Nordic I&p Advisory Aps entered into a conditional agreement to acquire Forsikringsselskabet Alm. Brand Liv og Pension A/S from Alm. Brand A/S (CPSE:ALMB) for DKK 1.1 billion on October 1, 2021. The consideration shall be paid in cash. The sale triggers an accounting gain of close to DKK 565 million before payment of transaction-related costs. In connection with the transaction, Alm. Brand Forsikring has entered into a distribution agreement with Nordic I&P on the sale of pension schemes. The sale of Alm. Brand Liv og Pension will free up capital in Alm. Brand in a total amount of about DKK 900 million. The freed-up capital is expected to be used to reduce the size of the forthcoming rights issue in connection with the acquisition of Codan. Alm. Brand Liv og Pension had total pension assets of DKK 16.9 billion at December 31, 2020 and reported a pre-tax profit of DKK 135 million for the full year. Post completion, Alm. Brand over the transitional period handle a number of tasks in relation to the life insurance company and will receive payment from Nordic I&P for services rendered. Post completion, transitional period handle a number of tasks in relation to the life insurance company and will receive payment from Nordic I&P for services rendered. The transaction is subject to approval by the Danish Financial Supervisory Authority and is expected to be completed as soon as possible after the granting of such approval.