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Nordea to acquire Topdanmark Life

Press releases | 18-03-2022 07:01

Nordea has agreed with Topdanmark Forsikring (“Topdanmark”) to acquire Topdanmark’s life and pension business* (“Topdanmark Life”). The acquisition completes Nordea’s offering of life and pension products in the Nordics and accelerates Nordea’s strategic ambitions within savings.

The acquisition of Topdanmark Life fits with Nordea’s strategic plan to grow in profitable business segments and build scale in the savings business. It will strengthen Nordea’s offering to retail customers in the life and pension segment in Denmark, which is the second largest life and pension market in the Nordics.

Topdanmark Life is a life and pension company in Denmark with assets under management of around EUR 12bn at the end of 2021 and has approximately 225,000 customers.

“We are pleased to announce this acquisition. Topdanmark Life is a very good strategic fit and increases our exposure to the Danish retail savings market. We know Topdanmark from our current collaboration in non-life insurance and are looking forward to developing the Topdanmark Life business in Nordea,” says Snorre Storset, Head of Asset & Wealth Management at Nordea.

“Going forward, our Danish customers will benefit from our market leading banking and savings offering. We will provide Nordea’s customers with Topdanmark Life products through our top-rated digital platforms and broad branch network,” he continues.

Topdanmark Life will be integrated into Nordea and operated under the Nordea brand.

“For many years we have had an advantage by running both non-life insurance and life insurance within the Topdanmark Group benefiting both customers and shareholders. Nordea has the right requisites and ambitions to operate and further develop Topdanmark Life. We will continue to sell life insurance solutions, with the difference that in the future they will be from Nordea. We are looking forward to strengthening the strategic partnership between Nordea and Topdanmark,” says Peter Hermann, CEO of Topdanmark.

The agreed price for Topdanmark Life is around EUR 270m after a pre-completion dividend has been distributed to Topdanmark, representing an estimated P/E multiple of approximately 13x projected 2022 net earnings. The price will be adjusted for earnings accrued up to closing. The transaction is expected to absorb up to 2bp of CET1 capital and will deliver a small increase in the Nordea Group’s earnings per share and return on equity.

The transaction is subject to regulatory approvals and closing is expected in the second half of 2022.

About Topdanmark Life:

  • Denmark’s fifth largest commercial life insurance company offering corporate pension schemes (including related insurance products) targeting individuals and SMEs.
  • The AuM consist of around 75% unit-linked products and 25% with-profit products.
  • The estimated number of employees at Topdanmark Life is around 300 by the time of closing.

*Nordea Life Holding AB will acquire 100% of the shares in Topdanmark Liv Holding A/S.

For further information

Group Communication, +358 10 416 8023 or press [at]


Nordea is a leading Nordic universal bank. We are helping our customers realise their dreams and aspirations – and we have done that for 200 years. We want to make a real difference for our customers and the communities where we operate – by being a strong and personal financial partner. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us on

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