Combined life insurance companies operating in the Baltic States – Latvia

As a result of the merger, SEB Life and Pension SE will consolidate all of their life insurance business into one corporation. The new company will be headquartered in Latvia with branches in Estonia and Lithuania. The end of this merger process is scheduled for early 2019.

SEB Group in the Baltic countries currently 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 Strazda informed that SEB Friday, the first steps were taken to fulfill the prerequisites for the unification of life insurance companies in the Baltic countries, namely the submission of A merger agreement. draft Latvian business register, as well as information provided to the Committee on Capital Markets and Capital (FCMC) concerning the opening of branches in Estonia and Lithuania

More than 198,000 customers are currently serving companies in Latvia SEB life insurance in Latvia, Lithuania and Estonia. According to SEB representatives, the market share of SEB group life insurance companies in the Baltic countries is 27%. "The merger of companies and our expertise will help us continue our growth, but more concentrated and more efficient than a single company in the Baltic countries.The merger project also gives us a strong positive impact on our business. and increases our competitiveness, also taking into account the increasing supervisory requirements that require additional investment ", said SEB Dzīvības apdrošināšanas vadītāja Kristīne Lomanovska

SEB representatives also noted that the merger process will not create burden for customer service on a daily basis – this will happen as before. The next gathering of information will be provided at the time the registration process is completed and all necessary approvals are received.

In 2017, SEB Dzīvības apdrošināšana realized last year a profit of 733.3 thousand euros, or 49.4% less than 2016 In SEB Life Insurance gross premiums, a total of 40.9 million euros was signed in 2017, or 13% more than a year earlier.

SEB Life Insurance is owned by Swedish SEB Trygg Liv Holding. In 2005, the SEB Group acquired 100% of the life insurance company Balta Gyvība and since September 15, 2005, the company has been appointed SEB Life Insurance.