STOCKHOLM, Sweden, Feb. 02, 2004 (PRIMEZONE) -- Skandia: The transaction, valued at JPY 20 billion, or SEK 1.4 billion, will entail a positive effect of SEK 0.8 billion on shareholders' equity and result after tax during the first quarter of 2004. During the same period, net asset value will also be favourably affected in the amount of SEK 0.4 billion. All amounts are in comparison with September 2003.
The Japanese operation will be reported among discontinued operations in the full-year result for 2003. To facilitate comparison, the group overview prepared in connection with the 2003 Year-End Report (as in the 2002 Annual Report) will be presented exclusive of the result of discontinued operations. The format is shown in the tables on pp. 2-3 of this release. By discontinued operations is meant American Skandia, the banking operation in Switzerland, and Skandia Japan.
Skandia's 2003 Year-End Report will be released on 27 February 2004. On 15 February 2004, the Swedish Insurance Federation will be publishing sales statistics for the Swedish market in 2003. In connection with this, Skandia will inform about the group's sales in 2003.
Comparison figures 2002 for group overview
GROUP OVERVIEW -- QUARTERLY ANALYSIS
2003 2003 2003 2002 2002
SEK million Q 3 Q 2 Q 1 Q 4 12
mos.
Sales 1)
Unit linked assurance 12,451 13,351 12,081 12,023 47,801
Mutual funds 5,219 4,368 3,323 3,750 16,963
Direct sales of funds 296 632 1,373 423 2,341
Life assurance 244 253 276 710 1,638
Other businesses 98 116 146 114 453
Total sales 18,308 18,720 17,199 17,020 69,196
Result summary
Unit linked assurance (according to the 627 845 609 800 2,959
embedded value method)
Mutual funds -30 -54 -68 -90 -291
Life assurance 5 7 32 5 119
Other businesses 41 50 -7 14 -18
Group expenses -150 -177 -135 -179 -569
Result of operations 493 671 431 550 2,200
Financial effects, unit linked assurance 130 408 -202 -345 --
(according to the embedded value method) 2,056
Items affecting comparability -389 -46 -- -450 1,566
Operating result 234 1,033 229 -245 1,710
Other comparison figures
Total annualized new sales, unit linked 1,988 2,177 2,009 2,157 8,463
assurance 2), SEK million
Profit margin new sales, unit linked 14.5 15.0 14.5 14.1 14.0
assurance, %
Profit and loss account (according to
Swedish GAAP)
Result after tax, incl. discontinued -300 -43 127 -- --
operations, SEK million 4,505 4,298
Result after tax, excl. discontinued -217 -37 35 -107 3,037
operations, SEK million
Earnings per share, incl. discontinued -0.29 -0.04 0.12 -4.40 -4.20
operations, SEK 3)
Earnings per share, excl. discontinued -0.21 -0.04 0.03 -0.10 2.97
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.
Specification, discontinued operations
Operating result, 2003 2003 2003 2002 2002 2002 2002 2002
SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1
mos.
American Skandia 0 125 0 -- -- -- -- -390
10,84 6,718 2,268 1,472
8
Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37
Switzerland
Skandia Japan 36 94 -56 -143 -117 -39 -17 30
Result before tax, 2003 2003 2003 2002 2002 2002 2002 2002
SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1
mos.
American Skandia 0 125 0 -- -- -- -438 -241
9,145 6,545 1,921
Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37
Switzerland
Skandia Japan 26 -37 142 -312 64 -146 -117 -113
Result after tax, 2003 2003 2003 2002 2002 2002 2002 2002
SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1
mos.
American Skandia 0 125 0 -- -- -- -247 -135
6,853 4,405 2,066
Skandia Bank -109 -93 -50 -169 -56 -51 -25 -37
Switzerland
Skandia Japan 26 -38 142 -313 63 -146 -116 -114
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