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Profits slide at Skandia in Q1

Skandia, the life, protection and investments unit of Old Mutual, has revealed a decline in pre-tax profits for the first quarter of 2006 to SEK379 million from SEK386 million a year earlier.

In the meantime, Stockholm-based Skandia was bought by South Africa’s Old Mutual for $6.8 billion, following a protracted and often bitter takeover battle.

The company’s name was also recently in the headlines following news that its former CEO Lars-Erik Petersson has been sentenced to prison following an investigation into an accounting scandal in 2003.

However, on a more positive note, total premiums and deposits in Q1 increased by 50% to SEK40.6 billion. New sales of unit-linked assurance increased by 22% to SEK3.3 billion and mutual fund deposits increased by 77% to SEK13.3 billion. Total revenues rose 16% to SEK4.3 billion.