Profits from the investment management and life business of SEB, the Swedish financial services provider, were down 38% in the first half of 2001.

Profits fell from Skr320m (€33.9m) in the first six months of 2000 to Skr199m in the same period this year. The asset management and life arms of SEB, which is currently in merger talks with rival Swedbank, were hit by the downward trend in the stock markets as well as decreasing revenues and increased costs. Revenues were down to Skr1.51bn from Skr1.56bn in the first six months of 2000 while costs were up 6% to Skr1.31bn from Skr1.23bn.