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SEB Group in the Baltic States currently has three separate life insurance companies (SEB Elu-ja Pensionikindlustus in Estonia, SEB Dzīvības apdrošināšana in Latvia and SEB Gyvybes draudimas in Lithuania) as well as SEB Life & Pension Holding AB Riga branch, which for several years has been responsible for the supervision of life insurance and retirement savings throughout the Baltic countries. As a result of the merger, SEB Life and Pension Baltic SE (SE – Societas Europaea, a European company) will be created, consolidating the entire life insurance business into one company. The new company will be headquartered in Latvia with branches in Estonia and Lithuania. The end of this merger is scheduled for early 2019.
The life insurance companies of SEB in Latvia, Lithuania and Estonia today offer a wide range of life insurance services and savings, with a market share of 27% and 542 million euros. 198,000 customers
On 13 July, SEB pbaded the first stages of the unification of life insurance companies in the Baltic countries: a merger project is submitted to the Latvian business register and submitted to the Financial and Capital Markets Commission Regardless of the fact that the reorganization process for the creation of a new joint venture is under way in Latvia, SEB Gyvybes draudimas in Lithuania has already announced the change of legal status of the company. UAB to AB so that we can then enter the merge process.
Manager "SEB Life Insurance" Kristine Lomanovska: "Given the demographic and economic situation in the Baltic countries, there is a significant need for life insurance and retirement savings solutions . The SEB Group has many years of experience in providing pensions and personal risk insurance services in Sweden, the Baltic States and 12 other European countries. We still see great potential in these areas, particularly by helping the public build a financially more sustainable future. The combination of companies and our expertise will help us continue to grow, but it is more focused and more efficient than a single company across the Baltic countries. We plan to develop a unified approach to customer service, which will enable customers to get even more convenient services, which will be even more effective. The merger project also gives us a strong positive effect on our day-to-day operations and strengthens our competitiveness, also taking into account the increasing monitoring requirements that require additional investments.
The life insurance companies belonging to the SEB group are currently entering the merger process. The merger will not create a burden for customer service on a daily basis, it will continue as it is the case until now. The next gathering of information will be provided when the process of Registration is completed and all necessary approvals are received.
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