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Finnish regulator greenlights merger of 2 pension insurers

The Finnish Financial Supervisory Authority approved the merger between local insurance companies Ilmarinen Mutual Pension Insurance Co. and Keskinäinen Eläkevakuutusyhtiö Etera.

Shareholders of both insurers have already approved the merger, which is slated to take effect Jan. 1, 2018, and will create the largest private sector earnings-related pension insurer in Finland.

Etera's current customers will transfer to Ilmarinen at the start of 2018.