STOCKHOLM, Sweden, Nov. 3, 2003 (PRIMEZONE) -- Lansforsakringsgruppen:
Summary:
- Continued strong earnings improvements within all three core businesses -- non-life insurance, life assurance and banking.
- The technical result for non-life operations amounted to a profit of SEK 424 M, compared with the result for full-year 2002, a loss of SEK 431. Operating income amounted to SEK 794 M.
- The result from life assurance amounted to a profit of SEK 1,270 M (-13 626).
- Operating income within the bank, before loan losses, amountedto SEK 68.3 M (33.3).
- Efforts to enhance efficiency and focus more on profitability produced clear results: the expense ratio in non-life insurance amounted to 19%, compared with 23% for full-year 2002. Administrative expenses in life assurance declined by SEK 185 M, which is equivalent to 16%.
- Housing mortgage market grew by 132% to SEK 14.4 billion (6.2).
- The number of customers amounted to slightly more than 3 million, up 3% since year-end.
- The number of customers purchasing products from all three core areas increased by nearly 10%, amounting to approximately 100,000.
- Lansforsakringar has the most satisfied customers in non-life insurance and life assurance in Sweden, according to the Swedish Quality Index (SQI). The SQI also ranks Lansforsakringar's bank customers to be among the most satisfied in Sweden.
- Lansforsakringar is both the "Life Assurance Company of the Year" and the "Non-Life Insurance Company of the Year," according to the weekly business magazine Affarsvarlden, which founded the awards based on a survey of Swedish companies.
The figures in parentheses refer to January-September 2002.
Lansforsakringar has not previously published quarterly reports on its non-life insurance business, so comparisons cannot be provided for the third quarter in 2002.
"Our focus on profitability and efficiency has produced clear financial results. Our product offerings and our service are also producing clear results in the form of customer satisfaction and market growth. The profitability trend in the non-life business, which is the customer base providing growth for the life assurance and banking operations, is excellent, having achieved a combined ratio of 103, compared with our target of 95. Continuing efficiency-enhancing measures combined with the favourable trend in financial markets, will result in sharply improved earnings in all three core areas," said Tommy Persson, Managing Director Lansforsakringar AB.
You will find the report at www.lansforsakringar.se/Info
For additional information, contact:
Tommy Persson, Managing Director, Lansforsakringar AB +46 8 588 400 00 tommy.persson@lansforsakringar.se Christer Baldhagen, Senior Vice President Corporate Communications Lansforsakringar AB +46 8-588 415 01/+46 70-579 70 66 christer.baldhagen@lansforsakringar.se
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