A presentation of the life insurance operations of SEB

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1 TL A presentation of the life insurance operations of SEB SEB Trygg Liv Visitors address: Sergels Torg 2 Postal address: SE Stockholm Sweden Telephone: SEB Trygg Liv Pensionstjänst Visitors address: Östra Hamngatan 18 Postal address: SE Göteborg Sweden Telephone: Denmark SEB Pension Visitors address: Holmens Kanal 9 Postal address: Postboks 100/0900 Copenhagen C Denmark Telephone: Ireland SEB Trygg Life (Ireland) Assurance Co Ltd 34 Fitzwilliam Square Dublin 2 Ireland Telephone: United Kingdom SEB Life (Ireland) Assurance Co Ltd New Enterprise House High Roads Chadwell Heath Essex RM6 6PJ England Telephone Estonia AS SEB Ühispanga Elukindlustus Tornimäe 2 korrus Tallinn Estonia Telephone: Latvia AAS SEB Dzìvìbas Apdrošināšana Antonijas Street 9 Riga LV-1010 Latvia Telephone: Lithuania SEB VB gyvybés draudimas UAB Jogailos g. 9/1 LT Vilnius Lithuania Telephone: Ukraine SEB Life Ukraine 10 Chervonoarmiyska St Kiev Ukraine Telephone:

2 Contents Welcome to the life insurance operations of SEB 3 SEB Trygg Liv, Sweden 5 SEB Pension, Denmark 8 SEB Life & Pension International 10 Our products 12 Welcome to the life insurance operations of SEB Key financial ratios and profit and loss account 14 The companies of SEB Trygg Liv 16 Divisional management and senior executives 18 Addresses 20 The life insurance operations of SEB is a leading player in the Swedish market and one of the leaders in the Nordic market. Our vision is to also be one of the leading life insurance companies in Northern Europe. We want to create financial security in an uncertain future. By this we mean providing insurance and financial security solutions for the needs and situations that arise in life s different stages for both private individuals and companies. Our products include occupational pensions, private pension insurance, endowment insurance, disability insurance and health care insurance. We want to be seen as an understandable, considerate, sensible pension company which, through knowledge and good returns, provides customers with a pension they can look forward to. The life insurance operations of SEB produced its strongest full-year result ever in A stable trend in our fund values and good cost controls were the main reasons for this fine result. The turbulence in global stock markets in 2007 adversely affected fund values, but a strong performance during the first half year nevertheless led to positive results for the year as a whole. We continued to expand eastward by establishing operations in Ukraine, where we sold our first insurance at the end of the year. We also opened a head office in Riga for international operations. Eastern Europe is where we see our greatest growth potential right now, and our goal is to grow substantially. In all our markets we will continue the work we have begun to create value for our customers. In 2008 we will take a step closer to our vision and enhance operations in every market based on the exciting development our industry faces. Anders Mossberg, President Payment services Charge and credit cards Foreign exchange Sheltered housing Custody services Funds Part of the SEB Group Mortgages Liquidity planning Occupational pensions SEB s offering a selection Venture capital Foundation management Advisory services Welfare insurance Private pension savings Investment management Financing Investment Banking SEB Trygg Liv has operations in ten countries. 3

3 SEB Trygg Liv in Sweden SEB Trygg Liv in Sweden has a complete range of life insurance products for companies and private individuals. Individual products include occupational pensions, private pension insurance, life insurance, disability insurance, health care insurance, rehabilitation insurance and pension foundations. Insurance advice and other consulting services are offered together with these solutions. SEB Trygg Liv is the market leader in Sweden in new unit linked insurance (excluding IPS). Unit linked insurance accounts for slightly over 90 per cent of the company s total sales and nearly 80 per cent of paid-in insurance premiums. Unit linked insurance did not achieve its breakthrough as a savings form until the 1990s, at which point there was already a substantial stock of traditional insurance. Since 1 March 2007 traditional insurance is no longer offered by SEB Trygg Liv. In the last couple of years, however, it has offered unit linked insurance with a guaranteed amount where savings are invested in a special fund. Customers are guaranteed 90 per cent of deposited premiums. Sweden s corporate life insurance market has quadrupled since The strong growth rate has tailed off, however. In the retail market, volume has fluctuated greatly over the years and has been affected by stock prices and changes in tax laws. SEB Trygg Liv s aim is to provide a complete range of life insurance. This means that we must develop and broaden our range of risk insurance (care products). These products cover life situations such as illness, medical care, death and accidents for companies and their employees. At the same time we are seeing that attitudes towards, and demands on, pension advice have changed radically. It is no longer enough to talk about public pensions, pension solutions and occupational pensions. Customers also want help with their financial situation, which includes issues of health and housing. Turn-key solutions for private individuals in Sweden For most people, financial security in old age has three pillars: a national pension, occupational pension and their own pension savings. The national pension system is linked to future growth and demographic trends. Based on demographic forecasts, with an aging population and fewer wage earners supporting more dependents, we anticipate growing demand for individual pension savings. Pension savings are tax deductible within certain limits. SEB Trygg Liv s main product for private pension savings is Individual Pension Savings, IPS, where customers can choose to save in funds, individual securities or a bank account. IPS has no insurance component, but can be complemented with group life insurance. Another possibility is to take out pension insurance. Here the choice is to save in unit linked insurance or unit linked insurance with a guaranteed amount, where 90 per cent of the premium is guaranteed. Since this is insurance, it is possible to add cover for survivors and waiver of premium insurance. With both IPS and pension insurance, the money can be withdrawn from age 55. For those who prefer to take their money out earlier, an alternative can be to save in kapitalspar, a unit linked endowment insurance. The premium is not tax deductible and therefore the money is not taxed when paid out. 5

4 Investing premium pensions The national pension system comprises an incomebased pension, which is managed by the state and indexed to economic growth, and a premium pension, which allows people to invest in one or more of nearly 700 funds offered by the Premium Pension Authority. SEB participates with some 20 funds. For younger people in particular, the difference in pension can be considerable depending on the funds selected, since the premium pension may correspond to up to one third of their future pension. Influencing occupational pensions A significant portion of the future pension comes from occupational pensions paid for by the employer. A growing number of occupational pension agreements contain a component that allows employees to decide how it should be invested. The decision is whether to invest in unit linked insurance, unit linked insurance with a guaranteed amount or traditional insurance, and which company to manage the assets. It is important to understand which alternatives are available, since the difference can be substantial depending on the choices made. Save and invest Saving for financial security is not only important for retirement. For parents or grandparents, saving for children and grandchildren is a way to give them a good start in life. Saving in the kapitalspar endowment insurance product can offer tax advantages. Another possibility for large investments offered by SEB Trygg Liv is Life Assurance Portfolio Bond, an international endowment insurance that provides certain benefits over investments in directly owned shares or funds. Complementing public welfare Increased pressure on the social insurance system has brought the issue of public welfare to the forefront. Many people feel a need to complement with their own private insurance. This includes disability insurance to compensate for loss of income, health insurance to provide faster access to medical care, life insurance to compensate relatives when the insured person dies, or mortgage insurance to allow surviving family members to remain in their home. Offering for Swedish companies Questions facing small businesses include choosing a pension solution for the owners and employees and creating financial protection in the event of illness. Employee absenteeism due to illness affects companies in various ways. To reduce such absences and related costs, SEB Trygg Liv offers the Lönsam Hälsa (profitable health) concept to prevent absences due to illness, as well as rehabilitation insurance and insurance providing compensation for medical care and treatment if illness has already occurred. Simpler administration It is a major advantage if administration of employees insurance solutions is simple to handle. SEB Trygg Liv s occupational pension programme, TryggPlan, requires little effort on the part of the client company and provides considerable opportunities to add different types of insurance cover. The company reports personnel and salary changes to SEB Trygg Liv, which takes care of all the paperwork. For large companies there is a system that allows electronic reporting directly to us. SEB Trygg Liv has online services that allow even small companies to manage a large part of their administration through SEB s website. This creates an even simpler process where the insured s details can be processed immediately. Competitive occupational pensions A large percentage of the occupational pensions covering employees in Sweden are collective plans not open to competition. In contrast, the competitive components are large and important target groups for SEB Trygg Liv and comprise two market sectors: complementary pensions and solutions for high earners, known as ten-pointers. Complementary pensions are the occupational pension component where the employee can choose the investment. The various agreement areas SAF-LO, KAP-KL, ITPK and PA03 have such models. Solutions for ten-pointers are mainly for salaried employees who earn more than ten income base amounts. Provided their employer approves, these employees can in addition to complementary pensions choose insurance solutions for the premiums related to salaries above a certain amount. Pension foundations another alternative Setting up a pension foundation can be an alternative for companies seeking a solution other than insurance for their employees occupational pensions. Interest in foundation solutions has increased over the years, mainly from large industrial groups. Companies looking for advice or assistance in setting up and administering pension foundations can turn to SEB Trygg Liv Pensions Service, the leader in the field. Several contact channels Swedish customers of SEB Trygg Liv can contact us through several channels such as SEB s bank branches, our sales force, independent insurance brokers, SEB Trygg Liv s telephone service centre and our Internet branch. Market shares for unit linked insurance, Sweden New policies Moderna Försäkringar 13.4 (6.7) Danica 3.9 (5.3) Nordea 4.2 (4.8) AMF 3.3 (3.4) LF 12.7 (7.3) Other 0.2 (0.4) SEB Trygg Liv 22.1 (29.3) Skandia 14.1 (15.7) Number of customers (rounded off) 2007 Gamla Liv 528,000 Nya Liv* 118,000 Fondförsäkringsaktiebolaget SEB Trygg Liv 679,000 SEB Trygg Life (UK) 7,000 SEB Pension, Denmark 300,000 Estonia 42,000 Latvia 41,000 Lithuania 45,000 Total number of customers, approx. 1,760,000 * Merged with Fondförsäkringsaktiebolaget SEB Trygg Liv in October Number of employees 1,218 recalculated on a full-time basis Privately funded insurance and pension solutions Sales 1) SEKm 2007 Sweden, incl. IPS 7,253 Denmark 3,040 International (incl. Baltics) 3,395 13,688 Of which Baltics 1,944 Company-paid insurance Sales 1) SEKmr 2007 Sweden 20,426 Denmark 10,561 International (incl. Baltics) 1,072 32,059 Of which Baltics 321 Volumes incl. Baltics SEKm 2007 Sales 1) IPS 1,408 Unit linked insurance 35,416 Traditional life insurance 8,923 45,747 Premium income Unit linked insurance 18,241 Traditional life insurance and disability/health insurance 8,129 26,370 Assets under management Unit linked insurance 136,200 Traditional life insurance and disability/health insurance 272, ,400 Sales Privately paid, incl. IPS 13,688 Company-paid 32,059 45,747 SHB and SPP 8.2 (7.7) Swedbank 10.2 (11.3) Folksam 7.7 (7.9) 1) Sales consist of new insurance business, extra deposits and increases in existing insurance policies. Sales are measured as single premiums + regular premiums x 10. Figures exclude PPM. 6 7

5 SEB Pension, Denmark SEB Pension sells savings, life and health insurance to private individuals and companies. Savings insurance comprises both unit linked and traditional insurance (in profit-distributing companies). Measured in premium income, SEB Pension is the fourth largest company in Denmark, with a market share of around 10 per cent. In the unit linked market, SEB Pension is the second largest company after Danica. Nearly 80 per cent of new business consists of corporate sales. In the retail market unit, linked insurance accounts for 85 per cent of sales, while the corporate market consists to 50 per cent of traditional insurance since some agreement areas do not yet offer unit linked insurance as an investment alternative. The Danish occupational pension market has had an annual growth rate of around 10 per cent since SEB Pension s growth rate in occupational pensions has been per cent in recent years. In the retail market, SEB Pension s performance has followed the general trend, where there has been a lack of significant growth. SEB Pension s assets under management are increasing. In 2007, premiums rose by 11 per cent. Growth has primarily been in unit linked insurance, which rose by 16 per cent in 2007, while premiums for traditional insurance increased by approximately 9 per cent. In unit linked insurance, SEB Pension offers a product called Market Pension for customers who want assistance over time to align their investments with their age and anticipated retirement date. Growth in unit linked insurance is primarily driven by this product. Unit linked insurance dominates the retail market In recent years the retail market in Denmark has not generated much growth, since most people save in some form of occupational pension, which they can also contribute to themselves. SEB Pension s development has followed the overall trend. In the retail market, unit linked insurance including Market Pension is currently the dominant product for SEB Pension in terms of new sales. and is growing in the corporate market as well Although around 85 per cent of employees in Denmark currently have some form of complementary occupational pension, there is still a relatively large need to save more, due to which growth is expected to continue in the years ahead. Only defined contribution pensions are available, but employees can often contribute to their savings by withholding a portion of their salaries. Strong competition in the occupational pension market, coupled with full transfer rights, has encouraged customers to switch insurers. A large part of sales to companies (slightly over 40 per cent) is through insurance brokers, while the rest is handled through SEB Trygg Liv s own sales force and via a distribution agreement with the former owner, Codan Forsikring. Several contact channels SEB Pension has around 300,000 customers. They can reach us through our sales force and our call centre. SEB Pension s call centre responds to nearly 100,000 calls and s from customers each year. SEB Pension s share of the Danish market Premium income 10 % 8 9

6 IRELAND ESTONIA LATVIA LITHUANIA UKRAINE SEB Life & Pension International SEB is a leading player in Estonia, Latvia and Lithuania in life and pension insurance. Life and pension offerings in the Irish operations The operations of the Irish company SEB Life (Ireland), domiciled in Dublin, mainly focus on sales of the international Life Assurance Portfolio Bond insurance (investment opportunities via a custody account), which is available in the form of endowment insurance and occupational pension. Sales are concentrated in the Swedish market. The company has branch offices in Luxembourg, Finland and the UK. The Luxembourg office sells primarily to expatriate Swedes. In Finland, an existing insurance portfolio is managed. In the UK, the company manages a portfolio of unit linked insurance mainly built up in the 1990s at a time when many Swedes saved in foreign insurance. Today no new business is conducted. Life and pension operations in the Baltics and other markets SEB is a market leader in life and pension insurance in Estonia, Latvia and Lithuania. Although the retail market dominates, both it and the corporate market are only beginning to emerge. In Estonia, the offering of life and pension products from SEB Ühispanga Elukindlustus comprises both fund and traditional insurance. The market offers substantial development potential due to steady growth in households ability to save. The Latvian market is developing very strongly, and interest in unit linked insurance has increased significantly in the last year. Unit linked insurance currently accounts for more than 60 per cent of new policies in Latvia. In Lithuania, the offering comprises life and pension products. At first only traditional insurance was available, but in recent years the greatest growth has been in unit linked insurance, where SEB VB gyvybés draudimas UAB was the first to enter the market. Distribution in the three Baltic countries is mainly handled through SEB s local branch offices, though also to a large extent through tied agents and the company s own sales force. Solutions for private individuals in the Baltics In contrast to Sweden and Denmark, the market in the Baltic countries is still in the early stages of development. Potential is high due to improvements in household finances and the easing of tax regulations to encourage pension savings. Today the main segment in the Baltic states is individual insurance. The products sold are traditional insurance and unit linked insurance. Corporate offering in the Baltics The corporate market in the Baltic countries is still in Estonia 28 % Market shares, premium income Percent of total premium income 2007 Latvia its early stages of development. We expect this market to grow, however, as new legislation is introduced that requires employers to allocate provisions for pensions. This area offers major growth potential for SEB s life insurance operations. The products and services offered to corporate customers mainly include unit linked insurance to secure future pensions and various types of life and disability insurance. Start in Ukraine A new life insurance company established in Ukraine in 2007 sold its first policies last autumn. 43 % Lithuania 37 % 10 11

7 Our products People who save in pension or endowment insurance can choose between unit linked, unit linked insurance with a guaranteed minimum value or traditional insurance. Unit linked insurance In unit linked insurance, the customer decides whether to invest their money in one or more funds. This gives them an opportunity to influence returns and select a level of risk. Unit linked insurance works the same way regardless of the country where you as a customer reside. Funds plus insurance Unit linked insurance can be used for investment purposes, private pension savings or a company s pension provisions. Other applications include various types of target and financial security savings. By packaging funds in an insurance solution, people can switch funds without charges or capital gains tax. Such transfers do not have to be reported on income tax returns. The insurance solution also means that different types of insurance cover can be added. Perhaps the insured wants less restrictive form of survivors protection rather than saving without an insurance component. Perhaps they want to guarantee a level of savings even if their finances suffer due to illness. Perhaps the insured wants life insurance which provides a lump sum in the event of death. Range of funds Available equity funds focus on either a region or sector. Regional funds limit their investments geographically from individual countries to the entire world. Sector-specific funds invest in companies that belong to a particular sector regardless of geographic region. One example of a sector fund is SEB Läkemedelsfond (pharmaceuticals). Fixed-income funds move in the opposite direction to interest rates. If rates rise, the value of fixed-income funds falls and vice versa. The shorter the remaining maturity of a fund s fixed-income securities, the less sensitive it is to interest rate fluctuations. This means that a long-term fixed-income fund rises more than a short one if interest rates fall. Fixed-income funds can be listed in different currencies. Exchange-rate fluctuations often affect foreign fixed-income funds more than interest rate variations. Blend funds invest in both equities and fixedincome securities. Funds of funds invest in other equity funds. These funds give customers access to a number of funds that are not available for direct investments, but that the manager feels are the best in their category. Hedge funds have less restrictive investment guidelines than other funds. Investments include equities, bonds, foreign currencies and options. The manager can also leverage the portfolio s holdings. Hedge funds are a way to access exclusive portfolios normally available only to large institutional investors. Varying risk offered by funds The funds have been designed for investors with a widely differing risk propensity. The lowest risk is obtained by investing in a short fixed-income fund, while specialised equity funds take the highest risk. Customers who save in funds with different objectives reduce their exposure to downturns in a specific sector or region. The longer the investment timeframe, the more probable it is that temporary ups and downs will even out. The fund investment service can be added by unit linked insurance policyholders without the time or interest in choosing funds themselves. The customer selects a portfolio based on a desired risk level. The portfolio is then actively managed by SEB Trygg Liv s managers. Fund holdings of largest funds 2007 (incl. Baltics, SEB Pension, Ireland, UK) SEB Världenfond (global) 17.8 % SEB Penningmarknadsfond (money market) 8.7 % SEB Aktiesparfond (equities) 3.6 % SEB Europafond (Europe) 3.7 % SEB Obligationsfond Flexibel SEK (bonds) 3.1 % Total return Gamla Liv 2.7 % 11.1 % Industry average 3.9 % 8.5 % Unit linked insurance with guaranteed amount Unit linked insurance with a guaranteed amount is designed for customers who want the security of a guaranteed return but do not have the time or interest in reallocating their savings among different funds over time. With this insurance, the customer receives a pension savings with a 90-percent guarantee on paidin premiums. Savings are invested in an actively managed fund with the opportunity to take advantage of stock market gains throughout the insurance period. Market Pension The Danish product, Market Pension, is a management concept for customers who do not want the responsibility for choosing their investments and who want an investment profile (risk profile) that matches their age and anticipated retirement date. The proportion of equities and thus the investment risk decreases with age. This product currently is available only in the Danish market. Traditional insurance As of March 1, 2007 SEB Trygg Liv no longer offers traditional insurance in Sweden. If customers in Denmark, Estonia, Latvia and Lithuania choose traditional insurance for their savings, their contributions are invested in something similar to a blend fund. Annual bonus rate Gamla Liv Percent 1 Jan 31 March 9 % 1 April 31 May 10 % 1 June 31 Dec 12 % Annual bonus rate geometric average 5, 10 and 15 years Gamla Liv Percent % % % 12 13

8 Key financial ratios and profit and loss account The companies of SEB Trygg Liv Holding AB Key financial ratios SEB Trygg Liv division SEKm Skandinaviska Enskilda Banken AB Total assets 1) 242, , ,203 Investments, unit linked 136, ,666 95,878 Investments, other 2) 272, , ,018 Shareholders equity 1) 8,836 8,450 7,696 Surplus values 3) 14,496 12,872 10,755 Premium income 2) 26,370 31,082 30,186 The Trygg Foundation 1 SEB Trygg Liv (Sweden) SEB Trygg Liv Holding AB SEB Pension (Denmark) SEB Life & Pension International 1) Holding group. 2) Including Gamla Liv. 3) Surplus values are the estimated present value of future profits from insurance contracts in force. Gamla Livförsäkrings AB SEB Trygg Liv 2 Fondförsäkrings AB SEB Trygg Liv SEB Pensionsforsikring A/S SEB Life (Ireland) Assurance Co Ltd SEB Trygg Liv Pensionstjänst AB Forsikringsselskabet SEB Link A/S CJSC SEB Life (Ukraine) Profit and loss account SEB Trygg Liv division SEKm Income 3,930 3,456 2,966 Expenses -2,128-1,936-1,993 Operating result 1,802 1, Change in surplus values, net 1,264 2,111 2,929 Total result 3,066 3,631 3,902 The companies in the Baltic countries are not listed in the figure since they are only included on an operational basis in the division, not as legal entities in SEB Trygg Liv Holding AB. 1 Policyholders in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv are represented by the Trygg Foundation, which owns one share in the company, and a related shareholder agreement. The Trygg Foundation is entitled to appoint two members of the board and together with SEB appoint the Chairman of Gamla Liv s board, comprising fi ve members, and to appoint the majority of members and the Chairman of the Finance Delegation, which is responsible for asset management within Gamla Liv. Every fi ve years policyholders are invited to vote for candidates to the Trygg Foundation s Council. 2 The companies operate according to mutual principles and are not consolidated in SEB

9 Business units SEB TRYGG LIV SWEDEN Gamla Livförsäkringsaktiebolaget SEB Trygg Liv The operations of Gamla Livförsäkringsaktiebolaget SEB Trygg Liv comprise traditional insurance, primarily pension insurance. The company is closed for new business. It operates according to mutual principles and is not consolidated in SEB. The company s insurance administration and service are handled, against payment, by Fondförsäkringsaktiebolaget SEB Trygg Liv. SEB s Wealth Management division handles the large part of asset management. Policyholders exercise influence through the Trygg Foundation. Fondförsäkringsaktiebolaget SEB Trygg Liv Fondförsäkringsaktiebolaget SEB Trygg Liv is responsible for all Swedish unit linked insurance and unit linked insurance with a guaranteed amount within SEB Trygg Liv and offers endowment insurance, private pension insurance, occupational pensions and disability insurance. On 1 October 2007 Nya Livförsäkringsaktiebolaget SEB Trygg Liv merged with Fondförsäkringsaktiebolaget SEB Trygg Liv, after which the company Nya Liv ceased to exist and new business is no longer written. Existing insurance in the former Nya Liv is managed as traditional insurance in the unit linked insurance company. SEB Trygg Liv Pensionstjänst AB The company dominates the Swedish market for administration and management of pension foundations. Administration services include managing pension commitments from companies, forming, operating and winding up foundations, handling contacts with authorities and providing legal expertise on issues relating to pension foundations. The customer base covers every segment, from small family owned businesses to listed companies and sports associations. SEB PENSION DENMARK SEB Pension SEB Pension, formerly Codan Pension, sells savings, life and health insurance in Denmark to private individuals and companies. Savings insurance is available as both unit linked insurance and traditional insurance (in a profit-distributing company). The main companies in SEB Pension are SEB Pensionsforsikring A/S and Forsikringsselskabet SEB Link A/S. SEB LIFE & PENSION INTERNATIONAL SEB Life (Ireland) SEB Life (Ireland) Assurance Co Ltd, domiciled in Dublin, Ireland, is responsible for sales, service and administration of unit linked insurance and for the international endowment insurance Portfolio Bond. AS SEB Ühispanga Elukindlustus AS SEB Ühispanga Elukindlustus in Estonia sells life and pension products as both unit linked insurance and traditional insurance. Only retail customers. SEB Dzīvības Apdrošināšana SEB Dzīvības apdrošināšana in Latvia offers life insurance as both unit linked insurance and traditional insurance. SEB VB gyvybés draudimas UAB SEB VB gyvybés draudimas UAB in Lithuania sells life and pension products, which account for its largest growth. CJSC SEB Life Ukraine Founded in 2007, the company has started selling life insurance for credits

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