Nordic financial services firm Nordea has completed the purchase of Danish insurance company Topdanmark’s life and pensions business, Topdanmark Life.

Nordea has acquired the business for €283m after a dividend was paid to Topdanmark.

The deal was initially announced on 18 March 2022 and was subject to regulatory approvals.

These approvals have now been received and Topdanmark Life has become part of Nordea.

Topdanmark Life will now operate under the name Nordea Pension.

Nordea said that the purchase fitted its strategy “very well” and that it will strengthen its position in the Danish pension market for private customers.

It is expected that the transaction will absorb up to 2 basis points of the core capital and lead to a small increase in the Nordea Group's earnings per share and return on equity from 2023.

“We are happy to be able to complete the purchase and welcome new colleagues and customers to Nordea,” commented Nordea head of asset and wealth management, Snorre Storset.

“Well, we continue our work to create even better customer experiences and offer Nordea's Danish customers an increased focus on financial solutions for all phases of life – from the first savings account to pension solutions.

“In addition, the new customers can benefit from Nordea's good digital platforms and large office network.”

Topdanmark Life was Denmark’s fifth largest commercial life company, offering occupational pensions to private workers, and small- and medium-sized businesses.

It had funds under management of around €10.6bn and approximately 225,000 customers.

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