Länsförsäkringar Alliance: Interim report, January – June 2005
“The 24 regional insurance companies that jointly make up the Länsförsäkringar Alliance show a highly favorable earnings trend. Our non-life insurance operations generated the highest earnings in the Swedish market, with a combined ratio as low as 89%. Life assurance operations generated a total return of 6.7%. Through strong key ratios, risk control and methods for matching liabilities and assets, we have been able to retain a high equities portion in our portfolio during the recent stock market rally. Länsförsäkringar’s bank operations continue to show a strong earnings trend and market success”, says Tommy Persson, Managing Director Länsförsäkringar AB, the Group’s jointly-owned company. Summary: • Excellent earnings and market success for Länsförsäkringar Alliance’s three core areas – non-life insurance, life assurance and banking. • Substantial earnings improvement within non-life insurance. The technical result amounted to SEK 1,297 M (996) and operating income before tax was SEK 3,529 M (1,832). The combined ratio improved to 89 (93). • Premium income from the life assurance operations rose by 4% to SEK 4,686 M (4,492). The total return was 6.7%. • Operating income from bank operations improved to SEK 69 M (56) after loan losses. Net interest income rose by 11% to SEK 435 M (393). Figures in parentheses refer to the period January – June 2004. The Länsförsäkringar Alliance is neither a legal entity nor, in the legal sense of the term, a Group; it is an alliance between 24 independent regional insurance companies that jointly own Länsförsäkringar AB. Earnings from non-life insurance consist of the sum total of the earnings of the 24 regional insurance companies and of the jointly-owned Länsförsäkringar AB Group, excluding the life assurance and bank groups. For further information, contact: Tommy Persson Managing Director Länsförsäkringar AB +46 8 588 400 00 Christer Baldhagen, Senior Vice President Corporate Communications Länsförsäkringar AB +46 8 588 415 01 +46 70 579 70 66 christer.baldhagen@lansforsakringar.se