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Skandia liv, buys back Skandia for Skr22.5 billion
Thursday, 15 December 2011
Skandia was resurrected when the life Insurance company, Skandia Liv purchase insurance company Skandia from the South African group Old Mutual for Skr22.5 billion.

Payment is in cash. "The new company will be an independent company owned alternative to the big banks, "said Bengt-Ake Fagerman, CEO of Skandia Liv.

The new Skandia group will be reciprocal that is a customer –led company, and receives about Skr440 billion in assets under management and over two million customers.

Skandia will receive the Nordic insurance and banking operations, Skandia Link, Skandia bank and Skandia Lifeline.


CEO of the new company will be Bengt-Ake Fagermarn who today is CEO of Skandia Liv.
"This investment is strategically important for Skandia Liv, with the ultimate goal of creating value for our policyholders. The deal creates value in two ways: by an attractive expected return on investment, and through synergy, "writes Skandia Liv's chairman Gunnar Palme in a press release.

According to Skandia, the new ownership will be better promoted by the cooperation between Skandia Liv and Skandia.
"The Group will achieve significant economies of scale and become more efficient and thus more competitive, "writes Skandia.

For the companies' two million customers the deal, in the short term, does not imply any change in their circumstances.
"In the long run we’ll get through the new group a better position to develop our offer and hold our own place in the competition, "writes Bengt-Ake Fagerman, who is CEO of Skandia

The transformation of Skandia Liv to a mutual company is scheduled for completion in 2013.
Old Mutual, bid for Skandia in 2005 but the deal developed into a tough bidding war that was not completed until March 2006.
By Scancomark.se Team

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