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

Martin Rydin
CFO, Länsförsäkringar Bank AB
+46 8 588 412 79
+46 73 964 28 23

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

Financial information

January – September 2021

The period in brief, Group

  • Operating profit increased 31% to SEK 1,814 M (1,385) and the return on equity strengthened to 10.4% (8.6).
  • Net interest income fell 2% to SEK 3,547 M (3,624).
  • Operating income increased 6% to SEK 3,375 M (3,195).
  • Operating expenses rose 6% to SEK 1,629 M (1,540).
  • Credit losses amounted to SEK –67.6 M (270.6), net, corresponding to a credit loss level of –0.02% (0.10).
  • Business volumes increased 14% to SEK 797.5 billion (700.9).
  • Deposits rose 9% to SEK 144.0 billion (132.6). Lending increased 6% to SEK 346.0 billion (327.5).
  • Fund volumes increased 28% to SEK 307.5 billion (240.8).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.0% (14.8*) on 30 September 2021.
  • According to the 2021 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank remains the leading bank among the major market players in terms of customer satisfaction for retail customers.

Figures in parentheses pertain to the same period in 2020.
* Pertains to 30 June 2021.

Read the full report from Länsförsäkringar Bank

Financial calendar
Date Report
February 11, 2022

Year-end report 2021

March 14, 2022

Annual Report 2021

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 per September 30, 2021.

Funding programmes
  Limit Nom Outstanding Nom Remaining average term
Medium Term Note SEK 40 billion SEK 19.2 billion 2.2 years
Domestic Commercial Paper SEK 15 billion SEK 0.2 billion

0.3 years

Euro Commercial Paper EUR 1.5 billion SEK 0.7 billion 0.0 years
Euro Medium Term Note EUR 4 billion SEK 24.3 billion 2.3 years
Total   SEK 45.4 billion 2.4 years

EMTN and AT1 Prospectuses

Credit update

Credit Update Q3 2021

Risks and Capital Adequacy

nsförsäkringar 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.

Consolidated situation*, as of September 30, 2021

  • Core Tier 1 capital amounted to SEK 17,158 M
  • Core Tier 1 ratio was 15.0 percent
  • Tier 1 capital was SEK 19,358 M
  • Tier 1 ratio was 16.9 percent
  • Capital base was SEK 21,948 M
  • Total capital ratio was 19.2 percent

* As of 30 June 2021, the consolidated situation comprises Länsförsäkringar Bank and its subsidiaries (the Bank Group).

Pillar 3 disclosure

Länsförsäkringar Bank presents its Risk and Capital Management Report in accordance with Part Eight of the Regulation (EU) No 575/2013 (Capital Requirements Regulation or CRR) based on its consolidated situation. From 3 May 2021, Länsförsäkringar Bank’s consolidated situation comprises Länsförsäkringar Bank AB, Länsförsäkringar Hypotek AB, Wasa Kredit AB and Länsförsäkringar Fondförvaltning AB.

Risk & Capital Management Reports

Quarterly disclosure Own Funds

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.
  • Peter Lindgren born 1959, President Länsförsäkringar Östgöta. Board member since 2016.
  • Anna Blom born 1970, Preseident Länsförsäkringar Kalmar. Board member since 2020.
  • Ola Evensson born 1965, President Länsförsäkringar Älvsborg. Board member since 2020.
  • Lennart Käll born1958, President Länsförsäkringar Stockholm. Board member since 2020.

Employee representatives

  • Mirek Swartz, born 1962, FTF. Member of the Board since 2015.
  • Camilla Lahger, born 1966 (Substitute). Member of the Board since 2018.
  • Mattias Karlsson born 1974, Saco. Member of the Board since 2020.
  • Peter Fredby born 1969 (Substitute). Member of the Board since 2020.

Executive Management

Members of the Executive Management

  • Sven Eggefalk born 1969, President
  • Anders Borgcrantz, born 1975, President of Länsförsäkringar Hypotek 
  • Martin Rydin, born 1968, CFO 
  • Gert Andersson born 1959, Head of Produkt & Process
  • Susanne Calner born 1969, Head of President’s 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 of Wasa Kredit
  • Tobias Ternstedt born 1972, Head of IT
  • Ellinor Örtegren Johanson born 1958, Head of Financial Crime Prevention.
  • Mikael Patring born 1975, Head of Credit.


Remuneration Committee

  • Fredrik Bergström (Chairman)
  • Anders Grånäs

Audit Committee

  • Ingrid Jansson (Chairman)
  • Fredrik Bergström
  • Peter Lindgren
  • Lennart Käll

Credit Committee

  • Fredrik Bergström (Chairman)
  • Per-Ove Bäckström
  • Anna Blom
  • Ola Evensson

Risk and Capital Committee

  • Fredrik Bergström (Chairman)
  • Anders Grånäs
  • Peter Lindgren
  • Anna Blom

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