Skandia: January Sales, SEK 10.6 Billion-1

Stockholm, SWEDEN

STOCKHOLM, Sweden, Feb. 13, 2002 (PRIMEZONE) -- Skandia:

Note that the sale of Skandia Asset Management to Den norske Bank has had a certain effect on sales figures. On account of this, sales for January 2002, totalling SEK 10.6 billion, are reported after deducting SEK 0.3 billion. Comparison firgures for 2001 have also been recalculated. Direct sales of mutual funds pertaining to January and December 2001 have thereby decreased by SEK 0.4 billion and SEK 0.2 billion, respectively.

Sales in January

Sales amounted to SEK 10.6 billion (12.6). Sales in December 2001 totalled SEK 10.8 billion. Sales are reported exclusive of paid-in premiums to Skandia Liv totalling SEK 1.5 billion (1.7).

Of total sales, SEK 7.7 billion (8.6) pertains to unit linked assurance, SEK 2.5 billion (3.6) to mutual fund savings products, and SEK 0.3 billion (0.3) to direct sales of funds.

In the USA, sales of variable annuities in January totalled SEK 3.0 billion (3.7), and sales of mutual funds totalled SEK 1.3 billion (2.5).

Sales in the UK totalled SEK 3.4 billion (3.7). In Sweden, SkandiaLink's sales amounted to SEK 1.1 billion (1.0). Sales in markets outside the USA, the UK and Sweden amounted to SEK 1.5 billion (1.4).

New Sales of Unit Linked Assurance

New sales of unit linked assurance decreased by 17% in January compared with January 2001.

Recalculated to average exchange rates, sales in January were favourably affected by currency movements in the amount of SEK 0.8 billion.

 15 March 2002, February sales
 17 April 2002, March sales

Definitions of 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 2001, 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.

 Exchange rates                    2002     2001     2001
                                  31 Jan.  31 Dec.  31 Jan.
 EUR             Closing rate      9.16     9.33     8.85
 EUR             Average rate      9.24     9.29     8.90
 GBP             Closing rate     15.04    15.32    13.89
 GBP             Average rate     15.18    15.01    14.01
 USD             Closing rate     10.64    10.58     9.50
 USD             Average rate     10.61    10.43     9.47
 JPY             Closing rate     0.080    0.081    0.082
 JPY             Average rate     0.080    0.086    0.081
 1. All comparison figures pertain to the corresponding period a
    year earlier, unless otherwise indicated.

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