Skandia Liv has acquired Skandia AB from Old Mutual for 22.5 billion SEK, forming one of Sweden's largest customer-owned financial institutions.

Target Information

Skandia Liv, a prominent life insurance company in Sweden, has successfully acquired Skandia AB from Old Mutual for a substantial sum of 22.5 billion SEK. This acquisition marks the creation of one of the largest customer-owned banking and insurance groups in Sweden, managing assets worth approximately 440 billion SEK and serving over 2 million clients. The transaction will transform Skandia Liv into a mutual company, enhancing its competitive edge within the Swedish market by streamlining operations and fostering customer ownership.

The acquisition allows Skandia Liv to leverage the existing capabilities of Skandia AB, which includes the Nordic insurance and banking operations comprising Skandia Link, Skandiabanken, and Skandia Lifeline (health insurance). The merger aims to achieve significant cost and revenue synergies, ultimately delivering greater value to their customers, which could not have been realized under the previous corporate structure.

Industry Overview

The Swedish insurance and banking sector is characterized by a robust customer base and increasing competition, particularly from traditional banks and newer financial technology firms. The market is evolving, with consumer expectati