STOCKHOLM, Sweden, Feb. 12, 2003 (PRIMEZONE) -- Skandia:
On December 20, 2002 an agreement was reached with Prudential Financial, Inc. (USA) under which Prudential Financial is acquiring American Skandia. To maintain comparability, all information in this press release pertains to operations excluding the USA, unless otherwise stated.
For the period January-December:
- Sales amounted to SEK 75.4 billion, an increase of 7% in local currency, and net inflows in funds amounted to SEK 45.9 billion - The profit margin for unit linked assurance was 13.5% (13.3%) - The group's result of operations was SEK 2,104 million (2,975) - The group's operating result was SEK 1,403 million (2,450) - In addition, the operating result was charged with SEK -8.5 billion (-3.5) for the U.S. operations, including SEK -4.4 billion in the fourth quarter, in connection with Prudential Financial's acquisition. The pro forma impact of the completed transaction is that Skandia will be virtually debt-free - Net asset value amounted to SEK 27.0 billion (37.2) - Borrowings decreased by SEK 8.0 billion, to SEK 9.6 billion - The Board proposes an unchanged dividend of SEK 0.30 per share For the fourth quarter (compared with same period a year ago) - Sales in the fourth quarter amounted to SEK 18.4 billion, an increase of 15% in local currency - The profit margin for unit linked assurance rose to 13.4% (12.2%) - The result of operations for the fourth quarter was SEK 490 million (996) - The operating result for the fourth quarter was SEK -417 million (1,654) and was charged with SEK 450 million in restructuring costs and write-downs of capitalized system development costs For questions, please contact: Jan Erik Back, Chief Financial Officer tel. +46-8-788 3720 Harry Vos, Head of Investor Relations tel. +46-8-788 3643 This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/12/20030212BIT00020/wkr0001.doc The Full Report www.waymaker.net/bitonline/2003/02/12/20030212BIT00020/wkr0002.pdf The Full Report