Skandia granted licence in China

Skandia granted licence in China Skandia, together with Beijing State-owned Asset Management Corporation Ltd (BSMAC), has been granted a licence to conduct life assurance business in Beijing, China, through a joint-venture company. "This is an important step for Skandia. It is the first international joint-venture life assurance licence to be granted in Beijing, which is one of the largest markets for this type of product in China," says Lars- Eric Petersson, President and CEO of Skandia. Gunnar Moberg, Skandia's Regional Director in Asia, comments: "Skandia has had a representative office in China since 1998. It is very gratifying to now get this opportunity to begin working in one of the world's most attractive markets for long-term savings. Moreover, in BSMAC we have a long-term partner with whom we have a well-working cooperation arrangement." Sales of life assurance products are expected to commence in early 2004. For further information, please contact: Gunnar Moberg, Regional Director, Asia, tel. +852 9305 5005 Harry Vos, Head of Investor Relations, tel. +46-8-788 25 00 Gunilla Svensson, Press Secretary, tel. +46-8-788 42 97 ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download: