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2015-08-27

Pohjola Pankki Oyj: Transfer of Suomi Mutual's life insurance portfolio to OP

Suomi Mutual Life Assurance Company (Suomi Mutual) and OP have agreed on
transferring Suomi Mutual's individual life insurance portfolio to OP.

The planned transfer date is 31 December 2015. The transfer requires the
approval of the companies' annual general meetings and the Financial
Supervisory Authority. The annual general meetings will be held on 29
September 2015.

Suomi Mutual's individual life insurance portfolio comprises around 130,000
contracts, which include some 300,000 insurance policies. As a rule, the
policies were taken out before 1 July 1997. Suomi Mutual has not granted new
insurance policies after 2005.

In the transfer of the insurance portfolio all insurance contracts will be
transferred under their existing conditions and hence the permanent
additional benefits granted by Suomi Mutual will remain intact. OP has been
managing the insurance portfolio for 10 years already and provided customer
service for Suomi Mutual's customers. Consequently, no direct changes are
expected and the transfer does not require any action from Suomi Mutual's
customers.

- The transfer will bring us a large number of new customers, which will
underpin our growth targets in both wealth management and non-life insurance.
In terms of OP's solvency, the transaction is neutral, but customers will
benefit from the group's solid solvency well into the future, says Sami
Jormalainen, Senior Vice President at OP.

- Suomi Mutual has been in a run-off state for over ten years and has
distributed sizeable additional benefits to its customers. With the stricter
solvency requirements the company's ability to invest the customers' assets
profitably has diminished. OP's strong capital adequacy provides added
security to paying the promised high technical interest and special benefits
in the future, too. Furthermore, Suomi Mutual will be able to manage the
rundown phase of the individual pension insurance portfolio efficiently,
safeguarding the customers' interests, says Jari Sokka, President and CEO of
Suomi Mutual.

- Our insurance management systems have also become outdated, and, in order to
cut costs, customer service has not been improved either to match modern
requirements. In OP, our customers will have a chance to replace their partly
outdated life insurance products and services with modern ones, says Jari
Sokka.

- Thanks to the transfer, our customers will have access to modern insurance
products and high-quality insurance management services in the form of
advanced online and mobile services and such. New customers can also transfer
all their banking and insurance matters to OP and thereby gain valuable
benefits and bonuses, says Sami Jormalainen from OP.

The individual life insurance portfolio will be transferred to OP Life
Assurance Company, excluding personal non-life insurance contracts, which
will be transferred to Pohjola Insurance Ltd. With the portfolio transfer,
EUR 1.3 billion worth of assets will be transferred from Suomi Mutual,
corresponding to the proportion of the insurance portfolio to be transferred
of Suomi Mutual's total assets.

For more information, please contact

Customers:
Customer service, tel. +358 10 253 6110 (Mon-Fri from 8.00 to 18.00)

Media:
Senior Vice President Sami Jormalainen, OP / OP Communications, media
contacts, tel. +358 50 523 9904
President and CEO Jari Sokka, Suomi Mutual, jari.sokka@suomi-yhtio.fi, tel.
+358 10 253 2150

OP Financial Group is Finland's leading financial services group providing a
unique range of banking, wealth management and insurance services.
OP's mission is to promote the sustainable prosperity, security and wellbeing
of its customer-owners, customers and operating regions.
Its objective is to offer the best and most versatile package of loyal
customer benefits on the market.
OP Financial Group consists of about 180 member cooperative banks, its central
cooperative OP Cooperative, and the latter's subsidiaries and affiliates.
The Group has a staff of 12,000 and
4.3 million customers.

Suomi Mutual Life Assurance Company was established 125 years ago.
It manages the insurance policies of its 175,000 customers and is among the
biggest investors in Finland.
The value of its investments at the end of June 2015 was EUR 4.6 billion.

The company no longer underwrites new business.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pohjola Pankki Oyj via Globenewswire

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