A presentation of the life insurance operations of SEB SEB Trygg - - PowerPoint PPT Presentation

A presentation of the life insurance operations of SEB

SEB Trygg Liv Visitors’ address: Sergels Torg 2 • Postal address: SE-106 40 Stockholm • Sweden Telephone: +46 771 11 18 00 • E-mail: kundservice@tryggliv.seb.se www.tryggliv.seb.se

SEB Trygg Liv Pensionstjänst Visitors’ address: Östra Hamngatan 18 • Postal address: SE-405 04 Göteborg • Sweden Telephone: +46 31 62 14 10 Denmark SEB Pension Visitors’ address: Holmens Kanal 9 Postal address: Postboks 100/0900 Copenhagen C • Denmark Telephone: + 45 33 28 28 00 Ireland SEB T rygg Life (Ireland) Assurance Co Ltd 34 Fitzwilliam Square • Dublin 2 • Ireland Telephone: + 353 1638 1700 United Kingdom SEB Life (Ireland) Assurance Co Ltd New Enterprise House • 149-151 High Roads • Chadwell Heath Essex RM6 6PJ • England Telephone + 44 208 597 75 66 Estonia AS SEB Ühispanga Elukindlustus Tornimäe 2 korrus 11 • 15010 Tallinn • Estonia Telephone: +372 665 68 46 Latvia AAS SEB Dzìvìbas Apdrošināšana Antonijas Street 9 • Riga LV-1010 • Latvia Telephone: +371 707 98 00 Lithuania SEB VB gyvybés draudimas UAB Jogailos g. 9/1 • L T-01116 Vilnius • Lithuania Telephone: +370 52 68 15 55 Ukraine SEB Life Ukraine 10 Chervonoarmiyska St • Kiev 01004 • Ukraine Telephone: +38 044 287 46 09

TL245700 0804

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 fi

nancial security in an uncertain future.” By this we mean providing insurance and fi nancial 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 2007. A stable trend in our fund values and good cost controls were the main reasons for this fi ne result. The turbulence in global stock markets in 2007 adversely affected fund values, but a strong performance during the fi rst half year nevertheless led to positive results for the year as a whole. We continued to expand eastward by establishing

• perations in Ukraine, where we sold our fi

rst insurance at the end of the year. We also opened a head offi ce 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

• perations in every market based on the exciting

development our industry faces.

Anders Mossberg, President

3

Welcome to the life insurance

• perations of SEB

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 Key financial ratios and profit and loss account

_______________________ 14

The companies of SEB Trygg Liv

_______________________________________________ 16

Divisional management and senior executives _________________________ 18 Addresses

____________________________________________________________________________________ 20

SEB Trygg Liv has operations in ten countries.

Financing Advisory services Investment management Investment Banking Payment services Mortgages Foundation management Private pension savings Custody services Charge and credit cards Venture capital

SEB’s offering – a selection

Sheltered housing Funds Occupational pensions Liquidity planning Welfare insurance Foreign exchange

Part of the SEB Group

5

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 1998. The strong growth rate has tailed off, however. In the retail market, volume has fl uctuated 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

• f 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 fi nancial situation, which includes issues of health and housing. Turn-key solutions for private individuals in Sweden For most people, fi nancial 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.

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 in Sweden

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 fi eld. Several contact channels Swedish customers of SEB Trygg Liv can contact us through several channels such as SEB’s bank branches,

• ur sales force, independent insurance brokers, SEB

Trygg Liv’s telephone service centre and our Internet branch. Investing premium pensions The national pension system comprises an income- based 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. Infl uencing occupational pensions A signifi cant portion of the future pension comes from

• ccupational 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 fi nancial 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
• ffered by SEB Trygg Liv is Life Assurance Portfolio

Bond, an international endowment insurance that provides certain benefi ts over investments in directly

• wned 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

• wn 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 fi nancial 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” (profi table 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.

Gamla Liv 528,000 Nya Liv* 118,000 Fondförsäkringsaktiebolaget SEB T rygg Liv 679,000 SEB T rygg 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 2007.

Number of customers (rounded off) 2007 6 7 Number of employees 1,218 recalculated on a full-time basis Sales1) SEKm 2007 Sweden, incl. IPS 7,253 Denmark 3,040 International (incl. Baltics) 3,395 13,688 Of which Baltics 1,944 Privately funded insurance and pension solutions Sales1) SEKmr 2007 Sweden 20,426 Denmark 10,561 International (incl. Baltics) 1,072 32,059 Of which Baltics 321 Company-paid insurance SEKm 2007 Sales1) IPS 1,408 Unit linked insurance 35,416 T raditional life insurance 8,923 45,747 Premium income Unit linked insurance 18,241 T raditional life insurance and disability/health insurance 8,129 26,370 Assets under management Unit linked insurance 136,200 T raditional life insurance and disability/health insurance 272,200 408,400 Sales Privately paid, incl. IPS 13,688 Company-paid 32,059 45,747 Volumes

• incl. Baltics

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. SEB Trygg Liv 22.1 (29.3) Skandia 14.1 (15.7) Swedbank 10.2 (11.3) Folksam 7.7 (7.9) SHB and SPP 8.2 (7.7) LF 12.7 (7.3) Moderna Försäkringar 13.4 (6.7) Nordea 4.2 (4.8) Danica 3.9 (5.3) Other 0.2 (0.4) AMF 3.3 (3.4)

Market shares for unit linked insurance, Sweden New policies

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 defi ned 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 e-mails from customers each year. 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 2000. SEB Pension’s growth rate in occupational pensions has been 15-20 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 signifi cant 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.

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).

SEB Pension, Denmark

8 9

10 %

SEB Pension’s share of the Danish market Premium income

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 offi ces in Luxembourg, Finland and the UK. The Luxembourg offi ce 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 signifi cantly 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 fi rst 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 fi rst to enter the market. Distribution in the three Baltic countries is mainly handled through SEB’s local branch offi ces, though also to a large extent through tied agents and the company’s own sales force.

SEB is a leading player in Estonia, Latvia and Lithuania in life and pension insurance.

SEB Life & Pension International

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 fi nances 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 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 fi rst policies last autumn.

Market shares, premium income Percent of total premium income 2007 10 11

IRELAND UKRAINE LITHUANIA LATVIA ESTONIA

28 %

Estonia

43 %

Latvia

37 %

Lithuania

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 infl uence returns and select a level of risk. Unit linked insurance works the same way regardless

• f 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 fi nancial 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

• n income tax returns.

The insurance solution also means that different types

• f 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 fi nances 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

• r sector. Regional funds limit their investments

geographically – from individual countries to the entire world. Sector-specifi c funds invest in companies that belong to a particular sector regardless

• f geographic region. One example of a sector fund is

SEB Läkemedelsfond (pharmaceuticals).

People who save in pension or endowment insurance can choose between unit linked, unit linked insurance with a guaranteed minimum value or traditional insurance.

Our products

Fixed-income funds move in the opposite direction to interest rates. If rates rise, the value of fi xed-income funds falls and vice versa. The shorter the remaining maturity of a fund’s fi xed-income securities, the less sensitive it is to interest rate fl

• uctuations. This means

that a long-term fi xed-income fund rises more than a short one if interest rates fall. Fixed-income funds can be listed in different currencies. Exchange-rate fl uctuations often affect foreign fi xed-income funds more than interest rate variations. Blend funds invest in both equities and fi xed- income 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

• btained by investing in a short fi

xed-income fund, while specialised equity funds take the highest risk. Customers who save in funds with different

• bjectives reduce their exposure to downturns in a

specifi c 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. 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

• ver time. With this insurance, the customer receives a

pension savings with a 90-percent guarantee on paid- in 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 manage- ment concept for customers who do not want the responsibility for choosing their investments and who want an investment profi le (risk profi le) 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.

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 % Fund holdings of largest funds 2007 (incl. Baltics, SEB Pension, Ireland, UK) 12 13 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 2003 – 2007 4.4% 1998 – 2007 7.7% 1993 – 2007 8.9% Total return 2007 2006 Gamla Liv 2.7 % 11.1 % Industry average 3.9 % 8.5 %

Key fi nancial ratios and profi t and loss account

14 15

The companies of SEB Trygg Liv Holding AB

SEKm 2007 2006 2005 Total assets1) 242,013 214,035 198,203 Investments, unit linked 136,180 119,666 95,878 Investments, other2) 272,266 275,662 272,018 Shareholders’ equity1) 8,836 8,450 7,696 Surplus values3) 14,496 12,872 10,755 Premium income2) 26,370 31,082 30,186

Key financial ratios – SEB Trygg Liv division

SEKm 2007 2006 2005 Income 3,930 3,456 2,966 Expenses

• 2,128
• 1,936
• 1,993

Operating result 1,802 1,520 973 Change in surplus values, net 1,264 2,111 2,929 Total result 3,066 3,631 3,902

Profit and loss account – SEB Trygg Liv division

1) Holding group. 2) Including Gamla Liv. 3) Surplus values are the estimated present value of future profits from insurance contracts in force.

The Trygg Foundation Gamla Livförsäkrings AB SEB Trygg Liv SEB Life (Ireland) Assurance Co Ltd CJSC SEB Life (Ukraine) Forsikringsselskabet SEB Link A/S SEB Pensions- forsikring A/S Skandinaviska Enskilda Banken AB Fondförsäkrings AB SEB Trygg Liv SEB Trygg Liv Pensionstjänst AB SEB Life & Pension International SEB Pension (Denmark) SEB Trygg Liv (Sweden) SEB Trygg Liv Holding AB

2 1

1

Policyholders in Gamla Livförsäkringsaktiebolaget SEB T rygg Liv are represented by the T rygg Foundation, which owns

• ne share in the company, and a related shareholder agreement. The T

rygg Foundation is entitled to appoint two members

• f 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 T rygg Foundation’s Council.

2 The companies operate according to mutual principles and are not consolidated in SEB.

The companies in the Baltic countries are not listed in the fi gure since they are only included

• n an operational basis in the division, not as legal entities in SEB Trygg Liv Holding AB.

16 17

SEB TRYGG LIV SWEDEN

Gamla Livförsäkringsaktiebolaget SEB Trygg Liv The operations of Gamla Livförsäkringsaktiebolaget SEB Trygg Liv comprise traditional insurance, primar- ily pension insurance. The company is closed for new

• business. It operates according to mutual principles

and is not consolidated in SEB. The company’s insur- ance 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 infl uence through the Trygg Foundation. Fondförsäkringsaktiebolaget SEB Trygg Liv Fondförsäkringsaktiebolaget SEB Trygg Liv is respon- sible 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,

• perating and winding up foundations, handling

contacts with authorities and providing legal expertise

• n 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 profi t-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.

Business units

Anders Mossberg Head of Division employed since 1985 Per Jacobson Chief Legal Counsel employed since 1985 Per Klitgård Poulsen Head of SEB Pension Denmark employed since 2000 Peter Nilsson Head of SEB Life & Pension International employed since 2000 Susanna Rystedt Head of Business Development & IT employed since 1990 Jacob Skanse Divisional Controller employed since 1991 Jan Stjernström Head of SEB Trygg Liv Sweden employed since 2007

Divisional management

SEB TRYGG LIV, SWEDEN

Jan Stjernström Peter Dahlgren as of 23 May 2008 Per Harryson Magnus Holm Peder Natéus Ruth Nyberg Harald Nöjd Maria Stecksén Johan Tegnér

SEB LIFE & PENSION INTERNATIONAL

Peter Nilsson Janis Benefelds Arnolds Culkstens Indrek Holst Baignat Kamuntaviˇ cienè Nils Liljeberg Gustaf Lindberg Andriy Mitskan Uģis Vorons

SEB PENSION, DENMARK

Per Klitgård Poulsen Jacob Skanse Allan Christensen Kim Johansen Søren Lockwood Alice Lykke Claus Lyster Frank Pedersen Ole Krogh Petersen Steen Poulsen Jesper Steensen Jørn Styczen

Senior executives, business units

Anders Mossberg Jan Stjernström Per Jacobson Peter Nilsson Per Klitgård Poulsen Susanna Rystedt Jacob Skanse 18 19