Suomi Mutual to Sell Its Overseas Operations

19 Dec, 2007

Suomi Mutual Life Assurance Company has agreed to sell its life insurance companies Seesam Life Insurance SE and FinLife S.A., operating in the Baltic countries and Poland, to Vienna Insurance Group of Austria.

The sale cannot be concluded until certain official permits have been obtained, which should occur during spring 2008.

Suomi Mutual discontinued selling new insurance policies in Finland in January 2005. Since then it has focused on managing the existing insurance policies and related investments of its 300,000 clients. However, it has engaged in small-scale life insurance operations in the Baltic countries and Poland, because growth has been faster in these countries than on average in Europe, with the ultimate plan of divesting the company at an opportune moment.

Additional information:
Mr Markku Vesterinen, Senior Executive Vice President, tel. +358 (0)10 253 2844 or +358 (0)50 348 3502.

Suomi Mutual Life Assurance Company (Suomi Mutual) manages the existing insurance policies of its 300,000 clients but no longer underwrites new business. It now focuses on the long-term management of its existing insurance and investment portfolio and ranks among Finland's biggest investors.