Aktia Pankki Oyj and unit Aktia Livförsäkring AB agreed to acquire Forsakringsaktiebolaget Liv-Alandia's life insurance portfolio in the first quarter of 2020.

Liv-Alandia, a subsidiary of Alandia Försäkring Abp, has a portfolio of approximately 11,000 life insurance policies, which Aktia has mostly handled for 56 years. Aktia has also been in charge of customer service for Liv-Alandia's customers since the company placed its life insurance portfolio into runoff at the beginning of 2019.

The transfer is subject to approval from the Finnish Financial Supervisory Authority.

Alandia Försäkring Abp, formerly known as Försäkringsaktiebolaget Alandia, will focus on marine, boat and transport insurance.