Skandia sells NIG to Winterthur

Skandia sells NIG to Winterthur Skandia is selling its British motor insurer National Insurance Guarantee (NIG) to Winterthur, a part of Credit Suisse Group. NIG will join the Churchill family of companies in the UK. The sale will entail a liquidity increase of more than GBP 120 million for Skandia, giving a capital gain of approximately GBP 20 million. Commenting on the sale, Lars-Eric Petersson, President and CEO of Skandia, said: "With the sale of NIG, the structural work within our property & casualty insurance operations is now complete. Preparations for a stock market listing of the Nordic property & casualty company if., in which Skandia today has a 42% ownership interest, are proceeding according to plan." The sale does not affect Skandia's successful UK Long Term Savings tions. Skandia Life, Professional Life, Skandia Multifunds and Royal Skandia continue to show strong, profitable growth and will remain central to Skandia's core world-wide operations. The sale requires customary regulatory approval. For further information, please contact: Ulf Spång, Executive Vice President and CFO, Skandia, tel. +46-8-788 29 05 Harry Vos, Head of Group Business Control, Skandia, tel. +46-8-788 36 43 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/10/19991210BIT00370/bit0001.doc http://www.bit.se/bitonline/1999/12/10/19991210BIT00370/bit0002.pdf