Skandia Posts Improved Results on Eve of Takeover
The Swedish financial services group Skandia says its fourth quarter net loss narrowed steeply, on the back of improved profitability in all its divisions.
Currently the target of a hostile takeover by South African insurer Old Mutual, Skandia posted 159 million dollars in underlying earnings, about twice the figure from the same period last year, and slightly up from the third quarter.
However, a large bill for unpaid taxes pushed Skandia into loss for the full year.
Outgoing CEO Hans-Erik Andersson, who is being replaced by Old Mutual, says the results show the business model he introduced is working.