Folksam sells its shares in Alka
Folksam Sak has signed an agreement to sell its 10.08 per cent stake in the non-life insurance company, Alka Forsikring ("Alka"). The sale is completed together with the company's other owners and the total price amounts to 8.2 billion Danish kroner.
"This is a fantastic deal for our non-life insurance customers. In addition to the financial earnings, Folksam Sak has had a co-operation with Alka in decades”, says Jesper Andersson, Folksam Group’s CFO.
For Folksam Sak, the sale generates a capital gain of approximately SEK 700 million before tax and appropriations. The capital gain will enhance Folksam Sak’s capital base and thus the solvency situation.
Buyer is the insurance company Tryg. Among the sellers are, besides Folksam Sak, six Danish labour unions, as well as Arbejdernes Landsbank.
Alka was established in 1903 and has grown to become the eighth largest insurance company in the Danish market with a market share of approximately four per cent, 800,000 active policies and yearly gross premiums of 2.5 billion Danish kroner. Folksam Sak became an owner in Alka the first time in 1991.
The sale is conditional on approval from, among other things, the Danish financial supervisory authority and the competition authority.
For further information, please contact:
Jesper Andersson, CFO Folksam Group, +46 (0)708-315 976
Juha Hartomaa, investor relations Folksam Group, +46 (0)708-316 526
Folksam is a mutual insurance company. We offer insurance policies and pension investments. Almost one in two Swedes is insured with Folksam, and we are one of the largest asset managers in Sweden. Our vision is that our customers should feel secure in a sustainable world. Read more at www.folksam.se/inenglish