If P&C Insurance reduces its office network in Norway

If P&C Insurance reduces its office network in Norway Property and Casualty insurance customers are constantly changing their behaviour pattern and an increasing number of customers want to be served over the telephone. The change in customer behaviour and the introduction of new technological solutions have made it necessary for If P&C to adjust some of its distribution organisation in Norway. An essential part of the assessment has been to ensure that customers have good access to the company's products and services and at the same time maintaining a good geographic presence. If P&C took over Storebrand's network of 78 offices last year. Following thorough market surveys and a review of all of If's 78 offices, the company has decided to close or merge a total of 23 offices and simultaneously make changes at the remaining 55 offices. 17 offices will be closed, while 6 offices will be merged with others. The changes that If is currently introducing in its distribution network imply a cut in the workforce of 110 man-years. If's goal is to implement the staff reduction without redundancies. In addition to the possibility of working in other parts of the group, the company will, among other things, offer early retirement and severance pay. The following 17 offices are being closed: Kirkenes, Hammerfest, Lakselv, Fauske, Sandnessjøen, Brønnoysund, Namsos, Røros, Åndalsnes, Sunndalsøra, Fosnavåg, Florø, Voss, Tynset, Risør, Gol and Halden. The following six offices will be merged with the office closest to them: Horten (Tønsberg), Sandvika (Asker), Bø (Notodden), Skien (Porsgrunn), Askim (Ski) and Lillestrøm (Jessheim). Customer service in Norway will still be extensive, geographically. After these changes in the office network have been made the company will have 55 offices across the country. In many of the places where the company is terminating its customer reception service it will continue to service the area with insurance salespeople. In addition to If's 55 remaining offices the company will be represented by 44 franchise office and agencies around the country. The reduction of If's office network must be seen in conjunction with the fact that the company's telephone-based call and claims centres are providing customers with constantly improving accessibility, not only during normal office hours but also in the evenings and on Saturdays and Sundays. Stockholm, 23 February 2001 For further details please contact: Media: Helena Dyrseen, Director of Corporate Communications, telephone + 46 8 788 23 35 Investor Relations: Susanna Halse, Investor Relations, telephone +46 8 788 24 28 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/23/20010223BIT00620/bit0002.doc http://www.bit.se/bitonline/2001/02/23/20010223BIT00620/bit0002.pdf

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If P&C Insurance is the leading property and casualty insurance company in the Nordic area