STOCKHOLM, Sweden, Nov. 12, 2003 (PRIMEZONE) -- Lansforsakringar AB has been assigned an A3 rating with a "stable" outlook by the credit ratings company Moody's. This reflects an improvement, since Lansforsakringar AB had formerly been assigned a "negative" outlook. Moody's has also rated Lansforsakringar Sak (non- life) for the first time and has issued the company an A2 rating with a "stable" outlook.
"The high credit ratings are proof of our financial strength and favourable financial results, and in particular our increased efficiency. This also provides us with the scope to achieve further market growth within the banking and insurance sectors," comments Jonas Bjerre, Controller at Lansforsakringar AB.
According to Moody's, Lansforsakringar AB's new rating derives from the company's favourable solvency margin and the improved earnings reported by the entire Lansforsakringar Alliance. Moody's also notes that Lansforsakringar AB has successfully reduced its costs.
According to Moody's, the credit rating for Lansforsakringar Sak is a result of the important role of the company in the Lansforsakringar Alliance and its financial strength. Lansforsakringar Sak is reporting favourable profitability and improvements in key figures generally.
Lansforsakringar AB is responsible for the strategic development of Lansforsakringar Alliance and functions as its development and service centre. Lansforsakringar Sak is a subsidiary of Lansforsakringar AB. Lansforsakringar Sak conducts non-life business, development and service operations on behalf of the 24 regional insurance companies in the Alliance. Operations focus primarily on the Lansforsakringar Alliance's joint reinsurance solutions.
For further information, contact: Jonas Bjerre, Controller Lansforsakringar AB +46 (0)8-588 417 32 jonas.bjerre@lansforsakringar.se +46 (0)73-964 17 32 Mikael Ostlund, Vice President Corporate Communications Lansforsakringar +46 (0)8-588 410 94 mikael.ostlund@lansforsakringar.se +46 (0)70-553 12 82
Current ratings, Lansforsakringar
Company Standard & Poor's Moody's Lansforsakringar AB A-/stable A3/stable Lansforsakringar Sak (non-life) A/stable A2/stable Lansforsakringar Bank K1/BBB+/stable - Humlegarden A/stable -
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