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{{short description|Swedish financial services company}}
{{Other uses}}
{{
{{More citations needed|date=April 2008}}
{{Infobox company
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| location_country = [[Sweden]]
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'''Skandia''' is a [[Sweden|Swedish]] financial services corporation that provides [[insurance]], [[bank]]ing and asset management services.
Between 2006 and 2015, the financial group underwent major changes. From having been an insurance company with the main emphasis on non-life insurance to a business that is globally focused on savings, to once again becoming a Nordic banking and insurance group with a focus on security and long-term savings. In February 2006, the South African company [[Old Mutual]] took over the majority of shares in the company. In March 2012, Skandia Liv bought Skandia's Nordic operations back from Old Mutual and decided to transform Skandia into a customer-owned, mutual company retaining the Skandia name.
==History==▼
▲== History ==
In 1979, the company formed a UK subsidiary, Skandia Life.▼
'''Skandia''' started out as a [[Sweden|Swedish]] [[insurance]] company in 1855. It would go on to operates in [[Europe]], [[Latin America]], and [[Asia]]. Skandia also operated an internet bank called [[Skandiabanken]] in the Nordic region.<ref>{{Cite web |date=2015-02-24 |title=Pionjärbolaget Skandia - Skandiahistoria |url=http://skandiahistoria.se/bolaget/pionjarbolaget-skandia/ |access-date=2022-07-25 |archive-url=https://web.archive.org/web/20150224070805/http://skandiahistoria.se/bolaget/pionjarbolaget-skandia/ |archive-date=24 February 2015 }}</ref>
▲In 1979, the company formed a UK subsidiary, Skandia Life.{{Citation needed|date=July 2022}}
In 2003 the operations in [[North America]], American Skandia, were acquired by [[Prudential Financial]]. The CEO of American Skandia, [[Wade Dokken (author)|Wade Dokken]] partnered with [[Goldman Sachs]] and sold the division to Prudential Financial for $1.2 billion.<ref>{{cite web|title=Wade Dokken: Bibliography |url=http://wade-dokken.com/biography/|accessdate=25 February 2011}}</ref>▼
▲In 2003, the operations in [[North America]], American Skandia, were acquired by [[Prudential Financial]]. The CEO of American Skandia, [[Wade Dokken (author)|Wade Dokken]] partnered with [[Goldman Sachs]] and sold the division to Prudential Financial for $1.2 billion.<ref>{{cite web|title=Wade Dokken: Bibliography |url=http://wade-dokken.com/biography/|
In 2005 South African financial services group [[Old Mutual]] launched a $6.5bn (£3.6bn) bid to acquire majority control of Skandia, which was met with resistance from some of Skandia's shareholders and directors. On February 3, 2006 Old Mutual completed its acquisition of Skandia, which was subsequently delisted from the Stockholm and London stock exchanges.<ref>[http://news.bbc.co.uk/1/hi/business/4652406.stm http://news.bbc.co.uk]</ref>▼
▲In 2005 South African financial services group [[Old Mutual]] launched a $6.5bn (£3.6bn) bid to acquire majority control of Skandia, which was met with resistance from some of Skandia's shareholders and directors. On 3 February
Skandia's largest operation, in terms of new business and profit, is the United Kingdom which launched in 1979. Their UK [[headquarters]] is [[Skandia House]] in [[Southampton]]. Skandia in the UK, along with Old Mutual Global Investors, forms Old Mutual Wealth. As well as in the UK, Old Mutual Wealth has operations in Europe and various international markets, overseeing £78.5 billion in customer investments (as at December 2013).<ref>{{cite web|title=About Skandia |url=http://www2.skandia.co.uk/About-Skandia/|accessdate=1 April 2014}}</ref> Paul Feeney is the Chief Executive Officer of Old Mutual Wealth.<ref>{{cite web|title=Skandia UK Directors |url=http://www2.skandia.co.uk/about-skandia/skandia-uk-directors/|accessdate=1 April 2014}}</ref>▼
▲{{as of |2013}}, Skandia's largest operation, in terms of new business and profit,
In March 2012 Old Mutual sold the Nordic businesses (Sweden, Denmark, Norway) to the Swedish-based Skandia Liv, a partly mutual assurer, in an all-cash deal for £2.1bn.<ref name="nordicsale">[http://www.oldmutual.com/mediacentre/pressReleases/viewPressRelease.jsp?pressItem_id=17618 Completion of sale of Old Mutual's Nordic business]</ref> Following this, Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region are being rebranded as 'Old Mutual Wealth' in September 2014.<ref name="rebrand">{{cite web|title=Skandia to become Old Mutual Wealth |url=http://www2.skandia.co.uk/About-Skandia/rename/|accessdate=1 April 2014}}</ref>▼
▲In March 2012 Old Mutual sold the Nordic businesses (Sweden, Denmark, Norway) to the Swedish-based Skandia Liv, a partly mutual assurer, in an all-cash deal for £2.1bn.<ref name="nordicsale">[http://www.oldmutual.com/mediacentre/pressReleases/viewPressRelease.jsp?pressItem_id=17618 Completion of sale of Old Mutual's Nordic business]</ref>
Following the sale of Skandia in Sweden, Denmark and Norway, the Skandia brand operates in these territories independently of [[Old Mutual]].<ref name="nordicsale"/>▼
==
▲Following the sale of Skandia in Sweden, Denmark and Norway, the Skandia brand operates
== Sponsorships ==
Skandia UK was the title sponsor of the world’s largest sailing regatta, Cowes Week, held on the Isle of Wight, UK for 14 years, ending its association in 2008. From April 2006 to March 2013, Skandia UK was the title sponsor of the British sailing team, Skandia Team GBR. The team competed in the Olympic and Paralympic classes and included multiple Olympic gold medal winners such as Ben Ainslie and Iain Percy.<ref name="Sponsorships">[http://www.oldmutual.com/about/sponsorships.jsp Old Mutual Group Sponsorships]</ref>
Skandia Poland sponsors the Skandia Marathon, a cycling event organised by Langteam in which over 1000 competitors, aged from 4 to 80 years old, take part.<ref name="Sponsorships" />
Skandia International, which specialises in offshore investment, sponsors the Royal Hong Kong Yacht Club and partners the United Arab Emirates Professional Golf Association in Singapore.<ref>{{cite web |url=http://www.sailskandia.co.uk/overseassponsorship/rhkyc.asp |title=Sail Skandia |access-date=2012-02-29 |url-status=dead |archive-url=https://web.archive.org/web/20080828220940/http://www.sailskandia.co.uk/overseassponsorship/rhkyc.asp |archive-date=2008-08-28 }} Sail Skandia website</ref>
== Rebranding ==
[[
Following Old Mutual's takeover, Skandia announced it would be "going green" and underwent a rebranding from January 2008. The company announced that it would take 18 months for the rebranding to complete, with the UK and offshore division being first. The old logo was replaced with a new one to be more in-line with Old Mutual's colours.<ref name="press">{{cite web |title=SKANDIA INTERNATIONAL REBRANDS TO OLD MUTUAL INTERNATIONAL |url=https://www.oldmutualwealth.co.uk/Media-Centre/2014-press-releases/december-20141/skandia-international-rebrands-to-old-mutual-international |access-date=2014-12-22| date=2014-12-22}}</ref>
Following Old Mutual’s sale the Nordic businesses (Sweden, Denmark, Norway) in March 2012 to the Swedish-based Skandia Liv, a partly mutual assurer, Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region
== Criticisms ==
Controversy surrounded Skandia in the mid-
On 19 December 2007, the Court of Appeal dismissed all charges against Lars-Eric Petersson.
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The charges by the prosecutor proceeded from the prerequisite that the payments from Skandia’s bonus program, called Wealthbuilder, to the beneficiaries were limited to an amount of SEK 300 million during the time period 1 January 1998 – 31 December 1999. According to the prosecutor, Lars-Eric Petersson had, without the consent of the Board, removed the cap on the bonus programme by signing a document named Appendix 3, and thus causing payments of additionally approx. SEK 156 million to the beneficiaries. According to the Court of Appeal, the prosecutor was not able to prove that the limitation for Wealthbuilder was still in force when Lars-Eric Petersson signed Appendix 3 in December 2000. The charges were therefore dismissed. (Translation of the press release from the Svea Court of Appeal)
On 26 March 2010, the former legal head of Skandia Germany, Michael Wolski, was prosecuted for tax fraud of the Cezanowski family (about EUR 50 million which Michael Wolski cashed in) for 2 years and 6 months jail in Darmstadt, Germany. His wife Karin Wolski, who is a high court judge, resigned on the same day. His wife is driving among others a [[Bugatti Veyron]], which was bought from the "stolen" money.<ref>{{cite web|title=Schmuddelige Familienfehde: Sex, Millionengeschenke und Steuerhinterziehung|url=http://www.spiegel.de/wirtschaft/soziales/schmuddelige-familienfehde-sex-millionengeschenke-und-steuerhinterziehung-a-685838.html|website=Spiegel.de|
== List of chief executive officers ==
* 1855–1858 – Carl Gustaf von Koch
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* 1971–1981 – [[Arne Lundeborg]]
* 1981–1996 – [[Björn Wolrath]]
* 1997–2003 –
* 2003–2004 – Leif Victorin
* 2004–2006 – Hans-Erik Andersson
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* 2008–2010 – [[Bertil Hult]]
* 2010–2012 – Mårten Andersson
*
* 2015–present – Frans Lindelöw
{{Portal|Companies}}
== References ==
{{reflist}}
{{Authority control}}
[[Category:Companies of Sweden]]▼
[[Category:Investment companies of Sweden]]
[[Category:Banks of Sweden]]
[[Category:Insurance companies of Sweden]]
[[Category:Companies based in Stockholm]]
[[Category:
[[Category:Mutual fund families]]▼
[[Category:Companies formerly listed on the London Stock Exchange]]
[[Category:1855 establishments in Sweden]]
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