Savings Banks Group and Fennia agree on long-term cooperation

Savings Banks Group and Fennia Life have agreed that the entire share capital of Sb Life Insurance Ltd will be sold to Fennia Life. The transaction requires approval by the authorities. Sb Life Insurance, founded in 2007, is a Finnish life insurance company owned by the Savings Banks Group. Sb Life Insurance offers private customers and companies modern savings and risk insurance products. The Savings Banks and Oma Savings Bank Plc act as agents for the company. Services provided to clients will not be affected by the transaction. The parties estimate that the cooperation will begin and the acquisition will be completed in the second half of 2025. 

Savings Banks Group continues to grow and implements its strategy  

The planned transaction implements Savings Banks Group's new group strategy approved in the summer of 2024, which aims at growth and the best service in the banking sector. The purpose of the Savings Banks Group is to promote the financial well-being of customers, and cooperation with Fennia will play an important role therein. In addition, the transaction will release capital for projects supporting the implementation of the strategy. When completed, the transaction will have a positive impact on Savings Banks Group's result for the financial year 2025. 

‘I believe our customers will benefit from this arrangement. Our cooperation with Fennia strengthens our opportunities to invest in product development and expand our product range. Fennia is the best possible partner for the Savings Banks Group, as we complement each other and share similar values,’ says Kai Koskela, CEO at Savings Banks' Union Coop. 

Fennia aims to expand its life insurance business  

Fennia is a Finnish, client-owned insurance company with strong roots and long experience in damage and life insurance. The company offers its customers a wide range of insurance solutions and develops its operations focusing on customer and personnel experience. The objective is a profitable and responsible business.  

‘The acquisition supports our goal to expand our life insurance business. Growth helps us to develop our operations and services. This is how we create value for our customers. Savings Banks Group will be a new strong partner, whose values we share,’ says Johanna Ahvenainen, CEO at Fennia Life.

Fennia Life is a subsidiary of Fennia and specializes in voluntary life, pension and savings insurances. The company offers its customers solutions for financial security. 

Additional information and interview requests: 

Kai Koskela 
CEO, Savings Banks’ Union Coop 
+358 40 549 0430 
kai.koskela@saastopankki.fi 

Savings Banks Group has promoted the financial wellbeing of individuals and the community for 200 years. We want to be known for our bravery, expertise and passion for excellent customer service. We share part of our profits to promote local welfare, education and research. Savings Banks Group consists of local Savings Banks around Finland and the Savings Banks Centre. In addition to comprehensive retail banking services, we provide our customers with investment, real estate and insurance services.