Old Mutual To Exit Finnish Market With Sale Of Unit

Law360, New York (December 21, 2011, 8:23 PM EST) -- International insurance provider Old Mutual PLC announced Wednesday it will sell the Finnish branch of its Skandia Life Assurance Co. Ltd. to Finnish financial services company OP-Pohjola OSK for an undisclosed sum.

The acquisition will involve the transfer to OP-Pohjola of some 100,000 customers' unit-linked life and pension policies, with with total assets of around €1.3 billion ($1.7 billion) as of Sept. 30, OP-Pohjola said.

The company said the acquisition will require no action on Skandia Life customers' part. Following the acquisition, Skandia Life customers will...
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