Invalda INVL group buys Mandatum Life’s Baltic operations

Mandatum Life has signed an agreement to sell its Baltic operations to the Lithuanian investment management group Invalda INVL. In the recent years Mandatum Life has succeeded in optimising its Baltic business for growth and building operational synergy for clients.

Mandatum Life has signed an agreement today, on the 15th of June 2021, to sell its life insurance business in the Baltics to the Lithuanian Invalda INVL group. In connection with the transaction, the entire Baltic life insurance business of Mandatum Life, including its employees, will be transferred to the Invalda INVL group. The transaction is estimated to be completed during the first half of 2022.

The Baltic operations consist of three branch operations: Mandatum Life Estonia, Mandatum Life Latvia and Mandatum Life Lithuania. The Baltic branches have 83 employees in total. The branches offer their clients life insurances and unit-linked investment products.

“We have been successful in re-organising and growing our business in the Baltics. We have sought growth from external sales channels and have achieved the results we set for ourselves. The great client and personnel satisfaction numbers, in addition to our good financial performance, tell us that we have done something right. In the past year, Mandatum has reviewed its business strategies and focus areas, and Invalda INVL’s offer came at the right time for the strategic changes,” comments Sanna Rajaniemi, Senior Vice President of Mandatum’s Baltic operations.

“We are pleased to be able to combine the Invalda INVL group’s 30 years of investment experience with Nordic life-insurance expertise and traditions in the Baltic countries. This combination will help us offer solutions for financial security and well-being that are even better suited to the needs of each individual client. The growing assets entrusted to the Invalda INVL group for management by individual and institutional investors, and the biggest team in the Baltics working with those assets, mean we can also increase investments in companies and businesses operating or starting up here. That has a positive impact on the growth and development of the Baltic region,” Invalda INVL President Darius Šulnis says.

“This transaction is an excellent opportunity for existing employees of the Invalda INVL group and Mandatum Life Baltics to grow, and for new ones to join – people who want and know how to create financial well-being and work on a team that makes real decisions and achieves positive changes,” Darius Šulnis added.

All the products and all the customer insurance contracts made via the branches in Lithuania, Latvia and Estonia which are assumed from Mandatum Life will remain in force on the terms and conditions specified in them, and this does not require any action from the clients.

The completion of the divestment is subject to the approval of the financial supervisory authorities.

About the companies:

Invalda INVL group
Invalda INVL is a leading investment management group which is open and growing, invests with clients, and creates well-being for people through its work. The group’s companies, operating in Lithuania and Latvia, serve more than 240,000 individual and institutional clients, both regional and international, who have entrusted the Invalda INVL group with EUR 1.3 billion of assets for management in a variety of asset classes, including pension and mutual funds, individual portfolios, and private equity and other alternative investments.

The shares of Invalda INVL have traded on the Nasdaq Vilnius stock exchange since 1995. The asset management companies of the Invalda INVL group have more than 140 employees.
https://www.invaldainvl.com/lit/en/

Mandatum Group
Mandatum Holding Ltd’s subsidiaries are Mandatum Life Insurance Company Ltd (Mandatum Life) and Mandatum Asset Management Ltd. Mandatum is one of Finland’s most solvent and respected financial companies and part of the successful Sampo Group. Mandatum offers its private, corporate and institutional customers comprehensive services for building wealth and preparing for the future. Mandatum Life’s services include unit-linked insurance and wealth management, saving and investing services, personal insurance, pension and reward solutions for companies, as well as related consultation services.
https://www.mandatumlife.fi/en/

Additional information:

Mandatum:

Sanna Rajaniemi, Senior Vice President, Private Customers, Client Service, Alliances & Baltics, sanna.rajaniemi@mandatumlife.fi, tel. +358 50 424 6655

Hele Soomets, Head of Baltic Marketing and Communications, hele.soomets@mandatumlife.ee, tel. +372 5020 577

Invalda INVL:

Darius Šulnis, President of Invalda INVL, darius.sulnis@invl.com

Kristina Malevskienė, Head of Communications, media@invl.com, tel. +370 6863 5626


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