Länsförsäkringar AB and Länsförsäkringar Sak AB retain high credit rating

Standard & Poor’s has confirmed its credit rating for both Länsförsäkringar AB and Länsförsäkringar Sak AB. Länsförsäkringar AB has retained its rating of A- with a stable outlook and Länsförsäkringar Sak AB has retained its rating of A- with a stable outlook.

“These high credit ratings are based on Länsförsäkringar’s leading position in the non-life insurance market and on our financial strength. Retaining our credit rating throughout the period of uncertainty in the financial markets is a confirmation of our strong financial position. This also strengthens our position as a long-term supplier of insurance solutions and creates additional security for our customers,” says Jakob Carlsson, Head Controller, Länsförsäkringar AB. Standard & Poor’s wrote that the high credit ratings are based on the Länsförsäkringar Alliance’s combined financial capacity and the leading position in the Swedish non-life insurance market. Länsförsäkringar AB’s credit rating is based on the offering of banking and insurance services, which increases and diversifies the company’s sources of income and reduces the concentration risks. Standard & Poor’s also noted the robustness in Länsförsäkringar AB having strong owners in the form of the 24 local regional insurance companies. Länsförsäkringar AB – rating A-, stable Länsförsäkringar AB’s tasks are to conduct joint banking and insurance operations, pursue development activities and provide service in areas that generate economies of scale and efficiency for the owners – the 24 regional insurance companies. Länsförsäkringar Sak AB – rating A, stable Länsförsäkringar Sak AB is a subsidiary of Länsförsäkringar AB that conducts non-life insurance business operations on behalf of the regional insurance companies. These operations are conducted in such areas medical, accident, cargo, animal and crop insurance. Länsförsäkringar Sak AB also manages the regional insurance companies’ internal and external reinsurance.