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Danske Bank cashes in as Swedish pension arm sale finalised

first_imgDenmark’s Danica Pension has finalised the sale of its Swedish business for DKK1.9bn (€254m), generating a profit of DKK1.3bn for its parent company Danske Bank.Danske agreed a deal to sell Danske Pension Försikringsaktiebolag – also known as Danica Pension Sweden – to a group of investors in December. The consortium includes Danish labour market pension fund Sampension, Swiss asset manager Unigestion, and two private equity companies.Announcing its first-quarter investment returns, Danica reported a gain of 9.9% for its market-rate product Danica Balance Mix, based on a medium-risk profile and 20 years to retirement, up from a loss of 3.1% in the same period last year.Danica chief executive Ole Krogh Petersen said: “We are especially pleased that the positive investment returns meant that our customers more than recovered their losses from 2018. Credit: Finn Årup NielsenDanica Pension’s office in Lyngby, Denmark“At the same time, we are currently in the process of integrating Danica Pensionsforsikring and hiving off Danica Sweden, which will result in a larger, stronger and more focused Danica to the benefit of our customers.”Danica Pensionsforsikring is the new name for the SEB Pension Danmark, which Danica Pension bought last year.While it posted profit before tax for the first three months of this year of DKK381m – up 20% when compared with Q1 2018’s DKK313m – Danica said the positive effect from investment returns had been almost entirely offset by non-recurring costs related to regulatory changes, as well as one-off costs linked to the integration of Danica Pensionsforsikring.The regulatory change was a recalculation of the Danish Volatility Adjustment, which effectively lowered Denmark’s interest rate curve by more than 10 basis points.Danica Pension’s total assets increased to DKK617bn at the end of March, from DKK415bn at the same point a year before – although this included the assets of its Swedish business.last_img read more

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Celtics legend Paul Pierce defends Al Horford’s decision to explore other opportunities in free agency

first_imgHorford, 33, is coming off a season in which he averaged 13.6 points and 6.7 rebounds while shooting 53.5% from the floor and 36 percent from 3-point range. He helped the Celtics to a 49-33 record, but they were eliminated from the playoffs early by the Bucks in the Eastern Conference semifinals. Star Kyrie Irving will also be a free agent this summer and it’s been reported that his chances of re-singing with the Celtics are low. Al Horford has the support of at least one former Celtic as Paul Pierce defended Horford’s decision to explore other opportunities outside of Boston. “A lot of these guys when they get in their late 20’s or early 30’s and they know there’s light at the end of the tunnel, they try to maximize their dollars,” Pierce told MassLive.com. “So if there’s an opportunity for Al Horford to get more money, I’m sure that’s something you have to look into.” Horford initially declined his $30.1 million player option with the hopes of working out a new three-year deal with Boston in July, ESPN reported Tuesday.However, it was later reported that though the two sides discussed contract scenarios the gap was too large for the Celtics and Horford to reach an agreement. Instead, he wants to find a three- or four-year deal from a different team. “It’s something that I haven’t even stopped to think about,” Horford said about free agency last month (via MassLive.com). “I’ve enjoyed being here in Boston. Just have to wait and see what we’re going to do as a team. And it’s steps that the management is going to do moving forward and continue to get better.” Lakers free agency rumors: L.A. interested in adding Brook Lopez, DeAndre Jordan, Nikola Vucevic Pierce also explained that Horford may want to move on from Boston because the Celtics haven’t won a title during his three seasons with the team.”It might have been different if they won a championship with him here, but they didn’t win a championship and now he’s at the point where this is his last big contract,” Pierce said. “You gotta understand the player is always going to do what’s best for them and their family.” Related Newslast_img read more

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