Tapiola Pension and Pension Fennia aim at forming a new strong employment pension company
The Boards of Directors of Mutual Insurance Company Pension Fennia (Pension Fennia) and Tapiola Mutual Pension Insurance Company (Tapiola Pension) have decided to sign a letter of intent on commencing merger planning of the two companies. The plan aims at creating a new employment pension company which will provide its customers with high-quality services for managing the pension provision as well as competitive customer benefits.
The common goals are to improve the overall efficiency of the management of earnings-related pension insurance as well as establishing a strong and responsible employment pen-sion player to manage its customers’ pension provision and pension assets in the challenging and changing operating environment.
The new company will offer earnings-related pension insurance services to all private sector enterprises and self-employed persons. At the start of the operations the clientele will com-prise of the current customers of Pension Fennia and Tapiola Pension.
The new employment pension company is planning to work in close co-operation with Local-Tapiola Group and Fennia Group in the future, too, acting equally as the earnings-related pension insurance partner for both groups of companies. The key success factors of the new company are high-quality service with attention to the customers’ needs, good solvency, high cost-efficiency, and committed expert personnel.
The total premiums written of the new employment pension company will stand at around 3 billion euro, and the combined pension assets of the companies at around 17 billion euro. The solvency margin calculated on the basis of the companies’ current solvency figures (30 September 2012) is 23.7%, which is very competitive in the pension industry. The number of TyEL and YEL insured of the new company will be around 450,000.
The new employment pension company will aim at affecting the high-quality management and further development of the Finnish earnings-related and partially funded pension provision through its own operations. In the development work of the pension system it will co-operate constructively with employer, employee and entrepreneur organisations to make the Finnish earnings-related pension scheme financially and socially sustainable and efficiently managed.
The goal is that the parties will prepare a merger plan which will be handled by the administrative bodies of the companies by 31 May 2013. According to the letter of intent, the merged company will start operations on 1 January 2014, provided that the company law process and official handling have been completed.
Further information:
Pension Fennia Pekka Sairanen, Chairman of the Board, tel. +358 50 515 1070
Lasse Heiniö, Managing Director, tel. +358 10 503 7204
Matti Carpén, Deputy Managing Director, tel. +358 50 560 0600
Mika Ahonen, Director, tel. +358 40 726 7281
Tapiola Pension Harri Miettinen, Chairman of the Board, tel. +358 50 388 3070
Satu Huber, Managing Director, tel. +358 50 568 8325
Keijo Kouvonen, Deputy Managing Director, tel. +358 40 583 7923
The common goals are to improve the overall efficiency of the management of earnings-related pension insurance as well as establishing a strong and responsible employment pen-sion player to manage its customers’ pension provision and pension assets in the challenging and changing operating environment.
The new company will offer earnings-related pension insurance services to all private sector enterprises and self-employed persons. At the start of the operations the clientele will com-prise of the current customers of Pension Fennia and Tapiola Pension.
The new employment pension company is planning to work in close co-operation with Local-Tapiola Group and Fennia Group in the future, too, acting equally as the earnings-related pension insurance partner for both groups of companies. The key success factors of the new company are high-quality service with attention to the customers’ needs, good solvency, high cost-efficiency, and committed expert personnel.
The total premiums written of the new employment pension company will stand at around 3 billion euro, and the combined pension assets of the companies at around 17 billion euro. The solvency margin calculated on the basis of the companies’ current solvency figures (30 September 2012) is 23.7%, which is very competitive in the pension industry. The number of TyEL and YEL insured of the new company will be around 450,000.
The new employment pension company will aim at affecting the high-quality management and further development of the Finnish earnings-related and partially funded pension provision through its own operations. In the development work of the pension system it will co-operate constructively with employer, employee and entrepreneur organisations to make the Finnish earnings-related pension scheme financially and socially sustainable and efficiently managed.
The goal is that the parties will prepare a merger plan which will be handled by the administrative bodies of the companies by 31 May 2013. According to the letter of intent, the merged company will start operations on 1 January 2014, provided that the company law process and official handling have been completed.
Further information:
Pension Fennia Pekka Sairanen, Chairman of the Board, tel. +358 50 515 1070
Lasse Heiniö, Managing Director, tel. +358 10 503 7204
Matti Carpén, Deputy Managing Director, tel. +358 50 560 0600
Mika Ahonen, Director, tel. +358 40 726 7281
Tapiola Pension Harri Miettinen, Chairman of the Board, tel. +358 50 388 3070
Satu Huber, Managing Director, tel. +358 50 568 8325
Keijo Kouvonen, Deputy Managing Director, tel. +358 40 583 7923