Strong competitive position in Denmark and Norway Strong earnings across all three of its main operating divisions Strong execution of strategy Marginal, albeit fast-growing, presence in Finland and Sweden that is reliant on Nordea group The ratings on Denmark-based TrygVesta Forsikring A/S (Tryg, part of TrygVesta A/S (TrygVesta, or group; not rated)), are based on its strong competitive position in Denmark and Norway, strong earnings across all three of its main operating divisions, and strong execution of strategy. Capitalization is strong, but is constraining the upside potential for the rating. The group's marginal, albeit fast-growing, presence in Finland and Sweden has a high reliance on pan-Nordic bank Nordea (main operating entities rated AA-/Stable/A-1+), which is also an offsetting factor. TrygVesta
