Financial highlights and key ratios of TrygVesta



DKKm		2004	2005	2006	2007	2008

	Income statement
	Gross premiums earned	15,266	15,705	16,021	16,606	17,323
	Gross claims incurred	-10,425	-11,159	-10,564	-11,175	-11,766
	Total insurance operating expenses	-2,611	-2,662	-2,697	-2,769	-3,003
	Profit/loss on gross business	2,230	1,884	2,760	2,662	2,554
	Profit/loss on ceded business	-708	-7	-591	-343	-669
	Technical interest, net of reinsurance	185	170	343	501	499
	Technical result	1,707	2,047	2,512	2,820	2,384
	Return on investment after technical interest	371	894	1,228	340	-988
	Other income and expenses	-26	-28	-31	-51	-49
	Profit/loss for the year before tax	2,052	2,913	3,709	3,109	1,347
	Tax	-556	-788	-624	-842	-501
	Profit/loss for the year, continuing business	1,496	2,125	3,085	2,267	846
	Profit/loss on discontinued and divested business after tax	-75	-28	126	-1	0
	Profit/loss for the period	1,421	2,097	3,211	2,266	846
	Run-off gains/losses, net of reinsurance	-71	283	555	743	793
	Relative run-off gains/losses	-0.5	1.8	3.0	3.6	4.0

	Balance sheet
	Total provisions for insurance contracts *	25,212	26,757	25,957	26,916	25,193
	Total reinsurers' share of provisions for insurance contracts	3,292	2,630	1,561	1,587	1,036
	Total shareholders' equity	6,802	8,215	9,951	10,010	8,244
	Total assets	37,824	40,811	42,783	43,830	38,445

	Key ratios
	Gross claims ratio	68.3	71.1	65.9	67.3	67.9
	Business ceded as a percentage of gross premiums	4.6	0.1	3.7	2.1	3.9
	Claims ratio, net of ceded business	72.9	71.2	69.6	69.4	71.8
	Gross Expense ratio	17.1	17.0	16.8	16.7	17.3
	Combined ratio	90,0	88.2	86.4	86.1	89.1
	Claims ratio, net	71.2	69.7	68.4	68.1	70.7
	Expense ratio, net	17.6	17.6	17.2	17.1	17.8
	Combined ratio, net	88.8	87.3	85.6	85.2	88.5
	Operating ratio	89.0	87.1	84.6	83.5	86.6

	Gross expense ratio with adjustment **	17.1	17.0	16.8	16.7	16.9

	Other data
	Return on equity before tax and discontinued and divested business (%)	33	39	41	31	15
	Return on equity after tax and discontinued and divested business (%)	23	28	35	23	9
	Earnings per share, continuing business (DKK)	22.0	31.3	45.5	33.5	12.8
	Net asset value per share (DKK)	100	121	147	148	128
	Dividend per share (DKK)	10	21	33	17	6,5
	Share price 31.12 (DKK)	-	319.2	431.5	388.0	328.0
	Quoted price/net asset value	-	2.6	2.9	2.6	2.6
	Price Earnings	-	10.2	9.5	11.6	25.7
	Average number of shares (1,000)	68,000	68,000	67,824	67,648	66.184
	Number of shares, year end (1,000)	68,000	68,000	67,790	67,638	64.378
	Solvency	78	72	58	81	100

	Number of full-time employees, end of period
	Continuing business	3,728	3,694	3,808	3,814	4,091
	Discontinued and divested business	34	24	0	0	0

	* The reduction from 2007 to 2008 is primarily due to lower NOK compared to DKK.
	** In the calculation of the gross expense ratio with adjustment pursuant to the order issued by the Danish FSA, costs are stated exclusive of depreciation and operating costs on the owner-occupied property but including a calculated cost (rent) concerning the owner-occupied property based on a calculated market rent.
	Other key ratios are calculated in accordance with 'Recommendations & Financial Ratios 2005' issued by the Danish Society of Financial Analysts.