SEB consolidates Baltic Life insurance companies

After receiving all the necessary permissions of national regulators of Estonia, Latvia and Lithuania and completing all the necessary legal steps on 18th of December 2019, State Enterprise Register of Latvia has registered the cross border Merge Agreement of SEB Pensionkindlustus (EE), SEB Gyvibas draudimas and SEB Dzivibas apdrosinasana. The name of the new consolidated company will be SEB Life and Pension Baltic SE. The headquarters of the new company will be located in Riga, its branches in Estonia and Lithuania.

Arnolds Čulkstēns, Chairman of the Management Board of SEB Life and Pension Baltic SE:

“Financial security is one of the most important financial needs of each household irrespective of country. It is also the cornerstone of each country’s social and economic sustainability. SEB provides pension and life insurance solutions in Sweden, the Baltics, and 12 more countries all over the Europe. It is very encouraging to see that over the 20 years, we are operating in Baltics more and more individuals and their employer is contributing to pension savings and personal insurance protection recognizing its importance.

The needs of customers are evolving as well as technology and financial markets, but there are many similarities across countries; therefore, in a longer perspective, it is important how efficiently we are able to apply the knowledge, expertise and experience of different countries across borders. This can be done much more efficiently in the Baltic States within one company.

The merger of the companies creates a new platform for us to continue offering our customers the best solutions in each of three Baltic countries and to be an even better service provider.”

The merger process not affects the customer service. Nor the decision affects the pension funds of Estonian, Latvian, Lithuanian residents, which will be managed by SEB investment companies in Baltic.

SEB Life and Pension Baltic SE is offering a wide range of life insurance and savings solutions in all Baltic countries and is the biggest life insurance company with more than 22% of market share, 217 thousand customers and assets worth of 604 million euros. In July 2018 SEB took the first steps to fill in prerequisites of the legal merger process by submitting a draft of cross border Merger Agreement to State Enterprise Register of Latvia.