Changes in life insurance operations

The year 2004 was historic for Suomi Mutual and Pohjola: a new operational model for life insurance business was introduced. Consequently, Suomi Mutual ceased underwriting new business as of the beginning of 2005. The company now concentrates on managing the insurance portfolio of its around 300 000 customers and the related investment portfolio.

Suomi Mutual sold EUR 1 billion life insurance portfolio to Pohjola. Following the transaction, over 150 000 insurance contracts were transferred to Pohjola Life on January 1, 2005. In that connection, Suomi Mutual increased its holding in Pohjola to 49.64 per cent.
Suomi Mutual sold its Pohjola holding on 12 September 2005 to OKO Bank, a significant Finnish commercial bank. OKO Bank has renamed Pohjola Bank.

All the so-called old customers whose policies have already been valid at Suomi Mutual on July 1, 1997 remained at Suomi Mutual. In addition, group pension customers and corporate customers with capital redemption contracts remained at Suomi Mutual.

Suomi Mutual acquires insurance handling services from the OP-Pohjola Group

Suomi Mutual has outsourced to the OP-Pohjola Group the main part of the management of the company's insurance and investment portfolios.

Suomi Mutual's staff consists of a small number of experts who are responsible for the core business functions. The company is responsible for its strategic steering and decision making in order to ensure that the company's financial and qualitative targets are reached both in business operations and customer service.