OREANDA-NEWS. January 25, 2011. Developing in line with the concept of universal banking, Swedbank, is expanding non-life insurance services by establishing a non-life insurance company branch in Lithuania, reported the press-centre of Swedbank.

Swedbank Varakindlustus AS (hereafter - Swedbank Insurance) will establish a new branch, seeking to start offering non-life insurance services under the single Swedbank brand in Lithuania, one of Swedbank’s home markets.

“The decision to establish a branch of the non-life insurance company is based on our goal to offer unified financial services for our customers in all Baltic countries”, says Margus Liigand, CEO of Swedbank non-life insurance company. “The bank’s experience, infrastructure, advanced IT system, focus on service and the resources of the whole Swedbank in service development will advance our platform for ensuring quality.”

Expectedly, the branch will start operating already in the second half of the year, focusing on Swedbank’s existing and new customers. Given the bank’s experience and resources, Swedbank Insurance will be capable of providing them with relevant non-life insurance offerings. “A new market player expands offering, and in market economy it leads to greater choice of services for the customer”, says Margus Liigand.

At the outset, Swedbank Insurance will offer travel, motor own damage and property insurance (for private customers).

[Facts about the company]
Swedbank Insurance is operating in Estonia since 2006 and its Latvian branch since 2009. The company has 60 employees and over 185 thousdand customers. The company offers motor own damage (casco) and third party liability, property, travel and credit payment protection insurance, and has 16 per cent market share in Estonia and 3 per cent of the market in Latvia.