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In connection with the acquisition of Sampo's banking operations by Danske Bank A/S in early 2007, Sampo Bank plc (now Danske Bank Plc), and Sampo Life Insurance Company Ltd (now Mandatum Life Insurance Company Ltd) signed an agency agreement that guaranteed Sampo Life the exclusive right to sell life and pension insurance products through Sampo Bank's branch network in Finland.
Mandatum Life has decided not to prolong the agency agreement as of 31 December 2016. In relation to the agency agreement Mandatum Life has the right to sell the insurance portfolio sold through Danske Bank's branch network in Finland, to Danske Bank. Mandatum Life will decide by the end of October 2016 whether it will use this option.
In case Mandatum Life will use its option the valuation of the portfolio will be conducted by a third party in accordance with the terms and conditions of the bank transaction agreement referred to above. The valuation is estimated to take until the summer of 2017 and the transfer of the portfolio is estimated to take place during the fourth quarter of 2017. The transfer is subject to regulatory approvals.
The portfolio consists of 151,000 policies and the technical reserves related to the portfolio amounted to EUR 3,060 million at the end of 2015. The portfolio accrued premiums of EUR 453 million in 2015 and contains almost exclusively unit linked and loan insurance products. The amount of with profit technical reserves is EUR 212 million.
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