Skandia Awarded Contract as Principal Supplier In Sweden's Largest Pension Procurement Deal

Stockholm, SWEDEN

STOCKHOLM, Sweden, Feb. 22, 2005 (PRIMEZONE) -- Skandia has been named as principal supplier in a major procurement process carried out by the brokerage firm Max Matthiessen for occupational pension insurance for 27 large Swedish corporations. In connection with this, a new fee model that is unique in the industry has been introduced, entailing the elimination of up-front fees, which have been replaced with a recurrent portfolio management fee that is fixed over time.

Skandia will be providing both unit linked assurance and life assurance, and will also be the sole provider of sickness/disability insurance.

The procurement is worth annual premium volume of approximately SEK 1 billion. The contract has a four-year term and will take effect on 1 June 2005.

Commenting on the contract, Sven-Erik Milton, head of Market & Business Development for Skandia Sweden, says:

"We are very pleased with this deal, which confirms the position that Skandia has had and continues to hold in the Swedish insurance market."

For further information, please contact: Sven Erik Milton, Head of Skandia Market & Business Development, tel. +46-8-788 11 52 Gunilla Svensson, Press Manager, Skandia, tel. +46-8-788 42 97

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