Bernt Magnusson to leave Skandia

Stockholm, SWEDEN

STOCKHOLM, Sweden, Oct. 7, 2005 (PRIMEZONE) -- Bernt Magnusson today informed Skandia's Board of Directors that he has decided to resign from the Board. The Board has appointed Lennart Jeansson as its new Chairman.

Bernt Magnusson says:

"I do not consider it right to continue to lead the work of the Board when there are different opinions on an important and central issue. Now that the Board has decided to reject the offer for the company, it is natural and in Skandia's best interests that I hand over the Chairman's gavel to someone who shares the opinion of the majority within the Board, and can therefore fully represent the company's position. As a consequence, I also consider it appropriate to leave the Board."

Lennart Jeansson comments:

"I have total respect for Bernt Magnusson's decision. The Board will now continue its work of developing Skandia. Ultimately, it is, of course, Skandia's shareholders who determine the composition of the Board, the direction of the company and its abode. This is something for which I and the other members of the Board have the greatest respect."

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