Comment from if with regard to Pohjola's EGM If's Pan-Nordic strategy remains

COMMENT FROM IF WITH REGARD TO POHJOLA´S EGM - IF´S PAN-NORDIC STRATEGY REMAINS If is fully operational in Norway, Sweden and Denmark since year-end 1999. Skandia and Storebrand have completed the merger of their respective property and casualty operations. If is already a well-known brand in Norway, Sweden and Denmark. Today Pohjola's General Meeting has decided to unilaterally break the agreement with Skandia and Storebrand concerning If. "This decision is regrettable. Over a period of 10 months we have worked together intensively to realise If. The company has been launched in Norway, Sweden and Denmark. The integration work has also come a long way in Finland and the only thing lacking for an external launch of If was a decision from the Finnish authorities to be able to transfer Pohjola's business portfolios to If. Today´s decision by Pohjola will destroy significant values for Pohjola and If. " says Bo Ingemarson, President and CEO of If. If's pan-Nordic strategy remains in place. If P&C Insurance is the leading Nordic property and casualty insurer. The strategic, financial and operational rationale behind the merger is still valid. Based on this we continue our work in Norway, Sweden and Denmark. Finland is still an important market for If in our Nordic strategy. If has already established a branch in Finland, and naturally we will not withhold from the Finnish market and Finnish policyholders the opportunities that If provides within property and casualty insurance. I would like to say a special word of thanks to all staff in Finland, who in a dedicated and professional manner have meant a great deal for the internal work within If" concludes Bo Ingemarson. In February 1999, Skandia and Storebrand decided to merge their property and casualty insurance operations. In June the same year, the Finnish insurer Pohjola joined the new company. In the spring of 1999, it was announced that the name of the new, leading pan-Nordic property and casualty insurance company is If. On a pro forma basis, Pohjola´s share of If´s premiums for full-year 1999 was 20 per cent. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/05/16/20000516BIT01050/bit0001.doc http://www.bit.se/bitonline/2000/05/16/20000516BIT01050/bit0002.pdf