STOCKHOLM, Sweden, Nov. 03, 2003 (PRIMEZONE) -- Lansforsakringar AB was rated A- stable by Standard & Poor's. It is the first time Standard and Poor's has provided a credit rating for Lansforsakringar AB. The highest credit rating for non-life insurance companies in Sweden, A, is held by Lansforsakringar Sak (Non-life), a subsidiary of Lansforsakringar AB.
"The high credit rate is a proof of Lansforsakringar's financial strength and favourable financial and market results. Our focus is aimed at increased efficiency, reduced costs, improved earnings and a responsible investment philosophy", says Sten Duner, Group Controller, Lansforsakringar AB.
Standard and Poor's writes that the main reason for the rating is the financial strength, which remains strong despite uncertainty in the market. The strong brand and the fact that Lansforsakringar during the past ten years has Sweden's most satisfied customers is another important reason. The trend within Lansforsakringar Sak is the third factor that Standard & Poor's weighted heavily, particularly that the combined ratio improved from 115.5% to 106% in less than two years. Standard & Poor's also wrote in its credit assessment that the aim of operations is a distinct focus on profitability and market growth.
For further information, please contact: Sten Duner, Group Controller, Lansforsakringar AB +46 8 588 411 15 sten.duner@lansforsakringar.se +46 73 964 11 15 Mikael Ostlund, Vice President, Corporate Communications +46 8 588 418 50 mikael.ostlund@lansforsakringar.se
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