Dividends

Tryg's capital structure is continuously optimised while maintaining the necessary security for our shareholders and room for growth and development.

We do not want to accumulate capital that exceeds the need for continuing our business and realising our strategy, which is why we payout dividends.

Dividend policy 
Our profit distribution reflects our long-term earnings and cash flow potential, while maintaining an appropriate level of capitalisation:

• Tryg determines the required capital level based on Standard & Poor's capital methology and taking into consideration the minimum capital requirement, strategy and growth.
• Tryg then distributes 50% of the profit for the year as ordinary cash dividends. 

• Any excess capital after distribution of ordinary dividends will be returned to shareholders in the form of a share buy back programme. 

The cash dividends are approved at the annual general meeting.

Profit distribution

DKKm	2011	2010	2009	2008	2007
Profit for the year	1,140	593	2,008	846	2,266
Cash dividends	400	256	991	423	1,156
Cash dividend per share (DKK)	6.52	4	15.50	6.50	17
Cash payout ratio	35	43	49	50	51
Total buy back	0	0	799*	0	1,405
Buy back per share (DKK)	0	0	12.50	0	21
Total distribution per share (DKK)	6.52	4	28	6.5	38
Total distribution	400	256	1,790	423	2,561
Total payout ratio	35	43	89	50	113
Buffer to A- level	5.1	5.2	7.7	16	5
Ex. dividend date	20.04.12	15.04.11	16.04.10	23.04.09	04.0.08
Dividend payout date	25.04.12	20.04.11	21.04.10	28.04.09	09.04.08

* The share buy back programme was based on the profit for 2009, amounted to DKK 799m and was initiated on 16 April 2010 with completion on 7 February 2011. 

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