Denmark’s Danica Pension has completed the sale of its Norwegian business unit to the financial group Storebrand.

The sale will bring in revenue of approximately DKK 400m. The pension provider said that as a result of the sale it has further focused its business and is strongly equipped to develop the best pension solutions for customers in Denmark.

Danica Pension CEO, Søren Lockwood, commented: “The sale of Danica Pension in Norway makes strategic sense for both parties, because our Norwegian customers get an owner who can further develop the Norwegian part of the business, and because our Danish customers now get a Danica Pension that can focus uniquely on creating it best possible customer experience in Denmark."

Danica in Norway had approximately 29,000 contractual relationships related to private pension savings and a little more than 60,000 personal insurance policies. The company had approximately 14,000 business customers, 100 employees and NOK 30.4 billion under management.

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