Länsförsäkringar Bank: Interim Report, January-September 2004

Länsförsäkringar Bank: Interim Report, January-September 2004 "Profitability has been in focus and I am pleased to be able to confirm a substantial increase in earnings and return on equity. The results of this year's Swedish Quality Index survey are highly gratifying for Länsförsäkringar's banking operations. Not only do we have Sweden's most satisfied bank customers, but we also received the highest marks in all sub-categories. The combination of Sweden's most satisfied bank customers and increased profitability is the best confirmation we can get that Länsförsäkringar's concept is correct and attractive to the customers", says Tomas Johansson, Managing Director, Länsförsäkringar Bank. Summary · Operating income amounted to SEK 119.1 M (68.3) before loan losses and SEK 90.5 M (34.6) after loan losses. · Revenues rose by 51% to SEK 888.7 M (587.4). Excluding Länsförsäkringar Fondförvaltning, the corresponding increase was 25%. Administration expenses rose by 47% to SEK 769.6 M (522.3). The corresponding increase excluding Länsförsäkringar Fondförvaltning was 22%. · Net interest income rose by 21% to SEK 604.4 M (497.8). · Return on equity was 6.2% (3.1). · Lending to the public increased by 34% to SEK 37.4 billion (27.9). Deposits from the public rose by 7% to SEK 18.6 billion (17.4). · Mortgage lending by the subsidiary Länsförsäkringar Hypotek rose by 53% to SEK 22.0 billion (14.4). · The bank received a capital contribution of SEK 300 M in the form of an unconditional shareholders' contribution. · Capital adequacy amounted to 11.69% (8.55) and the Tier 1 ratio was 9.20% (8.06). · Länsförsäkringar's banking operations, with offices throughout Sweden, have Sweden's most satisfied customers, according to this year's Swedish Quality Index survey. Länsförsäkringar has gained 125,000 new bank customers since September 2003 and has a total of 565,000 customers (440,000). · The Länsförsäkringar Alliance has developed a combined account statement for banking and insurance. This is unique in the Swedish banking and insurance market. The statement provides a summary of the customer's total banking and insurance transactions. Figures in parentheses pertain to January - September 2003. You will find the report at www.lansforsakringar.se/info For further information, contact: Tomas Johansson, Managing Director Länsförsäkringar Bank +46 8 588 419 82 tomas.g.johansson@lansforsakringar.se +46 73 96 419 82 Anders Borgcrantz, Deputy Managing Director Länsförsäkringar Bank +46 8 588 412 51 anders.borgcrantz@lansforsakringar.se +46 73 96 412 51 Christer Baldhagen, Senior Vice President Corporate Communications +46 8 588 415 01 christer.baldhagen@lansforsakringar.se +46 70 579 70 66 Länsförsäkringar, with 24 independent regional insurance companies and the jointly owned Länsförsäkringar AB, is Sweden's only customer-owned and locally based banking and insurance group. Länsförsäkringar has Sweden's most satisfied customers and is the most competitively priced bank with the most loyal customers according to the Swedish Quality Index. Länsförsäkringar is the "Life Assurance and Non-life Insurance Company of the Year" for the second consecutive year according to the Affärsvärlden business weekly and was named "Bank of the Year 2002" by the Privata Affärer business magazine. Länsförsäkringar offers a broad range of insurance and financial services for companies and private individuals. Länsförsäkringar is the market leader in the Swedish non-life insurance segment, with a market share of 32%. The market share in life and pension assurance is 10.9% and 2.9% in banking. Länsförsäkringar also includes Agria Djurförsäkring (animal insurance). Länsförsäkringar manages assets of SEK 140 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/10/26/20041026BIT20880/wkr0001.pdf Länsförsäkringar Bank Q3, 2004

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Länsförsäkringar is Sweden’s only customer-owned and locally established banking and insurance group. The customers in each of the counties in the country own their local and independent regional insurance company. The 23 regional bank and insurance companies cooperate in the jointly owned Länsförsäkringar AB, which conducts development and provides services within banking, life assurance, non-life insurance and animal insurance. Länsförsäkringar offers a broad range of insurance and banking services for individuals, companies and farming. All companies within the Länsförsäkringar Alliance are environmentally certified in accordance with ISO 14001.

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