Sale of Skandia Leben AG to Life Invest Holding
[29.05.15] Skandia Leben AG in Switzerland will have a new owner.
Old Mutual plc has agreed to sell Skandia Leben AG in Switzerland, part of Old Mutual Wealth, to Life Invest Holding, a company ultimately owned by the Mutschler Group and Hannover Re.
The buyer will continue to run the Skandia Leben business in its current form with the Skandia brand remaining. There will be no changes to the products and service we provide to customers and business will continue as normal.
The Mutschler Group is a well-respected company looking to build a strong life company through acquiring businesses with future growth potential. This will be the Group’s fourth acquisition in three years. Other acquisitions include ASPECTA Assurance International AG, Skandia Leben in Liechtenstein, and UNIQA Lebensversicherung AG. The longer term strategy of the Mutschler Group is to grow through further acquisitions and to invest more equity into its businesses to help them develop and grow.
The management team here are supportive of the acquisition and see this as a great opportunity for our business, staff, customers and distributors. We will work closely with the buyer to ensure a smooth transition. The sale is subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete. During this period we will continue to provide you and your customers with the same high level of service.
Part of the international Old Mutual Group
On 21 March 2012 Old Mutual plc sold the Skandia businesses in Sweden, Norway and Denmark to Skandia Liv. All Skandia businesses and their customers outside of Sweden, Norway and Denmark are unaffected by this transaction. These businesses will continue to be owned by Old Mutual and operate under the Skandia brand.
Skandia's Swiss branch opened in Zurich in 1990 and since then has established itself as a specialist in innovative pension solutions in Switzerland.
We place our confidence in the professional expertise and advice of independent business partners and are one of the leading providers of unit-linked life insurance and investment fund policies in Switzerland. We have been setting ongoing benchmarks here since our launch and provide important momentum for a dynamic market with excellent development opportunities.