Länsförsäkringar Alliance: Annual Review in summary 2022

2022  in brief Figures in parentheses pertain to the full-year 2021.

       Operating profit for the Länsförsäkringar Alliance’s non-life insurance operations amounted to SEK -4,426 M (19,742), due to negative investment income of SEK -5,445 M (19,296). Bonuses and discounts to customers amounted to SEK 1,249 M (2,571).

       The technical result for the Länsförsäkringar Alliance’s non-life insurance operations amounted to SEK 3,518 M (4,144). Premiums earned after ceded reinsurance increased 5% to SEK 32,768 M (31,193). The combined ratio amounted to 93.0% (91.4).

       The Länsförsäkringar AB Group’s operating profit amounted to SEK 2,350 M (3,806). The return on equity amounted to 8% (9). Dividend to owners amounted to SEK 1,751 M (1,000).

       Länsförsäkringar AB Group’s non-life insurance operations posted an operating profit of SEK 693 M (798). Premiums earned after ceded reinsurance rose 11% to SEK 8,485 M (7,662). The combined ratio was 91.0% (91.2).

       The Länsförsäkringar Bank Group’s operating profit declined to SEK 2,067 M (2,296). Net interest income rose 14% to SEK 5,528 M (4,863). Return on equity amounted to 8.2% (9.8).

       Länsförsäkringar Fondliv’s operating profit fell to SEK 566 M (625). Premium income amounted to SEK 18,362 M (24,682). Commission and fee income was SEK 2,080 M (2,201).

       Länsförsäkringar Liv’s earnings amounted to SEK -2,409 M (11,691).


- 2022 was dominated by heightened geopolitical and macroeconomic turmoil. Higher costs of living and concern for the future affect us all. Länsförsäkringar’s customer promise - to simplify everyday life and contribute to a secure future - is even more important in these uncertain times. Leveraging our local presence, we understand the circumstances and needs of our customers. Being customer-owned means that we can offer customers long-term stability. With our broad knowledge, customers are provided with a secure, complete offering of banking, insurance, pension and real-estate brokerage services. In 2022, we focused on our advisory services, an expanded customer offering and claims prevention to increase security for our customers, says Mathias Collén, President and CEO of Länsförsäkringar AB, The Länsförsäkringar Alliance’s jointly owned company.

- We offered advice in many areas, such as how customers can safely reduce their electricity costs, how customers can best save for their pensions or how customers can speak to children worried about the economic situation. Our customer offering was expanded with services that are in demand and relevant. Länsförsäkringar became a partner of the Baby Journey pregnancy app, we developed our own Hälsa och vård app that gives customers 24/7 access to their health care insurance, new functionality was added to the Agria Vårdguide app and our cyber insurance is now better suited to meet the needs of corporate customers. We also launched many new sustainable offers in 2022, such as green mortgages, energy savings loans and an expanded sustainability-focused fund range, continues Mathias Collén.

- Avoiding claims is a gain for the environment, the individual and society at large. This is why Länsförsäkringar attaches great importance to claims-prevention activities, from offering free reflectors to children to more extensive measures for creating a safe society. Länsförsäkringar’s  Research Fund finances research into such topics as climate adaptation and secure homes that is then used in our own business development and in discussions with various stakeholders in society, continues Mathias Collén.

- The volatility of the financial markets resulted in the Länsförsäkringar Alliance’s reporting an operating loss of SEK -3.4 billion. The non-life insurance operations reported an operating loss of SEK -4.4 billion, with investment income of SEK -5.4 billion. The technical result of SEK 3.5 billion was better, with strong premium growth of 5% and a combined ratio of 93%. The regional insurance companies will pay back at least SEK 1.2 billion in bonuses and discounts to their owners – the customers. The Länsförsäkringar AB Group’s operating profit amounted to SEK 2.4 billion, despite negative investment income of SEK -0.8 billion. The non-life insurance operations contributed operating profit of SEK 0.7 billion with a combined ratio of 91% and strong premium growth of 11%, primarily from Agria where our target is to become Europe’s largest pet insurance company! The banking operations reported a stable operating profit of SEK 2.1 billion with deposits increasing 5% and lending up 4%. The unit-linked insurance operations contributed operating profit of SEK 0.6 billion with continuing healthy growth where premiums paid increased 8%. This shows that our customers are continuing to choose Länsförsäkringar for their pension savings despite expanded transfer rights since July, says Mathias Collén.



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Länsförsäkringar Alliance Annual Review in summary 2022



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 Change management and 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.

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