Länsförsäkringar Fondförvaltning becomes subsidiary of Länsförsäkringar Bank

Länsförsäkringar Fondförvaltning becomes subsidiary of Länsförsäkringar Bank Länsförsäkringar Bank is acquiring Länsförsäkringar Fondförvaltning AB from Länsförsäkringar AB. Länsförsäkringar Bank is a subsidiary of Länsförsäkringar AB. The purchase consideration amounts to SEK 115 M. "There is a natural connection between the banking and fund operations. Consequently, this transaction is fully in line with our strategy. As a result of the acquisition of the fund management company, the bank's earnings will be strengthened," says Tomas Johansson, President, Länsförsäkringar Bank. Transfer The transaction is being implemented as a non-cash issue, which results in an increase in the share capital in Länsförsäkringar Bank of SEK 115 M. The acquisition is intended to occur as of January 1, 2004 and is dependent upon the necessary approvals of the authorities. Key figures September 30, 2003 Länsförsäkringar Bank Return on equity 3.1 Capital adequacy ratio, % 8.55 Tier 1 ratio, % 8.06 Total assets, SEK M 29,256 Income, SEK M 34.6 Rating, Standard & Poor's K 1/BBB+ Key figures Länsförsäkringar Fondförvaltning September 30, 2003 Assets under management, SEK M 31,679 Income, SEK M 11.9 Pro forma Bank Group, including Länsförsäkringar Fondförvaltning Income statement, Jan. 1, 2003-Sep. 30, 2003 SEK M Net interest income 497.8 Commission, net 130.1 Other revenues 87.6 Total operating revenues 715.5 Personnel expenses 107.9 Other expenses 293.7 Total expenses 401.6 Profit before loan losses 72.5 Loan losses, net 33.6 Profit from banking business 38.9 Profit from insurance business 3.1 Total operating profit 42.0 Tax -2.1 Income for the period 39.9 Balance sheet, Sep. 30, 2003 SEK M ASSETS Lending to the public 27,899 Bonds 649 Tangible and intangible assets 223 Assets in the insurance business 5 Other assets 653 Total assets 29,429 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits and borrowing from the public 18,546 Securities issued 6,756 Debt in insurance business 6 Other liabilities 2,106 Subordinated debt 180 Shareholders' equity 1,835 Total liabilities and shareholders' equity 29,429 For further information, contact: Tomas Johansson, President +46 (0)8-588 419 82 Länsförsäkringar Bank +46 (0)73-964 19 82 tomas.g.johansson@lansforsakringar.se Christer Baldhagen, +46 (0)8-588 415 01 Senior Vice President Corporate Communications, +46 (0)70-579 70 66 Länsförsäkringar christer.baldhagen@lansforsakringar.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/12/22/20031222BIT00220/wkr0001.doc http://www.waymaker.net/bitonline/2003/12/22/20031222BIT00220/wkr0002.pdf

About Us

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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