Skandia: Difference between revisions

| name = Skandia

| logo = Green Skandia.png

| logo_size = 220px

| type = [[Private company]]

| foundation = {{start date and age = |1855}}

| location_city = [[Stockholm]]

| area_served = [[Sweden]]

| key_people = Bengt-ÅkeFrans FagermanLindelöw <small>([[Chief executive officer|CEO]])</small>

| industry = [[Financial services]]

| products = [[Life insurance]]<br />Savings and investment<br />[[Asset management]]<br />[[Banking]]<br />Short-term [[insurance]]<br />[[Annuity (financial contracts)|Annuities]]<br />[[Mutual fund]]s

| num_employees = 2,500 <small>(2013)</small>

| homepage = {{website [|http://www.skandia.se/ www.skandia.se]}}<br />[{{website |http://www.skandia.com/ www.skandia.com]}}

'''Skandia''' started out as a [[Sweden|Swedish]] [[insurance]] company in 1855. TodayIt thewould go on brandto operates in [[Europe]], [[Latin America]], and [[Asia]]. Skandia also operatesoperated 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/|accessdateaccess-date=25 February 2011}}</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 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.ukOld Mutual seals deal for Skandia]</ref>

{{as of |2013}}, Skandia's largest operation, in terms of new business and profit, iswas the United Kingdom which was launched back in 1979. Their UK [[headquarters]] iswas [[''Skandia House]]'' in [[Southampton]]. Skandia in the UK, along with Old Mutual Global Investors, formsformed Old Mutual Wealth. As well as in the UK, Old Mutual Wealth hashad 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/|accessdateaccess-date=1 April 2014}}</ref> Paul Feeney iswas 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/|accessdateaccess-date=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> Skandia UK, Skandia International and the Skandia European businesses outside the Nordic region were 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/|accessdateaccess-date=1 April 2014}}</ref>

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=ArchivedSail copySkandia |accessdateaccess-date=2012-02-29 |deadurlurl-status=yesdead |archiveurlarchive-url=https://web.archive.org/web/20080828220940/http://www.sailskandia.co.uk/overseassponsorship/rhkyc.asp |archivedatearchive-date=2008-08-28 |df= }} Sail Skandia website</ref>

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 |accessdateaccess-date=2014-12-22| date=2014-12-22}}</ref>

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|accessdateaccess-date=23 February 2015}}</ref><ref>{{cite web|title=Michael Wolski tritt seine Haft an|url=http://www.fr-online.de/der-fall-wolski/der-fall-wolski-michael-wolski-tritt-seine-haft-an,2641740,11583702.html|website=Frankfurter Rundschau|accessdateaccess-date=23 February 2015}}</ref>