Efficiency above all - We are continuing to increase the pressure on the work of efficiency improvement measures, at the same time that we are focusing on the new regulations and activities for more sales.
Continued focus on our customer offering. We are continuing our intensive work in further developing our customer offer. Work with the new regulations continues as planned.
1) The Folksam Group saw an 8% increase in total premium volume during the first half of 2017 to SEK 33 billion. Growth came primarily from collectively agreed occupational pensions.
2) Significant events included Folksam Life raising bonus rates for traditional life insurance and the Folksam Group acquiring USD 350 million in green bonds from the World Bank.
3) Preparations continue for new regulations while digital improvements have been made to customer pages and operations. Procurement decisions resulted in some lost business but also new customers.
Folksam Interim Report January – March 2017Folksam
1) The Folksam Group reported stable results in Q1 2017, with total premiums of SEK 22.6 billion, up from SEK 21.3 billion in the same period last year.
2) Folksam Life and General sold 25.6 million shares in Swedbank AB for SEK 4.5 billion in capital gains, reducing ownership from 9.3% to 7%.
3) Folksam continues investing in green bonds and infrastructure, acquiring USD 350 million in green bonds from the World Bank after the reporting period.
Folksam Annual Report and Sustainability Report 2015Folksam
This document is Folksam's annual and sustainability report for 2015. It summarizes Folksam's performance in 2015, including achieving its highest brand appreciation to date, making changes to traditional life insurance policies, and topping sustainability brand indexes. It describes Folksam's vision of providing security for customers in a sustainable world, business areas focused on private individuals, partners/organizations, and collectively agreed business, and reasons for choosing Folksam including its customer-ownership model and financial strength.
US lead the M&A surge, but confidence hits European dealmakersDeloitte UK
The document discusses trends in mergers and acquisitions (M&A) activity globally and regionally in Q3 2015. Key points include:
- M&A activity in the first half of 2015 was one of the strongest on record, driven by a surge in US deals fueled by economic factors.
- However, political and currency risks in Europe are weakening confidence for M&A deals among European companies.
- The document predicts that overall M&A activity will remain similar to Q2 levels in Q3 based on these factors.
The document discusses the economic outlook for 2010, noting that while markets are expected to perform well initially due to policy "tailwinds", challenges are anticipated in the second half of the year as these tailwinds fade or become headwinds. It recommends overweighting stocks, cyclical sectors, and emerging markets initially, but becoming more defensive later in 2010.
Chief financial officers surveyed by Deloitte reported reduced economic and financial uncertainty in the first quarter of 2013, contributing to increased business confidence and optimism among UK companies. CFOs cited lower perceived risks, improved credit conditions, and greater availability of financing as factors boosting corporate investment. While cost control remained a priority, CFOs placed less emphasis on defensive strategies and showed rising risk appetite, signaling a shift toward more expansionary business policies. International companies showed the clearest move toward a more expansionary stance compared to their more cautious UK-focused counterparts.
At Aviva, they help over 33 million customers save for the future and manage life's risks through businesses across 16 markets offering life insurance, retirement, savings and pensions, general insurance, health insurance, and asset management. Aviva has over 29,600 employees focused on helping customers overcome uncertainty. Their strategy is to focus on markets and segments where they can win, emphasize a digital-first customer experience, and meet all customer needs through life, general, health, and asset management products.
Continued focus on our customer offering. We are continuing our intensive work in further developing our customer offer. Work with the new regulations continues as planned.
1) The Folksam Group saw an 8% increase in total premium volume during the first half of 2017 to SEK 33 billion. Growth came primarily from collectively agreed occupational pensions.
2) Significant events included Folksam Life raising bonus rates for traditional life insurance and the Folksam Group acquiring USD 350 million in green bonds from the World Bank.
3) Preparations continue for new regulations while digital improvements have been made to customer pages and operations. Procurement decisions resulted in some lost business but also new customers.
Folksam Interim Report January – March 2017Folksam
1) The Folksam Group reported stable results in Q1 2017, with total premiums of SEK 22.6 billion, up from SEK 21.3 billion in the same period last year.
2) Folksam Life and General sold 25.6 million shares in Swedbank AB for SEK 4.5 billion in capital gains, reducing ownership from 9.3% to 7%.
3) Folksam continues investing in green bonds and infrastructure, acquiring USD 350 million in green bonds from the World Bank after the reporting period.
Folksam Annual Report and Sustainability Report 2015Folksam
This document is Folksam's annual and sustainability report for 2015. It summarizes Folksam's performance in 2015, including achieving its highest brand appreciation to date, making changes to traditional life insurance policies, and topping sustainability brand indexes. It describes Folksam's vision of providing security for customers in a sustainable world, business areas focused on private individuals, partners/organizations, and collectively agreed business, and reasons for choosing Folksam including its customer-ownership model and financial strength.
US lead the M&A surge, but confidence hits European dealmakersDeloitte UK
The document discusses trends in mergers and acquisitions (M&A) activity globally and regionally in Q3 2015. Key points include:
- M&A activity in the first half of 2015 was one of the strongest on record, driven by a surge in US deals fueled by economic factors.
- However, political and currency risks in Europe are weakening confidence for M&A deals among European companies.
- The document predicts that overall M&A activity will remain similar to Q2 levels in Q3 based on these factors.
The document discusses the economic outlook for 2010, noting that while markets are expected to perform well initially due to policy "tailwinds", challenges are anticipated in the second half of the year as these tailwinds fade or become headwinds. It recommends overweighting stocks, cyclical sectors, and emerging markets initially, but becoming more defensive later in 2010.
Chief financial officers surveyed by Deloitte reported reduced economic and financial uncertainty in the first quarter of 2013, contributing to increased business confidence and optimism among UK companies. CFOs cited lower perceived risks, improved credit conditions, and greater availability of financing as factors boosting corporate investment. While cost control remained a priority, CFOs placed less emphasis on defensive strategies and showed rising risk appetite, signaling a shift toward more expansionary business policies. International companies showed the clearest move toward a more expansionary stance compared to their more cautious UK-focused counterparts.
At Aviva, they help over 33 million customers save for the future and manage life's risks through businesses across 16 markets offering life insurance, retirement, savings and pensions, general insurance, health insurance, and asset management. Aviva has over 29,600 employees focused on helping customers overcome uncertainty. Their strategy is to focus on markets and segments where they can win, emphasize a digital-first customer experience, and meet all customer needs through life, general, health, and asset management products.
2016 was a successful year for Headwaters. The company received numerous industry awards and had record breaking numbers. Headwaters added 9 senior bankers to their team to continue providing extraordinary results for middle-market clients. The summary highlights the company's awards, growth, and focus on serving middle-market clients.
The document summarizes key findings from the 2017 OECD Business and Finance Outlook report. It addresses 8 questions on issues related to globalization and the impact of technology and trade on middle-income jobs. The summary discusses how openness and a level global playing field are important for companies to innovate and gain productivity. However, some countries use subsidies, exchange rate management and pricing strategies to gain unfair export advantages over competitors. Overall, the document argues that non-transparent practices like these undermine open markets and fair global competition.
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
This document provides information about British American Tobacco Bangladesh (BATBC). It discusses BATBC's history, brands, sourcing, production and distribution processes. It also contains financial information including income statements from 2010-2015, calculations of degrees of operating and financial leverage, break-even points, and charts showing the effects of leverage on profits. Key brands discussed include Benson & Hedges, John Player, Gold Leaf, Pall Mall, Capstan, Star, Derby and Hollywood.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
PanaceaIFA.com RDR Seminar & Meet the MPsderekbradley
The document outlines the agenda for an RDR seminar taking place on December 20, 2010 in London. The agenda includes presentations from various speakers on topics related to the Retail Distribution Review (RDR) such as fixed interest updates, legal issues, and the impact on independent financial advisors. It also includes a question time session with two members of parliament.
A stream of new money flowing into loan and credit funds overwhelmed new issue supply, providing issuers (and their agents) the opportunity to run robust offering processes and gamer attractive economic and structural terms. The recent tightening in monetary policy and strong macroeconomic conditions notwithstanding, all-in-cost of leverage has, thus far, remained near recent lows.
The document is the December 2013 newsletter for the SWMC European Fund. It provides information on the fund's performance, holdings, and commentary from the fund manager. In December, the fund outperformed the market and increased its positions in more domestically-oriented European companies, particularly those from peripheral European countries experiencing an economic recovery. The fund manager remains optimistic about the European economic outlook and opportunities in European equities.
- Swedbank reported a profit of SEK 4.187 billion for Q3 2013, up from SEK 3.478 billion in Q2 2013.
- Net interest income increased 4% to SEK 5.641 billion compared to Q2 2013, driven by growth in mortgage lending.
- For the January-September period, profit increased to SEK 11.581 billion from SEK 10.872 billion the previous year, with a return on equity of 15.2%.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights Moelis' record 2018 revenues of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill and commitment to return 100% of excess capital to shareholders.
Moelis company april investor pres_vfinal (1)Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights the bank's record revenues in 2018 of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill. The document summarizes Moelis' history, business model, transactions, growth opportunities, and financial position.
This presentation provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis's global footprint and experience, differentiated business model, strong financial performance and growth, and compelling investment opportunity. Key points include global presence in 19 locations, premier M&A and restructuring franchises, healthy balance sheet with no debt, commitment to returning excess capital to shareholders, and organic growth drivers such as increasing market share and maturation of global platform.
Fortune research om cs_look beyond fy15!Saad Yousuf
- The oil marketing sector is expected to see a recovery in coming quarters, fueled by robust growth in cash-based products like MS and HSD, convergence of FO prices with gas/grid power leading to stronger FO sales, and lower oil prices reducing circular debt accumulation.
- Earnings of OMCs like PSO and APL declined in 1HFY15 due to inventory losses and lower FO margins as oil prices fell, but profits are expected to return to normalized levels going forward.
- MS and HSD sales are forecast to grow at a FY15-FY17 CAGR of 15% and 5% respectively, while FO sales may grow at a 2% CAGR, supported
Ahli bank weekly capital markets newsletter 7th 11th of april 2019ahli bank
- The document is a weekly capital markets newsletter from Ahli Treasury, Investments & Financial Institutions Group providing market updates and analysis.
- It summarizes performance of key indices and sectors for the Amman Stock Exchange, including the top gainers and decliners. Market news and economic indicators locally and globally are also mentioned.
- Risks to the global financial system have increased in recent months according to the IMF, as global growth is slowing and a sudden downturn could have widespread impact. The US Federal Reserve left room for potential interest rate increases this year depending on economic conditions.
The document summarizes a presentation given by Sasfin Wealth, a South African wealth management firm. It discusses Sasfin Wealth's history, investment process, competitive advantages, and awards. It also provides an overview of Sasfin Securities and outlines six traits of successful investing. The presentation concludes by discussing Sasfin's investment offerings and foundation portfolios.
The document provides an equity market outlook and summary of recent domestic and global macroeconomic news. In India, industrial production growth was lower than expected in December, while inflation is projected to be around 7%. Globally, Greece faces a major debt repayment deadline and negotiations over an EU bailout package. The US and China both reported slower economic growth. Overall, the outlook remains cautiously positive with expectations for continued foreign investment inflows to support the Indian market rally.
Capital Structure and Payout Policies of P&GRawan Nadeem
P&G's capital structure and payout policies were analyzed over 5 years. Regarding capital structure, P&G had low operating and financial leverage, protecting it from business and financial risks. Debt ratios fluctuated over time but generally decreased. Relationship between EBIT, EPS, and debt ratios was positive. For payout policy, P&G paid stable quarterly dividends. Stock price typically fell on ex-dividend dates but rose before on dividend announcements, encouraging purchases. Price movements sometimes differed from announcements, guided by other market forces. P&G is desirable for dividend investors due to payouts despite stock price stability in its sector.
Consumer confidence in the UK saw its largest quarterly increase in 18 months according to Deloitte's Consumer Tracker. Five of the six measures that make up the confidence index rose between Q2 and Q3 2016, with strong gains in confidence around job security, opportunities, and career progression. However, confidence in London fell and remains lower than a year ago. Retail sales growth has continued into Q4 2016 supported by low unemployment, inflation, and interest rates. While economic fundamentals remain positive, uncertainties around Brexit and potential higher inflation in 2017 could pose future challenges to consumer spending.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Good continued growth and satisfied customers
Folksam is growing and our customers are happy with us. During the period, we have implemented several measures in order to continue to reinforce our financial strength and focus on our core business of pension investments and insurance for the many. One measure has been to implement changes in the traditional life insurance with the aim of ensuring a positive and stable long-term return for our pension savers. For our customers in the corporate market, we are developing a simplified and standardised product, in order to become even better and more secure.
Major development initiatives have been carried out, such as improvement of the IT systems and an increase in our digital presence for customer communication, with the intention of becoming an even more modern financial enterprise. We are preparing for Solvency II, our most important and most highly prioritised project. We have continued to modernise, streamline and consolidate.
The euro crisis and geopolitical uncertainty are contributing to market turbulence, and a challenge that we share with other industry stakeholders is to find a way to yield positive returns at a time of historically low interest rates. It is against this background that our infrastructure investment should be viewed; the business acquisition where we, together with Borealis Infrastructure and the First and Third AP Fund, bought Fortum’s Swedish electricity grid. The transaction is now complete. It represents a very long-term investment.
By investing in safe, environmental and sustainable solutions for electricity transmission, we can achieve a good return that will benefit our pension savers and insurance customers.
Future prospects
We see continued growth within both life and non-life insurance activities. Folksam Life is expected to yield a lower return for the rest of the year, compared with the first two quarters. This is because we have implemented changes in the traditional life insurance and stopped selling the product Seniorkapital.
Our commitment to our customers propels our success. Even if the situation is favourable, there is always room for improvement. Our ambition is to attract more total customers and to have the most satisfied customers of the insurance and savings industry. We have established a high rate of change, and we invest and work in a goal-oriented and responsible manner to safeguard the trust that our customers have given us.
Jens Henriksson
CEO and Group President
Stable results in times of change
Folksam and its subsidiaries ended 2015 with yet another strong quarter in respect of both non-life insurance and life insurance. At the same time, the period was characterised by preparations for 2016 onwards. I am very pleased that we finally are operating according to the new Solvency II regulations, an initiative that has required extensive effort. We still need to fine-tune the working methods, but essentially this change means that we are now a more modern financial company compared with the situation before the start of the year.
Although Folksam is still financially strong, we face a number of challenges. The uncertainty in the world economy and China places a question mark over things. We saw lately the stock market turbulence in early 2016 that began in China and quickly spread. And low interest rates are continuing to make their presence felt. Folksam, like all industry stakeholders, therefore have to be satisfied with lower levels of return compared with the last few years.
Sales in respect of both non-life insurance and life insurance are growing according to plan, but they are also driving costs. This is also true of our many development projects. This is why we are now focusing more extensively on ensuring that we can recover the effects of the various initiatives.
We have many things to look forward to in 2016. We are making major progress with regard to our digital presence, and we are launching a new folksam.se. The web is key to our strategy, which involves meeting customers in the places where they want to be met. We were also able to describe our partnership with TeliaSonera last autumn, which will make it possible to connect a newly developed WiFi solution into vehicles and help drivers to "Drive Safely". This will give our car insurance customers feedback on how safely they drive and allow us to reward them by means of discounts on their car insurance, for instance. This is a solution that has it all: it reduces the number of accidents and saves lives while also helping to benefit both customers and the environment. When we sum up 2015, customers will again share in our bonus interest programme. We will be issuing around SEK 545 million to around 2.5 million customers for the financial year.
We are now, with undiminished vigour, continuing our efforts to become the pension savings and insurance company for the many, with the best offers available in the industry. Our aim – to have the happiest customers in the industry – still stands.
Pleasingly, we are most definitely on the right path. And heading in the right direction.
Jens Henriksson
CEO and Group President
2016 was a successful year for Headwaters. The company received numerous industry awards and had record breaking numbers. Headwaters added 9 senior bankers to their team to continue providing extraordinary results for middle-market clients. The summary highlights the company's awards, growth, and focus on serving middle-market clients.
The document summarizes key findings from the 2017 OECD Business and Finance Outlook report. It addresses 8 questions on issues related to globalization and the impact of technology and trade on middle-income jobs. The summary discusses how openness and a level global playing field are important for companies to innovate and gain productivity. However, some countries use subsidies, exchange rate management and pricing strategies to gain unfair export advantages over competitors. Overall, the document argues that non-transparent practices like these undermine open markets and fair global competition.
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
This document provides information about British American Tobacco Bangladesh (BATBC). It discusses BATBC's history, brands, sourcing, production and distribution processes. It also contains financial information including income statements from 2010-2015, calculations of degrees of operating and financial leverage, break-even points, and charts showing the effects of leverage on profits. Key brands discussed include Benson & Hedges, John Player, Gold Leaf, Pall Mall, Capstan, Star, Derby and Hollywood.
Neither bulls nor bears in 2011, LPL Financial Research expects the economy and the markets will be range-bound in 2011. Bound by economic and fiscal forces that will restrain and not reverse growth, we believe the markets will provide modest single-digit rates of return.
In 2011, business leaders, policymakers, and investors will play important roles in shaping the investing environment.
PanaceaIFA.com RDR Seminar & Meet the MPsderekbradley
The document outlines the agenda for an RDR seminar taking place on December 20, 2010 in London. The agenda includes presentations from various speakers on topics related to the Retail Distribution Review (RDR) such as fixed interest updates, legal issues, and the impact on independent financial advisors. It also includes a question time session with two members of parliament.
A stream of new money flowing into loan and credit funds overwhelmed new issue supply, providing issuers (and their agents) the opportunity to run robust offering processes and gamer attractive economic and structural terms. The recent tightening in monetary policy and strong macroeconomic conditions notwithstanding, all-in-cost of leverage has, thus far, remained near recent lows.
The document is the December 2013 newsletter for the SWMC European Fund. It provides information on the fund's performance, holdings, and commentary from the fund manager. In December, the fund outperformed the market and increased its positions in more domestically-oriented European companies, particularly those from peripheral European countries experiencing an economic recovery. The fund manager remains optimistic about the European economic outlook and opportunities in European equities.
- Swedbank reported a profit of SEK 4.187 billion for Q3 2013, up from SEK 3.478 billion in Q2 2013.
- Net interest income increased 4% to SEK 5.641 billion compared to Q2 2013, driven by growth in mortgage lending.
- For the January-September period, profit increased to SEK 11.581 billion from SEK 10.872 billion the previous year, with a return on equity of 15.2%.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights Moelis' record 2018 revenues of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill and commitment to return 100% of excess capital to shareholders.
Moelis company april investor pres_vfinal (1)Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights the bank's record revenues in 2018 of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill. The document summarizes Moelis' history, business model, transactions, growth opportunities, and financial position.
This presentation provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis's global footprint and experience, differentiated business model, strong financial performance and growth, and compelling investment opportunity. Key points include global presence in 19 locations, premier M&A and restructuring franchises, healthy balance sheet with no debt, commitment to returning excess capital to shareholders, and organic growth drivers such as increasing market share and maturation of global platform.
Fortune research om cs_look beyond fy15!Saad Yousuf
- The oil marketing sector is expected to see a recovery in coming quarters, fueled by robust growth in cash-based products like MS and HSD, convergence of FO prices with gas/grid power leading to stronger FO sales, and lower oil prices reducing circular debt accumulation.
- Earnings of OMCs like PSO and APL declined in 1HFY15 due to inventory losses and lower FO margins as oil prices fell, but profits are expected to return to normalized levels going forward.
- MS and HSD sales are forecast to grow at a FY15-FY17 CAGR of 15% and 5% respectively, while FO sales may grow at a 2% CAGR, supported
Ahli bank weekly capital markets newsletter 7th 11th of april 2019ahli bank
- The document is a weekly capital markets newsletter from Ahli Treasury, Investments & Financial Institutions Group providing market updates and analysis.
- It summarizes performance of key indices and sectors for the Amman Stock Exchange, including the top gainers and decliners. Market news and economic indicators locally and globally are also mentioned.
- Risks to the global financial system have increased in recent months according to the IMF, as global growth is slowing and a sudden downturn could have widespread impact. The US Federal Reserve left room for potential interest rate increases this year depending on economic conditions.
The document summarizes a presentation given by Sasfin Wealth, a South African wealth management firm. It discusses Sasfin Wealth's history, investment process, competitive advantages, and awards. It also provides an overview of Sasfin Securities and outlines six traits of successful investing. The presentation concludes by discussing Sasfin's investment offerings and foundation portfolios.
The document provides an equity market outlook and summary of recent domestic and global macroeconomic news. In India, industrial production growth was lower than expected in December, while inflation is projected to be around 7%. Globally, Greece faces a major debt repayment deadline and negotiations over an EU bailout package. The US and China both reported slower economic growth. Overall, the outlook remains cautiously positive with expectations for continued foreign investment inflows to support the Indian market rally.
Capital Structure and Payout Policies of P&GRawan Nadeem
P&G's capital structure and payout policies were analyzed over 5 years. Regarding capital structure, P&G had low operating and financial leverage, protecting it from business and financial risks. Debt ratios fluctuated over time but generally decreased. Relationship between EBIT, EPS, and debt ratios was positive. For payout policy, P&G paid stable quarterly dividends. Stock price typically fell on ex-dividend dates but rose before on dividend announcements, encouraging purchases. Price movements sometimes differed from announcements, guided by other market forces. P&G is desirable for dividend investors due to payouts despite stock price stability in its sector.
Consumer confidence in the UK saw its largest quarterly increase in 18 months according to Deloitte's Consumer Tracker. Five of the six measures that make up the confidence index rose between Q2 and Q3 2016, with strong gains in confidence around job security, opportunities, and career progression. However, confidence in London fell and remains lower than a year ago. Retail sales growth has continued into Q4 2016 supported by low unemployment, inflation, and interest rates. While economic fundamentals remain positive, uncertainties around Brexit and potential higher inflation in 2017 could pose future challenges to consumer spending.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Good continued growth and satisfied customers
Folksam is growing and our customers are happy with us. During the period, we have implemented several measures in order to continue to reinforce our financial strength and focus on our core business of pension investments and insurance for the many. One measure has been to implement changes in the traditional life insurance with the aim of ensuring a positive and stable long-term return for our pension savers. For our customers in the corporate market, we are developing a simplified and standardised product, in order to become even better and more secure.
Major development initiatives have been carried out, such as improvement of the IT systems and an increase in our digital presence for customer communication, with the intention of becoming an even more modern financial enterprise. We are preparing for Solvency II, our most important and most highly prioritised project. We have continued to modernise, streamline and consolidate.
The euro crisis and geopolitical uncertainty are contributing to market turbulence, and a challenge that we share with other industry stakeholders is to find a way to yield positive returns at a time of historically low interest rates. It is against this background that our infrastructure investment should be viewed; the business acquisition where we, together with Borealis Infrastructure and the First and Third AP Fund, bought Fortum’s Swedish electricity grid. The transaction is now complete. It represents a very long-term investment.
By investing in safe, environmental and sustainable solutions for electricity transmission, we can achieve a good return that will benefit our pension savers and insurance customers.
Future prospects
We see continued growth within both life and non-life insurance activities. Folksam Life is expected to yield a lower return for the rest of the year, compared with the first two quarters. This is because we have implemented changes in the traditional life insurance and stopped selling the product Seniorkapital.
Our commitment to our customers propels our success. Even if the situation is favourable, there is always room for improvement. Our ambition is to attract more total customers and to have the most satisfied customers of the insurance and savings industry. We have established a high rate of change, and we invest and work in a goal-oriented and responsible manner to safeguard the trust that our customers have given us.
Jens Henriksson
CEO and Group President
Stable results in times of change
Folksam and its subsidiaries ended 2015 with yet another strong quarter in respect of both non-life insurance and life insurance. At the same time, the period was characterised by preparations for 2016 onwards. I am very pleased that we finally are operating according to the new Solvency II regulations, an initiative that has required extensive effort. We still need to fine-tune the working methods, but essentially this change means that we are now a more modern financial company compared with the situation before the start of the year.
Although Folksam is still financially strong, we face a number of challenges. The uncertainty in the world economy and China places a question mark over things. We saw lately the stock market turbulence in early 2016 that began in China and quickly spread. And low interest rates are continuing to make their presence felt. Folksam, like all industry stakeholders, therefore have to be satisfied with lower levels of return compared with the last few years.
Sales in respect of both non-life insurance and life insurance are growing according to plan, but they are also driving costs. This is also true of our many development projects. This is why we are now focusing more extensively on ensuring that we can recover the effects of the various initiatives.
We have many things to look forward to in 2016. We are making major progress with regard to our digital presence, and we are launching a new folksam.se. The web is key to our strategy, which involves meeting customers in the places where they want to be met. We were also able to describe our partnership with TeliaSonera last autumn, which will make it possible to connect a newly developed WiFi solution into vehicles and help drivers to "Drive Safely". This will give our car insurance customers feedback on how safely they drive and allow us to reward them by means of discounts on their car insurance, for instance. This is a solution that has it all: it reduces the number of accidents and saves lives while also helping to benefit both customers and the environment. When we sum up 2015, customers will again share in our bonus interest programme. We will be issuing around SEK 545 million to around 2.5 million customers for the financial year.
We are now, with undiminished vigour, continuing our efforts to become the pension savings and insurance company for the many, with the best offers available in the industry. Our aim – to have the happiest customers in the industry – still stands.
Pleasingly, we are most definitely on the right path. And heading in the right direction.
Jens Henriksson
CEO and Group President
Folksam Interim Report January - March 2016Folksam
1) Folksam's interim report summarizes the company's performance from January to March 2016. Premium growth was strong in non-life insurance while growth slowed in traditional life insurance due to restrictions on one-time premiums.
2) Returns were around zero for the period due to stock market turbulence and continued low interest rates. However, bonus interest rates for life insurance customers remained relatively high.
3) Folksam's transition to new Solvency II regulations was successful so far and development projects progressed to modernize systems and increase digital customer engagement.
Folksam Annual and sustainability report 2016Folksam
This document is Folksam Group's annual and sustainability report for 2016. It discusses Folksam's performance over the past year and outlines its vision, strategy, and business model. Key points include:
- Folksam restructured into two business areas (private and partner/collectively agreed business) to increase customer focus and efficiency.
- Customer satisfaction remained high at 79% according to Folksam's Customer Index.
- Folksam manages SEK 400 billion in assets for over 2 million customers.
- Sustainability efforts included green bond investments and a partnership for more sustainable veterinary care costs.
Folksam consolidated its position as a stable player in 2012. Premium volumes increased nearly 6% to SEK 35.2 billion due to growth across all segments. Key financial metrics like solvency ratios remained strong, with Folksam Life at 144% and KPA Pension at 150%. Customers benefited from above-average returns, with KPA Pension achieving the highest 5-year average annual return in the industry of 7.9%. A bonus program is also being introduced in Folksam General in light of its strong financial position.
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
- Aegon delivered solid underlying earnings of EUR 445 million in Q1 2013, though net income declined to EUR 204 million due to losses from equity hedging programs.
- New life sales increased 12% to EUR 499 million driven by strong pension sales in the UK and Netherlands.
- Aegon completed the restructuring of its Spanish business with the exit from its partnership with CAM.
Folksam annual report and sustainability report 2014Folksam
This annual report discusses trends affecting Folksam's business, including:
1) Digitization is increasing demands for digital services and availability.
2) People are living longer and lifestyles are changing, requiring new insurance products.
3) Climate change is increasing risks and costs for the insurance industry.
4) New regulations in Sweden and the EU require rapid adaptation.
5) Global economic and political issues can impact Sweden. Folksam aims to develop opportunities from these trends through digital transformation, new products, sustainability initiatives, regulatory compliance, and monitoring external issues.
Legal & General Group Plc reported strong financial results for the first half of 2022, with operating profit from divisions increasing 7% to £1,355m. Earnings per share grew 8% to 19.28p, supported by a strong balance sheet with a solvency ratio of 212%. The company achieved good growth across its divisions and remains on track to meet its cumulative cash and capital generation targets.
This report from S&P Capital IQ provides an overview and thematic outlook of the European insurance sector. The report is overweight on the sector, as rising interest rates and equity markets provide tailwinds. While accounting impacts of rising rates can cause short-term noise, higher investment returns will ultimately benefit life insurers. The report also notes regulatory uncertainties from Solvency II and the designation of some firms as globally systemic insurers.
- The coronavirus pandemic significantly impacted the company's results in the first half of 2020. Revenue declined 2.2% due to rent relief provided to tenants.
- Center operating costs rose substantially by €17.9 million primarily due to higher write-downs of rent receivables totaling €19 million resulting from expected rent defaults and tenant insolvencies caused by the pandemic.
- Earnings before interest and taxes (EBIT) fell 20.1% to €78.5 million mainly due to the increase in rent receivable write-downs and lower revenue amid the pandemic.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Red views inflation-linked-bonds-issuance-and-pensions-liabilities-january-2013Redington
This document discusses the growth of the UK inflation-linked bond market and pensions' inflation-linked liabilities. While the inflation-linked bond market has quadrupled since 2005, it remains much smaller than pension schemes' inflation-linked liabilities. This mismatch is pushing real yields lower and limiting pension schemes' ability to match inflation risk. The document examines alternative sources of inflation-linked assets that pension schemes should consider to better match liabilities, such as infrastructure investments.
Credit Suisse Group reported net income of CHF 1.9 billion for Q3 2006, nearly unchanged from Q3 2005. Investment Banking saw a 5% decline in net revenues due to lower equity trading, while Private Banking revenues declined slightly due to lower client activity. Total assets under management grew 8% to CHF 904.2 billion.
In January–June, the return on Elo’s investments was −4.1 per cent (7.2 per cent). The market value of the investments was EUR 24.0 billion. In the second quarter, return on investments was positive at 5.9 per cent (1.9 per cent). The solvency ratio was 119.4 per cent and solvency capital was 1.4 times the solvency limit.
With roots stretching back almost 200 years, Aegon is one of the world's leading providers of life insurance, pensions and asset management. Find out more about our history, markets, performance, and our commitment to sustainability and responsible investment.
This document brings together a set
of latest data points and publicly
available information relevant for
Business services. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
High Yield Bonds in 2018: living in a low-default worldJurgen Vluijmans
- The global economy is showing signs of synchronized recovery in 2018, with economic activity growing solidly and unemployment falling. However, loose monetary policy has not yet translated to clearly rising wage and inflation levels.
- In 2017, the European high yield bond market performed well, with funds returning around 5% on average. Defaults remained low and are expected to stay low in 2018.
- Spreads have tightened but remain in the lower historical range, offering carry and diversification benefits for fixed income investors seeking yield in the current low interest rate environment. However, spreads may widen again if economic growth accelerates and core rates rise.
Etude PwC 2013 sur les fusions-acquisitions dans le secteur des assurancesPwC France
http://pwc.to/16IfpG5
Ce nouveau rapport de PwC met en évidence la reprise des fusions-acquisitions dans le secteur de l’assurance, dont l’importance stratégique commence à augmenter à travers le monde.
This document brings together a set
of latest data points and publicly
available information relevant for
Insurance Industry. We are very
excited to share this content and believe that readers will benefit from this periodic publication immensely.
Similar to Folksam Interim Report January – March 2018 (20)
Folksamgruppen: Delårsöversikt januari – mars 2019Folksam
Händelserik start på 2019 - Folksamgruppens första kvartal 2019 kännetecknas av ett förstärkt kostnadsfokus. Vi har de senaste åren moderniserat och konsoliderat för att möta kraven från kunder och marknad. Hög effektivitet är nyckeln till lägre premier och bättre villkor för våra kunder och ägare.
Affär, kostnader och hållbarhet i fokus - Folksamgruppen har gjort en framgångsrik resa de senaste åren. Vi har både moderniserat och konsoliderat verksamheten. Under 2018 gick vi in i en ny fas där vi kompletterade vår affärsinriktning med ett förstärkt kostnadsfokus. Fokus affär, fokus kostnader i en hållbar värld.
Presentationsmaterial från Folksams finansmarknadsträff 20 november 2018, med Jens Henriksson, vd, Jesper Andersson, finanschef, Michael Kjeller, chef för kapitalförvaltning och Lars Engvall, chef FutureLab.
Folksamgruppen: Delårsöversikt januari – juni 2018Folksam
Fortsatt fokus på kunderbjudandet. Vi fortsätter med vårt intensiva arbete för att utveckla vårt kunderbjudande ytterligare. Arbetet med de nya regelverken fortskrider som planerat.
Effektivitet framför allt. Vi fortsätter att öka trycket på arbetet med effektivitetshöjande åtgärder, samtidigt som vi fokuserar på de nya regelverken och aktiviteter för ökad försäljning.
Annual report and sustainability report 2017Folksam
The document provides an overview of trends affecting Folksam, including:
1) Climate change is increasing costs of weather-related disasters and poses challenges for insurance. Collaboration on sustainability goals and agreements can help mitigate these threats.
2) New regulations like GDPR and IDD aim to increase transparency and protect customers. Adapting to changes benefits customers and maintains trust.
3) Digitalization allows new ways to meet customers but also risks around data, security and online crime that insurers must address.
En hållbar plan - Modernisering, konsolidering och effektivisering. Det har varit nyckelorden för Folksamgruppen de senaste åren. När vi nu lägger 2017 bakom oss kan vi konstatera att vi tagit flera kliv framåt i vårt förbättringsarbete.
2017: Framsteg och utmaningar
2017 blev ett intensivt och på flera sätt utmanande år, men bjöd ändå på en rad ljusglimtar för Folksamgruppens del.
Utifrån ett världsekonomiskt perspektiv har utvecklingen varit relativt ljus, och flera bedömares prognoser för 2018 och 2019 pekar mot en BNP-tillväxt på närmare fyra procent. De utvecklade länderna i Europa och Asien, liksom USA, har en stabil ekonomisk utveckling, även om världen fortsatt står inför många politiskt svåra utmaningar.
Folksamgruppens totala premievolym växte med sex procent till 50 miljarder kronor under 2017. Den huvudsakliga tillväxten kom från kollektivavtalade tjänstepensioner, och framför allt dotterföretaget KPA Pension. Även sakförsäkringsverksamheten växte, om än inte i lika hög takt som marknaden. Totalavkastningen för våra bolag blev något lägre än nivåerna året innan.
Vi är fortfarande störst på traditionell livförsäkring och Folksam Liv och KPA Pension har presterat snittavkastning i den absoluta branschtoppen de senaste tio åren. Likaså har Folksam LO Pensions och KPA Pensions fondförsäkringar gett bäst avkastning över samma tidperiod. På sakförsäkringssidan är vi tredje störst på marknaden och vår bil-, hem-, och villaförsäkring får bäst snittbetyg i Konsumenternas branschjämförelse. Så visst finns det ljusglimtar.
De många regelverken som har trätt i kraft eller snart gör det bidrog till det intensiva 2017. Vid årsskiftet började till exempel PRIIP, som reglerar hur rådgivningen ska gå till när vi säljer kapitalförsäkringar, att gälla. Under 2018 träder nya regelverk i kraft i en strid ström: GDPR i maj, IDD i oktober och därefter IORP. Och vi får inte glömma penningtvättsfrågor där vi gör en kraftsamling för att ha riktig ordning och reda. Allt detta har vi förberett oss inför på ett förtjänstfullt sätt under 2017. Det har krävt – och kräver – hårt arbete, men i grunden handlar det om att öka tryggheten för kunderna. Som ett kundägt bolag är det naturligtvis något vi gillar.
Året blev intensivt även på kapitalförvaltningssidan. Med vår framfart på marknaden för gröna obligationer har vi samtidigt stakat ut en tydlig inriktning för hur vi bedriver en ansvarsfull kapitalförvaltning. Idag äger vi gröna obligationer för närmare 15 miljarder kronor och har slagit fast ett nytt mål om att före utgången av 2018 äga 25 miljarder
kronor i tillgångsslaget. En annan investering som märktes var att vi under året för första gången investerade i skog och därmed fick indirekt tillgång till ett för oss nytt tillgångsslag.
Nu fortsätter vårt engagemang för kunderna genom både stora och små insatser. Vi ska ta vara på goda möjligheter som 2018 för med sig. Alltid utifrån att vi ska vara bra på pensioner och försärkringar för de många och med kundernas bästa för ögonen.
Jens Henriksson
Vd och koncernchef
Framåt på flera fronter
Den världsekonomiska konjunkturen fortsätter att se ljusare ut och viktiga bedömare har justerat upp sina tillväxtprognoser, inte minst för Sverige. Men de politiska frågetecknen kvarstår. USAs vägval i amerikanska och utrikespolitiska frågor samt Storbritanniens förhandlingar om sitt EU-utträde är två områden som bidrar till osäkerhet.</p>
Folksamgruppens totala premievolym växer med sju procent till drygt 41 miljarder kronor under årets nio första månader. Den huvudsakliga tillväxten kommer från kollektivavtalade tjänstepensioner, och framför allt dotterföretaget KPA Pension. Även sakförsäkringsverksamheten växer något, om än inte i lika hög takt som marknaden. Totalavkastningen för perioden uppgår för Folksam Liv till 3,4 procent och för KPA Pension till 3,7 procent.
Regeringen presenterade nyligen ett förslag om höjd skatt på sparformen kapitalförsäkring från och med den första januari 2018. För oss i Folksamgruppen är utgångspunkten alltid våra kunder. Även om kostnaden för den höjda skatten blir blygsam, så borde fokus istället ligga på att skapa möjligheter till högre pensioner eftersom de redan är under press.
Vi fortsätter att arbeta med förbättringar i vardagen. Samtidigt går arbetet framåt kring flera av regelverken. Vi är också mitt uppe i att uppdatera distributionsstrategin inom livförsäkringssidan, vilket ger konsekvenser för hur vi framgent ska samverka med våra förmedlare.
Införlivningsarbetet av Förenade Liv har fortsatt och nått några viktiga milstolpar. Från och med oktober har en sjukvårdsförsäkring lanserats i Folksam. Det är nu också möjligt för flera fackförbund att nyteckna kunder i Folksam.
Genom vårt senaste köp av gröna obligationer som Världsbankens organ för privat sektor IFC exklusivt gav ut till oss om ett värde av 350 miljoner amerikanska dollar närmar vi oss 15 miljarder kronor i tillgångsslaget. Därmed är etappmålet om tolv miljarder kronor passerat och vi har slagit fast ett nytt mål om 25 miljarder kronor före utgången av 2018. Det betyder att vi på drygt ett år har blivit en av världens största privata innehavare av gröna obligationer. Vår framfart som köpare av gröna obligationer har också uppmärksammats internationellt. Till exempel deltog vi nyligen vid ett globalt affärsforum i New York och vid ett klimatmöte som Världsbankens ordnade. Gröna obligationer ger högre pensioner för våra kunder, samtidigt som deras sparande bidrar till en uthållig värld. Helt i enlighet med Folksams vision.
Nu fortsätter vi att engagera oss för kunderna genom både stora och små insatser. Vi ska arbeta för en mer effektiv verksamhet och vi ska se över processer, regler och samarbeten. Jag har sagt det tidigare: Vi ska ha branschens mest nöjda kunder.
Jens Henriksson
Vd och koncernchef
Framåt steg för steg
2017 har börjat stabilt för Folksamgruppen, precis som 2016 avslutades. Vi fortsätter att arbeta för kundernas bästa både genom de små förbättringarna i vardagen och större förändringsarbeten.
Omvärldsläget och dess utmaningar består, även om den världsekonomiska utvecklingen ser ljusare ut och viktiga bedömare nu justerar upp sina tillväxtprognoser. Det största frågetecknet är den amerikanske presidenten Donald Trump och hans vägval i såväl amerikanska som utrikespolitiska frågor.
Samtidigt fortsätter det låga ränteläget att prägla Folksamgruppens tillvaro. Vår totala premievolym växer enligt plan. Vårt starka sakförsäkringserbjudande fortsätter att driva efterfrågan, samtidigt som premieinflödena i livförsäkringsverksamheten förblir mer kontrollerade. I februari 2017 kunde vi återigen höja återbäringsräntan, från fyra till fem procent, och efter kvartalets utgång höjde vi återbäringsräntan för tjänstepensionsverksamheten från fem till sex procent. Det är den fortsatt goda avkastningen, trots ränteläget, som gör att vi kan känna oss trygga med dessa höjningar.
Arbetet med att kraftsamla kring att vara en ansvarsfull investerare och ägare fortsätter, inte minst genom våra investeringar i gröna obligationer. Helt i linje med Folksams vision att våra kunder ska känna sig trygga i en hållbar värld. Dessa investeringar ger både trygg avkastning och bidrar till att bygga en mer miljöanpassad värld. På mindre än ett år har vi passerat tio miljarder kronor i gröna obligationer, nu senast som ensam investerare i en emission från Världsbanken. Det är jag stolt över!
Under kvartalet gjorde vi även vår enskilt största affär i Folksamgruppens historia. Folksam Liv och Folksam Sak sålde 25,6 miljoner stamaktier i Swedbank AB, motsvarande 2,3 procent av kapitalet, till följd av att Swedbanks fantastiska utveckling ökat koncentrationsrisken i våra portföljer. Folksamgruppens ägarandel gick ned från 9,3 till 7,0 procent, vilket är vår nya strategiska nivå. Affären medförde samtidigt en reavinst på 4,5 miljarder kronor, vilket kan jämföras med den ursprungliga investeringen på 4,4 miljarder kronor. Totalt har Swedbank hittills gett kunderna omkring 22 miljarder kronor i avkastning.
Efter årsskiftet lanserade vi tjänsten ”Köra Säkert”, som är den första uppkopplade försäkringen från Folksam. Den belönar kunden för säker körning med upp till 20 procents rabatt på bilförsäkringspremien. Samtidigt som ”Köra Säkert” tar vara på digitaliseringens möjligheter, så bidrar den till att spara miljö, liv och pengar.
På regleringssidan är trycket fortsatt högt. I november 2016 kom förslaget om finansskatt som även...
2017 har börjat stabilt för Folksamgruppen, precis som 2016 avslutades. Vi fortsätter att arbeta för kundernas bästa både genom de små förbättringarna i vardagen och större förändringsarbeten.
MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
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Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
2. 2
Significant events during the period (Jan–March)
• Folksam launched the new product Private Pension. It is
a traditional insurance mainly targeted at the more than
one million of Folksam’s customers aged 25 to 55 who
currently have no savings.
• In an exclusive procedure, the Folksam Group made
acquisitions of bonds issued by the World Bank (IBRD)
at a value of USD 350 million or nearly SEK 2.8 billion.
• Folksam launched the new digital service “Find care
providers abroad” to help the customers find quality-
assured doctor’s offices.
• As of 29 March 2018, KPA Pensionsförsäkring adapted
the guaranteed interest rate level for defined contribution,
traditional insurance from 0.75 per cent to 0.50 per cent
before taxes and fees. The guarantee is calculated on
85 per cent of the amount paid in.
• For the seventh consecutive year, KPA Pension is at the
top of the list of the pension industry’s most sustainable
brands and Folksam ranks second in the insurance indus-
try in the large survey by the Sustainable Brand Index.
Significant events after the end of the period:
• The Folksam Group bought green bonds issued by the
European Investment Bank at a value of over SEK 3 billion
(USD 400 million). This will be the Folksam Group’s biggest
single acquisition.
• Folksam Group launched togehter with Aberdeen Stan-
dard Investment a fund in fund for property investments
only open for companies within the Folksam Group. The
intention is to invest Euro 300 million on the European
market in the next three to four years.
Overview: The Folksam Group
Folksam overall Jan–Mar 2018 Jan–Mar 2017 2017 2016
Folksam Customer Index (FCI), % 72 79 78 79
Premiums, SEK million1
22,207 22,622 49,939 47,023
Assets under management, at period-end, SEK million2,3,4
406,111 390,487 394,125 375,794
Unit-linked insurance assets, at period-end, SEK million3,4,5
142,599 132,293 139,632 124,042
Number of full-time positions6
3,716 3,721 3716 3,731
1) Premiums comprise premiums earned in non-life insurance,
premiums written in life insurance, and receipts and fees from
unit-linked insurance investors in all ten insurance companies.
2) Konsumentkooperationens Pensionsstiftelse is not included.
3) At the end of the period.
4) Assets according to the total return table less strategic holdings,
which principally relate to the value of subsidiaries.
5) Investment assets for which the policyholders bear the risk.
6) Based on paid time during the period.
In this interim overview, we present reports on the Folksam as a whole, the Folksam General Group and Folksam Life Group Group refers to all insurance
companies within Folksam Life and Folksam General, meaning both those consolidated and those not consolidated. The exception to this in the KPI ta-
bles for the Folksam Life Group and Folksam General Group is the solvency factor that relates to the respective legal group.We concentrate on the profit/
loss for the parent companies Folksam General and Folksam Life and the subsidiary KPAPensionsförsäkring.We also present a number of central KPIs
for the other subsidiaries and associated companies in the Folksam Group.
Folksam General
Förenade Liv
Folksam
Skadeförsäkring
Tre Kronor
Saco Folksam
Försäkring
Folksam Life
Folksam
Fondförsäkring
KPA
Pension**
Folksam
LO Fondförsäkring
51%*
51%*60%*
75%*
Four brands, two Groups and ten insurance companies
* Refers to the Folksam Group’s participating interest.
** The brand KPA Pension comprises the parent company KPA AB, the insurance companies KPA Livförsäkring AB (publ) (KPA Livförsäkring) and KPA Pensionsförsäkring AB
(publ) (KPA Pensionsförsäkring), as well as KPA Pensionsservice AB.
3. 3
Efficiency above all
We are continuing to increase the pressure on
the work of efficiency improvement measures,
at the same time that we are focusing on the
new regulations and activities for more sales.
The Folksam Group’s total premium volume in the first
quarter of the year amounted to SEK 22,207 million
(22,622). The primary growth continues to come from
collectively agreed occupational pensions, and above all
the subsidiary KPA Pension. Within the non-life insurance
business, the premiums earned were in line with last year.
Total return for our companies was slightly lower than the
levels the year before, mainly as a result of lower return on
the equities portfolios. We recently made two investments
worthy of a special mention. In February, we made our third
bond investment of USD 350 million in a bond issued by a
body in the World Bank. This time, it did not involve green
bonds, but through the acquisition we want to highlight the
UN’s 17 Global Sustainable Development Goals and direct
focus on four of them. We made the other investment after
the end of the quarter in April. For a vale of USD 400 million,
or more than SEK 3 billion, we bought green bonds issued
by the European Investment Bank. This will be the Folksam
Group’s biggest single acquisition. With our continued pro-
gress in the market for green bonds, we have now surpassed
SEK 20 billion in the asset class and are approaching the
goal of owning SEK 25 billion in it before the end of 2018.
It feels good.
The global economic development is strong and the Inter
national Monetary Fund’s GDP forecasts of nearly 4 per cent
growth for both 2018 and 2019 stand fast. The developed
countries in Europe and Asia, like the U.S., have a stable
economic development, even if the world is still facing many
politically difficult challenges.
Within the Folksam Group, we have had continued focus on
everyday activities and stability. On the customer meeting
– and on efficiency improvement. Quite a bit is happening
continuously, but we have now shifted into high gear for
the next few years. A part of this is the streamlining of the
organisation to only encompass the business areas of Life
and General, which we introduced as of 1 April 2018. The
change gives the business areas clearer responsibility for
profit and profitability. It increases the pressure on efficien-
cy improvement, which ultimately makes it possible for us
to set lower premiums and better conditions for our custom-
ers and owners.
We also have a focus on sales, which we were not fully satis-
fied with in all areas. An answer in the search for more stable
sales and more customers that seek us out because we can
offer what they need – security – is the launch of the new
product Private Pension. It is a traditional insurance mainly
targeted at our more than one million customers aged 25 to
55 who currently have no savings.
All of this takes place in parallel with the introduction of
the well-known regulations GDPR, PRIIP, IDD, MIFID and
POG and what we do not yet know what they contain (IORP).
We have a lot of work ahead of us. But it’s basically about
increasing the security for the customers. And in all of the
challenges that we have ahead of us, we can find strength
in the fact that the customers are satisfied with us and are
staying ever longer. We are proud of this. And it gives us a
clear vision of what we should continue to work towards.
Jens Henriksson
President and CEO
4. 4
Market overview and the Folksam Group
Market development
Folksam is retaining its position in the market. According
to premium figures from the Swedish Insurance Federation
after the end of 2017, we are still the market leader in life
insurance and third in the non-life insurance market.
The total life insurance market subject to competition grew
by 11 per cent to SEK 211 billion during year, mainly through
a positive development in endowment insurance that increased
by more than 20 per cent.
Folksam is maintaining its leading position in total premiums
in life insurance even if the market share is somewhat lower
and amounts to 14.5 (15.2) per cent (paid-in premiums for
both old and new insurance policies). The seven largest
companies comprise 69 per cent of total premiums paid.
The market share in new policies is decreasing, but Folksam
remains third after Skandia and Alecta. In total premiums,
Folksam is still the largest,
The total non-life insurance market grew by 3.6 per cent or
SEK 80 billion compared with the previous year. However,
we are still the third-largest player.
The Folksam Group’s total premiumvolume in the first quarter
of 2018 amounted to SEK 22,207 million (22,622). The
growth comes primarily from the collective occupational
pension business. The Folksam Life Group accounted for
SEK 18,677 million (19,098) and the Folksam General Group
for SEK 3,530 million (3,525).
Macroeconomics
The global economic improvement is continuing, not least
thanks to the developed economies in Europe and the U.S.
showing strength. In a fresh forecast, the IMF raised its fore-
cast for global growth to 3.9 per cent for this year and 2019.
According to the IMF, a slow-down is expected in a few
years, especially in the U.S. when the effects of the country’s
tax reform subside. Ageing populations, weak product
growth, protectionism and less integration of the world
economy are other risks.
However, Sweden is showing indications of a strong economic
growth with both high growth and falling unemployment.
The IMF’s forecast for the Swedish economy is a growth of
2.6 per cent this year and 2.2 per cent in 2019. Inflation is
still below 2 per cent and the prevailing low interest situation
is expected to continue for a while to come. For the insurance
industry, the negative interest rate is still a challenge based
on a return perspective, even if the players have handled the
situation well to-date.
Managed assets and unit-linked insurance assets
At 31 March 2018, the Folksam Group managed SEK 406,111
million (390,487). At 31 March 2018, the unit-linked insur-
ance assets amounted to SEK 142,599 million (132,293).
The increase of the unit-linked insurance assets is due to
good value growth and a strong positive premium inflow.
Total premium volume, SEK millions
50,000
40,000
30,000
20,000
10,000
0
47,023
2016
40,438
2013
47,501
2014
50,469
2015
49,939
2017
22,207
Jan–Mar
2018
22,622
Jan–Mar
2017
Folksam'smanagedassetsandunit-linkedinsuranceassets,SEKbillions
500
400
300
200
100
0
Unit-linked insurance assets 140
394
2017
143
406
2018
March
282
79
2013
326
100
2014
111
345
2015
124
376
2016
259
62
2012
Swedish equities 13 %
Foreign equities 19 %
Swedish interest-bearing 52 %
Foreign interest-bearing 6 %
Special investments 3 %
Properties 8 %
Folksam Group’s managed assets, March 2018
5. 5
The various companies of the Folksam Group are showing
a slightly lower return in the first three months of 2018
compared with the same period in the previous year. It is
primarily equities that have lower returns. However, special
investments are showing good returns, but account for a
relatively small part of the asset portfolios. Some special
events in the asset management business in the period
January to March 2018:
• In an exclusive procedure, the Folksam Group made
acquisitions of bonds issued by the World Bank (IBRD)
at a value of USD 350 million or nearly SEK 2.8 billion.
Through this third acquisition of the same size with a
World Bank body as the borrower, the Folksam Group
wants to direct focus at four of the UN’s 17 Global
Sustainable Development Goals.
• KPA Pensionsförsäkring exclusively invested SEK 200
million in Vellinge Municipality’s first green bond.
The bond will finance the zero-energy building called
“Omtankens hus” [House of consideration] in Höllviken
– the municipality’s new nursing home and meeting
place for the elderly.
• In the unit-linked insurance business, SPP Europa Plus
was added to SPP’s plus concept, which Folksam launched
before the beginning of the year in its guided fund range.
These index-linked Plus funds are fossil free, take sustain-
ability criteria into consideration and guide placements
towards more sustainable companies.
After the end of the period, the Folksam Group bought green
bonds issued by the European Investment Bank at a value
of over SEK 3 billion (USD 400 million). This will be the
Folksam Group’s biggest single acquisition. With this, the
Folksam Group will have invested around SEK 20 billion in
green bonds over two years’ time. The goal is to increase
these investments to SEK 25 billion, before the end of 2018.
The investments are distributed in the Folksam Group as
follows: Folksam Life USD 182 million, Folksam General
USD 52 million and KPA Pension USD 166 million. Folksam
Group launched togehter with Aberdeen Standard Invest-
ment a fund in fund for property investments only open for
companies within the Folksam Group. The intention is to
invest Euro 300 million on the European market in the next
three to four years.
IDD
New and future regulations are placing major demands
for the reorganization of companies in the insurance and
pension savings industries. The Ministry of Finance has
proposed a new Insurance Distribution Directive (IDD),
which contains a large number of reforms that increase
customer protection and create more uniform competitive
conditions in the market. IDD is a political agreement at
the EU level that will begin to apply on 1 October 2018.
Business models, policies, agreements, document and
informational materials as well as compensation to
employees will be affected. Training of personnel will
also be required and perhaps new permits to ensure that
the operation is consistent with the new requirements.
A proposition was made in April and a recurring input from
the Folksam Group was to explain that protection is already
in place for collectively agreed insurance by the equal
collective agreement parties negotiating solutions. As an
insurance company, we accede to the negotiated model.
Solvency II and occupational pension regulation
Solvency II (insurance business legislation) has applied
since 2016, at the same time that companies that conduct
occupational pension operations can instead follow transi-
tional rules. At the start of October 2016, the Government
announced a policy decision regarding the upcoming occu-
pational pension regulation. Based on the ambition of
achieving a solution that provides adequate protection for
consumers at the same time as allowing effective manage-
ment of occupational pensions, the decision means that
there are different regulations for occupational pension
companies and insurance companies. A number of signifi-
cant issues are still awaiting decisions, however, such as
what the capital requirements will be for the occupational
pension companies. Decisions on these issues are expected
to be announced by the Ministry of Finance in spring 2018.
GDPR
Even the EU’s General Data Protection Regulation (GDPR),
which replaces the current Swedish Personal Data Act
(PUL) on 25 May 2018, will require the Folksam Group to
adapt operations that handle personal data. The GDPR in-
creases the focus on each individual’s rights and ownership
of their personal data.
Requirements of writing in telephone sales
In January 2018, it was announced that the Government
wants to introduce requirements of writing in telephone
sales. The proposal means that it will no longer be possible
to enter a verbal agreement when sellers contact consumers
by phone. If the parties want to enter an agreement, a con-
firmation of the offer must be sent to the consumer after the
phone call is over. The confirmation from the company and
the approval from the customer must be in writing and can
be sent, for example, by e-mail, SMS or postal letter. Some
parts of the Government bill may meet opposition in the
Swedish Parliament – including the effective date which is
proposed to be as early as 1 September 2018. The Swedish
Parliament will decide the matter on 14 June 2018.
6. 6
Digitalisation
Digitalisation and automation are affecting insurance and
pension savings in many ways. On one hand, new risks and
changed ways of communicating with customers are arising,
and on the other, new insurance needs, business models and
competitors are being created. The Internet of Things and
self-driving cars, a sharing economy and automated claims
handling and robot advice are concrete examples of the
consequences of digitalisation and automation.
For Folksam, major development initiatives, such as enhance
ment of our IT systems and an increase in our digital presence
for customer communication are continuing with a view to
making us an even more modern and effective enterprise.
But they are also driving costs. We, therefore, prioritise among
the projects to ensure that the projects we have under way
provide the intended benefit. Robotics and FutureLab are
two new units in the Folksam Group that aim to prepare the
operations for future technical leaps.
Sustainability
While the U.S. has repealed climate laws and decided to
leave the Paris Agreement, researchers continue to sound
the alarm of ice in the Arctic melting faster than previously
thought. In Sweden, the Government commissioned an
investigation of how the finance market can contribute to
the climate adjustment by promoting the market for green
bonds. A result from the investigation, which was submitted
to the Minister for Finance at the beginning of January 2018,
was the proposal that the state issue green bonds. It has now
been circulated for comment.
Based on the Folksam Group’s overall sustainability objec-
tives, we have identified four of the UN’s Global Sustainable
Development Goals as guides in this work:
• Good health and well-being (Goal 3)
• Gender equality (Goal 5)
• Responsible consumption and production (Goal 12)
• Climate action (Goal 13).
The work on responsible capital management is linked
to all 17 of the global goals, with focus on lifting up to the
furthest possible extent the four goals the Folksam Group
has prioritised.
Within the scope of the corporate network of the Haga
Initiative, Folksam has also committed to be fossil-free by
2030. We have even invested extensively in green bonds
and today have surpassed SEK 20 billion in investments.
The goal is to own SEK 25 billion in this asset class before
the end of 2018.
Folksam General with subsidiaries reports in accordance with Solvency II. Folksam Life with subsidiaries has pure
Solvency II companies (KPA Livförsäkring), companies with mixed operations (Folksam Fondförsäkring and Folksam
Life) and pure occupational pension companies (Folksam LO fondförsäkring and KPA Pensionsförsäkring) that follow
the Solvency I regulations. The companies’ capital requirements under Solvency II are determined according to the
standard model, which is adapted to an average, European insurance company. All companies meet the solvency and
minimum capital requirements. Calculations of the solvency factor for Folksam General (Group) and Folksam Life
(parent company) are presented with a one-quarter delay.
7. 7
Folksam General
Folksam General Group Jan–Mar 2018 Jan–Mar 2017 2017 2016
Premiums earned, SEK million 3,530 3,525 14,651 14,269
Assets under management, at period-end, SEK million 46,953 46,328 46,658 46,106
Solvency factor1) (SCR), at period-end 2.0 2.0 2.0 2.0
The premiums earned in the Folksam General Group increased to same period in 2017. We then must take into account
that the unions Unionen and Vision chose to not renew their insurance in Förenade Liv/Folksam. Assets under management
increased by 1 per cent to SEK 46,953 million (46,328). The solvency factor according to the Solvency II directive was 2.0 (2.0).
Folksam General (parent company) Jan–Mar 2018 Jan–Mar 2017 2017 2016
Premiums earned, SEK million 2,916 2,808 11,671 11,298
Underwriting result, SEK millions -19 -27 108 -250
Profit/loss before appropriations and income tax, SEK million 129 -9 913 1,746
Total expense ratio, % 101.6 102.4 97.9 100.8
of which claims expense ratio, % 84.1 86.6 82.7 84.0
of which operating expense ratio, % 17.6 15.8 15.2 16.8
Total return, % 0.9 0.3 3.4 6.6
Solvency capital, at period-end, % 19,259 17,864 18,996 18,092
Funding ratio, at period-end, % 163 154 168 157
Solvency factor1) (SCR), at period-end 2.2 2.2 2.2 2.2
1) The solvency factor pertains to the capital base in relation to capital requirements in accordance with the Solvency II directive.
The solvency factor is presented with a one-quarter delay.
The premiums earned for the period amounted to SEK 2,916
million (2,808) in the parent company, which is 4 per cent
higher than the first quarter of 2017. The strong offering and
the greater willingness-to-pay for insurance among custom-
ers continued to drive demand and contribute to the volume
growth. Likewise, the trend towards insurance with more
content continued, at the same time that some premium
adjustments increased revenues. It was mainly home owner
insurance and animal insurance that accounted for the
premium increase, but sickness and accident also grew as
a result of volume growth in individual accident insurance.
The total expense ratio in the parent company amounted
to 101.6 (102.4), which is an improvement of 0.8 percentage
points. The claims expense ratio improved to 84.1 (86.6) per
cent. The operating expense ratio thereby increased to 17.6
(15.8) as a result of higher depreciations of acquisition costs
and higher development expenses.
The underwriting result amounted to SEK -19 million (-27),
which is SEK 8 million higher than last year. It is primarily
higher premiums earned and better claims outcomes that
contributed to the improvement in earnings. Earnings were
negatively affected in part by lower return on assets in the
insurance business and increased operating costs. Profit
before appropriations and tax amounted to SEK 129 million
(-9) for the period. The improvement can be traced to higher
returns on assets and the improved technical result.
The total return ratio was 0.9 (0.3) per cent. This is mainly
due to higher returns in interest-bearing securities, but also
special investments as a result of higher market appraisals
of holdings. The solvency factor, which we present with a
one-quarter delay, amounted to 2.2 (2.2) for the parent
company.
The funding ratio increased to 163 (154) per cent in the parent
company.
Förenade Liv
Folksam General
Folksam
Skadeförsäkring
Tre Kronor
Saco Folksam
Försäkring
75%
Folksam Life
Folksam
Fondförsäkring
KPA
Pension*
Folksam
LO Fondförsäkring
51%60%
51%
8. 8
Events during the period (Jan–March):
• Folksam launched the new digital service “Find care pro-
viders abroad” to help the customers find quality-assured
doctor’s offices and at the same time reduce the costs for
travel claims.
• The commercial business concluded the restructuring that
characterised the operations in recent years and meant
that the operations were concentrated to certain markets
and companies.
0
150
50
168
2017
154
Jan–Mar
2017
163
Jan–Mar
2018
143
2012
149
2013
153
2014
149
2015
157
2016
Solvency ratio, %, parent company
9. 9
Folksam Life
Folksam Life Group Jan–Mar 2018 Jan–Mar 2017 2017 2016
Premium income, SEK million 18,677 19,098 35,288 32,754
Assets under management, at period-end, SEK million 358,948 343,953 347,258 329,485
Unit-linked insurance assets, at period-end, SEK millions 142,599 132,293 139,632 124,042
Solvency factor1), at period-end 3.3 3.3 3.3 3.4
Premiums written for the Folksam Life Group amounted to SEK 18,677 million (19,098) for the first quarter of 2018. Assets
under management amounted to SEK 358,948 million (343,953) and the unit-linked insurance assets amounted to SEK
142,599 million (132,293). In total, the customers’ assets had increased by 5 per cent as of 31 March 2018, compared to
the year-earlier period. The solvency factor was 3.3 (3.3).
Folksam Life (parent company) Jan–Mar2018 Jan–Mar 2017 2017 2016
Premium income, SEK million 2,835 2,687 10,324 9,840
Underwriting result, SEK millions 782 2,506 5,706 8,190
Management expense, % 0.6 0.5 0.6 0.6
Total return, % 0.7 1.7 4.2 8.4
Assets under management, at period-end, SEK million 179,945 178,396 179,413 176,267
Solvency ratio, at period-end, % 165 167 165 165
Solvency factor1) mixed companies 3.7 3.9 3.7 3.9
Collective funding ratio2) occupational pension, at period-end, % 119 122 120 121
Collective funding ratio2) other life insurance activities, at period-end, % 118 120 118 120
1) The solvency factor for mixed companies refers to the sum of the capital base relative to the capital requirements for other life insurance (in accord-
ance with the Solvency II directive) and the capital base relative to the capital requirements (in accordance with the Solvency I directive) for the occu-
pational pension operations.
The solvency factor is presented with a one-quarter delay.
2)
The collective funding ratio was calculated until 30 November 2015 divided into the business lines Life1 and Life2. Thereafter, all occupational pension
business was combined and the business lines occupational pension business and other life insurance business were formed.
Premiums written for the parent company Folksam Life in-
creased to SEK 2,835 million (2,687). The increase mainly
came from the savings products of individual occupational
pensions and individual other life insurance that increased
due to higher sales in brokered channels. Premiums written
in individual occupational pensions were SEK 354 billion. The
risk products are increasing somewhat in premium volume.
The operating costs increased by 8 percentage points com-
pared with the corresponding period last year, partly due to
higher development costs, higher sales in brokered channels
and a redirection of sales.
Total return for the period amounted to 0.7 per cent (1.7)
and was a main explanation for the lower underwriting
result compared with the corresponding period last year.
It is above all return from equities that make the total return
lower during the period. Seen over the past five years 2013–
2017, the annual average total return for Folksam Life was
7.1 per cent. The total return for the past ten-year period,
2008–2017, was 6.9 per cent per year.
The solvency ratio in the parent company was 165 per cent
(167) at 31 March 2017 and was on a par with the beginning
of the year.
The solvency factorformixed companies,whichwe presentwith
a one-quarter delay, is stable and amounts to 3.7 for the parent
company.The collective funding ratio for the defined-contribu-
tionoccupationalpensioninsuranceamountedto119percenton
31March2018,and119percentforotherlifeinsurancebusiness.
0
2
4
6
8
10
12
M
ar-18
Jan-18
D
ec-17
Sep-17
June-17
M
ay-17
Feb-17
D
ec-16
Sep-16
Jun-16
M
ar-16
Jan-16
N
ov-15
Sep-15
Jul-15
M
ay-15
M
ar-15
Jan-15
N
ov-14
Sep-14
Jul-14
M
ay-14
M
ar-14
Jan-14
D
ec-13
O
ct-13
Sep-13
Jul-13
Bonus interest rate
Old premiums Occupational pension business
Other life insurance businessNew premiums
On 30 November 2015, Folksam Life combined all occupational pension
business and the business lines “occupational pension business” and “other
life insurance business” were formed. As of 1 April 2017, the two insurance
lines have different bonus interest rates.
Förenade Liv*
Folksam General
Folksam
Skadeförsäkring
Tre Kronor
Saco Folksam
Försäkring
75%
Folksam Life
Folksam
Fondförsäkring
KPA
Pension*
Folksam
LO Fondförsäkring
51%60%
51%
10. 10
Events during the period (Jan–March):
• Folksam launched the new product Private Pension.
It is a traditional insurance mainly targeted at the more
than one million of Folksam’s customers aged 25 to 55.
• Folksam was one of the winners in traditional insurance
in Collectum’s ITP procurement, which applies for more
than 900,000 privately employed white-collar workers
for the period October 2018 to September 2023.
Solvency ratio %, parent company
200
0
100
165
2017
165
Jan–Mar
2018
167
Jan–Mar
2017
161
2013
155
2014
162
2015
165
2016
Total return %, parent company
12
0
6
1.7
Jan–Mar
2017
0.7
Jan–Mar
2018
4.2
2017
7.6
2013
12.0
2014
3.7
2015
8.4
2016
KPA Pensionsförsäkring
KPA Pensionsförsäkring AB Jan–Mar 2018 Jan–Mar 2017 2017
Premium income, SEK million 9,361 10,218 13,378
Underwriting result, SEK millions 4,404 6,999 9,171
Management expense, % 0.1 0.1 0.2
Total return, % 0.4 2.0 4.6
Rate of return, % 0.4 2.2 4.8
Assets under management, at period-end, SEK million 174,193 160,569 163,060
Solvency ratio, at period-end, % 169 167 168
Solvency factor (S1), at period-end 16.3 16.2 16.3
Premiums written for KPA Pensionsförsäkring in defined-
contribution pensions amounted to SEK 9,361 million (10,218).
In addition to this, there were premiums of around SEK 2.5
billion that were booked in the second quarter of the ywat
KPA Pension as the default option in defined-contribution
pensions annually automatically receives many new cus-
tomers. In connection with 2018’s brokering, X (115,000)
new pension savers were added, who are covered by the
pension agreements KAP-KL and AKAP-KL. The underwrit-
ing result was benefited by positive cash flow and was SEK
4,404 million (6,999). Capital moved out in the first three
months of 2018 was SEK X million. The administrative cost
ratio in KPA Pensionsförsäkring was 0.1 (0.1). KPA Pensions-
försäkring’s solvency ratio at period-end was 169 (167) per
cent. It is mainly the positive cash flow that contributes to
the improved solvency ratio.
Total return amounted to 0.4 per cent (2.2) for the period
and the rate of return amounted to 0.4 per cent (2.2). Viewed
over the past ten years, 2008-2017, the annual average
total return for KPA Pensionsförsäkring was 7.5 per cent.
Förenade Liv*
Folksam General
Folksam
Skadeförsäkring
Tre Kronor
Saco Folksam
Försäkring
75%
Folksam Life
Folksam
Fondförsäkring
KPA
Pension
Folksam
LO Fondförsäkring
51%60%
51%
11. 11
168
2017
Solvency ratio, %
200
0
100
172
2013
166
2014
164
2015
164
2016
167
Jan–Mar
2017
169
Jan–Mar
2018
Events during the period (Jan–March):
• As of 1 January 2018, KPA Pensionsförsäkring reduced
the fees by 25 per cent for the defined-contribution tradi-
tional insurance for the occupational pension agreements
AKAP-KL and KAP-KL for management of municipal
and county council employee occupational pensions.
The variable fees are reduced from 0.15 to 0.11 per cent,
while the fixed fee of SEK 48 remains. Since 2001, the
fees were reduced by more than 70 per cent.
• Similarly, KPA Pensionsförsäkring reduced the premium
from 3 to 2 per cent as of 1 January 2018 in a product
linked to the collectively agreed occupational pension,
the so-called waiver of premium insurance. The premium
reduction concerns 900 employers in municipalities,
county councils and municipal companies.
• As of 29 March 2018, KPA Pensionsförsäkring adapted
the guaranteed interest rate level for defined contribution,
traditional insurance from 0.75 per cent to 0.50 per cent
before taxes and fees. The guarantee is calculated on
85 per cent of the amount paid in. The change applies as
of 29 March 2018 and the premiums paid before this date
are not affected.
• Arvidsjaur and Luleå in the north to Täby, Tyresö, Motala
and Vallentuna are some of the municipalities that chose
KPA Pension as the supplier of the pension administration
during the period.
• For the seventh consecutive year, KPA Pension topped
the list of the pension industry’s most sustainable brands.
Folksam
2.0
Jan–Mar
2017
Total return, %
15
10
5
0
4.6
2017
8.2
2013
13.3
2014
3.3
2015
6.6
2016
0.4
Jan–Mar
2018
12. 12
Appendix:
Other subsidiaries and associated companies
Folksam General
Tre Kronor Jan–Mar 2018 Jan–Mar 2017 2017 2016
Premiums earned, SEK million 253 242 999 962
Underwriting result, SEK millions 12 2 95 56
Profit before tax, SEK million 14 2 94 66
Total expenses, % 95.2 99.1 90.5 94.1
Solvency factor (SCR), at period-end 2.2 2 2.1 2
Folksam Skadeförsäkring
Premiums earned, SEK million 178 180 721 736
Underwriting result, SEK millions -4 11 -14 61
Profit before tax, SEK million -5 7 -18 99
Total expenses, % 102.1 95.7 103.7 93.3
Solvency factor (SCR), at period-end 2.9 2.9 2,9 2.9
Förenade Liv
Premiums earned, SEK million 144 251 1,086 1,110
Underwriting result, SEK millions 69 -11 -24 246
Profit before tax, SEK million 69 -11 -24 246
Total expenses, % 65.4 109.8 103.9 100.8
Solvency factor (SCR), at period-end 2.1 1.8 2 1.8
Saco Folksam Försäkring
Premiums earned, SEK million 39 43 174 163
Underwriting result, SEK millions 3 0 8 18
Profit before tax, SEK million 4 4 14 25
Total expenses, % 75.6 102.1 82.1 85.8
Solvency factor (SCR), at period-end 1.5 1.4 1.5 1.4
Folksam Life
KPA Livförsäkring
Premium income, SEK million 295 281 279 266
Profit/loss for the period before income tax, SEK million 18 72 4 57
Management expense ratio, % 0.2 0.2 0.7 0.6
Total return, % 0.4 1.4 3 4.8
Solvency factor (SCR), at period-end 3.1 3.1 3.1 3.2
Folksam Unit-Linked Insurance
Premium income, SEK million 7 5 20 14
Profit/loss for the period before income tax, SEK million 23 15 45 110
Management expense ratio, % 0.3 0.3 1.3 1.2
Unit-linked insurance assets, at period-end, SEK millions 42,049 40,946 42,574 39,961
Solvency factor mixed companies 1.2 1.5 1.2 1.5
Folksam LO Fondförsäkring
Premium income, SEK million 26 22 103 95
Profit/loss for the period before income tax, SEK million 40 52 241 199
Management expense ratio, % 0.03 0.03 0.1 0.1
Unit-linked insurance assets, at period-end, SEK millions 91,027 81,998 87,525 75,174
Solvency factor (S1), at period-end 5.4 4.6 5.4 4.6
13. 13
This is the Folksam Group
Our job is to provide security for every phase of life. With us,
customers can insure themselves, their loved ones and their
property and save for their pension. Every time we meet a
customer, we also meet an owner. And we have many owners.
We insure almost half of all Swedes and take care of the pen
sions of more than two million people. As a result, the Folksam
Group is one of the leading players when it comes to insurance
and pension saving.
Our vision
Our customers should feel secure in a sustainable world.
Our business concept
We are our customers' company, offering popular insurance policies and pension
investments that provide security.
Our overriding objective
We should have the most satisfied customers in the insurance and savings industry.
Find out more at folksam.se
For further information, please contact:
• Jesper Andersson, CFO Folksam Group, +46 (0)70 831 59 76
• Kajsa Moström, PR Manager, Folksam Group, +46 (0)70-831 64 07
S1256718-05
Our customers
should feel secure in
a sustainable world