Press release - If Group
Interim report
January 1 - March 31, 2004

* Continued positive earnings trend. The operating result improved to
profit of MSEK 827 (284).
* Earnings from the insurance business (technical result) rose to
MSEK 644 (159) and the combined ratio improved to 100.8 percent (105.0).
Lower-than-normal claims costs during the period contributed to the
favorable earnings.
* The investment result benefited from falling interest rates and the
upturn in Nordic equity markets. Calculated at current value, the
investment return improved to 1.8 percent (1.0).
* The return on equity was 18.6 percent (5.9).
* In February, Sampo acquired Storebrand's, Skandia's and Skandia
Liv's holdings of If shares. As of May 6, Sampo's holding amounts to 90
percent and Varma's holding to 10 percent.

Torbjörn Magnusson, President and CEO +46 8 788 11 07
Ricard...