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Ilmarinen and Etera to merge

Earnings-related pension insurance companies Ilmarinen Mutual Pension Insurance Company and Etera Mutual Pension Insurance Company are to merge at the beginning of 2018. The companies’ boards of directors have approved the contract of merger by which Etera will merge into Ilmarinen.

The merger requires the approval of both companies’ annual general meetings and the authorities.

After the merger, the company would administer the pension of a total of 1.1 million individuals, with more than 675,000 insured and 460,000 retirees. That would make it the largest private-sector pension insurer when measured in terms of customers and premium income, according to Ilmarinen’s and Etera’s announcement.

The merger requires no actions from the customers, and the companies will keep their customers informed of how the merger progresses. After the merger, the customers in Etera will become customers in Ilmarinen and the insurance and pension payments will continue as before.

Timo Ritakallio, President and CEO of Ilmarinen, will continue as the President and CEO of the new Ilmarinen. Stefan Björkman, currently Managing Director of Etera, will become the Deputy CEO and Vice President of the new company. Also Sini Kivihuhta, currently Deputy CEO of Etera, will become Deputy CEO of Ilmarinen.