SEB will merge its Baltic life insurance undertakings

SEB decided to simplify the operating model of its life insurance companies in the three Baltic states and merge the organisations into one Baltic undertaking. The merger of the companies will create a new platform to continue offering the customers the best insurance solutions in the three Baltic states and to become an even better service provider.

In July 2018, SEB submitted to the Latvian commercial register a draft of the cross-border merger agreement. Today, on 18 December 2019, having obtained the required approvals from the Estonian, Latvian, and Lithuanian financial supervision authorities, the Latvian commercial register has registered the cross-border merger of AS SEB Elu- ja Pensionikindlustus, 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, with branches in Estonia and Lithuania.

Arnolds Čulkstēns, Chairman of the Board of SEB Life and Pension Baltic SE: ‘Economic security is one of the most important financial needs in any country. It is also the cornerstone of the social and economic sustainability of any country. SEB is providing pension and life insurance solutions in Sweden, in the Baltic states, and in 12 other countries all over Europe. It is very encouraging to see that during the 20 years that we have been operating in the Baltic states, more and more people as well as employers have started to acknowledge the importance of pension saving and life insurance.’

According to Čulkstēns, the needs of the customers change with the development of technology and financial markets but there are many similarities across countries; thus, being able to implement the knowledge and experience from different countries efficiently at the cross-border level is very important in the long run. In the Baltic states, this can be achieved much more efficiently through a joint undertaking.

The merger process will not affect customer service. The merger will also not have an effect on the pension funds of the residents of Estonia, these will continue to be managed by SEB Varahaldus in Estonia.

SEB Life and Pension Baltic SE will offer a wide selection of life insurance and saving solutions in all Baltic states and will be the largest life insurance company in the region with an over 22% market share, 217,000 customers, and assets worth 604 million euros.