Invalda INVL asset management to acquire Mandatum Life

One of Finland’s largest life insurance companies, Mandatum Life, has been acquired by Invalda INVL, a leading asset management group in Lithuania.

The Finnish insurance and financial services provider offers private, corporate, and institutional customers comprehensive services for building wealth and operates across the Baltics.

Mandatum Life also has a 30,000 strong customer base situated across the leading Baltic countries. It also had total revenue of US$9.4mn in 2020, coupled with US$26mn in written premiums.

Invalda acquisition strategy

According to reports, Invalda INVL made the decision to acquire Mandatum Life based on its growth strategy, which includes providing its customers with more choices to strengthen their financial security.

The acquisition will provide Invalda INVL with the opportunity to establish a variety of life and health insurance products as well as a long-term investment and pension accumulation solutions. It will also contribute to employers’ corporate social responsibility with solutions that help organisations care for both employees’ long-term well-being and financial security.

Speaking about the deal, which is subject to Baltic and Finnish regulatory approval for permissions and licensing, and is on track for completion by the summer of 2022, Darius Šulnis, President at Invalda INVL, said, “This transaction will allow us to offer solutions both for financial security and well-being that are tailored to the specific needs of each individual client. We aim to be the first and best choice for customers when it comes to long-term saving and management of personal finances.”  

Until completion, Mandatum Life will continue to operate in the Baltics as usual. In addition, the Invalda INVL Group hopes to begin offering life insurance services to its customers in Lithuania, in collaboration with Mandatum Life prior to completion by Autumn 2021. 

Invalda INVL to offer insurance

Šulnis said that by combining Invalda INVL’s 30 years of investment experience with Mandatum Life’s Nordic life insurance expertise and traditions in the Baltic countries, the Invalda INVL Group will seek to offer a variety of life and health insurance optionality plus long-term investment and pension accumulation solutions. 

It will also contribute to employers’ corporate social responsibility with solutions that help organisations care for both employees’ long-term well-being and financial security.

He added, “The growing assets that individuals and institutional investors are entrusting to the Invalda INVL Group, along with the biggest team in the Baltics working with those assets, allow us to scale-up investments in companies and businesses already operating or starting up in our ‘home markets’.

“This positively affects the development and growth of the Baltic region as a whole. The investment management and life insurance businesses have a lot in common and we believe that the transaction creates real value-add for all stakeholders.”