Länsförsäkringar Alliance: Interim review January-June 2023
January-June 2023 in brief Figures in parentheses pertain to the same period in 2022.
- Profit before tax for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 5,509 M (-5,814), with investment income of SEK 5,498 M (-8,291).
- The technical result for the Länsförsäkringar Alliance’s non-life insurance operations amounted to SEK 1,018 M (3,122). Premiums earned after ceded reinsurance rose just over 4% to SEK 16,761 M (16,086). The combined ratio amounted to 100.9% (84.2).
- The Länsförsäkringar AB Group’s profit before tax increased to SEK 2,020 M (1,474). The return on equity amounted to 12% (9).
- Länsförsäkringar AB Group’s non-life insurance operations reported profit before tax of SEK 384 M (586). Premiums earned after ceded reinsurance rose 6% to SEK 4,375 M (4,129). The combined ratio amounted to 93.3% (85.8).
- The Länsförsäkringar Bank Group’s profit before tax increased to SEK 1,130 M (953). Net interest income increased 49% to SEK 3,515 M (2,362). The return on equity amounted to 8.6% (7.6).
- Länsförsäkringar Fondliv’s profit before tax increased to SEK 759 M (463). Premium income amounted to SEK 9,553 M (10,525). Commission and fee income amounted to SEK 1,029 M (1,084).
- Länsförsäkringar Liv’s profit increased to SEK 2,860 M (-2,237).
- Much uncertainty prevailed in the world in the first half of 2023. During these six months, the central banks continued to raise interest rates as the global economy displayed strong resilience, which contributed to higher than expected inflation figures. In these uncertain times, it is reassuring to say that Länsförsäkringar is made up of financially strong companies, which means that we can direct all our focus on our customers and our customer promise – simplifying everyday life and contributing to a secure future, says Mathias Collén, President and CEO of Länsförsäkringar AB, The Länsförsäkringar Alliance’s jointly owned company.
- The key to our customer promise is continuously developing the operations to always be able to offer relevant services, a broad range of products and productive customer meetings. During the first half of 2023 we launched, among other things, a new competitive pregnancy insurance policy and the Hälsa och vård app that contains all of our health care insurance products. In addition, Länsförsäkringar can now be chosen under the ITP pension plan – confirming that our pension offering is top notch and reasonably priced – and we raised interest rates on customers’ savings, continues Mathias Collén.
- Greater optimism in the financial markets resulted in the Länsförsäkringar Alliance’s non-life insurance operations reporting a profit before tax of SEK 5.5 billion. The technical result was SEK 1.0 billion, with healthy premium growth of just over 4%. However, claims costs increased, mainly due to strengthened provisions for changed mortality assumptions and several larger fire-damage claims, which resulted in a combined ratio of 100.9%. The Länsförsäkringar AB Group’s profit before tax increased to SEK 2.0 billion. The non-life insurance operations reported healthy premium growth of 6%, primarily from Agria’s international operations. The banking operations reported strong profit with favourable trends both in mortgage and fund volumes. The unit-linked insurance operations generated 6% increase in premiums paid and managed assets amounted to SEK 220 billion, says Mathias Collén.
For further information, please contact:
Mathias Collén, President and CEO Länsförsäkringar AB
Mathias.Collen@lansforsakringar.se, +46 (0)8-588 433 13, +46 (0)70-566 04 65
Anna Glennmar, Investor Relations Länsförsäkringar AB
Anna.Glennmar@lansforsakringar.se, +46 (0)8-588 417 42, +46 (0)72-141 44 08
Lena Hedlund, Head of Communications Länsförsäkringar AB
Lena.Hedlund@lansforsakringar.se, +46 (0)8-588 403 55, +46 (0)76-496 45 57
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.