AMWatch

Last pensions merger seen for Finland as Veritas absorbs Alandia

More consolidation in the Finnish pension market is on the way in January when the EUR 3.19 billion pension insurance company Veritas merges with EUR 300 million Alandia-Pension. Veritas' CEO suggests this could be the sector's last link-up.

Photo: Veritas

Once the merger set for the start of next year takes place, Finnish pension providers Veritas and Alandia will form a EUR 3.5 billion mutual pensions insurer specializing in pensions for small and medium-sized businesses.

Veritas’ CEO Carl Pettersson says the link-up will expand Veritas' portfolio by some 10 percent and give rise to total cost savings of nearly EUR 2 million, half of which will fall away from investment-related management costs with the other half coming from administrative costs.

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