The Tryg group (Tryg) has a strong competitive position as the second-largest non-life insurer in the Nordic region, and the market leader in the Danish non-life sector. We assess the company's industry and country risk as low because its main businesses are located in stable Nordic insurance markets. The competitive position is underpinned by strong operating performance and the diversity of Tryg's product and distribution strategies. Tryg lacks diversity outside its two main markets, Denmark and Norway, and has a marginal presence in Sweden. Tryg's strong underwriting profitability supports capital and earnings. Capital adequacy is moderately strong and constrained by Tryg's capital management strategy. Tryg benefits from a conservative investment strategy. Financial leverage is moderate and Tryg's ability to service
