Interim Report January-June 2017
January-June 2017 compared with January-June 2016:
- Operating profit for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 5,215 M (1,414). Premiums earned after ceded reinsurance rose to SEK 12,495 M (11,777).
- The technical result for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 948 M (828). The combined ratio improved to 95% (96).
- Investment income in the Länsförsäkringar Alliance increased to SEK 4,629 M (1,426).
- Operating profit for the Bank Group increased to SEK 737 M (697). Net interest income strengthened to SEK 1,911 M (1,618).
- Operating profit for Länsförsäkringar Fondliv increased to SEK 290 M (249). Premium income rose to SEK 4,751 M (4,394). Commission income increased to SEK 805 M (698).
- Profit for Länsförsäkringar Liv increased to SEK 2,061 M (383).
Comments from Johan Agerman, President and CEO of Länsförsäkringar AB, The Länsförsäkringar Alliance´s jointly owned company:
We are pleased with the fantastic earnings for the Länsförsäkringar Alliance for the first six months of 2017. Operating profit for the non-life insurance operations increased to SEK 5.2 billion, with very strong investment income of SEK 4.6 billion. The technical result also strengthened, with solid growth in premiums of 6% and a combined ratio of 95%. Operating profit for the banking operations increased 6% to SEK 0.7 billion, with deposits up 11% and lending up 14%. The bank’s growth share was larger than its market share in the mortgage market. The unit-linked insurance operations benefited from a high value growth trend and a positive net inflow, which resulted in managed assets of SEK 122 billion. We expanded our fund range by about 30 new funds from several different fund companies during the first six months of 2017.
Länsförsäkringar attended the political week in Almedalen to promote social issues that are important to us and our customers. Climate issues were included in several of the seminars we held since sustainability is a central part of our operations. We are very pleased that our “Global Hållbar” sustainability fund was given the green light by Söderberg & Partners and placed in its Swedish top ten list.
We continue to receive confirmation that our customers appreciate what we do – Länsförsäkringar won ServiceScore for the best service in the insurance sector, Länsförsäkringar Fastighetsförmedling once again topped the Swedish Quality Index’s customer satisfaction survey and more and more customers are using the “savings navigator” function in our bank app. The Länsförsäkringar website was redesigned in June and we hope that it will create even better customer experiences.
For further information, please contact:
Johan Agerman, President and CEO Länsförsäkringar AB
email@example.com, 08-588 418 02, 070-348 93 50
Malin Rylander Leijon, CFO Länsförsäkringar AB
firstname.lastname@example.org, 08-588 408 64, 073-964 08 64
Anna Glennmar, Investor Relations Länsförsäkringar AB
email@example.com, 08-588 417 42, 072-141 44 08
Fanny Wallér, Director of Corporate Communications Länsförsäkringar AB
firstname.lastname@example.org, 08-588 414 69, 070-692 77 79
The Länsförsäkringar Alliance is not a Group in the legal or practical sense of the term, but an alliance between 23 independent regional insurance companies that jointly own Länsförsäkringar AB. Earnings from the Länsförsäkringar Alliance’s non-life insurance operations consist of the total earnings of the 23 regional insurance companies and the Länsförsäkringar AB Group, excluding life assurance and bank.