PenSam Pension sells the subsidiary PenSam Forsikring to Gjensidige

27 June 2023

Over the past 10 years, PenSam Forsikring has offered non-life insurance to the members of PenSam Pension and PenSam Bank and their families.

The competitive situation makes it more difficult to maintain a profitable business for a smaller non-life insurance company. In order to continue to offer attractive and competitive insurance to PenSam’s members, an agreement has been reached today to sell PenSam Forsikring to Gjensidige.

“For more than 10 years, PenSam Forsikring has offered attractive and competitive insurance products to PenSam’s members. Therefore, I am happy that with Gjensidige we have found an experienced and well-run business partner who will also in the future offer insurance products that match the needs of PenSam’s members,” says Torsten Fels, CEO and CEO of the PenSam group.

With the purchase of PenSam Forsikring, Gjensidige will take over the insurance conditions for the company’s 26,000 customers, who can look forward to continued attractive terms. In connection with the purchase, Gjensidige takes over 30 employees from PenSam Forsikring.

“PenSam Forsikring’s customer portfolio and products fit strategically well into Gjensidige’s private business, which is why we seized the opportunity. The customers belong to the FOA professional groups and are characterized by the fact that they take good care of their things and are loyal, and we look forward to continuing to offer them attractive insurance products and benefits. The purchase also strengthens our foundation for future profitable growth in the private sector. Our new partner PenSam has 485,000 members, and this provides interesting perspectives for future growth and cooperation,” says Iason H. Johannessen, country manager for Gjensidige in Denmark.

The deal is subject to regulatory approvals and is expected to be finally completed during the second half of 2023. Until the deal is finally completed, PenSam Forsikring will continue as before. The parties have agreed not to disclose the purchase price. In 2022, PenSam Forsikring had premium income of DKK 118 million. DKK and has shown stable growth over the years. PenSam Forsikring’s customers will not experience any difference in connection with the sale. In continuation of the authority approvals, their commitment is transferred to the Gjensidige brand.

Gjensidige is a leading Nordic non-life insurance company, which is listed on the Oslo Stock Exchange. We have approx. 4,200 employees and offers non-life insurance in Norway, Denmark, Sweden and the Baltics. In Norway, pensions and savings are also offered. Operating income was DKK 34 billion. NOK in 2022, while the assets under management amounted to NOK 135 billion. ENOUGH. The PenSam Group includes occupational pensions as well as banking and insurance business. The total balance is DKK 180 billion. DKK, and more than 480,000 customers. Read more about PenSam’s business at www.pensam.dk

Source: Pensam