Skandia: February Sales SEK 9.7 Billion

Stockholm, SWEDEN

STOCKHOLM, Sweden, March 15, 2002 (PRIMEZONE) -- Skandia, February sales SEK 9.7 billion(1):

 (1) All comparison figures pertain to the corresponding period a
     year earlier, unless otherwise indicated.

Sales in February

Sales amounted to SEK 9.7 billion (11.7). Sales in January 2002 totalled SEK 10.6 billion.

Sales Through February

Sales amounted to SEK 20.3 billion (24.3). Sales are reported exclusive of paid-in premiums to Skandia Liv totalling SEK 2.5 billion (2.9). Of total sales, SEK 14.4 billion (16.4) pertains to unit linked assurance, SEK 4.6 billion (7.3) to mutual fund savings products, and SEK 1.0 billion (0.4) to direct sales of funds.

In the USA, sales of variable annuities in February amounted to SEK 5.6 billion (7.2), and sales of mutual funds totalled SEK 2.3 billion (5.0). During the fourth quarter of 2001, Skandia strengthened its number one position in the variable annuity market for sales through the independent broker distribution channel. Skandia's market share in this segment increased during the fourth quarter compared with the third quarter of 2001. Skandia also grew its market share in the National and Regional Wirehouses segment. According to our preliminary estimates, the total market position in variable annuities improved in January. The focus of the operations is now on the core products within variable annuities and mutual funds in the aim of further strengthening Skandia's market position in these areas.

Sales in the UK totalled SEK 6.4 billion (7.2). In Sweden, SkandiaLink's sales amounted to SEK 1.9 billion (1.7). Sales in markets outside the USA, the UK and Sweden amounted to SEK 3.0 billion (2.6).

New Sales of Unit Linked Assurance

New sales of unit linked assurance decreased by 17% through February compared with the same period in 2001.

Compared with the average exchange rates that applied for the full-year 2001, the positive effect of currency movements on sales through February 2002 was less than 1%.

Sales figures for the month of March will be released on 17 April 2002.

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               2002       2002       2001      2001      2001
 rates               Feb. 28    Jan. 31    Dec. 31   Feb. 28   Jan. 31
 EUR   Closing rate     9.05       9.16       9.33      9.07      8.85
 EUR   Average rate     9.18       9.24       9.29      8.93      8.90

 GBP   Closing rate    14.80      15.04      15.32     14.22     13.89
 GBP   Average rate    15.05      15.18      15.01     14.08     14.01

 USD   Closing rate    10.46      10.64      10.58      9.84      9.50
 USD   Average rate    10.56      10.61      10.43      9.59      9.47

 JPY   Closing rate    0.078      0.080      0.081     0.085     0.082
 JPY   Average rate    0.079      0.080      0.086     0.082     0.081

Sales figures have been affected by the sale of parts of the fund business conducted by Skandia Asset Management to Den norske Bank. Monthly sales of SEK 9.7 billion and SEK 10.6 billion for February and January 2002, respectively, are reported after deducting SEK 0.2 billion and SEK 0.3 billion, respectively. The comparison figures for 2001 have also been recalculated. Direct sales of mutual funds pertaining to January, February and December 2001 have thereby decreased by SEK 0.4 billion, SEK 0.3 billion and SEK 0.2 billion, respectively.

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