STOCKHOLM, Sweden, August 08, 2002 (PRIMEZONE) -- Skandia, SEK 10.6 billion(1):
Sales in July
Sales amounted to SEK 10.6 billion (10.6). Sales in June 2002 totalled SEK 8.9 billion. Demand for equity-related products has been affected by the uncertainty and continued decline in the world's stock markets. In the near term this gives rise to fluctuations in sales from month to month. Sales recovered in July following weak performance in June, and are thus at the same level as in July 2001.
New sales of unit linked assurance through July New sales of unit linked assurance decreased by 20% through July compared with the same period in 2001.
Sales through July
Sales amounted to SEK 73.5 billion (86.2). Sales are reported exclusive of paid-in premiums to Skandia Liv, totalling SEK 8.1 billion (8.8). Of total sales, SEK 53.2 billion (59.0) pertains to unit linked assurance, SEK 17.8 billion (23.3) to mutual fund savings products, and SEK 1.6 billion (2.9) to direct sales of funds.
In the USA, sales of variable annuities through July amounted to SEK 21.2 billion (25.7), and sales of mutual funds totalled SEK 7.1 billion (14.8). Sales in the UK totalled SEK 24.7 billion (25.9). In Sweden, SkandiaLink's sales amounted to SEK 6.1 billion (6.8). Sales in markets outside the USA, the U.K. and Sweden amounted to SEK 12.5 billion (9.8).
Compared with the average exchange rates that applied for the full-year 2001, sales through June decreased by approximately 3% as a result of exchange rate movements.
(1) All comparison figures pertain to the corresponding period a year
earlier, unless otherwise indicated. Sales figures for the month of
August will be released on 12 September 2002.
For further information, please contact:
Harry Vos, Head of Investor Relations,
tel +46-8-788 3643
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 Subtotal 73.5 86.2 August 9.6 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 U.K. 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 30 31 31 31 30 31 Mar.
July June Mar. Dec. July June
SEK
EUR Closing 9.32 9.08 9.04 9.33 9.30 9.22 9.15
rate
EUR Average 9.17 9.14 9.14 9.29 9.11 9.08 9.00
rate
GBP Closing 14.85 14.01 14.75 15.32 15.15 15.31 14.82
rate
GBP Average 14.75 14.73 14.98 15.01 14.76 14.69 14.22
rate
USD Closing 9.51 9.19 10.36 10.58 10.63 10.89 10.39
rate
USD Average 10.09 10.18 10.51 10.43 10.31 10.26 9.74
rate
JPY Closing 0.079 0.077 0.078 0.081 0.085 0.087 0.083
rate
JPY Average 0.079 0.079 0.079 0.086 0.085 0.085 0.083
rate
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