Overview
Key Business Information - Core Group
Scandinavia
Key areas of business
We are the third largest general insurer in the Nordic region comprising Denmark, Sweden, Norway, Latvia and Lithuania. In both Denmark and Sweden our businesses are ranked third largest, operating under the Codan brand in Denmark and the Trygg-Hansa brand in Sweden. Our businesses in Latvia and Lithuania have gained market share consolidating our number one position.
We provide a range of personal insurance including: motor, household and personal accident and travel. In Commercial we write property, marine and liability insurance. We are ranked number one in Danish marine.
Key strategies
We target markets where we hold strong positions and are committed to continuously improving claims handling and underwriting capabilities and enhancing our product offering. We have a pan Nordic proposition but recognise each country is different and customer propositions, pricing and brands are adapted for each market. We operate a multi brand strategy in our primary markets, Denmark and Sweden. In 2005 we enhanced our customer value propositions for both Commercial and Personal lines.
Highlights 2005
We achieved a 20% increase in underwriting result and improved the COR by 1.2 points to 94.4%. Net written premiums were up 8% on 2004.
We are focused on building distribution capabilities and in the year signed an agreement with Swedbank, the largest nationwide bank in Sweden. In Denmark we have 68 bancassurance relationships giving us access to two thirds of the attractive local bank market and we consolidated our number one marine position through the acquisition of TopDanmark’s marine portfolio.
Note
In addition to the Core Group we
have a discontinued operation
in the US. For details on this
operation refer to the US Operating Review.
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