The company said Skandia Ireland is the “primary offering” through which it offers its products, and has been operating in Europe “for quite a few years now”.
In a statement, Skandia International, the offshore business of Old Mutual Wealth, said: “In line with our broader strategic objectives of simplifying our business, we have decided that now is the time to streamline our proposition in continental Europe and cement Skandia Ireland’s position as our primary product provider in that market.”
This year has seen significant change in the European life market. In March, International Adviser reported on a decision by Hansard Global to close its Dublin-based business, Hansard Europe, after deciding that it is in the “long term interests of the group” to reduce exposure to the region.
Friends Provident International, the international arm of Resolution-owned Friends Life, has also scaled back its European business, closing its office in Germany
Conversely, Canada Life reaffirmed its commitment to the market with the addition of a Dublin-based presence, Canada Life International Assurance, to sit alongside its existing Isle of Man offering.
