Gjensidige Forsikring acquires Mølholm Forsikring from PFA Pension

Gjensidige has entered into an agreement with PFA to acquire Mølholm Forsikring. Both PFA and Gjensidige are very pleased with the agreement, and both companies enter into the agreement on the basis of strategic priorities.

Since the summer of 2016, PFA has been developing its strategy in the health and insurance area, and by divesting Mølholm Forsikring, PFA will challenge its future focus into offering insurance cover linked to corporate pension plans. By doing so, PFA intensifies its focus on the overall work with health and insurance cover with its corporate customers.

Jon Johnsen, Group COO in PFA Pension and board member in Mølholm Forsikring, says:
- We are very pleased with the sale of Mølholm Forsikring. In the future, PFA will increasingly see preventive measures, treatment and insurance products as a whole when we collaborate with our corporate customers on their pension plans. Therefore, we sell Mølholm Forsikring, in order to to focus our resources on this work.

He explains:
- Since we acquired Mølholm Forsikring in 2013, PFA has been highly satisfied with the insurance company, and the ownership has been a good investment for PFA. At the same time, we have benefited from exchange of experience with Mølholm Forsikring about our health products throughout the years. This has been positive for PFA.

Mølholm Forsikring has been owned by PFA since 2013 and has achieved a significant increase in turnover from DKK 313 million to DKK 404 million in 2016. PFA thus sells a growing company.

Gjensidige looks forward to taking over Mølholm Forsikring, as the acquisition is based on clear strategic considerations.
- Technology, demography and customer behaviour influence Gjensidige’s future strategy, which means that we want a strategic growth within the health area. We are very pleased that we can assume a prominent role in Denmark with the acquisition of Mølholm Forsikring, says Helge Leiro Baastad, CEO of Gjensidige.

With the acquisition, Gjensidige will become the leading supplier of health insurance plans in a market that grows year after year.
- We are aware that we through this acquisition get a unique position that also strengthens us in the commercial market, where we in these years are experiencing a large demand to rethink and predict our customers' changed needs, which can emerge in completely new areas. Therefore, it is also important to us that we have a strong position in the health insurance area, which is a growing market, and where we with Gjensidige's experience within the Nordic countries hope to add even more value to our customers,” says Kim Rud-Pedersen, Executive Vice President, Nordic, Gjensidige.
 
Mølholm Forsikring has 75 employees. The company is highly profitable, and there are possibilities of synergies with Gjensidige’s other companies. The company will become a part of Nordic, Gjensidige, which is managed from Denmark.

Selling off Mølholm Forsikring is dependent on approval from the Danish and Norwegian FSA as well as the competition authorities and is expected to be completed in March 2017. The parties have agreed not to announce the price. 

 

For further information, please contact:
PFA: Mikkel Friis-Thomsen, Vice President – Communications, (+45) 29 12 36 64 or mft@pfa.dk
Gjensidige: Trine Andrup – Head of Communications, (+45) 27 52 51 06 or tran@gjensidige.dk
 

PFA Pension

In 1917, PFA Pension was founded by employers and employees as an independent company with the sole purpose of ensuring a financially secure future for the employees and their families. Today, PFA has approximately 1.2 million individual customers from a wide range of the largest companies and organisations in Denmark. And the ambition has not changed – our focus has always been, and still is, to create maximum value for our customers.

 

Gjensidige Forsikring

Gjensidige is a leading Nordic insurance group and is listed on the Oslo Stock Exchange. The company has about 3,400 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, Gjensidige also offers banking, pension and savings. Operating income amounted to NOK 24 billion in 2015, while total assets under management amounted to NOK 129 billion.