Länsförsäkringar Alliance, Interim Report, January - June 2004
Länsförsäkringar Alliance, Interim Report, January - June 2004 "The first six months of 2004 showed a further substantial improvement in earnings and increased market share within most areas. Länsförsäkringar is performing well. The banking business is progressing according to plan, with earnings improvements, increased volumes and rising market share. Endeavors to combine profitability with greater customer benefits will continue to characterize all aspects of our operations, says Tommy Persson, Managing Director Länsförsäkringar AB, the Group's jointly-owned company." Summary · Substantial earnings improvements in all three core areas - non-life insurance, life assurance and banking. · Premiums earned within non-life insurance rose by 17% to SEK 7,935 M (6,791). Operating income improved to SEK 1,832 M (324) and the technical result amounted to a surplus of SEK 996 M (105). Länsförsäkringar's share of the non-life insurance market increased to a record 32.0% (30.4). The combined ratio improved to 93% (106). · Premium income from the life assurance operations rose by 11% to SEK 4,492 M (4,058). Investment income amounted to SEK 4,167 M (3,111) and net profit for the first half of 2004 amounted to SEK 1,566 M (894). The life assurance operations generated a total return of SEK 3.6% (2.8%) during the period. · Operating income from banking operations has increased and amounted to SEK 56.4 M (12.4) after loan losses. Lending to the public increased by 40% to SEK 35.4 billion (25.3). Mortgage loans rose by 69% to SEK 20.5 billion (12.2). Figures in parentheses pertain to January - June 2003. You will find the report at www.lansforsakringar.se/info For further information, contact: Tommy Persson, Managing Director Länsförsäkringar AB +46 8-588 400 00 Christer Baldhagen, Senior Vice President Corporate Communications +46 8-588 415 01 christer.baldhagen@lansforsakringar.se +46 70-579 70 66 Länsförsäkringar, with 24 independent regional insurance companies and the jointly owned Länsförsäkringar AB, is Sweden's only customer-owned and locally based banking and insurance group. Länsförsäkringar has Sweden's most satisfied customers and is the most competitively priced bank with the most loyal customers according to the Swedish Quality Index. Länsförsäkringar is the "Life Assurance and Non-life Insurance Company of the Year" according to the Affärsvärlden business weekly and was named "Bank of the Year 2002" by the Privata Affärer business magazine. Länsförsäkringar offers a broad range of insurance and financial services for companies and private individuals. Länsförsäkringar is the market leader in the Swedish non-life insurance segment, with a market share of 32%. The market share in life and pension assurance is 10.9% and 2.9% in banking. Länsförsäkringar also includes Agria Djurförsäkring (animal insurance). Länsförsäkringar manages assets of SEK 140 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/30/20040830BIT20510/wkr0001.pdf Länsförsäkringar Alliance, Interim Report 2004