SEB Acquires Balta Life in Latvia
SEB’s subsidiary SEB Unibanka has acquired 100 per cent of the shares in the Latvian life insurance company Balta Life from Codan’s non-life subsidiary Balta. The acquisition is a means for SEB to fulfil its strategy to offer life insurance in all Baltic countries. The total investment is €7.7m. The acquisition is subject to the approval of the Latvian Financial Services regulator and competition authority. SEB has been present in Latvia and the other Baltic countries since 1998. The region is experiencing rapid growth and the customers are more and more demanding for new saving products. With the acquisition of Balta Life, SEB now has a complete banking and life insurance product offering in each of the Baltic countries, comments Mats Kjaer, SEB executive vice president and head of Eastern European banking. Balta Life has more than 30 per cent market share of written insurance premiums excluding health and accident insurance. Balta Life has a staff of 68 employees and 52 regional agents focusing on life insurance products.