SpareBank 1 Forsikring AS takes over the pension portfolio of SpareBank 1 Nord-Norge Pensjonskasse

27 Aug 2024 14:35 CEST

SpareBank 1 Nord-Norge Pensjonskasse and SpareBank 1 Forsikring have agreed on
the transfer of SpareBank 1 Nord-Norge Pensjonskasse's operations to SpareBank 1
Forsikring. The pension fund had total assets under management of NOK 1,293.7
million as of 31.12.23 and affects more than 750 employees and former employees
of the SpareBank 1 Nord-Norge group. The transaction is considered to safeguard
the interests of the pension fund, the insured, and the bank in a good and
balanced manner.

The transfer requires approval from the Financial Supervisory Authority of
Norway and is expected to be completed before the turn of the year 2024/2025.

The parties have agreed that the purchase price or other terms will not be
disclosed.

Based on figures as of 31.12.23 and current market conditions, the above
transaction at the moment has a calculated net profit for SpareBank 1 Nord-Norge
of approximately NOK 180 million, which will be recognized in the income
statement when the transaction is completed. The calculated profit can change
before the transaction is completed.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

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