Bank of Lithuania has granted an insurance licence to Invalda INVL asset management group subsidiary INVL Life.

The licence will enable INVL Life to conduct life insurance activities.

The company was established as part of Invalda INVL’s preparations to acquire Finnish life insurance company Mandatum Life’s Baltic business. The agreement to acquire the business was signed last year.

According to a company statement, INVL Life’s paid-in share capital of €48m is the largest among all life insurance companies registered in the Baltic countries.

Commenting on the licence award, INVL Life CEO Rasa Kasperavičiūtė said: “This is an important step in expanding the insurance market and life insurance services in Lithuania. It is the first life insurance licence issued in the country in the last 20 years.”

The acquisition is expected to complete in the following months.

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Once complete, INVL Life will acquire Mandatum Life’s insurance business in Lithuania, Latvia and Estonia.

The business has more than 30,000 customers.

All employees working in the Baltic branches will also migrate under the new ownership.

“After the transaction’s completion, the INVL group will add to the list of services it offers life insurance, unit-linked life insurance, and supplementary coverage such as critical illness and accident insurance,” the Invalda INVL statement added.