Moody's on Dec. 15 upgraded Tryg Forsikring A/S' insurance financial strength rating to A1 from A2 and changed the outlook to stable from positive.

The upgrade reflects Tryg Forsikring's consistently strong profitability, very good capitalization and asset quality and its top market positions in the Danish and Norwegian property and casualty markets.

The rating agency noted that Tryg Forsikring will face challenges in further enhancing its Nordic franchise through organic growth due to increasing competition within relatively mature markets.

Tryg Forsikring is the main operating company of Tryg A/S.