Notice of Annual General Meeting of Skandia


STOCKHOLM, Sweden, March 21, 2003 (PRIMEZONE) -- Shareholders of Skandia Insurance Company Ltd. (publ) (Other OTC: SKNFF) are hereby summoned to the Annual General Meeting to be held on Tuesday, 15 April 2003, at 4 p.m. (Swedish time). Location: Globe Arena, Annex, Arenatorget, Entrance 2, Stockholm, Sweden.

NOTIFICATION OF ATTENDANCE, ETC.

Shareholders intending to attend the Annual General Meeting, must


 -- be recorded as shareholders in the Shareholder Register maintained by
    the Swedish Securities Register Centre (VPC AB) as per Friday, 4 April
    2003,

 and must

 -- notify the Company of their intention to attend the Meeting not later
    than 4.30 p.m. (Swedish time) on Thursday, 10 April 2003. Notification
    of intent to attend the Meeting can be made in writing to Skandia,
    Corporate Law, "AGM", SE-103 50 Stockholm, Sweden, by telephone Int.
    +46- 8-788 29 63, +46-8-788 30 68 or +46-8-788 25 99, by fax Int.
    +46-8-788 15 50, or via the Internet at http://www.skandia.com/agm.
    Please note that if voting by proxy, power of attorney must be
    submitted to the Company in original and may not be sent by fax or
    via the Internet. Information provided to the Company will be used
    only for the Annual General Meeting.

Shareholders whose shares are held in trust by a bank or private broker must temporarily register their shares in their own names in the Shareholder Register to be able to attend the Annual General Meeting. Such registration must be completed not later than Friday, 4 April 2003. Shareholders are advised to notify the trustee well in advance of 4 April of their request to have their shares re-registered.

INTERPRETATION OF THE PROCEEDINGS INTO ENGLISH

For the convenience of non-Swedish speaking shareholders, the proceedings of the Annual General Meeting will be simultaneously interpreted into English, if so requested in connection with notification of attendance to the Annual General Meeting.

AGENDA AND PROPOSED DECISIONS


 1.  Opening of the Meeting
 2.  Election of a chairman to preside over the Meeting Nominating
     Committee Recommendation: Mr. Claes Beyer, Attorney at Law.
 3.  Address by Mr. Lars-Eric Petersson, President and CEO of Skandia
 4.  Setting of the agenda
 5.  Election of a person to check and sign the minutes together with the
     chairman
 6.  Verification of the voting list
 7.  Decision as to whether the Meeting has been properly called
 8.  Presentation of the Annual Report and the Consolidated Accounts for
     2002
 9.  Presentation of the Audit Report and the Consolidated Audit Report
     for 2002
 10. Approval of the Profit and Loss Account and Balance Sheet
     and the Consolidated Profit and Loss Account and Consolidated
     Balance Sheet for 2002
 11. Decision on appropriation of the Company's result in
     accordance with the adopted Balance Sheet and determination of the
     record date for payment of a dividend
 12. Decision as to whether to discharge the Directors and the
     President from liability for their administration during the 2002
     financial year
 13. Decision on Directors' fees
     Nominating Committee Recommendation:
     -- Chairman SEK 1,000,000 (unchanged),
     -- Vice Chairman SEK 450,000 (unchanged),
     -- Director SEK 300,000 (unchanged).
     In contrast with previous years, there shall be no requirement to
     purchase Skandia shares. No fees shall be paid to Directors who are
     employees of the Skandia group. In addition, it is proposed that the
     Annual General Meeting appropriate SEK 500,000 (unchanged) to be
     apportioned at the Board's discretion, to Directors in connection
     with their duties on Board committees.
 14. Decision on the number of Directors to be elected by the
     Meeting
     Nominating Committee Recommendation: Eight Directors (unchanged).
 15. Election of Directors
     (The term of office, which is two years according to the Articles of
     Association, expires for Dr. Oonagh McDonald, Mr. Lars-Eric
     Petersson, Mr. Clas Reuterskiold and Dr. Gunter Rexrodt. Dr. Gunter
     Rexrodt has declined re-election. In addition, Dr. Lars Ramqvist
     and Mr. Melker Schorling have announced that they wish to resign
     from the Board in connection with the Annual General Meeting.)

     Nominating Committee Recommendation:
     Re-election of
     -- Dr. Oonagh McDonald, 
     -- Mr. Lars-Eric Petersson, 
     -- Mr. Clas Reuterskiold, and
     new-election of
     -- Mr. Bengt Braun,
     all for the period through the 2005 Annual General Meeting, and
     new-election of
     -- Mr. Bjorn Bjornsson, and
     -- Mr. Leif Victorin,
     both for the period through the 2004 Annual General Meeting. The
     Swedish Consumer Agency and the Stockholm Chamber of Commerce, which
     have the duty to appoint the policyholders' representatives on the
     Skandia Board, have appointed Professor Boel Flodgren (re-election)
     and Ms. Maria Lilja (re-election), respectively, as the
     policyholders' representatives, for the period through the 2004
     Annual General Meeting.
 16. Decision on Auditors' fees
     Nominating Committee Recommendation: Reasonable amount as invoiced.
 17. Election of Auditors
     Nominating Committee Recommendation: Re-election of Mr. Jan
     Birgerson, Authorized Public Accountant, Ernst & Young, and
     re-election of Mr. Carl Lindgren, Authorized Public Accountant,
     KPMG.
 18. Election of Alternate Auditors
     Nominating Committee Recommendation: Re-election of Mr. George
     Pettersson, Authorized Public Accountant, KPMG, and re-election of
     Mr. Olof Cederberg, Authorized Public Accountant, Ernst & Young.
 19. Decision on Nominating Committee and its remuneration
     Nominating Committee Recommendation: As an amendment of the decision
     made by Skandia's 1995 Annual General Meeting, the Nominating
     Committee shall consist of six members appointed as follows:
     -- one representative for each of the four largest owners
        (owner-groups) of Skandia, to be appointed by the respective
        owners (owner-groups)
     -- one representative for the small and medium-sized shareholders of
        Skandia, to be appointed by the Skandia Shareholders' Association
        or similar
     -- one representative for the policyholders of Skandia Liv, to be
        appointed by the Stockholm Chamber of Commerce
     Skandia's Chairman shall be co-opted to the Committee and be
     responsible for calling the Committee, while the representative of
     the largest owner (owner-group) shall serve as chairman of the
     Committee. Representatives of the largest owners shall be appointed
     based on the ownership structure of Skandia in connection with the
     release of the third-quarter interim report, and it shall also be
     indicated in the report which persons have been appointed to the
     Nominating Committee. The representative of the small and
     medium-sized shareholders shall also be appointed at this time.

     The Nominating Committee's mandate shall entail the drafting and
     presentation of recommendations concerning:
     -- election of a person to serve as chairman of the General Meeting
     -- Directors' fees 
     -- the number of Directors 
     -- election of Directors 
     -- Auditors' fees 
     -- election of Auditors
     Swedish Shareholders' Association Recommendation: The Annual General 
     Meeting shall appoint a Nominating Committee.
 20. Agenda items submitted by shareholders
     Agenda items submitted by Mr. Ildefonso Escriche, Saltsjo-Boo
     20.1  Decision that bonus/employee option programmes at Skandia be
           terminated
     20.2  Decision that no bonuses be paid for the 2002 financial year
     20.3  Decision on the halving of compensation and other terms
           for the CEO and other employees with managing positions in the
           group
     Agenda items submitted by Mr. Anders Johansson, Jarfalla
     20.4  Decision on appointing an independent commission to
           investigate transactions between Skandia and Skandia Liv
     20.5  Decision on assigning the Auditors with the task of
           examining transactions between Skandia and Skandia Liv and on
           obtaining an assurance from the Chairman of the Board and the
           CEO in relation to this
     Agenda items submitted by the Swedish Shareholders' Association
     20.6  Decision on assigning the Board with the responsibility of
           appointing a Compensation Committee
     20.7  Decision on assigning the Board with the responsibility of
           appointing an Audit Committee
     20.8  Decision, for the purpose of investigating if Skandia and/or
           its shareholders have suffered economic loss, on the
           appointment of such a special examiner as meant in 11 Chapter
           21 # of the Swedish Companies Act, to examine transactions
           between Skandia and Skandia Liv, to examine the remuneration
           and benefits paid to senior executives, Directors and related
           parties to these persons, and to examine the principles for
           the reporting of embedded value.
     Documents sent in from shareholders who have submitted the matters
     above are available for inspection at Skandia, Corporate Law,
     Sveavagen 44, Stockholm.
 21. Adjournment of the Annual General Meeting

DIVIDEND

The Board of Directors recommends that a dividend of SEK 0.30 per share be paid, and that the record date for payment of the dividend shall be 22 April 2003. If this recommendation is adopted, dividends are expected to be distributed from VPC AB on 25 April 2003.

ANNUAL REPORT

The 2002 Annual Report is available upon request from Skandia, SE-103 50 Stockholm, Sweden, telephone Int. +46-8-788 10 00, fax Int. +46-8-788 28 38, or can be downloaded from Skandia's website http://www.skandia.com.

SWEDISH-SPEAKING SHAREHOLDERS

This summons to attend the Annual General Meeting of Skandia Insurance Company Ltd (publ) can also be obtained in Swedish from Skandia, Corporate Law, SE-103 50 Stockholm, Sweden, telephone Int. +46-8-788 29 63, +46-8-788 30 68 or +46-8-788 25 99, or fax Int. +46-8-788 15 50 or can be downloaded from Skandia's website http://www.skandia.com/stamma.

A welcome is extended to the shareholders to attend the Annual General Meeting.

Stockholm, March 2003

The Board of Directors

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http://www.waymaker.net/bitonline/2003/03/20/20030320BIT01450/wkr0002.pdf

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