Hansabank becomes the largest life insurer in Baltics
Following the acquisition of UAB Lietuvos Draudimo Gybuves Draudimas, a Lithuanian insurance company, from Codan of Denmark last week, Hansabank has become the Baltics’ largest life insurer.
Hansabank paid EEK 288 million for LDGD which is the largest player on the Lithuanian life insurance market. Lithuania has the largest life insurance market in the Baltic states.
Priit Põldoja, head of the investment management division of Hansabank, said that the bank prepared the transaction for three months. “We were interested since the market leader was on sale,” said Põldoja, adding that there were no other bidders.
Paavo Põld, head of Hansapanga Kindlustus, said that the bank’s success in the life insurance market is based on its extensive network of bank offices. “Our insurance business is closely integrated into our bank business,” explained Põld.
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