The company, based in the Principality of Liechtenstein, is working on the launch of a new brand and aims to strengthen its presence in the private pension market
13.02.2019 Triesen – Skandia Leben (FL) AG takes over the portfolios of the life insurance companies Valorlife and Wealth Assurance with immediate effect, following the order of the Liechtenstein Financial Market Supervisory Authority (FMA). These are two interesting PPLI (Private Placement Life Insurance) portfolios for the numbers at stake, containing around 3000 policies and with assets under management close to 3.6 billion Swiss francs. In parallel with the new acquisitions, Skandia Leben (FL) AG has started rebranding operations, the details of which will be revealed in the coming weeks.
Only today, the FMA issued a press release announcing the contents of the ordinance transferring the insurance portfolios of Valorlife and Wealth Assurance to Skandia Leben (FL) AG. In view of the imperative and immediate effect of the Liechtenstein Supervisory Authority's provision, Skandia Leben (FL) has acted promptly. The implementation of the take-over and material acquisition procedures for the policies is already at an advanced stage.
30 new employees for the management of policies and assets
To ensure continuity of service and avoid inconvenience to customers following the transfer order, Skandia Leben (FL) has decided to leave unchanged the cooperation agreements with commercial partners (brokers, custiodian banks, asset managers and trust companies) previously signed by Valorlife and Wealth Assurance. The insurance policies in force will remain substantially unchanged, apart from, of course, the takeover of Skandia Leben (FL) as an insurer. In addition, employees who accept the transfer offered by Skandia Leben (FL) to all staff of the two companies, will be absorbed. There will therefore be no redundancies as a result of the FMA transfer order. The policyholders of the transferred policies will therefore continue to be assisted by the same "contact persons". The approximately 30 new Skandia Leben (FL) employees, who will not deal exclusively with PPLI policies, will immediately work in the new offices in Vaduz provided by Inlife Holding, the head of the insurance group to which Skandia Leben (FL) AG belongs.
From acquisition specialist to private pension provider
Starting in 2013, Inlife Holding has acquired five major life insurance portfolios between Switzerland and Liechtenstein. Thanks to this, over the years the management of the companies of the group has managed to gain a great deal of experience in making efficient and profitable the management of policies acquired from third parties. This know-how, combined with the financial stability and consistency of the shareholders, including Hannover RE, the third largest reinsurance company in the world, has made the group of companies controlled by Inlife Holding an important player in the entire sector of unit-linked insurance. Before the acquisition of the Valorlife and Wealth Assurance portfolios, the Inlife Holding group had 50 employees, who were called upon every day to manage assets worth 2 billion Swiss francs and to support requests from over 60,000 customers. With the acquisition of a further 3,000 life insurance policies and underlying assets for 3.6 billion Swiss francs, Skandia Leben (FL) is called upon to rapidly review its strategies and repositioning on the market.
Rebranding to grow into new businesses
The Company intends to strengthen its presence in the growing market for supplementary pensions. To this end, in the future Skandia Leben (FL) will focus its efforts on the development of PPLI products, tailored to individual needs, with the aim of offering customers the best solutions in terms of tax optimization and succession planning. In this direction, the rebranding operation by Skandia Leben (FL) should be considered, the details of which will be made known in the coming weeks. The Company's objective is to be ready for the reopening of the business as early as July 1, 2019.
Combining customer requirements with Supervisory authority’s provisions
Martin Vogl, Chairman of the Board of Directors of Skandia Leben (FL) said: «We are all committed to implement the FMA ordinance immediately, facilitating the transfer of policies without disruption to customers. This is also thanks to the collaboration of the commercial partners involved. As a specialist in unit-linked insurance, we are confident that our experience and know-how will enable us to integrate new insurance portfolios quickly and efficiently. But at the same time, we intend to accelerate our growth by opening up to new business.»
For more details, see the website: www.skandia.li
To request information on the press release, please contact:
Rob Hartmans, Partner Hirzel.Neef.Schmid.Konsulenten
Telephone: +41 43 344 42 42 / E-Mail: firstname.lastname@example.org