Skandia
 |
|
| Private company | |
| Industry | Financial services |
| Founded | 1855 |
| Headquarters | , Sweden |
|
Area served
|
Sweden |
|
Key people
|
Bengt-Åke Fagerman (CEO) |
| Products |
Life insurance Savings and investment Asset management Banking Short-term insurance Annuities Mutual funds |
|
Number of employees
|
2,500 (2013) |
| Parent | Old Mutual |
| Website |
www.skandia.se www.skandia.com |
Skandia is a large independent provider of products for long-term savings and investments. They offer products and services that cater for various financial needs and security. Skandia pioneered the "MultiManager" approach, which has now been adopted by most life insurance providers.
Skandia started out as a Swedish insurance company in 1855. Today the brand operates in Europe, Latin America, and Asia. Skandia also operates an internet bank called Skandiabanken in the Nordic region.
In 1979, the company formed a UK subsidiary, Skandia Life.
In 2003 the operations in North America, American Skandia, were acquired by Prudential Financial. The CEO of American Skandia, Wade Dokken partnered with Goldman Sachs and sold the division to Prudential Financial for $1.2 billion.
In 2005 South African financial services group Old Mutual launched a $6.5bn (£3.6bn) bid to acquire majority control of Skandia, which was met with resistance from some of Skandia's shareholders and directors. On February 3, 2006 Old Mutual completed its acquisition of Skandia, which was subsequently delisted from the Stockholm and London stock exchanges.
Skandia's largest operation, in terms of new business and profit, is the United Kingdom which launched in 1979. Their UK headquarters is Skandia House in Southampton. Skandia in the UK, along with Old Mutual Global Investors, forms Old Mutual Wealth. As well as in the UK, Old Mutual Wealth has operations in Europe and various international markets, overseeing £78.5 billion in customer investments (as at December 2013). Paul Feeney is the Chief Executive Officer of Old Mutual Wealth.
In March 2012 Old Mutual sold the Nordic businesses (Sweden, Denmark, Norway) to the Swedish-based Skandia Liv, a partly mutual assurer, in an all-cash deal for £2.1bn. Following this, Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region are being rebranded as 'Old Mutual Wealth' in September 2014.
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Wikipedia