SWEDEN – Lars Ramqvist has resigned as chairman of troubled Swedish insurer Skandia following a year in which operating profits almost halved.

“In this situation, where Skandia can once again begin to look forward, it feels entirely right for me to leave my assignment as chairman and allow new strengths to take over,” Ramqvist said in a statement.

Skandia's operating result in 2002 fell to 1.4 billion crowns from 2.45 billon crowns in 2001.

Skandia did not say who would replace him. Its nominating committee said it would “be working thoroughly and swiftly” to come up with a recommendation by the firm’s annual general meeting on April 15.

Ramqvist added: “Two thousand and two was the third year in a row in which we experienced a sharp, international decline in the stock markets. The worst stock market decline since the 1930s is thus now a matter of record.”

The departure follows a difficult year for Skandia, in which it was forced to sell its US operations. Ramqvist said: “The break-off of the US operation and freedom from debt now open up new, strategic opportunities for Skandia to develop its future business in the expanding international insurance and savings markets.”


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