Aktia Life Insurance Ltd, a subsidiary of Finnish bank Aktia Bank plc, has agreed to acquire the life insurance portfolio of Nordic insurer Försäkringsaktiebolaget Liv-Alandia.
Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which have largely been handled by Aktia for 56 years.
Since Liv-Alandia placed its life insurance portfolio into run-off in the beginning of 2019, Aktia has also been mainly in charge of the customer service for Liv-Alandia’s customers.
Aktia explained that the insurance contracts will be transferred with the current terms and conditions and will not require any measures from Liv-Alandia’s customers.
“Aktia and Alandia have been co-operating since the 1960s and we are already handling most of Liv-Alandia’s insurance portfolio,” said Juha Hammarén, Deputy CEO at Aktia.
“The acquisition of Alandia’s life insurance portfolio is also consistent with our updated strategy. Therefore, the arrangement is the logical next step for us,” he added.
Based in Åland Islands, an autonomous region of Finland, Alandia is focused on commercial marine insurance lines, but also offers statutory pension insurance, life insurance and various private lines insurance.
“Transferring the life insurance portfolio to Aktia is natural as a part of the restructuring of Alandia’s organisation,” said Tony Karlström, CEO of Alandia Försäkring.
“We have had an excellent co-operation with Aktia, and Aktia has been a very good and reliable co-operation partner for us,” Karlström continued.
“Liv-Alandia’s insurance customers can thus feel safe – they are provided service by Aktia also in the future. As we have earlier communicated, Alandia will hereafter focus on marine, boat and transport insurance.”
The portfolio transfer still requires regulatory consent, but is expected to be completed during the first quarter of 2020.
