DNB Livsforsikring ASA discontinues its operations in the public sector occupational pensions market

The Board of Directors of DNB Livsforsikring ASA has decided to discontinue the company’s operations in the public sector occupational pensions market. The decision affects all insured public pension schemes for both municipalities and enterprises. The wind-up of the business area could take up to three years, but will not be noticeable to the members of the pension schemes. A final decision regarding the wind-up will be made by the Supervisory Board.

“The decision is based on the ever stricter requirements and regulations in the banking and insurance industry, combined with the challenging competitive situation in the public sector occupational pensions market. In spite of several years of initiatives, there is still no tender requirement for public sector occupational pensions. Thus, private market players have limited access to the fast-growing public sector occupational pensions market,“ says Anders Skjævestad, CEO of DNB Livsforsikring. “Based on these framework conditions, it is challenging to achieve profitable operations. Thus, we have decided to discontinue our operations in the public sector occupational pensions market,“ says Skjævestad.

The Public Sector business area in DNB Livsforsikring currently has approximately NOK 40 billion under management for 64 municipalities and 220 public enterprises. “DNB Livsforsikring ASA is committed to safeguarding the interests of its customers and to ensuring good deliveries as long as these public pension customer relationships last. We will do our utmost to ensure a smooth transition to a new pension supplier,“ says Skjævestad.

The discontinuation of public sector occupational pension operations will not affect the DNB Group’s long-term financial targets.

Contact persons:

Anders Skjævestad
CEO of DNB Livsforsikring
Tel: +47 934 07 403

Jan Erik Gjerland
Investor Relations DNB
Tel: +47 46 930 410