Tryg's Expense Efficiency Underpins Our Narrow Economic Moat

In recent years, Tryg has shifted to sell more insurance to individual customers and small and medium sized businesses. We expect that trend to continue in the coming years. The strategy largely started in 2017 with the acquisition of the Danish Motor Associations’, FDM's, portfolio of insurance. At the time, that portfolio comprised over 20,000 members and gave Tryg access to FDM's broader 200,000 members. This move was augmented with the purchase of Obos Forsikring in February 2017. Obos is a cooperative building association in Norway that at the time insured 10,000 clients. A year later on Dec. 4, 2018, Tryg acquired Alka Forsikring, a company that insured 6% of Danish private individuals. With the acquisition of Troll Forsikring in the second quarter of 2018, Tryg’s focus on private customers continued. Troll Forsikring, a Norwegian company, at that time had 12,000 private customers in Norway.