Continued positive performance for Skandia Liv in first quarter of 2005*

New business** increased by 2% and amounted to SEK 289 million, while premiums written decreased from SEK 3.1 billion to SEK 3.0 billion. New sales*** increased by 7% compared with the same period last year while cancelled annual premiums decreased by 22%. At 31 March 2005, Skandia Liv’s managed assets amounted to SEK 252 billion. On the same date a year ago assets totalled SEK 243 billion. The total return on Skandia Liv’s investments in the first quarter amounted to 1.9% compared with 3.8% in the same quarter last year. This return does not include the capital gains from the recent sale of unlisted shares. Mats Andersson head of investment management at Skandia Liv comments: “The lower return during the first quarter compared with the same period last year is mainly explained by a fall of over 2% in the US stock market during the first quarter. On the other hand we benefited from a continued positive price trend on the Stockholm Stock Exchange as well as falling interest rates which increased the value of the bond portfolio.” Operating expenses amounted to 0.60% in relation to managed assets compared with 0.59% in the first quarter of 2004. The collective funding ratio on 31 March was 102% compared with 98% on the same date last year. This means that Skandia Liv has met the Swedish Financial Supervisory Authority’s requirement that the funding ratio may not be less than 100% for more than three years. Skandia Liv has now had a funding ratio of at least 100% for two consecutive quarters. This means that a reallocation is now no longer required. The bonus rate was raised on 1 January 2005 to 3.5% for all savings and was raised again from 1 March to 4%. Solvency amounted to 149% as per 31 March 2005 compared with 147% a year ago. The most recent Customer Satisfaction survey carried out by Skandia Liv (private customers) shows a substantial improvement for Skandia Liv. Customers’ overall approval of the company has improved from 56% at year-end 2004 to 70% today. *Pertains to Skandia Liv Sweden. The group also includes Skandia Liv’s subsidiaries in Denmark and Finland. ** New business is measured according to the industry definition: single premiums divided by 10 plus annual premiums. *** New sales consist of new business and extensions to existing insurance contracts. For further information, please contact Bengt-Åke Fagerman, Deputy CEO, tel. +46 8 788 21 50 Mats Andersson, Head of Investment Management, tel. +46 8 788 41 73 Pia Marions, CFO, tel. +46 8 788 19 69 Gunilla Svensson, Head of Public Relations, tel. +46 8 788 42 97