Billion kronor loss for Skandia
22 Aug 2005, 12:05
Published: 22 Aug 2005 12:05 GMT+02:00
A contributory factor has been the devaluation of Bankhall, the British financial advice company, which has shown lower than expected profitability. Half a billion kronor also went towards closing down various operations.
However, turnover increased over the first half year by 15% to 7.8bn kronor. The investment insurance market was an area of growth with an increase of sales of 27% in Sweden.
Chief executive, Hans-Erik Andersson, was cautiously optimistic in his report:
"I am convinced we are well on the way to further strengthening Skandia's position in the growing market for long-term savings."