Company Overview of TrygVesta Forsikring A/S
TrygVesta Forsikring A/S provides general insurance products and services. The company offers general insurance, life, and pension insurance products. It also provides reinsurance, underwriting, provisioning risk, and claims management services. Additionally, the company offers currency, credit, liquidity, operational, and strategic risk management services. The company was formerly known as Tryg Forsikring A/S and changed its name to TrygVesta Forsikring A/S in May 2007. The company was founded in 1971 and is based in Ballerup, Denmark. TrygVesta Forsikring A/S operates as a subsidiary of Tryg A/S.
Founded in 1971
Key Executives for TrygVesta Forsikring A/S
Group Chief Executive Officer and Member of Executive Board
Group Chief Financial Officer and Member of Executive Board
Group Chief Operating Officer, Group Executive Vice President of Private and Member of Executive Board
Group Executive Vice President and Country Manager for Sweden
Group Executive Vice President of Corporate
Compensation as of Fiscal Year 2016.
TrygVesta Forsikring A/S Key Developments
Tryg Forsikring Annual General Meeting to Propose Dividend for 2016
Jan 27 17
At the annual general meeting to be held on the 8 March 2017, Tryg Forsikring´s Supervisory Board will propose a dividend of DKK 2,700 million. In 2016, Tryg Forsikring paid out semi-annual dividend of DKK 1,100 million. Thus, the aggregated annual dividend pay-out for 2016 will be DKK 3,800 million.
TrygVesta Forsikring A/S Reports Audited Consolidated and Parent Earnings Results for the Year Ended December 31, 2016; Reaffirms Earnings Guidance for 2017
Jan 27 17
TrygVesta Forsikring A/S reported audited consolidated and parent earnings results for the year ended December 31, 2016. On consolidated basis, gross premium income was DKK 17,707 million against DKK 17,977 million last year. Profit before tax was DKK 3,289 million compared to DKK 2,392 million a year ago. Profit on continuing business was DKK 2,526 million compared to DKK 1,983 million a year ago. Total cash from operating activities was DKK 1,591 million against DKK 1,490 million last year. Acquisition and refurbishment of real property was DKK 122 million against DKK 46 million last year. Acquisition of intangible assets was DKK 135 million. Return on equity after tax was 25.9% against 19.5% a year ago.
On parent basis, gross premium income was DKK 17,684 million against DKK 17,977 million last year. Profit before tax was DKK 3,143 million compared to DKK 2,491 million a year ago. Profit on continuing business was DKK 2,526 million compared to DKK 1,983 million a year ago. Profit was DKK 2,525 million compared to DKK 2,032 million a year ago. Return on equity after tax and before discontinued and divested business was 24.9% compared to 18.0% a year ago. Return on equity after tax and discontinued and divested business was 24.9% compared to 18.5% a year ago.
Tryg Forsikring is well-positioned for meeting the targets for 2017. The company expects growth in gross premium income of 0% - 2% in local currencies in 2017. There has been a gradual lowering of tax rates in Denmark, Norway and Sweden in recent years. In Denmark, the tax rate was 22% in 2016, and this will also be the level for 2017. The Norwegian tax rate was 25% in 2016, while the Swedish rate was 22%. When calculating the total tax payable, account should also be taken of the fact that gains and losses on shareholdings are not taxed in Norway. All in all, this causes the expected tax payable for an average year to be around 22% - 23% in 2017. The company expects return on equity at or above 21%.
TrygVesta Forsikring A/S Announces Earnings Results for the Year 2016
Jan 20 17
TrygVesta Forsikring A/S announced earnings results for the year 2016. For the year 2016, the company reported profit after tax of DKK 2,525 million compared to DKK 2,032 million a year ago. Return on equity after tax was 25.9% compared to 19.5% a year ago. Premium income increased by 0.1% in local currencies. The return on equity was negatively impacted by the intangibles write-down and positively impacted by the extraordinary capital gain on the sale of properties. The group's result after tax was impacted by the extraordinary capital gain on the sale of a property portfolio and intangibles write-down.
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