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Länsförsäkringar Alliance Annual Review Annual About Us Länsförsäkringar Alliance Annual Review Annual About us Länsförsäkringar Alliance Länsförsäkringar Alliance comprises 23 local Offering 23 local companies 3.8 million customers and customer-owned regional insurance companies and the jointly owned Länsförsäk- Non-life insurance ringar AB with subsidiaries. Customers are provided with a complete offering of banking, insurance, pension and real-estate brokerage services through the regional insurance Bank companies. The starting point is local pres- ence and decision-making. Experience shows Life assurance and that local decision-making authority com- pension insurance bined with joint strength creates substantial added value for customers. The regional insurance companies are owned by the insurance customers – there are no external Real-estate brokerage shareholders and meeting customer needs and requirements is always the primary task. The Länsförsäkringar Alliance has 3.8 million customers and 6,400 employees. The Länsförsäkringar Alliance is not a Group in the legal sense Alliance’s non-life insurance operations consist of the total of the term. Most of the non-life insurance business in the Läns- earnings of the 23 regional insurance companies and the Läns- försäkringar Alliance is underwritten in the regional insurance försäkringar AB Group, excluding Länsförsäkringar Fondliv and companies. The business conducted by Länsförsäkringar AB’s the Länsförsäkringar Bank Group. Länsförsäkringar Liv is oper- non-life insurance group primarily comprises health, pet and ated according to mutual principles and is not consolidated in crop insurance. The Länsförsäkringar AB Group also manages Länsförsäkringar AB. Transactions between the regional insur- the Länsförsäkringar Alliance’s reinsurance cover and assumed ance companies and Länsförsäkringar AB Group are eliminated. international reinsurance. Earnings from the Länsförsäkringar 3.8 million customers 23 local regional insurance companies Länsförsäkringar AB Länsförsäkringar Länsförsäkringar Länsförsäkringar Länsförsäkringar Sak Försäkrings AB Bank AB Fondliv Försäkrings AB Liv Försäkrings AB Supplements the regional Offers a broad range of banking Offers pension savings with fund Manages traditional life insurance companies’ non-life services to the regional insur- management and guarantee assurance taken out before Sep- insurance offering with specialist ance companies’ customers management and personal-risk tember 2011 when the company products, serves as an engine for through Länsförsäkringar insurance to the regional insur- closed for new sales. new business and is responsible Hypotek, Länsförsäkringar Fond- ance companies’ customers. for joint reinsurance. förvaltning and Wasa Kredit. Rating Company Agency Long-term rating Short-term rating Länsförsäkringar AB S&P Global Ratings A–/Stable – Länsförsäkringar AB Moody’s A3/Stable – Länsförsäkringar Bank S&P Global Ratings A/Stable A–1 (K–1) Länsförsäkringar Bank Moody’s A1/Stable P–1 Länsförsäkringar Hypotek1) S&P Global Ratings AAA/Stable – Länsförsäkringar Hypotek1) Moody’s Aaa – Länsförsäkringar Sak S&P Global Ratings A/Stable – Länsförsäkringar Sak Moody’s A2/Stable – 1) Pertains to the company’s covered bonds. The 2017 fiscal year Five-year summary Result for the regional insurance companies Länsförsäkringar Alliance 2017 2016 2015 2014 2013 Total capital, SEK M 72,442 63,390 55,562 48,188 41,518 Operating profit/ Länsförsäkringar Alliance’s Technical result1) loss1) non-life insurance SEK M 2017 2016 2017 2016 Solvency capital, SEK M 66,149 57,956 51,628 46,493 40,458 Länsförsäkringar Norrbotten 57 22 124 113 Solvency margin, % 253 236 222 209 206 Länsförsäkringar Västerbotten 87 39 335 267 Return on equity, % 11 8 8 11 10 Länsförsäkringar Jämtland 27 12 215 127 Premiums earned after ceded reinsurance, SEK M 25,504 24,073 22,705 21,550 20,067 Länsförsäkringar Västernorrland –1 7 100 67 Technical result, SEK M 2,529 1,813 2,700 2,266 1,247 Länsförsäkringar Gävleborg 30 7 166 96 Operating profit, SEK M 7,078 4,626 4,365 5,209 3,863 Dalarnas Försäkringsbolag 110 126 772 640 Combined ratio, % 92 95 91 93 98 Länsförsäkringar Värmland 36 64 158 182 Länsförsäkringar AB, Group1) Länsförsäkringar Uppsala 26 –53 316 188 Operating profit, SEK M 2,825 2,286 2,155 1,469 923 Länsförsäkringar Bergslagen 35 –22 705 462 Total assets, SEK M 473,773 421,816 384,595 355,933 322,550 Länsförsäkringar Stockholm 106 115 463 441 Return on equity, % 11 10 11 7 5 Länsförsäkringar Södermanland 50 –3 349 252 Own funds for the group (FRL)2) 44,172 40,602 36,9054), – – Länsförsäkringar Göteborg och Bohuslän 77 202 895 723 Capital requirement for the Länsförsäkringar Skaraborg 119 52 315 170 2) 4) group (FRL) 33,441 30,121 28,233 – – Länsförsäkringar Östgöta 157 99 820 690 Own funds for the financial Länsförsäkringar Älvsborg 228 210 930 736 conglomerate3) 44,172 40,352 – – – Länsförsäkringar Gotland 54 11 137 89 Capital requirement for the financial conglomerate3) 33,441 30,121 – – – Länsförsäkringar Jönköping 58 128 407 438 Länsförsäkringar Sak, Group Länsförsäkringar Halland 99 106 380 323 Premiums earned after ceded Länsförsäkring Kronoberg 49 28 217 168 reinsurance, SEK M 5,623 5,342 5,074 4,099 4,122 Länsförsäkringar Kalmar län 60 68 338 291 Technical result, SEK M 977 435 821 611 434 Länsförsäkringar Blekinge 25 –8 154 118 Operating profit, SEK M 1,028 644 908 791 427 Länsförsäkringar Göinge-Kristianstad 53 24 278 248 Solvency ratio, % (Läns- Länsförsäkringar Skåne 211 75 1 167 711 försäkringar Sak Försäkrings AB) 221 260 2354) – – 1) Länsförsäkringar Bank, Group Before bonuses and discounts. Deposits from the public, SEK M 99,404 91,207 83,925 76,790 69,220 Loans to the public, SEK M 261,444 226,705 201,964 179,424 162,003 Results 2017 for Operating profit, SEK M 1,599 1,467 1,175 935 647 Return on equity, % 10,0 10,1 8,9 8,3 6,7 Länsförsäkringar Alliance Common Equity Tier 1 capital • Operating profit for the Länsförsäkringar Alliance’s non-life ratio, % 24,3 24,8 23,7 16,2 – insurance operations increased to SEK 7.1 billion (4.6), after bonus- Länsförsäkringar Fondliv AB es and discounts to customers amounting to SEK 1.8 billion (1.2). Premium income, SEK M 9,133 8,637 8,645 8,543 9,473 • Net profit for the year, SEK M 604 516 519 368 246 Premiums earned after ceded reinsurance rose to Managed assets, SEK M 128,140 114,450 102,807 93,610 77,438 SEK 25.5 billion (24.1). Solvency ratio, % 152 150 1414) – – • The technical result for the Länsförsäkringar Alliance’s non-life Länsförsäkringar Liv, Group insurance operations increased to SEK 2.5 billion (1.8). Premium income, SEK M 1,533 1,720 1,919 2,639 3,388 • Investment income increased to SEK 7.0 billion (5.0). Net profit for the year, SEK M 2,363 2,682 5,089 1,903 5,174 Solvency ratio, % 207 195 1824) – – Länsförsäkringar Alliance’s Bonuses and discounts 1) Excluding Länsförsäkringar Liv Försäkrings AB. The company is operated in accordance with combined ratio to customers mutual principles. 2) According to Swedish Insurance Business Act (FRL), the Solvency II directive in Swedish law. 3) The financial conglomerate comprises Länsförsäkringar AB, all insurance companies in the Group, Länsförsäkringar Bank AB with subsidiaries and Länsförsäkringar Liv Försäkrings AB. 4) Opening balance on 1 January 2016 according to Solvency II. SEK bn Contents It is gratifying that we can report continued strong earn- 1 The year in brief ings for the Länsförsäkringar Alliance 2 Comments by the President for 2017. Based on these strong earn- 4 About Länsförsäkringar ings, the regional insurance companies 6 Offering 8 Our business environment pay back a total of SEK 1.8 billion in 10 The brand bonuses and discounts to their cus- 12 Sustainability tomers. In 2017, Länsförsäkringar once 20 Non-life insurance 28 Banking again topped the Swedish Quality 35 Life assurance and pension insurance Index’s customer satisfaction survey in 40 Real-estate brokerage banking, private non-life insurance and 41 Länsförsäkringar Alliance in figures 52 About Länsförsäkringar AB real-estate brokerage, won the Swedish 53 Definitions Brand Award, and the Red Dot Award 54 Financial calendar 2018 and Web Service Award for its app. 55 Addresses The Länsförsäkringar Global Hållbar sustainability fund was given the green light by Söderberg & Partners and placed in its list of top ten Swedish sustainable funds.” Sören Westin President and CEO of Länsförsäkringar AB The Länsförsäkringar Alliance’s jointly owned company The Länsförsäkringar Alliance’s annual review of 2017 contains information about Länsförsäkringar’s operations in non-life insurance, banking, life assur- ance and pension insurance and real-estate brokerage. The sustainability sec- tion contains information about Länsförsäkringar’s work on sustainability in its customer offering, operations and social commitment. The combined earnings of the Länsförsäkringar Alliance’s non-life insurance operations are presented on pages 41-51. This will be followed by key figures from each of the 23 regional insurance companies. The year in brief Satisfied customers and awards Top ten Länsförsäkringar confirmed its position as one of the strongest brands sustainable fund in Sweden. The 2017 Swedish Quality Index again revealed that Läns- Söderberg & Partners named the Läns- försäkringar has Sweden’s most satisfied customers in a number of försäkringar Global Hållbar fund one of categories in banking, insurance and real-estate brokerage services. Sweden’s top ten sustainable funds in May For the fourth consecutive year, Länsförsäkringar won the Swedish 2017. For this fund, the sustainability analy- Brand Award for best brand in the industry and, according to Universum, sis is equally as important as the financial Länsförsäkringar is the best employer in the industry. The mobile app analysis. The companies in which the fund won the international design competition Red Dot Award in the cate- invests are companies that are already, or gory of “apps and finance” and a Web Service Award.
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