SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

"We have taken the first legal step towards the merger", SEB representatives announced in a statement.

"Please be informed that on 27 August 2018 the three Baltic SEB life insurance companies Apdrosinasanas akciju sabiedriba "SEB Dzivibas apdrosinasana" ("SEB Life Latvia"), AB "SEB gyvybes draudimas" ("SEB Life Lithuania"), and Aktsiaselts SEB Elu-ja Pensionikindlustus ("SEB Life Estonia"), signed a Merger Agreement, under which they intend to form one SE entity (...)"

Under the Merger Agreement, SEB Life Latvia will adopt the form of the SE and will acquire SEB Life Lithuania and SEB Life Estonia that will both cease to exist without going into liquidation. The insurance activities of SEB Life Lithuania and SEB Life Estonia will be continued by new branches that will be established by Latvian SE company in Lithuania and Estonia. All the assets and liabilities of SEB Life Lithuania and SEB Life Estonia will be transferred to SEB Life Latvia.

It is anticipated that the merger of and the related portfolio transfer will complete in the 1st quarter of 2019. "It is subject to the appropriate regulatory consents, including the approval of the merger and portfolio transfer by regulatory authorities of Lithuania, Latvia and Estonia".





Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017

The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).

2018-01-18

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all