Skandinaviska - Agreement Signed, etc.
21 6월 1999 - 7:33PM
UK Regulatory
RNS No 988w
SKANDINAVISKA ENSKILDA BANKEN
21 June 1999
Trygg-Hansa Non-Life sold to Codan
SEB expands strongly in Denmark
Today SEB has signed an agreement with Danish insurer Codan and its parent
company, British insurance company Royal & SunAlliance ("RSA"). The
agreement comprises several elements: Codan acquires Trygg-Hansa Non-Life;
SEB breaks into the Danish asset management market through acquisitions and
agreements; in addition, a strategic partnership has been formed between
the companies with regards to distribution of products from the respective
companies. SEB will launch an Internetbank in Denmark with Codan Bank as a
platform.
In summary, the agreement means:
* SEB sells Trygg-Hansa Non-Life to Codan for SEK 4.3 billion. As a part of
this process, SEB has also previously recieved a tax-free dividend of SEK
2.7 billion. In addition to the cash consideration, the agreement with
Codan creates substantial value for SEB.
* SEB expands strongly in Denmark
=> SEB enters into a number of long-term asset management agreements totalling
approximately SEK 70 billion*. A custody services agreement has also been
entered into.
=> SEB acquires Codan Bank in Denmark with 135 employees for a price
corresponding to stated book value DKK 750 millon (SEK 885 million),.
=> SEB acquires 49 percent of Codan Link, a unit-linked company for DKK 25
million (SEK 30 million).
=> SEB acquires Codan's 15.8 per cent shareholding in Amagerbanken, at
current market price corresponding to DKK 80 million (SEK 94 million).
SEB and Codan establish a strategic partnership
=> SEB maintains the asset management contract for Trygg-Hansa's
portfolio in Sweden, approximately SEK 12 billion.
=> SEB enters into extensive distribution agreements with Codan
regarding life-savings- and banking products in Denmark, and with Trygg-Hansa
regarding non-life products in Sweden.
=> The transfers will take place once the required permissions have
been obtained.
*) Calculated at the exchange rate of DKK 1 = SEK 1.18
The SEB Group's investment in the Danish market is a strategic
venture, and is in line with the objective of SEB becoming the leading
provider of financial services in Northern Europe. Simultaneously, SEB
becomes one of the leading players on the Danish asset management market,
and also establishes a stronger platform for further expansion in Denmark,
especially in the area of asset management. SEB Securities Services
will, through the asset-management agreement, become a large player
on the Danish custody market.
The acquisition of Codan Bank provides SEB with strategic
opportunities on the Danish market and also provides a platform for
further development of banking- and savings services. SEB is one of
Europe's leading Internet banks and will, with Codan Bank as a
platform, take advantage of its know-how and its leading position in
order to expand in Denmark.
The Danish unit-linked market is still relatively limited, but is
growing strongly. Through Codan's competence and customer base in
Denmark, and with SEB Trygg Liv's leading position in the
unit-linked area, the partners expect to gain a substantial market
share.
In co-operation with Trygg-Hansa Non-Life, SEB will continue
distributing non-life insurance products via existing distribution
channels, and to develop combination products (financing and
insurance) in Sweden. In addition, SEB has entered into an exclusive
distribution agreement with Trygg-Hansa Non-Life regarding
distribution of life- and savings products through Trygg-Hansa
Non-Life's call-centres. The Trygg-Hansa trademark will be licensed
to Codan for non-life insurance products without any cost or time
limit. Thus, marketing of the company's non-life insurance products
in Sweden will continue under the name Trygg-Hansa *.
In Denmark, the distribution agreement will be introduced in the
same manner as in Sweden. Codan's strong market positions in Denmark
combined with its customer base of 450,000 clients make up valuable
elements.
Mr. Lars H Thunell, SEB President and Group Chief Executive, says:
"This is a strategically important partnership. Now, SEB has a
co-operation partner in the Nordic region, and a platform in
Denmark, which facilitates continued expansion in the important
savings- and investment markets. Codan is, besides being an
interesting partner, also a good owner for Trygg-Hansa Non-Life,
which is beneficial for both clients and staff."
*The life-insurance company will remain within the SEB Group under its
present name SEB Trygg Liv
Mr. Jens Erik Christensen, Managing Director RSA Europe and CEO Codan, says:
"There are very few countries in Europe where, overnight, it is possible to
acquire a market share of 16 per cent or more, in addition to the 13 per cent
market share we have in Denmark today. Besides, we get access to one of
Sweden's strongest trademarks, since Trygg-Hansa's logo, the life-buoy, is known
by almost the entire Swedish population. Such a trademark gives us some
fantastic opportunities on which to build."
"We view SEB as a very dynamic financial group, and our expectations are,
therefore, great when it comes to this partnership, not least in Denmark, where
electronic commerce and Internet banking have only just started. Codan is at the
forefront, and together with SEB's substantial experience in Internet-banking,
it is twice as interesting, since we can provide our clients a collection of
really attractive, well-tested services," says Mr. Christensen.
For further information, please contact:
Ms. Gunilla Wikman, Head of SEB Group Communications, +46-8-7638125
e-mail: gunilia.wikman@enskilda.se
Mr. Boo Ehlin, Head of SEB External Relations, +46-70-7638577
e-mail: boo.ehlin@enskilda.se
Ms. Lotta Treschow, Head of SEB Investor Relations, +46-8-7639559
e-mail: lotta.treschow@enskilda.se
Mr. Poul Mortensen, General Manager Codan, +45-33-555700
e-mail: plm@codan.dk
Invitation to press conferences:
Copenhagen, Codans Hus, Gammel Kongevej 60, 10.30 a.m.
Stockholm, Trygg-Hansa Building, Fleminggatan 18, 14.30 p.m.
Annex 1
Key facts on companies
The Codan Group, has 2,600 employees. 72 per cent is owned by the British
insurer Royal & Sun Alliance ("RSA") and conducts business in Denmark, Sweden,
Norway and Lithuania. The core business embraces accident- and life insurance
activities. In Sweden, Codan is the owner of the insurance company Holmia.
Royal & SunAlliance (RSA), which has 44,000 employees world-wide, is Great
Britain's largest non-life insurance company and one of the world's leading,
international insurance companies. RSA conducts business in 55 countries and
has co-operation agreements in 130 countries. RSA's non-life fee income was GBP
6.9 billion in 1998.
The SEB Group is one of the largest financial groups in the Nordic region, with
assets under management amounting to SEK 550 billion and total assets of SEK 720
billion. SEB offers a wide choice of banking-and insurance services. The Group
is represented in some 20 countries, and has approximately 3 million customers.
SEB has about 13,000 employees (including Trygg-Hansa).
Trygg-Hansa Non-Life, which has 1,300 employees, offers non-life insurance
products to private individuals and to small- and medium-sized enterprises. In
addition to Trygg-Hansa, the company does business through its subsidiary Aktsam
(car insurance), Trygg-Hansa Denmark, Trygg-Hansa Norway as well as through
Partner and Garda Life in Poland.
SEB in Denmark, already before this agreement with 230 employees. Main business
lines: SEB Kort (Diners and others), with a 20 per cent market share; Merchant
Banking, 11 per cent market share in bond trading; Enskilda Securities, 7 per
cent market share in equity trading. Recently established activities in Asset
Mangement, SEB Trygg Liv, Securities Services and SEB Finans.
Annex 2
Key facts on agreement
SEK M DKK M
The selling of Trygg-Hansa Forsakrings AB 4,300 3,600
Includes: Non-Life company excl. Run-Off division
Approx. 1,300 employees, 14 % market share in Sweden,
800,000 clients, subsidiary Aktsam and others,
licensing of trademark Trygg-Hansa regarding
non-life insurance products in Sweden
Acquisition of Codan Bank 885 750
135 employees
17,000 clients
Acquisition of 49% in Codan Link 30 25
Unitlinked company
Codan owns 51%
Acquisition of 15.8 % in Amagerbanken 94 80
Asset management agreements about 70,000 about 60,000
Codan Forsikring in Denmark, Codan Bank,
Holmia in Sweden. In addition, custody services.
Maintained asset management agreement
Trygg-Hansa in Sweden about 12,000 about 10,200
Gross premium income, accident 1998
Codan Group 5,262 4,469
Trygg-Hansa 4,348 3,693
Employees
Sweden Denmark
Codan Forsikring/Holmia 266 2,150
Trygg-Hansa 1,240 60
SEB incl. Trygg-Hansa 13,000 230
(incl. 2,000
abroad)
Market shares non-life 1998 Sweden Denmark
Codan Group 2% 13%
Trygg-Hansa 14% 0%
( 1 DKK = 1. 18 SEK)
END
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