Länsförsäkringar Bank: January – December 2021

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”Länsförsäkringar Bank can look back on a 2021 filled with many positive signs. Our fantastic employees in the banking operations succeeded in creating security and opportunities for the customers of the regional insurance companies. Despite the pandemic’s grip on society, the year featured a broad economic recovery, with rising stock markets, increasing property prices and raw material prices. The operations focused on being available and close to customers. Growth in business volumes was healthy and savings continue to grow strongly. Our funds have generated good returns on customers’ savings and we exceeded a volume of own-brand managed funds of SEK 300 billion for the first time. The growth shows the strength of our business and brand, whereby Länsförsäkringar offers market-leading services in banking, insurance and real-estate brokerage. All in all, we are pleased with the year and report strong earnings. We are continuing to focus on the digital area with the ambition of strengthening our presence and enabling further growth through digital channels. Via the regional insurance companies, we have a strong local presence which remains a cornerstone of our strategy. We are making further progress in sustainability and have strengthened the organisation to tackle the challenges and opportunities that can be found in this important area and to ensure that we meet the high expectations of customers and the market”, says Sven Eggefalk, President of Länsförsäkringar Bank.

The year in brief, Group

  • Operating profit increased 25% to SEK 2,296 M (1,844) and the return on equity strengthened to 9.8% (8.5).
  • Net interest income fell 2% to SEK 4,741 M (4,845).
  • Operating income increased 5% to SEK 4,488 M (4,278).
  • Operating expenses rose 20% to SEK 2,523 M (2,109).
  • Impairment of intangible assets took place during the fourth quarter. Impairment of SEK 305.8 M was charged to expenses for the fourth quarter. Operating expenses excluding impairment increased 5%.
  • Credit losses amounted to SEK –331.0 M (325.5), net, corresponding to a credit loss level of –0.09% (–0.09).
  • Credit losses reduced by SEK 264.5 M due to Wasa Kredit signing an agreement in December on the sale of a volume of credit-impaired and previously written-off receivables related to two business segments.
  • Business volumes increased 17% to SEK 851.7 billion (729.4).
  • Deposits rose 7% to SEK 146.3 billion (136.4). Lending increased 6% to SEK 362.0 billion (340.0).
  • Fund volumes increased 36% to SEK 343.4 billion (253.0).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.3% (15.0*) on 31 December 2021.
  • The Board proposes a dividend for 2021 of SEK 396.3 M.
  • According to the 2021 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank continues to have the highest customer satisfaction among the major market players for retail customers.

    Figures in parentheses pertain to the same period in 2020.

* Refers to 30 September 2021.

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For further information, please contact:

Sven Eggefalk, President Länsförsäkringar Bank AB

+46 (0)8-588 414 37, +46 (0)70-240 47 04


Martin Rydin, CFO Länsförsäkringar Bank AB,

+46 (0)8-588 412 79, +46 (0)73-964 28 23


Stefan Karkamanis, Head of Investor Relations, Länsförsäkringar Bank AB

+46 (0)8-588 402 90, +46 (0)72-310 00 80




This report contains such information that Länsförsäkringar Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 11 February 2022 at 12:00 a.m. CET.

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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