Skandia sells Vesta to Tryg-Baltica

Skandia sells Vesta to Tryg-Baltica Skandia is selling Vesta Skadeforsikring and Vesta Liv to Tryg Baltica, which is a part of Unidanmark. The sale entails for Skandia, after the formation of if. Property & Casualty Insurance, a liquidity increase of slightly more than NOK 3 billion and a capital gain of slightly more than NOK 1.5 billion. Gross premiums written in 1998 for Vesta's property & casualty insurance operation amounted to NOK 4.3 billion, while gross premiums written for its life assurance operation were slightly more than NOK 900 million. In addition to this is NOK 500 million in premiums taken over from other insurance companies. The Vesta operations now being transferred to Tryg-Baltica have a total of 1,200 employees. "In Tryg-Baltica, Vesta gains a competent and good owner that can further develop the company. It is also gratifying that the customers and employees both look positively on this deal," says Lars-Eric Petersson, CEO of Skandia and Chairman of Vesta. The deal is conditional upon customary regulatory approval. For further information, please contact: Ulf Spång, Executive Vice President and CFO, Skandia, tel. +46-8-788 29 05 Birgitta Hammarström, Press Officer, Skandia,tel. +46-8-788 2755, or +46-8-70-378 27 55 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/09/19991209BIT00030/bit0001.doc http://www.bit.se/bitonline/1999/12/09/19991209BIT00030/bit0002.pdf