|Date joined:||30 June, 2021|
|Initiatives:||Principles for Responsible Banking|
Länsförsäkringar Bank was founded in 1996 and is now the fifth largest retail bank in Sweden with a business volume of SEK 729 billion. The banking operations are conducted only in Sweden and the market position is continuing to steadily strengthen.
The strategy is to offer banking services to the Länsförsäkringar Alliance’s customers and leverage Länsförsäkringar’s strong brand and local presence. The Länsförsäkringar Alliance consists of 23 local, customer-owned regional insurance companies and the jointly owned Länsförsäkringar AB, which is the bank’s Parent Company. The insurance customers own the regional insurance companies, which means that the principles of customer ownership also apply to the banking operations. Long-term respect for customers’ security is fundamental to Länsförsäkringar, since customers are both the principal and owner.
Summary of sustainability strategy
Länsförsäkringar Bank is an important part of the financial system and, through responsible investments in the fund range and responsible lending, Länsförsäkringar Bank takes a stance that supports the sustainable development of society and respect for customers’ security and value creation based on responsible lending and responsible investments. Sustainability is integrated into their core business and they consider both sustainability risks and opportunities. The foundation of their sustainability strategy are the international frameworks of the UN Sustainable Development Goals and the Paris Agreement. They strive to manage and report their climate related risks and opportunities in accordance with the TCFD guidelines.
By their local presence across Sweden and by increasing the share of green products they have the possibility to make it easier for their customers to make more sustainable choices. As a member of the Swedish Bankers Association, they will align their business with the climate roadmap developed by the association as well as Sweden’s objective to be a carbon neutral country by 2045.