Länsförsäkringar Bank: Interim Report, January-June 2004
Länsförsäkringar Bank: Interim Report, January-June 2004 "Länsförsäkringar's bank operations continue to perform very strongly and in line with Group strategy as a full-service bank for private individuals and farmers. Growth in earnings and volumes shows a highly positive trend. Mortgage loans have more than quadrupled during the past two years, which has also increased the bank's need for external funding. Accordingly, it is very positive that the bank now has an A rating from both Standard & Poor's and Moody's. This enhances the prospects for further strengthening our position in the Swedish mortgage market, says Tomas Johansson, Managing Director, Länsförsäkringar Bank." Summary: · Operating income amounted to SEK 73.7 M (34.9) before loan losses and SEK 56.4 M (12.4) after loan losses. · Mortgage loans by the subsidiary Länsförsäkringar Hypotek have more than quadrupled in two years and rose by 69% to SEK 20.5 billion (12.2) during the period. · Lending to the public increased by 40% to SEK 35.4 billion (25.3). Deposits from the public rose by 9% to SEK 18.1 billion (16.6). · Net interest income rose by 24% to SEK 392.9 M (315.7). · The return on equity was 5.7% (1.8). · Capital adequacy amounted to 10.98% (8.72) and the Tier 1 ratio was 8.40% (8.19). · The number of bank customers increased by 28% to 546,000 (427,000). · Standard & Poor's has raised the bank's credit rating from BBB+/stable to A-/stable for long-term borrowing. Moody's has awarded the bank a credit rating of A3/stable for long-term borrowing and Prime-2 for short-term borrowing. Figures in parentheses pertain to January - June 2003. You will find the report at www.lansforsakringar.se/info For further information, contact: Tomas Johansson, CEO Länsförsäkringar Bank +46 8 588 419 82 tomas.g.johansson@lansforsakringar.se +46 73 96 419 82 Anders Borgcrantz, CEO Länsförsäkringar Bank +46 8 588 412 51 anders.borgcrantz@lansforsakringar.se +46 73 96 412 51 Christer Baldhagen, Senior Vice President Corporate Communications +46 8 588 415 01 christer.baldhagen@lansforsakringar.se +46 70 579 70 66 Länsförsäkringar, with 24 independent regional insurance companies and the jointly owned Länsförsäkringar AB, is Sweden's only customer-owned and locally based banking and insurance group. Länsförsäkringar has Sweden's most satisfied customers and is the most competitively priced bank with the most loyal customers according to the Swedish Quality Index. Länsförsäkringar is the "Life Assurance and Non-life Insurance Company of the Year" according to the Affärsvärlden business weekly and was named "Bank of the Year 2002" by the Privata Affärer business magazine. Länsförsäkringar offers a broad range of insurance and financial services for companies and private individuals. Länsförsäkringar is the market leader in the Swedish non-life insurance segment, with a market share of 32%. The market share in life and pension assurance is 10.9% and 2.9% in banking. Länsförsäkringar also includes Agria Djurförsäkring (animal insurance). Länsförsäkringar manages assets of SEK 140 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/30/20040830BIT20330/wkr0001.pdf Länsförsäkringar Bank Interim Report