Länsförsäkringar Alliance: 2010 Annual Review
DokumentThe full report
“We are further intensifying our focus on growth with a broad range of products and services, locally close to our customers. The savings offering for private individuals will be developed. We will also further enhance our banking services, while maintaining our current focus on insurance. Generally, earnings and key figures are favourable and stable but we must improve returns for customers with traditional life assurance. Growth continued and our customers are the most satisfied customers in most areas. The widespread trust in Länsförsäkringar means that we are considered to be the strongest brand in the financial sector,” Sten Dunér, President of Länsförsäkringar AB, the Alliance’s jointly owned company.
A summary of the 2010 banking and insurance year for 24 regional insurance companies in alliance:
· Länsförsäkringar is Sweden’s strongest financial brand and can conclude yet another year characterised by strong growth and continued satisfied customers according to the 2010 Swedish Quality Index.
· The Alliance’s leading position in the non-life insurance market was retained with a share of 28.8%. The technical result amounted to SEK 511 M (1,688) and operating profit to SEK 2,581 M (5,449).
· The Länsförsäkringar Alliance’s solvency margin in non-life insurance was uniquely strong both in a national and international context. Solvency capital totalled SEK 34,724 M (31,747) and the solvency margin amounted to 190% (174).
· The majority of new savings among life-assurance and pension insurance customers is in unit-linked insurance and the insurance capital of the unitlinked life assurance company increased almost 20% due to rising business volumes and favourable returns. Total business volumes for life-assurance and pension insurance peaked at historically high levels. The total return of the traditional life-assurance company amounted to 4.1%.
· Operating profit in the banking operations rose to SEK 345 M (258). Net interest income rose to SEK 1,363 M (1,148). Growth remained high with business volumes rising to SEK 232 billion (204). According to the 2010 Swedish Quality Index, Länsförsäkringar had Sweden’s most satisfied retail mortgage customers and Sweden’s most satisfied retail bank customers.
· Through Länsförsäkringar Fastighetsförmedling, the regional insurance companies offer a unique total solution for reliable mortgage transactions. Growth is very strong and Länsförsäkringar Fastighetsförmedling is now Sweden’s third largest brokerage.
Figures in parentheses pertain to the same period in 2009.
The full report is available attached.
For further information, please contact:
Sten Dunér, President, Länsförsäkringar AB
+46 (0)8 588 411 15, +46 (0)73 964 11 15
Christer Baldhagen, Director of Corporate Communications Länsförsäkringar AB
Phone: +46 8-588 415 01, +46 70 579 70 66