Skandia awarded contract as principal supplier in Sweden's largest pension procurement deal

Skandia has been named as principal supplier in a major procurement process carried out by the brokerage firm Max Matthiessen for occupational pension insurance for 27 large Swedish corporations. In connection with this, a new fee model that is unique in the industry has been introduced, entailing the elimination of up-front fees, which have been replaced with a recurrent portfolio management fee that is fixed over time. Skandia will be providing both unit linked assurance and life assurance, and will also be the sole provider of sickness/disability insurance. The procurement is worth annual premium volume of approximately SEK 1 billion. The contract has a four-year term and will take effect on 1 June 2005. Commenting on the contract, Sven-Erik Milton, head of Market & Business Development for Skandia Sweden, says: "We are very pleased with this deal, which confirms the position that Skandia has had and continues to hold in the Swedish insurance market." For further information, please contact: Sven Erik Milton, Head of Skandia Market & Business Development, tel. +46-8-788 11 52 Gunilla Svensson, Press Manager, Skandia, tel. +46-8-788 42 97