November sales SEK 7.4 billion (6.0) 1)

In view of the flood of information during the preceding week and speculation in
connection with this on the business trend, Skandia is releasing information on
sales for the month of November. Skandia does not intend to continue reporting
monthly sales figures in the future.

Sales in November
Sales increased to SEK 7.4 billion (6.0), which is the highest level of monthly
sales during the year. This corresponds to an increase of 24% in Swedish kronor
and 30% in local currency. Sales in October 2003 were SEK 6.9 billion, while the
corresponding figure for September was SEK 6.9 billion. Sales were favourable in
the UK. Sales in Sweden were slightly lower compared with a year ago, but have
successively increased month by month since August of this year.

Unit linked assurance
Sales of unit linked assurance in local currency rose 26% to SEK 5.2 billion
(4.4). New sales of unit linked assurance rose 7%.

Sales through November
Sales amounted to SEK 70.3 billion (69.0), rising 9% in local currency. Of total
sales, unit linked assurance accounted for SEK 50.1 billion (49.5), mutual fund
savings products for SEK 16.3 billion (15.5), and direct sales of funds for SEK
2.5 billion (2.2).

Sales in the UK amounted to SEK 34.0 billion (36.7). In Sweden sales amounted to
SEK 11.1 billion (11.4). Sales in other markets increased to SEK 25.2 billion
(20.9).

For further information, please contact:
Harry Vos, Head of Investor Relations, tel. +46- 8-788 3643

Definitions of sales

Sales
Sales pertain to paid-in premiums and deposits in funds from Skandia's
customers.

New sales
New sales pertain to single and regular premiums from unit linked contracts
entered into in 2003, recalculated to full-year figures. According to industry
practice, new sales are defined as regular premiums recalculated to full-year
figures plus 1/10 of single premiums during the period.

Sales development, November 2003

November sales 2003      Sales,       % change in      % change in
                         SEK billion  local currency   local currency
                                      compared with    compared with
                                      November 2002    October 2003
                                                       
Sales                                                  
 Unit linked assurance   5.2           26               3
 Mutual fund savings     1.8           78              18
products
 Other                   0.4          -41             125
Sales, group             7.4           30               9
                                                       
Unit linked assurance                                  
 Sweden                  0.6          -7                0
 UK                      3.2          52               11
 Other markets           1.4           0              -11
Sales, unit linked       5.2          26                3
assurance
                                                       
New sales, unit linked                                 
assurance
 Sweden                  not          -4                4
                         reported
 UK                      not          25                0
                         reported
 Other markets           not         -10               -4
                         reported
New sales, unit linked   not          7                 0
assurance                reported


Sales development, January-November 2003


Sales,              Sales,          % change in local % change in local
January - November  SEK billion     currency,         currency,
2003                                Jan.-Nov. 2003    Jan.-Sept. 2003
                                    compared with     compared with
                                    Jan.-Nov. 2002    Jan.-Sept. 2002
                                                      
Sales                                                 
 Unit linked        50.1             8                 4
assurance
 Mutual fund        16.3            17                 9
savings products
 Other               3.9            -3                 8
Sales, group        70.3             9                 6
                                                      
Unit linked                                           
assurance
 Sweden              7.8            -9                -9
 UK                 28.1             9                 3
 Other markets      14.2            16                17
Sales, unit linked  50,1             8                 4
assurance
                                                      
New sales, unit                                       
linked assurance
 Sweden             not reported   -10               -10
 UK                 not reported    -2                -6
 Other markets      not reported    15                18
New sales, unit     not reported    0                 -2
linked assurance


Exchange rates

Exchange rates          2003   2003   2003   2002   2002    2002    2002
                        30     31     30     31      30      31     30
                        Nov.   Oct.   Sept.  Dec.   Nov.    Oct.    Sept.
SEK                                                                 
EUR       Closing rate  9.06   9.07   9.01   9.14   9.02    9.07    9.16
EUR       Average rate  9.15   9.16   9.17   9.15   9.15    9.16    9.17
                                                                    
GBP       Closing rate  13.00  13.24  12.85  14.03  14.11   14.33   14.58
GBP       Average rate  13.29  13.32  13.33  14.58  14.63   14.68   14.71
                                                                    
JPY       Closing rate  0.069  0.071  0.069  0.073  0.074   0.075   0.076
JPY       Average rate  0.070  0.070  0.070  0.078  0.078   0.078   0.079


1) All comparison figures pertain to the corresponding period a year 
earlier, unless otherwise indicated.