Invalda INVL : INVL Life has obtained an insurance company licence – Marketscreener.com
INVL Life, a subsidiary of the Invalda INVL asset management group, has been granted by the Bank of Lithuania a licence to conduct life insurance activities.
INVL Life was established as part of the group’s preparations for the acquisition of the Baltic business of the Finnish life insurance company Mandatum Life. INVL Life has a paid-in share capital of EUR 48 million. That is the largest share capital among life insurance companies registered in the Baltic countries.
“This is an important step in expanding the insurance market and life insurance services in Lithuania. It is the first life insurance licence issued in the country in the last 20 years,” says Rasa Kasperavičiūtė, CEO of INVL Life.
Completion of the insurance business acquisition is expected in the coming months. At that point, INVL Life will take over Mandatum Life’s insurance business in Lithuania, Latvia and Estonia with more than 30,000 customers, along with the employees of those branches.
Invalda INVL, seeking to offer group clients more solutions to strengthen their financial security and well-being, signed an agreement with Mandatum Life Insurance Company Limited on 15 June last year on the acquisition of that company’s life insurance business in the Baltic countries.
After the transaction’s completion, the INVL group will add to the list of services it offers life insurance, unit-linked life insurance, and supplementary coverage such as critical illness and accident insurance.
About Invalda INVL
Invalda INVL is a leading asset 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 over 250,000 individual and institutional clients from the region and abroad. Those clients have entrusted the Invalda INVL group with more than EUR 1.5 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.
