Nordea has today, following receipt of all regulatory approvals, completed the acquisition of Topdanmark Forsikring’s life and pension business (“Topdanmark Life”).
The acquisition was announced on 18 March 2022 and was subject to customary regulatory approvals. The approvals have been received, and from today Topdanmark Life will be a part of Nordea.
The acquisition is an ideal strategic fit for Nordea and will increase the bank’s exposure to the Danish retail savings market. Going forward, Topdanmark Life will be operated under the name Nordea Pension.
“We are very pleased to finalise the acquisition and welcome our new colleagues and customers to Nordea. Now we continue the work to create even better customer experiences and offer Nordea’s Danish customers even greater focus on their entire financial life cycle – from their first savings to their retirement pensions. At the same time, our new customers will benefit from Nordea’s top-rated digital platforms and broad branch network,” says Snorre Storset, Head of Asset & Wealth Management.
The agreed price for Topdanmark Life is approximately EUR 283m after a pre-completion dividend has been distributed to Topdanmark Forsikring. 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 from 2023 onwards.
About Topdanmark Life:
- Denmark’s fifth largest commercial life insurance company offering corporate pension schemes (including related insurance products) targeting individuals and SMEs.
- Assets under management (AuM) are approximately EUR 10.6bn.
- About 75% of AuM relates to unit-linked products and about 25% relates to with-profit products.
- Topdanmark Life has approximately 225,000 customers.
- The number of employees is approximately 325.
For further information
Matti Ahokas, Head of Investor Relations, +358 9 5300 8011
Group Communication, +358 10 416 8023 or press [at] nordea.com (press[at]nordea[dot]com)