SPP LivfA[pilcrow sign]rsakring and SPP Liv FondfA[pilcrow sign]rsakring receives SFSA's approval to merger.
NORDIC BUSINESS REPORT-December 9, 2014-SPP LivfA[pilcrow sign]rsakring and SPP Liv FondfA[pilcrow sign]rsakring receives SFSA's approval to merger
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SPP Livforsakring AB (SPP Liv) (STO: SPPL1) and SPP Liv Fondforsakring AB (SPP Fondliv) announced on Monday that on 26 November 2014 the companies received the Swedish Financial Supervisory Authority's (SFSA) approval to execute their joint merger plan.
Also, in connection with the application for approval of the merger plan, SPP Fondliv applied to the SFSA for approval to include the subordinated loan (Sw. forlagslan) issued by SPP Liv on 27 February 2014 in its capital base under Solvency I.
According to the companies, the SFSA has dismissed the application. Reportedly, the SFSA has based its decision on inter alia that the solvency of the company is too strong to grant approval.
This decision affects the solvency ratio of the company following the merger by a negative 0.16. As a result, the solvency ratio of the company following the merger will now be 1.97, based on the companies' published accounts as of 30 September 2014.
SPP Fondliv is reportedly planning to appeal the decision.
SPP Livforsakring, a company within the occupational pensions market in Sweden, includes SPP Liv Fondforsakring, SPP Liv Pensionstjanst and SPP Konsult.
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|Title Annotation:||SPP Livforsakring AB|
|Publication:||Nordic Business Report|
|Article Type:||Brief article|
|Date:||Dec 9, 2014|
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