Top 10 Nordic Insurance Companies

Tryg is Denmark's largest insurer and the second-largest P&C insurer in the Nordic region, with €3.8B in GWP following its landmark 2021 acquisition of RSA Insurance's Nordic operations in a €3.1B deal — the largest Nordic insurance M&A transaction ever. Tryg employs 7,000+ across Denmark, Sweden, and Norway and serves 4M+ private customers. Its 2025 "Triple Plan" strategic update targets a 91% combined ratio and DKK 7B in annual premium growth by 2027, with digital first-notice-of-loss adoption exceeding 80% in Denmark.

Tryg — Denmark, €3.8B GWP, Acquired RSA Nordic 2021

Gjensidige is Norway's largest insurer and one of the last major mutual-origin Nordic insurance groups still publicly listed (Oslo Stock Exchange: GJF), with €2.4B in GWP and 3.9M customers across Norway, Denmark, Sweden, and the Baltics. Its combined ratio of 82.3% in 2025 reflects superior underwriting discipline in the Norwegian motor and property markets. Gjensidige's digital app was voted Norway's best insurance app for the fifth consecutive year in 2025, with 78% of all new policies sold digitally.

Gjensidige Forsikring — Norway Mutual, €2.4B GWP, Oslo Listed

Folksam is Sweden's largest insurance group by customer numbers, a cooperative mutual insuring 4M+ members with €7B+ in GWP across life (KPA Pension, Folksam Life) and P&C (Folksam General) divisions. As a co-op, Folksam returns surplus to policyholders — distributing SEK 2.4B in bonus payments in 2025. Its sustainability agenda, including a commitment to a fossil-free investment portfolio by 2030, has made it Sweden's most trusted insurance brand according to the 2025 Kantar SIFO brand index.

Folksam — Sweden Mutual, 4M Members, €7B+ GWP

Lansforsakringar (LF) is a federation of 23 regional Swedish mutual insurance companies with combined GWP of €4B, offering insurance, banking, real estate brokerage, and pension services exclusively to Swedish customers. LF's unique federal structure — where each regional company is locally owned and governed — creates exceptional customer loyalty (NPS of 62 vs industry average 28) and low churn rates. LF Bank, launched in 2014, has grown to SEK 140B in deposits, demonstrating the power of cross-selling insurance and banking to a captive customer base.

Lansforsakringar (LF) — Sweden, 23 Regional Companies, €4B GWP

Pohjola Insurance is the P&C arm of OP Financial Group, Finland's largest financial services group with 2M+ cooperative members, generating €1.8B in GWP across motor, property, and corporate lines. Pohjola operates Finland's largest repair shop network — 200+ Own Damage service centres — enabling faster vehicle claims settlement than any competitor. Its integration with OP Bank allows bundled insurance-mortgage products that have captured 34% of Finnish first-home buyer insurance in 2025, demonstrating the power of financial services convergence.

Pohjola Insurance (OP Group) — Finland, €1.8B GWP

Topdanmark is Denmark's second-largest P&C insurer and a top-three life insurer, with €1.5B in combined GWP and a market capitalisation of DKK 23B. Sampo Group holds a 46% strategic stake. Topdanmark's investment strategy — holding 90%+ of its €8B investment portfolio in fixed income — produced one of Denmark's best insurer combined ratios (83.9%) in 2025. Its Topdanmark Direct digital motor brand captures 18% of Danish online motor insurance quotes, making it the leading direct insurer by conversion rate in the Danish market.

Topdanmark — Denmark Life & P&C, €1.5B GWP

Storebrand is Norway's largest private life insurer and pension manager, with €100B+ in assets under management and 1.9M individual customers. Listed on the Oslo Stock Exchange, Storebrand has embedded sustainability at the core of its investment mandate — excluding 180+ companies from its portfolio on ESG grounds since 2005. In 2025, Storebrand launched the Nordic Pension Impact Fund, directing €5B in AUM to transition-finance instruments, and acquired SPP, Sweden's fourth-largest occupational pension provider, in a €2.1B transaction.

Storebrand — Norway Life & Pensions, €100B+ AUM

Codan is one of Denmark's oldest and largest insurers, tracing roots to 1816, and operates as a wholly owned subsidiary of RSA Insurance Group (itself acquired by Intact Financial in 2021) with €1.2B in Danish P&C GWP. Codan serves 800,000+ personal lines customers and 50,000+ commercial clients through a mix of agent, broker, and direct digital channels. Its 2025 launch of the Codan Smart Home product — combining IoT sensors, AI risk monitoring, and dynamic premium adjustment — is regarded as the most technologically advanced retail insurance product in the Danish market.

Codan Denmark — RSA Subsidiary, €1.2B GWP

Vardia is a Norwegian digital challenger insurer founded in 2009 that pioneered direct-to-consumer motor and home insurance distribution in a market previously dominated by bancassurance and broker channels. After a near-collapse in 2015 due to underpricing, Vardia was restructured and relaunched in 2017 with actuarially sound pricing models backed by machine learning. By 2025, Vardia had grown to 180,000 Norwegian customers with a 94% combined ratio, proving that a digital-first model can achieve sustainable profitability in the price-competitive Nordic motor market.

Vardia Insurance — Norway Digital Challenger

Tryg is Denmark's largest insurer and the second-largest P&C insurer in the Nordic region, with €3.8B in GWP following its landmark 2021 acquisition of RSA Insurance's Nordic operations in a €3.1B deal — the largest Nordic insurance M&A transaction ever. Tryg employs 7,000+ across Denmark, Sweden, and Norway and serves 4M+ private customers. Its 2025 "Triple Plan" strategic update targets a 91% combined ratio and DKK 7B in annual premium growth by 2027, with digital first-notice-of-loss adoption exceeding 80% in Denmark.

Tryg — Denmark, €3.8B GWP, Acquired RSA Nordic 2021

Gjensidige is Norway's largest insurer and one of the last major mutual-origin Nordic insurance groups still publicly listed (Oslo Stock Exchange: GJF), with €2.4B in GWP and 3.9M customers across Norway, Denmark, Sweden, and the Baltics. Its combined ratio of 82.3% in 2025 reflects superior underwriting discipline in the Norwegian motor and property markets. Gjensidige's digital app was voted Norway's best insurance app for the fifth consecutive year in 2025, with 78% of all new policies sold digitally.

Gjensidige Forsikring — Norway Mutual, €2.4B GWP, Oslo Listed

Folksam is Sweden's largest insurance group by customer numbers, a cooperative mutual insuring 4M+ members with €7B+ in GWP across life (KPA Pension, Folksam Life) and P&C (Folksam General) divisions. As a co-op, Folksam returns surplus to policyholders — distributing SEK 2.4B in bonus payments in 2025. Its sustainability agenda, including a commitment to a fossil-free investment portfolio by 2030, has made it Sweden's most trusted insurance brand according to the 2025 Kantar SIFO brand index.

Folksam — Sweden Mutual, 4M Members, €7B+ GWP

Lansforsakringar (LF) is a federation of 23 regional Swedish mutual insurance companies with combined GWP of €4B, offering insurance, banking, real estate brokerage, and pension services exclusively to Swedish customers. LF's unique federal structure — where each regional company is locally owned and governed — creates exceptional customer loyalty (NPS of 62 vs industry average 28) and low churn rates. LF Bank, launched in 2014, has grown to SEK 140B in deposits, demonstrating the power of cross-selling insurance and banking to a captive customer base.

Lansforsakringar (LF) — Sweden, 23 Regional Companies, €4B GWP

Pohjola Insurance is the P&C arm of OP Financial Group, Finland's largest financial services group with 2M+ cooperative members, generating €1.8B in GWP across motor, property, and corporate lines. Pohjola operates Finland's largest repair shop network — 200+ Own Damage service centres — enabling faster vehicle claims settlement than any competitor. Its integration with OP Bank allows bundled insurance-mortgage products that have captured 34% of Finnish first-home buyer insurance in 2025, demonstrating the power of financial services convergence.

Pohjola Insurance (OP Group) — Finland, €1.8B GWP

Topdanmark is Denmark's second-largest P&C insurer and a top-three life insurer, with €1.5B in combined GWP and a market capitalisation of DKK 23B. Sampo Group holds a 46% strategic stake. Topdanmark's investment strategy — holding 90%+ of its €8B investment portfolio in fixed income — produced one of Denmark's best insurer combined ratios (83.9%) in 2025. Its Topdanmark Direct digital motor brand captures 18% of Danish online motor insurance quotes, making it the leading direct insurer by conversion rate in the Danish market.

Topdanmark — Denmark Life & P&C, €1.5B GWP

Storebrand is Norway's largest private life insurer and pension manager, with €100B+ in assets under management and 1.9M individual customers. Listed on the Oslo Stock Exchange, Storebrand has embedded sustainability at the core of its investment mandate — excluding 180+ companies from its portfolio on ESG grounds since 2005. In 2025, Storebrand launched the Nordic Pension Impact Fund, directing €5B in AUM to transition-finance instruments, and acquired SPP, Sweden's fourth-largest occupational pension provider, in a €2.1B transaction.

Storebrand — Norway Life & Pensions, €100B+ AUM

Codan is one of Denmark's oldest and largest insurers, tracing roots to 1816, and operates as a wholly owned subsidiary of RSA Insurance Group (itself acquired by Intact Financial in 2021) with €1.2B in Danish P&C GWP. Codan serves 800,000+ personal lines customers and 50,000+ commercial clients through a mix of agent, broker, and direct digital channels. Its 2025 launch of the Codan Smart Home product — combining IoT sensors, AI risk monitoring, and dynamic premium adjustment — is regarded as the most technologically advanced retail insurance product in the Danish market.

Codan Denmark — RSA Subsidiary, €1.2B GWP

Vardia is a Norwegian digital challenger insurer founded in 2009 that pioneered direct-to-consumer motor and home insurance distribution in a market previously dominated by bancassurance and broker channels. After a near-collapse in 2015 due to underpricing, Vardia was restructured and relaunched in 2017 with actuarially sound pricing models backed by machine learning. By 2025, Vardia had grown to 180,000 Norwegian customers with a 94% combined ratio, proving that a digital-first model can achieve sustainable profitability in the price-competitive Nordic motor market.

Vardia Insurance — Norway Digital Challenger