Finland’s OP-Pohjola completes Arum purchase from Skandia Life

OP-Pohjola, the Finnish banking and insurance group, has completed its acauisition of Arum Investment Insurance, the life insurance company previously held by Skandia Life Assurance Company, part of Old Mutual.

The deal has resulted in a €1.3bn portfolio of about 100,000 pension, savings and investment policies transferred from Skandia Life to Arum, which now has become a subsidiary to OP-Pohjola Group Central Cooperative.

Customers will see the name change to Arum by the end of the year, while the position of Arum in the OP-Pohjola group means they gain access to the full group range of financial services and loyalty benefits, said OP Life Assurance Company managing director Jarmo Kuisma.

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