RNS No 988w
SKANDINAVISKA ENSKILDA BANKEN
21 June 1999


Trygg-Hansa Non-Life sold to Codan 
SEB expands strongly in Denmark

Today SEB has signed an agreement with Danish insurer Codan and its parent
company, British insurance company Royal & SunAlliance ("RSA"). The
agreement comprises several elements: Codan acquires Trygg-Hansa Non-Life;
SEB breaks into the Danish asset management market through acquisitions and
agreements; in addition, a strategic partnership has been formed between
the companies with regards to distribution of products from the respective
companies. SEB will launch an Internetbank in Denmark with Codan Bank as a
platform.

In summary, the agreement means:

* SEB sells Trygg-Hansa Non-Life to Codan for SEK 4.3 billion. As a part of
this process, SEB has also previously recieved a tax-free dividend of SEK
2.7 billion. In addition to the cash consideration, the agreement with
Codan creates substantial value for SEB.

* SEB expands strongly in Denmark 

 => SEB enters into a number of long-term asset management agreements totalling 
  approximately SEK 70 billion*. A custody services agreement has also been 
  entered into. 

 => SEB acquires Codan Bank in Denmark with 135 employees for a price 
  corresponding to stated book value DKK 750 millon (SEK 885 million),. 

 => SEB acquires 49 percent of Codan Link, a unit-linked company for DKK 25 
  million (SEK 30 million). 

 => SEB acquires Codan's 15.8 per cent shareholding in Amagerbanken, at
  current market price corresponding to DKK 80 million (SEK 94 million).

SEB and Codan establish a strategic partnership

=>    SEB maintains the asset management contract for Trygg-Hansa's
  portfolio in Sweden, approximately SEK 12 billion.

=>    SEB enters into extensive distribution agreements with Codan
  regarding life-savings- and banking products in Denmark, and with Trygg-Hansa
  regarding non-life products in Sweden.

=>    The transfers will take place once the required permissions have
  been obtained.

*) Calculated at the exchange rate of DKK 1 = SEK 1.18

      The SEB Group's investment in the Danish market is a strategic
      venture, and is in line with the objective of SEB becoming the leading 
      provider of financial services in Northern Europe. Simultaneously, SEB 
      becomes one of the leading players on the Danish asset management market,
      and also establishes a stronger platform for further expansion in Denmark,
      especially in the area of asset management. SEB Securities Services
      will, through the asset-management agreement, become a large player
      on the Danish custody market.

      The acquisition of Codan Bank provides SEB with strategic
      opportunities on the Danish market and also provides a platform for
      further development of banking- and savings services. SEB is one of
      Europe's leading Internet banks and will, with Codan Bank as a
      platform, take advantage of its know-how and its leading position in
      order to expand in Denmark.

      The Danish unit-linked market is still relatively limited, but is
      growing strongly. Through Codan's competence and customer base in
      Denmark, and with SEB Trygg Liv's leading position in the
      unit-linked area, the partners expect to gain a substantial market
      share.

      In co-operation with Trygg-Hansa Non-Life, SEB will continue
      distributing non-life insurance products via existing distribution
      channels, and to develop combination products (financing and
      insurance) in Sweden. In addition, SEB has entered into an exclusive
      distribution agreement with Trygg-Hansa Non-Life regarding
      distribution of life- and savings products through Trygg-Hansa
      Non-Life's call-centres. The Trygg-Hansa trademark will be licensed
      to Codan for non-life insurance products without any cost or time
      limit. Thus, marketing of the company's non-life insurance products
      in Sweden will continue under the name Trygg-Hansa *.

      In Denmark, the distribution agreement will be introduced in the
      same manner as in Sweden. Codan's strong market positions in Denmark
      combined with its customer base of 450,000 clients make up valuable
      elements.

      Mr. Lars H Thunell, SEB President and Group Chief Executive, says:

      "This is a strategically important partnership. Now, SEB has a
      co-operation partner in the Nordic region, and a platform in
      Denmark, which facilitates continued expansion in the important
      savings- and investment markets. Codan is, besides being an
      interesting partner, also a good owner for Trygg-Hansa Non-Life,
      which is beneficial for both clients and staff."

*The life-insurance company will remain within the SEB Group under its
present name SEB Trygg Liv

Mr. Jens Erik Christensen, Managing Director RSA Europe and CEO Codan, says:

"There are very few countries in Europe where, overnight, it is  possible to
acquire a market share of 16 per cent or more, in addition to the 13 per cent
market share we have in Denmark today.  Besides, we get access to one of
Sweden's strongest trademarks, since Trygg-Hansa's logo, the life-buoy, is known
by almost the entire Swedish population.  Such a trademark gives us some
fantastic opportunities on which to build."

"We view SEB as a very dynamic financial group, and our expectations are,
therefore, great when it comes to this partnership, not least in Denmark, where
electronic commerce and Internet banking have only just started. Codan is at the
forefront, and together with SEB's substantial experience in Internet-banking,
it is twice as interesting, since we can provide our clients a collection of
really attractive, well-tested services," says Mr. Christensen.

For further information, please contact:

Ms. Gunilla Wikman, Head of SEB Group Communications, +46-8-7638125
e-mail: gunilia.wikman@enskilda.se

Mr. Boo Ehlin, Head of SEB External Relations, +46-70-7638577 
e-mail: boo.ehlin@enskilda.se

Ms. Lotta Treschow, Head of SEB Investor Relations, +46-8-7639559 
e-mail: lotta.treschow@enskilda.se

Mr. Poul Mortensen, General Manager Codan, +45-33-555700 
e-mail: plm@codan.dk   

Invitation to press conferences: 

Copenhagen, Codans Hus, Gammel Kongevej 60, 10.30 a.m. 
Stockholm, Trygg-Hansa Building, Fleminggatan 18, 14.30 p.m.

Annex 1
Key facts on companies

The Codan Group, has 2,600 employees. 72 per cent is owned by the British
insurer Royal & Sun Alliance ("RSA") and conducts business in Denmark, Sweden,
Norway and Lithuania. The core business embraces accident- and life insurance
activities. In Sweden, Codan is the owner of the insurance company Holmia.

Royal & SunAlliance (RSA), which has 44,000 employees world-wide, is Great
Britain's largest non-life insurance company and one of the world's leading,
international insurance companies.  RSA conducts business in 55 countries and
has co-operation agreements in 130 countries. RSA's non-life fee income was GBP
6.9 billion in 1998.

The SEB Group is one of the largest financial groups in the Nordic region, with
assets under management amounting to SEK 550 billion and total assets of SEK 720
billion. SEB offers a wide choice of banking-and insurance services. The Group
is represented in some 20 countries, and has approximately 3 million customers.
SEB has about 13,000 employees (including Trygg-Hansa).

Trygg-Hansa Non-Life, which has 1,300 employees, offers non-life insurance
products to private individuals and to small- and medium-sized enterprises. In
addition to Trygg-Hansa, the company does business through its subsidiary Aktsam
(car insurance), Trygg-Hansa Denmark, Trygg-Hansa Norway as well as through
Partner and Garda Life in Poland.

SEB in Denmark, already before this agreement with 230 employees.  Main business
lines: SEB Kort (Diners and others), with a 20 per cent market share; Merchant
Banking, 11 per cent market share in bond trading; Enskilda Securities, 7 per
cent market share in equity trading. Recently established activities in Asset
Mangement, SEB Trygg Liv, Securities Services and SEB Finans.

Annex 2
Key facts on agreement

                                                     SEK M     DKK M
The selling of Trygg-Hansa Forsakrings AB            4,300        3,600

Includes: Non-Life company excl. Run-Off division
Approx. 1,300 employees, 14 % market share in Sweden,
800,000 clients, subsidiary Aktsam and others,
licensing of trademark Trygg-Hansa regarding
non-life insurance products in Sweden

Acquisition of Codan Bank                               885          750
135 employees
17,000 clients

Acquisition of 49% in Codan Link                         30           25
Unitlinked company
Codan owns 51%

Acquisition of 15.8 % in Amagerbanken                    94           80

Asset management agreements                    about 70,000 about 60,000
Codan Forsikring in Denmark, Codan Bank,
Holmia in Sweden. In addition, custody services.

Maintained asset management agreement
Trygg-Hansa in Sweden                          about 12,000 about 10,200

Gross premium income, accident 1998
Codan Group                                           5,262        4,469
Trygg-Hansa                                           4,348        3,693
      
Employees
                                                 Sweden          Denmark
Codan Forsikring/Holmia                                 266        2,150
Trygg-Hansa                                           1,240           60
SEB incl. Trygg-Hansa                                13,000          230
                                               (incl. 2,000
                                                   abroad)
      
Market shares non-life 1998                       Sweden         Denmark
Codan Group                                         2%              13%
Trygg-Hansa                                        14%               0%

( 1 DKK = 1. 18 SEK)

END

MSCVFFBLKQKXBKD


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