Länsförsäkringar Bank

Informationen gäller för Länsförsäkringar Göinge-Kristianstad

About Länsförsäkringar Bank

One of Sweden's largest retail banks

Länsförsäkringar Bank is one of Sweden's largest banks. The strategy is based on the Länsförsäkringar Alliance's large customer base, a strong brand and local presence through the customer-owned regional insurance companies.

Banking services are offered primarily to the 3.7 million customers of the Länsförsäkringar Alliance. Customer contact takes placeduring personal meetings at 128 of the regional insurance companies' branches throughout Sweden and via digital services and telephone.

The aim is, based on low risk, to continue to drive growth in volumes and profitability, have the most satisfied customers and increase the share of customers who have both banking and insurance with Länsförsäkringar.


Länsförsäkringar Bank AB (publ)
Street address: Tegeluddsvägen 11-13
Postal address: SE-106 50 Stockholm
Telephone: +46 8 588 400 00

Anders Borgcrantz
President Länsförsäkringar Bank AB
+46 8 588 412 51
+46 73 964 12 51

Martin Rydin
CFO Länsförsäkringar Bank AB
+46 8 588 412 79
+46 73 964 12 79

Stefan Karkamanis
Investor Relations Länsförsäkringar Bank AB
+46 8 588 402 90
+46 72 147 22 93

Financial information

Year-end Report 2017

The year in brief, Group

  • A number of organisational changes were made on 1 January 2017 whereby operations were transferred from the Parent Company, Länsförsäkringar AB, to the Bank Group. A total of 116 full-time employees joined the Bank Group.
  • Operating profit increased 9% to SEK 1,599 M (1,467) and the return on equity amounted to 10.0% (10.1).
  • Net interest income increased 15% to SEK 3,996 M (3,464).
  • Operating income increased 12% to SEK 3,258 M (2,904).
  • Operating expenses amounted to SEK 1,601 M (1,399).
  • Loan losses amounted to SEK 57.7 M (37.6*), net, corresponding to a loan loss level of 0.02% (0.02).
  • Business volumes increased 14% to SEK 519.5 billion (456.1).
  • Deposits rose 9% to SEK 99.4 billion (91.2). Lending increased 15% to SEK 261.4 billion (226.7).
  • The Common Equity Tier 1 capital ratio for the consolidated situation amounted to 23.3% (23.4**) on 31 December 2017.
  • The number of customers with Länsförsäkringar as their primary bank rose 11% and the number of cards increased 13%.
  • According to the 2017 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank is the single player on the bank market with the most satisfied retail and corporate customers. Länsförsäkringar Bank also has the most satisfied mortgage customers and corporate customers for property loans according to the 2017 Swedish Quality Index.

Figures in parentheses pertain to the same period in 2016.
* The comparative figure includes a dissolution of reserves amounting to SEK 23.3 M.
** Pertains to 30 September 2017.

Read the full report

Financial calendar 2018
Date Report
February 9 Year-end report 2017
March 13 Annual report 2017
April 25 Interim report, January-March 2018
July 19 Interim report, January-June 2018
October 25 Interim report, January-September 2018

Current Rating

Standard & Poor's

  • Long: A/Stable
  • Short: A-1(K-1)


  • Long: A1/Stable
  • Short: P-1

Historical Ratings

2015 May Länsförsäkringar Bank's long-term credit rating was revised to A1/stable from A3/Stable outlook from Moody's. Short-term rating was revised to P-1 from P-2.

2013 June Länsförsäkringar Bank's long-term credit rating was revised to A3/stable from A2/negative outlook from Moody's. Short-term rating was revised to P-2 from P-1.

2011 October Länsförsäkringar Bank's long-term credit rating was revised to A2/negative from A/2stable outlook from Moody's.

2007 February Länsförsäkringar Bank upgraded from long-term A-/positive to A/stable and from short-term A-2 to A-1 from Standard & Poor's. Upgraded from long-term A3/stable to A2/stable and from short-term P-2 to P-1 from Moody's.

2006 January Länsförsäkringar Bank upgraded from long-term A-/stable to A-/positive from Standard & Poor's.

2004 May Länsförsäkringar Bank upgraded from BBB+/stable to A-/stable from Standard & Poor's. Graded long-term A3/stable and short-term P-2 from Moody's.

2002 July Länsförsäkringar Bank graded long-term BBB+/stable and short-term A-2 from Standard & Poor's.


In nominal values and excluding repurchase agreements, as of December 31, 2017

Funding programmes
  Limit Nom Outstanding Nom Remaining average term
Medium Term Note SEK 30 billion SEK 27.2 billion 2.2 years
Domestic Commercial Paper SEK 15 billion SEK 0.5 billion 0.0 years
Euro Commercial Paper EUR 1.5 billion SEK 0.5 billion 0.2 years
Euro Medium Term Note EUR 2 billion SEK 8.2 billion 3.8 years
Total   SEK 36.4 billion  

Credit update Q4 2017

Risks and Capital Adequacy

Länsförsäkringar Bank Group applies the Internal Ratings Based (IRB) approach. The advanced IRB approach is applied to all retail exposure and for counterparty exposures to corporates and the agricultural sector up to SEK 5 M.

The Foundation IRB Approach is applied for counterparty exposures to corporates and the agricultural sector above SEK 5 M. The Standardised Approach is applied to other exposures.

The bank is monitoring the Capital Requirements Directive CRD IV / CRR and assesses that the Bank Group has a solid basis on which to meet currently coming known requirements.

Bank Group, as of December 31, 2017

  • Core Tier 1 capital amounted to SEK 11,767 M
  • Core Tier 1 ratio was 24.3 percent
  • Tier 1 capital was SEK 12,967 M
  • Tier 1 ratio was 26.8 percent
  • Capital base was SEK 15,559 M
  • Total capital ratio was 32.1 percent

Consolidated situation, as of December 31, 2017

  • Core Tier 1 capital amounted to SEK 14,992 M
  • Core Tier 1 ratio was 23.3 percent
  • Tier 1 capital was SEK 15,936 M
  • Tier 1 ratio was 24.8 percent
  • Capital base was SEK 18,100 M
  • Total capital ratio was 28.1 percent

Corporate Governance

Board of Directors

Members of the Board of Directors

  • Sören Westin born 1953, Acting President and CEO of Länsförsäkringar AB. Chairman since 2018.
  • Per-Ove Bäckström born 1959, President of Länsförsäkringar Gävleborg. Board member since 2015.
  • Anders Grånäs born 1966, President Dalarnas Försäkringsbolag. Board member since 2016.
  • Ingrid Jansson born 1950. External member. Board member since 2013.
  • Beatrice Kämpe Nikolausson born 1972, President Länsförsäkring Kronoberg. Board member since 2016.
  • Bengt-Erik Lindgren born 1950, Chairman of Länsförsäkringar Bergslagen. Board member since 2012.
  • Peter Lindgren born 1959, Chairman of Länsförsäkringar Östgöta. Board member since 2016.
  • Anna-Greta Lund born 1955, President Länsförsäkringar Södermanland. Board member since 2016.

Employee representatives

  • Mirek Swartz, born 1962, FTF. Member of the Board since 2015.
  • Ellinoora Hoppe, Saco, Member of the Board since 2017.
  • Linda Pettersson, born 1973, (Substitute). Member of the Board since 2015.

Executive Management

Members of the Executive Management

  • Anders Borgcrantz born 1961, President.
  • Martin Rydin born 1968, CFO and President Länsförsäkringar Hypotek
  • Gert Andersson born 1959, Head of Produkt & Process
  • Susanne Calner born 1969, Head of CEO Office
  • Bengt Clemedtson born 1964, Head of Business
  • Eva Gottfridsdotter Nilsson born 1960, President of Länsförsäkringar Fondförvaltning AB
  • Louise Lindgren born 1959, CRO
  • Marie Lundberg born 1968, President Wasa Kredit
  • Richard Lundberg born 1976, Head of Bank Business Service


Remuneration Committee

  • Sören Westin (Chairman)
  • Beatrice Kämpe Nikolausson
  • Bengt-Erik Lindgren

Audit Committee

  • Ingrid Jansson (Chairman)
  • Johan Agerman
  • Bengt-Erik Lindgren
  • Peter Lindgren

Credit Committee

  • Sören Westin (Chairman)
  • Per-Ove Bäckström
  • Anna-Greta Lundh
  • Bengt-Erik Lindgren

Risk and Capital Committee

  • Sören Westin (Chairman)
  • Anders Grånäs

Code of Corporate Governance

Länsförsäkringar Bank AB's intention is to follow the Swedish Code of Corporate Governance (the Code) in the applicable parts, with consideration of the fact that the bank is not a stock market company.

Länsförsäkringar Bank Corporate Governance Reports

Deviations from the provision of the Code

  • Notice and holding of an Annual General Meeting. Deviation from the provisions of the Code with respect to the fact that the company is not a stock market company and has only one shareholder.
  • Composition of Board of Directors. Deviation from the provisions of the Code occurs regarding independence of Board members and Committee members. According to the instruction for the Nomination
  • Committee, the Board of Directors is to be appropriately composed with respect to Länsförsäkringar Bank's operations, stage of development and other circumstances, and be characterised by diversity and breadth in terms of the members' competencies, experience and background. It has been decided that these requirements can be fulfilled within the framework of the Länsförsäkringar Alliance.
  • The mandate period for Board members is, as a general rule, two years. Deviation from the provisions of the Code of a maximum mandate period of one year due to the supremacy of the Annual General Meeting to dismiss and appoint a member irrespective of mandate period. A mandate period that is longer than one year contributes to ensuring continuity and establishing competence within the Board.


Remuneration system and policy

In accordance with the provisions of the Swedish Financial Supervisory Authority, FFFS 2007:5, information pertaining to the Remuneration Policy of Länsförsäkringar Bank AB (Länsförsäkringar Bank) and its application must be published annually.

Länsförsäkringar Bank is part of the Länsförsäkringar AB Group (LFAB Group). A Group-wide remuneration policy has been prepared for the LFAB Group. The policy was revised and latest adopted by LFAB's Board of Directors on June 18, 2013 and by the Board of Directors of Länsförsäkringar Bank on August 27, 2013.


The revised Remuneration Policy for Länsförsäkringar Bank is based on a risk analysis of the risks that may be connected to the Remuneration Policy. The risk analysis resulted in an assessment that very limited risks are connected to the Remuneration Policy and the Remuneration System.

The assessment is based on the Remuneration Policy not having any long-term negative impact on the company's finances, that the balance between fixed and target-related portions is such that the target-related portion is deemed to have very limited impact on the company's capital base, that guaranteed target-related remuneration does not existe except for a new-employed where the target-related remuneration may consist of maximum 50 % of the fixed remuneration during the first year of employment.