Releases - Länsförsäkringar AB

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2009

 

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Demutualisation of Länsförsäkringar Liv postponed

11/19/2009 8:51 AM EST
On November 12, 2009, the Swedish Financial Supervisory Authority announced that there was no longer any obstacle to Länsförsäkringar Liv being restructured to a profit-distributing life-assurance company on January 1, 2010 (demutualisation). The Financial Supervisory Authority’s standpoint comes as the result of Länsförsäkringar changing its opinion on the central issue of crediting (distributing profits to...

Financial Supervisory Authority approves demutualisation of Länsförsäkringar Liv

11/13/2009 5:06 AM EST
The Swedish Financial Supervisory Authority has now approved Länsförsäkringar’s application for demutualisation to a profit-distributing life-assurance company as of January 1, 2010. Länsförsäkringar now shares the Authority’s principle opinion regarding crediting (distributing profits to policyholders) in a non-demutualised life-assurance company.
“We are pleased that we are now in agreement with the Financial...

Länsförsäkringar Liv to appeal Financial Supervisory Authority’s rejection of ap...

10/28/2009 5:24 AM EST
On October 7, the Swedish Financial Supervisory Authority rejected Länsförsäkringar Liv’s application to demutualise and become a profit distributing life-assurance limited liability company. Länsförsäkringar’s application was approved on all points, except with regard to crediting (distributing profits to policyholders). Länsförsäkringar Liv subsequently analysed the Supervisory Authority’s rejection and has...

Länsförsäkringar Alliance: Interim Report January–September 2009

10/27/2009 7:26 AM EST
”Länsförsäkringar’s business activities in non-life insurance, life assurance and banking services were characterised by earnings improvements and a stable earnings trend. We have experienced a year dominated by an acute financial crisis and maintained strong key figures, while business volumes have risen, particularly in the banking operations. Our credit ratings are intact and our risk profile is low. We are now...

Håkan Danielsson resigns as President of Länsförsäkringar AB

10/23/2009 6:07 AM EST
“The Swedish Financial Supervisory Authority’s rejection of our application to demutualise the company was disappointing and a failure, despite our proposal being approved on all points except for one. The restructuring of the company to a profit-distributing life-assurance company (demutualisation) is the single most important issue that Länsförsäkringar has worked on in recent years. As previously announced, we...

Interim Report January - September 2009

10/23/2009 5:00 AM EST
“According to the 2009 Swedish Quality Index, Länsförsäkringar has Sweden’s most satisfied retail customers in the bank market for the fifth time. This demonstrates that Länsförsäkringar is a reliable bank that offers reasonably priced products and the services expected by customers. The number of customers is increasing and we continue to grow and strengthen our position in the bank market for retail and...

Jörgen Svensson, President of Länsförsäkringar Liv, comments on the Financial Su...

10/8/2009 9:30 AM EST
Now that we have had time to study the Swedish Financial Supervisory Authority’s ruling, we can state that our application for demutualisation was approved on all points except for one. This point concerns the valuation of unspecified assets that are not included in the balance sheet of the life-assurance company.

We have continuously maintained the opinion that amounts belonging to customers should naturally...

Länsförsäkringar Liv to closely analyse decision by Financial Supervisory Author...

10/7/2009 11:06 AM EST
Håkan Danielsson, President of Länsförsäkringar AB, said the following:
“The Swedish Financial Supervisory Authority stated in its rejection that we fulfil all of the conditions for demutualisation to a profit-distributing life-assurance company except with regard to crediting (distributing profits to policyholders). We do not share the Financial Supervisory Authority’s opinion in this respect. Also, we do not...

Interim Report January – June 2009

8/26/2009 7:13 AM EST
“Länsförsäkringar is stable. Our earnings reflect the longterm approach we apply to the operations and our respect for customers’ money. Daily, proactive risk activities ensure excellent credit quality and high solvency in non-life insurance and high collective consolidation in life assurance. Throughout the financial crisis our savers have benefited from this cautious and long-term approach. Our key figures...

Interim Report January - June 2009

8/25/2009 5:00 AM EST
“The banking operations continue to report strong growth in all areas and we are capturing market shares. It is gratifying that the number of customers with whom we have a close and broad relationship is increasing significantly. With a strong retail mortgage offering as base, our entire banking offering is a huge success in the market. Customers regard Länsförsäkringar as a reliable and stable supplier within the...

Länsförsäkringar AB

Länsförsäkringar is Sweden’s only customer-owned and locally established banking and insurance group. The customers in each of the counties in the country own their local and independent regional insurance company. The 2...

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