STOCKHOLM, Sweden, June 12, 2002 (PRIMEZONE) - Skandia: May sales SEK 11.1 billion (1).
Sales in May
Sales amounted to SEK 11.1 billion (12.4). Sales in April 2002 totaled SEK 11.9 billion. The difference compared with April is attributable to seasonal variations in sales of unit linked products in the U.K. and exchange rate effects. However, the group's combined sales of unit linked assurance in local currency were at the same level as in April 2002.
New sales of unit linked assurance through May
New sales of unit linked assurance decreased by 18% through May compared with the same period in 2001.
Sales through May
Sales amounted to SEK 54.0 billion (63.2). Sales are reported exclusive of paid-in premiums to Skandia Liv, totaling SEK 5.9 billion (6.5). Of total sales, SEK 38.7 billion (42.7) pertains to unit linked assurance, SEK 13.4 billion (17.9) to mutual fund savings products, and SEK 1.2 billion (1.8) to direct sales of funds.
In the U.S.A., sales of variable annuities through May amounted to SEK 15.4 billion (18.4), and sales of mutual funds totaled SEK 5.7 billion (11.6). Sales in the U.K. totaled SEK 18.4 billion (19.2). In Sweden, SkandiaLink's sales amounted to SEK 4.7 billion (5.2). Sales in markets outside the U.S.A., the U.K. and Sweden amounted to SEK 8.4 billion (6.9).
Borrowings and exchange rate effects
The goal of reducing borrowings during the first half of 2002 through redemptions of at least SEK 5 billion has been achieved. In addition, currency movements thus far during the year have contributed to a further reduction in borrowings. Compared with the average exchange rates that applied for the full-year 2001, sales through May have decreased by approximately 1% as a result of exchange rate movements.
Sales figures for the month of June will be released on 23 July 2002.
For further information, please contact: Harry Vos, Head of Investor Relations, tel +46-8-788 3643
Definitions of sales
Sales
Sales pertain to paid-in premiums and deposits in funds from Skandia's customers.
New sales
New sales pertain to single and regular premiums from unit linked contracts entered into in 2002, recalculated to full-year figures. According to industry practice, new sales are defined as regular premiums recalculated to full-year figures plus 1/10 of single premiums during the period.
Sales per month 2002 2001
January 10.6 12.6
February 9.7 11.7
March 10.7 13.6
April 11.9 12.9
May 11.1 12.4
Subtotal 54.0 63.2
June 12.4
July 10.6
August 9.6
September 8.3
October 9.5
November 9.4
December 10.8
Total 133.8
Comparison figures for 2001 have been recalculated to take
into account the sale of parts of the mutual fund activities
in Skandia Asset Management to Den norske Bank.
U.K. pertains to businesses domiciled in the UK and thus also includes Royal Skandia, the branch offices in Finland and Norway, and sales of Critical Illness insurance in Germany.
Excha 2002 2002 2002 2001 2001 2001 2001
nge 31 30 31 31 31 30 31
rates May Apri Mar. Dec. May Apri Mar.
l l
SEK
EUR Closing 9.10 9.26 9.04 9.33 9.13 9.09 9.15
rate
EUR Average 9.16 9.17 9.14 9.29 9.04 9.02 9.00
rate
GBP Closing 14.2 14.9 14.7 15.3 15.2 14.6 14.82
rate 5 7 5 2 9 3
GBP Average 14.8 14.9 14.9 15.0 14.5 14.3 14.22
rate 5 8 8 1 1 2
U.S.$ Closing 9.74 10.2 10.3 10.5 10.7 10.2 10.39
rate 8 6 8 7 0
U.S.$ Average 10.3 10.4 10.5 10.4 10.0 9.85 9.74
rate 4 6 1 3 3
JPY Closing 0.07 0.08 0.07 0.08 0.09 0.08 0.083
rate 8 0 8 1 1 2
JPY Average 0.07 0.07 0.07 0.08 0.08 0.08 0.083
rate 9 9 9 6 4 2
1) All comparison figures pertain to the corresponding period
a year earlier, unless otherwise indicated.
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