Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Stable

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1 Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Primary Credit Analyst: Alexander Altinisik, Stockholm (46) ; Secondary Contact: Alexander Ekbom, Stockholm (46) ; Table Of Contents Overview Rating Action Rationale Outlook Related Criteria And Research Ratings List SEPTEMBER 11,

2 Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Overview In our view, Danica Pension Livsforsikringsaktieselskab (Danica) plays an important role in Danske Bank's strategy to fortify its position as a leading player in Denmark's financial services market. We therefore view Danica as core to Danske Bank, but we consider that Danica is unlikely to benefit from Danske Bank's additional loss-absorbing capacity. We are assigning our 'A-' ratings to Danica. The stable outlook reflects that on Danske Bank and our expectation that Danske Bank's key credit metrics and Danica's strategic role within the group will remain stable over the next two years. Rating Action On Sept. 11, 2015, Standard & Poor's Ratings Services assigned its 'A-' long-term counterparty credit and insurer financial strength ratings to Denmark-based life insurer Danica Pension Livsforsikringsaktieselskab (Danica). The outlook is stable. Rationale The ratings reflect our view of Danica as a core operating entity of Danske Bank A/S (A//A-1), reflecting its key role in Danske Bank's financial services offering as a market-leading life insurer in Denmark, its strong integration within the group, strong although volatile earnings, and gradually improving risk profile. The ratings also reflect our view that, as an insurance subsidiary of Danske Bank, Danica would not benefit from additional loss absorbing capacity (ALAC) at the bank. We expect that any eventual resolution of Danica would be separate from that of the bank, meaning that any outstanding ALAC instruments at Danske Bank would not be available for the insurance operations. Therefore, we rate Danica at the level of our 'a-' unsupported group credit profile assessment on Danske Bank. Danica is one of the leading life insurers in Denmark, ranking second in terms of gross premiums written, with developing insurance operations in Sweden and Norway. Danica is also the main life insurance risk carrier within the Danske SEPTEMBER 11,

3 Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Bank group. In our view, Danica plays a core role in Danske Bank's strategy to fortify its position as a leading and well-diversified player in Denmark's financial services market. Danica's life and pensions operation is one of Danske Bank's five main business lines. Furthermore, Danica provides Danske Bank with strong, although volatile, profits. Danica's profits constituted about 30% of Danske Bank's total profits before tax in 2014 (11% after adjustments for a goodwill write-off at Danske Bank and a change in accounting at Danica) and 23% on average between 2010 and 2014, enhancing the bank's income diversification. We expect that Danica will continue to contribute to Danske Bank's net result and that the quality of its earnings will improve as it shifts to unit-linked business from traditional policies with guarantees. In 2014, Danica's technical provisions for unit-linked business increased to 44% of total technical provisions of Danish krone 315 billion (about 42 billion), from 20% in We expect the ongoing shift toward less-capital-intensive products will gradually strengthen Danica's financial risk profile in the current low-yield environment. In our view, Danica is further leveraging the opportunities of being part of the Danske Bank group by increasing its focus on personal customers and small and midsize enterprises. Danske Bank is enhancing the product offering at its Personal Banking and Business Banking divisions, which we expect will benefit Danica. Distribution of insurance products through Danske Bank's branches has increased in recent years and represents about 20%-25% of Danica's sales. We expect sales through this channel will stay at least at the current level, with Danske Bank's branches remaining an important part of Danica's distribution strategy. Danica shares central functions with Danske Bank, with which it also manages risk and defines its risk appetite. In addition, Danske Capital, the group's asset manager, manages about 70% of Danica's assets relating to traditional insurance business with guarantees. We believe Danske Bank is highly committed to Danica. Danske Bank has not needed to financially support Danica since it acquired it in 1995, but has backed the insurer's growth. We expect that Danske Bank will support Danica if needed, although we don't currently foresee any need for a capital injection. We forecast that Danica's regulatory risk-based solvency will remain well above the minimum requirements. Outlook The stable outlook on Danica reflects that on Danske Bank, based on Danica's core status, and our expectation that Danske Bank's key credit metrics will remain stable over the next two years. SEPTEMBER 11,

4 Research Update: Denmark-Based Life Insurer Danica Pension Livsforsikringsaktieselskab Rated 'A-'; Outlook Upside scenario We could raise the ratings on Danica over the next 12 to 24 months if we revised our assessment of Danske Bank's stand-alone credit profile (SACP) upward. Although we do not anticipate an improvement to Danske Bank's SACP at present, we see potential for the bank to achieve strong capital and earnings over time. Downside scenario We could lower the ratings on Danica over the next 12 to 24 months if we no longer regarded Danica as core to Danske Bank. We consider this unlikely, but it could result from a significant weakening of Danica's operating performance or group integration, or indications of a reduced commitment from Danske Bank to Danica. Related Criteria And Research Related criteria Group Rating Methodology, Nov. 19, 2013 Use Of CreditWatch And Outlook, Sept. 14, 2009 Related research Various Rating Actions On Four Danish Banks After Review Of Government Support And Additional Loss-Absorbing Capacity, July 13, 2015 Denmark's Life Insurance Sector Carries An Intermediate Industry And Country Risk Assessment, June 2, 2015 Ratings List New Rating Danica Pension Livsforsikringsaktieselskab Counterparty Credit Rating A-//-- Financial Strength Rating A-//-- Additional Contact: Insurance Ratings Europe; Complete ratings information is available to subscribers of RatingsDirect at and at spcapitaliq.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) SEPTEMBER 11,

5 Copyright 2015 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and and (subscription) and (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at SEPTEMBER 11,

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