STOCKHOLM, Sweden, Feb. 19, 2004 (PRIMEZONE) -- Skandia's result is affected by external factors such as changes in the stock market and interest rates. Future revenues, which are based on fund values, increase or decrease as a result of these factors.
According to information presented in conjunction with the interim report for the third quarter of 2003, a 1% increase in the stock market would have a one-time effect on the operating result of SEK +60 million and a 1% decrease would have a one-time effect on the operating result of SEK -57 million.
Through the third quarter of 2003, financial effects were positive in the amount of SEK 384 million. Financial effects for the fourth quarter are expected to be positive and are estimated to be in the range of SEK 600 million to SEK 700 million.
Comparison figures
To facilitate comparison, the group overview presented in connection with the 2003 Year-End Report (as in the 2002 Annual Report) will be presented exclusive of the result of discontinued operations. This format is shown in the appended tables on pages 2 and 3. By discontinued operations is meant American Skandia, the banking operation in Switzerland, and Skandia Japan.
On 11 February it was announced that Sampo has made a bid for the shares in If P&C Insurance. In accordance with the applicable accounting rules, as a result of this the holding in If will be revalued by SEK 1.5 billion during the fourth quarter of 2003. This revaluation will be included in investment income and thus also in the result of operations. However, the result of the sale of the Japanese operation, which was completed on 2 February 2003, will be reported during the first quarter of 2004.
Skandia's year-end report for 2003 will be released on 27 February 2004.
For further information, please contact: Harry Vos, Head of Investor Relations, tel. +46-8-788 3643
Comparison figures 2002 for group overview
GROUP OVERVIEW - QUARTERLY ANALYSIS
2003 2003 2003 2002 2002
SEK million Q 3 Q 2 Q 1 Q 4 12 mos.
Sales 1)
Unit linked assurance 12,451 13,351 12,081 12,023 47,801
Mutual funds 5,219 4,368 3,323 3,750 16,963
Direct sales of funds 296 632 1,373 423 2,341
Life assurance 244 253 276 710 1,638
Other businesses 98 116 146 114 453
Total sales 18,308 18,720 17,199 17,020 69,196
Result summary
Unit linked assurance
(according to 627 845 609 800 2,959
the embedded value method)
Mutual funds -30 -54 -68 -90 -291
Life assurance 5 7 32 5 119
Other businesses 41 50 -7 14 -18
Group expenses -150 -177 -135 -179 -569
Result of operations 493 671 431 550 2,200
Financial effects, unit linked 130 409 -203 -345 -2,056
assurance (according to the embedded
value method)
Items affecting comparability -389 -46 - -450 1,566
Operating result 234 1,034 228 -245 1,710
Other comparison figures
Total annualized new sales, unit 1,988 2,176 2,009 2,155 8,463
linked assurance 2), SEK million
Profit margin new sales, unit
linked 14.5 15.0 14.5 14.1 14.0
assurance, %
Profit and loss account (according
to Swedish GAAP)
Result after tax, incl.
discontinued -300 -43 127 -4,505 -4,298
operations, SEK million
Result after tax, excl.
discontinued -217 -37 35 -107 3,037
operations, SEK million
Earnings per share, incl. -0.29 -0.04 0.12 -4.40 -4.20
discontinued operations, SEK 3)
Earnings per share, excl. -0.21 -0.04 0.03 -0.10 2.97
discontinued operations, SEK 3)
1) Sales pertain to paid-in premiums and deposits in funds.
2) Periodic premiums recalculated to full-year figures plus 1/10 of single premiums during the period.
3) Earnings per share, after dilution.
Specification, discontinued operations
Operating 2003 2003 2003 2002 2002 2002 2002 2002 result, Q 3 Q 2 Q 1 12 mos. Q 4 Q 3 Q 2 Q 1 SEK million American 0 125 0 -10,848 -6,718 -2,268 -1,472 -390 Skandia Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37 Switzerland Skandia 36 94 -56 -143 -117 -39 -17 30 Japan Result before 2003 2003 2003 2002 2002 2002 2002 2002 tax, Q 3 Q 2 Q 1 12 mos. Q 4 Q 3 Q 2 Q 1 SEK million American 0 125 0 -9,145 -6,545 -1,921 -438 -241 Skandia Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37 Switzerland Skandia Japan 26 -37 142 -312 64 -146 -117 -113 Result after 2003 2003 2003 2002 2002 2002 2002 2002 tax, Q 3 Q 2 Q 1 12 mos. Q 4 Q 3 Q 2 Q 1 SEK million American 0 125 0 -6,853 -4,405 -2,066 -247 -135 Skandia Skandia Bank -109 -93 -50 -169 -56 -51 -25 -37 Switzerland Skandia Japan 26 -38 142 -313 63 -146 -116 -114
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