December, 21. 2005
Sampo Life to combine all its subsidaries operating in the Baltic countries under one legal company
The Board of Directors of Sampo Life Insurance Company Limited, a subsidiary of Sampo Group, has decided to combine its subsidiaries operating in Estonia, Latvia and Lithuania into one legal company in the Baltic countries. The rearrangement will simplify and strengthen the structure of the Baltic life insurance operations and will improve efficiency.
AAS Sampo Dziviba, operating in Latvia, and UAB Sampo gyvybes draudimas, operating in Lithuania, will be merged into the Estonian company, AS Sampo Elukindlustus, which at the same time will be converted into a European company to be domiciled in Tallinn, Estonia.
After the merger, life insurance operations in Lithuania and Latvia will be carried out through the branch offices of the company to be named SE Sampo Life Baltic.
The merger will require that the II pillar pension funds managed in Lithuania by UAB Sampo gyvybes draudimas be transferred to a separate asset management company, which will be a subsidiary of SE Sampo Life Baltic.
The rearrangement will have no effect on valid insurance contracts, and will require no actions by customers.
The transactions are conditional on the receipt of necessary offcial permits by the authorities of the Baltic countries.
For further information:
Head of Group Communications
Tel. +358 10 516 0040
Helsinki Stock Exchange
The principal media
Financial Supervision Authority
Compiler´s choice - More News Releases
Archive 2005. News Releases