STOCKHOLM, Sweden, Sept. 12, 2002 (PRIMEZONE) -- Skandia: August sales SEK 9.9 billion (1):
Sales in August
Sales amounted to SEK 9.9 billion (9.6). Sales in July 2002 totalled SEK 10.6 billion. Demand for equity-related products continues to be affected by the uncertainty and decline in the world's stock markets. This gives rise to fluctuations in sales from month to month. Sales in August were also affected by seasonal variations, which explains the sales decline compared with July. However, sales are at the same level as in the corresponding month a year ago.
New sales of unit linked assurance through August New sales of unit linked assurance decreased by 18% through August compared with the same period in 2001.
Sales through August
Sales amounted to SEK 83.4 billion (95.8). Sales are reported exclusive of paid-in premiums to Skandia Liv, totalling SEK 9.0 billion (9.8). Of total sales, SEK 60.8 billion (66.0) pertains to unit linked assurance, SEK 19.7 billion (25.7) to mutual fund savings products, and SEK 1.8 billion (3.0) to direct sales of funds.
In the USA, sales of variable annuities through August amounted to SEK 24.4 billion (28.9), and sales of mutual funds totalled SEK 7.7 billion (16.2). Sales in the U.K. totaled SEK 27.8 billion (28.9). In Sweden, SkandiaLink's sales amounted to SEK 6.7 billion (7.5). Sales in markets outside the USA, the U.K. and Sweden amounted to SEK 14.7 billion (11.1).
Compared with the average exchange rates that applied for the full-year 2001, sales through August decreased by approximately 3% as a result of exchange rate movements.
Sales figures for the month of September will be released on 11 October 2002.
For further information, please contact:
Harry Vos, Head of Investor Relations, tel +46-8-788 3643
Michael Wolf, Chief Investment Officer, tel. +46-7-788 4559
(1) All comparison figures pertain to the corresponding period a year
earlier, unless otherwise indicated.
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 Subtotal 83.4 95.8 September 8.3 October 9.5 November 9.4 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 UK and thus also includes Royal Skandia, the branch offices in Finland and Norway, and sales of Critical Illness insurance in Germany.
Exchange 2002 2002 2002 2001 2001 2001 2001
rates 31 31 30 31 31 31 30
Aug. July June Dec. Aug. July June
SEK
EUR Closing 9.21 9.32 9.08 9.33 9.49 9.30 9.22
rate
EUR Average 9.17 9.17 9.14 9.29 9.16 9.11 9.08
rate
GBP Closing 14.52 14.85 14.01 15.32 15.16 15.15 15.31
rate
GBP Average 14.72 14.75 14.73 15.01 14.81 14.76 14.69
rate
USD Closing 9.39 9.51 9.19 10.58 10.45 10.63 10.89
rate
USD Average 10.02 10.09 10.18 10.43 10.33 10.31 10.26
rate
JPY Closing 0.079 0.079 0.077 0.081 0.088 0.085 0.087
rate
JPY Average 0.079 0.079 0.079 0.086 0.085 0.085 0.085
rate
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