Topdanmark Forsikring A/S køber Oona Health A/S (1 MB) - Insurance News | InsuranceNewsNet

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March 16, 2023 Newswires
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Topdanmark Forsikring A/S køber Oona Health A/S (1 MB)

Swiss Equity Markets (Web Disclosure) via PUBT

Acquisition of Oona Health A/S

Oona Health at a glance

Market leading (#1) health insurance provider in Denmark

  • Oona Health is a specialised Danish1 health insurance group with a market share of ~16% in 2021 within private health insurance products
  • Through its subsidiary, the insurance companyDansk Sundhedssikring, the group provides health insurance to 530k individuals, primarily through customer relationships with 15k companies
  • Distributed via brokers, pension companies and directly, Oona Health offers health insurance to companies and their employees
  • The group's core offering includes i)Primacare - a high quality health service and network provider with +800 clinics in the network, and ii) FIDIMI - a digital-based health platform helping individuals and companies prevent serious health risks
  • Since inception, Oona Health has been on a continued growth journey with strong double digit premium growth (CAGR of 24% in the last 3 years)
  • Oona Health is headquartered in Herlev, Denmark and employs a total of 211 FTEs

Note: 1) Denmark is the core market with a limited presence in Sweden since 2021; 2) Denmark only

Key figures

Gross written premiums

2022 DKK

612.6m

Gross premium growth

CAGR 2020-22

24%

Private customers

2022

530k

2

Transaction details

Transaction value

  • Purchase price of DKK 2.25bn

Transaction perimeter

  • Oona Health Group (including holding companies and subsidiaries)
  • Sellers include AnaCap Financial Partners and a number of minority shareholders

Closing of the transaction

  • Expected closing of the transaction in the second half of 2023
  • Conditions precedent to closing includes approval from the Danish FSA, the Competition Authorities and the Danish Business Authority

Financing of the transaction

  • The transaction will be financed by available excess capital
  • As a consequence of the transaction, the proposed dividend for 2022 will be reduced to DKK 31 per share

Purchase

price of DKK

2.25bn

Expected closing in second half of 2023

3

+10% higher

Positive

Positive

Marginal

impact on

impact on

operating

impact on

premium

combined

EPS1

SCR

growth

ratio

Financial impact on Group KPIs (2024E)

Oona Health to continue as a separate entity post completion of the acquisition with management and certain key employees to be minority shareholders (2-3% of Oona Health)

Strong synergy potential in the transaction, primarily driven by top-line synergies (with limited expected cost synergies)

Assuming closing as at 31 December 2023, limited impact on 2023E financials

Notes 1) Operating Earnings Per share : EPS adjusted for amortisation of intangible assets related to brands and customer relations and excluding intergration and transaction cost

4

Transaction perimeter

5

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Disclaimer

Topdanmark A/S published this content on 16 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2023 12:24:21 UTC.

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