STOCKHOLM, Sweden, Feb. 11, 2004 (PRIMEZONE) -- If P&C Insurance: January 1 -- December 31, 2003
-- The positive earnings trend continued during the fourth quarter.
The operating result for 2003 improved by nearly SEK 4.8 billion to
profit of MSEK 2,702 (loss: 2,080)
-- Earnings from the insurance business (technical result) improved
to profit of MSEK 1,624 (321)
-- In total, the result of prior-year claims was a loss of MSEK
1,938 (loss: 272)
-- The combined ratio improved to 100.9 percent (106.1). The
turnaround program launched at the beginning of 2002 had a
positive impact on earnings, at the same time as the current-
year claims result was favorable
-- The investment result benefited from falling interest rates at
the beginning of the year and the upturn in equity markets. The
current value investment return was 4.6 percent (2.1)
-- The return on equity was 15.5 percent (neg: 16.5)
-- The Group's revised financial targets aim for a long-term return
on equity of 15 percent and a combined ratio of 97-99 percent in
the next two to three years
Solna, Sweden, February 11, 2004
Torbjorn Magnusson President and CEO
A combined web and teleconference will be held on February 11 at 16:30 CET. Please use the following link for relevant instructions: http://213.86.178.134/inv/reg.html?Acc=4137072500&Conf=140357
Further details and a presentation of the year-end report are published under Financial Information on If's website www.if-insurance.com
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The full report is available for download:
http://www.waymaker.net/bitonline/2004/02/11/20040211BIT00220/wkr0001.doc
http://www.waymaker.net/bitonline/2004/02/11/20040211BIT00220/wkr0002.pdf
http://www.waymaker.net/bitonline/2004/02/11/20040211BIT00220/wkr0003.xls Appendix