Veritas’ Board of Directors approves merger with Pensions-Alandia

In accordance to the plan of merger, Veritas and Pensions-Alandia will merge in 2019 to form a financially-sound pension company that specialises in services for small and medium-sized businesses.

Once the merger plan received the approval of the Board of Directors of Pensions-Alandia, the companies jointly submitted a merger application to the Financial Supervisory Authority, whose permission is required for the merger to go through.

“This merger will further improve Veritas’ operational foundations and safeguard the continuation of reliable services for customers in the Åland Islands”, states Stefan Mutanen, Chairman of the Board of Directors at Veritas.

In practice, this merger signifies Veritas’ acquisition of Pensions-Alandia. Carl Pettersson, CEO of Veritas, will serve as the CEO of the merged operations.

“This merger is the next natural step for the successful collaboration we have had with Pensions-Alandia for more than 50 years. The merger of the two companies will provide us with the financial strength to develop our services, particularly in terms of the needs of our primary target group, small and medium-sized businesses run by entrepreneurs”, Pettersson adds.

Furthermore, the annual savings of approximately one million euro in administrative costs will considerably increase the company's client bonuses.

No action required by customers

If the merger gets the green light from the Financial Supervisory Authority, Pensions-Alandia customers will become Veritas customers as of 1 January 2019. All insurance terms and conditions and pension benefits will remain unchanged. Pettersson assures that the same will be true for the high level of service provided by the company.

“Our customers have rated our service as the best on the mainland for four years running. Upon the enactment of the merger, all our personal and digital services concerning insurance, well-being at work and financing will be immediately available to Pensions-Alandia customers”, says Pettersson. 

This merger will signify a 10 per cent increase in Veritas’ insurance portfolio and investment assets. After the merger, Veritas will manage insurance for an estimated 19,500 policyholders and an investment portfolio worth approximately 3.5 billion euro. These figures are based on information from the financial statements for 2017.

Further information

Stefan Mutanen, Chairman of the Board of Directors, tel. +358 (0)50 341 5207
Carl Pettersson, CEO, tel. +358 (0)10 550 1600