EUR-Lex - C/E/01 - EN - EUR-Lex
Main · Videos; Hirezbart and hirezkelly dating after divorce dating a male paraplegic · coordinatore finanziario yahoo dating · relative dating which rock layer. Main · Videos; Blake shelton gwen stefani dating popular lesbian dating apps coordinatore finanziario yahoo dating coordinatore finanziario yahoo dating. Markets, Research Division - Senior Analyst & Sector Coordinator Mediobanca - Banca di credito finanziario S.p.A., Research Division.
In general, we think that history shows that a consolidation is healthy for the market structure. And in general, we believe in bancassurance.
But as we also show on the right-hand graph, we have seen sales performance reducing significantly in the recent years. Now the ending of the Nordea bancassurance agreement in Norway in the short run will have a cost advantage because we don't need to pay a profit commission and sales commission. But in the long run, we want to replace that with alternative arrangements, and we have, for a while, been considering different options.
We also see that we have a very strong distribution on our own of life and pension products, which we know that several parties and potential partners find very attractive. Speaking of Norway, we're pleased in Q2 to see that in our Norwegian business, underlying claims improved 0. While we have a significant proportion of our large claims and weather claims in Norway, we're pleased to see top line growth in Private Norway of 2.
And over to you, Christian. Turning to Page As Morten communicated, we are seeing an improving underlying trend for the second quarter of '18, which is possibly being impacted by our claims initiatives and the price adjustment carried out throughout the portfolio. For the group, the underlying improvement in the second quarter was 0. Again, most of this is carrying the price initiative and price increases through our portfolio, helping our underlying profitability.
And also, especially the profitability initiatives in our Corporate Norwegian business is supporting the overall underlying development on the group. Now as communicated before, we expect the full year '18, from an underlying perspective, to be better than full year We still have a strong focus on claims inflation in motor.
In the previous presentation, we have showed average claims on bumpers. And we've done a little upgrade here where we're actually seeing that the trend is not just on bumpers, but also on other parts of the cars, i.
Now the frequency continues to increase slightly, but not with the same rate as we saw in and ' And overall, we are seeing a general increase on claim inflation from motor and will manage this through claims initiatives and pricing throughout the portfolio. Now Slide 15, this was a slide that's a repeat from our Analyst Day in Bergen, where we're kind of highlighting some of the Norwegian insurance claims inflation trends.
Now we do have an exposure to electric cars and hybrid cars and definitely see different risk profiles compared to normal. However, bear in mind that Tryg proportionately actually has a less exposure to the faster kind of models of electrical cars, like Teslas and the likes. So we feel quite comfortable having the electrical part under control.
As Morten has already mentioned, we have had a larger amount of large claims here in the second quarter of DKK million. Now that is higher than last quarter. Bear in mind that it's very much in line with our guidance of DKK million per annum. Now we are coming through a couple of quarters where we had very low level of large claims.
And please note that almost half of the large claims are deriving from Norway in the second quarter '18 versus a very small amount of large claims in second quarter ' And as Morten mentioned, you cannot see the underlying on Norway, but we're giving you the guidance of a 0. Weather claim is a bit higher than the second quarter, and again, mostly driven by our Norwegian business.
We're pleased that the flooding in Norway did not become as severe as we thought it would be ending our Q1 numbers. The run-off level is relative high in the quarter, but it's also helped by some of the gains we've seen in our Swedish motor [third-party] liability portfolio.
Turning to Page 17 on our expenses.
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We're improving our expense ratio from It's helped by the initiative that was put in place during and also helped by the good development in our top line growth here in the second quarter. Now the number of employees have been increasing over the last couple of years, predominantly driven by portfolio acquisition and an increase in some of our IT employees as we have in-sourced some of the key personnel in IT. Turning to Page 19, which is somewhat of a benign slide from the fact that there's not much changes, neither in our free portfolio or in the split.
So turning to Page 20, which is a little bit more interesting as we -- seeing an overall negative result, I'll get more into the details on this on the next slide, Tryg remains with the low risk profile. As you can see in the upper-right corner, that shows the market risk capital charges versus invested assets. Turning to Page 21, which is a new slide, but we felt in this quarter, it was a good quarter to double-click a little bit on our development on our investment portfolio.
Edited Transcript of ordendelsantosepulcro.info earnings conference call or presentation Jul am GMT
We have a negative DKK 90 million investment result in the second quarter. The free portfolio returned only just DKK 10 million. The widening of credit spreads on emerging market bond and investment grades dragged down the overall fixed income return by about DKK 37 million. In the free portfolio, Tryg has around DKK 4. Overall investment income in the free portfolio remains under pressure, especially in a quarter with almost flat equities and widening credit spreads.
On our match portfolio, it was also slightly negative, primarily because of a slightly negative performance.
Edited Transcript of DNB.OL earnings conference call or presentation 25-Oct-18 11:30am GMT
Do bear in mind that we, in Q1, had a positive performance. And year-to-date, we have on the match portfolio a positive DKK 15 million year-to-date.
The growth in the quarter is visible in both personal customers by close to 1 percentage point and in SME with double that of 1.
You may recall Large Corporates had a very strong growth in the second quarter. We said there will be more distribution than origination in third quarter, which has been the case. So I would say the growth mix is very much in line with what we have expected and are expecting going forward. Relatively stable margins then in combination with growth leads to an increase in the NII line for the quarter of NOK million. More importantly, maybe to talk about the future, where, as you're well aware, we have made some price changes towards our customers and personal customers in SME during the quarter, which will have a positive impact over time on both margins and NII going forward.
Story continues Altogether, all in all, we have reprised NOK billion of exposure, somewhere between 15 to 25 percentage points. We have selectively also priced -- repriced some products on the deposit side, but due to product mix and the coverage ratio, there is a much lesser impact from the repricing on the deposit side.
Another strong point is the continued good quality on the portfolio that is visible from losses being very, very close to 0 in the quarter and costs that are down by close to NOK 50 million during the quarter as such. The area where activity has been lower than expected is related to capital markets, where, in investment banking, there is a reduction. In addition to the seasonal effects from second quarter, there's a reduction compared to last year. There is not any structural trends we are concerned about.