STOCKHOLM, Sweden, Dec. 12, 2002 (PRIMEZONE) -- Skandia, November sales SEK 8.9 billion(1).
Sales in November Outside the USA
Sales rose by 7% to SEK 6.0 billion (5.6). Exchange rate effects on sales, attributable to the strengthening of the Swedish krona, were negative in the amount of SEK 0.5 billion. Sales in October 2002 totalled SEK 6.0 billion.
Total Sales in November
Total sales decreased by 5%, to SEK 8.9 billion (9.4). Exchange rate effects on sales were negative in the amount of SEK 1 billion. Total sales in October 2002 were SEK 9.1 billion.
Sales of variable annuities in the U.S. market decreased by 3% in local currency compared with October, while sales of mutual fund savings products decreased by 6%. In this month as well, the change in pricing of one product line has had a slight dampening effect on sales of variable annuities. At the same time, all things being equal, this is having a positive effect on the profit margin. A further slight increase in the market share for variable annuities was noted during the third quarter.
New Sales of Unit Linked Assurance
Total new sales of unit linked assurance for the period January-November 2002 decreased by 15% compared with the same period in 2001.
1. All comparison figures pertain to the corresponding period a year earlier, unless otherwise indicated.
Sales Through November
Sales outside the USA increased to SEK 69.0 billion (66.6). Total sales amounted to SEK 110.3 billion (123.0). Sales are reported exclusive of paid-in premiums to Skandia Liv, totalling SEK 12.0 billion (13.3). Of total sales, SEK 81.1 billion (85.7) pertains to unit linked assurance, SEK 25.1 billion (32.2) to mutual fund savings products, and SEK 2.2 billion (3.6) to direct sales of funds.
Compared with the average exchange rates that applied for the full-year 2001, sales through November decreased by approximately 4% as a result of exchange rate movements.
Sales of variable annuities in the USA through November amounted to SEK 31.6 billion (36.8), and sales of mutual funds totalled SEK 9.6 billion (19.6).
Sales in the U.K. amounted to SEK 36.7 billion (37.5). In Sweden, SkandiaLink's sales amounted to SEK 8.8 billion (9.8). Sales in other markets continue to rise and amounted to SEK 21.0 billion (15.4).
January 16, 2003 -- December sales 2002 February 12, 2003 -- Year-end report, 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 June 8.9 12.4 July 10.6 10.6 August 9.9 9.6 September 8.9 8.3 October 9.1 9.5 November 8.9 9.4 Subtotal 110.3 123.0 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 U.K. 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 30 31 30 31 30 31 30 rates Nov. Oct. Sept. Dec. Nov. Oct. Sept. SEK EUR Closing rate 9.02 9.07 9.16 9.33 9.57 9.58 9.72 EUR Average rate 9.15 9.16 9.17 9.29 9.29 9.26 9.22 GBP Closing rate 14.11 14.33 14.58 15.32 15.24 15.47 15.68 GBP Average rate 14.63 14.68 14.71 15.01 14.99 14.96 14.91 USD Closing rate 9.07 9.16 9.27 10.58 10.68 10.63 10.67 USD Average rate 9.80 9.87 9.94 10.43 10.42 10.40 10.37 JPY Closing rate 0.074 0.075 0.076 0.081 0.087 0.087 0.090 JPY Average rate 0.078 0.078 0.079 0.086 0.086 0.086 0.086
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2002/12/12/20021212BIT00080/wkr0001.doc www.waymaker.net/bitonline/2002/12/12/20021212BIT00080/wkr0002.pdf