STOCKHOLM, Sweden, May 31, 2005 (PRIMEZONE) -- Improvement in Result According to IFRS
-- Profit before tax rose to SEK 386 million (186).
-- Revenues rose 12%, to SEK 3,803 million (3,399).
-- Expenses rose 6%, to SEK -3,417 million (-3,213).
-- Profit for the period totalled SEK 423 million (1,211).
Profit for the same period a year ago was favourably affected
in the amount of SEK 834 million from the sale of the Japanese
operation.
-- Earnings per share before dilution were SEK 0.41 (1.19, of which
0.81 pertained to discontinued operations), and the return on
shareholders' equity was 13% (11%).
-- All comparison figures have been recalculated in accordance with
International Financial Reporting Standards (IFRS), which took
effect on 1 January 2005. Shareholders' equity as per 1 January
2005 has decreased by SEK 504 million due to an adjustment for
own shares in certain funds which according to IFRS must be
consolidated.
STRONGER EMBEDDED VALUE RESULT
-- The group's result of operations (excluding financial effects)
amounted to SEK 973 million (873).
-- The present value of new business for unit linked assurance
increased by 65% in local currency, to SEK 646 million (396).
-- The calculated profit margin for new sales increased to 23.9%
(16.5%). All divisions contributed to the improved
profitability of new sales.
-- Net asset value per share increased to SEK 30.88, compared with
SEK 29.44 at year-end.
OPERATIONS SHOWED GOOD GROWTH AND IMPROVED PROFITABILITY
-- Premiums and deposits rose 9% in local currency, to SEK 27,022
million (25,315). New sales rose 15% in local currency.
-- The U.K. showed continued growth, despite an exceptionally
strong first quarter in 2004.
-- Premiums and deposits in Sweden were stable. The market share
decreased, but the sales trend shows a slight recovery.
-- Other countries in Europe are characterised by strong growth
and very good profitability.
-- Funds under management grew by 8% in local currency, to SEK
424,055 million, thanks to a larger inflow and favourable
growth in value.
-- Cash flow from operating activities (excluding changes in
deposits and lending in the banking operation) amounted to
SEK 0.4 billion (-1.1).
(a) Livforsakringsaktiebolaget Skandia is not consolidated and is therefore not included in the interim report. All comparison figures pertain to the corresponding period in 2004, unless indicated otherwise.
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