The pension company KLP has agreed a deal with DNB Livsforsikring AS for the sale of all shares in KLP Bedriftspensjon AS.
KLP Bedriftspensjon AS is a wholly owned subsidiary of Kommunal Landspensjonskasse gjensidig forsikringsselskap (KLP). The company offers defined-contribution and occupational pensions, including the management of pension capital certificates and paid-up policies, for public and private sector enterprises. The company was established in 2006. KLP Bedriftspensjon AS is known for its low cost and ethical profile in terms of management.
‘We are delighted to have found such a strong buyer in the shape of DNB for KLP Bedriftspensjon. We are confident that the company and our customers will benefit from becoming part of a larger community,’ says KLP’s Group CEO Sverre Thornes.
‘Defined-contribution pensions are a focus area for DNB, and given the prevailing low interest rates and demographic changes, saving for retirement is only going to become more important. KLP Bedriftspensjon has a strong position as a provider of public sector-related businesses, and has invested in index-linked funds and sustainable management processes. These are initiatives that we look forward to continuing under the auspices of DNB. As part of this, we will also be launching new sustainability profiles for defined-contribution pensions this autumn,’ says Anders Skjævestad, CEO of DNB Livsforsikring.
Public sector occupational pensions changed at the turn of the year. This has meant that KLP Bedriftspensjon has declined in strategic importance for KLP. The private occupational pension market is also in a state of change.
‘It requires significant investment to achieve profitability, and that involves measures such as boosting volume and IT investments. DNB already holds a solid position in this market, and has the muscle to do what it takes,’ says Thornes.
At the end of Q1 2020, KLP Bedriftspensjon had 3,183 corporate clients in its defined-contribution and company pension scheme, which encompasses a total of 69,232 active members and owners of pension capital certificates and paid-up policies. Total assets stand at NOK 6.98 billion.
The company employs nine staff and has its office in Oslo. The parties have agreed not to disclose the sale price.
The sale requires approval from the Financial Supervisory Authority of Norway, as well as the Norwegian Competition Authority, and is expected to complete during Q3 2020.
Facts about KLP Bedriftspensjon
KLP Bedriftspensjon AS is a wholly-owned subsidiary of KLP.
KLP Bedriftspensjon offers defined-contribution and occupational pensions, including the management of pension capital certificates and paid-up policies.
The company recorded revenues of NOK 1.8 billion last year.
A loss of NOK 10.3 million was recorded last year.
For further information, please contact:
Anders Skjævestad, Managing Director DNB Liv, mobile + 934 07403 or email firstname.lastname@example.org
Andreas Nyheim, Acting Executive Vice President Communications, mobile +47 952 11779 or email email@example.com
Sverre Thornes, Group Chief Executive, mobile +47 977 44 007 or email firstname.lastname@example.org
Sissel Bjaanæs, Executive Vice President Communication at KLP, mobile +47 932 56350 or email email@example.com