A presentation of the lifeinsurance operations of SEB
SEB Trygg Liv Visitors’ address: Sergels Torg 2 • Postal address: SE-106 40 Stockholm • Sweden
Telephone: +46 771 11 18 00 • E-mail: [email protected]
SEB Trygg Liv Pensionstjänst Visitors’ address: Östra Hamngatan 18 • Postal address: SE-405 04 Göteborg • Sweden
Telephone: +46 31 62 14 10
DenmarkSEB Pension
Visitors’ address: Holmens Kanal 9Postal address: Postboks 100/0900 Copenhagen C • Denmark
Telephone: + 45 33 28 28 00
IrelandSEB Trygg Life (Ireland) Assurance Co Ltd34 Fitzwilliam Square • Dublin 2 • Ireland
Telephone: + 353 1638 1700
United KingdomSEB Life (Ireland) Assurance Co Ltd
New Enterprise House • 149-151 High Roads • Chadwell Heath Essex RM6 6PJ • EnglandTelephone + 44 208 597 75 66
EstoniaAS SEB Ühispanga Elukindlustus
Tornimäe 2 korrus 11 • 15010 Tallinn • EstoniaTelephone: +372 665 68 46
LatviaAAS SEB Dzìvìbas Apdrošināšana
Antonijas Street 9 • Riga LV-1010 • LatviaTelephone: +371 707 98 00
LithuaniaSEB VB gyvybés draudimas UAB
Jogailos g. 9/1 • LT-01116 Vilnius • LithuaniaTelephone: +370 52 68 15 55
UkraineSEB Life Ukraine
10 Chervonoarmiyska St • Kiev 01004 • UkraineTelephone: +38 044 287 46 09
TL24
5700
080
4
The life insurance operations of SEB is a leading
player in the Swedish market and one of the leaders
in the Nordic market. Our vision is to also be one of
the leading life insurance companies in Northern
Europe. We want to “create fi nancial security in
an uncertain future.” By this we mean providing
insurance and fi nancial security solutions for the
needs and situations that arise in life’s different
stages for both private individuals and companies.
Our products include occupational pensions, private
pension insurance, endowment insurance, disability
insurance and health care insurance. We want to
be seen as an understandable, considerate, sensible
pension company which, through knowledge and
good returns, provides customers with a pension
they can look forward to.
The life insurance operations of SEB produced its
strongest full-year result ever in 2007. A stable trend
in our fund values and good cost controls were the
main reasons for this fi ne result. The turbulence in
global stock markets in 2007 adversely affected fund
values, but a strong performance during the fi rst half
year nevertheless led to positive results for the year as
a whole.
We continued to expand eastward by establishing
operations in Ukraine, where we sold our fi rst
insurance at the end of the year. We also opened
a head offi ce in Riga for international operations.
Eastern Europe is where we see our greatest
growth potential right now, and our goal is to grow
substantially.
In all our markets we will continue the work we
have begun to create value for our customers. In 2008
we will take a step closer to our vision and enhance
operations in every market based on the exciting
development our industry faces.
Anders Mossberg, President
3
Welcome to the life insuranceoperations of SEB
Contents
Welcome to the life insurance operations of SEB ______________________ 3
SEB Trygg Liv, Sweden _______________________________________________________________ 5
SEB Pension, Denmark _________________________________________________________________ 8
SEB Life & Pension International ________________________________________________ 10
Our products _______________________________________________________________________________ 12
Key financial ratios and profit and loss account _______________________ 14
The companies of SEB Trygg Liv _______________________________________________ 16
Divisional management and senior executives _________________________ 18
Addresses ____________________________________________________________________________________ 20
SEB Trygg Liv has operations in ten countries.
Financing
Advisory services
Investment management
Investment Banking
Payment services
Mortgages
Foundation management
Private pension savings
Custody services
Charge and credit cards
Venture capital
SEB’s offering– a selection
Sheltered housing
Funds
Occupational pensions
Liquidity planning
Welfare insurance
Foreign exchange
Part of the SEB Group
5
SEB Trygg Liv is the market leader in Sweden in new
unit linked insurance (excluding IPS). Unit linked
insurance accounts for slightly over 90 per cent of the
company’s total sales and nearly 80 per cent of
paid-in insurance premiums. Unit linked insurance
did not achieve its breakthrough as a savings form
until the 1990s, at which point there was already a
substantial stock of traditional insurance. Since 1
March 2007 traditional insurance is no longer offered
by SEB Trygg Liv. In the last couple of years, however,
it has offered unit linked insurance with a guaranteed
amount where savings are invested in a special fund.
Customers are guaranteed 90 per cent of deposited
premiums.
Sweden’s corporate life insurance market has
quadrupled since 1998. The strong growth rate has
tailed off, however. In the retail market, volume
has fl uctuated greatly over the years and has been
affected by stock prices and changes in tax laws.
SEB Trygg Liv’s aim is to provide a complete range
of life insurance. This means that we must develop
and broaden our range of risk insurance (care
products). These products cover life situations such
as illness, medical care, death and accidents – for
companies and their employees. At the same time we
are seeing that attitudes towards, and demands on,
pension advice have changed radically. It is no longer
enough to talk about public pensions, pension solutions
and occupational pensions. Customers also want help
with their fi nancial situation, which includes issues of
health and housing.
Turn-key solutions for private individuals in SwedenFor most people, fi nancial security in old age has
three pillars: a national pension, occupational pension
and their own pension savings. The national pension
system is linked to future growth and demographic
trends. Based on demographic forecasts, with an
aging population and fewer wage earners supporting
more dependents, we anticipate growing demand for
individual pension savings. Pension savings are tax
deductible within certain limits. SEB Trygg Liv’s main
product for private pension savings is Individual
Pension Savings, IPS, where customers can choose to
save in funds, individual securities or a bank account.
IPS has no insurance component, but can be
complemented with group life insurance.
Another possibility is to take out pension
insurance. Here the choice is to save in unit linked
insurance or unit linked insurance with a guaranteed
amount, where 90 per cent of the premium is
guaranteed. Since this is insurance, it is possible to
add cover for survivors and waiver of premium
insurance.
With both IPS and pension insurance, the money
can be withdrawn from age 55. For those who prefer
to take their money out earlier, an alternative can be
to save in “kapitalspar,” a unit linked endowment
insurance. The premium is not tax deductible and
therefore the money is not taxed when paid out.
SEB Trygg Liv in Sweden has a complete range of life insurance products for companies and private individuals. Individual products include occupational pensions, private pension insurance, life insurance, disability insurance, health care insurance, rehabilitation insurance and pension foundations. Insurance advice and other consulting services are offered together with these solutions.
SEB Trygg Liv in Sweden
Competitive occupational pensionsA large percentage of the occupational pensions
covering employees in Sweden are collective plans
not open to competition. In contrast, the competitive
components are large and important target groups
for SEB Trygg Liv and comprise two market sectors:
complementary pensions and solutions for high
earners, known as ten-pointers.
Complementary pensions are the occupational
pension component where the employee can choose
the investment. The various agreement areas SAF-LO,
KAP-KL, ITPK and PA03 have such models. Solutions
for ten-pointers are mainly for salaried employees
who earn more than ten income base amounts.
Provided their employer approves, these employees
can in addition to complementary pensions choose
insurance solutions for the premiums related to
salaries above a certain amount.
Pension foundations – another alternativeSetting up a pension foundation can be an alternative
for companies seeking a solution other than insurance
for their employees’ occupational pensions. Interest in
foundation solutions has increased over the years,
mainly from large industrial groups. Companies
looking for advice or assistance in setting up and
administering pension foundations can turn to SEB
Trygg Liv Pensions Service, the leader in the fi eld.
Several contact channelsSwedish customers of SEB Trygg Liv can contact us
through several channels such as SEB’s bank branches,
our sales force, independent insurance brokers, SEB
Trygg Liv’s telephone service centre and our Internet
branch.
Investing premium pensionsThe national pension system comprises an income-
based pension, which is managed by the state and
indexed to economic growth, and a premium pension,
which allows people to invest in one or more of nearly
700 funds offered by the Premium Pension Authority.
SEB participates with some 20 funds. For younger
people in particular, the difference in pension can be
considerable depending on the funds selected, since
the premium pension may correspond to up to one
third of their future pension.
Infl uencing occupational pensionsA signifi cant portion of the future pension comes from
occupational pensions paid for by the employer. A
growing number of occupational pension agreements
contain a component that allows employees to decide
how it should be invested. The decision is whether to
invest in unit linked insurance, unit linked insurance
with a guaranteed amount or traditional insurance,
and which company to manage the assets. It is
important to understand which alternatives are
available, since the difference can be substantial
depending on the choices made.
Save and investSaving for fi nancial security is not only important
for retirement. For parents or grandparents, saving
for children and grandchildren is a way to give
them a good start in life. Saving in the “kapitalspar”
endowment insurance product can offer tax
advantages. Another possibility for large investments
offered by SEB Trygg Liv is Life Assurance Portfolio
Bond, an international endowment insurance that
provides certain benefi ts over investments in directly
owned shares or funds.
Complementing public welfareIncreased pressure on the social insurance system has
brought the issue of public welfare to the forefront.
Many people feel a need to complement with their
own private insurance. This includes disability
insurance to compensate for loss of income, health
insurance to provide faster access to medical care, life
insurance to compensate relatives when the insured
person dies, or mortgage insurance to allow surviving
family members to remain in their home.
Offering for Swedish companiesQuestions facing small businesses include choosing a
pension solution for the owners and employees and
creating fi nancial protection in the event of illness.
Employee absenteeism due to illness affects
companies in various ways. To reduce such absences
and related costs, SEB Trygg Liv offers the “Lönsam
Hälsa” (profi table health) concept to prevent absences
due to illness, as well as rehabilitation insurance and
insurance providing compensation for medical care
and treatment if illness has already occurred.
Simpler administrationIt is a major advantage if administration of employees’
insurance solutions is simple to handle. SEB Trygg
Liv’s occupational pension programme, TryggPlan,
requires little effort on the part of the client company
and provides considerable opportunities to add
different types of insurance cover. The company
reports personnel and salary changes to SEB Trygg
Liv, which takes care of all the paperwork. For large
companies there is a system that allows electronic
reporting directly to us. SEB Trygg Liv has online
services that allow even small companies to manage a
large part of their administration through SEB’s
website. This creates an even simpler process where
the insured’s details can be processed immediately.
Gamla Liv 528,000Nya Liv* 118,000Fondförsäkringsaktiebolaget SEB Trygg Liv 679,000SEB Trygg Life (UK) 7,000SEB Pension, Denmark 300,000Estonia 42,000Latvia 41,000 Lithuania 45,000
Total number of customers, approx. 1,760,000
* Merged with Fondförsäkringsaktiebolaget SEB Trygg Liv in October 2007.
Number of customers
(rounded off) 2007
6 7
Number of employees 1,218recalculated on a full-time basis
Sales1) SEKm 2007
Sweden, incl. IPS 7,253Denmark 3,040International (incl. Baltics) 3,395 13,688
Of which Baltics 1,944
Privately funded insurance and pension solutions
Sales1) SEKmr 2007
Sweden 20,426Denmark 10,561International (incl. Baltics) 1,072 32,059
Of which Baltics 321
Company-paid insurance
SEKm 2007
Sales1)
IPS 1,408Unit linked insurance 35,416Traditional life insurance 8,923 45,747Premium incomeUnit linked insurance 18,241Traditional life insurance anddisability/health insurance 8,129 26,370Assets under management Unit linked insurance 136,200Traditional life insurance anddisability/health insurance 272,200 408,400SalesPrivately paid, incl. IPS 13,688Company-paid 32,059 45,747
Volumes
incl. Baltics
1) Sales consist of new insurance business, extra deposits and increases in existing insurance policies. Sales are measured as single premiums + regular premiums x 10. Figures exclude PPM.
SEB Trygg Liv 22.1 (29.3)
Skandia 14.1 (15.7)
Swedbank 10.2 (11.3)
Folksam 7.7 (7.9)SHB and SPP 8.2 (7.7)
LF 12.7 (7.3)
Moderna Försäkringar 13.4 (6.7)
Nordea 4.2 (4.8)Danica 3.9 (5.3)
Other 0.2 (0.4)
AMF 3.3 (3.4)
Market shares for unit linked insurance, SwedenNew policies
Unit linked insurance dominates the retail market …In recent years the retail market in Denmark has not
generated much growth, since most people save in
some form of occupational pension, which they can
also contribute to themselves. SEB Pension’s
development has followed the overall trend. In the
retail market, unit linked insurance including Market
Pension is currently the dominant product for SEB
Pension in terms of new sales.
… and is growing in the corporate market as wellAlthough around 85 per cent of employees
in Denmark currently have some form of
complementary occupational pension, there is still
a relatively large need to save more, due to which
growth is expected to continue in the years ahead.
Only defi ned contribution pensions are available,
but employees can often contribute to their savings
by withholding a portion of their salaries. Strong
competition in the occupational pension market,
coupled with full transfer rights, has encouraged
customers to switch insurers. A large part of sales
to companies (slightly over 40 per cent) is through
insurance brokers, while the rest is handled through
SEB Trygg Liv’s own sales force and via a distribution
agreement with the former owner, Codan Forsikring.
Several contact channelsSEB Pension has around 300,000 customers. They can
reach us through our sales force and our call centre.
SEB Pension’s call centre responds to nearly 100,000
calls and e-mails from customers each year.
Measured in premium income, SEB Pension is the
fourth largest company in Denmark, with a market
share of around 10 per cent. In the unit linked market,
SEB Pension is the second largest company after
Danica.
Nearly 80 per cent of new business consists of
corporate sales. In the retail market unit, linked
insurance accounts for 85 per cent of sales, while the
corporate market consists to 50 per cent of traditional
insurance since some agreement areas do not yet offer
unit linked insurance as an investment alternative.
The Danish occupational pension market has had
an annual growth rate of around 10 per cent since 2000.
SEB Pension’s growth rate in occupational pensions has
been 15-20 per cent in recent years. In the retail market,
SEB Pension’s performance has followed the general
trend, where there has been a lack of signifi cant
growth.
SEB Pension’s assets under management are
increasing. In 2007, premiums rose by 11 per cent.
Growth has primarily been in unit linked insurance,
which rose by 16 per cent in 2007, while premiums
for traditional insurance increased by approximately
9 per cent.
In unit linked insurance, SEB Pension offers a
product called Market Pension for customers who want
assistance over time to align their investments with
their age and anticipated retirement date. Growth in
unit linked insurance is primarily driven by this
product.
SEB Pension sells savings, life and health insurance to private individuals and companies. Savings insurance comprises both unit linked and traditional insurance (in profit-distributing companies).
SEB Pension, Denmark
8 9
10 %
SEB Pension’s share of the Danish market Premium income
Life and pension offerings in the Irish operationsThe operations of the Irish company SEB Life (Ireland),
domiciled in Dublin, mainly focus on sales of the
international Life Assurance Portfolio Bond insurance
(investment opportunities via a custody account),
which is available in the form of endowment insurance
and occupational pension. Sales are concentrated in the
Swedish market.
The company has branch offi ces in Luxembourg,
Finland and the UK. The Luxembourg offi ce sells
primarily to expatriate Swedes. In Finland, an existing
insurance portfolio is managed. In the UK, the
company manages a portfolio of unit linked insurance
mainly built up in the 1990s at a time when many
Swedes saved in foreign insurance. Today no new
business is conducted.
Life and pension operations in the Balticsand other marketsSEB is a market leader in life and pension insurance
in Estonia, Latvia and Lithuania. Although the retail
market dominates, both it and the corporate market
are only beginning to emerge.
In Estonia, the offering of life and pension products
from SEB Ühispanga Elukindlustus comprises both
fund and traditional insurance. The market offers
substantial development potential due to steady
growth in households’ ability to save.
The Latvian market is developing very strongly,
and interest in unit linked insurance has increased
signifi cantly in the last year. Unit linked insurance
currently accounts for more than 60 per cent of new
policies in Latvia.
In Lithuania, the offering comprises life and
pension products. At fi rst only traditional insurance
was available, but in recent years the greatest growth
has been in unit linked insurance, where SEB VB
gyvybés draudimas UAB was the fi rst to enter the
market.
Distribution in the three Baltic countries is mainly
handled through SEB’s local branch offi ces, though
also to a large extent through tied agents and the
company’s own sales force.
SEB is a leading player in Estonia, Latvia and Lithuania in life and pension insurance.
SEB Life & Pension InternationalSolutions for private individuals in the BalticsIn contrast to Sweden and Denmark, the market
in the Baltic countries is still in the early stages of
development. Potential is high due to improvements
in household fi nances and the easing of tax
regulations to encourage pension savings. Today
the main segment in the Baltic states is individual
insurance.
The products sold are traditional insurance and
unit linked insurance.
Corporate offering in the BalticsThe corporate market in the Baltic countries is still in
its early stages of development. We expect this market
to grow, however, as new legislation is introduced that
requires employers to allocate provisions for pensions.
This area offers major growth potential for SEB’s life
insurance operations.
The products and services offered to corporate
customers mainly include unit linked insurance to
secure future pensions and various types of life and
disability insurance.
Start in UkraineA new life insurance company established in Ukraine
in 2007 sold its fi rst policies last autumn.
Market shares, premium incomePercent of total premium income 2007
10 11
IRELAND UKRAINE LITHUANIALATVIA ESTONIA
28 %
Estonia
43 %
Latvia
37 %
Lithuania
Unit linked insuranceIn unit linked insurance, the customer decides
whether to invest their money in one or more funds.
This gives them an opportunity to infl uence returns
and select a level of risk.
Unit linked insurance works the same way regardless
of the country where you as a customer reside.
Funds plus insuranceUnit linked insurance can be used for investment
purposes, private pension savings or a company’s
pension provisions. Other applications include
various types of target and fi nancial security savings.
By packaging funds in an insurance solution,
people can switch funds without charges or capital
gains tax. Such transfers do not have to be reported
on income tax returns.
The insurance solution also means that different types
of insurance cover can be added. Perhaps the insured
wants less restrictive form of survivors’ protection
rather than saving without an insurance component.
Perhaps they want to guarantee a level of savings
even if their fi nances suffer due to illness. Perhaps the
insured wants life insurance which provides a lump
sum in the event of death.
Range of fundsAvailable equity funds focus on either a region
or sector. Regional funds limit their investments
geographically – from individual countries to
the entire world. Sector-specifi c funds invest in
companies that belong to a particular sector regardless
of geographic region. One example of a sector fund is
SEB Läkemedelsfond (pharmaceuticals).
People who save in pension or endowment insurance can choose between unit linked, unit linked insurance with a guaranteed minimum value or traditional insurance.
Our products
Fixed-income funds move in the opposite direction to
interest rates. If rates rise, the value of fi xed-income
funds falls and vice versa. The shorter the remaining
maturity of a fund’s fi xed-income securities, the less
sensitive it is to interest rate fl uctuations. This means
that a long-term fi xed-income fund rises more than
a short one if interest rates fall. Fixed-income funds
can be listed in different currencies. Exchange-rate
fl uctuations often affect foreign fi xed-income funds
more than interest rate variations.
Blend funds invest in both equities and fi xed-
income securities.
Funds of funds invest in other equity funds. These
funds give customers access to a number of funds that
are not available for direct investments, but that the
manager feels are the best in their category.
Hedge funds have less restrictive investment
guidelines than other funds. Investments include
equities, bonds, foreign currencies and options. The
manager can also leverage the portfolio’s holdings.
Hedge funds are a way to access exclusive portfolios
normally available only to large institutional
investors.
Varying risk offered by fundsThe funds have been designed for investors with a
widely differing risk propensity. The lowest risk is
obtained by investing in a short fi xed-income fund,
while specialised equity funds take the highest risk.
Customers who save in funds with different
objectives reduce their exposure to downturns in a
specifi c sector or region. The longer the investment
timeframe, the more probable it is that temporary ups
and downs will even out.
The fund investment service can be added by unit
linked insurance policyholders without the time or
interest in choosing funds themselves. The customer
selects a portfolio based on a desired risk level. The
portfolio is then actively managed by SEB Trygg Liv’s
managers.
Unit linked insurance with guaranteed amount Unit linked insurance with a guaranteed amount is
designed for customers who want the security of a
guaranteed return but do not have the time or interest
in reallocating their savings among different funds
over time. With this insurance, the customer receives a
pension savings with a 90-percent guarantee on paid-
in premiums.
Savings are invested in an actively managed fund
with the opportunity to take advantage of stock
market gains throughout the insurance period.
Market Pension The Danish product, Market Pension, is a manage-
ment concept for customers who do not want the
responsibility for choosing their investments and
who want an investment profi le (risk profi le) that
matches their age and anticipated retirement date.
The proportion of equities – and thus the investment
risk – decreases with age. This product currently is
available only in the Danish market.
Traditional insuranceAs of March 1, 2007 SEB Trygg Liv no longer offers
traditional insurance in Sweden.
If customers in Denmark, Estonia, Latvia and
Lithuania choose traditional insurance for their
savings, their contributions are invested in something
similar to a blend fund.
SEB Världenfond (global) 17.8 %SEB Penningmarknadsfond (money market) 8.7 %SEB Aktiesparfond (equities) 3.6 %SEB Europafond (Europe) 3.7 %SEB Obligationsfond Flexibel SEK (bonds) 3.1 %
Fund holdings of largest funds 2007
(incl. Baltics, SEB Pension, Ireland, UK)
12 13
Annual bonus rate
Gamla Liv Percent
1 Jan – 31 March 9 %1 April – 31 May 10 %1 June – 31 Dec 12 %
Annual bonus rategeometric average5, 10 and 15 years
Gamla Liv Percent
2003 – 2007 4.4%1998 – 2007 7.7%1993 – 2007 8.9%
Total return
2007 2006
Gamla Liv 2.7 % 11.1 %Industry average 3.9 % 8.5 %
Key fi nancial ratiosand profi t and loss account
14 15
The companies ofSEB Trygg Liv Holding AB
SEKm 2007 2006 2005
Total assets1) 242,013 214,035 198,203Investments, unit linked 136,180 119,666 95,878Investments, other2) 272,266 275,662 272,018Shareholders’ equity1) 8,836 8,450 7,696Surplus values3) 14,496 12,872 10,755Premium income2) 26,370 31,082 30,186
Key financial ratios – SEB Trygg Liv division
SEKm 2007 2006 2005
Income 3,930 3,456 2,966Expenses -2,128 -1,936 -1,993Operating result 1,802 1,520 973Change in surplus values, net 1,264 2,111 2,929Total result 3,066 3,631 3,902
Profit and loss account – SEB Trygg Liv division
1) Holding group.2) Including Gamla Liv.3) Surplus values are the estimated present value of future profits from insurance contracts in force.
The Trygg Foundation
Gamla Livförsäkrings AB SEB Trygg Liv
SEB Life (Ireland) Assurance Co Ltd
CJSC SEB Life(Ukraine)
ForsikringsselskabetSEB Link A/S
SEB Pensions-forsikring A/S
Skandinaviska Enskilda Banken AB
Fondförsäkrings ABSEB Trygg Liv
SEB Trygg LivPensionstjänst AB
SEB Life & Pension InternationalSEB Pension (Denmark)SEB Trygg Liv (Sweden)
SEB Trygg Liv Holding AB
2
1
1 Policyholders in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv are represented by the Trygg Foundation, which owns one share in the company, and a related shareholder agreement. The Trygg Foundation is entitled to appoint two members of the board and together with SEB appoint the Chairman of Gamla Liv’s board, comprising fi ve members, and to appoint the majority of members and the Chairman of the Finance Delegation, which is responsible for asset management within Gamla Liv. Every fi ve years policyholders are invited to vote for candidates to the Trygg Foundation’s Council.
2 The companies operate according to mutual principles and are not consolidated in SEB.
The companies in the Baltic countries are not listed in the fi gure since they are only included
on an operational basis in the division, not as legal entities in SEB Trygg Liv Holding AB.
16 17
SEB TRYGG LIV SWEDEN
Gamla Livförsäkringsaktiebolaget SEB Trygg Liv The operations of Gamla Livförsäkringsaktiebolaget
SEB Trygg Liv comprise traditional insurance, primar-
ily pension insurance. The company is closed for new
business. It operates according to mutual principles
and is not consolidated in SEB. The company’s insur-
ance administration and service are handled, against
payment, by Fondförsäkringsaktiebolaget SEB Trygg
Liv. SEB’s Wealth Management division handles the
large part of asset management.
Policyholders exercise infl uence through the Trygg
Foundation.
Fondförsäkringsaktiebolaget SEB Trygg LivFondförsäkringsaktiebolaget SEB Trygg Liv is respon-
sible for all Swedish unit linked insurance and unit
linked insurance with a guaranteed amount within
SEB Trygg Liv and offers endowment insurance,
private pension insurance, occupational pensions and
disability insurance.
On 1 October 2007 Nya Livförsäkringsaktiebolaget
SEB Trygg Liv merged with
Fondförsäkringsaktiebolaget SEB Trygg Liv, after
which the company Nya Liv ceased to exist and new
business is no longer written. Existing insurance
in the former Nya Liv is managed as traditional
insurance in the unit linked insurance company.
SEB Trygg Liv Pensionstjänst ABThe company dominates the Swedish market
for administration and management of pension
foundations. Administration services include managing
pension commitments from companies, forming,
operating and winding up foundations, handling
contacts with authorities and providing legal expertise
on issues relating to pension foundations. The customer
base covers every segment, from small family owned
businesses to listed companies and sports associations.
SEB PENSION DENMARK
SEB Pension SEB Pension, formerly Codan Pension, sells savings,
life and health insurance in Denmark to private
individuals and companies. Savings insurance is
available as both unit linked insurance and traditional
insurance (in a profi t-distributing company). The main
companies in SEB Pension are SEB Pensionsforsikring
A/S and Forsikringsselskabet SEB Link A/S.
SEB LIFE & PENSION INTERNATIONAL
SEB Life (Ireland) SEB Life (Ireland) Assurance Co Ltd, domiciled in
Dublin, Ireland, is responsible for sales, service and
administration of unit linked insurance and for the
international endowment insurance Portfolio Bond.
AS SEB Ühispanga ElukindlustusAS SEB Ühispanga Elukindlustus in Estonia sells life
and pension products as both unit linked insurance
and traditional insurance. Only retail customers.
SEB Dzīvības ApdrošināšanaSEB Dzīvības apdrošināšana in Latvia offers
life insurance as both unit linked insurance and
traditional insurance.
SEB VB gyvybés draudimas UABSEB VB gyvybés draudimas UAB in Lithuania sells
life and pension products, which account for its
largest growth.
CJSC SEB Life Ukraine Founded in 2007, the company has started selling life
insurance for credits.
Business units
Anders Mossberg Head of Division
employed since 1985
Per Jacobson Chief Legal Counsel
employed since 1985
Per Klitgård Poulsen Head of SEB Pension Denmark
employed since 2000
Peter Nilsson Head of SEB Life & Pension International
employed since 2000
Susanna Rystedt Head of Business Development & IT
employed since 1990
Jacob Skanse Divisional Controller
employed since 1991
Jan Stjernström Head of SEB Trygg Liv Sweden
employed since 2007
Divisional management
SEB TRYGG LIV, SWEDEN
Jan Stjernström
Peter Dahlgren as of 23 May 2008
Per Harryson
Magnus Holm
Peder Natéus
Ruth Nyberg
Harald Nöjd
Maria Stecksén
Johan Tegnér
SEB LIFE & PENSION INTERNATIONAL
Peter Nilsson
Janis Benefelds
Arnolds Culkstens
Indrek Holst
Baignat Kamuntavicienè
Nils Liljeberg
Gustaf Lindberg
Andriy Mitskan
Uģis Vorons
SEB PENSION, DENMARK
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