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Nordea and ERGO starts cooperating in life insurance business in the Baltic States

December 13, 2012

Nordea is improving its life product offering to customers in the Baltic States, by expanding the offering to Estonia and Latvia and increasing the product range in Lithuania.

“Cooperation with ERGO would help us to develop and offer our customers quick and extensive life products. Thus we would ensure that also in the future we keep our positions as a leading, solid life and pension provider, for the benefit of our customers, employees and shareholders. We are working now to ensure that our clients receive a new life product offering already in the spring of the next year,“ says Vahur Kraft, Nordea Head of Banking Estonia.

“Bancassurance is a very important part of ERGO Group's international growth strategy.  ERGO Insurance Group has consistently expanded its bancassurance activities in Europe and Asia with successful results. Our first bancasurance cooperation in the Baltic States experience draws back to 2009. With the new partnership with Nordea we will be able to become one of the leading companies in bancassurance in the Baltic States. Moreover, we have strong ambitions in demonstrating the highest competence in value creation for customers of our current partner”, says Maarika Liivamägi, Member of the Management Board of ERGO Insurance Group in the Baltic States.

The cooperation gives a possibility for Nordea clients to acquire life insurance services through bank. In Estonia new products sales start in spring 2013.The distribution agreement with ERGO will not change Nordea existing management of pension funds.

ERGO Insurance Group in the Baltic States

ERGO has been among leading insurance groups in the Baltic States and the only one to offer a complete range of coverage including property insurance and accident insurance along with life, pension and health insurance. Premiums of ERGO Baltic totalled EUR 138.2 million in 2011. Last year customers in the Baltic countries were paid more than EUR 82.3 million for insurance claims. ERGO Insurance Group is also present in Belarus offering services in the non-life sector. Over 550,000 customers in the Baltic States trust the services, know-how and financial stability of ERGO Group.

ERGO companies operating in the Baltic countries are part of the international ERGO Group – one of the largest insurance corporations in Europe with annual written premiums totalling EUR 20 billion. In 2011 ERGO paid out benefits to customers amounting to EUR 17.5 billion. Worldwide, the Group is represented in over 30 countries and concentrates on Europe and Asia.

ERGO is part of Munich Re, one of the leading reinsurers and risk carriers worldwide.

Nordea

Nordea's vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. We are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 11 million customers, approx. 1,400 branch offices and is among the ten largest universal banks in Europe in terms of total market capitalisation. The Nordea share is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Helsinki and Copenhagen.