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 – December 2019

The year in brief, Group

  • Operating profit amounted to SEK 1,893 M (1,510) and the return on equity amounted to 9.5% (8.3).
  • Net interest income rose 3% to SEK 4,617 M (4,497).
  • Operating income increased 6% to SEK 4,027 M (3,783).
  • Operating expenses amounted to SEK 1,926 M (2,178).
  • Credit losses amounted to SEK 207.2 M (94.7), net, corresponding to a credit loss level of 0.06% (0.04).
  • Business volumes increased 17% to SEK 656.0 billion (561.3).
  • Deposits rose 10% to SEK 119.3 billion (108.1). Lending increased 6% to SEK 307.1 billion (289.4).
  • The Common Equity Tier 1 capital ratio for the Consolidated Situation amounted to 15.4% (14.7*) on 31 December 2019.
  • The number of customers with Länsförsäkringar as their primary bank increased 9% and the number of cards increased 9%.
  • Länsförsäkringar Bank issued its inaugural senior non-preferred bond in September.
  • Länsförsäkringar Bank implemented a new core banking system in April.
  • According to the 2019 Swedish Quality Index customer satisfaction survey, Länsförsäkringar Bank has the banking market’s most satisfied retail and corporate customers.
  • Morningstar named Länsförsäkringar Best Fund House Overall Sweden 2019 in March.

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

Read the full report from Länsförsäkringar Bank

Financial calendar 2020
Date Report
March 12

Annual report 2019

April 28

Interim report Q1 2020

July 22

Interim report Q2 2020

October 23

Interim report Q3 2020

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 December 31, 2019

Funding programmes
  Limit Nom Outstanding Nom Remaining average term
Medium Term Note SEK 30 billion SEK 24.5 billion 1.9 years
Domestic Commercial Paper SEK 15 billion SEK 0.05 billion 0.8 years
Euro Commercial Paper EUR 1.5 billion SEK 1.5 billion 0.2 years
Euro Medium Term Note EUR 2 billion SEK 12.3 billion 3.0 years
Total   SEK 38.3 billion 2.2 years

EMTN and AT1 Prospectuses

Credit Update Q4 2019

Risks and Capital Adequac

ynsförsäkringar 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 December 31, 2019

  • Core Tier 1 capital amounted to SEK 14,633 M
  • Core Tier 1 ratio was 13.9 percent
  • Tier 1 capital was SEK 16,833 M
  • Tier 1 ratio was 16.0 percent
  • Capital base was SEK 19,423 M
  • Total capital ratio was 18.5 percent

Consolidated situation, as of December 31, 2019

  • Core Tier 1 capital amounted to SEK 18,740 M
  • Core Tier 1 ratio was 15.4 percent
  • Tier 1 capital was SEK 19,484 M
  • Tier 1 ratio was 16.0 percent
  • Capital base was SEK 20,252 M
  • Total capital ratio was 16.6 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.
  • 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 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 Wasa Kredit
  • Tobias Ternstedt born 1972, Heaf of IT


Remuneration Committee

  • Fredrik Bergström (Chairman)
  • Beatrice Kämpe Nikolausson

Audit Committee

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

Credit Committee

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

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