Skandia First-Quarter Earnings Slip
Swedish insurer Skandia, which has been acquired by Anglo-South African financial group Old Mutual, reported a 20.5 percent decline in first-quarter net earnings.
Excluding non-recurring items, net profit fell by 18.6 percent but sales in the first three months of the year rose 15.7 percent.
Skandia, the oldest company on the Stockholm exchange, will be withdrawn from the Swedish market on June 5. The company was acquired in a hostile takeover bid launched by Old Mutual in September.
Following Skandia’s departure from the Stockholm exchange, the company’s quarterly results will be included in those presented by Old Mutual.