Aktia acquires Alandia's life insurance portfolio

Aktia Bank Plc
Press release
19 December 2019 at 9.30 a.m.

Aktia acquires Alandia's life insurance portfolio

Aktia Life Insurance Ltd and Försäkringsaktiebolaget Liv-Alandia have agreed on the transfer of Alandia's life insurance portfolio to Aktia. The transfer is planned to take place during the first quarter of 2020. Aktia is currently already handling most of Liv-Alandia’s insurance portfolio.

Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which for the most part have been handled by Aktia already 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. The insurance contracts will be transferred with the current terms and conditions and the transfer does 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. 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”, says Juha Hammarén, Deputy CEO at Aktia.

"Transferring the life insurance portfolio to Aktia is natural as a part of the restructuring of Alandia’s organisation. We have had an excellent co-operation with Aktia, and Aktia has been a very good and reliable co-operation partner for us. 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”, says Tony Karlström, CEO of Alandia Försäkring.

The partners are aiming at executing the transfer during the first quarter of 2020. The transfer still requires consent from the Financial Supervisory Authority.

Further information:

Juha Hammarén, Deputy CEO, Aktia Bank and Chairman of the Board of Aktia Life Insurance
Tel: +358 10 247 6350, juha.hammaren@aktia.fi

Tony Karlström, CEO, Alandia Försäkring
Tel: +358 40 509 4874, tony.karlstrom@alandia.com

Aktia provides a broad range of solutions within banking, asset management and personal insurance. Aktia’s customers are provided services at branch offices and online, through mobile interfaces as well as telephone services. Aktia's share is listed on Nasdaq Helsinki Ltd. For more information about Aktia see www.aktia.com