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Monday 24.09.2018 | Name days: Agris, Agrita

SEB Bank to unite life insurance companies working in Baltic States

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUSEB Bank will unite life insurance companies working in Baltic States, BNN was told by SEB Bank’s representative Agnese Strazda.

«Considering growing demand observed in recent years, SEB Group companies have demonstrated significant increase in life insurance and creation of savings in all Baltic States. Survey and business analysis results show that the need for financial security and personal risk reduction at different stages of life has increased significantly. Because life insurance solutions represent one of the ways to ensure financial security, SEB life insurance companies in Baltic States voiced the initiative to focus on development of new solutions and services to meet clients’ needs,» the bank notes.

At the same time, SEB Bank sees an opportunity to make its everyday activities and processes more efficient. Because of that, the decision has been made to perform consolidation of life insurance companies in Baltic States to simplify this business sector’s function.

SEB life insurance companies provide a wide range of life insurance and accumulative life insurance services in Latvia, Lithuania and Estonia, having 27% of market share and assets worth EUR 542 million, as well as more than 198,000 clients.

«Currently SEB Group in Baltic States has three separate life insurance companies (SEB Elu-ja Pensionikindlustus in Estonia, SEB Life Insurance in Latvia and SEB Gyvybes draudimas in Lithuania), as well as SEB Life&Pension Holding AB in Riga, which has been responsible for monitoring of life and pension savings field in Baltic States for years. The merge will result in the formation of a single company – SEB Life and Pension Baltic SE, consolidating life insurance business in a single company,» the bank states.

The new company’s main headquarters will be located in Latvia, with branch offices in Estonia and Lithuania. The merging process is planned to conclude at the beginning of 2019.

Strazda says SEB Bank performed the first measures to ensure pre-conditions for the merge.

Aside from submitting documents to Latvia’s Enterprise Register and Finance and Capital Market Commission on plans to open branch offices in Estonia and Lithuania, a reorganization process has been commenced in Latvia, the bank reports.

SEB Life Insurance manager Kristīne Lomanovska: «Considering the demographic and economic situation, there is demand for life insurance and pension saving in Baltic States. SEB Group has years of experience providing personal risk insurance services in Sweden, Baltic States and twelve other EU member states. We still see major opportunities in these areas, because they help residents form financially stable future for themselves.»

She adds that the merge will help continue what has been started and focus on providing services in a single company across Baltic States. «We intend to create a unified approach for customer service to provide residents with the most appropriate services. The planned merge offers us a strong and positive effect for our everyday activities, as well as improve our competitiveness, considering growing supervision requirements.»


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