Baltic Market: Invalda INVL Buys Mandatum Life

The asset management group, Invalda INVL, today announces that it has signed a deal in principle to acquire Mandatum Life, one of Finland’s largest life insurance companies, which also operates in the Baltics through branch operations across Lithuania, Latvia and Estonia respectively. Through this transaction Invalda INVL is to offer customers more choice to strengthen their financial security and overall well-being.

Mandatum Life has nearly 30,000 customers across the Baltic countries and total revenue in 2020 was EUR 7.8million with EUR 22million of premiums written.

Completion of the transaction is anticipated for the middle of 2022 subject to Baltic and Finnish regulatory approval for permissions and licensing. A new company to be established by Invalda INVL in due course will take over the Baltic life insurance business subject to required approvals.

Until completion, Mandatum Life will operate in the Baltics as is with all customers wanting to acquire its life insurance products being able to do so through existing Mandatum Life branches and licenced product distributors. In addition, the Invalda INVL Group hopes to begin offering life insurance services to its customers in Lithuania, in collaboration with Mandatum Life prior to completion by Autumn 2021.

By combining Invalda INVL’s 30 years of investment experience with Mandatum Life’s Nordic life insurance expertise and traditions in the Baltic countries, the Invalda INVL Group will seek to offer a variety of life and health insurance optionality plus long-term investment and pension accumulation solutions. It will also contribute to employers’ corporate social responsibility with solutions that help organisations care for both employees’ long-term well-being and financial security.

Darius Šulnis, President at Invalda INVL, commented:
This transaction will allow us to offer solutions both for financial security and well-being that are tailored to the specific needs of each individual client. We aim to be the first and best choice for customers when it comes to long-term saving and management of personal finances.”

Šulnis added: “The growing assets that individuals and institutional investors are entrusting to the Invalda INVL Group, along with the biggest team in the Baltics working with those assets, allow us to scale-up investments in companies and businesses already operating or starting up in our ‘home markets’. This positively affects the development and growth of the Baltic region as a whole. The investment management and life insurance businesses have a lot in common and we believe that the transaction creates real value-add for all stakeholders.”

About alastair walker 10948 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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