Länsförsäkringar Alliance: Annual Review in summary 2024
2024 in brief
Figures in parantheses pertain to 2023.
- Profit before tax for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 12,356 M (5,767), with investment income of SEK 13,212 M (6,791). Bonuses to customers amounted to SEK 1,830 M (1,190).
- The technical result for the Länsförsäkringar Alliance’s non-life insurance operations increased to SEK 2,741 M (2,129). Premiums earned after ceded reinsurance increased just over 6% to SEK 35,962 M (33,773). The combined ratio amounted to 97.7% (97.7).
- The Länsförsäkringar AB Group’s profit before tax increased to SEK 4,050 M (3,240). Return on equity was 7% (8).
- The Länsförsäkringar AB Group’s non-life insurance operations reported profit before tax of SEK 527 M (515). Premiums earned after ceded reinsurance rose 8% to SEK 9,642 M (8,946). The combined ratio was 95.5% (95.9).
- The Länsförsäkringar Bank Group’s profit before tax increased to SEK 2,290 M (2,168). Net interest income declined 6% to SEK 6,632 M (7,023). Return on equity amounted to 8.1% (8.1).
- Länsförsäkringar Fondliv’s profit before tax increased to SEK 1,450 M (1,040). Premium income increased 42% to SEK 29,193 M (20,499). Commission and fee income amounted to SEK 2,248 M (2,045).
- Länsförsäkringar Liv’s profit increased to SEK 7,200 M (5,122).
- We are living in a changing world marked by geopolitical turmoil, climate change and rapid technological advances. We need to be at the forefront and react to changes so that Länsförsäkringar’s 4 million customers will continue to choose us. We must continue to offer attractive products and services that create security for customers. We need to continue to take long-term social responsibility. We need to have a high level of ambition for our development activities in which the use of AI will change our business forever, says Mathias Collén, President and CEO of Länsförsäkringar AB, The Länsförsäkringar Alliance’s jointly owned company.
- Länsförsäkringar sees many opportunities to use AI to create better services and increase security for customers. AI is nothing new to us. We’ve been working with machine learning for decades leading up to today’s AI applications for smarter claims adjustment, improved customer chatbots and fewer cases of fraud. All Länsförsäkringar employees have access to our internal AI assistant, LF-GPT, which is used by about 5,000 employees every month. The biggest challenge is not the technology itself but our ability to adapt, but the fact that so many employees use generative AI on a daily basis gives us a solid foundation for the future, continues Mathias Collén.
- In addition to all our efforts to future-proof our operations, all businesses operations delivered healthy growth and strong earnings. The non-life insurance operations achieved healthy premium growth of just over 6% and a combined ratio of 97.7%. Agria continued to grow strongly, particularly internationally, and is now one of Europe’s largest pet insurance companies with operations in eight countries. The banking operations reported successful growth with the second largest share of market growth in mortgages and the second largest net inflow of all fund companies in the Swedish market. The total premium income in the pension operations increased 42% and managed assets achieved a new high of SEK 277 billion. We are very grateful that customers continue to choose Länsförsäkringar, says Mathias Collén.
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, Head of Investor Relations Länsförsäkringar AB
Anna.Glennmar@lansforsakringar.se, +46 (0)8-588 417 42, +46 (0)72-141 44 08
Lena Hedlund, Head of Communications Länsförsäkringar AB
Lena.Hedlund@lansforsakringar.se, +46 (0)8-588 403 55, +46 (0)76-496 45 57