TL245700 0804 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 Apdrošin ā šana 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
Contents Welcome to the life insurance operations of SEB ______________________ 3 SEB Trygg Liv, Sweden _______________________________________________________________ 5 Welcome to the life insurance SEB Pension, Denmark _________________________________________________________________ 8 operations of SEB SEB Life & Pension International ________________________________________________ 10 Our products _______________________________________________________________________________ 12 Key financial ratios and profit and loss account _______________________ 14 The life insurance operations of SEB is a leading Eastern Europe is where we see our greatest The companies of SEB Trygg Liv _______________________________________________ 16 player in the Swedish market and one of the leaders growth potential right now, and our goal is to grow in the Nordic market. Our vision is to also be one of substantially. Divisional management and senior executives _________________________ 18 the leading life insurance companies in Northern In all our markets we will continue the work we Europe. We want to “create fi nancial security in have begun to create value for our customers. In 2008 Addresses ____________________________________________________________________________________ 20 an uncertain future.” By this we mean providing we will take a step closer to our vision and enhance insurance and fi nancial security solutions for the operations in every market based on the exciting needs and situations that arise in life’s different development our industry faces. 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 Anders Mossberg, President pension company which, through knowledge and good returns, provides customers with a pension they can look forward to. Part of the SEB Group The life insurance operations of SEB produced its strongest full-year result ever in 2007. A stable trend Liquidity planning in our fund values and good cost controls were the Sheltered housing main reasons for this fi ne result. The turbulence in Occupational pensions Advisory services global stock markets in 2007 adversely affected fund Welfare insurance Funds values, but a strong performance during the fi rst half Payment services Private pension savings year nevertheless led to positive results for the year as SEB’s offering Charge and credit cards – a selection a whole. Investment management We continued to expand eastward by establishing Foreign exchange Financing operations in Ukraine, where we sold our fi rst Mortgages Venture capital insurance at the end of the year. We also opened Custody services Investment Banking Foundation management a head offi ce in Riga for international operations. SEB Trygg Liv has operations in ten countries. 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 Turn-key solutions for private individuals in Sweden unit linked insurance (excluding IPS). Unit linked For most people, fi nancial security in old age has insurance accounts for slightly over 90 per cent of the three pillars: a national pension, occupational pension company’s total sales and nearly 80 per cent of and their own pension savings. The national pension paid-in insurance premiums. Unit linked insurance system is linked to future growth and demographic did not achieve its breakthrough as a savings form trends. Based on demographic forecasts, with an until the 1990s, at which point there was already a aging population and fewer wage earners supporting substantial stock of traditional insurance. Since 1 more dependents, we anticipate growing demand for March 2007 traditional insurance is no longer offered individual pension savings. Pension savings are tax by SEB Trygg Liv. In the last couple of years, however, deductible within certain limits. SEB Trygg Liv’s main it has offered unit linked insurance with a guaranteed product for private pension savings is Individual amount where savings are invested in a special fund. Pension Savings, IPS, where customers can choose to Customers are guaranteed 90 per cent of deposited save in funds, individual securities or a bank account. premiums. IPS has no insurance component, but can be Sweden’s corporate life insurance market has complemented with group life insurance. quadrupled since 1998. The strong growth rate has Another possibility is to take out pension tailed off, however. In the retail market, volume insurance. Here the choice is to save in unit linked has fl uctuated greatly over the years and has been insurance or unit linked insurance with a guaranteed affected by stock prices and changes in tax laws. amount, where 90 per cent of the premium is SEB Trygg Liv’s aim is to provide a complete range guaranteed. Since this is insurance, it is possible to of life insurance. This means that we must develop add cover for survivors and waiver of premium and broaden our range of risk insurance (care insurance. products). These products cover life situations such With both IPS and pension insurance, the money as illness, medical care, death and accidents – for can be withdrawn from age 55. For those who prefer companies and their employees. At the same time we to take their money out earlier, an alternative can be are seeing that attitudes towards, and demands on, to save in “kapitalspar,” a unit linked endowment pension advice have changed radically. It is no longer insurance. The premium is not tax deductible and enough to talk about public pensions, pension solutions therefore the money is not taxed when paid out. and occupational pensions. Customers also want help with their fi nancial situation, which includes issues of health and housing. 5
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