Länsförsäkringar Alliance: Interim report January – September 2010

- An increasing number of customers are selecting Länsförsäkringar for their non-life insurance and life-assurance policies and for their banking services. The number of customers is growing, as are business volumes and market shares. At the same time, customers are increasingly satisfied with choosing us. Maintaining competitiveness and attractiveness requires a high level of efficiency and low costs, which is why we are now focusing more intensely on reducing operating expenses. Returns in the traditional life-assurance company improved sharply and are currently approaching the level to which we are accustomed, and the level that customers expect. Each new quarter continues to be the best for Bank operations, measured in earnings, business volumes and the number of new customers, says Sten Dunér, president of Länsförsäkringar AB, the Alliance’s jointly owned company. 

The period in brief

• Länsförsäkringar Alliance strengthened its market-leading position in non-life insurance, with a market share of about 30%. The technical result amounted to SEK 143 M (1,337).
• Länsförsäkringar Alliance’s collective consolidation ratio in non-life insurance is uniquely strong, in domestic and international comparisons. Solvency capital amounted to SEK 32,242 M (30,364) and the solvency margin was 177% (167).
• The total return on traditional management in life assurance and pension insurance operations improved sharply, amounting to 5.7%. Solvency was 127% (140) and collective consolidation amounted to 109% (106). The trend for life assurance business volumes remained positive.
• In Bank operations, operating profit rose to SEK 248 M (196) and net interest income increased to SEK 973 M (857). Growth remained strong with business volumes up 16% to SEK 223 billion (193). For the sixth time in seven years, Länsförsäkringar had Sweden’s most satisfied bank customers in the retail market, according to the Swedish Quality Index.

The full report is available attached. 

For further information, please contact: 

Sten Dunér, President, Länsförsäkringar AB
+46 (0)8 588 411 15, +46 (0)73 964 11 15 

Christer Baldhagen, Senior Vice President, Corporate Communications Länsförsäkringar AB
+46 (0)8 588 415 01, +46 (0)70 579 70 66

The Länsförsäkringar Alliance comprises 24 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.