SPP LIV TO BE STOREBRAND'S PARTNER IN IRELAND
SPP Livforsäkring AB, the Swedish life insurance company, is to be Storebrand ASA's partner in the life insurance business to be operated from Ireland. As Storebrand advised in a press release on 12 April 1999, an application has been made for a licence to establish a life insurance company in Ireland. The purpose of this establishment is to offer co-ordinated pension insurance to major Scandinavian companies.
SPP Liv operates solely in that part of the Swedish occupational pension market that is exposed to competition, where it is one of the leading players. In 1998 the company recorded premium income of SEK 5.5 billion and it manages approximately SEK 70 billion for almost 500,000 policyholders. SPP Liv is part of the SPP Group, the largest life and pension insurance company in the Nordic region. The group's total assets amount to SEK 390 billion.
Storebrand and SPP will offer defined contribution and defined benefit plans to Nordic companies with operations in several countries. The company is being established in Ireland because the Irish authorities offer a good and flexible regulatory framework with regard to capitalisation, product development and asset management. A flexible and predictable regulatory framework is considered essential if a competitive international life and pension insurance business is to be built up.
The intention is to establish branches in Norway, Sweden and Denmark. The Irish company will be a supplement to Storebrand's current life and pension insurance business.
The establishment in Ireland assumes approval by the Irish, Norwegian and Swedish authorities. It is planned to have the company established by the end of the year.
Oslo, 8. September 1999 <br> <br>For further details, please contact: <br>Espen Klitzing, Managing Director, <br>Storebrand Livsforsikring, telephone + 47 22 315226 <br>Project Manager, Director Frøystein Johansen, <br>telephone +47 22315944/mobile 92253959 <br>Ass. Director of Corporate Communications Egil Thompson, <br>telephone + 47 22 489586/mobile 93480012 <br>