Dublin-based SEB Life International Assurance has decided to stop doing business with financial advisers outside of Sweden and Finland with effect from 1 October 2018.
SEB Life, which specialised in the cross-border distribution of insurance-based investment products across the European Union, said the decision followed an internal review of its business.
“The company has recently completed a strategic review of its business activities and has decided not to accept further new business from intermediary channels outside of Sweden and Finland,” it said in a statement on Monday.
“As a result, the company will not accept further intermediated new business from the UK, Spain, France, Italy, Cyprus or Malta,” it said.
"We now aim to refocus on the Nordic home markets."
All existing policies are unaffected by the decision and will be maintained by the company in the usual way. SEB Life will continue to accept additional premiums on existing policies.
Refocus on home market
Chief executive Peder Nateus said: “The recent distribution review was an important step forward in the firm’s strategic development strategy. We now aim to refocus on the Nordic home markets while developing our service proposition for all of our clients.”
In a statement to financial advisers with terms of business with SEB the company said: “We wish to inform you that we will be declining to accept any business transmitted to the company from 30 September 2018. We will accept completed application forms (as defined in the terms) received from you until 30 September 2018.
“As a consequence of the foregoing decision, we will be varying the terms and will be providing you with details of those variations by 28 September 2018.
SEB Life International was formerly known as Irish Life International and changed its name in September 2011. It was founded in 1994 and is based in Dublin, Ireland.
