other financial income and expenses and transfer to insurance activities totalled DKK 2,071m, which was
DKK 390m higher than in 2005. The performance equals a 5.8% return on investment assets, which was satisfactory and in line with expectations. TrygVesta’s investment performance in 2006 was, in particular, lifted by a very positive equity return of 20.3% with
Technical interest transferred to insurance activities was DKK 324m higher. The total return on investment activities was increased by DKK 319m over 2005 to stand at DKK 1,207m in 2006. Other financial income and expenses improved from a net expense of DKK
86m to a net income of DKK 167m, among other things because higher interest rates lifted the discounting effect of technical provisions from DKK 43m in 2005 to
601m in 2006, primarily due to higher equity prices, return change investment assets
lifting the proportion of equities in the portfolio from 13.9% to 14.7%. The proportion of bonds was 78.5% at 31 December 2006 compared with 80.1% a year earlier.
DKK 398m in 2006, lifting its proportion from 6.0% to 6.7% of total investment assets.
Net investments amounted to about DKK 1.7bn in 2006, of which DKK 1.4bn was invested in bonds and
North American governments, regional authorities and credit institutions. As shown in the pie chart, 75% of the portfolio consisted of bonds rated AAA or AA.
December 2006 compared with 1.6 years at 31 December 2005. Part of the provisions for claims is made up on a discounted basis and thus subject to interest rate risk.
The interest rate sensitivity in DKK on the bond portfolio is managed on an ongoing basis to minimise the gap to the interest rate sensitivity in DKK affecting provisions for claims. Interest rate sensitivity is measured as changes in the value of the bond portfolio and the discounted provisions for claims, respectively, at an interest rate increase of 1%. If the gap is too large, changes in interest rates may have an adverse impact on the income statement.
DKK 966m, equivalent to 20.3%. The return on Danish shares was 25.7%, while Norwegian shares generated a return of 34.9% compared with 25.3% for the Danish
OMX Copenhagen Capped index and 32.4% for the Norwegian OSEBX index. The return on other international shares was 17.6% compared with 19.1% and 14.7% for
The investment return on real property was DKK 317m, equivalent to a total return of 15.0%. The high return was mainly attributable to revaluation due to higher market values totalling DKK 184m based on a prudent bonds by geography
Investment activities / TrygVesta Annual Report 2006 / Page 57 of 147
When a company – as is the case with TrygVesta – is a relatively new listed company, there are a number of contrary issues at play: naturally, the return to the shareholders must be good; it’s also important to have an excellent strategy that can be executed; and to a very wide extent, the company is recommended to stick to its core business. The last point is particularly significant, in my view. This is the way to generate trust within the market.
Seen from an investment point-of-view, I would say that there is every reason to be optimistic about the future. If a company is able to continue performing strongly within its core business and, for instance, improve its combined ratio, I believe there is every reason to be optimistic. There is currently a largely media-generated tendency to focus on a lack of security and safety, and that in particular hits many politicians.
PAUL DOYLE IS AN EXECUTIVE DIRECTOR AT THREADNEEDLE, OF WHICH HE
Openness, transparency and a fundamental understanding of investor information requirements are key to creating and maintaining good relations with shareholders and other financial stakeholders.
We make information that may influence the pricing of our shares available to all stakeholders through the
Department hold meetings with investors and equity analysts in Copenhagen and London on a quarterly basis and visit other cities in Europe and the USA during the year. The target is 250-300 investor meetings each year.
In 2006, 265 investor meetings were held. Our aim is that 10-15 equity analysts actively follow TrygVesta’s performance and communicate their assessments to investment advisers and customers, and three to five of these analysts should be based in London.
The Investor Relations pages at www.trygvesta.com are an important vehicle for providing information on
TrygVesta’s performance to prospective investors and others. Information provided on our website includes updated schedules for investor presentations and the names of the equity analysts who follow the TrygVesta share. Stock exchange announcements, investor presentations and annual reports are also available on the website. Investor Relations focus strongly on making updated and relevant information available and easily accessible to investors and urge all interested parties to use the website.
Stock Exchange commenced on 14 October 2005 with an opening price of DKK 230. About two months later, the TrygVesta share became a component of the
47.9bn on the OMX Copenhagen Stock Exchange. The most active traders were: Danske Bank 23%
28 March Annual general meeting 2007 9 May Financial results for the three months ending 31 March 2007 21 Juni Capital markets day 16 August Financial results for the six months ending 30 June 2007 22 November Financial results for the nine months ending 30 September 2007
trygvesta a/s - stock exchange announceMents in 2006 15.12.2006 No. 14 TrygVesta – Vesta in Norway approved as branch of Tryg 09.11.2006 No. 13 TrygVesta’s third quarter 2006 report 17.08.2006 No. 12 TrygVesta’s half-year 2006 report 04.07.2006 No. 11 Change in TrygVesta’s Supervisory Board 27.06.2006 No. 10 TrygVesta – New Group Executive 11.05.2006 No. 09 TrygVesta’s first quarter 2006 report 30.03.2006 No. 08 New deputy chairman of the Supervisory Board 30.03.2006 No. 07 Articles of association of TrygVesta A/S
30.03.2006 No. 06 TrygVesta – Financial calendar 2006 revised 30.03.2006 No. 05 TrygVesta – Resolutions from the annual general meeting 24.03.2006 No. 04 TrygVesta – Changes in management in Norway 09.03.2006 No. 03 Notice of the annual general meeting of TrygVesta A/S
28.02.2006 No. 02 TrygVesta introduces share-based payments 28.02.2006 No. 01 TrygVesta – Annual report 2005 annual general meeting
The annual general meeting of TrygVesta will be held on 28 March 2007 at 14.00 CET at Øksnehallen,
Bjarne Lau Pedersen, Chief Group Legal Adviser, on +45 4420 3065, bjarne.lau@tryg.dk, or to Ole Søeberg, IRO, on +45 4420 4520, ole.soeberg@tryg.dk.
TrygVesta emphasises open and honest communication with shareholders. News items, quarterly, half-year and annual results are announced in order to best enable shareholders to form an adequate impression of the business. TrygVesta also arranges investor presentations, teleconferences and webcasts. Such material is available on the Group’s website, which is continuously developed in terms of user-friendliness and content. We also follow the development of new technology in this area closely.
• Presentation of the annual report for approval, including determination of the Supervisory Board’s remuneration, and discharge of the Supervisory Board and the Executive Management corporate governance
Supervisory Board or to a third party. A proxy form to the
Supervisory Board is made available, which allows shareholders to decide on the individual items of the agenda.
A proxy form will be available at our website from 9
TrygVesta has defined a number of policies, including internal and external communications policies, distribution, customer and service policies, investor relations policies, key persons policies, HR policies and a policy defining a code of conduct for behaviour with respect to competition law.
Press announcements and stock exchange announcements are published simultaneously in Danish and
Tryg i Danmark. The Supervisory Board’s composition follows the following principles: • four members are elected among the members of the
• four members are elected among candidates without any affiliation with Tryg i Danmark smba, and
The Supervisory Board is responsible for the overall management and financial and managerial control of TrygVesta A/S. To perform its tasks, the Supervisory Board uses targets and framework management based on regular and systematic consideration of strategies, capital resources, policies and risks.
The Supervisory Board carries out an annual evaluation of the work and results of the Executive
Supervisory Board. The assessment takes the form of an annual talk between the chairman of the
bers, the Supervisory Board encloses a description of the candidates’ background with the notice of the general meeting. The description states the recruitment criteria established, including requirements with respect to the candidates’ professional qualifications and international experience.
In 2006, members of the audit committee were: • Bodil Nyboe Andersen (chairman)
The audit committee works with historical data, and it is not involved in forward-looking events such as outlook and budgets. In addition to the above, the audit committee shall to a reasonable extent discuss and review with management significant financial information in interim reports etc.
The audit committee reports to the Supervisory Board on a regular basis, and it makes an annual assessment of the preceding year’s work to assess if any changes should be made to its areas of responsibility.
At the end of 2006, the chairman and deputy chairman of the Supervisory Board handled the nomination work without receiving any special fee.
The Group Executive Management comprises six members. The compensation paid to the Executive Management reflects a wish to secure a good and stable performance for the company in the short term as well as in the longer term. The compensation includes an element of performance-related bonus and comprises a bonus plan entitling them to up to three months’ additional salary. The bonus is directly linked to performance within the four perspectives of the balanced scorecard.
Corporate governance / TrygVesta Annual Report 2006 / Page 65 of 147
(“all trades”) on the OMX Copenhagen Stock Exchange on 27 February 2006. The options were granted on 28
In 2006, members of the Group Executive Management were granted options as follows: 20,960 optioner til Christine Bosse 7,860 optioner til Morten Hübbe 6,550 optioner til Peter Falkenham 6,550 optioner til Stig Ellkier-Pedersen 2,650 optioner til Lars Bonde
Each option entitles the holder to acquire one share at the exercise price. Options cannot be exercised earlier than three years after the date of grant and not later than five years after the date of grant.
Kjerstin Fyllingen and Lars Bonde joined the Group Executive Management in the autumn of 2006. Lars Bonde’s stock options in 2006 relate to his position before he became a member of the Group Executive Management. Peter Falkenham received DKK 250,000 for being in charge of Private & Commercial Norway prior to Kjerstin Fyllingen’s appointment.
Corporate governance / TrygVesta Annual Report 2006 / Page 66 of 147
TrygVesta is an insurance group subject to public supervision, and the company’s risk management is organised and monitored by the Group Executive Management and
Supervisory Board. Risk related to investment, reinsurance, underwriting and acceptance policies, IT security,
A detailed review of TrygVesta’s risk management principles is set out in Risk management in this annual report and on our website.
Corporate governance / TrygVesta Annual Report 2006 / Page 67 of 147
TrygVesta must have the capital required to operate and develop the Group. This is referred to as the Group’s capital requirement. The aim is to secure a rating of
TrygVesta’s capital is 128% relative to Standard & Poor’s capital model and 57.6% relative to premiums.
TrygVesta uses Standard & Poor’s capital model, a simplified version of which is posted quarterly on our website. The proposed dividend for the year is determined by comparing capital in the model with the targeted rating of A-. Any capital in excess of this requirement is returned to the shareholders in the form of dividend. Besides the listing on the OMX Copenhagen Stock Exchange, TrygVesta has the following capital resources: subordinate loan capital
DKK 2,000m subscribed with ten Danish and international banks. At 31 December 2006, DKK 600m had been utilised under the facility. Total interest expenses incurred on loan capital were DKK 94m in 2006, which means that TrygVesta’s interest expenses are covered 42 times by earnings. The total debt ratio was 15.1 at capitalisation 2006
Capitalisation 2006 / TrygVesta Annual Report 2006 / Page 68 of 147
We had the following ratings at 31 december 2006 standard & poor’s Moody’s
Capitalisation 2006 / TrygVesta Annual Report 2006 / Page 69 of 147
DO WE FEEL MORE SAFE AND SECURE BY BEING DISTURBED ALL THE TIME?
Our definition of what makes us feel safe and secure depends strongly on the stage we’re at in our lives. At 71,
I think predominantly on the security of the life that we have created for ourselves, principally in relation to my family, my children and grandchildren.
One of the reasons why I believe that Denmark will continue to be a rich country is that we have the ability to adapt to change. I was born in the country and then moved into town more or less at the time when the agricultural society became industrialised, and now we live in a type of service society. In fact, this readjustment happened incredibly fast, and is there any reason to believe that the development within our part of the world will not continue as a series of shifts and readjustments?
The risk that a counterparty fails to live up to financial obligations towards us strategic risk
TrygVesta divides risk into the following general categories for risk management purposes
TrygVesta’s risk management structure is based on a number of policies that are reviewed and approved annually by the Supervisory Board. TrygVesta has set up a number of committees to monitor and follow up on the policies governing the major risk management areas, such as underwriting, provisions, investments and security. TrygVesta is working on an ongoing basis to develop and improve risk management policies and processes and expects in 2007 to make the processes even more harmonised.
TrygVesta relies on its capital base to assume risks from customers and for customers to be confident that
TrygVesta has no interest in accumulating capital in excess of what is required for operations and for natural growth, because that would be an inefficient way of hedging risk. Instead, TrygVesta aims to strike the right balance between the risk assumed and the capital base by using structured risk management procedures.
model. This is a model for simulating results of investments, insurance operations and reinsurance. The ALM
We assess insurance risk based on statistical risk type analyses which we incorporate in our tariffs.
The size of the provisions for claims is determined both through individual assessments of each claim and actuarial calculations.
100m in Norway. The level of cover was determined based on the risk exposure of our portfolio, using simulation models. These models suggest that a loss in excess of DKK 4.5bn occurs less often than once every
Exposure to natural disasters in Norway is furthermore limited through TrygVesta’s mandatory participation in the Norwegian Pool of Natural Perils.
In addition to reinsuring catastrophe events, TrygVesta also buys protection for certain lines where experience has shown that claims vary considerably. The corporate portfolio includes a number of very large property risks in both Denmark and Norway. TrygVesta has bought reinsurance in the Danish and Norwegian markets for these policies with a retention on a single claim of DKK/
DKK 18.5bn, net of reinsurance. The respective durations were 1.3 and 2.7 years. The variation in duration is attributable to the bond portfolio being significantly larger than the discounted provisions. A parallel shift of interest rates of 1% would reduce the market value of the securities by DKK 428m, while the opposite impact on provisions would be DKK 367m, triggering a net impact of DKK 61m.
Risk management / TrygVesta Annual Report 2006 / Page 74 of 147
The right-hand figure shows a co-weighting of MSCI World, KAX Capped (Denmark) and OSEBX (Norway) reflecting the geographical allocation of TrygVesta’s share portfolio.
Risk management / TrygVesta Annual Report 2006 / Page 75 of 147
Impact arising from derivatives -934 1) The impact is calculated on the basis of the option adjusted duration without correction for convexity. 2) Excluding impact on provisions in Finland and provisions for annuities for workers’ compensation. The provisions for annuities are discounted using a fixed rate of 1%, which is changed only in case of anticipated long-term changes in interest rates. The provision would decrease by some DKK 145m if the discounting rate increased to 2%
December 2006) in order to reduce company risk, because a few companies account for large parts of the markets in the two countries. Furthermore, each equity mandate is tied to a recognised benchmark, which is monitored closely. The figure shows the performance of the equity portfolio return relative to a weighted benchmark. The portfolio tracks the benchmark fairly closely, even outperforming it over time. The 25 largest equities in our portfolio account for some 34% of the total listed equity portfolio.
Currency risk is generally managed by matching an asset in a given currency with a liability in the same currency, if such a liability exists. The difference between an asset and a liability in the same currency exposes us to a currency risk, which is generally hedged through forward currency contracts. The total amount is hedged if no liabilities exist in a specific currency. In certain circumstances, we also use interest rate and equity derivatives to manage investment risk.
TrygVesta regularly has amounts outstanding from customers. At 31 December 2006, customers owed
Risk management / TrygVesta Annual Report 2006 / Page 76 of 147
The left-hand figure shows the distribution on ratings of premiums ceded under the reinsurance programmes in 2006. As can be seen, premiums are generally ceded to reinsurers rated A or above. Around 12% of total premiums ceded are received by the largest reinsurer.
The right-hand figure shows the distribution of receivables from reinsurers, in aggregate DKK 1,561m. Of these, 72% are held by companies rated better than A. Provisions are made for any losses we anticipate may occur in connection with a receivable. A total of DKK 30.6m had been provided against reinsurance losses at 31 December 2006.
DKK 840m or 5.2% of gross premiums. The risk related to receivables from customers is limited because the insurance cover lapses if they fail to pay.
As operational risks are mainly internal, TrygVesta focuses on establishing a satisfactory controlling environment in its operations. In practice, this work is organised through a structure of policies, procedures and guidelines that cover different aspects of
Strategic risk is managed through a strategic planning process. The Supervisory Board defines the overall strategy in the middle of the year within the framework of the corporate vision, and the Group Executive
Management uses this as the basis for further strategy work. The balanced scorecard is used as a tool in this work to ensure current follow up on the strategy and the initiatives launched in the business areas. During the year, the strategy is managed in Executive Management meetings and meetings to follow up on the balanced scorecard performance by business areas and staff functions.
Risk management / TrygVesta Annual Report 2006 / Page 77 of 147
Jørn Wendel Andersen Niels Bjørn Christiansen John R. Frederiksen Håkon J. Huseklepp
Statement by the Supervisory Board and the Executive Management / TrygVesta Annual Report 2006 / Page 81 of 147
Financial Supervisory Authority’s executive order on auditing financial enterprises etc. and financial groups and in accordance with Danish Standards on Auditing.
These Standards require that we plan and perform the audit to obtain reasonable assurance that the annual report is free of material misstatement.
The audit was conducted in accordance with the division of duties agreed with the external auditors, and has included assessment of the business and internal control procedures, including the risk management implemented by the management aimed at the reporting processes and major business risks. Based on an evaluation of materiality and risk, we have tested the basis for the amounts and other disclosures in the annual report, iincluding evidence supporting disclosures in the annual report. Our audit also includes evaluating the appropriateness of accounting policies used, and the reasonableness of accounting estimates made by management as well as evaluation the overall presentation of the annual report.
Furthermore, we believe that the annual report gives a true and fair view of the Group’s and the parent company’s assets, liabilities and financial position at 31 December 2006 and of the results of the Group’s and parent company’s operations and the Group’s cash flows for the year in accordance with International
Internal audits’ report / TrygVesta Annual Report 2006 / Page 82 of 147
for the financial year starting on 1 January and ending on 31 December, 2006, which comprises the management ’s report, the statement by management, accounting policies, income statement, balance sheet, capital and notes for the Group as well as the parent company and the cash flow statement for the Group. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU, and the parent company’s financial statements have been prepared in accordance with the Danish Financial Business Act. In addition, the annual report has been presented in accordance with additional Danish disclosure requirements for the annual reports of listed financial enterprises.
Management is responsible for preparation and fair presentation of an annual report in accordance with the
Our responsibility is to express an opinion on the annual report based on our audit. We conducted our audit in accordance with Danish and International
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual report. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the annual report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the preparation and fair presentation of the annual report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control.
a. gEnEral inforMation accounting policies applied for the consolidated financial statements
Standards (IFRS) as adopted by the EU on 31 December 2006 and in accordance with the Danish Statutory Order on Adoption of IFRS.
Exchange has announced that, as a result of the above, listed financial enterprises are not required to comply with the existing Danish accounting standards issued by the Institute of State-Authorised Public Accountants in Denmark. Accordingly, the financial statements of the parent company have not been prepared in accordance with the Danish accounting standards.
• The Danish FSA’s executive order does not allow provisions for deferred tax of contingency reserves allocated from untaxed funds. Deferred tax and the equity of the parent company have been adjusted accordingly.
Accounting policies / TrygVesta Annual Report 2006 / Page 85 of 147
has issued a number of revised international accounting standards, and the International Financial Reporting Interpretations Committee (IFRIC) has issued a number of interpretations that have not yet come into force. The section below describes the standards and interpretations that may be relevant to the financial reporting of the Group.
• IFRS 8 Operating segments. Replacing IAS 14, the standard will enter into force on 1 January 2009. Implementation of the standard will entail a change in the identification of segments from primary and secondary segments to operating segments. Additional information will be required in respect of the factors, organisation, etc. that provide the basis of the segments.
Act issued by the Danish Financial Supervisory Authority requires disclosure of differences between the format of the annual report under international financial reporting standards and the rules issued by the Danish Financial Supervisory Authority. The following is a reconciliation of differences in the profit for the year and shareholders’ equity.
Profit for the year ended 31 December – IFRS 3.211 2.097
• IFRIC 8 Scope of IFRS 2 comes into force for financial years commencing on or after 1 May 2007. TrygVesta
Impairment” was issued in July 2006. The interpretation prohibits the reversal of impairment losses in interim financial statements on goodwill and financial assets carried at cost. The implementation is not expected to have any financial effect (IFRIC 10 remains to be adopted by the EU).
In this connection TrygVesta A/S has decided to change its wage increase assumption from 4% to 4.5%, as this is considered to be a more correct estimate of the pension obligations. This change resulted in an increase in pension obligations of DKK 103m.
requires the use of certain critical accounting estimates and requires management to exercise its judgment in the process of applying the company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in a separate section of these financial statements.
Accounting policies / TrygVesta Annual Report 2006 / Page 87 of 147
Newly acquired or divested subsidiaries are consolidated at the results for the period subsequent to achieving or surrendering control, respectively.
Unrealised gains on transactions between the group and its subsidiaries and associates are eliminated to the extent of the group’s interest in the companies.
Exchange differences arising on translation are classified as equity and transferred to the group’s translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. All other currency translation gains and losses are recognised in the income statement.
In accordance with IFRS 1 TrygVesta has elected not to apply IFRS 3 retrospectively to past business combinations (business combinations that occurred before the date of transition to IFRS).
Accounting policies / TrygVesta Annual Report 2006 / Page 88 of 147
The value of services received as consideration for options granted is measured at the fair value of the options.
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments.
Main business segments in the TrygVesta group are the Personal & Commercial (Denmark) segment, the
Personal & Commercial (Norway) segment, the Corporate segment and the General Insurance (Finland and
Earned premiums represent gross premiums earned during the year, net of outward reinsurance premiums and adjusted for changes in the provision for unearned premiums, corresponding to an accrual of premiums to the risk period of the policies, and in the reinsurers´
According to the Danish FSA’s executive order, technical interest is presented as a calculated return on the year’s average insurance liability provisions, net of reinsurance.
Income from associates includes the group’s share of the associates’ net profit.
Interest, dividends, etc. represent interest earned, dividends received, etc. during the financial year. In addition, the item includes gains and losses on bonds drawn for redemption.
Realised and unrealised investment gains and losses, including gains and losses on derivative financial instruments, value adjustment of land and buildings, exchange rate adjustments and the effect of movements in the yield curve used for discounting, are recognised as market value adjustments.
Discontinued and divested activities are consolidated in one line item in the income statement and supplemented with disclosure of the discontinued and divested activities in a note to the financial statements.
The comparative figures, including financial highlights and key ratios, have been restated to reflect discontinued business. Discontinued and divested activities in the income statement include the posttax profit of TrygVesta’s business in run-off as well as divested enterprises. Business in run-off comprises the results of the business in run-off in Tryg Forsikring
Costs that are directly associated with the production of identifiable and unique software products, for which there is sufficient certainty that future earnings will exceed costs for more than one year, are recognised as intangible assets. Direct costs include the software development team’s employee costs and an appropriate portion of relevant overheads. All other costs associated with developing or maintaining computer software are recognised as an expense as incurred.
After completion of the development the asset is depreciated on a straight-line basis over the expected useful life, however with a maximum period of 4 years. The basis of depreciation is reduced by any impairment writedowns.
Accounting policies / TrygVesta Annual Report 2006 / Page 91 of 147
Subsidiaries with a negative net asset value are measured at zero value. Any receivables from these enterprises are written down by the parent company’s share of such negative net asset value where the receivables are deemed irrecoverable. If the negative net asset value exceeds the amount receivable, the remaining amount is recognised under provisions if the parent company has a legal or constructive obligation to cover the liabilities of the relevant enterprise.
Accounting policies / TrygVesta Annual Report 2006 / Page 92 of 147
Financial assets measured at fair value with recognition of value adjustments in the income statement comprise assets that form part of a trading portfolio.
Financial assets are recognised at fair value at the transaction date.
Recognition of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of investments in foreign operations.
For all hedges, the derivative financial instruments are included in other receivables or other debt.
Accounting policies / TrygVesta Annual Report 2006 / Page 93 of 147
Contracts entered into by the group with reinsurers under which the group is compensated for losses on one or more contracts issued by the group and that meet the classification requirements for insurance contracts are classified as reinsurers share of provisions for insurance contracts. Contracts that do not meet these classification requirements are classified as financial assets.
On initial recognition, receivables are measured at fair value, and they are subsequently measured at amortised cost. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement when there is objective evidence that the asset is impaired. The allowance recognised is measured at the difference between the asset’s carrying amount and the present value of estimated future cash flows.
Assets and liabilities of foreign entities are recognised at the exchange rate at the balance sheet date. Income and expense items are recognised at the average exchange rates for the period. Any resulting exchange rate differences are taken to equity. When an entity is wound up, the balance is transferred to the income statement.
Accounting policies / TrygVesta Annual Report 2006 / Page 94 of 147
Subordinate loan capital is recognised initially at fair value, net of transaction costs incurred. Subordinate loan capital is subsequently stated at amortised cost, any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Provisions for claims are estimated using the input of assessments for individual cases reported to the group and statistical analyses for the claims incurred but not reported and the expected ultimate cost of more complex claims that may be affected by external factors
Provisions for claims are discounted. Discounting is based on a yield curve reflecting duration applied to the expected future payments from the provision.
compensation insurance in Denmark, which is settled by payment of annuities. The provisions are calculated using the fixed-rate method at the present value by discounting expected future payments.
Accounting policies / TrygVesta Annual Report 2006 / Page 95 of 147
Ratio method, De Vylder’s credibility method and a proprietary collective reserve model for use in private business lines in Denmark. Chain-Ladder techniques are used for business lines with a stable run-off pattern.
Loss Ratio method, are used for claims years in which the previous run-off provides insufficient information about the future run-off performance. De Vylder’s credibility method is used for areas that are somewhere in between the Chain-Ladder and Bornhuetter-Ferguson/
The proprietary collective model is based exclusively on actual payments and is therefore only used for provisions for small claims, below DKK 200,000 for motor, or
(government-estimated mortality table), with a net discount rate of 1%. The calculation is based on the current benefit, implying that the discounting applies corresponds to a real interest rate of 1%.
In some instances, the historic data used in the actuarial models is not necessarily predictive of the future development of claims. Specifically, this is the case with legislative changes where in each specific case an estimate used for premium increases related to the relevant risk increase is derived. For legislative changes this estimate is used also in determining the level of claims
– and hence reserves. Subsequently, this estimate is updated when new loss history materialises.
Tests are continuously performed to ensure the adequacy of the technical provisions. In performing these tests, current best estimates (without margins for adverse deviation) of future cash flows of claims, gains and direct and indirect claims handling costs are
Accounting policies / TrygVesta Annual Report 2006 / Page 96 of 147
Employees of the group are entitled to a fixed payment, when they reach retirement and when they have been employed with the group for 25 and for 40 years.
Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated tax on the taxable income for the year, adjusted for adjustments on tax on prior years’ taxable income and for tax paid under the on–account tax scheme.
Accounting policies / TrygVesta Annual Report 2006 / Page 97 of 147
Cash flows from acquisition and divestment of enterprises are shown separately under cash flows from investing activities. Cash flows from acquired enterprises are recognised in the cash flow statement from the time of their acquisition, and cash flows from divested enterprises are recognised up to the time of sale.
Cash flows from financing activities comprise changes in the size or composition of the group’s share capital and related costs as well as the raising of loans, instalments on interest-bearing debt, and payment of dividends.
The financial accounts for 2002 present pro forma comparative figures prior to the formation of TrygVesta A/S
as at 28 January 2002 and the company’s subsequent acquisition of the general insurance activities of Nordea
Where the accounting policies have been changes during the period, the comparative figures of each company have to the extent possible been adjusted on consolidation to comply with the current accounting policies. Such adjustments only have a minor impact on the pro forma figures.
Change in the reinsurers’ share of provisions for claims -288 -487 3 claims incurred, net of reinsurance -10,534 -10,418 bonus and premium rebates -214 -161
Commission and profit commission from the reinsurers 102 71 4 total insurance operating expenses, net of reinsurance -2,595 -2,591 investment activities 14 Income from associates 6 2
Income from investment properties 101 101 6 Interest income and dividends, etc. 1,105 1,035
Investment management charges -85 -63 total return on investment activities 2,238 1,595 2 Interest on insurance provisions -1,031 -707 total return on investment activities after technical interest 1,207 888
Current tax liabilities 229 385 total debt 4,155 2,842 accruals and deferred income 109 250 total liabilities and equity 42,783 40,811 26 capital adequacy, etc.
27 Earnings per share 28 contractual obligations, contingent liabilities and collateral 29 related parties balancE ShEEEt
2,251m under provisions for insurance contracts. In the consolidation, these provisions, due to their nature as additional provisions, are included in shareholder’ equity (retained earnings), net of deferred tax. When assessing
Vesta Forsikring AS’ option to pay dividend to the parent company Tryg Forsikring this amount should be considered.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 102 of 147
Hedging of currency exposure in foreign entities for the year 107 -119
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 103 of 147
Cash generated from operations, discontinuing and divested business -139 -146 total cash generated from operations 3.186 4.152 investments
Acquisition of equity investment and unit trust units (net) 41 -709
Additions relating to sale of subsidiaries 1 0 changes in cash and cash equivalents, gross -205 53
(pro rata consolidated), which at the time of acquisition had the following assets and liabillities: Cash and cash equivalents 201
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 104 of 147
Run-off previous years, reinsurers’ share -51 -82 4 insurance operating expenses, net of reinsurance
Of which services other than audit: In adddition, expenses have been incurred for the Group´s Internal Audit Department.
Total expenses for lease amounts to DKK 101m (2005 DKK 91m).
Insurance operating expenses and claims include the following staff expenditure: Salaries and wages -1,776 -1,561
The options are settled in shares. A part of the company’s holding of treasury shares is reserved for settlement of the options granted.
Share option programmes fair fair group other value per total fair value per total fair
Management employees total grant date grant date december december number number number dKK dKK dKK dKK
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 107 of 147
The expected volatility is based on the average volatility of comparable shares in 2005.
The expected maturity is 4 years, corresponding to the average of the exercise period of 3 to 5 years.
Expected dividend is based on long-term financial targets based on the average invested capital.
For outstanding options at 31 December 2006, the average term to maturity is 3.2 years.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 108 of 147
Technical interest, net of reinsurance 127 78 85 51 118 88 55 35
Profit/loss on ceded business -63 -70 -74 196 -283 91 6 -123
Technical interest, net of reinsurance 24 1 73 38 43 26 23 19 norwegian credit & guarantee group life 1)
Technical interest, net of insurance 215 113 152 93 210 114 6 3 0 0 0 0 583 323
Reinsurers’ share of provision for unearned premiums 0 -11 0 1 185 156 0 0 0 0 0 0 185 146
Other assets and liabilities are not directly attributable, and it is not possible to allocate these items so that they present a true and fair view. Accordingly, the amount are recognised in a single line item ‘Unallocated investments activities’. Nor ca the purchase of assets fairly be assigned to separate segments
The secondary, geographic segments relates to Denmark, Norway, Finland and Sweeden.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 110 of 147
Reinsurers’ share of provision for claims -35 124 238 320 1,173 1,260 0 0 0 0 0 780 1,376 2,484 total assets 42,783 40,811
Profit/Loss for the period before tax 2,160 1,530 1,700 1,494 -38 -43 -41 0 -72 -68 3,709 2,913
Market value adjustments concerning financial assets or liabilities at fair value with value adjustment in the income statement: Equity investments 764 682
Claims incurred includes a DKK 139m gain in connection with the commutation of the reinsurance agreement with Chevanstell Limited.
Costs incurred in connection with the sale amounted to DKK 3m.
the technical result of discontinued and divested business specified by line of business accident Marine, aviation other and health and cargo insurance 1) total
Amortisation is recognised in the income statement under insurance operating expenses.
Depreciation for the year -2 -1 balance at revalued amount at 31 december 326 329
Owner-occupied property is measured at the revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment writedowns. The fair value is calculated on the basis of market-specific rental income per property and typical operating expenses for the upcoming year. The resulting operating income is divided by the percentage return requirement of the property, which has been adjusted to reflect market interest rates and property characteristics, corresponding to the present value of a perpetual annuity.
Fair value at the end of the previous financial year 1,726 1,727
Additions during the year -14 0 revaluations at net asset value
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 116 of 147
Financial assets at fair value with value adjustment in the income statement 36,052 33,413
Equity investments incl. associates, unit trust units and bonds in accordance with the balance sheet 35,732 32,780
Due after more than 20 years 5,398 6,771 adjusted duration of bond portfolio
% of % of the company’s ten largest investments in listed shares unlisted total issued by dKKm shares investment
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 118 of 147
Derivatives with value adjustment in the income statement according to IAS 39: Gross Net Gross Net
Derivative financial instruments are measured at fair value. The valuation is performed in securities systems whose functionality is subject to auditors’ declarations and with data usually provided by Nordea. Derivatives which include expected future cash flows are discounted on the basis of market rates of interest.
Gains and losses on hedges charged to equity at 1 January 2006 0 -119 -119
The exchange rate adjustment for the period for foreign entries and the hedging of currency risk will be Handled according to the rules of hedge accounting and will be an entry on shareholder’s equity. The net asset value of investments in the subsidiaries Vesta Forsikring AS is estimated on a current basis and is hedged 90-100% by entering into short-term forward exchange transactions in NOK.
Share capital issued shares No. of shares (thousands) Nominal value (DKK’000)
In 2006, Tryg Vesta acquired treasury shares worth nom. DKK 6,186k, corresponding to 247,440 shares at a total cost of DKK 88,273k. Treasury shares are acquired for use in the Group’s incentive programme.
The loan carries a fixed rate og interst at 4,5 % p.a. untill 2005, where it can be repaid. After that time, it will carry interest at 2.1% above EURIBOR untill it expires in 2025. The loan is measured at amortised cost, and when the loan was raised capital losses and costs were deducted with DKK 19m at the balance sheet date. The fair value of the loan at the balance sheet date is DKK 1,071m, based on a price of 95,79. The price is sourced from
The loan is an interest-only loan, and the lender has no option to call the loan or otherwise terminate the loan agreement with Tryg Forsikring A/S. The loan is automatically accelerated upon the liquidation or bankruptcy of
The table contains amounts from Tryg Forsikring A/S and Vesta Forsikring AS
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 121 of 147
The table consists of figures for Tryg Forsikring A/S and Vesta Forsikring AS. Other group companies are included in the item “Other”, which comprises the provisions for claims for Dansk Kaution, travel and health insurance and the Finnish and Swedish business unit.
Paid in the financial year in respect of prior years -4,895 -421 -4,474
Change in claims in the financial year in respect of the current year 10,834 283 10,551
Paid in the financial year in respect of the current year -5,325 -562 -4,763
Change in claims in the financial year in respect of the current year 11,329 925 10,404
Change in claims in the financial year in respect of prior years -203 -66 -137
Provisions for claims, end of year 1) 19,788 1,644 18,144 1) The table consist of figures for Tryg Forsikring A/S and Vesta Forsikring AS. Other companies in the group are included in “Other” 2) Comprises provisions for claims for Dansk Kaution, travel and health, and our Finnish and Swedish business unit.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 123 of 147
Defined benefit pension plans: Present value of pension obligations funded through operations 123 92
Fair value of plan assets 825 727 net pension obligation 473 635
Specification of change in recognised pension obligations: Recognised pension obligation, beginning of year 1,362 1,119
Change in carrying amount of plan assets: Carrying amount of plan assets, beginning of year 727 606
Paid during the period -31 -31 carrying amount of plan assets, end of year 825 727 total pensions and similar obligations, end of year 473 635 total recognised obligation, end of year 503 669
The premium for the following financial year is estimated at 103 103
The group’s Swedish branch complies with the industry pension agreement, the FTP plan, which is insured with Försäkringsbranschens Pensionskassa – FPK.
The FTP plan is primarily a defined benefit plan in terms of the future pension benefits. FPK is unable to provide sufficient information for the group to use defined benefit accounting. For this reason, the group has accounted for the plan as if it were a defined contribution plan in accordance with IAS 19.30.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 125 of 147
The total current and deferred tax relating to items recognised in equity is recognised in the balance sheet in the amount of DKK 35m (in 2005 DKK 64m).
In 2005, a consortium of banks granted TrygVesta A/S a loan facility for DKK 2,000m, of which DKK 600m has been utilised at 31 December 2006. In 2006, the loan carried interest at CIBOR plus a margin, totalling approximately 3.2% p.a. The unutilised part of the loan facility is measured at amortised cost, and an amount of DKK 5m was deducted from the loan proceeds upon signing the loan agreement.The costs are amortised until the loan facility expires in July 2010. The fair value of the loan is considered to be the utilised part of the facility of DKK 600m.
Dividends per share is calculated as the total dividend proposed by the Supervisory Board after the balance sheet date divided by the total number of shares. The dividend is not paid until approved by the shareholders at the annual general meeting of the following year.
Dividend per share of DKK 25 33 21 28 contractual obligations, contingent liabilities and collateral payment due by period
< 1 year 1-3 years 3-5 years > 5 years Total
The leasing contract contains the right to completely or partly rent out or completely or partly disposal by providing guarantee.
Tryg Forsikring A/S has signed a portfolio management contract for DKK 75m. The contract expires in 2010.
The Danish companies in Tryg Forsikring group are jointly taxed with Tryg i Danmark smba. Until 2004, the companies were jointly and severally liable for the entire amount. From 2005, the companies are only liable for their own part of the tax amount.
Income statement and balance sheet for TrygVesta / TrygVesta Annual Report 2006 / Page 128 of 147
Investment management charge -5 -3 total return on investment activities 3,184 2,056 profit before tax 3,148 2,019 profit on continuing business 3,165 2,037 5 Profit/loss on discontinued and divested business 126 -28 profit for the year 3,291 2,009 proposed distribution for the year: Transferred to Net revaluation as per equity method 1,782 1,409
Income statement and balance sheet for TrygVesta (Parent company) / TrygVesta Annual Report 2006 / Page 131 of 147
Current tax assets 3 21 8 Deferred tax assets 0 0 total other assets 3 21 total assets 10,649 8,990 liabilities
Share equity met- retained proposed dKKm capital hod capital earnings dividends total
Tryg Forsikring A/S 3,219 2,086 profit on continuing business 3,219 2,086
Members of the Supervisory Board of TrygVesta A/S do not receive bonuses and are not participants in any severance plans. The Group
Corporate governance. as mentioned in Corporate governance. Other than that, there are no incentive plans for the Supervisory Board and
In addition, expenses have been incurred for the Group´s Internal Audit Department.
Please refer to the part “TrygVesta Financial performance 2006” for an explanation regarding effective tax rate.
Income statement and balance sheet for TrygVesta (Parent company) / TrygVesta Annual Report 2006 / Page 134 of 147
The accounting value of assests and liabilities at the time of divestment: Deposits in credit institutions 78 78
At 31 December 2005, Chevanstell had total assets amounting to DKK 1.7bn, which were recognised in Tryg Forsikring’s total assets.
Income statement and balance sheet for TrygVesta (Parent company) / TrygVesta Annual Report 2006 / Page 135 of 147
6 investments in subsidiaries cost revaluations and impairment writedowns at net asset value
Dividend paid -1,564 -650 carrying amount 31 december 10,643 8,925 name and registered office ownership profit/loss Shareholders´
In 2005, a consortium of banks granted TrygVesta A/S a loan facility for DKK 2,000m, of which DKK 600m had been utilised at 31 December 2006. In 2006, the loan carried interest at CIBOR plus a margin, totalling approximately 3.2% p.a. The unutilised part of the loan facility is measured at amortised cost, and an amount of DKK 5m was deducted from the loan proceeds upon signing the loan agreement. The cost are amortised until the loan facility expires in July 2010. The fair value of the loan is considered to be the utilised part of the facility of DKK 600m.
Most of the Danish companies in the TrygVesta group are commonly registered for VAT and payroll tax and are jointly and severally liable for payment of all such direct and indirect taxes.
Companies of the TrygVesta group are part of some disputes the outcome of which is not estimated to affect the financial position of the group. Management believes that the outcome of these legal proceedings will not affect the group’s financial position beyond those receivables and obligations recognised in the balance sheet.
Assets are transferred on market terms. Administration fee, etc. is fixed on a cost-recovery basis.
ifrS danish gaap danish general insurance Gross premiums earned 9,084 8,764 8,525 8,570 8,242 7,411
Number of full-time employees, end of period 2,231 2,215 2,223 2,223 2,248 2,330 norwegian general insurance Gross premiums earned 6,738 6,810 6,653 6,614 7,161 7,111
Business ceded as a percentage of gross premiums 0.2 0.2 0.2 0.2 1.0 18.7 Claims ratio, net of ceded business 78.3 81.1 75.5 68.7 78.5 103.5
Number of full-time employees, end of period 77 48 51 51 42 35
Swedish general insurance Gross premiums earned 4 - - - - -
Number of full-time employees, end of period 40 - - - - -
C o rp o ra te b ra n d in g organiSation chart dEcEMbEr 2006
Health Care & Pension organisation chart december 2006 / TrygVesta Annual Report 2006 / Page 142 of 147
Ministry of Finance Investment Strategy Council, Oslo number of shares held in trygvesta: 0 pEr SKov born 1941
Tryg i Danmark smba number of shares held in trygvesta: 2,468
number of shares held in trygvesta: 280 niElS bJØrn chriStianSEn born 1966
Danish Management Society number of shares held in trygvesta: 0 hÅKon J. huSEKlEpp
The Finance Sector Union of Norway number of shares held in trygvesta: 0 pEtEr wagnEr MollErup
The Danish Financial Services Union number of shares held in trygvesta: 118 birthE pEtErSEn
Diploma in business studies; management training programme, the Organisation of Danish Insurance
Members of the Supervisory Board / TrygVesta Annual Report 2006 / Page 145 of 147
LL.M.; several management training programmes including Insead and Wharton chairman of the board of
The Danish Welfare Commission number of shares held in trygvesta: 934
Member of the group Executive Management in charge of new Markets born 1947
– both from BI Norwegian School of Management board member of
TrygVesta Almennyttige Stiftelse number of shares held in trygvesta: 0 larS bondE
Member of the group Executive Management in charge of corporate born 1965