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 3.9 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

Sven Eggefalk
President Länsförsäkringar Bank AB
+46 8 588 414 37
+46 70 240 47 04

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

Stefan Karkamanis
Investor Relations Länsförsäkringar Bank AB
+46 8 588 402 90
+46 72 310 00 80

Financial information

January – September 2019

The period in brief, Group

  • Operating profit increased 10% to SEK 1,437 M (1,310) and the return on equity amounted to 9.7% (9.8).
  • Net interest income rose 4% to SEK 3,448 M (3,328).
  • Operating income increased 7% to SEK 2,961 M (2,772).
  • Operating expenses amounted to SEK 1,399 M (1,398).
  • Credit losses amounted to SEK 125.6 M (63.9), net, corresponding to a credit loss level of 0.05% (0.03).
  • Business volumes increased 12% to SEK 631.0 billion (563.8).
  • Deposits rose 12% to SEK 117.6 billion (105.1). Lending increased 8% to SEK 302.8 billion (280.4).
  • Fund volumes increased 18% to SEK 210.6 billion (178.3).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 14.7% (14.6*) on 30 September 2019.
  • The number of customers with Länsförsäkringar as their primary bank rose 9% and the number of bank cards increased 9%.
  • According to the 2019 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank remains the player on the banking market with the most satisfied retail customers. Länsförsäkringar Bank also has the most satisfied corporate customers according to the 2019 Swedish Quality Index.
  • In September, Länsförsäkringar Bank successfully issued a 5 year SEK 2.5 billion inaugural senior non-preferred bond.

Figures in parentheses pertain to the same period in 2018.
* Pertains to 30 June 2019.

Read the full report from Länsförsäkringar Bank

Financial calendar
Date Report
February 6, 2020 Year-end report 2019
March 12, 2020

Annual report 2019

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 September 30, 2019

Funding programmes
  Limit Nom Outstanding Nom Remaining average term
Medium Term Note SEK 30 billion SEK 26.2 billion 1.9 years
Domestic Commercial Paper SEK 15 billion SEK 0.2 billion 0.0 years
Euro Commercial Paper EUR 1.5 billion SEK 2.0 billion 0.2 years
Euro Medium Term Note EUR 2 billion SEK 12.6 billion 3.2 years
Total   SEK 40.9 billion 2.2

EMTN and AT1 Prospectuses

Credit Update Q3 2019

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 September 30, 2019

  • Core Tier 1 capital amounted to SEK 14,336 M
  • Core Tier 1 ratio was 13.7 percent
  • Tier 1 capital was SEK 16,536 M
  • Tier 1 ratio was 15.9 percent
  • Capital base was SEK 19,125 M
  • Total capital ratio was 18.3 percent

Consolidated situation, as of September 30, 2019

  • Core Tier 1 capital amounted to SEK 18,051 M
  • Core Tier 1 ratio was 14.7 percent
  • Tier 1 capital was SEK 19,805 M
  • Tier 1 ratio was 16.1 percent
  • Capital base was SEK 21,948 M
  • Total capital ratio was 17.9 percent

Risk & Capital Management Reports

Quarterly disclosure Own Funds

Leverage Ratio

Corporate Governance

Board of Directors

Members of the Board of Directors

  • Fredrik Bergström born 1970, 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.
  • Camilla Lahger, born 1966, (Substitute). Member of the Board since 2018.

Executive Management

Members of the Executive Management

  • Sven Eggefalk born 1969, President.
  • Anders Borgcrantz born 1961, CFO and President Länsförsäkringar Hypotek AB
  • 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
  • Thomas Högväg born 1968, President Wasa Kredit
  • Tobias Ternstedt born 1972, Heaf of IT



Remuneration Committee

  • Fredrik Bergström (Chairman)
  • Beatrice Kämpe Nikolausson
  • Bengt-Erik Lindgren

Audit Committee

  • Ingrid Jansson (Chairman)
  • Fredrik Bergström
  • Bengt-Erik Lindgren
  • Peter Lindgren

Credit Committee

  • Fredrik Bergström (Chairman)
  • Per-Ove Bäckström
  • Anna-Greta Lundh
  • Bengt-Erik Lindgren

Risk and Capital Committee

  • Fredrik Bergström (Chairman)
  • Anders Grånäs
  • Anna-Greta Lundh

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.

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.

Länsförsäkringar Bank Corporate Governance Reports