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Skandia Österreich sets up unit in Hungary

The Austrian subsidiary of Swedish insurance company Skandia Österreich has set up a unit in Hungary that began operating at the beginning of the year, the company told MTI.

The unit is planning to sell 1,500 Life Time life-insurance policies in Hungary during the year 2009. Life Time insurance offers life insurance for old-age pensioners.

Skandia is a member of the Old Mutual group that employs 50,000 people in 40 countries and manages €349 billion.

Skandia also established a unit in the Czech Republic this year. (MTI – Econews)