Topdanmark Sells Life Insurance Unit to Nordea Life for DKK 1.5 Billion Minus Certain Costs

Freitag, 18.03.2022 07:15 von PLX

• (PLX AI) – Topdanmark Forsikring A/S divests Topdanmark Liv Holding A/S to Nordea Life Holding AB.
• • Topdanmark says purchase price corresponding to a goodwill of DKK 1.5 billion
• • Topdanmark expects to pay transaction costs as well as costs for unwinding and restructuring of approx. DKK 0.3 billion in total
• • Thus, net proceeds are expected to amount to approx. DKK 1.2 billion after tax
• • Divestment is expected to impact the solvency in Topdanmark A/S positively by approx. 150pp, among other things, because the solvency requirement is expected to drop to about DKK 2 billion
• • This corresponds to approx. DKK 3 billion in extra solvency cover, which provides Topdanmark with the potential of carrying out an extraordinary distribution of dividend following the closing of the transaction