Daily Insurance Industry News
Daily Insurance Industry News
Wednesday 18th of July 2018
December 15, 2011

Old Mutual sells Skandia Insurance for £2.1bn

by Gill Montia

Story link: Old Mutual sells Skandia Insurance for £2.1bn

Old Mutual is selling Skandia Insurance Company to Swedish Life insurer, Skandia Liv, for £2.1 billion.

The divestment comprises Old Mutual’s long-term savings and banking operations in Sweden, Denmark and Norway, operating under the Skandia brand.

Proceeds of sale will be used to reduce group debt, with any surplus capital returned to shareholders in due course.

Old Mutual will retain ownership of and continue to use the Skandia brand outside Sweden, Denmark and Norway, as it implements its long-term savings strategy.

Commenting on the disposal, group chief executive, Julian Roberts, says: “This transaction represents a material step in the execution of our restructuring programme.”

Old Mutual has also announced changes in senior operational management roles as follows:

Sue Kean has been appointed group risk officer and will join the group executive committee from 1st January 2012.

She joined Old Mutual in July 2010 as head of governance and regulatory compliance and will be replacing Andrew Birrell, currently group risk and actuarial director, who is leaving to pursue other opportunities.

Mark Baxter has been appointed deputy chief risk officer as well as group chief actuary.


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