Länsförsäkringar Bank: January – September 2022

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“Both geopolitical and macroeconomic uncertainty in the world continued in the third quarter, and we saw significant hikes in key interest rates in a bid to slow inflation. Combined, this has created continuing turmoil in the financial markets and negative macroeconomic prospects. Both our retail and corporate customers have thus experienced considerable uncertainty concerning the economic outlook, and in many cases have seen costs rise, such as in the form of energy prices, input goods, food prices and interest rates. For this reason, it is natural for Länsförsäkringar, with our local profile close to customers, that all our talented employees work closely with our customers and offer security and opportunities. The period saw continuing developments in digitisation to further simply customers’ everyday lives. We launched our green bond framework to effectively refinance green loans, targeted to customers with energy-efficient homes or other green businesses. Earnings for the third quarter were strong and we reported robust growth in mortgages and deposits as well as healthy net inflows in our funds. Our financial position is strong and our credit quality is very high, which provides a solid base for remaining a source of stability for our customers in the current uncertain global situation.”, says Sven Eggefalk, President of Länsförsäkringar Bank

The period in brief, Group


  • Operating profit declined 10% to SEK 1,629 M (1,814) and the return on equity amounted to 8.7% (10.4).
  • Net interest income increased 2% to SEK 3,728 M (3,639).
  • Net commission, excluding remuneration to the regional insurance companies, increased 5% to SEK 1,025 M (973).
  • Operating income increased 5% to SEK 3,654 M (3,467).
  • Operating expenses increased 6% to SEK 1,728 M (1,629).
  • Credit losses amounted to SEK 46 M (-68), net, corresponding to a credit loss level of 0.02% (-0.02).
  • Operating profit was impacted by fees levied of SEK 251 M during the period, of which risk tax comprised SEK 158 M.
  • Business volumes increased 1% to SEK 802 billion (798).
  • Deposits increased 9% to SEK 156 billion (144).
  • Lending increased 11% to SEK 383 billion (346).
  • Fund volumes declined 8% to SEK 282 billion (308).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.2% (14.9*) on 30 September 2022.

Figures in parentheses pertain to the same period in 2021.

* Pertains to 30 June 2022.

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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


Andreas Larsson, Head of Investor Relations Länsförsäkringar Bank AB,

+46 (0)10-4987029, +46 (0)720-84 36 34




This report contains such information that Länsförsäkringar Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 27 October 2022 at 12:00 p.m. CEST.

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.