History

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1855
Skandia´s establishment in 1855 is part of the modernization of Swedish society. To start with, an office in a three-room apartment was sufficient. It is situated at Mynttorget 1, adjacent to the Royal Castle. Skandia starts out as a mixed insurance company selling life and fire insurance.

Skandia also opens offices in Christiania (Oslo), Copenhagen, St Petersburg, Hamburg and Rotterdam in the early years.

1863
Skandia´s stock is registered on the Stockholm Stock Exchange in connection with the first stock exchange auctions, held in 1863.

1880
Accident and disability insurance are introduced.

Thomas Alva Edison invents the light bulb, and in New York he establishes a power station - an operation which has today grown to become General Electric.

1889
Skandia´s portfolio of life assurance business now includes 7,000 policyholders. Life assurance fulfils a need for financial security in the emerging industrial society for new key groups of people. The bulk of life assurance is sold to the middle class, however, blue collar workers and women also show a growing interest.

1890
The number of employees reaches 50, and expansion is based on working via agents outside of the organization, who sell both life and fire insurance.

1900
Most premium income comes from fire insurance. Skandia recognizes early that by reinsuring premiums, it can reduce the major risks involved with, for example, the great city fires that occurred during the 19th Century.

Skandia establishes itself in the US market as the first foreign, non-British insurance company.

1906
On April 18, large areas of San Francisco were devastated by a major earthquake, perhaps the most written-about natural catastrophe in modern time. More than a thousand people were killed – mainly due to the fires that raged for four days afterwards. The property damage amounted to an unbelievable US $225 million, of which Skandia was responsible for US $2.4 million in damages. Skandia, already well-established in the American market, faced its largest claim ever, but the Company was able to fulfil its commitments and immediately paid all the claims. This created goodwill for the future.

Skandia is the first company in Sweden to start a company newsletter.

1907
Henry Ford begins manufacturing cars using a production line.

1916
Obligatory occupational accident insurance is introduced in the Swedish market as part of the statutory social insurance scheme.

1920
Pension insurance enters the market under the name name "monthly payment" or "monthly income" insurance, and Skandia writes its first motor insurance policy.

1929
Motor third-party liability insurance becomes obligatory by law in Sweden. Vehicle damage insurance is introduced in the following year.

1936
Married women can now also be employed by Skandia – previously only unmarried women had been accepted.

1938
Home insurance is introduced, an important product development that enables individuals to have a single, comprehensive policy covering fire, burglary, flooding and liability insurance, with one premium and one due date.

1953
Skandia starts a company in Colombia.

1955
Skandia starts a company in India, which it subsequently shuts down in 1971 in connection with the nationalization of India´s insurance industry.

1957
Skandia uses a computer for the first time – a so-called Magnetic Drum Calculator, the IBM650. The computer is now on display at Stockholm's Museum of Science and Technology.

1964
The new Skandia group is presented along with the umbrella logo. The group is formed through the merger of five companies which originally consisted of 53 Swedish insurance companies.

1970
Office for international reinsurance business opens in Australia.

1974
Skandia launches child insurance, which provides compensation for disability or handicaps, no matter what the reason is, up to the age of 20.

1979
Skandia Life UK is established in London. The company is one of the first to sell unit linked pension insurance in the UK. It subsequently moves to Southampton.

1987
Ideas for Life starts and is a department within Skandia Group which works to support the positive forces in society on behalf of children and youths. Ideas for Life coordinates and runs community projects designed to contribute to greater responsibility and better living conditions for children and youths.

1990
After an adaptation of Swedish legislation governing the insurance industry, Skandia introduces unit linked assurance in Sweden. SkandiaLink is established.

1990-2000
Skandia establishes operations in more than 20 locations around the globe including Chile, the United Arab Emirates, China and Poland.

1994
SkandiaBanken opens a savings-deposit business in Sweden. The bank is initially marketed as an alternative to the big banks, with a focus on telephone service. With the growth of the Internet, SkandiaBanken evolves and develops its online offering.

1995
Skandia is the first financial company in Europe to go online with its skandia.com website.

1999
The property and casualty insurance company, If P&C Insurance Ltd. is jointly formed by Skandia and Storebrand.

2003
Skandia has undergone a profound transformation in recent years and is now a focused, international savings company with operations in over 20 countries. The group´s expansion has taken place in a relatively short period of time and entirely through organic growth.

2005
Skandia celebrates its 150th anniversary on 12 January.

On 2 September, the London-based financial services and insurance group Old Mutual Plc makes a public offer to acquire all shares in Skandia.

2006
As from 3 February, Skandia is a subsidiary of Old Mutual.

On 23 March Skandia's board decides to apply for a delisting of Skandia's shares from the Stockholm Stock Exchange and London Stock Exchange.

The last day for trading in Skandia shares on the London Stock Exchange is 11 May, and in Stockholm the last trading day is 5 June.

2007
A new Skandia Brand is adopted across the whole Skandia Group