Tryg

What Tryg does

Tryg A/S is Scandinavia's largest non-life insurance company, headquartered in Ballerup, Denmark, and listed on Nasdaq OMX Copenhagen (ticker TRYG) as part of the Danish C25 index. The company operates through a multi-brand portfolio including Tryg Forsikring (Denmark), Alka (Denmark), Enter Forsikring (Norway), and Trygg-Hansa (Sweden), serving approximately 6 million customers across Denmark (24.4% market share), Norway (12.9%), and Sweden (16.5%). Tryg generated DKK 40,356 million in insurance revenue in 2025 with an insurance service result of DKK 7,945 million and a combined ratio of ~81%, supported by a workforce of approximately 6,700 employees and ~2 million claims processed annually. The largest shareholder is TryghedsGruppen smba, a mutual/customer-owned cooperative holding 49.4%.

The business spans three primary segments: Private Insurance (motor, content, house, accident, travel, motorcycles, pet, health), Commercial Insurance for SMEs (motor, property, liability, workers' compensation, travel, health), and Specialty Commercial via Tryg Trade (surety bonds and trade credit insurance operating across 11 European countries). The core technology platform centers on digital claims processing with fraud prevention capabilities and procurement optimization, while the broader digital footprint is being expanded under the September 2025 Digital Pioneer Transformation Initiative.

Tryg distributes through a multi-channel model including own sales agents, call centres, online platforms, car dealers, real estate agents, franchises, and a flagship bancassurance partnership with Danske Bank covering Denmark, Norway, and Sweden. Internationally, the company leverages AXA Corporate Solutions for global coverage of Nordic multinationals. The revenue model is recurring subscription-style through annual insurance premiums, with pricing determined by individual risk assessment rather than public tiered pricing. Tryg's history traces back to 1728 (Denmark's first fire insurance following the Copenhagen fire), with the modern Tryg identity established in 1898 and listed on the public markets since October 2005. The 2021 RSA Scandinavia acquisition (DKK 37bn share issue) consolidated the company's position as the dominant Nordic non-life insurer.

Name

Tryg

Legal name

Tryg A/S

Website

https://tryg.com

Company type

Public

Founded year

1728

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Tryg A/S is Scandinavia's largest non-life insurance company, serving 6 million private and commercial customers across Denmark, Norway, and Sweden through brands including Tryg Forsikring, Alka, Enter Forsikring, and Trygg-Hansa, with specialty trade credit and surety operations across 11 European countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Ballerup

HQ country

Denmark

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: Non-life insurance products generating recurring premiums from private, commercial and corporate customers across Denmark, Norway and Sweden. Insurance revenue was DKK 40,356 million in 2025 with an insurance service result of DKK 7,945 million.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels6 records

Core offering

Tryg is a Scandinavian non-life insurance company headquartered in Ballerup, Denmark, underwriting personal lines, commercial lines and trade credit insurance across Denmark, Norway and Sweden. The company operates through multiple brands — Tryg Forsikring, Alka, Enter Forsikring, Trygg-Hansa, Tryg Trade and Tryg Garanti — and serves approximately 6 million customers through owned sales agents, call centres, digital channels and partner networks.

Product overview

Tryg is a leading non-life insurance company in Scandinavia operating as a multi-brand platform. The company offers two core insurance lines: Private Insurance (motor, content, house, accident, travel, motorcycles, pet, and health for individuals) and Commercial Insurance (motor, property, liability, workers' compensation, travel, and health for SMEs). Tryg Trade serves as a specialty unit providing surety bonds and trade credit insurance across Nordic and broader European markets. The product portfolio spans multiple sub-brands and acquired brands including Tryg Forsikring (primary Danish brand), Alka (acquired Danish brand), Enter Forsikring (Norwegian), and Trygg-Hansa (Swedish, acquired through RSA). The company distributes through own sales agents, call centres, online platforms, real estate agents, car dealers, franchises, bancassurance, and partner channels.

Differentiator

Problem solved

Functional benefit

Brands

• Tryg Trade: Largest Nordic supplier of surety bonds and specialists in trade credit insurance. Offices in Austria, Belgium, Denmark, Finland, Germany, Ireland, Netherlands, Norway, Sweden, Switzerland and United Kingdom.
• Tryg Garanti
• Tryg Trade (Sweden)

Products and services

• Private Insurance Personal non-life insurance products (motor, home, personal accident, travel, pet, family) sold to individual consumers and households across Denmark, Norway and Sweden under the Tryg Forsikring, Alka and Trygg-Hansa brands.
• Commercial Insurance Commercial non-life insurance products (property, liability, motor fleet, workers' compensation and similar covers) for businesses in Denmark, Norway, Sweden and Estonia, marketed under Tryg and Enter Forsikring brands.
• Tryg Trade (Surety Bonds and Trade Credit Insurance) Specialist line of surety bonds and trade credit insurance sold to commercial customers to guarantee contractual performance and protect against buyer non-payment.

Quantifiable outcome

• Targeting combined ratio of ~81% by 2027
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Intact Financial CorporationcoreStrategic or Co-development Partner · 1 November 2020In November 2020, Tryg and Intact published a joint acquisition offer for RSA's business valued at DKK 60bn for the combined business. In 2021, Tryg issued shares of DKK 37bn to acquire Codan Norway, Trygg-Hansa, and 50% of Codan Denmark through this partnership. The acquisition virtually doubled Tryg's insurance service result and created Scandinavia's largest non-life insurer.
• Danske BankcoreChannel Partner/ Reseller/ Distributor · 1 November 2018In November 2018, Tryg entered a strategic partnership with Danske Bank, one of the largest banks in the Nordic region. Tryg provides innovative insurance solutions to Danske Bank customers in Denmark, Norway and Sweden, covering both Private and Commercial segments in Denmark and Norway, and Private segment in Sweden. This is a flagship partnership leveraging Danske Bank's extensive customer base.
• AXA Corporate SolutionscoreStrategic or Co-development Partner · 1 May 2008Since May 2008, Tryg has used the international network of AXA Corporate Solutions to meet Nordic customers' international insurance requirements. The partnership makes Tryg part of a global network represented in more than 90 countries with geographical coverage of 95% of the inhabited world. This enables Tryg to serve multinational corporate customers with global coverage needs.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• If P&C Insurance: If is the largest Nordic P&C insurer (part of Sampo Group), operating across Sweden, Norway, Finland, Denmark and the Baltics with motor, property, and commercial lines — directly comparable to Tryg in product mix, geography, and channel strategy.
• Gjensidige Forsikring: Norway's largest general insurer, listed on Oslo Børs, providing private and commercial P&C across Norway and the Nordics. Directly comparable to Tryg in product portfolio, Nordic footprint, and bancassurance/partnership distribution.
• Folksam: Swedish customer-owned mutual insurer offering non-life, life and pension products, with strong private and commercial P&C presence. Comparable to Tryg in mutual/cooperative ownership structure (similar to TryghedsGruppen) and Nordic P&C focus.
• Länsförsäkringar: Swedish customer-owned insurance group dominated by non-life products via 23 regional mutual companies. Comparable to Tryg in mutual ownership model, strong Swedish market position, and Private + Commercial P&C focus.
• Topdanmark: Denmark's second-largest non-life insurer, listed on Nasdaq Copenhagen, offering private and commercial P&C. Directly comparable to Tryg in Danish market positioning, product portfolio, and distribution channels.
• Alm. Brand: Danish insurance and banking group; acquired Codan Denmark from Tryg/Intact in 2022. Comparable to Tryg in Danish non-life market overlap and bancassurance-driven distribution model.
• Coface: Global leader in trade credit insurance, headquartered in France. Directly comparable to Tryg Trade's trade credit insurance business line, addressing the same debtor-insolvency risk use case for B2B customers.

Broad incumbents

• Sampo Group: Nordic financial group and parent of If P&C Insurance; broader than Tryg as it combines non-life with life insurance and asset management. Comparable as the parent vehicle behind Tryg's most direct Nordic competitor.
• Zurich Insurance Group: Global multi-line insurer with Nordic operations; comparable in P&C product set, but materially larger and broader (global, multi-line) than Tryg's Scandinavia-focused non-life franchise.
• Allianz: World's largest P&C insurer with Nordic presence via Allianz Partners and corporate lines. Comparable in core P&C capability but operates at vastly greater scale and global geographic breadth than Tryg.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/TrygDanmark
• Facebookfacebook.com/trygdanmark
• LinkedInlinkedin.com/company/tryg
• Xx.com/trygir

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tryg