ICA Bank has received permission to conduct insurance business from the Swedish Financial Supervisory Authority.
ICA Försäkring AB, a newly formed subsidiary with its own management and board, will offer non-life insurance to its customers at the end of 2015.
“Our insurance offering will help us to strengthen and broaden our customer offering but will also enable us to strengthen customer loyalty,” says Per Strömberg, CEO of ICA Gruppen AB, which is one of the Nordic region’s leading retail companies, with around 2,300 of its own and retailer-owned stores in Sweden, Norway, Estonia, Latvia and Lithuania.
“Forming a separate company will give us a better opportunity to develop unique offerings adapted to meet the needs of ICA’s customers. We also want to have a stronger link between our insurance and retail business,” says Bo Lagergren, CEO of ICA Försäkring AB. (Lagergren was previously head of retail banking at ICA Bank.)
ICA Bank already provides insurance with the help of external partners.
Parent company ICA Gruppen includes the retail companies ICA Sweden, ICA Norway and Rimi Baltic, ICA Real Estate, which owns and manages properties, and ICA Bank, which offers financial services to Swedish customers. The Group also includes the wholly owned portfolio company inkClub and partly owned portfolio companies Cervera and Hemtex.
Source: ICA Gruppen AB
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