STOCKHOLM, Sweden, Dec. 09, 2003 (PRIMEZONE) -- In view of the flood of information during the preceding week and speculation in connection with this on the business trend, Skandia is releasing information on sales for the month of November. Skandia does not intend to continue reporting monthly sales figures in the future.
Sales in November
Sales increased to SEK 7.4 billion (6.0), which is the highest level of monthly sales during the year. This corresponds to an increase of 24% in Swedish kronor and 30% in local currency. Sales in October 2003 were SEK 6.9 billion, while the corresponding figure for September was SEK 6.9 billion. Sales were favourable in the UK. Sales in Sweden were slightly lower compared with a year ago, but have successively increased month by month since August of this year.
Unit linked assurance
Sales of unit linked assurance in local currency rose 26% to SEK 5.2 billion (4.4). New sales of unit linked assurance rose 7%.
Sales through November
Sales amounted to SEK 70.3 billion (69.0), rising 9% in local currency. Of total sales, unit linked assurance accounted for SEK 50.1 billion (49.5), mutual fund savings products for SEK 16.3 billion (15.5), and direct sales of funds for SEK 2.5 billion (2.2).
Sales in the UK amounted to SEK 34.0 billion (36.7). In Sweden sales amounted to SEK 11.1 billion (11.4). Sales in other markets increased to SEK 25.2 billion (20.9).
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 2003, 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.
1) All comparison figures pertain to the corresponding period a year earlier, unless otherwise indicated.
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The full report is available for download:
http://www.waymaker.net/bitonline/2003/12/09/20031209BIT00070/wkr0001.doc
http://www.waymaker.net/bitonline/2003/12/09/20031209BIT00070/wkr0002.pdf