Business and performance

Business and performance

Business

Fennia Group’s structure is based on the structure of Fennia’s consolidated financial statements. The Group’s parent company is Fennia Mutual Insurance Company, a Finnish non-life insurance company established in 1882 that is owned by its customers.

The Fennia Group comprises the following companies: the Group’s parent company Fennia and Fennia Non-Life Insurance Ltd, specialised in non-life insurance; Fennia-service Ltd, which produces ancillary services closely linked to non-life insurance; Fennia Life Insurance Company Ltd, which offers voluntary life, pension and savings insurance; Fennia Asset Management Ltd, which provides asset management services and alternative fund management services and Fennia Property Development Ltd. The Group additionally comprises 26 real estate companies.

The structure of the Group changed during 2018 when the Group’s parent company Fennia acquired Fennia Asset Management Ltd from Fennia Life through an intra-Group transaction and acquired the entire share capital of Folksam Non-Life Insurance. Folksam Non-Life Insurance’s name was changed to Fennia Non-Life Insurance Company Ltd on 27 February 2019. In accordance with the decision of the general meeting of shareholders, Fennia Non-Life Insurance Ltd merged with Fennia Group’s parent company on 1 May 2019. In addition to these, the parent company Fennia established Fennia-service Ltd, which produces ancillary services linked closely to non-life insurance and risk management for customers. Fennia Asset Management Ltd established Fennia Property Development Ltd. The primary task of Fennia Property Development is to produce investment opportunities for Fennia Asset Management’s customers through property development.

Of Fennia Group companies, the parent company Fennia operates on a mutual basis, which means the customer is the owner of the company. The Group’s other companies, Fennia Non-Life Insurance, Fennia-service, Fennia Life, Fennia Asset Management and Fennia Property Development are limited companies. Other Fennia Group companies included in the consolidated financial statements are mostly real estate companies.

The Fennia Group also has an extensive partner network that it co-operates closely with to benefit customers.

Fennia Group companies are domiciled in Helsinki. The Group’s operations are supervised by the Financial Supervisory Authority, Snellmaninkatu 6, P.O. Box 103, FI-00101 Helsinki.

Auditing is provided by the auditing firm KPMG Oy Ab, Töölönlahdenkatu 3, PL1037, 00101 Helsinki. Petri Kettunen is the auditor with principal responsibility for Fennia and Fennia Life and Petter Westerback for Fennia Non-Life Insurance.

Fennia ownerships