Länsförsäkringar Alliance: Annual Review in summary 2023

2023 in brief Figures in parentheses pertain to 2022.

• Profit before tax for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 5,767 M (-4,344), with investment income of SEK 6,791 M (-5,329). Bonuses and discounts to customers amounted to SEK 1,510 M (1,249).
• The technical result for the Länsförsäkringar Alliance’s non-life insurance operations amounted to SEK 2,450 M (3,484). Premiums earned after ceded reinsurance increased 4% to SEK 34,094 M (32,768). The combined ratio amounted to 97.7% (93.4).
• The Länsförsäkringar AB Group’s profit before tax increased to SEK 3,240 M (2,513). The return on equity was 8% (8).
• The Länsförsäkringar AB Group’s non-life insurance operations reported profit before tax of SEK 643 M (685). Premiums earned after ceded reinsurance rose 5% to SEK 8,946 M (8,485). The combined ratio was 95.9% (92.3).
• The Länsförsäkringar Bank Group’s profit before tax increased to SEK 2,168 M (2,067). Net interest income increased 27% to SEK 7,023 M (5,528). Return on equity amounted to 8.1% (8.2).
• Länsförsäkringar Fondliv’s profit before tax increased to SEK 1,040 M (760). Premium income increased to SEK 20,499 M (18,362). Commission and fee income amounted to SEK 2,045 M (2,080).
• Länsförsäkringar Liv’s profit increased to SEK 5,122 M (-2,409).

- There was optimism in the financial markets at the end of 2023, with increasing signals that more central banks, including Sweden’s Riksbank, could succeed in curbing inflation without trigging a serious recession. Yet Sweden finds itself in an economic slowdown with GDP shrinking and increased unemployment. Combined with geopolitical turmoil, this continues to create uncertainty for our customers. It is therefore reassuring that Länsförsäkringar is comprised of financially very strong companies, as S&P Global Ratings also confirmed in late 2023 when we received positive outlooks on our credit ratings. Our continued robust earnings and healthy growth in all of our business operations allow us, as a customer-owned company, to focus on our customers, says Mathias Collén, President and CEO of Länsförsäkringar AB, The Länsförsäkringar Alliance’s jointly owned company.

- Länsförsäkringar’s offering must be continuously adapted to the world around us and changes in customer needs. An increasingly connected society and higher demand for phygital experiences present new opportunities. In 2023, we launched many new offerings and services in banking, insurance and pensions and Länsförsäkringar also became an ITP pension manager, which contributed to strong growth in transferred in business volumes, continues Mathias Collén.

- I have now been the CEO of Länsförsäkringar AB for just over a year. An exciting, challenging and fun year, but of course marked by the changing world around us. Länsförsäkringar AB’s main task is to provide assistance with joint business, development and service for the 23 customer-owned regional insurance companies. A new organisation at Länsförsäkringar AB was implemented in 2023 to carry out this mission in the most effective way possible. We are now looking ahead to new challenges and changes with continued focus on security and opportunities for the customers, says Mathias Collén.

Read more

https://www.lansforsakringar.se/other-languages/english/about-lansforsakringar/financial-reports/lansforsakringar-alliance/

For further information, please contact:

Mathias Collén, President and CEO Länsförsäkringar AB
Mathias.Collen@lansforsakringar.se, +46 (0)8-588 433 13, +46 (0)70-566 04 65

Anna Glennmar, Head of Investor Relations Länsförsäkringar AB
Anna.Glennmar@lansforsakringar.se, +46 (0)8-588 417 42, +46 (0)72-141 44 08

Lena Hedlund, Head of Communications Länsförsäkringar AB
lena.hedlund@lansforsakringar.se, +46 (0)8-588 403 55, +46 (0)76-496 45 57

The Länsförsäkringar Alliance is comprised of 23 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and life and non-life insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring, total solutions for reliable mortgage transactions through Länsförsäkringar Fastighetsförmedling, and financing services such as leasing, instalment payments, and loans through Wasa Kredit.

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