STOCKHOLM, Sweden, June 30, 2003 (PRIMEZONE) -- Moody's Investors Service has downgraded the issuer rating of Lansforsakringar 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, Lansforsakringar 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," said Sten Duner, Group Controller at Lansforsakringar AB.
For further information, please contact:
Sten Duner, Group Controller, Lansforsakringar AB +46 8 588 411 15 sten.duner@lansforsakringar.se +46 73 96 411 15 Mikael Ostlund, +46 8 588 418 50 Chief Communications Officer, Lansforsakringar mikael.ostlund@lansforsakringar.se
Lansforsakringar, with 24 independent regional insurance companies and the jointly owned Lansforsakringar AB, is Sweden's only customer-owned locally established banking and insurance group. Lansforsakringar offers a broad range of policies and financial services for companies and private individuals. Lansforsakringar 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. Lansforsakringar includes Agria Djurforsakring (Animal Insurance). The Alliance manages assets totalling SEK 100 billion. Premium income in 2002 amounted to approximately SEK 20 billion.
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http://www.waymaker.net/bitonline/2003/06/30/20030630BIT00460/wkr0001.doc
http://www.waymaker.net/bitonline/2003/06/30/20030630BIT00460/wkr0002.pdf