ABG Sundal Collier acted as financial advisor to Storebrand in connection with the acquisition of Danica Pensjonsforsikring AS (“Danica Norge”)

On 20th of December 2021, Storebrand announced that Storebrand Livsforsikring has entered into an agreement to acquire 100% of the shares in Danica Norge.
Danica Norge is part of the Danske Bank Group and is the sixth largest provider of defined contribution pensions in Norway, with an AUM of NOK 22bn, corresponding to a 5% market share. Additionally, Danica Norge manages retail savings of NOK 6bn, and a back book of guaranteed products of around NOK 1bn, which brings the total AUM to NOK 30bn. Danica Norge also offers private and commercial risk products, with annual premiums for own account of around NOK 300m.
Storebrand is a leading player within Nordic life insurance, with total unit linked reserves of NOK 296bn, and guaranteed reserves of NOK 292bn. The transaction is expected to strengthen Storebrand’s solvency generation and dividend capacity, supported by synergies within capital, costs and distribution.
Storebrand will finance the NOK 2,010m acquisition through its company portfolio. The transaction is expected to close during H1 2022, subject to regulatory approvals as well as customary conditions. ABG Sundal Collier acted as financial advisor in the transaction.