Moody's downgrades the issuer rating of Länsförsäkringar AB - still best in the Nordic region
Moody's downgrades the issuer rating of Länsförsäkringar AB - still best in the Nordic region Moody's Investors Service has downgraded the issuer rating of Länsförsäkringar AB from A1 to A3 with a negative outlook. According to Moody's, this is a result of the net asset value declining and a weak level of profitability in non-life insurance business. "I'm not surprised that we have received a reduced rating, considering how the insurance market and the financial markets have developed in recent years. However, Länsförsäkringar remains strong. We have the highest net asset value in the industry and we still have the highest issuer rating among non-life insurance companies in the Nordic region," says Sten Dunér, Group Controller at Länsförsäkringar AB. For further information, please contact: Sten Dunér, Group Controller, Länsförsäkringar AB +46 8 588 411 15 sten.duner@lansforsakringar.se +46 73 96 411 15 Mikael Östlund, +46 8 588 418 50 Chief Communications Officer, Länsförsäkringar mikael.ostlund@lansforsakringar.se Länsförsäkringar, with 24 independent regional insurance companies and the jointly owned Länsförsäkringar AB, is Sweden's only customer-owned locally established banking and insurance group. Länsförsäkringar offers a broad range of policies and financial services for companies and private individuals. Länsförsäkringar is a leader in the Swedish market for non-life insurance. Its share of the market amounts to slightly more than 29 per cent. Its share of the market for life insurance and pension insurance amounts to 10.5 per cent, with a 2.6 per cent of the bank market. Länsförsäkringar includes Agria Djurförsäkring (Animal Insurance). The Alliance manages assets totalling SEK 100 billion. Premium income in 2002 amounted to approximately SEK 20 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/2003/06/30/20030630BIT00460/wkr0001.doc http://www.waymaker.net/bitonline/2003/06/30/20030630BIT00460/wkr0002.pdf