Mandatum Life has signed an agreement to sell its Baltic operations to the Lithuanian investment management group Invalda INVL. In the recent years Mandatum Life has succeeded in optimising its Baltic business for growth and building operational synergy for clients.
Mandatum Life has signed an agreement today, on the 15th of June 2021, to sell its life insurance business in the Baltics to the Lithuanian Invalda INVL group. In connection with the transaction, the entire Baltic life insurance business of Mandatum Life, including its employees, will be transferred to the Invalda INVL group. The transaction is estimated to be completed during the first half of 2022.
The Baltic operations consist of three branch operations: Mandatum Life Estonia, Mandatum Life Latvia and Mandatum Life Lithuania. The Baltic branches have 83 employees in total. The branches offer their clients life insurances and unit-linked investment products.
“In the past year, Mandatum has reviewed its business strategies. The focus will be on the Finnish market and on wealth management in Finland and abroad with institutional clients. That is how we will provide our stakeholders with the greatest value. Our business in the Baltics has shown good results both financially and in great personnel and customer satisfaction numbers after its re-organisation. Invalda INVL’s offer came at the right time for the company’s strategic changes,” says Petri Niemisvirta, CEO of Mandatum Group.
The completion of the divestment is subject to the approval of the financial supervisory authorities.
About the companies:
Invalda INVL group
Invalda INVL is a leading investment management group which is open and growing, invests with clients, and creates well-being for people through its work. The group’s companies, operating in Lithuania and Latvia, serve more than 240,000 individual and institutional clients, both regional and international, who have entrusted the Invalda INVL group with EUR 1.3 billion of assets for management in a variety of asset classes, including pension and mutual funds, individual portfolios, and private equity and other alternative investments.
The shares of Invalda INVL have traded on the Nasdaq Vilnius stock exchange since 1995. The asset management companies of the Invalda INVL group have more than 140 employees.
Mandatum Holding Ltd’s subsidiaries are Mandatum Life Insurance Company Ltd (Mandatum Life) and Mandatum Asset Management Ltd. Mandatum is one of Finland’s most solvent and respected financial companies and part of the successful Sampo Group. Mandatum offers its private, corporate and institutional customers comprehensive services for building wealth and preparing for the future. Mandatum Life’s services include unit-linked insurance and wealth management, saving and investing services, personal insurance, pension and reward solutions for companies, as well as related consultation services.
Petri Niemisvirta, CEO: firstname.lastname@example.org, tel. +358 10 516 7200
Niina Riihelä, Vice President, Marketing and Communications: email@example.com, tel. +358 40 728 1548
Darius Šulnis, President of Invalda INVL, firstname.lastname@example.org
Kristina Malevskienė, Head of Communications, email@example.com, tel. +370 68 635 626