Nordea to buy Topdanmark Life for around $299 million

Topdanmark A/S

18/03/2022 07:00

STOCKHOLM, March 18 (Reuters) - Nordea Bank  NDAFI.HE  said
on Friday it would buy Topdanmark's  TOP.CO  life and pension
business, Topdanmark Life, for around 270 million euros ($299.4
million), as the lender seeks to expand its exposure to the
Danish market.  
    Topdanmark Life, Denmark's fifth largest commercial life
insurance company, has assets under management of around 12
billion euros and about 225,000 customers.
    Nordea said the agreed price was around 270 million euros
after a pre-completion dividend had been distributed to
Topdanmark, representing an estimated P/E multiple of about 13
times the projected 2022 net earnings.
    The bank said the transaction would help lift its earnings
per share and return on equity.
    "Topdanmark Life is a very good strategic fit and increases
our exposure to the Danish retail savings market," Nordea said
in a statement, adding the company will operate under the Nordea
brand.
    

($1 = 0.9017 euros)

 (Reporting by Helena Soderpalm;
Editing by Vinay Dwivedi)
 ((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))