STOCKHOLM, Sweden, Nov. 14, 2003 (PRIMEZONE) -- Skandia's result is affected by external factors such as changes in the stock market and interest rates. Future revenues, which are based on fund values, increase or decrease as a result of these factors.
According to information presented in conjunction with the interim report for the second quarter of 2003, a 1% increase in the stock market would have a one-time effect on the operating result of SEK +62 million and a 1% decrease would have a one-time effect on the operating result of SEK -55 million.
Financial effects during the first half of 2003 were positive in the amount of SEK 216 million. During the third quarter of 2003, financial effects are expected to be positive and are estimated to be in the range of SEK 100 million to SEK 200 million.
Third quarter sales
Skandia reported on its sales for the third quarter on 13 November 2003. The sales development and new sales for unit linked assurance are summarized in the appended table on page 2.
Comparison figures
To facilitate comparison, as in the 2002 Annual Report, the group overview presented in connection with the interim report will be stated excluding the result for discontinued operations. This format is shown in the appended tables on pages 3-5. By discontinued operations is meant American Skandia and the banking operation in Switzerland. As previously announced, a decision has been made to wind up the Swiss banking operation, which will close its office on 20 November 2003.
Skandia's interim report for the third quarter of 2003 will be released on 24 November 2003.
For further information, please contact: Harry Vos, Head of Investor Relations, tel +46-8-788 3643
Sales development, third quarter 2003
The sales development pertains to the third quarter of 2003 compared with the corresponding period a year ago.
% SEK Local currency Group, total Sales 3 11 of which, unit linked assurance -1 7 New sales, unit linked assurance 1 7 Sweden (excl. Skandia Liv) Sales -9 -9 of which, unit linked assurance -1 -1 New sales, unit linked assurance 0 0
Comparison figures 2002 for group overview
GROUP OVERVIEW - QUARTERLY
ANALYSIS
2002 2002 2002 2002 2002
SEK million 12 mos. Q4 Q3 Q2 Q1
Sales 1)
Unit linked assurance 53,967 13,391 13,185 13,638 13,75
3
Mutual funds 16,963 3,750 4,147 5,220 3,846
Direct sales of funds 2,341 423 590 264 1,064
Life assurance 1,638 710 408 273 247
Other businesses 453 114 95 118 126
Total sales 75,362 18,388 18,425 19,513 19,036
Result summary
Unit linked assurance 3,027 795 724 733 775
(according to the embedded
value method)
Mutual funds -291 -90 -56 -87 -58
Life assurance 119 5 35 20 59
Other businesses -18 14 -35 -47 50
Group expenses -569 -179 -122 -159 -109
Result of operations 2,268 545 546 460 717
Financial effects, unit linked -2,267 -457 -898 -792 -120
assurance (according to
the embedded value method)
Items affecting comparability 1,566 -450 - 2,016 -
Operating result 1,567 -362 -352 1,684 597
Other comparison figures
Total annualized new sales, 9,176 2,318 2,064 2,361 2,433
unit linked assurance 2), SEK
million
Profit margin new sales, unit 13.5 13.4 14.9 12.9 13.1
linked assurance, %
Profit and loss account
(according to Swedish GAAP)
Result after tax, incl. -4,298 -4,505 -1,451 1,498 160
discontinued operations, SEK
million
Result after tax, excl. 2,724 -44 666 1,770 332
discontinued operations, SEK
million
Earnings per share, incl. -4.20 -4.40 -1.42 1.46 0.15
discontinued operations, SEK
3)
Earnings per share, excl. 2.66 -0.04 0.65 1.73 0.32
discontinued operations, SEK
3)
1) Sales pertain to paid-in premiums and deposits in funds. 2) Periodic premiums recalculated to full-year figures plus 1/10 of single premiums during the period. 3) Earnings per share, after dilution.
Comparison figures 2003 for group overview
GROUP OVERVIEW - QUARTERLY ANALYSIS
2003 2003
SEK million Q2 Q1
Sales 1)
Unit linked assurance 14,07 12,57
7 1
Mutual funds 4,368 3,323
Direct sales of funds 632 1,373
Life assurance 253 276
Other businesses 116 146
Total sales 19,44 17,68
6 9
Result summary
Unit linked assurance (according to the embedded value 848 634
method)
Mutual funds -54 -68
Life assurance 7 32
Other businesses 50 -7
Group expenses -177 -135
Result of operations 674 456
Financial effects, unit linked assurance (according to 499 -283
the embedded value method)
Items affecting comparability -46 -
Operating result 1,127 173
Other comparison figures
Total annualized new sales, unit linked assurance 2), SEK 2,259 2,073
million
Profit margin new sales, unit linked assurance, % 13.8 13.5
Profit and loss account (according to Swedish GAAP)
Result after tax, incl. discontinued operations, SEK -43 127
million
Result after tax, excl. discontinued operations, SEK -75 177
million
Earnings per share, incl. discontinued operations, SEK -0.04 0.12
Earnings per share, excl. discontinued operations, SEK -0.07 0.17
1) Sales pertain to paid-in premiums and deposits in funds. 2) Periodic premiums recalculated to full-year figures plus 1/10 of single premiums during the period. 3) Earnings per share, after dilution.
Specification, discontinued operations
Operating 2003 2003 2002 2002 2002 2002 2002 result, Q2 Q1 12 mos. Q4 Q3 Q2 Q1 SEK million American Skandia 125 0 -10,848 -6,718 -2,268 -1,472 -390 Skandia Bank -93 -50 -164 -55 -50 -22 -37 Switzerland Result before 2003 2003 2002 2002 2002 2002 2002 tax, Q2 Q1 12 mos. Q4 Q3 Q2 Q1 SEK million American Skandia 125 0 -9,145 -6,545 -1,921 -438 -241 Skandia Bank -93 -50 -164 -55 -50 -22 -37 Switzerland Result after 2003 2003 2002 2002 2002 2002 2002 tax, Q2 Q1 12 mos. Q4 Q3 Q2 Q1 SEK million American Skandia 125 0 -6,853 -4,405 -2,066 -247 -135 Skandia Bank -93 -50 -169 -56 -51 -25 -37 Switzerland
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