DANICA PENSION, LIVSFORSIKRINGSAKTIESELSKAB
Danica Pension, Livsforsikringsaktieselskab is a Danish life insurance and pension company based in Copenhagen. It provides retirement savings, life insurance, and health-related insurance products, and also manages customer funds through investment-linked pension solutions and other insurance investment products.
Fiscal year 2024 · change from previous year
Development 2023–2024
Business
Share of revenueRetirement savings and pension accumulation products for individuals and employers.
Pension contracts where customer savings are invested in market-based portfolios.
Policies that provide death and survivorship benefits to policyholders and beneficiaries.
Insurance coverage for illness, disability, and related protection benefits.
Management of pension assets, investment contracts, and related financial portfolios.
Customers
The company serves employers that sponsor pension plans for employees, along with individual customers who save for retirement through private pension arrangements. It also underwrites protection coverages for policyholders needing life, health, or disability-related benefits. Because the business combines insurance protection with long-duration savings products, customer relationships tend to be sticky and contract-based.
Employers that buy occupational pension schemes and related employee benefits.
Individuals who purchase retirement savings and pension accumulation products.
Policyholders who buy life, sickness, and disability-related coverage.
Customers using unit-linked or market-rate products where benefits track investment returns.
Strategy
The company’s business model centers on long-duration pension savings, protection insurance, and investment management under an integrated life insurance structure. Its strategic position depends on maintaining customer trust, managing investment risk, and offering products that fit Danish pension regulation and employer-sponsored retirement schemes.
The business depends on retaining employers and individuals in long-duration savings contracts.
Investment returns, guarantees, and insurance liabilities are closely linked in a pension insurer.
Solvency is central to policyholder confidence and regulatory capacity in life insurance.
Geography
Danica Pension is headquartered in Copenhagen and operates primarily in Denmark. Its business is tied to the Danish pension market, where employment-based pensions and regulated retirement savings are central to distribution and product design. The report also shows that the group is presented as a consolidated Danish financial institution with domestic reporting in Danish kroner.
Risks
The main risks stem from market volatility, longevity and insurance claim experience, and the need to manage large balance-sheet investments against long-term liabilities. As a Danish pension insurer, the company is also exposed to regulatory capital requirements, valuation uncertainty in financial instruments, and model-driven accounting estimates.
- Market risk on investment portfolioImpact: HighLikelihood: High
Pension products are backed by large investment portfolios whose values move with equity, credit, and interest-rate markets.
Exposure: Investment-linked products and balance-sheet assets
- Insurance and longevity riskImpact: HighLikelihood: Medium
Life and pension liabilities depend on mortality, longevity, disability, and sickness assumptions.
Exposure: Life insurance and health-related benefits
- Solvency and capital requirement riskImpact: HighLikelihood: Medium
The business must maintain regulatory capital above required levels to support policyholder commitments.
Exposure: SCR and capital base
- Valuation uncertainty in financial instrumentsImpact: MediumLikelihood: High
A substantial share of assets are measured at fair value using market prices or valuation models.
Exposure
Accounting
Judgemental itemsThe company reports under IFRS 17 for 2022-2024, which changes revenue, insurance service result, and liability measurement.
Impact: Affects comparability with earlier periods and the timing of profit recognition
Listed securities, derivatives, unlisted funds, and private investments require market-based or model-based valuation.
Impact: Can create earnings and equity volatility from valuation changes
The report states that derivatives are used to hedge fixed-rate liabilities.
Impact: Determines where gains and losses are recognized and when
Customer relationships acquired in business combinations are amortized over time and tested for impairment.
Impact: Affects operating expenses and balance-sheet carrying values
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Last updated: 24/10/2026