American skandia sets record in mutual fund industry

AMERICAN SKANDIA SETS RECORD IN MUTUAL FUND INDUSTRY. VARIABLE ANNUITIES DELIVER CONSISTENT GROWTH American Skandia, a leading provider in the US of financial services sold through intermediaries, announced robust sales results for year-end 1998. American Skandia's overall production in variable annuity and mutual funds was USD 4.9 billion, up 30 per cent on total 1997 results 1998 variable annuity sales accounted for USD 4.2 billion, up 12.5 per cent from year-end 1997 results. Consistent double-digit sales growth has placed American Skandia among the top 10 variable annuity providers in the country. American Skandia's family of variable annuity portfolios now has more than 33 sub-accounts and covers 17 different asset classes, all managed by some of the best known load, and no-load managers in the nation. Since its introduction in July of 1997, assets of the American Skandia Advisor Funds have reached the USD 1 billion mark. This milestone, reached in less than 18 months, compares to the previous fund complex start-up record held by industry giant, The Hartford. American Skandia Advisor Funds now has the distinction of being the most successful mutual fund launch in the industry's history. "American Skandia's business plan embraces asset-gathering and it is rewarding to see that American Skandia's overall production was up 30 per cent on 1997 results", comments Jan R. Carendi, CEO of American Skandia. He continues, "American Skandia's fundamental strategy includes forming investment alliances that draw upon the collective experience, market savvy and depth of research of some of the world's finest investment companies. Financial advisors have entrusted over USD 19 billion in assets across American Skandia's product lines, which include mutual funds, variable annuities, variable life insurance and qualified retirement plans". For further information, please contact: Harry Vos, Group Business Controller, tel. +46-8-788 3643 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/03/19990203BIT00160/bit0001.doc http://www.bit.se/bitonline/1999/02/03/19990203BIT00160/bit0002.pdf