Skandia announced that the sale of its Japanese operations to Millea Holdings’ subsidiary, The Tokyo Marine & Fire Insurance Co. Ltd., has now been completed after receipt of the customary regulatory approvals.
The transaction, valued at 20 billion yen, or SEK 1.4 billion (around $190 million), will add around $108 million to shareholders’ equity and around $54 million to the company’s net asset value.
The Japanese operation “will be reported among discontinued operations in the full-year result for 2003,” said the announcement. “To facilitate comparison, the group overview prepared in connection with the 2003 Year-End Report (as in the 2002 Annual Report) will be presented exclusive of the result of discontinued operations. The format is shown in the tables on pp. 2-3 of this release. By discontinued operations is meant American Skandia, the banking operation in Switzerland, and Skandia Japan,” it continued.
Skandia said it would release its 2003 Year-End Report on 27 February 2004. “On 15 February 2004, the Swedish Insurance Federation will be publishing sales statistics for the Swedish market in 2003. In connection with this, Skandia will inform about the group’s sales in 2003,” it added.
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