Interim Report January – June 2009
“Länsförsäkringar is stable. Our earnings reflect the longterm approach we apply to the operations and our respect for customers’ money. Daily, proactive risk activities ensure excellent credit quality and high solvency in non-life insurance and high collective consolidation in life assurance. Throughout the financial crisis our savers have benefited from this cautious and long-term approach. Our key figures remained strong in all core business segments, particularly in life assurance. Business volumes are increasing, especially in the banking operations. The number of customers choosing Länsförsäkringar for non-life insurance, life assurance and banking services is continuing to rise substantially. Our long-term strategy is gradually being realised”, says Håkan Danielsson, President Länsförsäkringar AB, the Alliance’s jointly owned company.
The period in brief:
• The stable earnings trend in all core business segments is continuing based on a low risk profile and strong key figures.
• Operating profit from non-life insurance operations improved to SEK 2,552 M (loss: 3,404). The technical result amounted to SEK 966 M (1,200).
• Solvency for non-life insurance remained strong. Solvency capital totalled SEK 28,291 M (30,210) and the solvency margin amounted to 155% (174).
• The solvency ratio for life-assurance was 143% (152) and the collective consolidation level was 104% (102). New sales rose 2% to SEK 17,552 M (17,173).
• The return on investment assets in Länsförsäkringar Liv (life assurance) was negative 2.1% (neg: 5.8).
• The strong growth in the banking operations continued. Operating profit rose to SEK 133 M (123). Lending to the public rose 23% to SEK 90 billion (73) and deposits from the public increased by 15% to SEK 37 billion (32). Retail mortgage lending rose 20% to SEK 61 billion (51). The risk profile is low and credit quality remained favourable.
• The number of customers in the regional insurance companies at mid-year totalled 3 270 000, an increase of 15 000 during the period. The number of full-service customers increased by 8%.
For further information, please contact:
Håkan Danielsson, President, Länsförsäkringar AB
Phone: +46 8 588 400 00
E-mail: hakan.danielsson@lansforsakringar.se
Sten Dunér, CFO Länsförsäkringar AB
Phone: +46 8 588 411 15, +46 73 964 11 15
E-mail: sten.duner@lansforsakringar.se
Christer Baldhagen, Senior Vice President Corporate Communications, Länsförsäkringar AB
Phone: +46 8 588 415 01, +46 70 579 70 66
E-mail: christer.baldhagen@lansforsakringar.se
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 24 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.