Länsförsäkringar Hypotek: Year-end Report 2010
DokumentThe full report
“Our lending volumes increased and we strengthened our market position in the retail mortgage market. For the sixth consecutive year, Länsförsäkringar has Sweden’s most satisfied retail mortgage customers according to the Swedish Quality Index, which is a confirmation that our business model with local, independent branches and personal customer meetings is a success. The number of customers rose and more retail mortgage customers are choosing Länsförsäkringar as their primary bank. Net interest income improved, as did operating profit. We continue to have favourable credit quality with a low percentage of impaired loans. Refinancing has been highly successful and the liquidity situation remains strong,” says Anders Borgcrantz, President of Länsförsäkringar Hypotek AB.
The year in brief
· Länsförsäkringar has Sweden’s most satisfied retail mortgage customers for the sixth consecutive year according to the 2010 Swedish Quality Index.
· Loans increased 18% to SEK 80 billion (68).
· Operating profi t increased 8% to SEK 152 M (141).
· Net interest income rose 42% to SEK 406 M (285).
· Recoveries exceeded loan losses and amounted to SEK 1 M (5), net.
· The Tier 1 ratio according to Basel II was 19.7% (20.3) and the capital adequacy ratio was 22.3% (24.2).
· Covered bonds in the nominal amount of SE 44 billion (33) were issued during the year.
· The number of customers rose 11% to 149,000 (134,000).
Figures in parentheses pertain to 2009.
The full report is available attached. (http://www.lansforsakringar.se/privat/om_oss/press_och_media/fran_lf_gruppen/Documents/Länsförsäkringsgruppen_Q4-08_eng.pdf)
For further information please contact:
Anders Borgcrantz, President, Länsförsäkringar Hypotek AB
Phone: +46 8 588 412 51, +46 73 964 12 51
Göran Laurén, Deputy for the President and CFO, Länsförsäkringar Hypotek AB
Phone: +46 8 588 410 73, +46 73 964 10 73
Christer Baldhagen, Director of Corporate Communications Länsförsäkringar AB
Phone: +46 8-588 415 01, +46 70 579 70 66
The Länsförsäkringar Alliance comprises 24 local and customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB. Customers are provided with a complete offering of banking and insurance services through their local, regional insurance companies. We offer animal and crop insurance through Agria Djurförsäkring and total solutions for reliable mortgage transactions are offered through Länsförsäkringar Fastighetsförmedling.