We advised INVL Life, a subsidiary of the Invalda INVL asset management group, on obtaining a licence to conduct life insurance activities in Lithuania. This is an exceptional case as it is the first insurance licence issued in the last 20 years.
INVL Life was established as part of the group’s acquisition of the Baltic business of Mandatum Life, a Finnish life insurance company. INVL Life has paid-in share capital of EUR 48 million, which is the largest share capital of all life insurance companies registered in the Baltic States.
After completion of the transaction, INVL Life will take over Mandatum Life’s insurance business in Lithuania, Latvia and Estonia, which has more than 30,000 customers.
Following the completion of the transaction, INVL group will offer life insurance, unit-linked life insurance, and additional protection such as critical illness and accident insurance among its services.
Our services and team
Our team consisted of partner Tomas Kontautas, senior associates Agnė Sovaitė, Vitalija Impolevičienė and Mindaugas Dominykas Baniulis, associates Simona Timbarienė and Laura Matuizaitė. We provided consultation to the client on all aspects of obtaining an insurance company licence, as well as representing the client at the Bank of Lithuania throughout the licensing process.