Länsförsäkringar Bank: Year-end Report 2022

“Both geopolitical and macroeconomic uncertainty in the world increased markedly in 2022, and we saw significant hikes in key interest rates in a bid to slow inflation. This resulted in a more negative macroeconomic outlook and at times also fuelled greater turmoil in the financial markets. Both our retail and our corporate customers have thus experienced considerable uncertainty concerning the economic outlook, and in many cases have seen costs rise, such as in the form of energy prices, input goods, food prices and interest rates. At Länsförsäkringar, with our local profile close to customers and our highly qualified employees, we are convinced that we will continue to be an important factor in supporting and assisting our customers in financial matters in these challenging times. We are continuing our development in digitisation to further simplify customers’ everyday lives, and during the year we also launched green mortgages, energy savings loans and a completely green fund offering. We are also continuing the important efforts against money laundering and financial crime, which is of vital importance both to our customers and to society as a whole. I am proud of what we have achieved together in 2022. Earnings were strong, with healthy growth in mortgages and deposits as well as healthy net inflows in our funds. Credit quality is very high and our financial position is strong, which provides a solid base for remaining a source of stability for our customers in 2023.”, says Sven Eggefalk, President of Länsförsäkringar Bank

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.

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For further information, please contact:

Sven Eggefalk, President Länsförsäkringar Bank AB
+46 (0)8-588 414 37, +46 (0)70-240 47 04


Martin Rydin, CFO Länsförsäkringar Bank AB,
+46 (0)8-588 412 79, +46 (0)73-964 28 23


Andreas Larsson, Head of Investor Relations Länsförsäkringar Bank AB,
+46 (0)10-4987029, +46 (0)720-84 36 34


This report contains such information that Länsförsäkringar Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication on 8 February 2023 at 12:00 p.m. CEST.


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.

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