STOCKHOLM, Sweden, Nov. 05, 2003 (PRIMEZONE) -- If P&C Insurance:
January 1 - September 30, 2003
-- The positive earnings trend continued. The operating result for the
first nine months rose substantially to SEK 1,860m (neg: 2,684)
-- Earnings in the insurance business improved sharply, as the implemented
profitability-enhancing measures came into effect and due to the strong
current-year claims result
-- The combined ratio improved to 101.5% (106.6%). The year-end combined
ratio is expected to be in line with the nine-month figure, given no
exceptional claims developments
-- Prior-year claims loss of SEK 1.1bn in Scandinavia (neg: 194m)
-- The investment result benefited from the upturn in equity markets.
The YTD investment return was 3.7% (0.3%), corresponding to an
annualized return of 4.9%
-- In October, If announced the sale of the Marine & Energy business area
* 106 80 Stockholm Sweden www.if-insurance.com
If is the leading property & casualty insurance company in the Nordic area, with annual sales of SEK 38 billion in 2002 and 7,500 employees. If's shareholders are Sampo 38.05%, Storebrand 22.47%, Skandia 19.36%, Skandia Liv 10.06% and Varma-Sampo 10.06%.
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