April, 25th, 2008
Suomi Mutual Sells Its Polish Subsidiary
On 24 April 2008, Suomi Mutual Life Assurance Company sold FinLife S.A, a subsidiary engaged in life insurance operations, to Vienna Insurance Group of Austria. This sale forms part of the deal whereby Suomi Mutual sells its life insurance subsidiaries in the Baltic countries and Poland to Vienna Insurance Group. The parties agreed on the sale in December 2007 but its implementation required regulatory approval.
Suomi Mutual received regulatory approval for the sale of the European Company Seesam Life Insurance SE, operating in the Baltic countries, and implemented the deal in February 2008.
Suomi Mutual discontinued selling new insurance policies in Finland as of January 2005. Since then it has focused on managing, on a long-term basis, the existing insurance policies of its 300,000 clients and the related investments worth roughly EUR 6.9 billion. In line with its goal, the company has now discontinued its active life insurance operations abroad too.
For more information
Kai Niemi, Chief Actuary, Actuarial Operations and Finance, Suomi Mutual, tel. +358 (0)10 253 2803 or +358 (0)40 820 5927
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