STOCKHOLM, Sweden, May 06, 2004 (PRIMEZONE) -- If P&C Insurance: 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.
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