Mandatum Life Insurance Company, a subsidiary of Sampo, has signed an agreement with Suomi Mutual Life Assurance Company on the transfer of Suomi Mutual’s with-profit group pension portfolio to Mandatum Life.
Scheduled to be carried on 30 December 2014, the portfolio transfer is awaiting approval of both companies’ Annual General Meetings as well as the consent of the Financial Supervisory Authority.
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Suomi Mutual’s group pension portfolio includes about 2,300 policies and 34,000 members.
While the final amount of the transferred assets will be established in connection with the portfolio transfer, it is estimated to have been nearly 1.3bn on 31 December 2013.
The move is expected to allow Mandatum Life to deliver more efficient services and cost savings, as it continues to develop the operations as a provider of insurance services for corporates and entrepreneurs.
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