Tryg, Denmark’s biggest insurance company, is partnering with Danica Pension to launch its own branded pension product in Denmark: Tryg Pension.

The two firms also have plans to launch the product in Norway to cover customers of Danica Pension’s parent company Danske Bank.

Ole Krogh Petersen, Danica Pension chief executive, said: “Tryg is one of the Nordic region’s most innovative insurance companies and is advanced in digitisation.

“It gives us some unique digital development opportunities across industries that in the long term can benefit both our and Tryg’s customers.”

The move follows a series of changes made by Danica to its business so far this year, after it finalised the sale of the Swedish arm of its business in May.

Ole Krogh Petersen, Danica Pension

Danica Pension boss Ole Krogh Petersen says the deal with Tryg will bring digital development opportunities

Danica Pension also recently integrated SEB Pension’s Danish business after buying it last year. It now functions under its new name, Danica Pensionsforsikring.

Tryg said the deal with Danica was a natural progression of its partnership with Danske Bank, which was set up a few months ago and is scheduled to begin operations on 1 July

Johan Kirstein Brammer, executive vice president of Tryg, said that the company would be able to advise customers on insurance and pensions under one roof. He added that the integration would bring economies of scale, savings on administrative costs and a reduction in prices for its customers.