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← CockpitCompetitor Analysis › TRYG.CO Tryg A/SOpen in the cockpit ↗

Tryg A/STRYG.COCompetitor analysis, valuation and peers

Denmark · DKK·Financials›Insurance Brokers/Services

Nordic property and casualty insurer serving Denmark and Norway with personal and commercial insurance.

Momentum neutral 58
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$14.2B
US dollars, full cap
Free float
48%
of shares outstanding
$/day
$19.0M
20-day average traded
P/B
2.61×
price to book
ROE
12.4%
delivered
Implied ROE
8.1%
what the price asks
Next earnings
77 days
22 Jan 2027
Close · DKKDKK 163.70
1D-1.3%
1W+2.6%
1M+13.8%
3M+8.1%
6M+10.2%
YTD-1.7%
1Y+2.1%
ATR %1.4%
52w lowhigh1.9% off high

What Tryg A/S does

Nordic property and casualty insurer serving Denmark and Norway with personal and commercial insurance.

Earns by keeping the gap between premiums collected and what it pays out in claims and running costs, plus the return on investing premiums until claims arrive. Its 2021 purchase of the Scandinavian arm of RSA, made jointly with Canada's Intact Financial, made it much larger in Denmark and Norway.

Products and services

  • Personal insurance (auto, home)
  • Commercial insurance
  • Nordic P&C products

Customers

  • Danish and Norwegian consumers and businesses

Where it sits in the supply chain

  • Financials
  • Insurance
  • P&C insurance

What could go right

  • Nordic P&C pricing cycle
  • Cross-sell across Denmark/Norway

What could go wrong

  • Weather/catastrophe losses
  • Nordic P&C competitive intensity

Moat: narrow (brand, scale, distribution). Leading Nordic P&C brand with strong direct and broker distribution.

Headquarters: Ballerup, Denmark · Founded: 1731 · Employees: 6,758

Named competitors

Tryg A/S at a glance

Size Tryg A/S (TRYG.CO) is a Denmark Financials company (Insurance Brokers/Services) with a market value of $14.2B, the 11th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 163.70 on 6 Nov 2026.

Performance Over six months the shares gained 10.2%, against +42.1% for the median peer and +8.8% for the Denmark market (cap-weighted) — 2nd lowest of 8 in its peer set.

Growth Revenue grew 5.4% over the last twelve months (peer median +16.8%); the operating margin is 15.8% (peer median 22.9%).

Valuation It trades at 2.61× book value against a peer median of 3.70× (2nd cheapest of 7).

Price implies The share price implies a return on equity of about 8.1%; Tryg A/S delivers 12.4%, so the price asks less than the business earns today.

Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).

Relative performance

10012014011 May 202611 Aug 20266 Nov 2026Peer median 146TRYG.CO 110
Six months, rebased to 100: Tryg A/S against the median of its 7 peers (local-currency closes).

Tryg A/S financials

Reported figures in DKK; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueDKK 45.2BDKK 43.1BDKK 41.8BDKK 40.9BDKK 42.1B
Revenue growth—+3%+2%-3%—
Net incomeDKK 4.72BDKK 5.34BDKK 4.74BDKK 3.79BDKK 2.25B
Free cash flown/aDKK 6.87BDKK 5.64BDKK 6.00BDKK 193M
Capital expenditureDKK 629MDKK 676MDKK 828MDKK 69.0MDKK 50.0M
Total debtDKK 7.59BDKK 7.52BDKK 7.58BDKK 9.70BDKK 9.75B

Quarterly statements and history in the cockpit →

Tryg A/S competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

0%+20%+40%+60%0%+10%+20%RYANBROWTWBWINSDFCRVLNPTRYG.CO6-month return →1-month return →
Up and to the right = strong over both horizons. Tryg A/S is the large dot.

Fundamentals: return on equity against price-to-book

-10%0%10%20%30%50×100×RYANBROWTWBWINSDFCRVLTRYG.COReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. Tryg A/S is the large dot.

Capital: ROE delivered against the ROE the price implies

0%25%50%75%0%50%RYANBROWTWBWINSDFCRVLTRYG.COROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. Tryg A/S is the large dot.

Tryg A/S competitors and peer comparison

Head to head with its named competitors (TRYG.CO vs GJF.OL vs SAMPO.HE vs ALMB.CO)
CompanyMarket cap6M returnRevenue growthROEPrice / bookImplied ROE
Tryg A/S TRYG.CO$14.2B+10%+5%12%2.61×8.1%
Gjensidige Forsikring GJF.OL$14.7B+9%+7%30%5.73×19.1%
Sampo SAMPO.HE$29.1B+10%+2%16%3.60×11.3%
Alm. Brand A/S ALMB.CO$3.70B+16%+3%9%2.19×7.3%
Intact Financial IFC.TO$34.7B+9%+2%14%2.48×8.7%

How Tryg A/S compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Tryg A/S against its 7 peers (data as of 6 Nov 2026)
MeasureTRYG.COPeer medianRank in peer set
1-month return+13.8%+8.9%2nd highest of 8
6-month return+10.2%+42.1%2nd lowest of 8
Return on equity12.4%15.4%4th highest of 7
Price / book2.61×3.70×2nd cheapest of 7
Trailing P/E20.8×29.5×2nd cheapest of 7
ROE the price implies8.1%22.8%least demanding of 7
ROE delivered12.4%15.3%4th highest of 7

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
Tryg A/S TRYG.CODenmark$14.2B+10%+5%12%2.61×8.1%12.4%
Ryan Specialty RYANUnited States$12.0B+52%+9%19%12.86×61.4%19.4%
Brown & Brown BROUnited States$23.9B+28%+26%10%1.87×11.3%9.6%
Willis Towers Watson WTWUnited States$30.3B+29%+5%20%3.91×19.0%20.2%
Baldwin Insurance BWINUnited States$4.48B+58%+19%-11%3.48×26.6%-10.7%
Steadfast SDF.AXAustralia$4.46B+46%+17%11%2.73×14.3%11.3%
CorVel CRVLUnited States$4.20B+42%+8%31%10.74×80.5%30.6%
Neptune Insurance NPUnited States$3.86B-7%+34%n/an/an/an/a

Questions

Who are Tryg A/S's main competitors?
Named competitors: If P&C (private or unlisted), Gjensidige Forsikring (GJF.OL), Sampo (Topdanmark) (SAMPO.HE), Alm. Brand (ALMB.CO), Intact Financial (IFC.TO). The cockpit's measured peer set (industry) also includes Ryan Specialty (RYAN), Brown & Brown (BRO), Willis Towers Watson (WTW), Baldwin Insurance (BWIN), Steadfast (SDF.AX), CorVel (CRVL).
Is Tryg A/S expensive compared with its peers?
On price / book it trades at 2.61× against a peer median of 3.70×, 2nd cheapest of 7 in its peer set. The share price implies a return on equity of about 8.1%; Tryg A/S delivers 12.4%, so the price asks less than the business earns today.
How has Tryg A/S stock performed?
Over six months to 6 Nov 2026 the shares returned +10.2% against +42.1% for the median peer; over one year +2.1%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.