Tryg's transformation journey building the largest P&C insurance company in Scandinavia
The Danish insurer Tryg became the largest P&C insurance company in Scandinavia on June 1, 2021, after closing the acquisition of the British insurer RSA Insurance Group plc. The acquisition was conducted in partnership with Canadian insurer Intact Financial Corporation. With this acquisition, Tryg — already the market leader in Denmark — strengthened its position in Sweden (to #3) and in Norway (to #3) and diversified its portfolio.
Becoming the largest Scandinavian P&C insurance company is the latest achievement in a radical transformation journey that has given Tryg a profitable core business and an enviable combined ratio of 85. The insurer is now focusing on its most ambitious aspiration yet: doubling its technical result from 3.7 bnDKK to 7.0–7.4 bnDKK and reaching an even more impressive combined ratio of 82 by 2024.
Fuelled by a unique organisational ""champions"" model that balances a strong shared infrastructure with a maximum of business agility, Tryg aspires to increase customer satisfaction throughout Scandinavia — a region that has some of the most digitally savvy customers in the world, who expect world-class online experiences and sustainable claims handling.
In this video, Tryg’s group COO Lars Bonde explains how the insurer has reached this growth milestone and what lies ahead in its journey.