Sale of Japanese operations completed

Sale of Japanese operations completed The sale of Skandia Japan to Millea Holdings' subsidiary, The Tokyo Marine & Fire Insurance Co. Ltd., has now been completed after receipt of the customary regulatory approvals. The transaction, valued at JPY 20 billion, or SEK 1.4 billion, will entail a positive effect of SEK 0.8 billion on shareholders' equity and result after tax during the first quarter of 2004. During the same period, net asset value will also be favourably affected in the amount of SEK 0.4 billion. All amounts are in comparison with September 2003. The Japanese operation will be reported among discontinued operations in the full-year result for 2003. To facilitate comparison, the group overview prepared in connection with the 2003 Year-End Report (as in the 2002 Annual Report) will be presented exclusive of the result of discontinued operations. The format is shown in the tables on pp. 2-3 of this release. By discontinued operations is meant American Skandia, the banking operation in Switzerland, and Skandia Japan. Skandia's 2003 Year-End Report will be released on 27 February 2004. On 15 February 2004, the Swedish Insurance Federation will be publishing sales statistics for the Swedish market in 2003. In connection with this, Skandia will inform about the group's sales in 2003. 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 12,08 12,02 47,80 1 3 1 Mutual funds 5,219 4,368 3,323 3,750 16,96 3 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 17,19 17,02 69,19 9 0 6 Result summary Unit linked assurance (according to the 627 845 609 800 2,959 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 assurance 130 408 -202 -345 - (according to the embedded value method) 2,056 Items affecting comparability -389 -46 - -450 1,566 Operating result 234 1,033 229 -245 1,710 Other comparison figures Total annualized new sales, unit linked 1,988 2,177 2,009 2,157 8,463 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 - - operations, SEK million 4,505 4,298 Result after tax, excl. discontinued -217 -37 35 -107 3,037 operations, SEK million Earnings per share, incl. discontinued -0.29 -0.04 0.12 -4.40 -4.20 operations, SEK 3) Earnings per share, excl. discontinued -0.21 -0.04 0.03 -0.10 2.97 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 result, 2003 2003 2003 2002 2002 2002 2002 2002 SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1 mos. American Skandia 0 125 0 - - - - -390 10,84 6,718 2,268 1,472 8 Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37 Switzerland Skandia Japan 36 94 -56 -143 -117 -39 -17 30 Result before tax, 2003 2003 2003 2002 2002 2002 2002 2002 SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1 mos. American Skandia 0 125 0 - - - -438 -241 9,145 6,545 1,921 Skandia Bank -109 -93 -50 -164 -55 -50 -22 -37 Switzerland Skandia Japan 26 -37 142 -312 64 -146 -117 -113 Result after tax, 2003 2003 2003 2002 2002 2002 2002 2002 SEK million Q 3 Q 2 Q 1 12 Q 4 Q 3 Q 2 Q 1 mos. American Skandia 0 125 0 - - - -247 -135 6,853 4,405 2,066 Skandia Bank -109 -93 -50 -169 -56 -51 -25 -37 Switzerland Skandia Japan 26 -38 142 -313 63 -146 -116 -114 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/02/20040202BIT00140/wkr0001.doc http://www.waymaker.net/bitonline/2004/02/02/20040202BIT00140/wkr0002.pdf