STOCKHOLM, Sweden, May 31, 2005 (PRIMEZONE) -- Improvement in Result According to IFRS
-- Profit before tax rose to SEK 386 million (186). -- Revenues rose 12%, to SEK 3,803 million (3,399). -- Expenses rose 6%, to SEK -3,417 million (-3,213). -- Profit for the period totalled SEK 423 million (1,211). Profit for the same period a year ago was favourably affected in the amount of SEK 834 million from the sale of the Japanese operation. -- Earnings per share before dilution were SEK 0.41 (1.19, of which 0.81 pertained to discontinued operations), and the return on shareholders' equity was 13% (11%). -- All comparison figures have been recalculated in accordance with International Financial Reporting Standards (IFRS), which took effect on 1 January 2005. Shareholders' equity as per 1 January 2005 has decreased by SEK 504 million due to an adjustment for own shares in certain funds which according to IFRS must be consolidated.
STRONGER EMBEDDED VALUE RESULT
-- The group's result of operations (excluding financial effects) amounted to SEK 973 million (873). -- The present value of new business for unit linked assurance increased by 65% in local currency, to SEK 646 million (396). -- The calculated profit margin for new sales increased to 23.9% (16.5%). All divisions contributed to the improved profitability of new sales. -- Net asset value per share increased to SEK 30.88, compared with SEK 29.44 at year-end.
OPERATIONS SHOWED GOOD GROWTH AND IMPROVED PROFITABILITY
-- Premiums and deposits rose 9% in local currency, to SEK 27,022 million (25,315). New sales rose 15% in local currency. -- The U.K. showed continued growth, despite an exceptionally strong first quarter in 2004. -- Premiums and deposits in Sweden were stable. The market share decreased, but the sales trend shows a slight recovery. -- Other countries in Europe are characterised by strong growth and very good profitability. -- Funds under management grew by 8% in local currency, to SEK 424,055 million, thanks to a larger inflow and favourable growth in value. -- Cash flow from operating activities (excluding changes in deposits and lending in the banking operation) amounted to SEK 0.4 billion (-1.1).
(a) Livforsakringsaktiebolaget Skandia is not consolidated and is therefore not included in the interim report. All comparison figures pertain to the corresponding period in 2004, unless indicated otherwise.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=103303&fn=wkr0010.pdf