Danica Pension to acquire SEB Pension Denmark A unique opportunity with strong value creation
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1 Danica Pension to acquire SEB Pension Denmark A unique opportunity with strong value creation Conference call 14 December 2017 Jacob Aarup-Andersen, Group CFO Tonny Thierry Andersen, Head of Wealth Management Per Klitgård, CEO of Danica Claus Ingar Jensen, Head of IR
2 Acquisition of SEB Pension DK: Strong value creation for Danica & Danske Bank Group A unique opportunity to increase presence in core Danish pension market SEB Pension DK strong fit for Danica Strong capital efficiency and attractive value creation Significant strengthening of Wealth Management Accelerates innovation in unique digital customer offerings 2
3 Strategic rationale A unique opportunity to increase presence in core Danish market Supports Wealth Management strategy in Life & Pensions Cross-selling potential plus potential from leveraging on stronger distribution Attractive customer base High net worth with strong customer satisfaction Significantly stronger position in the Nordic pension market Financially attractive Return enhancing SEB Pension DK pre-tax profit (before goodwill) expected at DKK m upon fully phased-in synergies Earnings neutral in 2018E Significant scale benefits for combined entity Limited capital impact substantial buffers in traditional portfolio Enhance our Wealth Management Offering SEB leading on front end IT-development SEB very strong customer satisfaction Post retirement segment is an attractive customer base with strong business potential 3
4 Financial impact Strong capital efficiency and attractive value creation Low impact on capital Pro Forma Solvency II of 200% Short term CET1 impact of bps at closing Final CET1 impact of <10 bps upon optimal capital structure We expect the transaction to be rating neutral Purchase price DKK 5.0 bn. Valuing operations of SEB Pension DK at DKK 5.0 bn ~11x normalised PE Excess capital of 1.5 bn paid out to SEB Group pre closing Goodwill on transaction expected at DKK 3.8 bn. Limited CET1 impact upon optimal capital structure Funding via different instruments to optimise the pro forma Solvency 2 capital Senior debt issued at Danske Bank Optimal mix of funding instruments to be aligned with overall Group capital planning 4
5 Attractive value creation Significant merger benefits and synergies Merger benefits Merger benefits are expected to be minimum DKK 150m per annum (pre-tax) Phasing 2019E, 2020E full year impact Integration costs are expected to be approx. DKK m (pre-tax) expensed in 2018 and 2019 Merger benefits will primarily be derived from IT integration, premises relocation, and reduction of overlaps Further reduction in cost will be delivered across the combined entity, including from natural attrition Capital synergies We expect some capital synergies at Danica through the increased scale of the insurance liabilities Contribution of healthy policyholder buffer of around DKK 7 bn Additional information on capital synergies will be provided in due course Asset Management synergies On-boarding of SEB Pension s AuM will enhance scale of overall asset management Center of excellence within alternative investments Strong investment return for SEB customers in recent years 5
6 SEB Pension DK - Attractive customers and a strong capital base SEB Pension DK at a glance 6th largest player in the Danish pension market, 4 th largest in commercial market No.1 on customer satisfaction (Aalund) in 7 out of last 9 years Multiple channel distribution Strong setup within risk management Advanced, customer focused digital platforms Total AuM of DKK100 bn Traditional lifebook has substantial buffers Pre-tax profit expected at DKK m upon fully phased-in synergies [before goodwill] 6
7 Q&A session Press * then 1 to ask a question Press * then 2 to cancel Press Ask a question in your webcast player Want easy access to all relevant Danske Bank material? Download the Danske Bank MyInvestor app on your iphone, ipad or Android device! 7
8 Overview of SEB Pension Denmark Key financials of SEB Pension Denmark (DKKm) H Gross premiums* 8,796 8,682 8,486 4,315 Profit before tax Net profit Reserves 90,020 90,082 95,809 97,819 Equity 4,477 4,836 4,428 3,564 Unrestricted Tier 1 n/a 4,855 4,142 4,323 Solvency capital requirement n/a 1,358 1,262 1,340 Comments and key products SEB Pension Denmark is the 6th largest Life insurer in Denmark, with around 200,000 policyholders Total AuM of DKK 100 bn (FY 2016) Products are distributed through multiple channels The Time Pension ( Tidspension ) product is unit-linked with min. return guaranteed for certain policies AUM and Gross premiums split by product (FY 2016) Market shares (%, FY 2016)² Other³ Tidspension 8% 18% Unit-linked Traditional 17% 100% 75% % 49% 50% % 34% 25% AUM Gross premiums* 0% PFA Pension Danica/SEB Danica Pension Nordea Liv Pension Denmark Sampension SEB Pension Denmark Industriens Pension 0 *. Excludes Accident & Health Premiums; 2. Total premiums including Accident &Health; 3. Accident & Health and Shareholders equity 8
9 Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States, or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended ( Securities Act ), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. This presentation contains forward-looking statements that reflect management s current views with respect to certain future events and potential financial performance. Although Danske Bank believes that the expectations reflected in such forwardlooking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors many of which are beyond Danske Bank s control. This presentation does not imply that Danske Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 9
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