Folksam sells its share in Folksam Skadeförsäkring to Fennia
Folksam General has signed an agreement to sell its 75 percent stake in Folksam Skadeförsäkring with operations in Finland. The shares are sold to the Finnish insurance company Fennia. The other owners of Folksam Skadeförsäkring, Aktia Bank (10 percent) and Veritas Pension Insurance (15 percent) also sell their shares to Fennia.
“This is a good deal for our non-life insurance customers and it is part of streamlining our business structure with focus on the Swedish business. We see Fennia as a good and long-term owner of the Finnish operations”, says Jens Henriksson, CEO of Folksam Group.
For Folksam General, the sale implies a price of approximately SEK 800 million and a capital gain of more than SEK 400 million. The transaction thus strenghens both the capital base and the solvency ratio.
Folksam Skadeförsäkring operates non-life insurance operations in Finland and had more than 200 employees at the end of 2017. Premium income amounted to approximately SEK 750 million in 2017. Folksam General has been the main owner of Folksam Skadeförsäkring since 2012. The sale is subject to approval by the Finnish Financial Supervisory Authority and the competition authority.
SEB Corporate Finance acted as financial advisor to Folksam.
For further information:
Jesper Andersson, CFO Folksam Group, +46 (0)708-31 59 76
Christian Hall, Group Investor Relations Manager +46 (0)724-68 70 60
Folksam is a customer-owned company. We offer insurance and pension savings. Nearly one out of two Swedes are insured by Folksam and we are one of Sweden’s largest asset managers. Folksam’s vision is for customers to feel secure in a sustainable world. Find out more at www.folksam.se