Nordea Life Assurance Finland's Lithuanian branch announced the planned sale of existing insurance contracts in the press on Wednesday.
Holders of insurance policies issued by the branch have two months to submit their objections and have the right to terminate their contracts, the company said.
Nordea Life Assurance Finland's Lithuanian branch launched investment life insurance services in 2009. The branch wrote 1.771 million litas (EUR 513.3m) worth of life insurance premiums during the first seven months of this year, up by 11.9 percent year-on-year, and held a 0.6 percent share of the country's life insurance market.
Ergo Life Insurance held the fourth-biggest market share in Lithuania in the seven months at 9.6 percent, with insurance premiums written up by 8.9 percent from a year earlier to 28.421 million litas.
In December 2009, the Ergo Group purchased the Lithuanian and Latvian life insurance operations of Vital Forsikring, Norway's largest privately owned life and pension insurance company.
The Ergo Group is one of Europe's largest insurance groups. The international reinsurance company Munich Re is Ergo's main shareholder.
Ten life insurance companies or branches of EU insurance companies currently operate in Lithuania.