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 4 million customers of the Länsförsäkringar Alliance. Customer contact takes place during personal meetings at 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 more customers who have both banking and insurance with Länsförsäkringar.

Contacts

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

Martin Rydin
Acting President and CFO, Länsförsäkringar Bank AB
+46 8 588 412 79
+46 73 964 28 23
Martin.Rydin@lansforsakringar.se

Andreas Larsson
Head of Investor Relations, Länsförsäkringar Bank AB
+46 720 84 36 34

Andreas.Larsson@lansforsakringar.se

Financial information

January-September 2025

The period in brief, Group

  • Operating profit declined 9% to SEK 1,719 M (1,884) and the return on equity was 7.9% (9.0).
  • Net interest income declined 12% to SEK 4,377 M (4,980).
  • Net commission income, excluding remuneration to the regional insurance companies, increased 7% to SEK 1,360 M (1,273).
  • Operating income increased 5% to SEK 4,510 M (4,309).
  • Operating expenses increased 20% to SEK 2,360 M (1,967). The comparative period was impacted by a SEK 176 M decrease in costs due to VAT recovered in LF Finans. Excluding this item, the cost increase was 10%.
  • Credit losses amounted to SEK 115 M (161), net, corresponding to a credit loss level of 0.03% (0.05), most of which derived from LF Finans.
  • Operating profit was impacted by fees levied of SEK 316 M (298) during the period, of which risk tax comprised SEK 206 M (194).
  • Business volumes income increased 5% to SEK 1,047 billion (1,000).
  • Lending increased 5% to SEK 419 billion* (398).
  • Deposits increased 6% to SEK 162 billion (152).
  • Fund volumes increased 4% to SEK 466 billion (450).
  • Länsförsäkringar Bank’s acquisition of SAVR AB was completed in the quarter.
  • Sara Davidgård was appointed the new President of Länsförsäkringar Bank and will take office at the end of March 2026.
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 14.9% (15.0**) on 30 September 2025.

Figures in parentheses pertain to the same period in 2024.

*  Loans to the public excluding deposits with the Swedish National Debt Office and similar items.
** Pertains to 30 June 2025.

Read the full report from Länsförsäkringar Bank

Investor presentation Q3 2025

Financial calendar
Date Report
10 February, 2026

Year-end Report 2025
24 April, 2026

Q1 Report 2026
22 July, 2026

Q2 Report 2026
23 October 2026

Q3 Report 2026

Current Rating

S&P Global Ratings

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

Moody's

  • Long: A1/Stable
  • Short: P-1

Historical Ratings

2025 November Länsförsäkringar Bank's long-term credit rating was upgraded to A+/stable from A/positive outlook from S&P Global Ratings.

2023 November Länsförsäkringar Bank's long-term credit rating was revised to A/positive from A/stable outlook from Standard & Poor’s.

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.

Funding

In nominal values and excluding repurchase agreements, as per September 30, 2025.

Funding programmes
  Limit Nom Outstanding Nom Remaining average term
Medium Term Note SEK 40 billion SEK 18.7 billion 1.9 years
Domestic Commercial Paper SEK 15 billion SEK 0.0 billion

0.0 years
Euro Commercial Paper EUR 1.5 billion SEK 0.0 billion 0.2 years
Euro Medium Term Note EUR 4 billion SEK 38.0 billion 2.4  years
Total   SEK 56.7 billion 2.2 years

EMTN and AT1 Prospectuses

Green bonds

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. 

Green bond framework and Green bond impact report

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 September 30, 2025

  • Core Tier 1 capital amounted to SEK 20,799 M
  • Core Tier 1 ratio was 14.9 percent
  • Tier 1 capital was SEK 24,849 M
  • Tier 1 ratio was 17.8 percent
  • Capital base was SEK 27,939 M
  • Total capital ratio was 20.0 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, Länsförsäkringar Finans AB and Länsförsäkringar Fondförvaltning AB.

Older reports

Risk & Capital Management Reports

Quarterly disclosure Own Funds

Corporate Governance

Board of Directors

Members of the Board of Directors

  • Björn Dalemo, born 1975, chair, Acting President of Länsförsäkringar AB.
  • Niklas Larsson, born 1979, President of LF Göinge-Kristianstad. Board member since 2021.
  • Emil Källström, born 1987, external. Board member since 2022.
  • Lars Rådström, born 1967, President LF Jämtland, Board member since 2024.
  • Anna-Lena Wretman, born 1967, President Länsförsäkringar Älvsborg, since 2025.
  • Agnes Fabricius, born 1972, President LF Skåne, since 2025.
  • Örjan Söderberg, born 1952, Chairman LF Gotland, since 2025.
  • Maria Engholm, born 1967, Chairman LF Dalarnas, since 2025.

Employee representatives

  • Lisa-Maria Carensiö, born 1984. Member of the Board since 2021.
  • Joar Lind, born 1998, Member of the Board since 2025.
  • Camilla Lahger, born 1966 (Substitute). Member of the Board since 2018.
  • Christina Berg, born 1964, (Substitute), Member of the Board since 2024.

Executive Management

Members of the Executive Management*

  • Martin Rydin, born 1968, Acting President and CFO 
  • Anders Larsson, born 1965, President of Länsförsäkringar Hypotek 
  • 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
  • Åsa Wallenberg, born 1972, President of Länsförsäkringar Fondförvaltning AB
  • Markus Gustafsson, born 1978, CRO
  • Thomas Högväg born 1968, President of LF Finans
  • Rebekka Lindstedt, born 1976, Head of Financial Crime Prevention.

  • John Svensson, born 1965, Head of Credit. 

  • *Sara Davidgård has been appointed as new CEO and will take office at the end of March 2026.

Committees

Remuneration Committee

  • Björn Dalemo (Chair) 
  • Maria Engholm

Credit Committee

  • Niklas Larsson (Chairman)
  • Lars Rådström
  • Agnes Fabricius
  • Örjan Söderberg
  • Björn Dalemo

Audit Committee

  • Niklas Larsson (Chairman)
  • Emil Källström
  • Örjan Söderberg

Risk and Capital Committee

  • Maria Engholm (Chairman)
  • Lars Rådström
  • Anna-Lena Wretman

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

Sustainability

PRB Progress Statement Full-Year 2024

Reporting and Self-Assessment Full-Year 2023

Reporting and Self-Assessment 2022 (pdf)

Reporting and Self-Assessment Full-Year 2022