The subsidiaries of Suomi Mutual go European

Suomi Mutual Life Assurance Company (Suomi Mutual) has decided to merge all its life insurance subsidiaries in the Baltics and Poland to form a single European Company (Latin: 'Societas Europaea', SE). Suomi Mutual will remain the main shareholder of the new life insurer. The aim of the merger is to utilise all the benefits arising from the legislative framework of a European Company.

The new European Company is going to adopt the present name of the Polish subsidiary FinLife. The name refers to the main shareholder company, Suomi Mutual, and its country of origin, Finland, well known for ranking among the most competitive and less corrupted economies in the world.

The merging subsidiaries will be Seesam Life Insurance Company Ltd. (Estonia), JSLIC Seesam Life Latvia (Latvia), JSLIC Seesam Life Lithuania (Lithuania) and FinLife S.A. (Poland). The registration place of the new SE will be Estonia.

The merger of the companies and the registration of the European Company will depend on the obtaining of the necessary official permits by the authorities of the countries concerned. The process is estimated to take around 11 months, until August 2007.
 
"I strongly believe the merger will result in improved efficiency and a competitive edge for our life insurance services in the Baltics and Poland. The new FinLife SE and its cross-border organisation structure will enable us to make a more effective use of the capital employed, more uniform internal processes and IT systems. We can also capitalise better on the know-how and experience we have gained in different countries. For our customers it will, over time, mean added value in the form of high-class services of an internationally experienced, solid and appreciated life insurance provider", says Mr Seppo Ilvessalo, the Chairman of the Supervisory Boards of the merging companies.

Established in 1890, Suomi Mutual Life Assurance Company is the second oldest life insurance company in Finland. It is a well-established and solid insurance undertaking with a long experience. It manages an investment portfolio of EUR 6.5 billion.