Tryg has a strong competitive position as one of the largest non-life insurers in the Nordic region, and the market leader in the Danish non-life sector. 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, with 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 debt is very strong, benefitting from its sound earnings. Standard&Poor's Ratings Services' stable outlook on Nordic insurer Tryg Forsikring A/S reflects
