Originally announced in November last year, the transaction was finalised today following the granting of regulatory approvals.
Skandia Poland was number 17 on the Polish life insurance market in 2013 and recrded premiums of around €95m.
The company had been on the Polish market for more than 14 years and sold its products through banks, insurance brokers and insurance platforms.
At the time of the original agreement to sell, Peter Hagen, chief executive of Vienna Insurance Group, said: “This purchase marks a very satisfying and important step in our development in our core market Poland which has high growth potential.
“The addition of the Skandia Poland product range will significantly expand our portfolio of unit-linked life insurance policies.”
Chief executive at Old Mutual, Paul Feeney, added: “We are very pleased to have reached this agreement with VIG.
“Our decision to sell Skandia Poland is driven by our strategic commitment to simplify our operations in Europe and focus on a select number of core growth markets.”
Vienna Insurance is the leading insurance group in Austria, Central Europe and Eastern Europe. It is formed from 50 companies in 25 countries with a total of 23,000 employees.
In March, Old Mutual agreed terms to sell its German and Austria Skandia business units to a Conven and Hannover Re acquisition vehicle for €220m.
The company said the deal, which is subject to regulatory approvals, is part of its commitment to “simplify its operations in Europe and focus on a select number of core growth markets”. It is expected to complete by the end of the third quarter this year.
Based in London, Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6bn and had £262bn in funds under management.
