SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

"We have taken the first legal step towards the merger", SEB representatives announced in a statement.

"Please be informed that on 27 August 2018 the three Baltic SEB life insurance companies Apdrosinasanas akciju sabiedriba "SEB Dzivibas apdrosinasana" ("SEB Life Latvia"), AB "SEB gyvybes draudimas" ("SEB Life Lithuania"), and Aktsiaselts SEB Elu-ja Pensionikindlustus ("SEB Life Estonia"), signed a Merger Agreement, under which they intend to form one SE entity (...)"

Under the Merger Agreement, SEB Life Latvia will adopt the form of the SE and will acquire SEB Life Lithuania and SEB Life Estonia that will both cease to exist without going into liquidation. The insurance activities of SEB Life Lithuania and SEB Life Estonia will be continued by new branches that will be established by Latvian SE company in Lithuania and Estonia. All the assets and liabilities of SEB Life Lithuania and SEB Life Estonia will be transferred to SEB Life Latvia.

It is anticipated that the merger of and the related portfolio transfer will complete in the 1st quarter of 2019. "It is subject to the appropriate regulatory consents, including the approval of the merger and portfolio transfer by regulatory authorities of Lithuania, Latvia and Estonia".

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