STOCKHOLM, Sweden, Dec. 19, 2003 (PRIMEZONE) --Summary:
The investigation report shows that there is no grounds for criticism regarding how the internal transactions between the life assurance and non-life insurance collectives was carried out and that no collective benefited at the other's expense. The investigating group has no remarks criticizing the agreement with ABN AMRO, the sale of the unit-linked life company, cooperation with Nordic Alternative Investment Advisors, internal cost distribution, internal loans, remuneration to the regional insurance companies or remunerations to senior executives. Neither was there any criticism of Lansforsakringar's allocation of apartment leasing contracts or administration of renovation costs.The investigating group determined that the asset management agreement between Lansforsakringar Liv (life assurance) and Lansforsakringar Sak (non-life insurance) has a three-month notice period and contends that the short notice period is not well conceived, neither for Lansforsakringar Sak nor Lansforsakringar Liv.
At the same time, the report points out possibilities for improvements. The Board of Directors of Lansforsakringar Liv and Lansforsakringar AB took this into consideration and decided that:
- The insight and influence of the life assurance policyholders are being enhanced through a policyholders' association that has been formed. The members are chosen by the customers based on proposals from the policyholders' association's nominating committees.
- To ensure independence and integrity in relation to the owner, in the future Lansforsakringar Liv's Board of Directors will comprise a majority of independent members. Two of the independent members will be appointed by Lansforsakringar Liv's policyholders' association and the remainder by the owner, Lansforsakringar AB.
- The Chairman of Lansforsakringar Liv will continue in the future to be a person appointed by the owner, Lansforsakringar AB.
- The Board of Directors of Lansforsakringar Liv internally appoints a Vice Chairman from among the independent members.
- Guidance and follow-up of the life assurance operations will be strengthened through overview of central control documents and internal audits as well as the establishment of new control and auditing functions.
- To achieve better balance in the total contract structure, the contract period of the management assignment between Lansforsakringar Liv and Lansforsakringar Sak will be renegotiated with the aim of an extension in return for certain annual financial compensation to Lansforsakringar Liv.
- Information to life assurance policyholders is being improved further.
For further information, contact:
Hans Jonsson, Chairman Lansforsakringar AB +46 (0)8-588 415 72 hans.jonsson@lansforsakringar.se +46 (0)73-964 15 72 Tommy Persson Chairman Lansforsakringar Liv and President Lansforsakringar AB +46 (0)8-588 417 90 tommy.persson@lansforsakringar.se +46 (0)73-964 17 90 Anne-Marie Palsson, Vice Chairman Lansforsakringar Liv+46 (0)70-879 13 93 anne-marie.palsson@riksdagen.se Hans Benndorf, President Lansforsakringar Liv+46 (0)8-588 408 14 hans.benndorf@lansforsakringar.se +46 (0)73-964 08 14 Christer Baldhagen, Senior Vice President Corporate Ccommunications Lansforsakringar AB+46 (0)8-588 415 01 christer.baldhagen@lansforsakringar.se +46 (0)70-579 70 66
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http://www.waymaker.net/bitonline/2003/12/19/20031219BIT00340/wkr0002.pdf
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