Press release - If Group Year-end report

Press release - If Group Year-end report January 1 - December 31, 2003 * The positive earnings trend continued during the fourth quarter. The operating result for 2003 improved by nearly SEK 4.8 billion to profit of MSEK 2,702 (loss: 2,080) * Earnings from the insurance business (technical result) improved to profit of MSEK 1,624 (321) * In total, the result of prior-year claims was a loss of MSEK 1,938 (loss: 272) * The combined ratio improved to 100.9 percent (106.1). The turnaround program launched at the beginning of 2002 had a positive impact on earnings, at the same time as the current-year claims result was favorable * The investment result benefited from falling interest rates at the beginning of the year and the upturn in equity markets. The current value investment return was 4.6 percent (2.1) * The return on equity was 15.5 percent (neg: 16.5) * The Group's revised financial targets aim for a long-term return on equity of 15 percent and a combined ratio of 97-99 percent in the next two to three years Solna, Sweden, February 11, 2004 Torbjörn Magnusson President and CEO A combined web and teleconference will be held on February 11 at 16:30 CET. Please use the following link for relevant instructions: Further details and a presentation of the year-end report are published under Financial Information on If's website Torbjörn Magnusson, President and CEO +46 8 788 11 07 Ricard Wennerklint, CFO + 46 8 788 11 63, +46 70 688 11 63 Caroline Rosén, Head of Investor Relations + 46 8 788 38 53, +46 70 589 00 37 ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: The full report The full report Appendix

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If P&C Insurance is the leading property and casualty insurance company in the Nordic area