Danish pension scheme AP Pension has finalised its deal with Swedish pensions and insurance provider Skandia to acquire its Danish branch.

AP Pension entered into agreement in August last year with Swedish Skandia, where it was agreed that AP Pension will buy Skandia’s activities in Denmark.

The agreement was approved by the relevant authorities at the end of 2018 and the legal conditions were in place at the turn of the year, placing AP Pension in a strong market position for its 100 year anniversary in 2019.

In a statement, AP Pension CEP Bo Normann Rasmussen said: “Today is a great day for AP Pension and our many customers as this day marks that the purchase of Skandia Danmark is finally in place, so now AP Pension has more than 400,000 customers.”

He said the purchase strengthens AP Pension on all areas and contributes to ensuring the best possible pensions and insurance solutions for members in the future. “At AP Pension our motto is “your pension – our responsibility”, and that is a responsibility we take very seriously.”

“But the fact is, the competition in the pensions market is very tough, and this purchase therefore strengthens our position in the market so that we also in the future can meet our customers’ wishes and needs, and not least launch new solutions and services – all so that we in the best possible way can live up to the responsibility our customers give us,” Rasmussen said.

With the signatures to the legal contracts, the merger of the two companies has begun. Skandia has about 93,000 customers in Denmark.

Commenting on the acquisition in August, Skandia CEO Frans Lindelöw said AP Pension is known for its ability to generate good returns.

“I am convinced that the transaction is the best for Skandia Denmark’s customers as we now have a strategy to focus on the Swedish market,” Lindelöw said.

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