Invalda INVL establishes INVL Life which will seek an insurance company licence
The asset management group Invalda INVL, in preparation for carrying out a transaction to acquire the Baltic business of Mandatum Life, one of Finland’s largest life insurance companies, has established a new company, INVL Life, which in the near future will apply to the Bank of Lithuania for an insurance company licence.
The new company is led by Rasa Kasperavičiūtė. While Rasa Kasperavičiūtė‘s main position remains the manager of Mandatum Life branch until Lithuanian insurance portfolio transfer to the new company is completed. Rasa Kasperavičiūtė will also be the new company’s chairwoman of the board. Serving on the board with her will be Vytenis Lazauskas, the chief financial officer of INVL Asset Management, and long-time INVL Asset Management employee Martynas Samulionis who is managing partner of the INVL Sustainable Timberland and Farmland Fund II and chairman of the investment committee of the INVL Baltic Forest Fund I.
The authorised capital of the new company is currently EUR 3.7 million, with plans to increase the amount later.
Upon completion of the transaction, INVL Life will take over all of Mandatum Life’s insurance business in the Baltic countries, including the approximately 30,000 customers of its Latvian, Lithuanian and Estonian branches, their insurance portfolio, the employees working at the Baltic branches, commercial agreements, and other assets and liabilities related to the operations of the branches.
Invalda INVL, seeking to offer customers more choice and thus strengthen their financial security and overall well-being, on 15 June this year signed an agreement with Mandatum Life Insurance Company Limited on the acquisition of that company’s life insurance business in the Baltic countries conducted through branches in Lithuania, Latvia and Estonia. Completion of the transaction is planned by mid-2022, once the supervisory authorities of the Baltic countries and Finland have granted all the required licences and permissions.
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 240,000 individual and institutional clients from the region and abroad. Those clients have entrusted the Invalda INVL group with more than 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.