Finalising the merger of If and Sampo's Property & Casualty Insurance business
· The pan-Nordic P&C insurance company If and Sampo's P&C business merge their operations, as announced in May· Sampo will own 38.05 per cent of the enlarged If, Storebrand will own 22.47 per cent and Skandia will own 19.36 per cent. Varma-Sampo Mutual Pension Insurance Company will own 10.06 per cent, following a direct primary share issue. Skandia Liv will acquire 10.06 per cent of the ownership in If from Skandia on the same terms as Varma-Sampo.
· Capital base significantly strengthened by shareholder contributions totalling SEK 3 Bn
· Pro forma at 30 September 2001: solvency ratio risk capital 65%, net asset value SEK 17.3 Bn
· CEO and President of the Company will be Bo Ingemarson, Hannu Kokkonen will be first executive vice president and deputy CEO and Knut W Francke will be senior executive vice president. Kari Stadigh, Deputy CEO of Sampo, will be the Chairman of the Company.
· The parties expect to obtain the necessary confirmations and approvals from the authorities so as to complete the transactions by the end of this year.
TeleconferenceA teleconference will be held at 5.30 PM CET. Bo Ingemarson, CEO If, Kari Stadigh, Deputy CEO Sampo, Idar Kreutzer, CEO Storebrand and Ulf Spång, CFO Skandia will be present. Please call +46 8 500 521 36 at 5.25 PM. For presentation, please visit www.if-insurance.com.
If <br>Media: Helena Dyrssen, +46 70 529 23 35Investor Relations: Nils Henriksson, +46 8 788 12 82 <br> <br>Sampo <br>Media: Kari Stadigh, +358 10 514 0004Investor Relations: Jarmo Salonen, +358 10 514 0030 <br> <br>Skandia <br>Media: Birgitta Hammarström, +46 8 788 27 55Investor Relations: Harry Vos, +46 8 788 36 43 <br> <br>Storebrand <br>Media: Egil Thompson, +47 22 48 95 86Investor Relations: Lars Löddesöl, +47 22 31 56 24Varma-SampoMedia: Marja-Terttu Verho, +358 10 514 4761