Skandia is a Swedish financial services corporation that provides insurance, banking and asset management services.
Between 2006 and 2015, the financial group underwent major changes. From an insurance company with the main emphasis on non-life insurance to a business that is globally focused on savings, to once again becoming a Nordic banking and insurance group with a focus on security and long-term savings. In February 2006, the South African company Old Mutual took over the majority of shares in the company. In March 2012, Skandia Liv bought Skandia's Nordic operations back from Old Mutual and decided to transform Skandia into a customer-owned, mutual company retaining the Skandia name.
History
Skandia started out as a Swedish insurance company in 1855. It would go on to operates in Europe, Latin America, and Asia. Skandia also operated 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 3 February 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, was the United Kingdom which was launched back in 1979. Their UK headquarters was Skandia House in Southampton. Skandia in the UK, along with Old Mutual Global Investors, formed Old Mutual Wealth. As well as in the UK, Old Mutual Wealth had operations in Europe and various international markets, overseeing £78.5 billion in customer investments. Paul Feeney was 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. Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region were rebranded as 'Old Mutual Wealth' in September 2014.
Operations
Following the sale of Skandia in Sweden, Denmark and Norway, the Skandia brand operates independently of Old Mutual.
Skandia Poland sponsors the Skandia Marathon, a cycling event organised by Langteam in which over 1000 competitors, aged from 4 to 80 years old, take part.
Rebranding
right|Skandia's old logo|thumb
Following Old Mutual's takeover, Skandia announced it would be "going green" and underwent a rebranding from January 2008. The company announced that it would take 18 months for the rebranding to complete, with the UK and offshore division being first. The old logo was replaced with a new one to be more in-line with Old Mutual's colours.
Following Old Mutual’s sale the Nordic businesses (Sweden, Denmark, Norway) in March 2012 to the Swedish-based Skandia Liv, a partly mutual assurer, Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region were rebranded as 'Old Mutual Wealth' in September 2014.
List of chief executive officers
- 1855–1858 – Carl Gustaf von Koch
- 1858–1861 – C D Jederholm
- 1861–1869 – A W Dufva
- 1869–1886 – Elis Fischer
- 1887–1897 – Gustaf Lagerbring
- 1897–1920 – Karl Herlitz
- 1920–1930 – Oscar Kinnander
- 1930–1944 – Pär Ulmgren
- 1944–1955 – Iwar Sjögren
- 1955–1961 – Bengt Petri
- 1961–1969 – Pehr Gyllenhammar
- 1970–1971 – Pehr G. Gyllenhammar
- 1971–1981 – Arne Lundeborg
- 1981–1996 – Björn Wolrath
- 1997–2003 – Lars-Eric Petersson
- 2003–2004 – Leif Victorin
- 2004–2006 – Hans-Erik Andersson
- 2006–2008 – Julian Roberts
- 2008–2010 – Bertil Hult
- 2010–2012 – Mårten Andersson
- 2012–2015 – Bengt-Åke Fagerman
- 2015–present – Frans Lindelöw