STOCKHOLM, Sweden, Feb. 21, 2003 (PRIMEZONE) -- Lansforsakringsgruppen (Lansforsakringar Alliance):
The year 2002 in brief
-- Market shares continued to grow in all three core areas, to 29.2%
(28.7) in nonlife insurance, by a full 2.8 percentage points to
10.5% (7.7) in life and unitlinked insurance, and to 2.6% (2.5)
in the bank.
-- Despite the sharp stock market decline, Lansforsakringar continued
to report strong balance sheets, with a collective solvency margin
in the life insurance operations of 120% and a solvency margin of
117% in the non-life insurance operations.
-- The trend of the financial markets has resulted in a negative return
of 9.2% (neg: 4.2) on investment assets in life insurance, and has
had a major impact on earnings in the entire insurance industry.
-- The technical result in non-life insurance amounted to a loss of
SEK 435 M (loss: 449). The operating result in non-life insurance
amounted to a loss of SEK 4,023 M (loss: 3,225), and the year's
result in life insurance amounted to a loss of SEK 12,442 M
(loss: 12,738). Earnings for the year for the bank operations
generated a profit of SEK 19.9 M (1.4).
-- Lansforsakringar continues to have Sweden's most satisfied customers
in non-life insurance, life insurance and banking.
-- Lansforsakringar was named "Bank of the Year 2002" by the magazine
Privata Affarer.
-- Due to the efforts of a new asset manager, ABN AMRO, investment
income has improved since June 2002.
"Lansforsakringar today is a complete financial group with a broad product offering in banking and insurance. We are growing rapidly and market conditions in our three core areas -- non-life insurance, life insurance and banking -- are favorable. Despite the stock market decline, Lansforsakringar has strong balance sheets and continued excellent solvency in life insurance. Combined with its considerable market success, this shows that Lansforsakringar has a strong platform for continued growth."
Tommy Persson, CEO, Lansforsakringar AB
For additional information, contact:
Tommy Persson, CEO Lansforsakringar AB +46-8-588 400 00 Christer Baldhagen, Senior VP, Corporate Communications Lansforsakringar AB +46-8-588 415 01/+46-70-579 70 66 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/21/20030221BIT00800/wkr0001.pdf The full report