BALTIC - Finnish Sampo group has consolidated its life and pensions operations in the Baltic region.
Its Sampo Life Insurance Co. said it has decided to combine its subsidiaries operating in Estonia, Latvia and Lithuania into one legal company in the Baltic countries.
It said: "The rearrangement will simplify and strengthen the structure of the Baltic life insurance operations and will improve efficiency."
Earlier this month, the Polish authorities approved Nordea's previously announced acquisition of Sampo's Polish life and pensions businesses.
Latvia's Sampo Dziviba and Lithuania's Sampo gyvybes
Draudimas will be merged into the Estonian company Sampo Elukindlustus.
This will at the same time be converted into a European company (Societas Europaea) domiciled in Tallinn.
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.
Sampo added that the move would require that the second-pillar pension funds managed in Lithuania 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."