STOCKHOLM, Sweden, Dec. 9, 2005 (PRIMEZONE) -- In a separate press release issued today, the board of Livforsakringsaktiebolaget Skandia (publ.) (Skandia Liv) presented a proposal for a new structure for the Skandia group. The board of Skandia Insurance Company Ltd (publ.) (Skandia) has issued the following comment on the proposal.
Skandia Liv's board has presented its proposal to Skandia's board. The proposal, which entails that Skandia's shares in Skandia Liv would be transferred to a foundation, is constructive. The question of a company model for the traditional life assurance business has been discussed for quite some time. However, changing company forms is complicated. The conditions vary from case to case. Many different interests must be respected. A government commission is studying this issue in detail.
Implementation of the proposal made by Skandia Liv's board requires approval by a general meeting of Skandia's shareholders. The proposal will have to be studied in close co-operation between Skandia and Skandia Liv prior to any vote by a general meeting of shareholders.
The issue also concerns Skandia's total customer offering and responsibility for the customers' interests. Skandia underscores what has been stressed by Skandia Liv, namely, the importance of close collaboration between the two companies also in the future in order to be able to provide the best and most cost-effective service to the group's customers, regardless of product orientation.
SKANDIA INSURANCE COMPANY LTD (publ.)
The Board of Directors
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