STOCKHOLM, Sweden, May 12, 2005 (PRIMEZONE) -- FSkandia:
Sales increased to SEK 27.0 billion compared with SEK 25.3 billion during a very strong first quarter of 2004. Sales increased by 6% in Swedish kronor and 9% in local currency.
Sales of unit linked assurance in local currency rose 15% to SEK 19.1 billion (17.0). New sales of unit linked assurance increased by 15% to SEK 2.7 billion (2.4).
Sales of mutual fund savings products decreased slightly and amounted to SEK 7.5 billion (7.9). Sales of life assurance remain at the previous year's level.
UK, Asia Pacific & Offshore
Sales in the UK (including Royal Skandia) amounted to SEK 14.8 billion (13.6), which correspond to an increase of 12% in local currency. Of this total, unit linked assurance accounts for SEK 12.4 billion (11.0) while mutual fund savings products account for SEK 2.4 billion (2.6). New sales of unit linked assurance increased by 12% in local currency. Sales of single premium unit linked bonds and pension products continue to grow.
Sales in Offshore, excluding Royal Skandia, rose 79% in local currency. In Australia, sales of mutual fund savings products decreased by 6% in local currency mainly due to an unusually high sales level in March 2004. Sales in March 2005, however, showed an increase compared with February.
Nordic
Combined sales (excluding Skandia Liv) amounted to SEK 4.2 billion (4.0). Sales of unit linked assurance increased by 6% in local currency. New sales of unit linked assurance decreased by 8% in local currency. Sales development has stabilised, however, and Swedish new sales in March were 12% higher than corresponding month last year.
Europe & Latin America
Sales increased to SEK 5.7 billion. Sales during the same period 2004 amounted to SEK 5.6 billion which included one-time effects in Spain and Italy of approx. SEK 0.8 billion. Sales of unit linked assurance increased by 7% in local currency to SEK 3.0 billion (2.9). New sales of unit linked assurance increased by 43% in local currency, which is mainly attributable to increases in France and Germany. As reported earlier, new sales in Germany rose sharply during the fourth quarter of 2004 due to changes in tax legislation. This inflow of new business also had a positive effect on new sales during the first quarter of 2005. In France, a strengthening of capacity within distribution and sales contributed to the increase in sales.
Sales of mutual fund savings products were largely unchanged at SEK 2.5 billion (2.5).
In view of the fact that market statistics in some markets are made available prior to publication of Skandia's interim reports, it has been decided that during 2005 Skandia will present the Group's sales approximately six weeks after the end of each quarter. Skandia will no longer report on financial effects prior to publication of its interim reports.
Skandia's interim report for the first quarter of 2005 will be released on 31 May 2005.
(1) All comparative figures pertain to the corresponding period a year earlier, unless otherwise indicated.
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