Decision from SFSA regarding Länsförsäkringar Bank consolidated situation

With CRR (575/2013) coming into effect Länsförsäkringar Bank was impacted by new regulations regarding the consolidation level for capital adequacy reporting. 

According to CRR the consolidated situation should include the mixed financial holding company Länsförsäkringar AB. To better reflect Länsförsäkringar Bank’s  actual risk and capital situation Länsförsäkringar Bank has, as previously announced, submitted an application to the Swedish Financial Supervisory Authority  (SFSA) for an exemption from the above mentioned rules, based on 4 chapter 10§ in the Special Supervision of Credit Institutions and Investment Firms Act.

The SFSA announced on 12 June 2015 the decision not to approve the above mentioned exemption. Länsförsäkringar Bank AB has since 1 January 2014 been reporting capital adequacy according to the CRR consolidated situation and has adjusted to the regulations from which exemption was applied for.

For further information contact: Anders Borgcrantz, Vice Executive President and CFO, Länsförsäkringar Bank AB, +46(0)8-588 412 51, +46(0)73-964 12 51

The Länsförsäkringar Alliance comprises 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring and total solutions for reliable mortgage transactions are offered through Länsförsäkringar Fastighetsförmedling.

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Länsförsäkringar is Sweden’s only customer-owned and locally established banking and insurance group. The customers in each of the counties in the country own their local and independent regional insurance company. The 23 regional bank and insurance companies cooperate in the jointly owned Länsförsäkringar AB, which conducts development and provides services within banking, life assurance, non-life insurance and animal insurance. Länsförsäkringar offers a broad range of insurance and banking services for individuals, companies and farming. All companies within the Länsförsäkringar Alliance are environmentally certified in accordance with ISO 14001.

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