Billion kronor loss for Skandia

The financial services group, Skandia, presented losses of a billion kronor for the first six months this year. The result includes one-off costs of 1.5bn kronor. Over the corresponding period last year, the group had a profit of 1.3bn kronor.

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.”

TT/The Local