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6th December 2017
Tryg expands Danish presence with agreed Alka acquisition
Tryg has agreed to acquire Alka Forsikring, the 8th largest Danish P&C insurance business. Alka offers a diversified portfolio of P&C insurance products. It has around 380,000 customers and gross premiums of DKK2.5bn. Policy numbers of Alka have been growing at a CAGR of 5% over the past five years, resulting in consistent increases in market share over this period. It is an efficient and well-managed business, supporting a best-in-class combined ratio profile which averaged 84 in the last five years. Alka is owned by Danish unions, companies affiliated with the unions, Folksam and employees.
The combination will deepen Tryg’s presence in the Danish non-life market, Tryg’s core market segment. Alka represents a strong complementary proposition to Tryg. Tryg expects to build upon Alka’s successful partnerships with unions, thereby offering significant opportunities to expand the business. Tryg will benefit from applying the market leading commercial practices of Alka across a range of areas, such as in online distribution and data analytics. Alka will benefit from Tryg’s advanced capabilities in areas such as claims procurement and innovation in products and services.
Group ceo Morten Hübbe comments “We are very satisfied with the acquisition of Alka which will strengthen our position in Denmark. Alka has delivered a combination of strong financial results and high growth, driven by excellent customer satisfaction. Alka is at the forefront of digital distribution and making it simpler to be a customer. We look forward to further developing the already strong cooperation between Alka and the unions, building on Tryg’s experience cooperating with unions. We also look forward to the Alka customers benefitting from TryghedsGruppen’s member bonus, which has been 8% per annum in the last two years. We see attractive mutual merger benefits arising from the transaction.”
Tryg Trends(21 articles)
Alka Trends(2 articles)