Länsförsäkringar AB: Interim report January–June 2016

•  The Group’s operating profit amounted to SEK 1,115 M (845). The return on equity amounted to 10% (8).
•  Operating profit in the non-life insurance operations amounted to SEK 318 M (326). Premiums earned after ceded reinsurance amounted to SEK 2,630 M (2,474).
•  Operating profit for the Bank Group totalled SEK 697 M (559). Net interest income strengthened to SEK 1,615 M (1,411).
•  Operating profit for Länsförsäkringar Fondliv amounted to SEK 249 M (266). Premium income amounted to SEK 4,394 M (4,635).

(Figures in parentheses pertain to January-June 2015)  

“We can be pleased with the favourable half-year earnings for the Länsförsäkringar AB Group. Operating profit amounted to SEK 1.1 billion, up 30 % compared with the first six months of 2015. The strong earnings of the Bank Group were the primary driver behind this improvement. Growth and the inflow of customers is continuing, and we secured market growth of 10% in household lending during the period. In the non-life insurance business, Agria continued to make a strong contribution to earnings. Earnings improved in the health care business, which is now approaching a balance. The technical result weakened slightly, while operating profit was essentially at the same level as the preceding year due to strong investment income.

Market unease, Brexit and continued low interest rates impacted the operations in several ways which adversely affected the value growth of insurance capital for unit-linked insurance.

In May the Swedish Financial Supervisory Authority approved our partial internal model to calculate capital requirements in the Länsförsäkringar AB Group and Länsförsäkringar Liv. We are the first company in Scandinavia to have our model approved - a model that reflects our business logic and actual risk profile. Gratifying achievements also include high rankings in reputation and customer satisfaction surveys. For our digital services we were awarded Mobile Bank of the Year at Mobilgalan and the Web Service Award for Best Mobile Site and App” says Sten Dunér, President Länsförsäkringar AB. 

Read the full report:  http://www.lansforsakringar.se/om-oss/in-english/financial-reports/lansforsakringar-ab/

For further information, please contact:
Sten Dunér, President Länsförsäkringar AB, +46 8-588 411 15, +46 73-964 11 15, sten.duner@lansforsakringar.se

Malin Rylander Leijon, CFO Länsförsäkringar AB, +46 8-588 408 64, +46 73-964 08 64, malin.rylander-leijon@lansforsakringar.se

Fanny Wallér, Director of Communications Länsförsäkringar AB, +46 8-588 414 69, +46 70-692 77 79, fanny.waller@lansforsakringar.se

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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