About LÍV
LÍV Insurance Company specializes in pension and personal insurance. We manage a large portion of the savings of the Faroese labor market and Faroese trade unions.
As the largest provider in the pension market, LÍV is a partner that ensures the financial well-being of the majority of Faroese people during their retirement years.
The company is owned by its customers, who benefit from the profits of the company.
History
Føroya Lívstrygging (Faroese Life Insurance) was established by law on October 10, 1966.
The company’s operations began on January 1, 1967. Since its inception, Føroya Lívstrygging has operated as an independent company. However, up until 1998, it had a close connection with the Faroese Insurance Association, with the same board and management for the companies. From 1998, this connection was almost completely dissolved, and Føroya Lívstrygging got its own board and management.
Føroya Lívstrygging was restructured into a limited company on January 1, 2000.
Since 2008, the company has been commonly known as LÍV in everyday speech.
On June 1, 2016, the ownership structure was reorganized under P/F LÍV HOLDING with two subsidiaries: P/F Tryggingarfelagið LÍV and P/F LÍV Life and Pension Insurance Company.
The holding company LÍV, representing the policyholders, was allocated 50% of the share capital, while P/F Fakfelag acquired 33.33% of the shares. 16.67% of the shares remain owned by the state. P/F Fakfelag has a period of up to 10 years from September 1, 2016, to purchase the shareholding held by the Ministry of Foreign Affairs and Trade, so that the total shareholding becomes 50%.
In 2023, P/F Fakfelag purchased the state’s shareholding. Therefore, P/F Fakfelag now owns 50%, and the LÍV Holding company owns 50% of P/F Tryggingarfelagið LÍV.
With the sale of LÍV, the customers now owns LÍV, as represented by the LÍV Holding Company and P/F Fakfelag.
On July 1, 2020, it was announced that P/F LÍV HOLDING and P/F Tryggingarfelagið LÍV would merge and continue as P/F Tryggingarfelagið LÍV. The merger has been effective since January 1, 2020.
P/F Tryggingarfelagið LÍV manages P/F LÍV Life and Pension Insurance and its subsidiaries in the LÍV group.
Currently, our pension operations are divided into two parts:
- Pension agreements from January 1, 2000, and onwards are managed by P/F Tryggingarfelagið LÍV. The same applies to collective insurance agreements made with LÍV. This operation is not covered by state guarantees.
- Pension agreements made before the year 2000 are managed by P/F LÍV Life and Pension Insurance Company, which operates under state guarantees. No new agreements are made here.
It is commonly stated that we are located at Quillingsgarður, one of the oldest buildings in the capital, Tórshavn. However, this is the smallest part of our premises, as we operate in six connected buildings. Notably, Wenzel Petersen, Aage Dahl, and the Soap House (Sápuhúsið) have also had their businesses located here.
Goal
Our goal is to provide excellent service to trade unions, businesses, and individuals. We aim to be the first choice for the people of the Faroe Islands when it comes to taking out personal insurance and/or making a valuable pension savings plan for retirement.
In our daily operations, we see that we make a difference, and our goal for the coming years is to continue creating meaningful value for each individual customer.
With good advice and competitive services, we currently manage approximately 65% of the pension market in the Faroe Islands. This is a trust that our skilled staff takes very seriously.
VISION
LÍV aims to continue being the largest pension insurance company, known by most Faroese unions, businesses, and individuals as the best provider of pension insurance.
The profits of the company should benefit its customers.
The company’s vision is to build sustainable, long-term, and trustworthy partnerships that ensure you and your loved ones. We want to be there when you need our services in relation to pensions, disability, certain serious illnesses, and death-related matters.
The pension savings should benefit Faroese society, as this also serves the customers of the company.
MISSION
The mission of LÍV is to provide relevant pension insurance that meets the needs of individuals in the Faroese labor market.
LÍV’s operations are built on the principle that the policyholder has insight, feels secure, and receives all the profits generated by the company.
VALUES
For our customers and partners, we want our mission and vision to benefit our customers, collaborators, and society through:
- Ensuring that the profits generated by the company benefit the customers.
- The highest expertise in our field of business.
- Transparency and insight into our operations and the customer’s needs.
- Trust and credibility in the work we do and the services we provide through long-term cooperation.
Tryggingarfelagið LÍV
P/F LÍV Life and Pension Insurance Company
VAT number: 601683
Articles of Association – LÍV Lívs- og pensjónstryggingarfelag
Articles of Association – LÍV Lívs- og pensjónstryggingarfelag – Investment Framework
Audit Group
The members of the audit group are:
- Høgni Olsen – Independent
- Finn Danberg
- Gunnleyg Árnafjall
- Árni Arge
- Súni Selfoss
- Hanna í Horni