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 place during personal meetings at 115 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
President Länsförsäkringar Bank AB
+46 8 588 414 37
+46 70 240 47 04
CFO, Länsförsäkringar Bank AB
+46 8 588 412 79
+46 73 964 28 23
Year-end Report 2022
The period in brief, Group
- Operating profit declined 10% to SEK 2,067 M (2,296) and the return on equity amounted to 8.2% (9.8).
- Net interest income increased 14% to SEK 5,528 M (4,863).
- Net commission income, excluding remuneration to the regional insurance companies, remained largely unchanged at SEK 1,329 M (1,332).
- Operating income increased 9% to 5,033 M (4,610).
- Operating expenses declined slightly to SEK 2,510 M (2,523).
- Credit losses amounted to SEK 123 M (-331), net, corresponding to a credit loss level of 0.03% (-0.09).
- Operating profit was impacted by fees levied of SEK 333 M during the year (122), of which risk tax comprised SEK 212 M.
- Business volumes declined 3% to SEK 820 billion (841).
- Deposits increased 5% to SEK 153 billion (146).
- Lending increased 4% to SEK 367 billion* (351).
- The fund volume fell 13% to SEK 299 billion (343).
- A remark was received from the Swedish Financial Supervisory Authority (FSA) and the bank was ordered to pay an administrative fine of SEK 90 M following the FSA’s investigation into regulatory compliance of its transaction monitoring.
- A Group contribution of SEK 318 M was paid at year-end and the Board intends to propose a dividend totalling SEK 81 M.
- The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.4% (15.2**) on 31 December 2022
Figures in parentheses pertain to the same period in 2021.
* Loans to the public excluding deposits with the Swedish National Debt Office and similar items.
** Pertains to 30 September 2022.
Read the full report from Länsförsäkringar Bank
Investor presentation Q4 and full-year 2022
|March 13-17, 2023||
Annual Report 2022
|April 25, 2023||
Q1 Report 2023
|21 July, 2023||
Q2 Report 2023
|October 27, 2023||
Q3 Report 2023
- Five Year Financial Summary
- Financial Reports Archive
- Investor presentation Q3 2022 and Green bond presentation
Standard & Poor's
- Long: A/Stable
- Short: A-1(K-1)
- Long: A1/Stable
- Short: P-1
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 June 30, 2022.
|Limit Nom||Outstanding Nom||Remaining average term|
|Medium Term Note||SEK 40 billion||SEK 17.5 billion||2.1 years|
|Domestic Commercial Paper||SEK 15 billion||SEK 0.2 billion||
|Euro Commercial Paper||EUR 1.5 billion||SEK 0.0 billion||0.0 years|
|Euro Medium Term Note||EUR 4 billion||SEK 26.0 billion||2.2 years|
|Total||SEK 43.2 billion||2.2 years|
Länsförsäkringar Bank’s green bond framework is a strong and detailed framework, which enables issuance of green bonds from Länsförsäkringar Bank and from Länsförsäkringar Hypotek.
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.
Consolidated situation*, as of December 31, 2022
- Core Tier 1 capital amounted to SEK 18,469 M
- Core Tier 1 ratio was 15.4 percent
- Tier 1 capital was SEK 20,669 M
- Tier 1 ratio was 17.2 percent
- Capital base was SEK 22,164 M
- Total capital ratio was 18.5 percent
* As of June 30, 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.
Pillar 3 information
- September 30 2022
June 30 2022
Mars 31 2022
December 31 2021
September 30 2021
June 30 2021
Risk & Capital Management Reports
- Risk and Capital Management 2020
- Risk and Capital Management 2019
- Risk and Capital Management 2018
- Risk and Capital Management 2017
Quarterly disclosure Own Funds
- March 31, 2021
- December 31, 2020
September 20, 2020
- June 30, 2020
March 31, 2020
- December 31, 2019
September 30, 2019
- June 30, 2019
- March 31, 2019
- December 31 2018
- September 30, 2018
- June 30, 2018
- March 31, 2018
- December 31, 2017
- September 30, 2017
- June 30, 2017
- March 31, 2017
Board of Directors
Members of the Board of Directors
- Mathias Collén, born 1981, chair, Acting President of Länsförsäkringar AB.
- Ola Evensson born 1965, President Länsförsäkringar Älvsborg. Board member since 2020.
- Niklas Larsson, born 1979, President of Länsförsäkringar Göinge-Kristianstad. Board member since 2021
- Hans Ljungkvist, born 1952, externally appointed. Board member since 2021
- Ulrica Hedman, born 1974, President Länsförsäkringar Uppsala. Board member 2022.
- Anki Norrström, born 1952, President Länsförsäkringar Bergslagen. Board member 2022.
- Emil Källström, born 1987, external. Board member 2022.
- Anette Andersson, born 1962, FORENA.
- Camilla Lahger, born 1966 (Substitute). Member of the Board since 2018.
- Mattias Karlsson born 1974, Saco. Member of the Board since 2020.
Lisa-Maria Carensjö, born 1979 (Substitute). Member of the Board since 2021
Members of the Executive Management
- Sven Eggefalk born 1969, President
- Anders Larsson, born 1965, President of Länsförsäkringar Hypotek
- Martin Rydin, born 1968, CFO
- Tobias Ternstedt, born 1972, CFO Product Process and Operation, IT.
- 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
- Ellinor Örtegren Johanson born 1958, Head of Financial Crime Prevention.
- Mikael Patring born 1975, Head of Credit.
- Mathias Collén (Chair)
- Anki Norrström
- Niklas Larsson (Chair)
- Mathias Collén
- Ola Evensson
- Hans Ljungkvist
- Ola Evensson (Chairman)
- Ulrica Hedman
- Emil Källström
Risk and Capital Committee
- Hans Ljungkvist (Chairman)
- Anki Norrström
- Mattias Karlsson, Akademierföredningen
- Niklas Larsson
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
- Corporate Governance 2021
- Corporate Governance 2020
- Corporate Governance 2019
- Corporate Governance 2018
- Corporate Governance 2017
- Corporate Governance 2016
- Corporate Governance 2015
- Corporate Governance 2014
- Corporate Governance 2013