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Mandatum Life gets negative tax ruling on cooperative agreement with Danske Bank

Sampo Oyj unit Mandatum Life Insurance Co. Ltd. disclosed that it received a negative tax decision related to a distribution and management agreement for insurance products with Danske Bank A/S.

The parties are committed to negotiations about the effects of the decision, which differs from the companies' and their legal advisers' expectations.

The Finnish life insurance group in April decided to cancel the transfer of an insurance portfolio it originally agreed to sell in October 2016. However, the companies did come to a cooperation agreement that would see Mandatum Life pay higher commissions for both new sales and the existing portfolio.