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“With Danica on board, we strengthen our presence in the occupational pensions
market for small and medium-sized enterprises and our personal risk offering.
These are strategically prioritised growth areas for Storebrand. We look forward
to combining our own expertise and technical solutions with Danica’s partners
and Danske Bank’s professional distribution platform. This combination helps
customers gain access to market leading products and services, and we look
forward to being able to welcome all of Danica’s customers to Storebrand”, says
CEO of Storebrand Odd Arild Grefstad.
The Norwegian market for Defined Contribution pensions amounts to approximately
NOK 420 billion in assets under management and NOK 36 billion in annual
premiums, according to Finance Norway. Market growth has been strong over the
last 10 years and Storebrand expects the market to continue to grow by more than
10% annually in the coming years.
Danica, a subsidiary of Danske Bank, is the 6th largest provider of Defined
Contribution pensions in Norway with 5% market share. In addition to managing
NOK 22 billion of Defined Contribution pensions for 14,000 companies and 98,000
active members, Danica manages NOK 6 billion of retail savings and a small back
book of guaranteed products of NOK 1 billion. Total assets under management
amount to approximately NOK 30 billion. Danica also offers commercial and
personal risk products, totalling approximately NOK 300 million in annual
premiums for own account. Profit before tax amounted to NOK 127 million in 2020.
Most of the distribution is through Danske Bank, which will continue to
distribute the products from Storebrand.
“We look forward to the long experience, the business development and digital
capabilities, as well as the solid products and solutions that Storebrand will
add to our offering. Both parties are very committed to taking the steps
necessary to make this a success which will benefit our customers”, says Country
Manager of Danske Bank Norway Trond Mellingsæter.
Storebrand Livsforsikring AS will pay NOK 2.01 billion for the shares of Danica
(adjusted for the change in the net asset value of Danica in the period from 30
September 2021 to 31 December 2021). The transaction will be funded by available
funds in the company portfolio, which amounts to NOK 24 billion. The immediate
effect on the solvency ratio for Storebrand Group is expected to be minus 5
percentage points. It is expected that the transaction will strengthen the
Group’s solvency generation and dividend capacity going forward - supported by
capital, cost and distribution synergies - and that it will be accretive for the
Group’s return on equity. The acquisition will not impact Storebrand’s ordinary
dividend capacity for the financial year 2021.
The conclusion of the transaction is expected in the first half of 2022 and is
subject to approval from the Norwegian Financial Supervisory Authority and the
Norwegian Competition Authority as well as certain other customary transaction
conditions.
ABG Sundal Collier acts as the financial and transaction adviser, Thommessen as
the legal adviser, and Deloitte as the Financial Due Diligence advisor, for
Storebrand.
Lysaker, 20 December 2021
For further inquiries, please contact:
Head of Investor Relations & Rating, Daniel Sundahl:
daniel.sundahl@storebrand.no or (+47) 913 61 899
Group Head of Strategy, Finance and M&A Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155
Media Requests:
SVP Communications, Margrethe Assev:
margrethe.assev@storebrand.no or (+47) 951 55 056
Storebrand’s ambition is to provide our customers with financial freedom and
security by being the best provider of long-term savings and insurance.
Storebrand will deliver sustainable solutions adapted to the customer’s
individual situation. Storebrand has about 40,000 corporate customers and 2
million individual customers, and has its headquarter at Lysaker outside of
Oslo, Norway. Storebrand manages NOK 1,058 bn and is one of the largest asset
managers in the Nordics. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us at http://www.storebrand.no
Danske Bank is a Nordic universal bank with strong local roots and bridges to
the rest of the world. Today, our approximately 22,000 employees continue to
help our 3.3 million personal and business customers in 10 countries release
their potential through sustainable choices, specialised advisory and digital
convenience. The latest annual report showed a total income of DKK 42.4 billion
and assets under management totalled DKK 1.8 trillion. In Norway, Danske Bank is
the third largest bank with approximately 1,200 employees. Visit us at
http://www.danskebank.com
This announcement is subject to information pursuant to the Securities Trading
Act § 5-12
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