Norli Liv og Pension Livsforsikring A/S Due Diligence

Run due diligence on Norli Liv og Pension Livsforsikring A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Norli Group A/S (Denmark) · norli.dk · 16 vendors

Norli Liv og Pension is a Danish life insurance and pension company specialising in guaranteed pension savings products (traditional average-rate pensions), making it the only provider in Denmark offering new customers this type of traditional pension as part of their pension scheme. The company also offers a range of insurance products including life insurance, critical illness cover, disability insurance, and health insurance. Originally founded in 1986 as part of the Alm. Brand group under the name Alm. Brand Liv og Pension, it was rebranded as Norli Liv og Pension in spring 2022 following a change of ownership.

Resilience scores

Technology vendors

Insights

Last updated 2026-10-11 · revision 2

16 direct vendors, 200 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 6/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Norli Liv og Pension exhibits moderate migration readiness. A significant advantage is its strong financial stability, demonstrated by consistent revenue growth, which suggests the capacity to fund a substantial migration project. Furthermore, the company benefits from a diverse vendor ecosystem (12 vendors for 12 services) and a reported low vendor lock-in risk. This vendor flexibility is crucial for a smooth migration, as it reduces dependencies and simplifies potential transitions to new service providers or technologies. However, several factors present challenges to migration readiness. The current internal tech stack, which includes WordPress and WebCRM, does not appear to be cloud-native, containerized, or microservices-based. This implies that a migration to a modern cloud environment would likely involve significant re-platforming or refactoring efforts, rather than a straightforward lift-and-shift, increasing complexity, cost, and duration. The integration with "PensionsInfo" also suggests specialized legacy integrations that could be difficult to migrate. The regulatory environment adds further complexity. Compliance with GDPR is mandatory, and a formal assessment for NIS2 compliance is required. These regulations, along with data residency requirements to keep data within Norway and and EU/EEA, impose strict constraints on where and how data can be stored and processed during and after migration, necessitating careful architectural planning and validation. While vendor diversity is a strength, managing a migration across vendors with HQs and owners in multiple countries (Denmark, Australia, United States, Switzerland) could introduce coordination challenges.

Compliance

9 in-scope frameworks identified; showing 3.

NIS2 (source) — No public evidence

The company operates in the financial services sector, which is listed as essential under the NIS2 Directive. With 41 employees, it exceeds the 50-employee threshold for medium-sized entities, placing it in scope.

Evidence: https://estatistik.dk/virksomhed/norli-liv-og-pension-livsforsikring-as/64145711

GDPR (source) — Evidence found

The company is established in Denmark (EU) and processes the personal data of its customers, making it subject to the General Data Protection Regulation.

Evidence: https://norli.dk/behandling-af-personoplysninger/, https://norlipension.dk/wp-content/uploads/2025/04/Norli-Pension-2024-Annual-Report.pdf

Solvency II — Evidence found

This EU directive applies to all European insurance companies. As a Danish life insurance company, Norli Liv og Pension Livsforsikring A/S is directly within its scope.

Evidence: https://norlipension.dk/wp-content/uploads/2026/04/np-annual-report-2025.pdf, https://investorrelations.almbrand.dk/English/press-release-details/2021/Alm.-Brand-sells-Alm.-Brand-Liv-og-Pension-AS-and-upgrades-full-year-profit-guidance/default.aspx, https://www.equisoft.com/glossary/insurance-distribution-directive-idd, https://www.pinsentmasons.com/out-law/guides/the-insurance-distribution-directive-changes-to-the-regulation-of-insurance-intermediaries-in-the-eu, https://www.pwc.lu/en/insurance/insurance-distribution-directive.html

Financials

Three-year financials

Financial Resilience Score: 8/10

Norli Liv og Pension Livsforsikring A/S demonstrates strong financial resilience, anchored by an exceptionally robust solvency coverage ratio of 298% at year-end 2025 — nearly three times the regulatory minimum. Total capital for solvency coverage amounted to DKK 984 million against a capital requirement of DKK 330 million, providing significant buffer against adverse scenarios. The company generated a healthy 32.4% return on equity after tax in 2025 and received a clean audit opinion from EY. The business occupies a defensible niche as the only commercial Danish life insurance company still offering fully guaranteed pension products, positioning it as a natural consolidator of run-off portfolios from competitors exiting the market. This was evidenced by the January 2025 transfer of the sister company Norli Pension's life insurance portfolio. Investment returns were solid at 4.1% across a DKK 12.4bn portfolio, with equities returning 11.6% and real estate 6.5%. The expense result turned positive at DKK 10M in 2025 (vs. –DKK 6M in 2024), reflecting scale synergies from outsourcing operations to Nordisk Pensionsservice. However, resilience is tempered by a persistent decline in premium income (–24% cumulatively from 2021 to 2025) due to reliance on legacy portfolios rather than organic growth. Buffers have declined from 14% to 12%, and the bonus rate fell from 13.5% to 11.6%. Interest rate hedging produced significantly negative returns in 2025 amid rising long-term European rates, and there is concentration risk in Copenhagen office real estate. Solvency coverage, while still very strong, has trended down from 608% in 2021 as capital has been returned to the Norli Group parent via dividends.

Key strengths: Solvency coverage ratio of 298% — nearly 3x regulatory minimum, Total capital for solvency of DKK 984M vs. DKK 330M requirement, Return on equity of 32.4% after tax in 2025, Only commercial Danish life insurer offering fully guaranteed pension products, Clean EY audit opinion, Positive expense result of DKK 10M driven by outsourcing synergies, Diversified investment portfolio returning 4.1% in 2025, Successful acquisition and integration of Norli Pension portfolio in Jan 2025, Guidance for 2026 pre-tax profit of DKK 175-180M with stable premiums

Risk factors: Premium income declined 24% cumulatively from 2021 to 2025, Buffers reduced from 14% to 12%; bonus rate down from 13.5% to 11.6%, Interest rate hedging delivered significantly negative returns in 2025, Concentration risk in Copenhagen office real estate (Midtermolen), Longevity, surrender option, and expense risks typical of run-off life insurer, Executive management transition — CEO Peter Trägårdh Christensen as sole executive from Feb 2025, Dependence on acquiring legacy portfolios for growth (no organic sales), Solvency coverage declining from 608% (2021) to 298% (2025), FY2025 profit of DKK 173M fell short of DKK 194M management guidance

Revenue by geography

Revenue by product/service

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