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INVL Life

Your future partner INVL

The Finnish life insurance company Mandatum Life Insurance Company Limited is transferring its Baltic operations to INVL Life, a part of the INVL investment group which has been operating for 30 years. INVL Life will take over the Baltic life insurance business that Mandatum Life has conducted through its branches in Lithuania, Latvia and Estonia, including employees, by 31 August 2022 at the latest, after all the necessary licenses and permits have been granted by supervisory authorities in the Baltic States and Finland. Mandatum Life will continue focusing on the Finnish market and on wealth management in Finland.

By combining the INVL Group’s 30 years of investment experience with Nordic life insurance competencies and traditions in the Baltic States, we, the INVL Group will strive to help people ensure their own and their loved ones’ financial well-being and security across the different stages of their lives. We will do so by offering a range of life insurance, long-term investment and pension accumulation solutions.

About “INVL Life”

The entire life insurance business of Mandatum Life in the Baltic States will be taken over by the INVL group company INVL Life UADB, which was granted an insurance license by the Bank of Lithuania on 8 March 2022. INVL Life will begin conducting insurance activities only after the transfer of the business, which is planned by 31 August 2022.

The authorized capital of INVL Life amounts to 48 million euros. That is one of the largest authorized capitals of any life insurance company registered in the Baltic States. Taking a long-term perspective, we have formed an amount of authorized capital which is sufficient to assume the insurance portfolio of Mandatum Life and further develop the life insurance business.

Rasa Kasperavičiūtė
Rasa Kasperavičiūtė

CEO of INVL Life

Rasa Kasperavičiūtė
Rasa Kasperavičiūtė

CEO of INVL Life

Vytenis Lazauskas
Vytenis Lazauskas

Member of the Board, Head of the Finance Division of INVL Asset Management

Vytenis Lazauskas
Vytenis Lazauskas

Member of the Board, Head of the Finance Division of INVL Asset Management

Martynas Samulionis
Martynas Samulionis

Member of the Board, Managing Partner of the INVL Sustainable Timberland and Farmland Fund II

Martynas Samulionis
Martynas Samulionis

Member of the Board, Managing Partner of the INVL Sustainable Timberland and Farmland Fund II

What to expect?

All customer insurance contracts concluded by Mandatum Life through its branches in Lithuania, Latvia and Estonia which are taken over by INVL Life shall continue with certain changes related to the conversion of investment objects, as detailed below.

Customers are not required to take any action with regard to the change in investment programmes, but may act on their own initiative to reallocate the accumulated capital or change the plan of investment premiums by submitting an investment order.

Customers’ funds from the investment programmes of Mandatum Life will be transferred to investment programmes created by INVL Life which are as similar as possible.

What will change in regards to investment programmes?

  • Units of Mandatum Life Lithuania/Latvia/Estonia investment programmes will be replaced by INVL Life investment programme units. The change in the number of units will be due to the difference in unit prices between the investment programmes. The change in the number of units will have no impact on the amount of accumulated capital.
  • The name of the investment programme specified in an insurance contract’s accumulated capital and/or insurance premium investment plan will be changed.
  • Mandatum Life Lithuania/Latvia/Estonia provides monthly investment reviews to clients whose insurance contracts’ accumulated capital or investment premium plan are linked to the Mandatum Allocation Fixed Income, 25, 50, 80 or Equity+ programmes. After the transfer date, INVL Life will provide quarterly investment reviews for all new investment programmes.

The table below shows how your chosen Mandatum Life investment programme will change after the transfer of operations to INVL by 31 August this year at the latest:

Mandatum Life Lithuania investment program prior to transfer INVL Life investment program after transfer
Mandatum Allocation Equity+ (investment risk level ­– 3) INVL Index Plus (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Allocation 80 (investment risk level ­– 3) INVL Index Plus 80 (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/
Mandatum Allocation 50 (investment risk level ­– 3) INVL Index Plus 50 (investment risk level – 3). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/.
Mandatum Pension (investment risk level ­– 2)
Mandatum Allocation 25 (investment risk level ­– 2) INVL Index Plus 25 (investment risk level – 2). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/
Mandatum Allocation Fixed Income (investment risk level ­– 2) INVL Fixed Income (investment risk level – 2). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/
Mandatum Money Portfolio (investment risk level ­– 2)
Mandatum AM Money Abs (investment risk level ­– 2)
Mandatum AM Fixed Income Portfolio (investment risk level ­– 2) INVL Corporate Debt (investment risk level – 3). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/.
Mandatum Life Nordic High Yield Total Return Fund A EUR (investment risk level ­– 4) INVL Nordic High Yield Debt (investavimo rizikos lygis – 5). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Emerging Markets Bond Index (investment risk level ­– 3) INVL Emerging Markets Debt (investment risk level – 5). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Gold Index (investment risk level ­– 4) INVL Gold (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum USA Index (investment risk level ­– 5) INVL USA Equity (investment risk level – 5). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Emerging Markets Index (investment risk level ­– 4) INVL Emerging Markets Equity (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum AM Global Sustainable Equity (investment risk level ­– 4) INVL Global Sustainable Equity (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Global Climate Index (investment risk level ­– 4)
Mandatum AM Managed Futures (investment risk level ­– 3)
Mandatum AM European Small & Mid Cap (investment risk level ­– 4) INVL Europe Equity (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/.
Mandatum Finland Index (investment risk level – 5) INVL Northern Europe Equity (investment risk level – 4). More information about investment basket can be found in the Key information document and in the address https://www.invl.com/en/insurance/customer-information/ .
Mandatum Nordic Equity (investment risk level – 4)

DUK

What will happen to my contract? Do I need to do anything?

INVL Life plans to complete the transfer of the Baltic insurance business of Mandatum Life no later than 31 August 2022, after obtaining the necessary licenses and permits from the supervisory authorities, the Competition Council and other responsible authorities. We have already received some of these permits and we expect to receive the rest by the date of completion of the transfer.

Upon completion of the transaction, INVL Life, a company of the INVL investment group holding an insurance company license, will take over all the rights and obligations of Mandatum Life related to insurance contracts in the Baltic States and will continue to perform them. All customer insurance contracts of Mandatum Life concluded through that company‘s branches in Lithuania, Latvia and Estonia which are taken over by INVL Life shall remain valid under the terms and conditions specified in those contracts, You, therefore, do not need to do anything, although unit-linked customers may on their own initiative make changes to the investment programmes associated with their insurance contracts.

We shall provide detailed information on the transfer of insurance contracts in public notices, on websites and by e-mail and/or post.

Will the terms of my insurance contract change?

The insurance terms and conditions and price lists applicable to insurance contracts remain in force as specified in the contracts. After the completion of the transaction, the insurer and the investment programme manager will change to INVL Life, an insurance company of the INVL investment group, which  will take over all the rights and obligations of Mandatum Life‘s Baltic branches. The investment programmes chosen by the customers of Mandatum Life will be replaced with investment programmes newly created by “INVL Life” which are as similar as possible. INVL Life will maintain the majority of the most popular investment programmes, combining directions of similar strategy. In insurance contracts, the investment units of the Mandatum Life investment programme will be replaced by units of the INVL Life investment direction. The number of investment units will change due to the difference in unit prices. The change in the number of units will not have any effect on the amount of accumulated capital.

Assets from the Mandatum Life Lithuania/Latvia/Estonia investment programmes will be transferred to newly created INVL Life investment programmes which are as similar as possible, and the Mandatum Life Lithuania/Latvia/Estonia investment programmes selected in your insurance contract’s accumulated capital and the investment premiums plan will be changed to INVL Life investment programmes in accordance with the list in the table

Can I object to the transfer of an insurance contract to INVL Life and terminate it? Under what conditions?

A policyholder has the right to terminate an insurance contract at any time by notifying the insurer in writing and providing the documents and information requested by the insurer.

Contracts must be terminated in accordance with the procedure established in the insurance terms and conditions applicable to the insurance contract. Upon termination of a unit-linked  or traditional savings insurance contract, the surrender value is paid to the policyholder under the terms of the insurance contract.

In addition, Lithuanian legislation give customers of the Lithuanian branch of Mandatum Life who do not agree to the transfer of rights and obligations under the insurance contracts the right to terminate their contract on this basis within 1 month of the date of the transfer of rights and obligations.

What new opportunities does this deal open up for me?

After the completion of the transaction, which is scheduled for 31 August 2022 at the latest, Latvian and Lithuanian customers of Mandatum Life will have the opportunity to acquire the long-term savings and investment solutions that the INVL investment group currently offers in their country: from investment and pension funds and individual portfolios to private equity and other alternative investments.

We plan to offer INVL Family Office services to the existing customers of Mandatum Life‘s unit-linked “Wealth  Management Service” insurance. These include family investment property strategy development, analysis of third-party products and services, representation of customer’s interests, tax and inheritance planning decisions, and other services related to financial welfare.

Operating in the three Baltic States, we will share our experience with customers, seeking the best solutions to ensure a safer financial future for them and provide them with access to more financial services in one place.

Where can I track the status of my insurance contract? Can I use the self-service and other portals later?

We will maintain and develop the existing customer service platforms of Mandatum Life in order to continue providing convenient customer service that meets the highest standards. We will also strive to offer customer with multiple different services the simplest and easiest way to access those services and information about them. We will notify you of any changes in advance in the manner you choose.

What will happen to automatic payments (e-invoices)?

We are currently working intensely on this issue, making every effort to minimize any inconvenience to e-invoice holders. More detailed information will be provided later at www.invl.com and www.mandatumlife.lt/ , and if additional steps are required, we will inform you additionally, using the information provided in the contract. You do not need to do anything at this point.

Where can I get help if I have questions?

As a customer of Mandatum Life, your consultant remains the same as before.

You can get more information by contacting Mandatum Life at the usual contacts:

  • By phone: +370 5 210 9390;
  • At the address: Saltoniškių str. 2, LT-08126 Vilnius;
  • By e-mail: info@mandatumlife.lt.

If you have any questions about the INVL investment group’s services, you can contact our customer advisors in the following ways:

Regarding pension and other investment products in Lithuania:

Regarding Family Office services in Lithuania: