Skandia plans strategic reorientation
At the behest of the Liechtenstein Financial Market Authority, the insurance portfolios of Wealth-Assurance and Valorlife have been transferred to Skandia Leben (FL). Skandia is taking this opportunity to carry out a strategic reorientation, which includes a renaming of the company.
The Liechtenstein Financial Market Authority (FMA) has transferred the insurance portfolios of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft to Skandia Leben (FL) AG, the FMA reported in a press release. The FMA said it ordered this enforcement measure “for the necessary and effective protection of the interests of policyholders and the reputation of the Liechtenstein financial market”. It says that the shareholders of Wealth-Assurance AG and Valorlife Lebensversicherungs-Aktiengesellschaft “did not guarantee sound and prudent management of the undertakings”, while Skandia Leben (FL) AG “protects the interests of the policyholders and ensures the proper administration of insurance contracts”.
The two transferred portfolios include private placement life insurance policies for around 3,000 insured worth a total of 3.6 billion Swiss francs, Skandia Leben (FL) reported in its own press release. “We are getting to work on implementing the FMA order immediately and want to ensure that the process of transferring the policies runs smoothly in coordination with all partners involved,” said Martin Vogl, Chair of the Board of Directors. “As a specialist in the area of unit-linked life insurance and investment fund policies, we have the experience and expertise to fully integrate additional policies quickly and efficiently.”
The company will use this expansion in the portfolio as opportunity for a strategic restructuring. Skandia strives to play “a more active role in the attractive market segment of unit-linked life insurance,” the press release reported. To this end, it plans to rename the company and launch a new brand image.