Nordea agreed to acquire occupational and individual portfolios from Frende Livsforsikring, adding 4.2 billion Norwegian kroner ($446 million) in assets to the firm's retirement offerings.
The portfolios will be merged into Nordea's Norwegian insurance subsidiary, Livsforsikringsselskapet Nordea Liv Norge, according to a news release Tuesday.
Nordea Liv will distribute Frende's retirement products following completion of the deal, set for the fourth quarter.
Frende's occupational and individual retirement portfolios manage about 4.2 billion Norwegian kroner ($446 million) in assets for some 5,600 corporations that represent 32,000 individual policyholders.
Frende has "a solid position in the Norwegian market, and together we can offer a full suite of pension products to both corporations and individuals," Snorre Storset, head of Nordea's asset and wealth management unit, said in the release.
A spokesman could not be reached to provide additional details.