Year-End Report 2003

YEAR-END REPORT 2003 *) JANUARY-DECEMBER 2003 Excluding discontinued operations · Higher growth. - Sales rose 16% (0) in local currency, to SEK 75.4 billion. - New sales of unit linked assurance rose 6% (-18%) in local currency. - Funds under management increased to SEK 309 billion (242). · Changed assumptions for life and unit linked assurance. - Adjustments of assumptions for embedded value accounting for life and unit linked assurance, and the outcome compared with previous assumptions, amounted to SEK +0.9 billion. - An adjustment of the discount rate to industry practice had a positive impact on the result in the amount of SEK 1.6 billion. - Skandia has implemented the recommendations concerning embedded value accounting made by the Rydbeck/Tidström report. · The estimated profit margin for new sales of unit linked assurance was 14.6% (14.0%) (according to embedded value accounting). · Cash flow from operations amounted to SEK -1.5 billion (0.3). · The group's financial position improved. - Net asset value increased to SEK 30.5 billion (27.0). - Borrowings decreased to SEK 4.0 billion (96). - Liquid assets amounted to SEK 2.2 billion (4.5). - The proceeds from the sale of the operations in Japan will improve liquidity by SEK 1.2 billion. The sale of If will further strengthen liquidity by SEK 4.5 billion. · Earnings per share (according to Swedish GAAP) were SEK 1.28 (2.97). · The Board of Directors proposes an unchanged dividend of SEK 0.30 (0.30) per share. · Talks have been initiated on ways of settling the disputes between Skandia and Skandia Liv. *) Does not include Livförsäkringsaktiebolaget Skandia, which is run on a mutual basis. All comparison figures pertain to December 2002 unless stated otherwise. Stockholm, 27 February 2004 Hans-Erik Andersson President and CEO For further information, please contact: Jan Erik Back, Chief Financial Officer, tel. +46-8-788 3720 Harry Vos, Head of Investor Relations, tel. +46-8-788 3643 The Board of Directors proposes an unchanged dividend of SEK 0.30 per share for the 2003 financial year, and 20 April 2004 as the record date for payment of the dividend. If the Annual General Meeting decides in favour of this proposal, dividends are expected to be sent out from VPC AB on 23 April 2004. The Annual General Meeting of Skandia Insurance Company Ltd. (publ.) will be held on Thursday, 15 April 2004, at 4.30 p.m. Location: Globe Arena Annex, Arenatorget, Entrance 2, Stockholm. The 2003 Annual Report is scheduled for distribution by post to shareholders in late March and can be ordered from Skandia using one of the following alternatives: by phone, +46-8-788 10 00, by fax, +4-8-788 28 38, or via Skandia's website: www.skandia.com. This year-end report has been prepared in conformity with the guidelines of the Swedish Financial Supervisory Authority and Swedish Financial Accounting Standards Council recommendation RR20 - Interim financial reporting. Aside from an adaptation to new accounting recommendations of the Swedish Financial Accounting Standards Council, which took effect on 1 January 2003, the year-end report has been prepared in accordance with the same accounting principles as in the 2002 Annual Report. The new recommendations have not had any material impact on the group's profit and loss account or balance sheet. In accordance with Swedish Financial Accounting Standards Council recommendation RR19 - Discontinued operations, the US and Japanese operations, and the banking operation in Switzerland, are reported separately. Financial calendar for Skandia: 15 April 2004, Annual General Meeting 26 May 2004, interim report January-March 2004 13 August 2004, interim report January-June 2004 18 November 2004, interim report January-September 2004 22 February 2005, year-end report 2004 Skandia's published financial reports are available on Skandia's website: www.skandia.com. Skandia's website also provides links to the webcast of the conference call on Friday, 27 February 2004. In addition to the year-end report, Skandia has also published the document Financial Supplement Q4 2003 on www.skandia.com, under "Investor Relations/Reports and Events/Interim Reports". This document can also be ordered by phone. Skandia Insurance Company Ltd. Sveavägen 44 SE-103 50 Stockholm Tel. +46-8-788 10 00 www.skandia.com Public company (publ.) reg. no. 502017-3083 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/27/20040226BIT00680/wkr0001.doc The full Year-End Report http://www.waymaker.net/bitonline/2004/02/27/20040226BIT00680/wkr0002.pdf The full Year-End Report

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