Topdanmark — M&A Activity 2019

Aug 16, 2019

National Storage Mechanism | Additional information

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Topdanmark enters into cooperation agreement with Nordea

16 August 2019

Announcement no. 11/2019

Topdanmark and Nordea have today entered into a cooperation agreement on Topdanmark’s distribution of non-life insurance products for Nordea on the Danish market. The cooperation agreement takes effect as per 1 January 2020.

It is a referral concept in which Nordea will refer the customers to Topdanmark, who will provide the final guidance and sale of insurances.

In the Topdanmark half-year report for 2019 (company announcement no. 10/2019), it was announced that the terminated distribution agreement with Danske Bank was expected to have a negative impact of approximately 1pp on Topdanmark’s total non-life premium growth in 2020.

The cooperation agreement with Nordea is expected to compensate for the loss in growth in 2020 by approximately 0.5pp. From 2021, it is expected that the Nordea agreement premium-wise will compensate for the terminated distribution agreement with Danske Bank.

Topdanmark has extensive experience of distribution of insurances via collaborators, and it continues to be Topdanmark’s strategy to increase the company mission through distribution of insurances via distribution partners.

Please direct any queries to:

Peter Hermann, CEO

Direct: +45 44 74 44 50

Steffen Heegaard, Group Communications and IR Director

Direct: +45 44 74 40 17

Mobile: +45 40 25 35 24

Topdanmark A/S

CVR no. 78040017

Borupvang 4

DK-2750 Ballerup