STOCKHOLM, Sweden, Jan. 16, 2002 (PRIMEZONE) -- Skandia:
Sales in December
Sales amounted to SEK 11.0 billion, compared with SEK 10.1 billion in November 2001.
New Sales of Unit Linked Assurance
New sales of unit linked assurance increased by 14 per cent in December compared with November. New sales through December were down 22 per cent compared with the same period a year ago.
Sales Through December
Sales amounted to SEK 137.6 billion (206.9). During the fourth quarter sales rose 6 per cent compared with the third quarter. Sales are reported exclusive of paid-in premiums to Skandia Liv, totaling SEK 15.0 billion (13.4), and discretionary management inflows for Skandia Asset Management.
Of total sales, SEK 93.5 billion (140.2) pertains to unit linked assurance, SEK 34.8 billion (55.8) to mutual fund savings products 2) ), and SEK 7.6 billion (9.3) to direct sales of funds.
U.S.A
In the U.S.A, sales of variable annuities through December totaled USD 3.8 billion (8.2), and sales of mutual funds totaled USD 2.0 billion (4.0).
Other Markets
In the UK, sales totaled GBP 2.7 billion (4.1). In Sweden, SkandiaLink's sales amounted to SEK 10.7 billion (10.8). Sales in New Markets totaled SEK 17.5 billion (18.4).
Recalculated to average exchange rates, sales from January through December were favorably affected by currency movements in the amount of SEK 11.8 billion.
Skandia's result measurement is described in the 2000 Annual Report, which also includes a sensitivity analysis describing the impact of various factors on the result. Since contracts in force span long periods of time, sharp swings in the financial markets during a short period of time have a major impact on the present value of future profits. The sensitivity analysis presented in the September interim report shows that a one per cent increase or decrease in the stock market affects the result by +/- SEK 192 million, respectively. On 30 January 2002, in advance of the year-end report, Skandia will issue a release describing the development of the indexes that were relevant for Skandia in 2001.
13 February 2002, Year-end report 2001 21 March 2002, Annual General Meeting 26 April 2002, interim report January - March 8 August 2002, interim report January - June 30 October 2002, interim report January - September
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 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.
Appendix: Sales per month and exchange rates in 2001 and 2000
Sales per Insurance Direct sales Total month and mutual of funds (SEK funds billion) 2001 January 12.3 0.7 13.0 February 11.6 0.4 12.0 March 13.3 0.4 13.7 April 12.2 0.9 13.1 May 12.0 1.0 13.0 June 11.5 1.5 13.0 July 10.4 0.6 11.0 August 9.5 0.2 9.7 September 8.1 0.3 8.4 October 9.4 0.2 9.6 November 9.2 0.9 10.1 December 10.5 0.5 11.0 Total 130.0 7.6 137.6
Sales per Insurance Direct sales Total month and mutual of funds (SEK funds billion) 2000 January 16.7 0.7 17.4 February 18.7 0.4 19.1 March 23.9 0.6 24.5 April 18.5 0.5 19.0 May 17.4 0.4 17.8 June 15.3 0.4 15.7 July 14.1 0.5 14.6 August 14.6 0.6 15.2 September 14.0 0.6 14.6 October 15.5 1.5 17.0 November 14.9 1.6 16.5 December 14.0 1.5 15.5 Total 197.6 9.3 206.9
Exchange 2001 2001 2001 2000 2000 2000 rates 31 Dec. 30 Nov. 30 Sept. 31 Dec. 30 Nov. 30 Sept. SEK EUR Closing rate 9.33 9.57 9.72 8.86 8.70 8.52 EUR Average rate 9.29 9.29 9.22 8.45 8.43 8.39 GBP Closing rate 15.32 15.24 15.68 14.22 14.34 14.16 GBP Average rate 15.01 14.99 14.91 13.86 13.84 13.71 USD Closing rate 10.58 10.68 10.67 9.54 10.08 9.68 USD Average rate 10.43 10.42 10.37 9.17 9.13 8.92 JPY Closing rate 0.081 0.087 0.090 0.083 0.091 0.090 JPY Average rate 0.086 0.086 0.086 0.085 0.085 0.083 All comparison figures pertain to the corresponding period a year earlier, unless otherwise indicated. Includes SEK 1.7 billion (2.2) in discretionary management in Spain.
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