Strong competitive position in Denmark and Norway; Strong and improving operating performance; and Strong capitalization. Uneven capital allocation within group. The ratings on Denmark-based Tryg Forsikring A/S (Tryg) and Norway-based Vesta Forsikring A/S (Vesta), core entities of TrygVesta A/S (TrygVesta), are based on the group's strong competitive position in Denmark and Norway, strong and improving operating performance, and strong capitalization, partially offset by the uneven distribution of capital within the group. TrygVesta is the second-largest non-life insurance group in the Nordic region, with strong market shares of 21% in Denmark and 19% in Norway. The group's broad diversity in terms of both its product and distribution strategies, in addition to the strength of the Tryg brand in Denmark, underpins its
