AB Volvo sells reinsurance company to Ikano

AB Volvo is selling the reinsurance company Volvo Group Re (Luxembourg) S.A. to Ikano S.A. The sale generates a capital gain of SEK 34 M.

Volvo Group Re (Luxembourg) S.A. was formed in 1985 and became part of the Volvo Group in conjunction with the acquisition of Cardo. Since 1988 it has been an integral part of Volvo’s own reinsurance operations together with the Swedish parent company, Volvo Group Insurance Försäkrings AB, and a sister company in Dublin, Volvo Group Insurance (Ireland) Ltd. Operations have involved reinsuring Volvo’s property, business disruption and liability risks and of certain personnel insurance coverage with premiums paid by the company. December 17, 2004 For further information, please contact Mårten Wikforss, +46 31 66 11 27