Länsförsäkringsgruppen: Interim report, January - September 2003

11/3/2003 6:00 AM EST

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, amounted
to 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.
* Länsförsäkringar 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 Länsförsäkringar's bank customers to be
among the most satisfied in Sweden.
* Länsförsäkringar is both the "Life Assurance Company of the
Year" and the "Non-Life Insurance Company of the Year," according to the
weekly business magazine Affärsvärlden, which founded the awards based
on a survey of Swedish companies.

The figures in parentheses refer to January-September 2002.
Länsförsäkringar 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, says Tommy Persson, Managing Director
Länsförsäkringar AB.

You will find the report at www.lansforsakringar.se/Info

For additional information, contact:

Tommy Persson, Managing Director,
Länsförsäkringar AB
+46 8 588 400 00
 

Christer Baldhagen, Senior Vice President Corporate Communications,
Länsförsäkringar AB
+46 8-588 415 01
+46 70-579 70 66