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Skandia Announces Strong 3rd Quarter

Published tisdag 15 november 2005 kl 18.25

Swedish insurer Skandia, said on Tuesday that strong third-quarter earnings strengthened its resolve to remain independent.

Sweden’s scandal tarnished financial giant is currently the target of a hostile takeover bid by South African based Old Mutual. Skandia’s net profit increased by 10.5 percent to some 42.3 million US dollars.

Skandia’s results announcement came a day after Old Mutual delayed the closing date of its offer for Skandia, by almost a month, to December 16. But Old Mutual’s finance director Julian Roberts also insisted that it would not improve its offer.

The offer values Skandia at some 55.5 billion US dollars and would, if successful, lead to the creation of Europe’s eighth-largest insurer.

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