Moody's assigns higher and improved credit ratings to Länsförsäkringar AB and Länsförsäkringar Sak (non-life)
Moody's assigns higher and improved credit ratings to Länsförsäkringar AB and Länsförsäkringar Sak (non-life) Länsförsäkringar AB has been assigned an A3 rating with a "stable" outlook by the credit ratings company Moody's. This reflects an improvement, since Länsförsäkringar AB had formerly been assigned a "negative" outlook. Moody's has also rated Länsförsäkringar Sak (non- life) for the first time and has issued the company an A2 rating with a "stable" outlook. "The high credit ratings are proof of our financial strength and favourable financial results, and in particular our increased efficiency. This also provides us with the scope to achieve further market growth within the banking and insurance sectors," comments Jonas Bjerre, Controller at Länsförsäkringar AB. According to Moody's, Länsförsäkringar AB's new rating derives from the company's favourable solvency margin and the improved earnings reported by the entire Länsförsäkringar Alliance. Moody's also notes that Länsförsäkringar AB has successfully reduced its costs. According to Moody's, the credit rating for Länsförsäkringar Sak is a result of the important role of the company in the Länsförsäkringar Alliance and its financial strength. Länsförsäkringar Sak is reporting favourable profitability and improvements in key figures generally. Länsförsäkringar AB is responsible for the strategic development of Länsförsäkringar Alliance and functions as its development and service centre. Länsförsäkringar Sak is a subsidiary of Länsförsäkringar AB. Länsförsäkringar Sak conducts non-life business, development and service operations on behalf of the 24 regional insurance companies in the Alliance. Operations focus primarily on the Länsförsäkringar Alliance's joint reinsurance solutions. For further information, contact: Jonas Bjerre, Controller Länsförsäkringar AB +46 (0)8-588 417 32 jonas.bjerre@lansforsakringar.se +46 (0)73-964 17 32 Mikael Östlund, Vice President Corporate Communications Länsförsäkringar +46 (0)8-588 410 94 mikael.ostlund@lansforsakringar.se +46 (0)70-553 12 82 Current ratings, Länsförsäkringar Company Standard & Poor's Moody's Länsförsäkringar AB A-/stable A3/stable Länsförsäkringar Sak (non-life) A/stable A2/stable Länsförsäkringar Bank K1/BBB+/stable - Humlegården A/stable - ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/11/12/20031112BIT00590/wkr0001.doc http://www.waymaker.net/bitonline/2003/11/12/20031112BIT00590/wkr0002.pdf