Tryg

The Supervisory Board is responsible for the central strategic management and financial control of Tryg and for ensuring that Tryg's business setup is robust. This is achieved by monitoring targets and frameworks based on regular and systematic reviews of strategy and risks.

The Executive Board reports to the Supervisory Board on strategies and action plans, market developments and Group performance, capital requirements and risks, etc. The Supervisory Board holds an annual strategy seminar to decide on and/or adjust the Group's strategy to sustain value creation in the company. The Executive Board works with the Supervisory Board to ensure that the Group's strategy is developed and monitored. The Supervisory Board ensures that the necessary skills and financial resources are available for Tryg to achieve its strategic targets.

The Supervisory Board specifies its activities in a set of rules of procedure and an annual cycle for its work.

The role of the Supervisory Board excl. employee representatives

Size of the Supervisory Board: Number of non-employee representatives

The Executive Board reports to the Supervisory Board on strategies and action plans, market developments and Group performance, capital requirements and risks, etc. The Supervisory Board holds an annual strategy seminar to decide on and/or adjust the Group's strategy to sustain value creation in the company.

The Supervisory Board is regularly informed about the dialogue with investors and other stakeholders. Each year, the Supervisory Board reviews sustainability matters and ensures they are integrated into the company's strategic direction.

Sustainability and ESG are defined as key enablers to support Tryg's 2027 strategy. Under the themes 'Future-fit products', 'Climate action' and 'People at Tryg', ambitious ESG targets have been defined to bolster future business resilience and enhance competitiveness.

Tryg is the leading non-life insurer in Scandinavia. We are the largest player in Denmark, the third-largest in Sweden and fourth-largest in Norway. Our 6,621 employees provide peace of mind for around 6 million customers and handle approximately 2.2 million claims on a yearly basis.

Business Model and Value Chain

Leading market position

• Market position in Denmark: 1 (12.9% market share)
• Market position in Norway: 4 (24.4% market share)
• Market position in Sweden: 3 (16.5% market share)

Revenue distribution by geography:

• Denmark: 47%
• Norway: 31%
• Sweden: 22%

Business segments:

• Private (68% of insurance revenue): Provides insurance products to private customers in Denmark, Sweden and Norway. Private offers a range of insurance products including motor, content, house, accident, travel, motorcycle, pet and health.
• Commercial (25% of insurance revenue): Provides insurance products to small and medium-sized commercial customers in Denmark, Sweden and Norway. Commercial offers a range of insurance products including motor, property, liability, workers' compensation, travel and health.
• Corporate (7% of insurance revenue): Provides insurance products to corporate customers in Denmark, Sweden and Norway. Corporate offers a range of insurance products including motor, property, liability, workers' compensation, travel and health.

Distribution channels:

• Online • Call centres • Own sales agents • Partner • Franchises • Bancassurance • Car dealers • Real estate agents • Insurance brokers

Tryg's business model is built around providing peace of mind to customers through comprehensive insurance coverage while maintaining strong market positions across Scandinavia.

Tryg maintains regular dialogue with various stakeholder groups:

Shareholders and Investors Tryg's Investor Relations (IR) department maintains regular contact with analysts and investors. Together with the Executive Board, the Investor Relations team organises investor meetings, conference calls and participates in conferences in Denmark and abroad. The Supervisory Board is regularly informed about the dialogue with investors and other stakeholders.

Customers Tryg achieved a customer satisfaction level of 87 in 2024, an improvement of 3 percentage points since 2020. Customer satisfaction remains paramount to Tryg, and the company continues to work diligently to meet and exceed customer expectations. Around 6 million customers are served across Scandinavia.

Employees With 6,621 employees, Tryg maintains focus on employee engagement, diversity and talent retention to deliver on ambitious sustainability targets by 2027.

TryghedsGruppen TryghedsGruppen owns 48.1% of Tryg and contributes to projects that create peace of mind via TrygFonden. In 2024, TrygFonden contributed approximately DKK 680m to these projects. For the ninth consecutive year, TryghedsGruppen paid out a member bonus of approximately DKK 1bn to 1.5m Tryg customers in Denmark.

All stakeholders are provided with comprehensive information through Tryg's website, quarterly reports, investor presentations and regular communications to ensure transparency in the company's position and performance.

Tryg has identified several material impacts, risks and opportunities that interact with its strategy and business model:

Climate-related impacts and opportunities: In a world increasingly impacted by climate change, Tryg offers customers peace of mind, ensuring coverage in the event of claims. Weather events for the full year 2024 were in line with Tryg's annual expectations, with weather claims amounting to 2.4% of insurance revenue compared to the normalised level of approximately DKK 800m annually.

Tryg is dedicated to helping its customers adapt to climate change and prevent claims from happening in the first place. The company has expanded offerings with products that can help customers adapt to climate change, while maintaining focus on minimising the use of resources in the claims handling process.

Emissions reduction: A large part of Tryg's carbon emissions stem from the handling of approximately 2.2 million annual claims. In 2024, Tryg reduced CO2e emissions of 27,825 tonnes in claims handling, exceeding the target of 20,000-25,000 tonnes.

Strategic targets 2027:

• Customer satisfaction target of 83 for the full Group
• Reduce CO2e emissions by 6% per average claim by 2027 compared to 2024
• Adapt 30 product categories, corresponding to 60% of categories in scope for the EU Taxonomy
• Increase straight-through processing for digitally reported claims to over 55%

These material sustainability themes are integrated into Tryg's business strategy 'United Towards '27' under three strategic pillars: Scale & Simplicity, Technical Excellence, and Customer & Commercial Excellence, supported by enablers including sustainability & ESG.

During the current strategy period, Tryg has expanded its offerings with products that can help customers adapt to climate change, while maintaining focus on minimising the use of resources in the claims handling process. 2024 has been a year of preparing for the Corporate Sustainability Reporting Directive (CSRD). Involving different teams, skills and disciplines across the organisation, sustainability & ESG are now integral parts of Tryg's business and customer offerings.

Sustainability and ESG are defined as key enablers to support Tryg's 2027 strategy. Under the themes 'Future-fit products', 'Climate action' and 'People at Tryg', ambitious ESG targets have been defined to bolster future business resilience and enhance competitiveness.

The materiality assessment process involved different teams, skills and disciplines across the organisation to identify material impacts, risks and opportunities related to Tryg's business activities.

Based on the materiality assessment, Tryg has identified the following ESRS topics as material:

• ESRS 2 (General Disclosures)
• E1 (Climate Change)
• E5 (Resource Use and Circular Economy)
• S1 (Own Workforce)
• S4 (Consumers and End-Users)
• G1 (Business Conduct)

The sustainability statement covers these material topics with specific disclosure requirements under each standard. The company has prepared its first CSRD report in accordance with ESRS requirements, involving different teams, skills and disciplines across the organisation.

Tryg has set ambitious climate targets as part of its 2027 strategy:

CO2e emissions reduction target: Tryg has set a target of reducing CO2e emissions by 6% per average claim by 2027 compared to 2024. This target addresses Tryg's main emission footprint through its claims handling activities.

2024 achievements: In 2024, Tryg reduced CO2e emissions of 27,825 tonnes in claims handling, exceeding the target of 20,000-25,000 tonnes. The fulfilment of this target was made possible through several initiatives for increasing repairs and the use of reused materials in claims handling.

Product adaptation target: Tryg targets adapting 30 product categories, corresponding to 60% of categories in scope for the EU Taxonomy, to help customers adapt to climate change and implement prevention measures.

In a world increasingly impacted by climate change, Tryg offers customers peace of mind, ensuring coverage in the event of claims. Weather events create both risks and opportunities for Tryg's business:

Weather-related claims impact: Weather events for the full year 2024 were in line with Tryg's annual expectations. The first half of 2024 brought severe weather challenges to customers, with heavy rainfall impacting Denmark and Norway experiencing a harsh winter with substantial snowfall. Both events caused property damage and interfered with everyday life.

Financial impact: Weather claims amounted to 2.4% of insurance revenue in 2024, with historical data suggesting weather-related claims will amount to approximately DKK 800m annually. The insurance service result in 2024 included worse-than-normal weather claims.

Adaptation and opportunities: As a leading insurance provider in Scandinavia, Tryg is dedicated to supporting society and assisting insured clients in recovering from weather events. Tryg has expanded its offerings with products that can help customers adapt to climate change, creating opportunities for growth in climate-adapted insurance products.

Tryg will develop and expand practices for repairs and the recycling of materials through close collaboration with suppliers. The company has a continued focus on minimising the use of resources in the claims handling process.

Claims handling initiatives: A large part of Tryg's carbon emissions stem from the handling of approximately 2.2 million annual claims. In 2024, Tryg is pleased to have reduced CO2e emissions of 27,825 tonnes in claims handling through several initiatives for increasing repairs and the use of reused materials in claims handling.

Circular economy practices: Tryg's approach includes initiatives related to increasing repairs and the use of reused materials in claims handling, supported by close collaboration with suppliers to develop and expand these practices.

Tryg has set a target of reducing CO2e emissions by 6% per average claim by 2027 compared to 2024, with focus on continuing circular economy practices through:

• Increasing repairs in claims handling
• Expanding the use of reused materials
• Close collaboration with suppliers
• Minimising resource use in claims handling processes

In 2024, Tryg achieved a reduction of 27,825 tonnes CO2e from its claims handling processes, exceeding the target of 20,000-25,000 tonnes through initiatives for increasing repairs and the use of reused materials.

E5-4 Resource Inflows

Tryg reports resource inflows specifically related to its claims handling process, focusing on the main resource-intensive business areas of motor and building claims. As a non-life insurance company, Tryg has no critical raw materials or rare earths according to the European Critical Raw Materials Act definition.

Resource Inflows Table

Percentage of Secondary Materials

Based on the reported figures:

• Secondary/recycled materials: 457 tonnes out of 5,759 tonnes total = 7.9% of total resource inflows
• Primary/new materials: 5,302 tonnes = 92.1% of total resource inflows

Scope and Data Collection

In 2024, Tryg introduced reporting on resource inflows from motor claims, where data is available. Figures for resource inflow from building claims will be included as of 2025.

Data is collected based on different systems in Denmark, Norway and Sweden. All systems collect information on the use of spare parts (in tonnes), and a suitable weight factor is derived from the system named Märkesdemo.

Identifying and reporting on reused spare parts are based on the same method as the reporting of new spare parts, but using categories regarding reuse and recycle.

Context

Tryg's resource inflows are limited to the claims handling process. The company has set a strategic target to reduce the use of new materials per claim by 10% by 2027 (baseline 2024), focusing on increased use of circular materials or repair techniques and minimisation of primary raw material use.

Resource outflows

Tryg reports on resource outflows in the context of its own operations and claims handling processes.

Products and Services (Insurance)

As an insurance company, Tryg does not manufacture physical products. However, through its claims handling process and supplier management, Tryg influences resource circularity:

• Repair and reuse initiatives: Tryg has implemented initiatives across motor, building, and content claims focusing on repairs and use of recycled/reused materials rather than replacement with new items.
• Avoided emissions from sustainable claims handling: In 2024, Tryg avoided 27,825 tonnes CO2e through repair, reuse, and recycled materials in claims handling.
• Sustainable spend: 47% of claims spend in 2024 was classified as sustainable (repairs, reused materials, emission-saving initiatives).

2027 Target

Tryg has set a target to reduce the use of new materials per average claim by 10% by 2027 (baseline 2024). This intensity target aims to increase use of circular materials and repair techniques while minimizing primary raw material use.

Specific Initiatives

Motor claims: Established practices for repairing windshields, car bumpers, rims, car body parts, and headlights. Auto repair shops increasingly use recycled spare parts. In Norway, partnership with car repair chains enables use of reused parts (doors, bumpers) even on cars less than 5 years old.

Building claims: Initiatives include repairs of doors and windows, spot repairs of parquet floors, preservation of foundation walls and building materials (concrete, tiles), and reuse of tiles.

Other: Repairs of phone screens, reduced transport needs through remote monitoring and online consultations.

Tryg published a catalogue 'Handled with care' describing specific repair/reuse initiatives for suppliers.

Waste

Waste Management Approach

Tryg manages internal waste in accordance with the EU waste hierarchy: preparing for reuse, recycling, other utilization, and disposal.

Reuse practices: Tryg donates or resells excess office furniture (desks, cabinets, bookcases) to charity organizations or at auctions.

Waste sorting equipment: New waste handling equipment installed at all Danish locations enables better sorting into fragments and ensures reusable materials are reused.

IT waste: Tryg places demands on suppliers handling electronic waste to comply with the EU WEEE Directive and RoHS Directive, resulting in the majority of usable IT equipment being sold on or recycled. As of 2025, Tryg expects to expand waste reporting to include IT waste sent to reuse.

Local operations: In Sweden and Norway, local landlords are responsible for optimal sorting and reuse solutions, with Tryg contributing proactively.

2024 Waste Performance

CO2e emissions from waste were reduced by 20% compared to the base year (2019: 140 tCO2e, 2024: 112 tCO2e).

Quantitative Waste Data (2024)

Accounting Principles

E5-5_07 Total Waste generated: Waste is generated in own operations and based on invoices from waste management supplier.

E5-5_08 - E5-5_09 Recovery operation and treatment type: Waste is diverted from disposal and sorted into hazardous and non-hazardous waste according to waste categories, recovery operation types and treatment types, which include incineration, landfill and other disposal operations.

E5-5_10 Non-recycled waste: Disposal waste that cannot be recycled and is sent to landfill.

E5-5_11 Percentage of non-recycled waste: The percentage of non-recycled waste of the total amount of waste generated. Tryg aims to have no non-recycled waste.

E5-5_15 Total amount of hazardous waste: Consists of various chemical substances, fluorescent tubes, batteries and similar materials used in facility operations. Tryg continually tries to minimize this waste fraction.

E5-5_16 Total amount of radioactive waste: Tryg has no radioactive waste.

Customer satisfaction initiatives: Tryg achieved a customer satisfaction level of 87 in 2024, an improvement of 3 percentage points since 2020, but slightly below the 2024 target of 88. Customer satisfaction remains paramount to Tryg, and the company continues to work diligently to meet and exceed customer expectations.

Technology solutions for customer experience: During 2024, Tryg launched new technology solutions to enhance the customer experience:

• In Denmark, the AI assistant Felix offers tailored suggestions and input to customer advisors in real time
• In Norway, AI and advanced voice analytics are used to train and coach customer advisors
• In Sweden, the AI assistant Llucia offers faster response to customers with child insurance policies

Customer service improvements: By leveraging advanced speech analytics applied to dialogues between advisers and customers, Tryg has been able to provide tailored training and coaching. As a result, nearly 60% of advisors have improved their customer satisfaction scores and 40% have boosted sales. This earned Tryg two prestigious national awards: first place in the national response time championship and the Customer Service Award in the insurance category.

Product adaptations: Tryg has redesigned several products to better serve customers:

• Child insurance with deeper focus on supporting mental health
• Motor insurance products ranked as best on the market according to Swedish Consumers' Insurance Bureau
• Digital payment solutions through Swish enabling instant claim compensation
• Partnership with LEIA Health to support new parents

Prevention initiatives: Cooperation with SMHI enables Trygg-Hansa to warn clients in areas at risk of storms and share preparation tips. AI features warn clients in specific areas where increased claim frequency is identified.

Tryg has set strategic targets related to customer satisfaction and service excellence:

Customer satisfaction target 2027: For the new strategy period, Tryg has set a customer satisfaction score target of 83 by 2027. Tryg has rebased the customer satisfaction baseline from 87 to 81 due to updated scoring methodology and inclusion of the entire Swedish business.

Straight-through processing target: Tryg aims to increase straight-through processing for digitally reported claims to over 55%, an improvement of 10 percentage points from the baseline of 45%. This target focuses on fast and efficient claims handling through automated processes without manual touchpoints.

Value-creating actions target achieved: Tryg set a target to grow 'value-creating actions' upon logging in online by 40% or above. The company boosted 'value-creating actions' by more than 50% during the strategy period through initiatives like 'My Page'.

Tryg believes that high customer satisfaction and retention rates contribute to lower distribution costs, making the achievement of customer satisfaction targets crucial for realising financial objectives.

Tryg focuses on managing the company in accordance with the principles of good corporate governance and generally complies with the Danish recommendations prepared by the Committee on Corporate Governance. At tryg.com, Tryg has published its statutory corporate governance report based on the 'comply-or-explain' principle for each individual recommendation.

Tryg has adopted a number of policies describing the relationship between different stakeholders. A number of internal guidelines ensure that the disclosure of price-sensitive information complies with legislation and stock exchange codes of conduct.

The company acknowledges that the taxes paid are a significant contribution to sustainable societies in the countries where business is conducted. Tryg Group is a transparent and responsible tax payer, and the tax governance and key tax compliance focus is ensuring that all taxes paid are fair and in accordance with legislation.

Tax Governance: The tax governance approach is embedded in the Tryg Tax Policy inspired by GRI Sustainability Reporting standard #207 regarding tax. The Tax Policy governs all entities in the Tryg Group, all taxes paid by the Tryg Group and, to the extent possible, also investments made by Tryg Group.

The Tryg Tax Policy is overseen by the Chair of the Tryg Risk Committee and reviewed and approved annually by the Executive Board and the Supervisory Board of Tryg. The approach to tax risk management is aligned with the Tryg Group's risk management and actively monitored to ensure that tax positions are within strategic and business objectives.

Total tax contribution: Tryg Group paid a total tax contribution to tax authorities of DKK 6,041m in 2024. Corporate income tax amounted to DKK 1,488m, corresponding to an effective tax rate for Tryg Group of 24%.

Tryg will develop and expand practices for repairs and the recycling of materials through close collaboration with suppliers. The company maintains focus on working with suppliers to implement circular economy initiatives and reduce environmental impact in the claims handling process.

Supplier relationships are integral to Tryg's sustainability efforts, particularly in achieving the target of reducing CO2e emissions by 6% per average claim through increased repairs and use of reused materials in collaboration with suppliers.