seb's annual report for 2012
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12Annual Report
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The most important events in 2012:
● Incessant anxiety regarding the sovereign debt situation in many
countries and the global imbalances led to continued uncertainty
in the financial markets. Interest rates were historically low.
● SEB’s investments in the corporate segments resulted in 100 new
large corporate customers and 13,000 new SME customers. The
number of private customers increased by some 50,000.
● The Board and Management announced new financial targets.
● SEB was awarded as the best bank in Sweden, Estonia, Latvia and
Lithuania (The Banker).
● For the first time SEB was named best bank for large corporations
in the Nordic countries (Prospera).
● For the third year in a row SEB received Global Private Banking
Award as the best Nordic bank for private banking services
(The Banker and PWM).
● SEB was ranked as No. 1 in Sweden regarding openness and
anti-corruption work (Transparency International ).
2012 in brief
2012 2011
Operating income, SEK m , ,
Profit before credit losses, SEK m , ,Operating profit, SEK m , ,
Net profit from continuing operations, SEK m , ,
Return on equity, continuing operations, per cent . .
Earnings per share, continuing operations, SEK . .
Proposed dividend, SEK . .
Core Tier I capital ratio), per cent . .
Tier I capital ratio), per cent . .
) without Basel II transitional floor
This is SEB Cover
Chairman’s statement
President’s statement
Strategy and markets People and culture in SEB
Corporate sustainability
The SEB share
Report of the Directors
Financial review of the Group
Result and profitability
Financial structure
Divisions and business support
Risk, liquidity and capital management
Corporate governance at SEB
Board of Directors
Group Executive Committee
Internal Control over Financial Reporting
Remuneration report
Financial Statements
SEB Group
Income statement
Balance sheet
Statements of changes in equity
Cash flow statement
Skandinaviska Enskilda Banken
Notes to the financial statements
Five-year summary Proposal for the distribution of profit
Auditor’s report
Definitions
Calendar and other information Cover
Contents
Front cover Christina Ståhl, President of Mio, and Björn Johansson, Client Executive, SEB. Read more in SEB’s Annual Review.
SEB’s most important rankings 2008–2012
SEB’s performance within different business areas is every year evaluated and ranked by numerous companies
and financial magazines, both internationally and in individual countries where the Bank is operating.
Area 2012 201 1 201 0 2009 2008 O rganisat ion / publication etc
Best bank in Sweden The Banker /Euromoney –
Best client relationship bank in Sweden Prospera
Private Banking
Best private bank in the Nordic region The Banker and Professional Wealth Management
Investment banking
Best bank at risk management, Nordic region Global Finance
Best M&A house in the Nordic region Euromoney
Best Stockbroker in the Nordic region Prospera
Best Corporate Finance house, Nordic region N/A N/A N/A Prospera
Corporate banking
SME Bank of the Year in Sweden N/A Finansbarometern /Privata Affärer –
Best at cash management in the Nordic and Baltic regions Euromoney
Best bank for cash management in Sweden Prospera
Best Supply Chain Finance Provider in the N ordic region Treasury Management International (TMI), Global Finance
Best FX prov ider in the Nordic reg ion N/A Prospera
Financial advisor of the year, Nordic region Financial Times och Mergermarket
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1seb annual report 2012
this is seb
SEB’ jv
Corporate objectives:● The leading Nordic bank for corporates
and institutions
● Top universal bank in Sweden and theBaltic countries
Strategic priorities:
● Long-term customer relationships
●
Growth in areas of strength ● Resilience and flexibility
MissionTo help people and businessesthrive by providing qualityadvice and financial resources
Brand promiseRewarding relationships
VisionTo be the trusted partnerfor customers with aspirations
SEB’ , v
SEB’ fi SEB’
13.1 %
52 %
11.1 %…aspiring to 5 per centReturn on Equity long-term
Competitive returni i Return on Equity
Dividend f ig h Dividend >40 %
Common EquityTier 1 capital ratioB III
CET 113 %
) Sjc h v y h AGM f h d dividd
1)
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2 seb annual report 2012
chairman’s statement
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c. Im qii hv
fgd iic hgh
g c h d k g-
m civ. D cm -
ihi SEB' wy f dig k-
ig. By cig v f cm,
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cmiiv f hhd-
v h g-m.
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iy m h m im h
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f h kig ym, B III, i
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mic dvm h -
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fcig idy d x c.
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Ndic ci w givy
ffcd wd h d f h y.
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d i icd vg c-
m-d dig d di v-
m y 7 d c civy.
A ff fi Th Swdih kig ym i .
Ciii v mg h
high i E d fiiiy i
d. SEB’ i md i d
mig cm d d cdi
i xdd i f cm
ym cciy. Th imc f
d ii fici ym
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c dimd. Py,
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ccmd ffc h c-
my diffi c v. Thf,
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mic .
SEB SEB i w iid i h w fi-
ci dc h i mgig. W
cmi wih h w hh Swd-ih ci d iqidiy. Th
Bk’ mgm h vigd SEB
w hgh h chgig vi-
m f h y d h divd
fcd gwh whi
ghig SEB’ iic fh.
Tdy SEB h g fm
fh gw c k i h
Ndic ci d Gmy d
i xc iv k i
Swd d h Bic ci. Th
Bd d mgm hv h
viwd SEB’ fici g. Gig
fwd SEB wi im :● Py yy dividd f c
v f h ig h
● Tg Cmm Eqiy Ti i
f c (B III) d● G qiy h i
cmiiv wih .
Thi m h w i h g-m
i ch qiy f 5
c. W iv h h cific-
i f h fici g c
icd cy wd
hhd, d h xci
y hd hv SEB.
O hf f h Bd, I w
x cii d wm
hk h Bk’ mgm.
Th dmii div cm
v i . SEB wi ci
wk iy f h i f
cm d hhd.
Sckhm, Fy 3
Mc Wg
Chairman of the Board
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3seb annual report 2012
president’s statement
Th y hv idd ch-
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d i iiy ffi i im
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m ky fc. SEB h h.
S f Th d f mk h d f SEB’
h-y i , which h
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hgh v g ci d
iqidiy ff.
Lkig ck h y, SEB h
ghd i ii h c-
k i h Ndic ci wih
ivm i Ndic d Gm
c fchi w i h
Swdih SME gm. Eig vi-
iy h dcd, d w hv
divd -c i ch
h i i i Gmy d
Uki. W hv icd c ffi -
cicy y idcig c-c d
wd dyig ig c.
I ddii, w hv i g -
c h i m f ci, iqidiy
v, fdig c d
qiy d w hv dd h w
gy fmwk. Thi h
cgid y h ig gci.
Ph h chivm h
mk h wh SEB m m d
i h vidc f d ihiwih xiig cm, whi w
h m im gid 3 w g
ci, m h 3, w
SME d m 3, w iv
idivid cm.
A q A SEB w iv h h fdi
f g-m fiiiy i i y
cmmid my wh c-,
cic d iv f c-
i imvm – wy wih
mid f ig h cm fi.
W iv d cci-
h khd
kw why d wh w d d d-
d i cm. Thi i
i chiv wih ig vy
c h v h gv h wy
w d i. I hik h h
wh wk SEB mg h i
h idy. O my y “iv”
v – fiim, cmmi-
m, m c d ciiy –
dy--dy i . Tgh hi
i dw c f wdig -
ihi, wh wkig SEB i
mch m h j j. I i
hvig g-m civ d
cig ccdigy. I i vidig
h-c d wig f
m wh vy c i
g cmmim div ddd
v cm.
T N A w w mv fwd wih w
h-y , ii i hv
h m cmmid my, h
g d i c mk
d h h m y cm. Thi
i wy fwd f chivig
g-m fiiiy mii. Wim v iq c
fi i h Ndic gi. W iv
h dig Ndic k f c-
d fici iii w
h iv k i Swd d
h Bic ci.
O i v hi m
h w wi ihd c-
fm i h Ndic ci
d Gmy ic c-ig
wih xiig d w ci. I ddi-
i, w wi fh cid
c wih ii d Ndic
fici iii, d ci
gwh i h Swdih SME gm,
cm d i vig i Swd
d vg h g SEB d i
h Bic gi. A f h civii
wi ccmid y cid c
ffi cicy d gy cmic.
L- Th h-y cy hwd
h i f SEB d i-
hi kig md. O icd c-
m giv g fm
ci fcd xi. Wih
h xic gid i i
d cm xcc dig h
y, SEB’ fc wih h w
i i hv h m i-
fid cm d c h fici
fmc g .
Tgh wih f SEB’ fic
my I m cvicd h
dici the ihi k i
f h wd i h igh .
Sckhm, Fy 3
Aik Fkg
President and Chief Executive Offi cer
O fi. W v N w Sw B .
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4 seb annual report 2012
strategy and markets
Fdd i h vic f i y 6 y
g, hgh h y SEB h yd civ
i ci dvm i h mk i which i
. SEB h g h k f chic f
g c cm d iii i Swd
d, icigy, i h h Ndic ci. Thi
i vid y i h i mix i h
wy i i cdcd. SEB ff y -
ci, id dig ihi wih g
ci d fici iii w
wih m d mdim-izd cmi d iv
idivid y hig i xi d kw-hw.
Thi ci cmiiv d i fi-
iiy, h fi f h Bk’ hhd.
A ig f imdig g fici cii fi g
hw, SEB k ci cm v g
k. A , h Bk w h m cm i
cd mk, w viiy i ig, cid
high qiy d w v f ik. Tdy SEB h
g flxiiiy d iic hgh g c
h d high c ffi cicy. Addd hi, h Bk
h dd h w gy fmwk. T chiv
cmiiv d i fiiiy v h g
m, SEB h m f gic iii:
● Bid d dv ihi d h cm’
g-m d wih hiic civ.
● P gwh i h cd c – g c-
i d fici iii i h Ndic c-
i d Gmy, m d mdim-izd cmi
i Swd, d hiic vig ffig.
● E h fici gh dd dm
iiy d iic w h flxiiiy d
i i c-ffi ci m h viig
mk cdii.
Th mii i h dig Ndic k f c- d iii d h iv k i Swd
d h Bic ci.
L- v
At SEB the customer always comes first. Long-term relationships built upon a strong financial position
are the foundation for sustainable profitability. The ambition is to be able to meet customers’ every
needs for financial services. Customers should be able to benefit from the Bank’s expertise and services
at their convenience through a multitude of channels.
S
Gw f ●
N G
● -z
Sw
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L-
R flx
SEB – R B
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5seb annual report 2012
strategy and markets
SI i ii h Rihi Bk, SEB k h c-
m’ civ i cc i vyhig i d. Thi
qi mwig my mk h igh dcii
f h cm d f SEB, d h Bk’ fdm-
if h cm yy d g-m fiiiy.
SEB hf fc i which i i c d,
d wh h Bk’ dvic d vic c c v-
ddd f h cm. Accdigy, i Swd d h Bic
ci, SEB ff wid g f fici vic c-
m wh ch SEB hi hm k. I h h N-
dic ci d Gmy, SEB’ i hv g
fc f vic ffig c ci d ii-
i cm kig f g-m kig ihi.
Cm hd c igd k wih h
dcii-mkig ch, wh i i y ifc d d
i.
F vSEB wi ci i gy y ig cm fi
fm h Bk’ f g f vic, gd f ch.
Th “Y SEB” gmm, which im ii g
iigh i h cm’ civ d mdhi
mg my, i ciig. Gvc f IT h
chgd c m i-id d flxi IT
dvm d hd iii. Pg wi m-
d i m f x cm kig (P, SKI),
m f hm-kig cm, my d ii
(Uivm) d i my vy.
Long-term customer relationships
Pf SEB i civy ivig ffi i cm’ fici vic
d. Sic 9, wh h h-y w dw
, m h 3, w m d mdim-izd cmi
d 3, w iv cm hv ch SEB hi
hm k i Swd d h Bic ci. I Piv Bk-
ig, SEB h cd 3,7 w cm. Dig h m
id f im, 3 w g ci d iii
hv d SEB hi fici .
Thgh icd igi wihi h Bk, cm
hv cc vyhig SEB h ff – O SEB – gd-
f hw d i which ch hy d i wih h
Bk. SEB i Swd ff vic d dvic y
h 4 h dy i 3 gg. Th Bk’ mi
vic hv fh dvd, d dig h y
3 mii g-i w cdd.
Customer satisfaction
Cm yy i SEB i ciy mid hgh
i d x vy. Cm ifci i
md yy y vi ch fim d fici mg-
zi – h iiy d i h idivid ci i
which h Bk wk. Th g ic i idic
h h Bk’ cm fc i gig gi .
SEB civ c i h mk f cm ifci
mg g ci d iii i h Ndic c-
i. Amg m d mdim-izd cmi, cm
ifci h icd, d SEB i dy kd cd
f h fiv mj k i Swd ccdig Swdih Q-
iy Idx (SKI). Th Bk h y ch h g kd
dig i h iv mk i Swd. F h fi im
SEB w md y Th Bk mgzi Bk f h Y i
f h ci – Swd, Ei, Lvi d Lihi –
i which h Bk ff iv kig vic.
If
Nm f ydicd i Ndic ci
Nm f qiy ci mk ci
i h Ndic gi 10
Nm f M&A d ci i Swd 2Nm f ch ffi c 22
Ii iv kig ch 1
Oi k, m f vii i Swd 2 mii
Mi k, m f vii i Swd 0.8 mii
Th k, m f c i Swd 2. mii
Fck, m f vii i Swd 10,000Nm f ATM i Swd 2
Nm f if ic imdii d k 2,000
M T Ejö with Malin Westlund Thelander,adviser at SEB’s branch in Nacka. Read more in SEB’s Annual Review.
: , 0: SEB
: , 0: SEB
: , 0: SEB
: , 0: SEB
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6 seb annual report 2012
strategy and markets
SSEB h h m ii i h g c gm
i h Ndic ci. Tdiiy i mk ii -
ihi k h icy g i Swd, wh c-
cm h hv SEB hi hm k v-
g f v igh diff dc . Pviy, h
Bk’ ihd ii i h h Ndic ci d
Gmy w i cig dg ii i cific d-
c . I h wk f h fici cii, w ii
w d h gw h cm d d
xiig ihi wih g c cm d fi-
ci iii i h Ndic ci d Gmy. I c
y, SEB h hf ivd i c fm i h
mk. SEB h ci h dig k f g c-
i i h Ndic ci, h fd k mg
mdim-izd cmi i Gmy (h -cd Mid
gm), d h mi Ndic k f fici iii.
F vSEB i w fiig fm h ii cd y h
c fm h h i i h Ndic ci
d Gmy, which c-ig mg xiig c-
m. Thi wi chivd hgh ci-ffi ci dvi-
y-d i h wi xd h Bk’ hm
k f h cm. SEB wi ci civ h c-
d mk i h Ndic ci d ic i
ivvm wih h Bk’ Ndic d Gm cm i
gwh mk. I ddii, g ff wi ddicd
dvig i wih fici iii. A fi
h k i hi dici hgh fmi f m
chiv cm iiiy gii wihi h Bk.
Pg wi md i m f m f Ti ci
d ci' “wiig cmmd” ccdig P.
Growth area: Large corporate business in the Nordic countries and Germany
Best Nordic Bank f g c ccdig P vy
T N Sh f icm , c
Lg cmi d iii Lif ic (i-ikd)
A mgm Ri
) Agggd icm diii f Swdk, SHB, Nd,Dk Bk d DNB. Bi i y (idiciv).
SEB
Ndic )
Pf Wk gwh fm w fcd cig
c c cm, wh h Bk’ y hv
hw icy fv ii id d c-
m ihi. Sic h f hi wk i h Ndic
ci d Gmy i , 3 w ihi hv
ihd wih g c ci, d dig vm h
icd y SEK 3. Nw cm f dmd ym
vic d . A h ihi d, cmi
ch m vic, ch i d fic, ccy
dig, ci mk vic, c cd d ig.
I h wk f h fici cii, m cmi -
ig dicy h d mk f fdig. Thi h d i
high dmd f cdi yi. SEB i civy dvig
hi mk d i h d i h Ndic ci i m f
i vm, SEK 7.7.
Sic 9 SEB h xdd i c i Ai y -
ig w ch i Hg Kg. Tdy SEB i h Ndic k
wih h g c i Ai d v h Ndic d
Gm cmi dig i i Ai w Ai
iii id i h Ndic ci.
Customer satisfaction
SEB’ gy gw gicy ihi k i h
Ndic ci h ccf. A cfimi f hi,
dig h y SEB w md h B Ndic Bk f
g ci, d mk vy mg Ndic
c cdcd y P.
J Nø, Director, Group Treasury, Danish Crown, and Torben With, client executive, SEB Denmark. Read more in SEB’s
Annual Review.
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7seb annual report 2012
strategy and markets
SSEB h hiicy hd vy g ii mg g c-
cm i Swd. SEB i iiiig dv d
xd i ffig m d mdim-izd cmi,
d i i h i k i Swd. F
m i, hi i ig d hgh ckgd -
vic, whi f mdim-izd cmi h gy i
d h Bk’ vic d dvic fm h g c
gm i h d f m gii. Th ky
i dv dig ihi d k hiic
ch ch cmy’ ii, icdig h d
f i my d w.
Small business bank of the yeari Swd ccdig Fim
F vTh Bk wi ci g i h y wkig wih
g c c m cmi’ fici d whi
ivig fh i -vic d mi kig vic f
c cm. Th g i gi mk h f
5 c d cm -kd i m f cm i-
fci. Pg wi md y m f hm-kig
cm, i m c vy d v
cm kig ccdig SKI.
Pf I c y, SEB h cy igd i iiii f hi
cm g hgh ivm i xi, diii
cciy d dcd cmxiy. Th Bk’ c i-
h gwig diy, d ic h f 6 h
m f cm i h Swdih SME gm h gw
fm 65, 3,. Accdig Nyfögcm
(Ei Agcy) m vy fh w cmy ch
cm SEB. SEB’ mk h h gw y -
cg i y d i w ximy 3 c.
SEB h cid mid f civii imv i
vic f m i, icdig vyhig fm h
Ek Fim ckg i icig h m f c-
dvi d ihig i c i Swd’
h mj cii. Th Bk c m d mdim-izd
cmi hgh iy cci ckgd i. A
cm-cmi wih f SEK 5 w
vd hgh h Ri Bkig divii, hy gh-
ig h Bk’ c c d ximiy cm. Th
Bk’ dvic d vic f g c hv
dd m h d f m d mdim-izd cm-
i w. Aviiiy f cm i high hgh
dvic h i cci 4 h dy w hgh
i vic d mi .
Customer satisfaction
Cm ifci i h SME gm i high d
icd dig h y. Tdy SEB i kd m w
f h fiv mj k i Swd, ccdig Swdih
Qiy Idx. I ddii, SEB civd ccd fm
Fim, kig m w Bi Bk
f h Y d Sm Bi Bk f h Y.
SME SwThd
C Så, CEO Mio, and Björn Johansson, Client Executive,SEB. Read more in SEB’s Annual Review.
Growth area: Small and medium-sized companies in Sweden
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8 seb annual report 2012
strategy and markets
Growth area: Savings
SCm c i vim chcid y high vi-
iy i h fici mk cmid wih gdy -
gig hif i dmghic d d mg idivid
id fici ciy f im. Thi i cig
d f cmhiv, qifid dvic d gidc. SEB
h g hd cmhiv ffig f vig dc
h m cciv cm d, which fm h
cm’ civ my hv cm c fgmd
d dc-id. T m cm’ d f
vig i, h Bk h id c d m
chiv dviy-d vig ff i cm.
SEB h g ii i h vig gm, wih
mk-dig ii i iv kig i Swd d i
i-ikd ic i Swd d Dmk, g wih
gwig di fm iv idivid, cmi d
iii. I h Bic ci w, h Bk h
d ffig f vig dc d vic, wih h g
f icig h m f hm k cm.
Pf Dig h y, dvic d dc dvm d-
ig di, m fd, if ic d -cd c-
d dc w gh gh i ig gii
i d m cm’ d f h- d g-
m vig, gd f hw hy ifc wih SEB. A
m f chg hv md i h Bk ’ dviy
ffig i c y, icdig ghig f dviy
cmc h Bk’ ch ffi c. Th fd ffig
h mid, d cm w ffd idx
fd – icdig wih f – w civy mgd
fd, icdig gy fd. Th Bk h dvd
xchg-dd fd d xdd i di ffig
hgh h idci f fixd-i di cc.
Dig h y, f xm, di fm iv idivid
icd y SEK d w d mgm
wihi Piv Bkig icd y SEK , .
Customer satisfaction
Dig h y, SEB civd cgii i Th Bk’
G Piv Bkig Awd h B Piv Bk i h
Ndic d fm Emy mgzi h B Piv
Bk i Swd d Fid.
F vSEB wi ci ff cmhiv dviy ffig.
Icd cy d imifid ifmi gdig
vig ffig fm f hi. Icd diii
w hgh dvm f w i -i
vic i h xm. Pg wi md y
d mgm d cm' h f w.
Best Nordic Private Bank – ccdig Th Bk d PWM
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Swd . . .
Fid . . .
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Dmk N/A . .
Eq
Sckhm . . .
O . . .
Hiki . . .
Chg . . .
C , i SEK . . .
M
Per cent 0 00
D f
Swd . . .
di fm hhd . . .di fm cmi . . .
Ei ) . . .
Lvi . . .
Lihi) . . .
L
Swd . . .
dig hhd . . .
dig cmi . . .
Ei ) . . .
Lvi ) . . .
Lihi) . . .
) I Ei d Lihi xc. fici iii) T dig (xc. ig; i Lihi xc. fici iii).
Lihi fm Nvm .
) Excdig hid-y fd.
Sc: Siic Swd, Cmmci Bk Acii i Lvi d Lihi, B k f Ei, Swdih Ic Fdi, OMX c
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9seb annual report 2012
strategy and markets
SRc y’ dvm i h ig vim
cmid wih h mgc f w, g fici d-
c i h imc f g d ii fd-
i f ig fi gwh i h g m. Dig h
i, cd id f ciy d viiy i h
wk f h fici d vig d cii, SEB h hd
f i gidig ici f iic d flxiiiy.
Accdigy, h Bk h mgd cii gwh
ii y miiig g ci ii d
dy cc fdig, mk ii wih high
cdi qiy d dvg cmiiv ii i h
Ndic c mk.
New regulatory framework
A ky c i ig SEB’ fici gh i h gy
dvm h i kig c iiy hgh h
B III d h EU’ Ci Adqcy Diciv d
iy hgh h ci Swdih dig ci-
d iqidiy f ymic k. Tdy SEB dy m
f ci dqcy qim w h ci
qim gdig iqidiy. Iiy, h idc-
i f h Liqidiy Cvg Ri h d.
Cost effi ciency
Thi w fici dc i givig i high c f
cdcig kig i. I high dmd c
ffi cicy. T fh gh h Bk’ iic d
imv fiiiy v h g m, i SEB cmmi-
cd h h Bk’ g w k i c chgd
i 4.
Pf Im hv k i c y dc v-
iiy i ig, icdig h divm f -c i-
, dcig h ivm fi, idig g
iqidiy ff d miiig high qiy i h cdi f-
i. Th xiy i h mk cmy cid i . SEB
h cid hd i ci gh d iqidiy, d h
cid hv vy gd mk cc fdig.
A f ff ic ci ffi cicy, ddii ci-
h cd h i divii.
Th wk icig c ffi cicy h ccf.
Im cii hi icdd c iiii
f ivm, h ci f ci fci
h Bic ci, d cci f h c f IT dv-
m.
F vMiiig fici gh wi ci hv
iiy. I c wih immi f h w ii
d i ci d iqidiy , h Bk wi d-
ig i c h h i m h qim
f h w gy fmwk d h h Bk’ dc
d icig wi cd i ch wy m ci-
ffi cicy d fiiiy i h w vim. SEB
i ch cmiiv qiy f 5 c.
Th c c f 3 d 4 i SEK .5.
Core Tier I Capital Ratio 15.1%Liquidity Coverage Ratio 113%
R flx
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1 seb annual report 2012
strategy and markets
M M C
SwAik Fkg,President and CEO
Universal bank. Cy dig wh k mg g c diii ci. H dvcd i ii mg m dmdim-izd i, wih v y f gwig mk h.Gwig cm i h iv mk, wih icy gii i vig, wh SEB h h cd g h f hhd’ggg vig. Th did d i iv kig.
A mj Ndick, c ichy, if iccmi d i-i ivmk
DP Hømd
Corporate bank, wih cmhiv i f c d ii-i ci. T ii i C Fic d Mk d igifi-c y i iv kig, mgm, if ic d cd.Sghd ii ihi k f cmi d w gdd h mi chg h g c iv k.
A mj Ndick, c ichy, if iccmi d i-i ivmk
NwWiim P
Corporate bank, wih cmhiv i f c d ii-i ci. Vy g ii i ci mk d cd gk h O Sck Exchg. Vy g ii hm k fcmi d iii. A d i iv kig wih Fmiy Offi cffig f -i wh mgm gm.
A mj Ndick, c ichy d i-i ivmk
FMc Nyé
Corporate bank, wih cmhiv i f c d ii-i ci. T ii vid f mgm vic fiii. Sghd ii hm k f cmi d cchg h dmi, dmic iv k. A dig y iiv kig, wih ihd ihi h g f ck i im.
A mj Ndick, c ichy d i-i ivmk
GFdik Bhm
Corporate bank wih ic fc mdim-izd cmi i Gm-y’ -cd Mittelstand gm. Lg Ndic k i Gmy’ fg-
md k mk, wih g ii i h ic c, icdigfici vic f ci ic c.
Mj Gm k,c ich y d
ii iv-m k
ERih U
Universal bank. Scd g k i Ei, wih cmhiv ffigf kig vic. Sg ii i iv d c kig, wihic gh i mgm d if ic. Lg y h Ti Sck Exchg. F- i dvm f mi kigvic.
Mj Ndic dBic k
LvAiã Oz
Universal bank. Scd g k i h cy, wih cmhivffig f kig vic. Sg ii i h iv d ckig, icy i g-m vig, wh SEB i h mk d.
Mj Ndic dBic k
LRimdKvd
Universal bank. Lg k i Lihi, wih cmhiv ffigf kig vic. Sg ii i h iv d c kig,icy i c di d i-ikd ic.
Mj Ndic dBic k
I-wAik Fkg
Corporate bank. Wih ffi c i ii fici c ch NwYk d Ld, i Ai vi ffi c i Shghi, Bi jig, Hg Kg dSig, d hgh c i Pd, Ri d Uki, SEB i wiid v c cm fm h Ndic ci d
Gmy d h g. Th Bk’ ii wk i highyim i i iiy ff g fici iii cc iv-m ii i Ndic – i which SEB i h d.
G, gi dNdic k
SEB’
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11seb annual report 2012
strategy and markets
O
()
Ofi
() S M-v
GDP ( )
SEK ,(,)
SEK ,(,)
● B k f h y ( Th Bk)● N. c k i h Ndic gi ccdig
P (. i Swd )
● Sm i k f h y (Fim)
● B ihi k (P)
Sgi digcd hf f hy d wx d icdmym. C-id g ivcmi.
+. (+.)
SEK ,(,)
DKK ,
(,)
SEK ,(,)
DKK ,
(,)
● N. c k i h Ndic gi ccdig P ( . i Dmk)
● High cm ifci mg icmi (Ad)
Gwh wih ighyhigh iv dic cmi w icdx.
–. (+.)
SEK ,(,)
NOK ,
(,)
SEK ,(,)
NOK ,
(,)
● N. c k i h Ndic gi ccdig P (. i Nwy)
● SEB Eqii dmic qii (P)
● B cdy k (G Iv)
Sg gwh whfdm c-mic icd dmicdmd.
+. (+.)
SEK ,(,)
EUR
()
SEK ()
EUR
()
● N. c k i h Ndic gi ccdig P (. i Fid)
● B mg (SFR)
● B FX-dig, dmic qii d chmgm (P)
Lw gwh dx whi miic i dmicdmd mi.
–. (+.)
SEK ,(,)
EUR
()
SEK ,(,)
EUR
()
● M v y d mk (Egim)
● Th EMEA ci f h y
(Ii Td Fic Mgzi)
Ex-d gwh,i i g-
m d vigfic dc.
+. (+.)
SEK ,(,)
EUR
()
SEK ()
EUR
()
● B k f h y ( Th Bk)
● B iv kig ( Emy)
● B d fic k (G Fic)
Lw gwh x-d cmyi w gwigvim. Dm-ic d -mym w c.
+. (+.)
SEK ,(,)
LVL ()
SEK ()
LVL ()
● B k f h y ( Th Bk)
● B k (Emy)
● B FX d d fic (G Fic)
S gwh – high- i h EU. O hwy ffi h d-
g d ifliqim f mmhi .
+. ( +.)
SEK ,(,)
LTL
()
SEK (,)
LTL
()
● B k f h y ( Th Bk)
● B k (Emy)
● B FX d d fic (G Fic)
Md gwhdc d -ivy gd x.Sghd c-mi dig c-d hf f w ivm.
+. (+.)
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12 seb annual report 2012
In order for SEB to meet customer expectations and to maintain a strong market position, it is
vital that its employees are motivated, have the right competence and opportunities to develop.
P SEB
people and culture in seb
SEB’ c v – cmmim, m c, fi-
im d ciiy – w g-m civ i
ihi, m h Bk’ i i d v
h cm i h wy d h c i
hhd v. Th v d hvi f h i
SEB ci hig khd’ ci f SEB.
Cm, i, hhd d my hd
f h h v f SEB’ diic chc.
Tgh wih SEB’ gy, which i i f
c – g d, fi , high -
fmig m d ffi ci gii – hy vid h
Bk wih id d im fdi d qi h
gii m v-chgig i vim.
C fSEB wy iv k hiic cm civ y
ig iv cm’ h d g-m d d
vidig c dvic dc d vic. Thgh
h G-wid “Y SEB” iiiiv, SEB wk ci-
y gh h my’ iigh cm
d hy ic w f hw my’ hv-
i ffc cm ihi. I hi w d
hgh -cd dig mig hgh h gi-
i, w hgh cm iigh SEB’
i, wh h f vi cm vy
cmid. Th mii i h my – v h wh
d hv diy cm cc – wi dd hi
d i imc cm’ ci f h Bk.
A Acig i ky cc fc f SEB. Th Bk
h g cidd f h m civ
my i Swd w i h Bic ci. Amg
yg fi wih i dg, i SEB w
c gi kd h m my, mg
k, i Swd. SEB w kd N. i Ei, N. 3 i
Lvi d N. i Lihi mg k.
SEB ff m f dvm gmm f -
d d yg fi fi c wih
h Bk. Th g Ti Pgmm vid iq
iy gi ic ddig f SEB. F gd-
i i d ym cic, SEB ff h IT Yg
Pfi Pgmm d hgh h Mch Bkig
Smm Ihi, SEB ff wk f iiv iig
i h fici fid. I , ximy 75 dd
f h gmm i .
Dv T wk f SEB, i c i vim h i dgig
c dvm. Miiy wihi h G i c-
gd. A j vcci ihd SEB’ i d
my ivid mk w cc hgh h
i c dy h gid v im y
i Swd, Gmy d i h Bic ci.
Th Bk wk ciy id ccf g-
ii f h fi f h cm d h cig g-
m hhd v. Whi SEB’ my xc d
k g h f h iiiy f hi w dv-
m, h i fm idivid fmc dvm
c. Evy y ch my, i dig mig wih
hi h c mg, idivid g d mk
f dvm d ci iig i
d hc ki. Tiig i cdcd h i m f
j iig d fm iig. Emy’ g f-
wd g i d vd hgh -
fdck d cchig. Th dvm h
g-m civ, d g mhi ig
h h my’ g igd wih h Bk’ v
g.
SEB’ v
PfW mk i y f d
i wih y hig kwdg d ig cc-
f ci.
CW ddicd h
vyhig w d c g
cm i.
M W d wy iv
h f h w
fm ch h.
CW , chg d k
ci d gxic.
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13seb annual report 2012
Dv q SEB h f dvig d iig divifid
wihi h cmy. SEB’ mii i h
my hv h m ii dv d
c gd f hi gd, hic igi, g, x
ii fih. Th diviy c i icdd wh
my cidd f mgi iig. I
ci fc w ddicd ig wm’ .
A w mig gmm f wm mg w d
wih mm fm h G Exciv Cmmi m-
. Th Bk v wk hc f-
i wm. SEB’ g i h 5 c f mg i
h Bk wi wm. A y-d h fig w 4 c.
M fi fi xT cify xci mg d fcii hd
ddig i hi , mg fi h dv-
d. I dci did hvi h im
SEB m f qim. Th fi m v-
f h cmy’ c, icdig cim d h
cy gdd dhi dvm gmm.
A g ff h md gdig ic iig f
w mg. O xm i h gmm Mgm i
Pcic, -y iig iiiiv h y id gd f
f ccf dhi. F midd mgm w
f xicd cii d jc mg, ci
iig cc h dvd which i cd h
mg fi. Sig h Bk’ d hgh cch-
ig, chg d dvm gmm wi c-
i im f SEB’ dhi c. A
45 cmd ch iig i .
Dig h y, h G-wid dci gmm
w viwd i d ig hm wih SEB’ i
d hw which iig d dvm iiiiv
vi.
R jI i im h h Bk hd ff igm
iy, ciy i im f g chg. SEB wk
cy ic fficicy d k iiiy f
ig my wh my d fid w chg.
Wh i, SEB ff ii i h f h Bk
d hy mch xiig d wih h idivid wh
f w ii. If hi v ccf, h
Bk h idivid i ig h i.
Pvv wI i cci h SEB’ my giv ii
y hhy d chiv d wk/if c. I
SEB chd iiiiv gh h viv hh
ff d gh my’ w f h im-
c f h hyic d m hh. F xm, h
Bk ff hh xmii d idividid fi,
ch vi w d hh mi civii.
C fiSEB’ mi ym im c, i d miv
my wih h igh cmc wh hy ci
h Bk’ g-m cc. Emy’ cmi
hd cg gd fmc, d hvi d
ik-kig h igd wih cm d hhd
xci. SEB i wkig civy h cm-
i i d xic d fmc d
wih gd gd, hic ckgd y h fm
f dicimiy fc.
Emy hv h iy ici i h
Bk’ cc hgh G-wid Sh Svig P-
gmm which im gh my’ g-m
cmmim SEB. 43 c f my w icii m f h Sh Svig Pgmm h hv
ffd w 9 d . For further information
on SEB’s remuneration see page 67.
people and culture in seb
R f SEB Uivm vy “Id my”
Sweden Estonia Latv ia Lithuania
Yg Pfi , k
Yg Pfi,
Sd, k
Sd,
Uivi y > y ()
Uiviy y ()
U cdy ch ()
Cmy ch ()
Oh/cifid ()
E
0 00
Nm f my, vg , ) , ,
Sweden , , ,
Germany 2) , , ,
Baltic countries , , ,Emy v, % . . .
Sick v, % (i Swd) . . .
) Avg m f f-im qiv ,.
) SEB’ i i i Gmy w divd i Jy
E vP c
EAg d gd
,
,
,
,
,
,
M Wm
– – – –
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corporate sustainability
14 seb annual report 2012
SEB’ Sic 856 SEB h md cmic gwh d ci g-
y ig cmi, hi d ivi.
Bk i hi fici imdii c
f h cmy. By vidig ficig, ivm,
c ym d mgm vic, SEB -
cmic dvm, ii d d fici
ciy. F xm, SEB dmiid 747 mii ym
d icd i dig hhd d c y SEK
6 dig h y. By hig x kwdg, h Bk
h hhd, d cmi mk w-
gdd dcii h hy c chiv hi d
mii. Thi g hhd v v im.
SEB’ SEB iv f g-m ihi wih i cm d
h khd d wk ig iiiy i
f i civii. Th c iiiy wk ivv
f h G d xd mk i which SEB
d i. Th cmic ciy d h wd
d gwig ci imc m chg.
I c y, i ivvig hic, ci, wkig
cdii d hm igh hv cm icigy i
fc. Evim i mi high h gd.
SEB h igific idic imc i i dv-
m i i fici c d ii-
i cm d hi ivii mi d f
i. Dig d dici w hi xc-
i cci. Th m xci c
mg iv cm, i d iici –
w mg my d hhd. I h
imc f icd cy gdig i
md, c d icig w highighd.
Banks have a fundamental role in society and contribute to sustainable economic growth.
SEB’s vision is to be the trusted partner for customers with aspirations. Thus, SEB continuously
works to ensure that the business is conducted responsibly, is transparent and adheres to high
ethical standards. By doing this successfully, SEB creates long-term shareholder value.
S v
E w f SEB’ iiiy gy i fcd igh i iii i h
f iiiy. By fcig ff h iii, h Bk c
ci kig gvc d ci f h vi-
m, whi hcig i ci cmmim.
SocialValuing our people
Access to financial servicesInvesting in communities
K n o w l e d g e a n d econom ic c o n t r i b u t i o n
EnvironmentReducing our footprintSustainable finance &
investment
E
t h i c
s
Ethics
E t h
i c
s
To be the trusted partner for customers with
aspirations
K n o w
l e d g
e a n d
e c o n o m
i c c o n t r i b
u t i o
n K n o w
l e d g e a n d e c o n o m
i c c o
n t r i b u t i o n
GovernanceResponsible selling & marketing
Tackling financial crimeResponsible ownership
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15seb annual report 2012
corporate sustainability
E
ǗȆƽȉ
hf f h Wd Bk, h EIB dh NIB ic h i .Ǘ
i h g d mid-c g-m vd ccdig iim d c ici.ǗȆȅȄƿ
i h Bic ci, mkig -m idig gy ffici.ǗLj
y c ic h y d y c dig .Th g i c y .Ǘ
h f ciciy cmi c. Dc i c-iciy cmi y c.
G
Ǘƽ
Ǘƽ
ǗLj w icd cifid. (Swd,Ei, Lvi, d Lihi).Ǘ
mgm hv dccdig iiiy cii.ǗȆȅ
fi cmi fcd i-ci. I dig w cdcd ().Ǘ-
dig d i icdm f h SwdihFic Pic.Ǘ -
d , hhd y dj-ig ym chm f i dmii.
S
Ǘƿ
d xdd i .ǗȍȉȄ
M civii.Ǘ-
C. Th c i dy SEB d i civ i Lvi, Lih-i d Ei.Ǘƿ
E i Swd, w ch-ig m h , high ch -d d ch i Swd.ǗLj-
i h cd c h cy,chig ch d i.ǗljNJ-
wk (K Väg), which h f-ig iviy gd gi y h Swdih j mk.
S g
P SEB’ wkTh f SEB’ iiiy wk i ci hBk’ cid cc, h h Bk’ khdchiv hi jciv d ci h cmmiii which SEB d i. Th wk i g-m d i c-y vvig flc chg i h i vi-m. SEB’ ff fcd igh i iii i
h f iiiy – gvc, vim dci. Th iii flc h i h SEB’ khd- h m igific.
I g I 9 SEB h g h iiiy hd i-gd f h wy i i d y . Siiiyi w f SEB’ -gig dig i mkwih g c cm, d my m .Th Bk’ h ii m d ix c iciv h fdi f h dici. Th digcmm h ihd cd f kwig dddig h cm d f mkig v i- dcii.
Wh Mgm h ihd cd wy icd iiiy i h g ivm yi. SEB’ii m d c ici fm f hvi. SEB i icigy m gd vig AGM d i f w ggm.
SEB h ghd h c f ig ii-iy hgh h y chi, icdig dvm f f m f i. A ik m f hy chi h cdcd d h id f hfify m im i, ig ximy 4
c f SEB’ d i . SEB h dcd iCO mii y 36 c ic 8 d h h mii dc mii y 45 c y 5.
Th Bk h iiid i viw h SEBm h Uid Ni Gidig Pici Bi dƽƺ-ƽ -
d i h fi hf f 3.SEB’ cmmiy ivm imd ig h
x gi y vidig kwdg, c dmy. Fc i chid d yh, hi dfici icy.
Th Bk dd i Cd f Cdc cifyigmg h hig h idd whi wig c.
G gTh wk i d ii cvi d gidi,ƺ-ǚǛƺ
Fici Iiiiv (UNEP FI), h OECD Gidi f Mi-i Ei d h Eq Pici.
SEB i cmmid ig d i- i cic. SEB i ccdc wih hƽșƺ
ƽȚȘșȚƺ
wi SEB’ ixh i d, v h cmmic-i g h UN G Cmc d h i-i iiiiv. SEB w kd N. i Swdgdig d i- ci wk y TcyIi. The reports are available at www.
sebgroup.com/en/sustainability
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16 seb annual report 2012
the seb share
In the value of the SEB Class A shares increased by per cent while the FTSE European
Banks Index rose by per cent. Earnings per share amounted to SEK . (.). The Board
proposes a dividend of SEK . for (.).
T SEB
SEB C ASEK
S Th SEB h id h Ndq OMX Sckhm. Thh ci m SEK .9, diid ,94.mii h. Ech C A-h i v dch C C-h / f v.
Sk Exg g w ivy g y h Ndq OMX Sck-hm Exchg d h OMX Sckhm G Idx y c. Th v f h SEB c A h w y38 c, whi h FTSE E Bk Idx icdy 6 c. Dig h y, h v i SEB hmd SEK 86. Th SEB h h mid fh m dd h h Sckhm Sck Exchg.Mk ci ii y y-d w SEK .
D SEB iv chiv g-m dividd gwh wih g-ivy imcig h G’ gd ci i. Th dividd h h cd 4 c v f ig h. Ech y’ dividd i di h igh f viig cmic cdii d h G’ig, gwh iiii d ci ii.
SEB’ C C T fcii fig whi h C C h w i-dcd h d f h 98. Th dig vm f hC C h vy imid d h m f C Ch y ci . c f h h ci f hBk. D hi, h qii f cig y cf h, h givig h C C h h m igh hC A h, hv viwd. Th viw h hw hh igific cic diffici imm ch c.
Accdig h Swdih Cmi Ac, hh C C h hd cy h m igh h C Ah qi h h i d y hhdig /3 f h v c d h -d G Mig f Shhd w y 9/f h C A h d h G Mig. F-hm, v fm mjiy f C A hhdi qid. Th f hi i h i hi ffcwd d ci dii f h C A hhd.Sic h m f hhd i SEB i g, iig chv wd dw- d cmicd cd.
,
,
,
,
,
N fi Dividd
) A dividd f SEK . h i d f ,cdig y- i f c.
) I Mch , SEB md igh i :, whichdcd ig h.
SEB A h.Pic q cig icid dy f ch mh.
OMXS Sckhm.
E Bk Idx (FTSE).
Nm f h dd, ihd.
Eg SEK
) )
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17seb annual report 2012
the seb share
D z g
Size of holding
N o. of sh ar es Per c en tNo. of
shareholders
– ,, , 7,
–, ,,7 , ,
,–, ,, , ,7
,–, ,7, , ,
,–, ,, , ,
,–, ,, , ,7
,–, ,, , ,
,–, ,,7 ,
,– 1,883,048,847 ,
2,194,171,802 00 2,3
T g )
3 December, 0Share of capital,
per cent
Iv AB .
Tygg Fdi .
Ac .
.
Ng Bk .
Nd fd .
SEB fd .
.
Wg-fdi .
AMF Ic & fd .
.
Fig w .) F m did ifmi . Sc: SIS Ägvic AB/ Ec
N g , D.,
Share series A Share series CT N.
T 2,0,09,294 24,2,08 2,94,,802
ƿ m icivgmm ) –,,7 2,88,34
w h ) 0
T g 2,,830,0 24,2,08 2,9,983,08
) Uiii f g-m iciv gmm – gig) AGM dcii, ch md
T SEB Nq OMX Sk Sk ExgSEK m 0 00 009 008
Y-dmkciii , 7, , 7, ,
Vm fh dd ,77 , , , ,
SEB Data per share) 0 00 009 008
Bic ig, SEK . . .7 . .
Did ig, SEK . . . . .
Shhd’ qiy, SEK . .7 . . .
Adjd hhd’ qiy . . . . .N wh, SEK . . . .7 .
Ch flw, SEK -. 7.7 -. -. -.
Pid dividd A d C h,SEK .7 .7 . . .
Y-d mk ic
C A h, SEK . . . . .
C C h, SEK . . . . .
C A h, SEK 7. . . ..
C C h, SEK . . . . .77
Lw ic id dig h y
C A h, SEK .7 .7 . . .
C C h, SEK .7 . . . .
Dividd cg f f h y, % . . . 7. .
Yid, % . . .7 . .
P/E . . . 7. .
Nm f dig h,mii
vg ,. ,. ,. ,. .
y-d ,. ,. ,. ,. .
) Pvi y d f h igh i .
Cg
Year Transaction SEKChange in
no. of shares
Accumulatedno. of
issued shares
SharecapitalSEK m
7 ,,
7 ȣƼȧ ,, ,7,
7 ȣƼȨ ,, 7,, 7
77 Si : 7,, ,, 7
ȣƼȣȢ ,, ,77,7 7
B i A: ,, ,7, ,
ȣƼȧ ,, ,7,7 ,
Si : ,, ,, ,
ȣƼȣȧ ,, ,,77 ,)
B iA+C: ,,77 ,, ,
Dicd i) . ,, ,, ,
ȣƼȣ ,, ,, ,
Cvi , ,7, ,7
7 N-ch i . ,7,7 ,, ,
ȧƼȣ) ,, 7 ,7, 7,
h ci –7,, 7,, ,7
ȧƼȣȣ ,7,,7 ,,7, ,
) Th cdd h ci Dcm, w i SEK ,m, ich cd fm h igh i w id i f i y .
) Th i w dicd h mm-k f Scdivi Bkig P.
) Accdig h ici f h Fici Sviy Ahiy, cidh h hv id wi gid h ci i h ch i h igh i h gid (which k c i J y ).
Thgh i i (:) d (:), h mi v f h h wchgd fm SEK SEK .
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1
Financial review of the Group
I First quarter ● Th ci mc-cmic ii fm vi y
mid di h ick- i h giig f h y.C k vidd fh iqidiy , h wdwy vigd wy fm h ik f ci. Th Ndicgi d f hv.
● Th m f w cm icd d h ivm gw hgh mg d cqiii civiiw w.
● SEB imvd i cm vig ff y igigvig cc, fd d if ic dc.
Second quarter ● Mdy’ ffimd i A ig f SEB fwig viw f
m h f h g E k.● Bi vm i ch ch mgm, c-
dy vic d ci mk icd. Ri d SME d di vm icd i Swd.
● Th f h Ukii i i w cmd. SEBwi ci v h Gm d Ndic iicm hgh i w Ukii idiy.
● I w dcidd div h SEB ImmIv fd i Gmy.
● A iv kig ffic i Ld w d.● SEB w md Ndic k f g c d
iii y TNS SIFO P.
Third quarter ● Uciy cid dmi h wd cmy. Th
k f h -z wd d h Ai cmiwd dw. Th Ndic cmi hwd iic. ThECB cd hi imid f h .
● Ngiv h m d d yid cm iy iv ci, ch Dmk, Gmy d Swizd.
● Cdi dmd f k ficig w w, whi ci f d mk ficig icd i imc.
Fourth quarter ● Th wd cmy cid i g d f
d iic v.● SEB d f y immi f IAS 9, Emy
fi.● A chg i h vi mhdgy f h cdi ik i
diviv w immd.● A -im c ig h ch f cvd d
d wi-ff f f IT-ifc dvm wccd y dfd x vi ffc d hw Swdih c x .
● SEB cd w f fici g f hw h-y i .
● SEB w md Bk f h Y i Swd, Ei, Lvid Lihi y h Bk.
In a macro-economic environment marked by continued uncertainty, SEB deepened the relationships
with its customers. Business volumes grew and the number of customers increased while credit losses
were low. Profit before credit losses increased by per cent compared to one year ago. The financial
targets were revised and a dividend in the amount of SEK . per share is proposed.
report of the directors
R D
R fi gSEB d f y immi f h mdm i IAS9 Emy fi gdig dfid fi . Thmdm imi h iiiy h cidmhd d qi h h fdig c h f hdfid fi iiii d h i i cc-d ig h dic . Th ccmd ffc hG’ qiy md SEK .9, f x, 3 Dcm- . I w kd i id ig Jy d hf ff c d i Oh cmhivicm.
Fhm, chg i h mm mhdgyf vi f h cy ik i ci diviv
(cdi v djm) w immd. Th vi
md SEK m, f x, d w kd i idig y-d . Th ffc w immi .
I SEB fh igd i vig d cffig i Swd. Th iiiy f h mid-ccm w mvd fm h Mch Bkig h Ridivii d h vig gii wihi Wh Mg-m w mgd wih h Ri divii.
Th fici ig f h d i cc-dc wih h chg id v – wih h xci fh ci dqcy.For further information see the Statement
of changes in shareholders' equity on p. 72, the accounting prin-
ciples on p. 78 and note 54.
seb annual report 2012
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1
Result and profitabilityOperating profit md SEK 4,35m (4,953). Pfif cdi icd y c SEK 5,m(4,3). N fi fm ciig i w SEK,4m (,). N fi (f x), icdig h fm dicid i, w SEK ,654m (,856).
Og Total operating income md SEK 38,83m (3,686), ic f 3 c cmd h f y .
Net interest income md SEK ,635m (6,9).N i icm fm cm d di cm-id icd y SEK 3m, d ic i h vgdig d di vm f d c, c-ivy. Ldig mgi w mwh, w ff yw di mgi fwig w h-m i. N i icm fm h civii w SEK 3mhigh cmd wih . Thi d imiy wvg c f fdig SEB’ cdi d ighd d-ig . Th w fdig c w y ff yicd vm f g-m fdig d dcig h-m . Bh h f h Swdih i iy fd, SEK6m (55) d h cii h di gchm, SEK 44m (398), dcd i icm.
Net fee and commission icm md SEK 3,6m(4,5). Cmmii d f fm m fd dcdimiy c h vg vm f d mg-m w w h . Tv h Ndic ckxchg w w which ffcd cmmii icm. Lwcm civiy i ch cii, diviv d
report of the directors
N i icm N f d cmmii icm
N fici icm N if ic icm
N h icm
,
,
,
,
– ,
Og SEK m
I q SEK m 0:4 0:3 0: 0: 0:4
N i icm , , , , ,
N f d cmmii icm ,7 , , , ,7
N fici icm , ,7 ,7
N if ic icm N h icm - 7 - - -
T g 9,3 9,8 9,9 9,89 9,334
Sff c -,7 -, -,7 -, -,7
Oh x -, -,7 -, -, -,
Dcii, mii d imim f gi d igi -, - - - - 7
T g x -,24 -,39 -,4 -,3 -,032
Pfi , , , , ,
Gi di f gi d igi - -
N cdi - 7 - - - -
Og fi 2,839 3,8 3,889 3,0 3,0
Icm x x - - - 7 -
N fi g 3,240 2,989 3,0 2,8 2,
Dicid i - - - - -
N fi 3,239 2,834 2,90 2, 2,2
Ai miiy i 7
Ai qiy hd , , , , ,7
Ciig i
Bic ig h, SEK .7 . . . .
Did ig h, SEK .7 . . . .
T i
Bic ig h, SEK .7 . . . .Did ig h, SEK .7 . . . .
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w i flcd h dd mccmic vimd wd h f d cmmii icm cmd . Th w ffig ffc fm dig, dviy dg f.
Net financial income icd y 9 c SEK4,59m (3,548). Th w GIIPS fi mk vi f SEK 6 i . Th cdig i wSEK m d h w iiv vi i h iqidiyfi. Icm i h dig i, which i cm
div, w i h h i , w .Net life insurance income icd SEK 3,48m (3,9),
y d high icm fm i-ikd ic whichw miy d h cqiii f SEB Lif Ii.Eqiy vi imvd, h w giv imcfm w g-m i ic iiii.
Net other income w giv SEK –439m (–35m)icdig -im c f SEK 4m ig ci -ch f SEB cvd d wih h miig mii.
report of the directors
N SEK m
Pym, cd, cd dig, di, g d h
Cdy & m fd
Scdy mk & diviv
Nw i & dviy
Cm
Cm di
Oh
F SEK m
,
,
,
,
,
,
,
,
,
,
K fig
03)
00 009 008Cg )
R qiy, % . . . . .Bic ig h, SEK . . . . .Did ig h, SEK . . . . .C/icm i . . . . .Nm f f im qiv ,7 ,7 , 7,7 ,
T R qiy, % . . . .7 .R , % . . . . .R ik-wighd , % . . . . .
Bic ig h, SEK . . .7 . .Wighd vg m f h, mii , , , ,
Did ig h, SEK . . . . .Wighd vg m f did h, mii , , , , 7
Cdi v, % . -. . . .T v i idividy d imid , % 7. 7. . . .N v f imid , % . . . .7 .G v f imid , % . . . . .7
Rik-wighd ), SEK ii 7 7 C Ti ci i), % . . . .7 7.Ti ci i), % . . .7 .7 .T ci i), % .7 . . . .
Nm f f im qiv , 7, , , ,
A d cdy, SEK ii , , ,7 , ,A d mgm, SEK ii , , , , ,
) – d d fm ccd xciv Ri Gmy.) B II, Rgy ig wih ii fl.) d f h ffc f IAS , xc f ci dqcy ky fig.
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1
Og xT operating expenses md SEK 3,65m (3,53).Th w -im chg f SEK 53m fm gic viwf IT ifc jc. A i y f i h mf SEK 63m, which SEB wi , w icd i Lihi. Sffc icd y c d high ddcy c. Thffc fm immig IAS 9 w SEK 5m (39). Ohx, ch mkig, IT, c, v d mic, dcd. Excdig h -ff IT-c, xmd SEK ,899m which w w h c c f. Th c c f 3 d 4 i SEK .5.
C Net credit losses md SEK 93m. I h w v f SEK 8m fwig f vii i hBic gi. See further p 45. I x xT income tax md SEK ,93m (,94) cdig ffciv x f 5 c (). Th dc i f h dci f h Swdih c x fm 6.3 c which i ic fm Jy 3. I , hdfd x d Swdih icm x w vd c, ig i iiv -ff ffc f SEK ..
D Th fm h discontinued operations, imvd c f SEK 488m (,55m). Th divm f h h Gmd Ukii i i w fiid dig .Ci cig wk mi.
PfiR qiy f i md . c(.). R qiy f h ciig i (xcd-ig h Ukii d Gm i h w d)md .5 c (.3).
report of the directors
Divii diii,
) Ciig i, xcdig h d imii.) Excdig cid Ty i
Pfi )
Gghic diii,
P c SEK m
Mch Bkig ,
Ri Bkig ,
Lif ,
Bic ,
Wh Mgm ,
P c SEK m
Swd ,Nwy ,Dmk ,Lvi Lihi Ei Gmy ) ,
Fid
ExSEK m
Sff c Oh x
Dcii/imim Rcig c
O-im wi-ff
,
,
,
,
,
,
SEB G Ndic Gmy Bic
C P c
-
-
-
-
-
-
R q
)
P c
) Ciig i
15
12
9
6
3
0
2008 2009 2010 2011 2012
seb annual report 2012
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seb annual report 2012
f h f cig h ch-flw d fi v f ifici d iiii fm i flci.For
further information see note 45. The credit risk of derivatives is
discussed on p. 44.
Ig fix , g gwIgi d SEK .3 (.9), f which 6 c ci f gdwi. Th m im gdwi imw d h cqiii f h Tygg-H g i99, SEK 5., d ivm i h cd i iNwy d Dmk, SEK .. Gdwi im mid, jc yy imim .
Dfd cqiii c i ic imd SEK 4. (4.).
D, wg Th ficig f h G ci f di fm h ic(hhd, c c.), wig fm Swdih, G-m d h fici iii d i f my mkim, cvd d, h y f d d di-d d. See p. 50 for information on liquidity management.
Di d wig fm h ic w viychgd dig h y, SEK 86. Di fm cdiiii dcd y 5 c, SEK ().Id cii md SEK 66 y d, ic f c. Th Bk w i fvii i fdig i xc f wh md – i i wihh iqidiy gy. Id did d md SEK 4.
L A y-d, iiii i ic i md SEK86 (). O f hi, SEK 96 (8) w d iv-m cc (i-ikd ic) d SEK 9 (89) ic cc (dii ic).
T qT qiy h ig f md SEK 3.Th cmiv ffc f h immi f h md-
m IAS 9 Emy fi, m f SEK .9dcd qiy y-d. Th mj f h IAS 9djm i h h f f h dic i h v- y. If i ic, hi v my y
Financial structure
Th G’ icd 4 c dig h y dmd SEK ,453 3 Dcm (,359).
L L h ic icd SEK ,36, ic f SEK5 f h y. SEB’ cdi fi icd SEK, (,).For further information see p. 42 and note 18.
I Fici wihi ic i cifid fici fi v. Ivm cc wh hic icyhd cy h ik (i-ikd ic),md SEK 3 (8). Ic cc (diiic i) md SEK 4 (83).
Fx SEB’ ii i fixd icm cii md SEK44 (4). Fiv c f h hdig, SEK .3, wGIIPS-d (4). See further p. 45 and note 5.
DTh cm v f h diviv cc kd d iiii i h c h. Thy md SEK d SEK 58 civy. Th mix d vm fdiviv gy flc h dmd f h G’ cmf diviv f mgm f hi fici x. ThG i mk mk f diviv d diviv
report of the directors
B Dcm
L i q u i d a s s e t s
S h o r t - t e r m
f u n d i n g
S t a b l e f u n d i n g
A L q
“ B a n k i n g b o o k ”
Household lending
Corporate & public
sector lending
Net trading assets
Central bank cash & deposits
Liquidity portfolio
Credit institutions
Equity
Corporate & public
sector deposits
Household deposits
Funding, remaining maturity
> year
Funding < year
Credit institutions
M’ Outlook Stable
(November 0)
S &P’Ok Ngiv(November 0)
F Outlook Stable
(July 0)
Sh Lg Sh Lg Sh Lg
P– A A–+ AAA F+ AAA
P– A A– AA+ F AA+
P– A A– AA F AA
A A– AA– F AA–
A A+ A+
A A A
A A– A–
B BBB+ BBB+
B BBB BBB
B BBB– BBB–
RgI Nvm Mdy’ gdd h k f hSwdih kig ym fm giv k.Th vii w d h k’ g qiy,ghd ci v, md dig gwh dw cdi which fiiiy. Mdy’ wdh h w k cd vid y cmic dw- i E. S&P h h hd mj Swdihk giv k i Nvm d hwkig cmic k f Swd d hyicig ik f Swdih k. Th ig hwh ig f SEB f Fy 3.
Central bank deposits
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seb annual report 2012
B SEB h g ihd h -mi c k i Swd, wih g
dii f vig fici f g ci d iii iSwd. Th divii v g c-i d fici iii i h N-dic ci d Gmy. Wih wihd ch wk i gfici c d ky x mk,SEB h i cm hv cc c vic d h Bk’ xii m wy ci d h wd.
SEB’ ihi k md i i miiig g-m civ,ximiy cm d iiic
ddig f hi i. Thi icd wih dh f kwdg vi idi d h f kigvic. Di mig cmii ii c mk, SEB h cid gh i ci ihi dmi h m k i my ky. Cm ihi, -kddc ffig d qifid fi- ky cc fc.
Gw Th Mch Bkig divii’ g
i f gwh i i h Ndic c-i d Gmy. I h mk h
report of the directors
0
Pcg f SEB’ icm
Pcg f SEB’ ig fi Pcg f SEB’ ff
I SEK m 0 Change, per cent
N i icm , 7, -
N f d cmmii icm , ,
N fici icm , , -
N h icm 7 -
T g ,83 , -
Sff c -, -,
Oh x -, -,77 -
Dcii f - -7 -
T g x -8,92 -8,924 -4Pfi ,24 ,42 -
Gi di f - -
N cdi - - -
Og fi ,09 ,48 -
C/Icm i . .
Bi qiy, SEK .7 .
R i qiy, % . .
Nm f f im qiv, vg , ,
Rik-wighd , B II, SEK 7 -
Ldig h ic), SEK
Di fm h ic), SEK 7
) Excdig d d im) Excdig
T ’ :
Corporate Banking● Ldig d d ci mk● C fic● Ex, jc d ficig
● Acqiii ficig d vci
Trading and Capital Markets● Cm-div dig i qii,
cci, fixd-icm cii,cmmdii, diviv, f d
xchg dd fd● Pim kg d cii-
d ficig i● Adviy vic, kg, ch
d dig gi i h qiy,fixd-icm, cmmdii d f-ig xchg mk
Global Transaction Services● Ch mgm, iqidiy mg-
m d ym vic● Cdy d fd vic
● Td d y chi ficig
The Merchant Banking division offers commercial and investment banking services to large
corporations and financial institutions, mainly in the Nordic region and Germany. Customers
are also served through an extensive international presence.
M Bkg
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5seb annual report 2012
report of the directors
Hw w 1?I w y chcid y cid ciydig h vig d cii i E,which d i w v f civiy d dimi-ihd wiig iv mg cm.Hwv, w cid gw i gd
mk.
A g ff gw N G?Y, ff hv ccf, d w cid fv ii gw xiig i d fid w cm.
T .Hw gg Bk’ ?W c diffc cmd wih h mf 8, wh h cmic ii chgdy, which w vid mg cm.
Thi im, c cm w w--d d hy w hv g ii. Thy hv i fi fm h fmi h ifwig i h wk f h cii. O iiici hv high v f iqidiy d dd-ig h chg f fidig iv iif ci. W q k ?W dv g gy d im i d-dig cm’ i f w
i cm ihi. I i im-cmigwk mhd, i m h c w hvihd ihi, cm kw hhy wi hv i cdii.
W g g gg w?O mi chg i ci gwig -ihi k md i cim h i i chc-id y ciy. Th g ii ii h fm h w hv i i hmmk. W c hd cidy g ivm h wh h c w v f civiy i
gig. Oc cm cm m wiig iv gi, w wi vg h iv-m md dig h cii y.
qi f
Og , c f (SEK ,7m)
Og fi , c f (SEK 7,m)
i vm fm xiig cmgw d w cm w cd –wih imid ic i c. Sic h f h gwh iiiiv , wh hm f c cm w ,8,d 3 w cm hv
gh i d h cdi fi hgw y d SEK 3. Th iiiiv d i g c fchid m viiiiy i dmk c-i.
Th vg Swdih g ccm v igh f SEB’dc . Thi i f h highdc i v i E,d dy cdcd y hch fim Gwich Aci. A wcm yicy ff ig hd-f f dc, f ym vic d
. A h ihi dv, mciid dc ch ch mg-m, k ficig, d ficig, f-ig xchg dig d ci mkvic giv cm ddd fiwhi icig h Bk’ ig cdig dg.
F I , h divii ihd cicvg gii f h imd gwig fici iii c-m gm. Th im i ff vm cm-id vic k,
g mg, c k dgvm ivm fd. By -ihig w ffi c i Hg Kg, SEB hicd i ii i Aiiii divify hgh iv-m i h Ndic ci mk.
D I c y, dmd mg g c- f k ficig h imid. Ah m im, g ci i ic- hv hw icd i iiig fdig y iig c
d. I , Ndic cmi mdd hi wig vi i cm-d wih . Th d wd gwig vi c d h gig f y.
Th hif fm dii k wig c d c f fdig
C Bkig ()
Tdig d
Ci Mk ()
G TciSvic ()
Swd ()
Gmy ()
Nwy ()
Fid ()
Dmk ()
Oh ()
M Bkg’ kg 1
N. C k i h Ndic gi P
N. Bk i h Ndic & Bic gi Emy
N. Ndic qiy vid f iii P
N. Eqiy ch h i h Ndic P
N. Fig xchg vid i h Ndic gi G Fic
N. Ch mgm k i h Ndic gi PN. Advi d g f d ci mk ficig i Swd P
Mg C
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6 seb annual report 2012
Tg C Mk By mi dc c, xc. ivm fi
,
,
,
,
FX Eqii Ci mk
Scd diviv d h TCM dc
Q Q Q Q
Q Q Q Q
Q Q Q Q
C Bkg
,
,
,
,
,
N i icm Oh icm
Q Q Q Q
Q Q Q Q
Q Q Q Q
report of the directors
C
,
,
,
,
,
,
,
,
,
,
,
,
SEK
SEK mSEK m
N. f ci / dy
A d cdy N. f ci/dy
F Oig fi d i qiy
Oig fi RBE
) Nw ci mhd icd i qiy i .
,
,
,
,
,
,
)
SEK m P c
f ci vid iy f SEB d-wi d mk mk. SEB h mk-dig ii k f iig c d i Swd (8 c mkh) d h h Ndic ci. I SEB cd dmg i v c d i icdig Ti S,A Cc, SKF, S E, Sci, Mk d N Oi.
M 1 w chcid y cid mk ciy d m f cmig m. Th Ndic gi cid f hv; hwv, h v wdw wdh d f h y y ffcd h Ndic gi w.
C ivm v icdig M&A civiimid dd, which d i w cm civiy.SEB cid fc ghig h cm f-chi i i f h h mk vim.
C 1 Oig icm, which md SEK 5,83m,
dcd y 5 c y--y (6,666). Thi w divy w cm civiy i m i . Oigx, SEK 8,59m, w dw y 4 c cmd
wih (8,94). A qiy mid g d cdi SEK 3m cqy w (6). Oigfi md SEK ,9m, dw 5 c y--y(,48).
SEB’ w dig ik fi, i cmii wih highcm civiy i ci mk h diimdii
d cid, gd ig fi f Tradingand Capital Markets.
Global Transaction Services mgd d hcm d cd hf ff m f h ffcfm w i d w x d im vm.A d cdy md SEK 5,9 (4,49).
Corporate Banking cid h hhy fmci d divd id c .
SSiiiy c h d c ici dG-wid ici igd f h divii’i civii.
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7seb annual report 2012
report of the directors
C ggTh w ggih ig i h mc-cmic ii i Swd i h y.F ic iic c dficd mwh. Th Swdih m-gg mk w ii wd m-wh dig h y. Hwv, h Ridivii cm mid civ. I h
ck mk, h cmcd di f hi vig g x h qiy d iv-m.
F gw gHigh qiy i h cm ihi i iiy SEB d h Bk iv idg-m d my wdig i-hi wih h ci. I h icm yy m hwd i-iv d d SEB w md Swd’
SME Bk f h Y i h Fim- cm vy. Fhm, hx vy Swdih Qiy Idxhwd h SEB imvd i iiwihi h c gm.
SEB ff cm dviy vicf h h cmy, h my dh w. Th gy gw i h SMEgm mi, wih h g f iig 5 c mk h y y-d4. I , SEB fh gw i mkh, d y y-d 3 c f md mdim-izd cmi i Swd
hd SEB hi hm k (cmih SEB’ ym vic). C- cdi gw y 8 c ch
0
Pcg f SEB’ icm
Pcg f SEB’ ig fi
Pcg f SEB’ ff
I SEK m 0 Change, per cent
N i icm 7,7 , 7
N f d cmmii icm , ,77 -
N fici icm
N h icm 7 7 -
T g ,80 0,23 9
Sff c -, -,
Oh x -, -, -
Dcii f - -7
T g x -,3 -,8 -4
Pfi 4,80 3,9 3
Gi di f
N cdi - -
Og fi 4,33 3,28 39
C/Icm i .7 .Bi qiy, SEK . .
R i qiy, % . .
Nm f f im qiv, vg ,7 ,
Rik-wighd , B II, SEK -
Ldig h ic), SEK
Di fm h ic), SEK
) Excdig d d im) Excdig
T R Bkg w :
● R Sw, which v m .6 mii iv c-m d 9, m d mdim-izd cmifm 65 ch ffic w hgh SEB’ ThBk, I Bk d mi . Of h m f
SME cm, m 3, civ f SEB’ym vic.
● C, which i cd d g cqiig gm iSwd, Dmk, Nwy, Fid d Lvi d SEB’ wd w f Ecd d Di C cd. I , hi cmi ximy 3.5 mii cd id
iv cm d cmi w cqiig g-m wih m 8, iciig mch.
R Bkg
The Retail Banking division provides advice and financial services to private individuals and
small and medium-sized companies in Sweden, and is also responsible for SEB’s card business
in the Nordic countries. Customers have access to SEB’s comprehensive offering of financial
services through any of the Bank’s branches or by phone, the Internet and mobile applications.
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SEK 5. Th gwh ci wih high fi qiy –i m gm wih qiy – d h icw ighy v h v mk gwh. Th m fSME cm ig SEB’ ym vic icd y8,5 3,.
B k A wih c iv cm, SEB i dhig igic fc idig g-m cm ihid ig md ihi k. Th g i ich m f cm wh ch SEB f f hi k-ig d. A y-d h Bk hd ximy438, hm k cm. Thy hv cc cividivid dvic.
Acciiiy d imiciy im f SEB’ cm,d h Bk ff m ch f cm cdchi i. Sim dy--dy kig vic c c-dcd i, vi mi , ig h Th Bk,
wh cm c i vic 4 h dy im h gg, whi m cmx m d mi-dh dvic ffd fc--fc SEB ch ffic.
A w vic, Swih, w idcd dig h y, ig-- my f fm mi dvic i im.SEB cid dv h ffig wd yg d, ch ffd mig wh j d 8 y d d g d ffig. Th mi kig ici w f-h dvd ig h cm ch f ch ffic
d ATM wih hi m h. Sm ch ffic diy hc q. Th m f vii SEB’ mi kig i-ci icd mkdy dig h y d chd 3 miif h y. Th d 3 civ .
I i wih h mii vid i dvic whichim c cm’ g-m fici ciy, SEB
idcd mii qim f w mgg –which i 3. A mgg hd mid, fmgg wih --v v c, i wi cm ic qim. Th i mgi f fyw h cm’ mgg d h y v.
A h d f SEB fiid gm wih f hg Swdih i cfdi (TCO) ff hm k-ig ihi i . mii mm. Th ff icdmgg dc, dvic d fv cm cdi.
M g ffgSvig i gic gwh f SEB, d i c wih gig i wh i kig g iiiy f hi
f fici ciy, h mk i gwig g wih hd f dvic g-m vig.
SEB ci imify d imv h vig ffig h cm d d if ii. Th hidx d gy fd, cd i diff ik fi. I h w Ivm Svig Acc w chd dw w civd y h cm.
I im w k m cm’d f vig dvic i m chiv wy y igig
Tv Tci
Piv cm C cm
report of the directors
C = idx
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Excdig cmmim, SEK
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report of the directors
C , SwL h c c ic.cmmci , SEK
N -z , SwThd (ch mgm cm)
h xi f h Wh Mgmdivii i h Ri Bkig divii.
A g Ri Bkig hwd cid ghi . Oig icm icd y 9 c SEK ,8m cmd wih
(,3). Th hcd ffi cicyfc d dc f igx, which md SEK 6,35m,y 4 c (6,668), d h divii’ig fi icd y 39 cfm SEK 3,8m SEK 4,353m.
Vi ck mk d cm w hi ik fi y cig hivig wd di. Thi dcmmii icm fm if icd m fd. Di icd ySEK 6 SEK 6. Th mggfi gw y SEK 36 SEK 35,
d mgi icd mwh.
S jg CFc cd iig civii i h Cdi i w imiy hC, C-dig d Cmcm gm. Nwhy iv dig h y icdd v
mj cc wih c cm,immi f h gd c-dd i wih Si F & Ri,d wd w y Ecd Swd f cm vic i kig dfic.
Th dyig i w chc-id y high v f i civiy dimvd c ffi cicy.
Cd v icd y cd h vg ci m c-id f, flcig h cd icigy d f dy x. Th
m f cd icd y 8 c, 3.5 mii.
Hw w 1?I w gd y f h Ri Bkig divii. Whd h iy h v m cmwih hi i cmy, fm vig d fic-ig h kig vic – h h ivd i id.
Hw w k w fi ?W wi ci g h h – ihi k wih hiic ch -vidig dvic d gidc f h c div cm. O cm cy cihi, ciy h c id, hw ivi cm vy. F iv cm, ii m chgig jy f w f k. W d xiig d h fi h vic c.
W g -z ?W cy h igh ck i cmy g-m – hi c i cm vy di hw i h high mk h w hvid mg mdim-izd i.W cid gd i f gwh h.
W SEB’ kg?A k w hv im y i h f mi ym, ic w c ff if-c, kwdg d cdiiiy. W vidmy mi vic. Rcy h ji-k
mi vic Swih w chd, which iv f my ch h –qicky d cy.
W g g gg w?Th mc-cmic dvm i chgig,d cy w hv hw Swdih cmi ffcd y h dd g gwh. O ch-g, d iy, i mii ghd id dig ihi wihi h ivd c gm. W f g v fcfidc fm cm.
qi fM T
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B Th Wh Mgm divii’ -gy i fcd civig g-mcm ihi i which dvicd vic d cmh-iv viw f h cm’ d. Offig
civ dvic Piv Bkig c-m i ky fc d h Bk’fici iiy i f mj imcf cm.
Th divii h d fd ffig,fm ivy mgd idx fd –icdig E idx fd wih f – civy mgd fd, icdiggic fd cmiig c.
Iii ci g fm gi fd m iii. SEBc h Bk’ ggg xic divii m h m
cmx cm d.
C Dig h y Piv Bkig cd,4 w cm (,335). Nwvm f d mgmmd SEK 8 (). T fhimv cm vic, PivBkig ffic w d i Ld.
Wihi Iii Ci, h wfc dc h ff iv h vi ck mk. Cm i- i cd-d fd w SEB’
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T W Mg w :
● I C – ffig mgm vic iii d if ic cmi
● P Bkg – h dig iv kig vic i hNdic gi, vidig cmhiv g f vic i mgm, g d x dvic, ic, ficigd kig fdi d high -wh iv idi-
vid i Swd d d.
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T g 4,038 4,38 -
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report of the directors
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The Wealth Management division offers a full spectrum of asset management and
advisory services, including a private banking offering in the Nordic countries, to high
net-worth individuals and institutions.
Th divii’ vic diid miy vi i iii ci fc, SEB Tygg Liv, SEB’ i wk, i w ivkig i d hgh hid y dii. Th divii’ Investment Management gii h 5 ivm mwhich i f mgm f m fd d iv md.
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yid fd, ci d gy fdhv dw cm’ i.
F Af h mwh fi ixmh i h qiy mk, h
f h y dvd m iivy dh mk cvd. Hwv, ik -i d cm civiy i qiy-ddc w w dig h y d h ciy i h qiy mk.
Th ig fi f SEK ,89mw dw y 6 c cmd wih y (,3). B cmmii w dw6 c, iy c h vgmk v d mg-m w w cmd . Thw giv imc fm h dcii iqid h ImmIv fd i Gmy.
Pfmc d ci fmd SEK 64m (399) miy d w ci f fm h fd i Gmy d w f-mc f fm m fd d m-d. Oig x, whichmd SEK ,44m, dcd y c cmd dicig c dig h y (,938).
T d mgmmd SEK ,8 (,5).
S Siiiy wk dig ficmi cid. Wih c c gvc hi cmdi ch iciv gmm dd diviy wih ic fc
fm d i. I h f vim d ci i, wkcid gdig cim chg yfcig h qiy f cim igfm fi cmi. SEB civyd h CDP W Dicgm y cgig cmi hw hy mg ikd ii d w. ThBk icid i h PRI wkigg ici y cgig cd cmi dic ifm-i hi i-ci mgm
ym. Th iiiy gy h immd f ximy w-hid f ic d mg-m, i h c qii, c- d, d iv qiy.
DF h hid y i w, SEB civd hG Piv Bkig Awd B NdicBk f Piv Bkig Svic (ThBk/Pfi Wh Mgm).
Hw w 1?Th y w chcid y ci mkii wih mig ig. Thi h md ihd ick c ivm gy. Th yhig h h ci i cm’ f-c f c d, whi h ck mk h
m vi. A h m im, w hv iiv d i Piv Bkig, wh w ci-d wi mk h. Ad f h hid y i w w w wdd h B Piv Bk i hNdic gi.
Hw g w ?I i cmig icigy im hv g-m ch d divify ivm cmy c, which w cvy i dvic cm. Th ci mk cim i flcdi h ci md h w id dig h
y. W dvi cm g f h ik cv.
W SEB’ w g ?W iv i civ mgm. Ov im dwih h igh gy, i c dfiiy ff dddv. B w ff y f vig dc,fm iv civ mgm, d fm w-icd idx fd civ, cig dg dc.
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W k g-m ch d wy wk fm hiic civ f h cm. F xm,i Piv Bkig w ff – i c mh k – ffciv c fig i f ih vic, ch xcig, w vic d ig.
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M Sw kSEB i mk d i i-ikd i-c i Swd. Pi vig ccf y hf f h Swdih hhd´fici . Idivid dy giv
g iiiy c hi wi. F SEB, hi mk i v mim vid qifid dvic h iv d c cm.
Whi h Swdih mk i m,i i gwig mg c ci SEB’ cc cc cm-i fici vic wih i, ickd hh ic i. Ah f gwh i h g c gm ih cci i mk. Pdcd vic diid hgh SEB’ gii, ch ffic, ic
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report of the directors
0
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Pcg f SEB’ ig fi
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The Life division is responsible for all of SEB’s life insurance and pension business and is one
of the leading life insurance groups in the Nordic region. The division has . million custom-
ers and is one of the top three providers of unit-linked insurance in northern Europe.
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Th i vv d vidig ic i, miy i-ikd ic f vig d fici ciy, ividivid d cmi. Ui-ikd ic i h mi fc f w i, ccig f ighy m h 8 c f . Th divii i civ i Swd, Dmk, Fid, Id, Lxmg, Ei, Lvi, Lihi d Uki d cdci i v mk i ci E hgh ic k.
SEB’ dii if ic i i Swd i miy cdcd hgh h my d ic cmy GmLivföäkigkig SEB Tygg Liv. Thi cmy i cidd i SEB d i cd f w i.
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Hwv, h d i h mk i gwh i i-ikd ic i h c- mk. SEB i Dmk i hff i dvig im -idigd h iv idivid mkdcii gdig hw iv hi
i vig.SEB Pi w kd m
i m f cm ifci (ccd-ig h Ad ).
I Th if ic i i Id ifcd i-ikd hghE. I Lxmg SEB ici Swdih xi i c-i wih Piv Bkig.
I h Bic ci, h ccii mk i gwig my
cmig igd ff cc-i i. Sick d hh cic gwig mk.
A m f w dc wchd dig h y, f xm ci i Ei, Lvi d Lihid fmiy ic i Lvi.
R Th ig fi icd y c. Ui-ikd icm, which 59 c f icm d 83 c
f , icd y c, d hcqiii f SEB Lif Ii. O-ig icm fm dii d ikic icd y 3 c. O-ig x dcd y cdjd f SEB Lif Ii.
I Sweden, ig fi md SEK ,3m which w viy chgdfm y. Dig h y h fdv icd y SEK SEK 38.
Oig fi i Denmark md SEK 585m which w c highh y.
Oig fi f International imvd fm y’ SEK 9m SEK 68m.
Th mim icm ig wd xiig ici md SEK .Th wighd vm f w ici
dcd SEK 39 d flcd wvm i h Swdih dwm mk.Th h f c id iciicd 6 c (68).
A gTh fd v i i-ikd i-c icd y SEK 4. Th iflw w SEK 3 d h ci-i i v w SEK 4 c.T d mgmmd SEK 443.
Og fi P c f (SEK , m)
SEB Tygg Liv, Swd ()
SEB Pi, Dmk ()
SEB Lif & Pi,Ii ()
Hw w 1?I Swd w hv gw i cci i,fm ccivy gid i cmidi i f m cmi. W w gwig dmd f vi y f ik i-c. I h Dmk d h Bic ci, w
cid dv cm-fidy i,which hv w-civd.
W SEB’ w x g Sw?Wih h chgv dfid cii ii, i i h idivid icyhd wh h ivm ik, d h m k iiiy d hv h igh dcid. W i fv f f f igh f i ci.B hi i cdii d dvic h i ih cm’ i.
Hw SEB g fi- gg ?Amg h hig, w wkig dvigvig dc h ik c w ikd v g id f im. W gwig d f ik ic dc, ch diiiy d hhc ic, viv’ -ci, ci, d vi y f ific, c fmii d viv.
Hw SEB’ ff k -z ?
Ic i c d c cif i w d f mkig hi cmiciv c wk, ch y ffig c-iv i i f h my.
W g g gg w?O g chg i xi fici mf cm h hy c mk d d c-ci chic. Th ii i, v , i hcci i , which i id fdy gwh – h i m mk i Swdd Dmk w i h Bic ci, wh
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report of the directors
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H k Th Bic divii’ gy fc idig g-m ihi wih hcm d cmhiv viwf hi d. Th hm k cm,wh hv ch SEB hi mi k, iky k dvg f g mf dc ffd y SEB. Th high -dd f vic ffd y SEB w
cid y cm dig h y. I h Bic divii gid m 43,w hm k cm.
T vid cvi d ccikig, cm giv g fi f hw hy w ifc wihh Bk – hgh y f h Bk’ch ffic, i hgh mii. Dig h y, SEB ciddvm f i Bic i fmd imvd i mi kig vicwhi kig fh m igh vi ch.
A dig h y, SEB imvd iffig wih h ch f Bic Oi, ch mgm h w c- cm mg f hi SEBk cc i h h Bic cihgh ig ifc.
E Ecmic idic ch GDP gwh,x, mym d cmcfidc iig i iivdici i h Bic ci.
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The Baltic division provides banking and advisory services to private individualsand small and medium-sized corporate customers in Estonia, Latvia and Lithuania.
The Baltic real estate holding companies are part of the division.
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report of the directors
Th Bic divii, i civ i h mi i , vig .8 mii iv cm d 3, m d mdim-
izd c cm. Th cm hv cc SEB’ f g f fici vic vi h Bk’ i ch ffic, hTh Bk d i.
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k cd ik fi c igi ick gi.
Th id cvy f h cmy iEi h hd dc h NPLfi v cmm wihSEB’ ik i. Lvi d Lihi
h hwig gd g i dc-ig NPL, hgh h wk- cwi d ci i h cmig y mi v d v h ciihid.
F 1Th ig fi f SEK 98m (,9)icdd cdi f SEK 35m (cvy f SEK ,485m i ). Thw ic i cdi i Lvidig h y d gcy i.
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c. Th w w -ff igx im. SEK 48m w vidd f wi-dw f c kig ym dSEK 63m w vidd f i-y f, which SEB wi . Excd-ig h w im, ig xdcd y 6 c.
Th vm f SEK 9 gw ic ccy m dig h y, wihivy dig mgi. N--fmig (NPL) dcd y
c i d h NPL cvg i ighy 6 c. Th iflw fw NPL w h m i , dh wk- m miid fc h NPL dig fm h Bic cii. A kyc f hi c h ivvd fidig
i h fi cm whi -cig SEB’ i.
T di vm f SEK 68icd y c i h y i cccy m. Ov di mgidcid i ch f h Bic ci,flcig h w viig i vim hgh h y.
A y-d, SEB’ Bic hdig cmi hd wih k v f SEK ,6m (,455). Thig f w SEK 98m (63).
SEB gSEB w md B Bk i Ei, L-vi d Lihi y Th Bk mgzi.
SEB’ wk i h c ii-iy fid w wdd i Lvi y hGd dd f iiiy d hwd Fmiy Fidy Cmy y h L-vi Miiy f Wf. I Lihi, SEBw wdd M civ Emy yV Zii f h 4h y i w dh M di Emy y CV Nj.
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Hw w 1?O ig w i cmic vi-m i which h Bic cmi xicdhigh GDP gwh h vg i h -z,i w v h f h cii. Thm f civ hm k cm ci
i which ci imvd fiiiy.
W gg ff B ?By igig cmci gh w c ffh f h h ci cm.Th cm’ d dy h m, ifw cm wih gd i i cy, ic id f h fi f cm.
W Bg?W ci iv i cmc dvm
d iig g wih h gig ffi cicyimvm iiiiv. W w ci vig cm i h g-m civ y -vidig h dvic. Thi h cy ci-d. A flci f hi w w md Bk fh Y i Ei, Lvi d Lihi y ThBk mgzi.
Hw w L L ff ?I i f h c chg fcig v -z ci, xic fm Ei idich h ci wd fi fm di f
h . Aicid ffc icd imvd i-iy d m ffi ci d d ym. Thiwd iiv f cm d h f SEB.
W g g gg w?Th Bic cmi xcd ci hicvy dig 3. O c cm wid cid d dvic i mighi gic x d dmic gwh g.Cm hvi ig m i fv fmi kig, -ch, cd d ATM. M-ig h dmd wi mj chg d
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report of the directors
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T y g, c f SEB’ y-m w iy md. I h cdig h w 9 c.
A imi d c i myh f SEB’ i, vhgh y h i wh hyic mig d hdig wd.
Tdy IT i igd fdig i, d IT-d icc f m f h vic w -vid cm. F xm,dy m 85 c f h Bk’cc wih iv idivid dm i hdd i.Amg SEB’ g c d ii-i cm5 c f figxchg ci i cid vih Bk’ IT fm.
C fi g-
Twd h d f , SEB kh wd cig mi-id d ffciv IT -i hgh h ihm f w dvm d micgii. Th i g i- d IT gii wk c ch h.
Lw …SEB’ ci c vyc ffciv d wih high qiy.
I , SEB’ c cidcd y f 3 c. Thiw chivd hgh miig,
icd f md i ycm, g c-i wih i-i d h migi fck ffic vic h Bic ci.
SEB md h dcii mv fi ck ffic h Bic gi i 4.Tdy c d ck ffic if dig, ym d cii hdd y Rig Oi C i L-
vi, wih 5 my. P f h hmmgg c, cc hdig, dFic, HR d IT c hddy Vii Oi C i Lihi,wih 3 my. A f hf f h i, y cw hd g vm w c, h c f h Bk’ gi hv imvd.
… g ITI i f h c-ffciv ci
c, SEB’ IT c ivyhigh i ii civ. Thi iy d gcy f g mf ici, high dg f cmx-iy d g h f i-md -i.
Rw g gI , SEB’ IT ivm md SEK .6, cmd wih SEK .9 i.
O fh f h ivm i
d w d gi ci-d wih B III, OTC d diviv d-ig, d ii dic di y-
m SEPA (h Sig E PymA), which hv cd ccm d ic cy.
A g h f h ivm -i h ym h mk hc f h Bk’ i d whichqi ci gdig. O chjc ivv chg i h ymf hdig cm’ fd hdig.
I Gmy, SEB cid mgci f h IT i fwigh f h i i BcSd . Th migi w vyccf. P wih hi, wk ci-d dig h Bk’ IT ym i f i civii.
Dig h y, SEB hd iw I k jc h iiiqim dfid fiv y g hv m. I ddii, v h fivy h hv mj chg icm’ dmd kig vic,
i m f mi kig. Pf h dvm wi d;hc c f SEK 53m h cg-id (see further p. 21).
Gig fwd, wi dvmf I kig vic wi chd. D kg SEB idcd i Mi Bk y , i w i h Bkchd i iPh i My h
h f mi kig vic yk ff. Sic h, h h c- m f vic ivi.
B :
● T g – .g.kig, ig, cciig dcm
● D – mic di f SEB’ IT gy dIT fi
● SEB W – G-wid fciig w iiiiv
B
Few areas are so closely intertwined with IT as the financial sector. Due to the rapid pace of technological de-velopment, a majority of SEB’s transactions today are entirely automated. Customers’ contacts with the Bank
are largely and speedily conducted via SEB’s different electronic channels and IT platforms.
Bi S i c-divii fci i f vgig cmi f c i i d IT.Th i h 3,89 my.
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7seb annual report 2012
I Swd, cm c w hd y-m, chck hi k c c vihi mi h. Tgh wih fivh k i Swd, SEB i hid vic h mk i i f ividivid f my i im
ig hi mi dvic.I Ei, SEB h d i j-
c i c-i wih h digk d chgy cmi i whichh fciiy f ym cd chi h fd mi h SIMcd.
Q SEB i wkig ciy ghi ciic i c, miimiik f cm d i h ciy f
i cm i. I h Bk’ wg cm m i Sckhm(Ri d Ciy), gh cvig 4,q. m., , TB f d d m,5 v. Th cm m mhigh dd f ciy d i.Th w fifd w f-ihd wih ci ci gicmgic dii. Th cicd cig ym h hv ck-fci ci ii h v f w g. Rcmmici ik mk i i
f ffi c i h v f h hw dyd.
T ci c vim,SEB h fm h cmm h i ffi c i wiim.
Hw w 1?W ccmihd mj chgv c mffciv, cm-cd IT gvc d hvhy id h fdi f im d mgi IT dvm. I dig , w hv chivdigific c-vig whi i miiig high
qiy d iiy i diy fmc.
W g w w g ?M im f i fg c wkig -ihi w IT d h i civii dhy h IT dvm i igdwih h Bk’ i iii. T chiv hi,w hv ghd h Bk’ IT dmiii ddvm i fw m f ji-k ,wh w c m vchig iii f hww wi dv d mg ym i d c h g i cm fi.
W w gfi - g ?W mgd cy h mj gic h m im h w d c ffi cicy dcmd v g, i-ciic IT jc,ch w, md ck ffi c ym f dig, which h d h d im ddcd h m f m wk.
W SEB g ?T , w wkig m h iig dmd
f mi fm cm. W kig fc i h y dd v, h w d’ch mi vic h dd cmxiy d cwih ddig mch cm v. Agi, h -i i wk i c dig wih h i i.
W g g gg w?Th g iy i i dwig fi fmh wk chg h w cid i . Wid h fdi f -cd gi dvm,which i h iiy wk wih IT dvm i m iiv, cm-cd m. Th ch-
g wi i h iiv fchg h w hv cd wihi h gii.
qi f
IT– an integrated part of SEB’s business
SEB’ IT g
Bk’ ffg…● FX fm – USD . ii i vm
● Scii dig fm – mii ci dy
● mii ym y
● Ecic ch f g c d iii cm –, cm iiy, SEK ii i vm
● I d mi kig vic i Swd – . mii I kg-i d . mii mi kig vii mh
... ffi k g g● Fy md c d ffi ci wkflw
● Mgm ifmi
● Miig, c d ciy
report of the directors
N
Nm f ci
Of which ym C ci
Mii SEK
M J
,
N SEB’
Mii vii
SEB idcd i iPh i My
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report of the directorsRik, iqidiy d ci mgm
seb annual report 2012
H k gSEB iv f hiic mgm c wh id fici ig, ik mgm, ci mg-m, iqidiy d fdig ig d d f-mc mgm iccd, ci diciv. SEB mg h fici cqc f i- dcii i h mi c: () gwh, mix d ikf i vm, () ci, fdig d iqidiy qi-m div y h i d (3) fiiiy. Tg d viwd g i mg d imic i c f h c.
Mgig ik i fdm f kig. I SEB ik cd, imid d mgd. Th v v f ikc i dfid ch y y h Bd, i ik im, d h gidig ici h ik kig i d i if i d f h f vidig c-m v d i hhd v. I h vik m, h Bd dfi h c f h qidficig, h qid iqidiy ff d h m f c-i dd m h gggd cdi, mk, ic,i d i ik. Rgy dvm i ikd ci qim i k i cidi.
SEB' Chif Rik Offic, id y h Bd, i vi f ik c d ik mgm d v cdi f ik i i h G.
SEB’ k g Th f-i i i f i ik-kig h dfc gi f i mk h igh idcii fm h . SEB’ i md, which i d g xic d d kig ici i which hihi wih h cm i h c, vid id
fdi f mkig h igh dcii. Th f-i id y g-wid d ihd dcii-mkig hichy. I i h f-i’ ii iy mk iii m f ik i cm ihi w i idivid, d ci. Thi m i hviwd y h ik gii f h wy SEB wkwih cmhiv viw f h ci.
Th ggg ik-kig wihi SEB i md gy.Rik md i my diff dimi, h did v d gggd v. Rik cdhgh imi c, fm ci v -fi cmii imi. A mi ik mid dcd. Th qiy i h cdi fi i mi-d ci i, mg h wy hgh h f d, i ic, v ig.Rv md ccdig cviv ici cv i .
Th qiy f ik mgm i viwd y h id x di. SEB h v fm h SwdihFici Sviy Ahiy dvcd mhd fik mm f h mjiy f h cdi fi, fmk ik d f i ik.
A q gSic 8, SEB h dcd i iqidiy ik y xdigh miy fi, icig h h f fdig dy ghig i iqidiy ff. I SEB hd cc fdig h did vm d mii di hchgig mk cdii. Th v fdig gyh ii h h cvd d d i -cd d mk f g mii d cmmci gmm f h h mii.
Managing risk is an integral part of banking at all times. In order to always support customers
and create shareholder value, also in a subdued economic environment, SEB decided early on
to build buffers. The strong liquidity and capital positions were the result which, combined with
the robust asset quality, provides the desired flexibility and resilience.
Rk, q g
Rk g Mgig ik i c civiy i k d hf fd-m g-m fiiiy d iiy. Rik i cyd i civii d i dvm d,hf, cm d. Of h vi ik h SEBm i vidig i cm wih fici i ddc, cdi ik i h m igific.
SEB’ fiiiy i dicy dd i iiy v, mg d ic h ik cd, whi mi-iig dq ciii d iqidiy m f-
v. T c h G’ fici i iy, ik dci-d i idifid, mid d mgd
y g. Thy fm ig f h g-mgic d i ig c.
Th G i fmwk f i ik mg-m, hvig g ic ihd idd ik c,cdi yi d cdi v fci d y x f dvcd i md. Bd vii, xici dcii-mkig c, high v f ik w- mg ff, cmm dfiii d ici, c-d ik-kig wihi ihd imi d high dg
f cy i x dic h c fSEB’ ik d ci mgm.
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report of the directorsRik, iqidiy d ci mgm
Th qiy f h Bk’ iqidiy v i high wih m fh ff ciig f ch d Ndic d Gm gv-m d. Liqid ccdig h Swdih Bk’Acii dfiii, md SEK 33. Th iqidiycvg i w 3 c. Read more on p. 50.
Sg Sic 8, h f diff mhd v ci- h dvd. Thy c ddid k-cificd mim mix f h w. Cqy, SEB mid mg my c f ci icdig h vvigSwdih immi f h ii B III f m-wk. SEB h g ci ii gd f whichm i d. SEB h id ci , whichmd SEK y-d. C i cimd SEK 88. Th c i ci i w5. c.
SEB’ ci i digd h h Bk hffici ci xcd . Th ciicy dfi hw h ci i mgd, h dividdicy d ig g. Ci i mgd cy whikig i cc c gy qim.
SEB wk wih -cd cmic ci f h - f i ci dqcy qim d fi-iiy. Thi i md i imi h B III fci dqcy i h my f h dyig ik fc h m. Th cmic ci cci i d cfidc v f 99.9 c, which i h qiv fh ci qim f AA-ig. A h d f ,h i ci qim xd i cmic cim w SEK 55 (58). Divifici ffc, wik d divii, i w ci qim f hG h if h divii hd g ii.Read more about capital management on p. 52.
Ex SEB’ fici gh w cfimd i . Mdy’ dFich ffimd hi A ig, wih k. I , SEB w f Sdd d P’ fiv gd
wihi h 5 E k. Th Fici Siiy
R ihd y h Swdih C Bk i Nvm dcd h h mj Swdih k ficiyg. See also the rating table on p. 22.
SEB’ k
SEK )
Cdi ik
Mk ik
Ic ik 7
Oi ik 7 7Bi ik 7 7
Divifici - -
T 8
) Ecmic ci ccd ccdig mhdgy.
A . x qSEK
Avi ci
Rqid ci
Rqid cif divifici
Rqid ci d c f B II RWA d
c f fld B III RWA, h wih ii .
C q)
P c
) B II (wih ii ).
Q Q Q Q
Lq g P c
USDT EUR
Total capital ratio:
. . . . .
Ti I cii
C Ti Ici i
SEB cmicci
B IIC Ti
B IIICmm
Eqiy Ti
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report of the directorsRik, iqidiy d ci mgm
Focus areas in 0A h giig f h y, h fici mk w igifi-cy ffcd y h vig d cii, which d highik mim d w iqidiy mk. Axii i hmk w gdy d y ci d cmmim yc k d hii. Id fc h m d
m hifd hw qicky d wh dg h ciiimc h cmi, i h Ndic ci.
A i vi y, h ik gd w chcid y yi f h ffc f h cii h fici m-k d SEB. Liqidiy mgm w h mi iiy.Oh iiid w h w gy qimd SEB’ ik cciy.
T SEB cid mii i iic hgh h cii d w civ i mgig g-m fdig diqidiy ff. S cid dig h y hwh SEB’ iqidiy i ffici hd vy dvim f id f h ix mh.
Mj ig w d idify h ffc d f i mgm i h v h v ci w v h z.
A f iv dmd f f y i, g-iv yid d cm iy, ch i Dmk,wh h c k imid h m f h-mdi h i wi cc. Dig h y, SEB yd hiii d dw gidi f h i mg-m f di h ik f ig i giv yid.
M- ff SEB’ qiy mid high. Pm cid dc i h Bic ci. Ahgh ig c f did ik fi i h Bk’ cdi fi, hffc f h cii mc-cmic idic hwig . Bkci i Swd icd d h m- f cmi cig i y-ff h i.
Dig h y, SEB’ cdi yi hd ci fc h hiig c, which h h y w cg fd vcciy. SEB’ dig hi c i dmd f gd cdi qiy d h d i icd cdi, gy c f h Bk’ cviv kw-y-cm d ccycic ch.
Di h ii mc-cmic dvm,h Swdih i mgg mk mid ii. SEB’
Swdih mgg dig fi icd y cdig h y, whi h c ig f dc i qiy. Th vg --v i d 65 c,which i i i wih mk vg.
Th ic d h fcd h ik h h c
w i my i hhy gwh i mggvm. SEB vd h mgg fi i hi cd i f h viw h h vm d ik dvm i hmgg i i d mg. Cdi -icy i fimy d i ch flw d h ym cciy fh w. SEB h icd h qim mi-i f w mgg .
Nw g qTh w gy qim h ig immd h E d i v cid fiiy d c f ciy. Ev hgh h mi i-ci w cifid i , h fi di d di yh v E di w cmd. A c-qc, i i i qify h f ffc i mf iqidiy, fdig d ci ig. F xm, hLiqidiy Cvg Ri, which wi k ffc i Swd fm3, i i ic h ii gd d c-iy mi wih c hw ccycic ffqim wi digd.
I h c f gy ciy, h Bk k ig i i fici d ik fmwk wih h g-y iiiiv i c. M ci w cd i- civii d iqidiy d fdig c cy imci dcii.
Rk- gTh cii, h mc-cmy d h gyqim ifc h v f ik-d icig.I d f hd flc h c f ci diqidiy i ch ci f i. I h d, hid ci f ci dc d cm wihh d fcii cm icig gii.Dig , SEB fcd h i ci f c id imv h i f icig. Aw d kw-dg h imc f ik-d icig w i-fcd hgh dici wih mgm, wihi hi d wih cm.
SEB’ k x
Idify, md mg
Cwih imi
I cmicci mdig
Rgyqim
C k Cdi ✓ ✓ ✓ ✓
Cy ✓ ✓ ✓ ✓
Cci ✓ ✓ ✓
Mk k Tdig ✓ ✓ ✓ ✓
Bkig ✓ ✓ ✓
O k Oi ✓ ✓ ✓
B k Bi ✓ ✓
I k Mk ik ✓ ✓ ✓ ✓
Udwiig ik ✓ ✓ ✓
Lq k Liqidiy ✓ ✓ ✓
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1seb annual report 2012
Regulatory environmentFici iii ig qid iyimv hi ci d iqidiy ii h hywi mi g d ii v d d ci.Th v i c h fici ym
wh. Th w gy qim ig im-md wi. Th w vid if vviw fh qim d h c .
report of the directorsRik, iqidiy d ci mgm
R d Mhd Immi S i SEB
C T T , B II, k
Imm m ik-iivci fmwk h B I dm h di f gik mgm cic y hkig idy.
G f k’ iik md i f ciqim cci. P-vid k wih g fi f dmiig ciqim f cdi ik di ik.
Swdih k d yB II i 7. Hwv, B Ifl i ic fk ig dvcd iik md.
Immd.
SEB’ c Ti i f . c y-d i fh high i E.
C ( q) T T , B III, k
Ri h qiy, qiy dcy f h ci
w hc h ik cv-g f h ci fmwk.Mv fm ci f ’gcc’ ’gig cc’.
Cmm qiy m h -dmi fm f Ti ci.
Idci f ci ffv miimm qim.High ci qim fOTC diviv, c.
Th w EU fmwk h dyd d i w xcd
immd y Jy. A , Swdih h-ii w immi ic CET qim f c y J y ( c i ) d.
M h qid civ cy dfid
icdig cific Swdihqim.
SEB’ cmm qiy Ti i f . c y-d i f h high iE.
Lg , B III, k
Ci id- f vg,h hig miig h ik fdiiig dvgig c- d vidig ddii f-gd gi md ik.
Idc im, -ik-d, ck m whichi d Ti ci- ccdig B III, hk’ c h (h- d ff-c h im).
Sviy ig f vgi Jy .Dic f vg i Jy . I i ic if h vg i wicm idig miimmqim.
M h qim cy dfid.
Lq g (LCR), B III, k
E h k mii d-q iqidiy v wih-d id f .
Rqi k hd d-q v f high-qiy iqid h c cvd ch m iqidiy dd dy d cicifid y vi.
A Swdih LCR qim wimmd f Jy. Th B Cmmi hfd h iiygd LCR qim i ic hw d wh hi vi-d LCR wi fmd i EU hmid qim.
M h qim cy dfid.
N g (NSFR), B III, k
Limi vic h-mwh fdig.
Idc dd h icd h g-m fdd wih
miimm m f - fdig.
Sviy ig f NSFRh dy d f Swdihk. Th EU wi v NSFR
d my mi giiv - i fw y.
Acivy mi i-i gy dv-m. I digm wih
my f h gymi, i icgdig h m fc di.
S II,
T c icyhd y c-ig -E f gv-c, i c d ciqim h iiy m igi.
Did qim gdiggvc, dcmi dig. M ik-iivmd, cmiig vik, c d mci qim.
Th immi f h fm-wk w dyd. Th fid f immi f hEU diciv d i dm-ic iim qim xcd dig .
I h c f imm-ig qid chg.
SEB’ ic i ifcd h i-ikd g-m, which imi h imc ci qim.
Fh gy m dwy i h fm f, f xm, h i-i im, which wi w hii cv d iqiy, mdy cig f ddid OTC-diviv d h iz d v f ci qid f dig . I SEB’ jdgm, d i cviv ik-kig gy h wi igific imc f h Bk.
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Credit risk
Cdi ik i h ik f d h fi f ig ffi i igi wd SEB. Th dfiii cm-i cy ik divd fm h dig -
i, cy ik d m ik.
A q Dig , qiy w wih w cdi vd dy dci i imid . I h Ndic c-i d Gmy, fi cid hw qiy wih imid . A qiy i h Bic c-id imv hgh h y, wih igificdci i imid , imiy f wi-ff f gi v.
Idividy d imid dcd ySEK 3. SEK 8.. I h Bic ci imid dcd y SEK .8, 5 c. Pfi d d m h 6 dy md SEK 5.4 y-d, f which h Bic gi ccd f w hid.Th v i f idividy d imid i h G mid g 4 c. Th -fmig cvg i w 66 c f h g.
T -fmig kd y-d 9 dhv ic h dcid y SEK 4. SEK 3.8.
C Th G’ cdi x, cmiig h cdi fi, d d im, md SEK ,6 y-d (,993).
Th cdi fi, which icd dig, cig i-iii d diviv im, md SEK , y-d, ic f SEK 5. Th cdi figw y 4 c.
Th cdi fi i dmid y high qiy d g-m ci ihi. Th Ndic cicc f 6 c f h fi (4) d Gmycc f 4 c (6). Th Bic cdi fi wgy chgd dig h y d h h f h fi md c ().
Th cdi fi i mgd i fiv -gm: c-, y mgm, hhd, ic dmii-i d k.
Th corporate cdi fi i h g gmccig f 4 c f h cdi fi (4). Thfi i dmid y x g Ndic d Gm
ivm gd c, w diid v wid gf idy c, h w g ig mfcig di d hhd vic. Th c cdi f-i icd y SEK dig h y SEK 3.
Th property management cdi fi i w dii-d w cmmci (53 c) d i-di x (4 c). Sm c f h -fi f x i h Ndic ci whi Gmycc f c. Th Ndic idi gm Swd d cmi g x x ic hig cmi d hig c-iv ci-i, dmd w ik. Th Ndic cmmci fi i chcid y g ci dd c. Th y mgm fiicd y SEK 9 SEK 89 dig h y. Thgwh w miy d Swd. Th Bic ymgm fi, wih hf f h x iLihi, dc id c dig SEK 9.
Th household cdi fi i h cd g g-m mig SEK 5 (45). Swdih hhdcc f 83 c f h x, whf Swdihhhd mgg d f h v mjiy. Bic h-hd cc f 9 c f SEB' hhd x.Th Swdih hhd mgg fi cdd cid
report of the directorsRik, iqidiy d ci mgm
C x SEK
Ldig , , ,
Cig iiii
Diviv im
C , ,02 ,82
R 7
D 7
T 2,0 ,993 2,022
T cdi x cmi h G’ cdi fi (, iggm, cig iiii d cy ik iig fm
diviv cc), d d im. Ex -d f v. Diviv d d f ig fmk v f c gm d icd dd- fi f x. D im cmi i-igim mi m cidig cdi diviv df. D im i h Lif divii xcdd.
C SEK
Bk 7
C 7 7
Py mgm 7
Pic dmiii 7 7
Hhd 7
T , ,02 ,82
N-g SEK
G N G B - 0 8
- 0 9
- 1 0
- 1 1
- 1 2
- 0 8
- 0 9
- 1 0
- 1 1
- 1 2
- 0 8
- 0 9
- 1 0
- 1 1
- 1 2
- 0 8
- 0 9
- 1 0
- 1 1
- 1 2
Pfi d Idividy d
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gwh dig h y, icig y SEK 35 SEK 38.Gwh w chivd di ic dwiig cii dh g qiy f h fi w miid. Cdi mid gigi d h v f d i wd . S d hiic df d idic h h imd dig wd md-, v d ci f high i d ic-
ig mym i cmii wih fig h ic.Th bank cdi fi i cy mid d -
civy mgd. Cy ik iig fm diviv,cii dig d x i gy miigdy h f c gm. Th k cdi -fi icd y c SEK , cidigc miigig fc. For more information on the
credit portfolio, refer to note 18.
C Th vidig ici f SEB’ cdi gig i h d-ig h d cdi yi d i hcm’ ch flw d iiy y. Cm h kw y h Bk d h f h hd fydd. I d miig ik, i c ig gm d ddig h cm’ cd-iwhi d h d cmxiy f h ci.
SEB’ cdi ici flc h Bk’ ch i-iiy, wh ii m cim chg, chid d cc fh w w idy cici f h cdi gig c d d icm dig.
C Th G’ cdi v i d vi f hcm’ cdiwhi d y f cdi. Rv fc- icd h cm’ c d icid ficiii d ci vidd y cv, c,c. Th cdi v c k h d c-i i cc w h cm’ i wih
h Bk. Th c diff ddig h y f c-m (.g. i, c i ii), h cm’ik v, d h iz d y f ci. Iddd fi cdi yi i icy im fg c cm. F m i d h-hd h v c i f d cdi cigym.
C k fi Cdi ik i ccd f , h i h kig kd h dig k. Th mhdgy i igd wih hB II fmwk d dd Piiy f Df (PD),Ex Df (EAD), Miy (M) d L Giv Df(LGD). IRB-vd ik cifici ym d fh v mjiy f h Bk’ fi.
SEB h g-wid i ik cifici (PD) y-m f k, g d mdim-izd c cmd ic ii h flc h ik f df ymigi. 6 ik c hv idifid, wih -ig h w df ik d 6 ig dydfd cy. F ch ik c, SEB mk -y PD im hgh h cyc ig 5 y f idf hiy d 3 y f x c kcyd. Th ik cifici ym i d cdi yi,cvig i d fici ik. Fici i d g cmi d i h ik m. Thx wighd vg ik c f h G, xcdighhd d k, w 6.95 y-d (6.9).
F iv idivid d m i, SEB cdi cig ym im PD f cm. SEB diff cdi cig md f diff gi ddc gm h ccii iy f d d cmchciic my vy y cy d dc.
EAD i md i mi m (ch f , dd ig cc), cg f cmmid m(dw cdi i, f cdi, g d hff–c h x) d hgh c mkv m f iy icd x i hf, f y igi c (i h c f divivcc, d cii dig).
LGD imi f digx i c f df, d k i cc cvidd, cm gm, c. SEB i im i d x hiic xic fm y d h cific di f ch v ci.
Th Miy m (M) i ccd h ffcivmiy f vy ci.
SEB’ cmic ci mhdgy f cdi ik ig ik m dicd v i y, cmiighm f i fi md which cid ikcci i idi d gghic c w
i g idivid x. For further informationabout credit risk measurement, please refer to the SEB
Capital Adequacy and Risk Management Report (Pillar 3)
at www.sebgroup.com.
report of the directorsRik, iqidiy d ci mgm
C gg
SEK
Bk 8
C 30 08
Ndic ci
Gmy
Bic ci
Oh
C g 4 0 3
Ndic ci 7
Gmy
Bic ci 7
Oh
R g 94 92 84
Ndic ci 7
Gmy
Bic ci
Oh
Hg - Sw 4 38 2
P 84
H 4 09
Ndic ci
Gmy
Bic ci Oh 7
T , ,02 ,82
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L gT mg h cdi ik f ch idivid cm c-m g, imi i ihd h flc h mximmx h SEB i wiig cc. Limi -ihd f x i ci i ci ik c,ci cm gm d f m ik i dig
i.A imi d ik c jc miimm f
viw y y cdi v hiy ( cdicmmi ciig f w k ffic h-id y h SEB G Cdi Ici, dd y hBd). High-ik x (ik c 3–6) jc m fq viw. Th jciv i idify, yg, cdi x wih vd ik f d wk gh wih h cm wd i h SEB dc vid cdi .
I i hm mk, SEB mii m iwk- m h ggd i m x. Th gmd y g fci wih ii iy fmgig m x.
Th ggg cdi fi i viwd gy dd d idy, gghy, ik c, dcy, iz d h m. I ddii, cific yd fmd wh mk dvmqi m cf xmii f ci c.
C k Cy ik i diviv cc i h ik f c-y ivig i cc igi SEBwh cc h iiv mk v. Sic mk v- flc dig h m miy, h ciy ff mk cdii m k i cc. Thi id y yig dd- h c mk v hflc i mk mvm f h cific cc.Th cdi x h cy, h cdi ikqiv , i h m f h mk v f h cc dh dd-.
Cy ik i dcd hgh h f c-ig gm, wh iiv d giv mkv d gm c d h cy
v. Th ig gm i f md wih c- gm wh h mk v x idcd fh y ig f c. C- ig ii c f h v mjiy f ci, d cgm d g x. A y-d,SEB’ diviv x, md h cdi ikqiv, w SEK 89, f ig d cgm (93).
C kTh cdi fi i yd f ik cci i g-ghic d idy c w i g ig m,h i c f dic x d idic x ih fm f c, g d cdi diviv.
C k gSEB m f cdi ik miigi chiq dcik i i cdi fi. Th ic chiq ch id i iiiy f h dc d h cm i q-i, i g fciiy, d h gii’ xicd cciy mg d c h ic chiq.
Th m im cdi ik miigi chiq dg, g d ig gm. Th m cm-m y f dg , flig chg dfici cii. I h dig i, diy mgigm fqy d miig c-y x y i i im. F g ccm, cdi ik i f miigd y h f ic-iv cv i h cdi gm.
report of the directorsRik, iqidiy d ci mgm
C k , )
Cgy Rik c PD Rg Mdy’ / S&P ) B k C Py
MgmPic
Admi. T PD Rg H
Ivmgd
– –.7% A A / AAA A- .% .% .% .% .% -.% 49.%
–7 .7–.% B / BBB .% .7% 7.% .% .% .-.% 24.0%
.-.% 0.2%
Ogigi
– .–.% B / BB .% .% .% .% .% .-% 3.%
– .–.% B,B / B+,B .% .% .% .% .% -% 8.0%
-% .8%Wch i – .–% B C / B- D .% .% .% .% .%
T 00% 00% 00% 00% 00% -% .2%
-% 0.%
-% .%
T 00%
) Cmii i d cdi fi icdig .) Axim i ig c.) Hhd x d i ig d (IRB) d x i h v f df (EAD - x df).
T, xcdig hhd Hhd)
C gg%
Ndic . .7 . .7 .
Gmy ) . . . . .
Bic . -.7 . . .
SEB G 0.08 -0.08 0. 0.92 0.30) Th cdi v i h ciig i i Gmy w
. c i .
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T g SEB ciy viw h qiy f i cdi x.Wk d imid x mid cy dviwd qy i m f fmc, k,d vic cciy d i d f vii.Pvii f imim md f idividy d d f fi d .
L c, d iii c-i imiy idividy d d cific vii md f idifid imid (idividy dimid ). L h hv dmd imid idivid i d which hv imi cdiik chciic gd gh d d cc-ivy f imim. Vi f iv idivid
d m i g x md fii (fi d ). For a further description of the
different categories of impaired loans, refer to note 1.
D gg
SEK )C & c
gvm CCvd
dScd
cdi Fici T
Gmy 7.% .7% .% .% .% .%
Swd 7.% .7% .% .% .% 7.7%
Dmk .% .% .% .% .% .%
E, h .% .% .% .% .% .%
Nwy .% .% .% .% .% .%
Si .% .% .% .% .% .%
USA .% .% .% .7% .% .7%
Fc .% .% .% .% .% .%Fid .% .% .% .% .% .%
Nhd .% .% .% .% .% .%
Id .% .% .% .% .% .%
Iy .% .% .% .% .% .%
Pg .% .% .% .% .% .%
Gc .% .% .% .% .% .%
Oh .% .% .% .% .% .%
T 4.% 4.% 39.% .% 2.% 00.0%
D g
SEK )
AAA .% .% .7% .% .% .%
AA .% .% .% .% .% .%A .% .% .% .% .% 7.%
BBB .% .% .% .% .% .%
BB/B .% .7% .% .% .% .%
CCC/CC .% .% .% .% .% .%
N d ) .% .% .7% .% .% .%
T 4.% 4.% 39.% .% 2.% 00.0%
) Excd d im i h Lif divii f SEK ().) Miy Gm c gvm (Bdäd).
SEB imiy hd i-ig im f iqidiymgm d ci fciii . Th gicg f h iqidiy f i i hd h high qiyvig d cvd d wih f c k dg-
iiy. F hi , h cd d hdig hv fh dcd dig h y.
A y-d , h cdi x i h d fiw SEK (5). Th ii i fixd icm ci-i md SEK 44 (4). Additional information is
found in notes 42 and 43.
Debt instruments
Ex GIIPS SEK m Gc Iy Pg Si Id
D 202
Nmi m 7 , ,
Fi v 7 7,7 ,
D 20
Nmi m ,7 , ,
Fi v 7 7 ,
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6 seb annual report 2012
Market risk
Mk ik i h ik f dci f f icmfwig chg i i , fig xchg ,cmmdiy ic d qiy ic, icdig ic ik icci wih h f cig f ii.
A ic diici i md w mk ik d dig civiy, i.. dig k ik, d c mkik d i icm ik, i.. kig k ik.Wh h dig k i d diy mk--mkgim, ii i h kig k yicy hd mid c.
Mk ik i h dig k i fm h G’ c-m-div dig civiy w fm mic f hG’ iqidiy fi. M f h dig civiy i -fmd y Mch Bkig i i cciy mk mk iii fig xchg, qiy d ci mk. Thiqidiy fi ci f ivm i dg dhighy iqid d. Ty Oi mg hi fiwih h im h h G’ vi iqidiy i f-fici i vy d iqidiy vim.
Mk ik i h kig k i f ch mimch i cci, i m d i-d. Ty Oi h v ii iy f mg-ig h ik, which cidd c y.
Oid f h dig d kig k civii, mkik i i h Bk ’ i igi fmimch w dfid fi d iiii.Th v f flc wih mk mvm if ic qiy ic. Th v f i i-iii i iiv chg i h i . Lw i- ic h v f f igi.
Mk ik i SEB’ if ic i cvd ih ic ik ci f hi d icdd ih mk ik fig w.
Mk k Th Bd f Dic dfi i mk ik c y -ig h v ik imi f h G d cmm-di fm h Rik d Ci Cmmi fm h Chif Rik Offic. Th G Rik Cmmi d-g h mk ik md y h Bd h diviid Ty Oi, wh i fh dg h im-i iy.
O diy i h Mk Rik C fci m,fw d h mk ik k y h vii wihi h G. Mk ik d mhyi i h G Rik Cmmi d h Bd’ Rik dCi Cmmi.
Rk Wh ig mk ik x, SEB m hc d m mk cdii w m- h fc xm mk ii. Mk ikd m mk cicmc md ig V
Rik (VR) cmid wih cific m i fh ik y. Th m fh cmmd yim f dig xm mk ii hghh f d ci y. Sic
mm mhd c cv ik im, vch d, h f which vd d fi jdgm.
Value at Risk
VR x h i h cd i dig c-i im id wih giv dg f iiy. SEB -dy im hiz d 99 c iiy f m-m, imi miig d ig . I h dy--dy ik mgm f dig ii, imi d x- fwd wih - dy im hiz. VRggg mk ik x c ik y.
SEB’ VR md i d hiic imi dmy wid g f ik fc. Th md i vd yh Swdih Fici Sviy Ahiy f cci fg ci qim f h mjiy f h g m-k ik i h Bk’ dig k. I d vify d h md’ cccy, h VR md i ck-d diy i y cmig h 5 diy VR imwih h fi f h cdig dy.
VR i h i f ccig cmic ci fmk ik.
Specific measures of risk
A cmm VR, h G vi iiviyd vm-d m h cific vi i-m d y f ik. Bh d g ik cdhgh h D c f i ik d igd gggd FX m f ccy ik.
S imi d hgh h G’ digcivii. A imi i cifid m which
imiig m m xcd i d ic i f ii, fi iy. Sic i fc c, h fmwk cv ik v d ikdiv d c imi d d mk cdii.
V Rk, Tg k ( %, )
SEK m Mi Mx D.
Avg
Avg
Cmmdii ik
Cdi d ik
Eqiy ik 7 7
Fig xchg ik 7 7 I ik
Viii ik 7
Divifici - - - -7 -
T 3 238 23 2 2
V Rk, Bkg k ( %, )
SEK m Mi Mx D.
Avg
Avg
Cdi d ik 7
Eqiy ik
Fig xchg ik I ik
Viii ik
Divifici - - - - -7
T 349 0 3 40 298
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Mk k Trading book
I , h G VR i h dig i vgd SEK6m (). Th dc cmd wih i miy d h gdy dcd ik i h Mch Bkig fidig h cd hf f h y. Th ik v i h digk dcd, my f dcd ik icd y w mk v d icd ciyd h z d cii. Th VR imi f hdig k w dcd ccdigy fm SEK ,3m SEK 8m.
Banking book
Th vg kig k VR icd y ximy5 c cmd vg VR , miy d hici i h ik mm f i ik i -ff -fi. Hwv, dig h cd hf f h y, ik vdcd c f w mk cdi d viiy w divm i h -ff fi.
S Sci y d fmd gi cmm VR d h cific ik ym.
Th ig mhdgy mk i i di-cv i yd h 99 c cfidc vy ig m xiv f mk d ci hvi i h VR-md. SEB h fi yyig xm mk mvm h hv k c(hiic ci) w xm mvm h ivd cd cc i h f (hyhic ci). SEB fm v h idifi h cih wd d giv , f ic ch f imi. O xm f hiic i hd VR m, wh VR cci f h cfi fmd ig mk d fm im id. SEB’ d VR md i vd y hSwdih Fici Sviy Ahiy d i imd fh 5-kig dy im id dig h Lhmdf (Ai 8-Ai 9).
Lw k g Diy dig icm) – . giv f dig dy, vg SEK m.
–
) Excdig d ivm fi.
SEK m
Tg k k g VR v. hic d fi d , %cfidc iv d dy hdig id.
VR Thic fi d
–
–
–
SEK m
Mk k SEB i xd h fwig ik y:
Rik y Dfid h ik f dcd icm d : Sc
I ik Chg i i Ih i kig i
C di d i k A chg i h cdi whi f i f, f ic, d cdi
diviv
Pimiy i h Bk’ d hdig
Fig xchg ik V i i i h xc h g Fig xchg dig d h Bk’ ii vi mk
Eqiy ic ik Vii i qiy ic Mk mkig d cm civiy i qii dqiy diviv
Cmmdii ik Vii i cmmdiy ic Cm civiy
Viiy ik Chg i imid viiy Mk mkig d cm civiy f i c c
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Operational risk
Oi ik i h ik f ig fm idq fid i c, d ym (.g. k-dw f IT ym, mik, fd, h dficici ii c) fm x v ( di,x cim, c).
A M ASEB h gy v h AdvcdMm Ach (AMA) cc h ci qi-m f i ik. Thi gy v i cfi-mi f SEB’ xic d xi i i ikmgm, icdig icid ig, i ig, ci mdig d qiy m fc.
Th ci qim f i ik i qifid y diii ch, ig x i i h g fici c. Th AMA md i d cc cmic ci f i ik, wih high cfidc v d wih h ici f vv f h if ic i. Th cci fxcd k i cc h i d x iic d i d i i SEB’ i igd . Th ci qim f i ik i ffcd y y ic gm dc fh imc f i ik .
O k SEB h xicd d f dcig i i c y. Bchmkig gi mm f hOi Rikd Xchg Acii (ORX) hw h
SEB’ hiic v mwh w h ORX v-g. Oi ccd f cdi x.
Mgg k Rik C gy m d i ik
h G Exciv Cmmi, h G Rik Cmmid h Rik d Ci Cmmi. SEB IT-difc f mgm f i ik, ciyd cmic. A my qid giik-d v h ik c y idifid,d, mid d miigd. Thi cd chh d i imvd c, which i hv d w c d i ik. Th g imv-m w md i c-d ik. A im f hi dvm i iig d dci i ky ,icdig ifmi ciy, fd vi, i-mydig, kw-y-cm cd d h SEBCd f Bi Cdc. SEB h fmid whi-w cd h cg my -hic ig cdc.
Business and strategic risk
Bi ik i h ik f w v, high igc, h, d dcd vm, ic cmii.
Bi ik cm i ik (h ik f d i v ig fm giv ci f hG h idy i g) d v ik (d dkig ch cqiii, g IT jc, c.).Sgic ik i c i i ik, fc g-c c ik fc.
SEB m i ik h viiy i icmd c h i dicy i h y f ik.Ecmic ci i ccd f i ik.
O kIcid gid d yd
,
,
,
,
,
,
,
I Fd
Ex Fd
Emy Pcic dWkc Sfy
Ci, Pdc d Bi-
PcicN Di d P-ic Sfy
Tchgy d Ifc- Fi
Exci, Divy dPc Mgm
Svic d Aviiiy
T cifidOi
B kSEB qy ig fi –, SEK m
,
,
,
,
,
,
Oig fi, f fici icm d cdi
Li im
N. SEK m
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Insurance risk
Ic ik ci f ik d SEB’ ici. Th mi ik y mk ik, dwi-ig ik d i ik.
Mk ik i h ic i i h ik f -dii if ic ici wih gd fi d chg i fi v f d iiii. Sch chg ifi v c cd y chg i i , cdid, qiy ic, y v, xchg dimid viii.
Udwiig ik i h ik f f dvchg i h v f ic iiii (chic vi-i) d idq icig d/ viiig m-i. I icd ch fc miy, gviy, diiiy/midiy (icdig ik h fm flci i himig d m f cim m), ch ik(.g., xm ig v), x ik d ik(i.., icyhd hvi ik).
Oi ik i h ic i i dfid hik f ig fm idq fid i -c, d ym fm x v.
SEB’ if ic i ci f i-ikd i-c d dii if ic. Th fc i i-ikd, which ccd f ximy 83 c f i (83). I i-ikd ic, h mk ik i y h icyhd. Udwiig ik i gigi ii-ikd fi, whi i i m cd f di-i if ic i.
I h dii if ic fi, h ff, i.., gd fi, v ci f SEBgi h ik i h c h.
I k Dig h fi hf f h y i f which hd giv imc hhd ff ic h gdfi i h dii i f i mkd mk.Rgd f hi, h ci ii i SEB’ Lif imid g hgh h y. Th giv mkii d ci chg gvig hw hgd fi vd which vidd if fh if ic idy.
Ecmic ci f ic ik dcd i c h mhdgy w igd wih h ik-dici f ci qim h wi d wh hSvcy II fmwk cm i fc.
I k gMk ik i dii if ic dc wih g-d miigd hgh dd mk ik hdg-ig chm d mid hgh ci y.Udwiig ik cd hgh h f ciyi d f h xiig ic fi.Miy d diiiy/midiy ik id gig idivid cim gi v cim i
h m v.Th Swdih Fici Sviy Ahiy “fficigh ym” v h ik f mimch w d iiii i if ic cmi. SEB’ Dih
if ic i hv gd y imi y-m f v y. Th ym viy fidifyig ic cmi f which c miigf v iiii i dd. N f SEB’ Swdihd Dih cmi hv idifid f ch cmiig.
I k Th Rik C i h h iiiy f mig dcig h ik ih i SEB’ if ic i.Tdii /iiiy mimch (ALM) ik m dy h ic idy mid g i fch ic cmy. Thi i md y mk ik ch VR, ci yi d . Th mim ik d h G Rik Cmmi, hRik d Ci Cmmi d h d f SEB’ c-iv ic cmi.
S IISvcy II, h w gy fmwk f ic cm-i h w xcd cm i fc i h EU Jy 4, w dyd. Th w d f immif h EU diciv d i dmic iim gyqim xcd dmid dig 3.
Th f Svcy II i c hmid g-y fmwk wih c gvc, i cd ci qim c E. Thi wi fciicy d cmiiy d ic cm-i’ iiy m hi igi d h ic c-i f icyhd.
Ud Svcy II, ic cmy’ ci qi-m wi ik-d, h h h c ici f fixd cg f h cmy’ chic vii. Aik m k i cc, icdig mk ik, d-wiig ik d i ik. Th cmy’ iic dd chg i iii i i -dccdig h ci qim id y h d gi. I ddii, h w gy fmwk g dmd cmy d gd ikmgm d m xiv ig h gyhii d h ic. Th wk cdcd wihi h SEBLif Divii d d cmy wih h Svcy II qi-m i gig ccdig .
Rk SEB L DDc. , . SEK
Market risk
Underwriting
risk SEB risk
Policyholdersloss
absorbency
Operational
risk
Rk Rk k
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Liquidity risk
Liqidiy ik i h ik h h G, v cific imhiz, i fic i xiig i m h dmd f ddii iqidiy. Liqidiy ik i h ik h h G i fcd w
fv i fcd i d m i ym cmmim.
Lq Fwig , h f w chc-id y high dg f ciy i h mk. Hwv,fwig c k ivi h giig f hy, im chgd d h mk hd xc iqidiyf h mid f . Di h qiiv igm, h dyig m f h mid.
SEB cid gh h ii i h h iqid-iy d fdig . Scificy, SEB cid idiqidiy v, icd i di fdig, gdh vg di f h dig h m fdig w fiid h di w c gy qi-m. Th fdig ciig f qiy, cmdi d wh fdig mig i m h y xcdd SEB’ fi wih cmfmgi v hgh SEB h icd dig vm digh y. Fwig g gwh i i mgg dig,h G’ --di i mid cmfv d md 34 c y-d (9), xcd-ig d d cii.
F h fh cciv y d i i wih i g-mfdig gy, SEB id m g-m d h whmd dig h y. D h gwh i i mggvm, SEB h imiy fcd cvd d ic c f fdig i which ccd f xi-my h q f id g-m fdig f SEK4 (6). SEB h ii h w i vim i h i fdig mk which hd SEB i i d wih icig high c.
Sw q q I h B III fmwk, h B Cmmi ihd, i, 3-dy iqidiy , h iqidiy cvg i(LCR), d -y c mic, h fdigi (NSFR). I h Swdih Fici SviyAhiy’ w ig gi w id, whichqid mhy ig f LCR d h iqidiy
d h g.Ud h cmig EU gi, h LCR i d
immd idig qim i 5. Th BCmmi ihd dd vi f h LCR i Jy3, ig h h idig qim hd hd-i dig h id 5 hgh 9.
A imi qiiv qim d q h LCR w immd y h Swdih FSA miimmdd f Jy 3. Accdig h cific Swd-ih gi, h Swdih FSA iqidiy i h ffidh i d US-d y w i f cci.
I i c hw d wh h cy d ddLCR dd fm h B Cmmi wi k icc i h cmig EU gi d i h Swdihcific gi.
Ahgh h NSFR w d y h B Cmmi idcd i 8, i i cy d viw y hB Cmmi. SEB i kig civ i h gywk d wi iid m y w ddii g-i i d im.
Lq q SEB’ iqidiy v, dfid y h Swdih Bk’Acii, ci f ch d di i c kd h vigh k hdig w hd y hy fci (cmd d dg wih ck). Thi v md SEK 373 (377). SEB’ iqid c, which icd dig d i-id c i h cv , icd SEK 63(556). Th G’ ggg LCR w 3 c y-d (95), whi h LCR i i US d d w v c.
L )
SEK %
Di d wig fm h ic, SEK
L h ic, SEK L di i, %
) Exc. d d cii
I g g- SEK
Id cvd d Id i cd dMd cvd d Md i cd d
Mig cvd d Mig i cd d
,
,
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S q k Th kdw f SEB’ c h y ccy i ci- wih h ccy diii f SEB’ c iqidiyv. Swdih k, d US d h mi c-ci i SEB’ c iqidiy v. Th --dii i h cci md 93 (89), 4 ()d 57 (63) c civy y-d.
Lq k g gTh im f SEB’ iqidiy ik mgm i h hG h cd iqidiy ik ii, wih dqch ch qiv i v cci m iiqidiy qim i f cicmc, wih- icig i ddii c. Mgm fiqidiy ik i gvd y imi ihd y h Bdwhich fh cd y h G Rik Cmmi.Liqidiy imi f h G d cific g ii w f x i ci dfid cci.
Th Bd f SEB h dd cmhiv fmwkf h mgm f i h- d g-m iqidiyqim. Liqidiy i mgd cy y TyOi, d y c y c i h G’mj mk. Rik C gy m d imi iii w h G RikCmmi d h Rik d Ci Cmmi.
Lq k Liqidiy ik i md ig g f cmid mic, ig mhd c cmhivy qif y hi y fik. Th mhd id y SEB icd h-m dgigcciy, yi f f ch flw i i ch flwimi, ci y d c h ky i, cm-md y h B III mic dcid v.
Liqidiy g idifid y ccig cmiv ch flw h i fm h G’ , ii ii d ff-c h ii i vi im ck. Thi qici mi gdig h miy f m dc,ch dmd di d mgg, w gdigh cm’ jcd hvi v im. Th qiy fh iqidiy v i yd i d i i d c d vid c fdig i dii.
Fhm, c g i i md f im hi-z xdig v y. Thi i m h x which h G i fdig iiqid wih g-m fd. S iiii (icdig qiy) hd wym m h 9 c f iiqid ; h vgv dig h y w 5 c (8). A f y-d, hv w 3 c (7).
S ig i cdcd g i idifyc f i iqidiy i d h cx mi wihi h ihd iqidiy ik -c. Th im iqidiy ik i vi ci,icdig h idiycic d ymic .
S q k SEK
Oh TUSDEURSEK
L/di i % % % % 34 %Liqidiy v 33
Lq , )
SEK
C k di d vigh k diGvm d Pic d Cvd d
Fici Oh
A xc. dig Di
Ldig Eqiy & Liiii xc. di
Q ) Q ) Q )Q )
) Accdig h Swdih Bk’ Acii dfiii.
,
,
,
-,
-,
- ,
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Capital management
Th G’ ci mgm k c h h-hd’ qid f wih h fici iiyqim d y h Bd, g, iv, i- ci d h mk ici, icdigig gci.
Th G’ ciii, ci f ci d v-i f ci h ik-d d hd i m f idifid ik icd i h G’i. I h fwd-kig d igd wih h-d g-m i , i d x qi-m, ch h gy qim, h i cidqcy m c d h mccmic vi-m.
T h ci i d wh i giv h , SEB my i ci ci fmwkf mig ik d fiii y. Th i f hi fm-wk, cd i qiy, i imi gy md.
C SEB’ gic fc i ic Ti ci d imvh mchig f h ci cci wih h f ik-wighd . I i f did d wih mi m f EUR 75m d h ch f di-d d wih mi m f EUR 5m id hv f Ti ci. A y-d , h G d c Ti ci i f 5. c (3.7) d Ti ci- i f 7.5 c (5.9.), wih ii fl. Thimmi f IAS 9 dcd qiy wih SEK 7.9.Th fici ig f w d ccdigy,xc f h ci dqcy . Thf, h ci i i high h i . For detailed information,
see note 47 and the Capital Adequacy and Risk Management
Report (Pillar 3) at www.sebgroup.com.
DI , h Bd d mgm viwd h Bk’fici g d dmid h h dividd hh 4 c m f ig h.
C gSEB’ ciii g h h G’ci g h i ffici m h ik i h i, h dcidd i gy, mii cii v h miimm v ihd y h Bd dh g v i fv cmic cicmcd h h G’ ci g h i ffici
C q
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5seb annual report 2012
report of the directorsRik, iqidiy d ci mgm
giv h G’ ch ik i. SEB’ Cmm EqiyTi ci i g i 3 c, d fy im-md B III fmwk. I i SEB’ viw h h cg ci ii wi ffici m h fqim fm h Bd, g d hkhd.
D k-wg (RWA)Ov B II RWA (f h ffc f ii flig)dcd y 4 c, SEK 93, d ig h y. Thg fc hid h chg h immi fLGD md f -i d hiig ddig, d c d ccy d chg.
Icdig h ffc f ii flig, RWA icd SEK 879 (88).
Nw q gTh B III fmwk i i h c f ig icdi EU gii hgh h CRD IV ckg. D dyi h EU c h d immi d f Jy 3 w m d cqc, h Swdihii w xdd icd 3.
Ud h CRD IV qim h dmi fm fci m cmm qiy (md cmm qiyTi , ’CET’) d gy ddci wi miy mdfm h fm f ci. Th miimm qim f CETi wi 4.5 c. O f h h wi ci
cvi ff f .5 c, ccycic ffh wi i h g f -.5 c d ff f y-micy im k. Th ccycic d ymicik ff i ig gid. If k d mh ff qim, ci diii ci wi imd dividd, h y-ck, , c.
RWA d CRD IV wi miy ffcd y cdi vdjm qim f OTC-diviv, w qi-m f x c cig ci dhigh ik-wigh f x fici iii.
I i d h h ik-iiv ci qi-m hd cmmd y -ik d m,h vg i qim (ci/ ), f 3 c. Th ffc f hi m wi viwd dig vi id i d v whh i c id-ig i 8.
I , h Swdih gy hii cmmicdh g Swdih k, d hi ymic imc,wd qid cmy wih CET i f cfm Jy 3 d f c fm Jy 5.Thi g yd h CRD IV qim h im f v d imig. Hwv, h fi cm f h EUgii w dyd. Sic h immi f hSwdih qim w dd h cm f hEU v gm, hi w dyd, y i J-y 4. Th Swdih Fici Sviy Ahiy i ig ic h ci qim f Swdih m-gg , hgh miimm ik wigh f 5 c d ci qim d Pi . Thi wd dc SEB'c i i y 4 i i.
SEB’ imd CET i f 3 Dcm w3. c, kig i cc h Swdih hii’d f 3.
B II B III -Iy, ci dqcy y d ci ci d h dvcd IRB ch. A g-m g i hviy ig wi ci wih h i m-m, which i m ik-iiv. SEB h d -viy v f dvcd IRB f my y. Th SwdihFici Sviy Ahiy h vd h dvcdIRB ch f ximy 85 c f h cdi
fi.
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“During 2012, one of many important focus
areas for the Board has been to find an appro-
priate balance between the increased costs for
maintaining financial buffers in accordance
with new regulations versus the profitability
and growth of the business. The Board has also focused on
securing long-term resilience, enabling us to support the
Bank’s customers in good and bad times, and thus create
long- term shareholder value.”
M Wg, Chim f h Bd
C g wkSEB ch g imc h ci f cydfid f ffi c d dcii-mkig di i ch h cdi v c, c fic, mgm d h ic i.
Th x fmwk h SEB dh i i cgvc, icd, mg h hig, h:
● Cmi Ac● A Acc Ac● NASDAQ OMX Sckhm gi ● Swdih Cd f C Gvc
● Bkig d Ficig Bi Ac
Th i fmwk icd mg h hig hAic f Acii, dd y h G Mig fShhd. Pici d ici h hv dw cy dfi h divii f ii iy wihi hG im f h Bd d h Pid ihi gvig d cig . Of ci imc ihi cx h: ● R f Pcd f h Bd ● Ici f h Pid d h G’ Acivii
● G’ Cdi Ici d Rik Picy● Ici f Hdig f Cflic f I● Ehic Picy
C g
SEB’ civii mgd, cd d fwd i ccdc wih ici d ici ihd y h Bd d h Pid (CEO).
C g SEB
The ability to maintain trust among customers, shareholders and other stakeholders is of
vital importance for SEB. A clear and effective structure for governance and division of
responsibility is essential, among other things, in order to avoid the risk for conflicts of interest.
S/A G Mg
Hd f GI Adi
Hd f GCmic
Chif RikOffi c
G CdiOffi c
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55seb annual report 2012
● Ici f Pcd Agi My Ldig dFicig f Tim
● Rmi Picy
SEB’ Cd f Bi Cdc dci d y SEB’v d dd f i cdc d vid gid-c hw iv y h v. Pic i d gidi f
iiiy, ch h C Siiiy Picy dvi g-wid ii m d idy cici ddig vim, ci d gvci f vi imc i hi cx. The Code of
Business Conduct and details on sustainability governance can
be found on SEB’s website: www.sebgroup.com. Further infor-
mation on SEB’s sustainability work is provided on p. 14.
SEB’ C Gvc R h d iccdc wih h A Acc Ac d h Cd f C- Gvc. N dvii fm h Cd df . The report and further information on corporate
governance at SEB are available on SEB’s website.
S G Mg SSEB h c 8 hhd. Aximy75, f h hv hdig f h 5 h whi 6 hd m h , h, ccig f85 c f ci d v. SEB h w c f h– C A-h, which cy v, d C C-h,which cy / f v. SEB’ g hhd d hhhd c 3 Dcm hw ih d gh w.
Th hhd’ iflc i h Bk i xcid G- Mig f Shhd, which h Bk’ highdcii-mkig dy. A hhd id i h h-hd gi wh hv dy ifid hi dc hvh igh ici G Mig d v f hf m f hi civ h. Shhd wh c- d G Mig my i iv.
Th A G Mig (AGM) w hd 9Mch . A f 836 , ig ,3 h-hd, Bd mm, h G Exciv Cmmid h Bk’ di w h AGM. Th mifm h AGM vi SEB’ wi. Th mi dci-i md h AGM w:
T g
3 December 0 No. of shares
Of whichSeries C
shares
Share of
capital. % votes. %
Iv AB ,, ,, . .
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56 seb annual report 2012
● dividd f SEK . h ● -ci f v dic ● -ci f Mc Wg Chim f h Bd ● -ci f PicwhC di ● cd f im f h Nmii Cmmi
d f i wk ● di f gidi f mi f h Pid
d h h mm f h G Exciv Cmmi ● v f h g-m qiy gmm
● ic f md h Bd ccig h cqii-i d f w h f SEB’ cii i, fh g-m qiy gmm d f ci mg-m .
A cic ym f vig md, -cd v,w d f vig h AGM.
N CP dcii y h AGM, h Nmii Cmmih cmd f iv f h Bk’ f ghhd d h Chim f h Bd. O f h id-d dic h id ddii mmf h cmmi. Th cmii f h Nmii Cm-mi m h qim y h Cd f CGvc wih c mm’ iddc, mgh hig. Th Nmii Cmmi h cc if-mi SEB’ i d fici d gic i-i, which i vidd y h Chim f h Bd d hddii mm. I ddii, h Nmii Cmmiviw h vi f h Bd d h Bd’ wk w f h Chim f h Bd.
Th Nmii Cmmi i kd wih mkig cm-mdi i h fwig , h AGM fdcii:● mii f id AGM chim ● h m f dic ● mii f dic ● mii f h Chim f h Bd ● Dic’ f, cd mg h Bd mm d
f f cmmi wk ● di’ f ● mii f di
● wh ic, f h Nmii Cmmi
A im ici i h h iz d cmii f hBd hd ch v h Bk i h iwy. I i hf cci h h dic hv qiixic d kwdg h fici d h c- w ii xic d cc wkh m h dmd h i fm h Bk ’ c i-i d f ii. Th Nmii Cmmi f h AGM d h x which h Bd m hqim.Th m w d dici h iz f h Bd d i cmii wih c chm idy xic, xi, iddc,diviy d f cci m. Th NmiiCmmi fd h h Bd d d cd h AGM m h qim.
Th Nmii Cmmi f h 3 AGM wid i m . A h NmiiCmmi’ wk wi d h 3 AGM. Nci f h id h mm f h NmiiCmmi. The Nomination Committee’s recommendations
and a statement accompanying its nomination of directors
can be found on SEB’s website.
B DTh dic cd y h hhd h AGM f -y m f ffic xdig hgh h x AGM.
Sic h AGM h Bd h cid f vAGM-cd dic, wih y di, d f wdic d w di id y h my. Id f qm xi Bd mig, m h hf
E B D, P G Ex CSEB f-m mhd, which mg h hig icd qii, fwd y dici wihih Bd. Thgh hi c h civii d wk mhd f h Bd, h Chim f h Bd d h civcmmi vd. Amg h i xmid : ● hw fh imv h wk f h Bd ● h x which h idivid d mm k civ i dici y h Bd d i cmmi ● whh d mm ci idd ii
● whh h mig mh fcii dici
Th cm f h vi h d d dicd y h Bd d h Nmii Cmmi. Th vic d i cm ci fh imvm f h Bd’ wk d h h Nmii Cmmi vh iz d cmii f h Bd, mg h hig.
Th Chim f h Bd fmy v ch idivid dic’ wk c y. Mc Wg did ici -
i h vi f h Chim’ wk which w dicd y Tv Jh, f h Dy Chim f h Bd.Th Bd v h wk f h Pid d h G Exciv Cmmi ci i, wih ici-i y h Pid y h mm f h G Exciv Cmmi.
report of the directorsC Gvc
N AGM
Member RepresentingVotes, %
3 August 0
P Hdg, Chairman Iv .
Wiim f Sdg Tygg-Sif .
Sff Gfäck Ac .
H Wim Th K d AicWg Fdi
.
Mc Wg SEB, Chim f h Bd
3.9
U J Additional member, appointed by the Board
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57seb annual report 2012
f h dic m . Th Pid d ChifExciv Offic i h y AGM-cd dic wh i my f h Bk. Th Nmii Cmmi hd h iddc f h dic i i h Bk d h Bk’ mgm d i i h-hd cig m h c f h h v i h Bk d h fd h h cmii f hBd m h qim f h Cd f CGvc wih c dic’ iddc. The com-
position of the Board as from the 2012 AGM and the directors’
independence are shown in the table below, and biographical
information about the directors is presented on p. 60–61.
Th Bd h dd R f Pcd h gh Bd’ d wy f wkig w ci ic-i f h Bd’ cmmi. Th Bd h viiiy f h civii cid wihi h Gd h h fwig di, mg h: ● dcidig h , dici d gy f h i-
w h fmwk d jciv f h civii
● gy fwig d vig h i i -i h jciv d gidi ihd y h Bd
● ig h h i i gid i ch wy hh ccig, y mgm d fici cdi-i i h c cd i ifcym d h h ik ih i h i id-ifid, dfid, md, mid d cd iccdc wih x d i , icdig hBk’ Aic f Acii
● dcidig mj cqiii d divm w h mj ivm
● im dimi w mi f hPid, h Chif Rik Offic, h mm f h GExciv Cmmi d h Hd f G I Adi.
Th Chim f h Bd gi d dic h wk fh Bd.
Th Pid ici i d mig, xc m i which h Pid h i h my i
B D
Name PositionYearelected
Independent in relation toRisk andCapitalCommittee
Audit andComplianceCommittee
Remunerationand HRCommittee
Totalremuneration
SEK
Atten-dance at
Boardmeetings
Attendanceat
committeemeetingsthe Bank
the majorshareholders
Mc Wg Chi Y N ,, / /
Jc Wg Dy Chi Y N , /Tv Jh Dy Chi Y Y , / /
Jh H. Ad Dic Y Y , /
Sighid AgådH Dic Y Y , /
U J Dic Y Y , / /
Bigi K Dic Y Y , / /
Tm Nici Dic Y Y , / /
J Ov Dic Y Y , / /
C Wihm R Dic Y Y , / /
Aik Fkg Dic N Y – / /
Mgd Of Dic* ) – /
Pi Påhm Dic* ) – /
Mi Lidd Dy Dic* – /
Håk Wg Dy Dic* – /
Chi Dy Chi Mm * id y h my 1) Dy Dic 200–200 2) Dy Dic 2010–2011
Wk B D Th wk f h Bd fw yy . I 2012, i d mig w hd. SEB’ ii i h mc-cmic cim w dicdi m cx ch Bd mig dig h y. Oh im m d wih dig h y icdd h fwig:
ǗȤȢȣȣǗǗȤȢȣȣ
Ǘ h x d i di i Ǘ
d h h mm f h GECǗƿǗLjƺ
fdig iǗLjƺ -
ig qiy, dvm f h cdi fi d h iqidiyii
ǗǗLjǗƺLj
ffic i MmöǗǗLj -
g-m gǗǗƺƌǗLjǗǗ
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5 seb annual report 2012
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cflic wih h i f h Bk, ch wh h Pi-d’ wk i vd. Oh mm f h Bk’ xcivmgm ici whv qid f fifmig h Bd q y h Bd h Pi-d. SEB’ G Lg C v h Scy hBd.
Directors’ fees
SEB’ AGM f f SEK 8,48, f h mm- f h Bd d dcidd hw h f w di-id mg h Bd d i cmmi. N f f cm-mi wk i id ih h Chim f h Bd my f h Bk. Dic’ f id igi dig h md id.
Fwig cmmdi y SEB’ Nmii Cm-mi, h Bd h dd icy h qi h Bdmm ch d hd ci qii f SEBh. Information on remuneration principles, remuneration
of the President and members of the GEC and on long-term
equity programmes is provided on p. 67.
Board committees
Th v iiiy f h Bd c dgd.Hwv, h Bd h ihd cmmi hd c-i dfid i d ch i f dcii yh Bd. A , h Bd h h ch cmmi:h Rik d Ci Cmmi (RCC), h Adi d Cmi-c Cmmi (ACC) d h Rmi d HmRc Cmmi (RmC). Th cmmi g i h Bd. Cmmi mm idf id f y im. A im ici i h my d mm i h ici i cm-mi wk, cmmi chi. Ahgh h Chimf h Bd i mm f h cmmi, h d chi y f hm. Nih h Pid y h ffic fh Bk i mm f h ACC RmC. Th Pid i mm f h RCC. A fm cmmi wk, hdgi f di i id wihi h Bd.
Risk and Capital Committee
“During my years as chairman of the RCC,
financial markets have undergone extreme
unrest and volatility. At the same time, regula-
tors have significantly increased the supervi-
sory requirements – a process which is on-
going. During 2012, much of RCC’s work focused on the effect
of these matters on SEB. Furthermore, the RCC is deeply
involved in defining SEB’s risk strategy.”
U J (Chim)
Th RCC i kd wih ig h Bd i vig dig h h Bk’ gii i mgd i ch wyh ik ih i h G’ i idifid,dfid, md, mid d cd i ccdcwih x d i . Th RCC mi hG’ ik d ci ii ci i.
Th RCC h ici d m f migd cig ik d ci wihi h G d vik mgm ym d h v ik c/-i d gy f h d g m, w im-mi f hi gy. Th Cmmi , f dci-i y h Bd, cmmdi f h im dimi f h Chif Rik Offic (CRO). Th Cmmi dcid idivid cdi m f mj imc fimc ici. Th RCC hd fif mig i.
Th G’ Chif Fici Offic h v iiiyf ifmi d i h Cmmi md ci d fdig. Th CRO h v ii-iy f ifmi d i ik d cdi m.The risk organisation is described in further detail on p. 64 and
the risk, liquidity and capital management on p. 38.
RCC U J (Chi), Mc Wg (Dy Chi), JOv d Aik Fkg.
T RCC’ wk g 202:Ǘ
G ici d gi, ch h Rik Picy d RikSgy, h Cdi Picy, h Cdi Ici, h Ci P-icy, h Liqidiy d Pdg Picy, h Tdig d IvmPicy d h CRO IciǗ
f cdi ici d ici h cmm h G’Cdi Picy d Cdi IciǗǗ
f mk d iqidiy ikǗƋ
ccig ici f dfid fi i Ǘƌ
cdi c wihi h GǗƺ-
m ymǗ
ii d i h G’ ci dqcy iiǗLj
ci g d ci mgm m, ch h divi-dd vǗƌ
h mgm.
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Audit and Compliance Committee
“The internal controls of the Bank and compli-
ance with regulatory requirements are of
utmost importance. The ACC monitors the
effectiveness of SEB’s internal control and
internal and external audit, as well as the com-
pliance work continuously. One focus area of the ACC has been
to monitor the implementation of an enhanced process for
internal control over financial reporting, in order to ensure that
the financial reporting is accurate and timely.”
C W R (Chim)
Th ACC h Bd i i wk wih qiy c fh Bk’ fici ig d i c v hfici ig. Wh qid, h ACC , fdcii y h Bd, cmmdi f h im dimi f h Hd f G I Adi. Th Cmmi- mii g cc wih h Bk’ x di di d dic h c-dii f xd i di civii. I h y mk dvi fm h di ddd. Fhm,h Cmmi v h x di’ wk diddc.
I ddii, h Pid’ f im dimi f h Hd f G Cmic i jc hCmmi’ v.
Th ACC hd fiv mig i . Th x didd f h Cmmi mig d Bd m-ig i . Th x di, h Hd f G IAdi d Hd f G Cmic Cm-mi mig. Th Pid d h CFO gy ici- h mig. The Report on Internal Control over
Financial Reporting can be found on p. 65.
Remuneration and Human Resources Committee
“Professional and committed employees are
critical for SEB’s future business result. It is
therefore of utmost importance for the RemCo
to support the Board on issues regarding
remuneration, succession planning and other
human resource issues. This enables SEB to recruit, retain and
reward employees in a sound and competitive manner. The
RemCo also continuously monitors and evaluates remunera-
tion practices, structures and levels in SEB.”
T N (Chim)
Th RmC , f dcii y h Bd, imf h Pid d h mm f h GEC. Th Cmmidv, mi d v SEB’ iciv gmmd hw h gidi ihd y h AGM f m-i f h Pid d h mm f h GEC id.A idd di’ viw h dhc fmi i SEB h Rmi Picy i d h Cmmi y.
I ddii, h Cmmi mi h G’ iigi d mi, gh wih h RCC, mk c h v i igi f h G,icdig dvm wihi h Bk’ i fdi.Th RmC hd igh mig i .
Th Pid, gh wih h Hd f G HmRc, mk i m i which h cflic f i. The Remuneration Report can be found
on p. 67.
ACC C Wihm R (Chi), Mc Wg (Dy Chi) dBigi K.
T ACC’ wk g 202:Ǘ
ǗLjǗƌ (see
page )Ǘƺ
fm h x diǗƋ
f dfid fi i Ǘ
di cd h AGMǗƺ
c-did wih h x di ǗǗ
v cci, wih h Pid y h mm fh Bk’ mgm ig
RC Tm Nici (Chi), Mc Wg (Dy Chi) d TvJh.
T RC’ wk g 202:Ǘƺ
y h BdǗƺƺ
mi gidi f h Pid d mm f hGECǗƿƺ
h Bd d dcii y h AGMǗƺƺ
Pid d mm f h GEC i ccdc wih h gid-i ihd y h AGMǗƺƺ
Hd f G I Adi, h Chif Rik Offi c d h Hdf G Cmic i ccdc wih h Rmi Picydd y h BdǗƋ
chg i ccig ici f dfid fi iǗƺ
gmm d i igiǗƿƺLj
ig dhi cci i h Bk
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report of the directorsC Gvc
6 seb annual report 2012
Board of Directors
B 1; B. Sc. (Fig Svi c).
Chim ic 200.
O g: Chim fS, Ecx d LKAB. Dic fAZc, S E, Iv,
Tmk Hdig d h K dAic Wg Fdi.
Bkg: Ciik i Nw Yk,Dch Bk i Gmy, S G W-g C i Ld d Ciic iHg Kg, SEB d S Fdmühi Gmy. Exciv Vic Pidf Iv d Pid d GChif Exciv f Iv.
Ow ’g:, cA-h d 20 c C-h.
B 1; B.Sc. (Ec), MBA dEc. D. H.C.
Dy Chim ic 200.
O g: Chim fEc Ii A/S. Dic f
Md. Idi dvi EQT dJ C Bmfd Excv Ld.
Bkg: T Pk i vii ii i Sh Afic, A-i d Swd. Exciv VicPid f T Pk. Pid fVME, y Vv CciEqim. Pid f Vv CCi d Vic Chim f hBd f Vv C Ci.
Ow ’g:20,000 cA-h.
B 1; B. Sc. (Ec) d MBA.
Dy Chim ic 200.
O g: Chim fIv. Dy Chim f SAS dEic. Dic f ABB, h K
d Aic Wg Fdi, hCc-C C my d h Sck-hm Sch f Ecmic.
Bkg: Vi ii iSEB. Pid d G Chif Exc-iv f SEB. Exciv Vic PidIv. Chim f SEB. Vic Chi-m f A Cc AB d EcxAB. Dic f S AB.
Ow ’g:0, cA-h d 1 c C-h.
B 11; B.A. (Gvm dPicy Sdi) d MBA.
O g: Ow dChim f Fd. Dic f SWIX,Ji Achivm Yg Ei(JA-YE) E, JA-YE Nwy, NMI–Nwgi Micfic Iiiiv,C Amy f Ok ASA dC P Adviy Bd BI Nwgi Sch f Mgm.
Bkg: Ii P C.P d w f Fd. CEO fFd.
Ow ’g:100,000 cA-h.
B 10; B. Sc. (Hm c)d jim di.
O g: Chim fSLC-G AB, Svk LChi,Uh Chi Ci d SFN/Tim. Vic Chim f Swdih-Amic Chm f Cmmc(SACC), USA. Dic f Lmi,Uiviy Bd f Ld Uiviy,SACC, Nw Yk, Swdih TdCci, ESBRI, Kig C XVI Gf’Fdi f Yg Ldhi,Mg AB d Dg Idi AB.
Bkg: Pid f h fmiy-wd cmy Svk LChi.Chim f h Cfdi fSwdih Ei. Vic Chimf Bi E. Dic fIvi, IFL Sckhm Schf Ecmic d Rch Iif Idi Ecmic.
Ow ’g:2, c A-h.
B 1; High k dg (SEB).
O g: Chim fEAB, HMS Nwk d Svdg iD. Dic f C Oh,Lidég d Högä.
Bkg: SEB i vi mg-m ii. Pid d CEO fHNJ I (fm idiy fh Iciv G). Exciv VicPid f h Iciv G.Pid d G Chif Excivf R. Sv dichi.
Ow ’g:,0 cA-h.
B 1; LLM d Ec.D. H.C.
O g: Dic fSE d Ni.
Bkg: Bd xic ikig d fic, .g . NdicIvm Bk (Exciv VicPid d Hd f Fic). VicPid d CFO f IiFic Ci, WhigD.C. Dy G Mg fÅdk, Fid.
Ow ’g:22,000 cA-h.
B 1; B. Sc. (Ec) d M. Sc .(Mgm).
O g: Dic fNdj, N Fdi, Axd Mg Ax: Jh F-di, C f Jic, RchIi f Idi Ecmic, hSwdih C Gvc Bdd SFN/Tim. Mm f h Advi-y Bd Sckhm Sch f Ec-mic d h Ivm Cmmi- f NIAM Py Fd.
Bkg: Bd xic i hfici c CEO f Ac, hThid Ni Swdih Pi Fdd E. Öhm J: Fdkmmii, w dig ii iHdk. Sv dic-hi.
Ow ’g:,000 cA-h.
MARCUS WALLENBERG TUVE JOHANNESSON JACOB WALLENBERG
TOMAS NICOLINURBAN JANSSON BIRGITTA KANTOLASIGNHILD ARNEGÅRD HANSEN
JOHAN H. ANDRESEN
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B 1; B. Sc. (Ec) d MBA.
O g: Chim fNki Sim Nwk BV. Dicf Ok ASA.
Bkg: Pic Wh. Vic
Pid d G ChifExciv f Bic Bk A/S. VicPid d Hd f Fic fNv Ndik A/S. CFO f D DkBk A/S d f LEGO Hdig A/S.CEO f Kiki G d CFO f TDCA/S.
Ow ’g:10,000 c A-h.
B 11; M.Sc. (Piic d Ec).
O g: Dic fCmfi d INGKA (Ik) Hdig.
Bkg: A, Af Lv G C d Si Exc-
iv Vic Pid f Eic. Sv- dichi.
Ow ’g:1,1 c A-hd c C-h.
B 12; B. Sc. (Ec).
Pid d CEO ic 200.
O g: Dy Chi-m f h Swdih Bk' Aci-i. Dic f Sci. Mm f
Sviy Bd Vkwg AGd Mich RE.
Bkg: Vi iiwihi Mch Bkig. GHd f Tdig d Hd f M-ch Bkig. Hd f Divii C- & Iii d ExcivVic Pid f SEB. Dy ChifExc iv Offi c.
Ow ’g: ,1 cA-h, 22, fmc hd 121, cdii h igh.
B 1; Sdi i Ecmic dAccig.
O g: Chim fFici Sc Ui f Swd SEBG, Rgi C Sckhm &E f h m i d f hE Wk Cci SEB G.Mm f h Bd f FiciSc Ui Swd.
Bkg: Hd vi iii SEB. Dy Mm f h Bdf SEB. Mm f h Bd fFic d Ic Umy-m Bfi Fd. Mm f hBd f SEB BLå.
Ow ’g:0
B 1; Advcd cific icci fy d hh dwk vim.
O g: Vic Chimf Fici Sc Ui f SwdSEB G d f c C Sck-hm d E. Riv G v Swd.
Bkg: Wkd wihi h i-v d c c wihiRi w i i fh h iv d c c.Ui iv d cd hd cci fy d hh wk. Vic Chim f Fi fö-d i SEB’ c c Sckhmd E. Scd Vic Chim fh Fici Sc Ui f SwdSEB G.
Ow ’g:0 c A-hd c C-h.
B 1; B.Sc. (Ec) KwicSch f Ecmic, Pd.
O g: Scd DyChim f Fici Sc Ui fSwd SEB G d Chim fRgi C Sckhm Ciy f hm i.
Bkg: SEB (FiSkdic)d i h Mch Bkigdivii. Ui igm ic200.
Ow ’g:,2 c-A h.
B 1; Egiig giic.
O g: Chim A-cii f Uiviy Gd SEBd f Rgi Acii Sck-hm f h m Acii. Bdmm SEB K Bk AB.
Bkg: S Mg Tygg-H i h y ici. SEB i vi ii iym mgm d IT dv-m. Cy Sym MgmAdvi. Ui iv fm2001.
Ow ’g:1,2 c A-h.
ANNIKA FALKENGREN
HÅKAN WESTERBERGPERNILLA PÅHLMAN MARIA LINDBLADMAGDALENA OLOFSSON
JESPER OVESEN CARL WILHELM ROS
Dic id y h my Dy Dic id y h my
Contact the Board of Directors:
Skdivik Ekid Bk AB, Bd SciG Lg, KA , S E-6 4 Sckhmdci@.
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Group Executive Committee
VIVEKA HIRDMANRYRBERG MARTIN JOHANSSONMAGNUS CARLSSON
JOHAN ANDERSSON JAN ERIK BACKANNIKA FALKENGREN
B 12; SEB my ic 1;B. Sc. (Ec).
Pid d CEO ic 200.
O g: Dy chi-m f h Swdih Bk' Aci-
i. Dic f Sci. Mm fSviy Bd Vkwg AGd Mich RE.
Bkg: Vi iiwihi Mch Bkig. GHd f Tdig d Hd f M-ch Bkig. Hd f Divii C- & Iii d ExcivVic Pid f SEB. Dy ChifExc iv Offi c.
Ow ’g: ,1 cA-h, 22, fmch d 121, cdii high.
B 1; SEB my ic 10;B. Sc. (Ec).
Chif Rik Offi c ic 2010. Hd fCdi d Rik C ic 200.
Bkg: Diff ii
wihi Mch Bkig d GCdi. Dy Hd f G Cd-i d Rik.
Ow ’g:,11 c A-h,22 c C-h d 2, f-mc h.
B 11; SEB my ic 200;B. Sc. (Ec).
Exciv Vic Pid, Chif Fi-ci Offi c ic 200.
Bkg: Svk Hd-
k. CFO Skdi. Fi SiExciv Vic Pid d CFO Vf.
Ow ’g:,121 c A-h,1,21 fmc h d0, cdii h igh.
B 1; SEB my ic 1;B. Sc. (Ec).
Exciv Vic Pid, Hd f hMch Bkig divii ic200.
Bkg: Bk f Nv Sci.Vi ii wihi SEB’ M-ch Bkig divii, icdigHd f Pjc & Scd Fic,Hd f C Ci d DyHd f h divii.
Ow ’g:,2 c A-h,1,1 fmc h d2, cdii h igh.
B 1; SEB my ic 10;B.Sc. d Lic. Sc. (Ec).
Hd f G Cmmici ic200.
Bkg: C & Lyd.Vi ii wihi SEB; FdMg, Hhd Ecmi,Hd f Pdc wihi h Lif i-, G P Offi c d Hd fCEO Offi c.
Ow ’g:20,11 c A-h,, fmc h d21,0 cdii h igh.
B 12; SEB my ic 200;B.Sc. (Ec).
Hd f Bi S fm 2011.
Bkg: Ciig i Swdd i vi igm dh wd. G Hd f Ci R-ihi Mgm wihi SEB’Mch Bkig divii. Hd fh Bic divii.
Ow ’g:0, cA-h, , fmc hd ,2 cdii h igh.
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WILLIAM PAUS DAVID TEAREPETER HØLTERMAND
ANDERS JOHNSSON
B 1; SEB my ic 1;B.Sc. (Ec).
Cy Mg SEB Dmk ic2002.
Bkg: SDS. Afd Bg. SEBMch Bkig, Tdig & CiMk. G Hd f Fixd Icm& Sw, G Hd f Ci M-k d Hd f Mch Bkig iDmk.
Ow ’g: ,00 c A-hd 10, df igh.
B 1; SEB my ic 12;M. Sc. (Ec).
Cy Mg SEB Nwy ic2010.
Bkg: Vi iiwihi SEB Tdig & Ci Mk.Hd f Mch Bkig i G-my d Hd f Mch Bkigd Wh Mgm i Nwy.
Ow ’g:10,1 cA-h d 1,112 df igh.
B 1; SEB my ic 200;B. Cmm.
Hd f h Bic divii fm 2011.
Bkg:Ciik. Mg S-y. Ci Rihi Mgmwihi SEB’ Mch Bkig divi-i.
Ow ’g:,0 cA-h, 2,21 fmc h,,10 df igh d 2,1cdii h igh.
MATS TORSTENDAHL
Addii Mm
B 1; SEB my ic 1;High k dg.
Hd f h Wh Mgm divi-i ic 2010.
Bkg: Gök. Diff
ii wihi SEB’ MchBkig divii. Vi digii wihi SEB Piv Bkig.Hd f Tdig & Ci Mk,Mch Bkig.
Ow ’g:, c A-h,1,0 df igh d ,2cdii h igh.
B 11; SEB my ic 1;LLB.
Hd f G Hm Rcic 2010.
Bkg: Vi ii
wihi SEB’ Ri Bkig diviich Bch Mg, Cdi M-g, Dy Rgi Mg, Bi- A Mg f Pdc, P-c, Oi d IT, GHd f Piv Bkig, CFO &G Hd f Sff, Ri.
Ow ’g:20,00 cA-h, ,0 fmc hd 0, cdii h igh.
B 11; SEB my ic 200;M.Sc. (Egiig Phyic).
Exciv Vic Pid, Hd f hRi Bkig divii ic 200.
Bkg:ABB, Ögö Ekid
Bk, Vi ii wihi DkBk, ch Si Exciv VicPid d Hd f Dk BkSwd.
Ow ’g:, c A-h,1,21 fmc h d0, cdii h igh.
ULF PETERSON
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T P C Ex OffiTh Bd h dd ici f h Pid dChif Exciv Offic’ di d .
Th Pid i i f h dy--dy dmii-i f h G’ i i ccdc wih h diciv,ici d ici ihd y h Bd. Th Pi-d h Bd d mi ch d mig , mg h hig, h fmc f h i- i i dcii md y h Bd.
Th Pid i h Hd f Divii, h Hd fBi S d Hd f h vi ff d gfci wih dic ig h CEO.
Th Pid h h cmmi h di- f h f mgig h i: h GEC, hALCO, p. 65 d h GRC, p. 65. T fgd h i fh G wh, h Pid c wih h GEC m f mj imc f imc ici.Th GEC d wih, mg h hig, m f cmmcc v divii, gic i, i ,fici fc d . Th GEC hd hi m-ig i . Further information about the President and the
GEC can be found on p. 62.
D, Th Bd g h civii f h G hgh ici ccig h G’ i d h iddw ihig hw h G’ divii, icdigh ii civii cdcd hgh ch didii, gvd d gid.
SEB’ i i gid i fiv divii. Ech divii’i dividd i i which, i , dividd i i i. Th Hd f Divii h viiiy f h civii f h divii d i,f ci wih h Pid, hd f i wihi h divii d f h idii h h divii ii f.
A Cy Mg i id i h civ ciwh SEB . Th Cy Mg c-di hG’ i cy d ciy digdmm f h GEC.
B S ff Bi S i c-divii fci ihd vg fi f c i i d IT. Bi S- cv , ch ci cig, dv-
m, mic d i f IT ym d mg-m f SEB’ IT gy d IT fi. Bi S icd SEB Wy – G-wid gmm f ci- imvm. A d h ihd yh Pid fm f h ci mgm fSEB’ IT dc dvm fi d dcii i IT-d m. For further information on Business Support
see p. 36.
SEB’ ff fci hv g fci cciiyd mg SEB’ g-wid ici, ici, -c d cd.
Rk gTh Bd h im ii iy f h G’ ikgii d f ig ifcy i c. ThRCC h Bd i hi wk. A c qh Bd d RCC civ h dvm f hG’ ik x.
Th Pid h v ii iy f mgig fh G’ ik i ccdc wih h Bd’ ici dici. Th Pid h h SEB’ gi-i d dmiii i d h h G’i i cmic wih x d i .I ic, h Pid h y i ik
Rk g SEB
B D
Rk C C
G Rk (CRO)
P
ALCO GRC
SEB´ g
B S
B D
MBkg
RBkg
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C F O
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G C G Rk C Rk C
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ifmi gdig SEB h Bd, icdig h ii-i f imi.
Pimy iiiy f ig h h Bd’ igdig ik mgm d ik c i id i c-ic wihi h G i wih h A d Lii iy Cmmi- (ALCO) d h G Rik Cmmi (GRC).
Th ALCO, chid y h Pid d wih h Chif
Fici Offi c dy chi, i G-wid dcii-mkig, miig d civ dy h hd hfwig m, mg h: ● fici iiy ● h d-ff w fici wd d ik i ● gic ci d iqidiy i
● c i d i ccig h dvm fh c h d h i vm
● ficig i ivvig why-wd idii.
Th ALCO hd hi mig i .T gh mgm’ ik vigh, i h f-
m G Cdi Cmmi w dd fm g-
wid, dcii-mkig i, h G Rik Cmmi, cv-ig y f ik h CEO-v d mkig i i v fi, dc d ci fm cmhivik civ. Th GRC i hid y h Bd mk cdi dcii, wih h xci f fw m h vd f h RCC. I ddii, h GRC i kd wih:
P k gYy ik m fmd h G d giy v, idify d dd h mi ik d h fici ig c, kig i cid-i h miiy d cmxiy c. Th immid i ICFR cig h ACC. I dciidifid fc w h g ii, cd d ym h cvd y h ICFR cdig h cmig y.
V g x Th ICFR c c dfid i cific f SEB d c-i f G-wid c d IT c. Exm f hc g vidi f h vi f fici i-m d cdi x, cciii d ym ccc. Yy vidi i fmd h h c
c miig h idifid ik i h fici igc. Thi i d i wkh ivvig h i d
fic , wh gh hv h qid c, y-m d ccig xi. Th c qim ciy cmmicd ivvd i hh iiii c.
P g Bd ik m, idifid fc d xcdc, h ICFR miig i d f h cmigy. Th cifi wh i i f miig hciv c wihi ch g iy, wh y f mi-ig civii hd cdcd d hw h i
d. Th miig i c-did wih h di f i d x di cd dcm miig f h ICFR c.
M Miig i cid ciy v c -. Exm f miig civii icd m h h c immd wihi dmm h qim h g v, i cchcki d ig f dfid ky ik idic. Th ITd c vim i mid h ccdig h d i cci wih h idci f w dc ym. Th miig h wk i h ICFRc idifid d h cmig c dmdii civii c iiid – i h im f mg-
ig h ik f mi i h fici ig.
R ICFR kTh miig yd h ik f ih fici ig. Thi i d i cci wih h q-y x fici ig. Th mmy ICFR miig i d h CFO qy i d h ACCc y. I dci h id fici ig ik v,icdig dcii f idifid c g d hw wh cmd y h c. Th ciddig f ICFR id ik ci cy i hgii d iiii f mdii civii.
I ddii mgm’ miig civii, IAdi iddy ICFR i ccdc wih dd y h ACC. Th di w m k
d hi c d g i hACC.
Riiiy i h fici ig i i SEB. Th ic v fici ig (ICFR) c i digd
ch iiiy. Th ICFR c SEB i cdcd i cyc, dcid i h ci w. I i d h fmwk
ihd y h Cmmi f Sig Ogizi f hTdwy Cmmii (COSO), i fiv i c cm-
: C Evim, Rik Am, C Acivii,Ifmi & Cmmici d Miig.
Internal Control over Financial Reporting
I n
d e p e
n d e n t t
e s t ing perf or me d b y I n t e r n a l A u d i t
Vid h digf xcdc
3 P miigd di civii
4 Mi dv c
5 RICFR id ik
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ICFR i igd
f diyi
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r t e r l y
C o n t i n
u o u s l y
Q4
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● ig h ik ih i h civii f h SEBG idifid, dfid, md, mid dcd i ccdc wih i d x
● ig h Pid i ig h dcii gd-ig h SEB G’ g m ik i/mii fwd i h i gii
● ig h h Bd’ gidi f ik mgm
d ik c dhd d h h cy d ici f ik kig i h SEB G miidd fcd.
Th Pid v chi f h GRC, wih h Chif Rik Offi-c (CRO) h dy chi. Th GRC hd 59 mig i .
Th G Rik gii, d y h CRO, i if idifyig, mig d cig SEB’ ik. I wk icid i h diff fci wk m h h CRO: Rik C, G Rik C d G Cdi.
Th CRO i id y h Bd d h Pi-d. Th CRO k h Bd, h RCC, h GEC, h ALCO dh GRC gy ifmd ik m. Th CRO hg fci iiiy d i idd fm hi gii. Th civii f h CRO gvd yd i ici dd y h Bd.
Rik C , m d mi ik – im-iy mk ik, iqidiy ik, i ik, cdi ik d i-c ik – gi ihd imi d i ccdc wih cic f ik mgm hgh h gii.
G Rik C fc gggi d yi fcidd ik d c ik y d c h G’cdi f i, dvm f md f h B II ikwighig d g m dig ik gvcd ik dic.
G Cdi i i f mgig h cdiv c d f mj idivid cdi dcii. I i i f yi d vigh f h cmiif h cdi fi d f miig cmic wih i-ci y h RCC d h Bd. I civii gd yh G’ Cdi Ici, dd y h Bd. ThG Cdi Offic i id y h Pid, c-mmdi y h CRO, d h CRO. Th RCCd h Bd civ ifmi h cmii f hcdi fi, icdig g x d cdi , c q. Th cdi gii i iddfm h i i d d wih cdi m xc-
ivy. Th chi f h civ divii cdi cmmihv h igh v cdi dcii. Sigific xci h G’ Cdi Picy m fd high v ih dcii-mkig hichy. Further information about risk,
liquidity and capital management can be found on p. 38.
I A CMgm v wihi h divii, fc-i d G Cdi h fi i f dfc fik i h gii. Th G Rik gii dG Cmic fm h cd i f dfc. GI Adi i h hid i f dfc.
G I Adi i idd G-wid fc-i h i dicy di h Bd. Th mi -iiiy f I Adi i vid i d jcivc h Bd d Pid gdig h ffciv- f c, ik mgm d gvc c,wih h im f miigig c d vvig high ik di dig hc h c c wihi h G. ThHd f G I Adi i id y h Bd d h Bd hgh h ACC d k h Pidd GEC gy ifmd i di m. ThACC d f h wk f I Adi.
Th G Cmic fci i idd fm hi civii whi vig i fc-i. I i d fm h g fci f h G. ThCmic fci h c civy h qiyf cmic i h G hgh ifmi, dvic, c- d fw- wihi h cmic , hy -ig h i civii d mgm. Sci f iiiy icd: ● cm ci
● mk cdc ● vi f my dig d ficig f im
● gy cmic d c
Th Hd f G Cmic i id y h Pid v y h ACC d gy h Pi-d d h GEC d ifm h ACC cmici. Fwig g-wid cmic ik md v fm h ACC, h Pid d cmic .
Th Bd h dd ici f h G’ IAdi d Cmic civii.
report of the directorsC Gvc
Information about the auditorAccdig i Aic f Acii, h Bk h hv d m h w di wih m qm f di. A gid ccig fim my id di.
PicwhC AB h h Bk’ diic d w -cd i f h id dicdig h 3 AGM. Th i chg fm h AGM, h P Nyig, Ahid Pic Acc-. Th c-igig di h Ahid PicAcc Mg Sv Hy. P Nyig hdiig xic fm v mj Swdih cmi.
Th f chgd y h di f h diig f h Bk’ cc f h fici y d , c-ivy, d f h igm ivicd dig hid, hw i h .
AUDITOREcd y h A G MigPicwhC
PETER NYLLINGE
B ; Adi f SEB, P i chg f .Ahid Pic Acc.
F SEK m
Adi igm
Adi d vic
Tx dviy
Oh T 03 8
I ddii, f d x wc i i h divm f hGm i i m SEK m ().See also note.
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Remuneration reportR gSEB’ mi ym im c, i d mi-v my wih h igh cmc wh hy c-i h Bk’ g-m cc. Emy’ cm-i hd cg gd fmc, d hvi
d ik-kig h igd wih cm d hhdxci. Th cmi i d xic dfmc d m g-m cmmim c-ig v.
R SEB’ mi c i d h cm y, g-m qiy-d cmi d i dh fi. Th cm d chiv vmi c. M my i SEB k i cciv fi-hig gmm d g -fmc.
Th fixd y SEB ff h cmiiv d flch my’ cmc d xic. I hd i i wih cm idi i ch gghic mki which h Bk .
SEB h dcd h h f my wh igif idivid ch-d vi cmi. Thidc flc h gdy chgig mk cic dh hif fm vi fixd cmi. Ch-dvi cmi i y d wh i i cmm mkcic, f xm wihi ivm kig. I hch-d vi cmi cdd 7 cf SEB’ ff c ().
A SEB, ch-d vi cmi i d hik-djd d fmc f h idividmy, f h idivid’ civ m/i id f SEB wh. SEB h w-ihd md fcci d i ci f ci. Th ik-djd i d hi md.
Lg-m qiy-d cmi i m c d i ff wih ky cmci. I idg-m cmmim SEB d c iciv f hmy cm SEB hhd. Th qiy-dgmm vid c f ik djm f h c- d f ik, d h h fi cm c -qy dcd i i f, i cmic wih h f h Swdih Fici Sviy Ahiy.
Lg- q g Th A G Mig vd h diffgmm f :
● f-y Sh Svig Pgmm f my icd ci
● v-y Sh Mchig Pgmm f cd img d ky my
● -y Sh Df Pgmm f h G Exc-iv Cmmi d ci h xciv mg
Share Savings Programme
Th Sh Svig Pgmm i ffd my icd ci d im gh g-m cmmi-m SEB. Th gmm f f y i .Emy ffd iv i SEB c A-h hc mk ic f mximm m f 5 c f y’ g y. If h h id f hy d h ici mi wih SEB dig hi im,h my wi civ h cdig m f cA-h. 43 c f my ici i mf h Sh Svig Pgmm ffd w 9 d.
Share Matching Programme
Th Sh Mchig Pgmm i v y iciv -gmm wih dmid fmc cii. Axi-my 4 cd i xciv d h ky my- ffd ici. Picii qi wivm i SEB c A–h. Af h y, h i iiiy civ mchig h igh d fmc-d mchig h igh.
Th idivid ivm m i dmid dimid. F ch h hd f h y h ici wiciv mchig h igh d mximm f h -fmc-d mchig h igh. Ech mchig high vid h ici wih h igh civ SEBA-h. A qii i h h ici mimyd y SEB dig h fmc id. Th -gmm h c. Th fmc cii i d h f SEB’ h i cmi wih h Bk’ d h ik-f i . Th ci i mxi-mid wh h fmc cii ffid d hh ic h dd. Th ici i h hmchig gmm d ici i y h qiy-d gmm.
V
Sh-m ch-d cmi i i ff c (icdig ci chg),
2
20
1
10
0
200200200200
1) Shw ciig i fm 200
2010
1)
2 00 2 00
1)
200
1)
2011
1)
1
1)
Sff SEK m
B y , (,)
Vi y , (,)
Sci chg , (,)
Pi , (,)
Oh ff c ()
P c
Vi cmi cg f ff c
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report of the directorsC Gvc
6 seb annual report 2012
Share Deferral Programme
Th Sh Df Pgmm i -y iciv -gmm dicd h mm f h G Exciv Cm-mi d cd xciv mg, ximy i. Bd dmid G d idivid g,h ici gd idividy m fh igh. Th g y d h ficid -fici . 5 c f h h igh df h-y vig id d 5 c f fivy.
A qim f vig i h h ici mimyd y SEB dig h fi h y f h gmmd h h ici dy w -dmid m- f SEB h. Fwig h vig id h h ighm hd f m y, f which hy c xcid dig h-y id. Th gmm im h ici q fig wih SEB’ hhd.Th ici hf cmd f h v fdividd id dig h m f h gmm.
Pici i h Sh Df Pgmm d ici i y h qiy-d gmm.
R P G Ex CSEB’ Bd f Dic dcid h mi f hPid d h h mm f h G ExcivCmmi d cmmdi y h Rmid Hm Rc Cmmi. Th mi h i i wih h gidi y h A G Mig.
Th A G Mig vd h h mi f G Exciv Cmmi h d h cm y, g-m qiy-d cm-i (Sh Df Pgmm) d i d hfi.
Th mi d icd ch-d vicmi. Th i f h mm f hG Exciv Cmmi ci f dfid fi dfid cii i d ivi. A wih hh my, h im i ic h m i dfidcii . Th dfid fi hv c fh my’ i y. F mii f my-m i which h Bk v ic, wv mh’ v-c y i y. SEB h h igh ddc y icmd fm h mym fm h vc y.Did ifmi mi f h Pid d hmm f h G Exciv Cmmi i i -vidd i N 9c.
Th Bd’ d gid i f dcii y h 3AGM cd i mi c h gid-i. Th i vi www.g.cm.
R PTh ici f h dmiig, yig d fwig f mi wihi SEB, w h idifici fmy wh cifid ciy gd ff, id i SEB’ Rmi Picy. Th RmiPicy i dd y. Th Rmi d HmRc Cmmi d vid vi,wih i fm h v c fci, f fi d-i y h Bd.
I , h m f ciy gd ff w 964.Read more about remuneration in note 9.
R SEB 202SEK hd
Base pay
Cash-basedvariable
compensation
Expensedamount
equity-basedprogrammes Benefits T Pensions
Pid d CEO, Aik Fkg , – , , , ,
Oh mm f h GEC , – , , , ,
T 42,0 8,88 2,93 3,30 2,0
SEB xcdig GEC ,, , , , ,, ,,
SEB 8,334,4 883,94 3,44 0,448 9,3,8 ,42,22
I 2012, i vg i mm f h GEC icdd.
S q- gP c vd
100
0
0
0
20
0
Ac cm Eimd cm 2010–2012
Pfmc h Sh mchig
200200200200200 12010 200 2010 2011
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F C
Note Page
T SEB G
Icm m
Bc h
Sm f chg i qiy
Ch fw m
Skk Ek Bk
Icm m
Bc h
Sm f chg i qiy
Ch fw m
N h fici mC ifmi
Accig ici
Oig gm
N
3 N i icm
4 N f d c mmii icm
5 N fici icm
6 N if ic icm
7 N h icm
8 Admiiiv x
9 Sff c
9 a Rmi
9 b Rim fi igi
9 c Rmi h Bd dh G Exciv Cmmi
9 d Sh-d ym
9 e Nm f my
0 Oh x
Dcii, mii d imimf gi d igi
Gi fm dif gi d igi
3 N cdi
4 Aii
5 Icm x x 6 Eig h
7 Oh cmhiv icm
Note Page
N
8 Rik dic
8 a Cdi ik
8 b Liqidiy ik
8 c I ik
9 Fi v mm f fici d iiii
0 Ch d h dig c k
L cdi iii
L h ic
3 Fici fi v
4 Avi-f- fici 5 Hd--miy ivm
6 Ivm i ci
7 Sh i idii
8 Tgi d igi
9 Oh
30 Di fm cdi iii
3 Di d wig fm h ic
3 Liiii icyhd
33 D cii
34 Fici iiii fi v
35 Oh iiii
36 Pvii
37 Sdid iiii
38 Uxd v
A
39 Off-c h im
40 C d -c d iiii
4 Fici d iiii y c
4 D im y mii
43 D im y i
44 L d vii
45 Diviv im
46 Rd y dic
47 Ci dqcy
48 F miimm ym f i 49 A d iiii diid y mi cci
50 Lif ic i
5 A i i-ik i
5 A d iiii cifid hd-f-d dicid i
53 Rcifid fi
54 Rm f Fici Sm – SEB G
Fiv-y mmyTh SEB G
Skdivik Ekid Bk
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financial statements
I
SEB G
SEK m Note 0 Change, %
Interest income , , –Interest expense –, –, –
N i icm , , Fee and commission income , , –Fee and commission expense –, –, –
N f d cmmii icm , , –Gains (losses) on financial assets and liabilities held for trading, net , , Gains (losses) on financial assets and liabilities designated at fair value, net – – Impairments of available-for-sale financial assets – – –
N fici icm , , Premium income, net , , Income investment contracts , , Investment income net , , Other insurance income –Net insurance expenses –, –,
N if ic icm , , Dividends –Profit and loss from investments in associates –Gains less losses from investment securities – – Other operating income – –
N h icm – –
T g , , Sff c –, –, Oh x –, –, –Dcii, mii d imim f gi d igi –, –,
T g x , ,
Pfi , , Gi fm di f gi d igi –N cdi –
Og fi , , Icm x x –, –, –
N fi g , , Dicid i – –, –
NET PROFIT , ,
Ai miiy i –Ai hhd , ,
Bic ig h fm ciig i, SEK . .Did ig h fm ciig i, SEK . .
Bic ig h fm dicid i, SEK –. –.Did ig h fm dicid i, SEK –. –.
Bic ig h, SEK . .Did ig h, SEK . .
S
N fi , ,
Avi-f- fici , Ch flw hdg , –Ti f fig i – – Dfd x i ffc – –Dfid fi –, –Oh – –
O ( x) ,
TOTAL COMPREHENSIVE INCOME , , –
Ai miiy i –Ai hhd , , –
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B
SEB G
3 December, SEK m Note 0 Change, %Opening balance
0
Ch d ch c wih c k , , ,Oh dig c k , , – ,L h cdi iii , , – ,L h ic ,, ,, ,,
Securities held for trading , , ,Derivatives held for trading , , ,Derivatives held for hedging , , – ,Fair value changes of hedged items in a portfolio hedge , – ,Financial assets – policyholders bearing the risk , , ,Other financial assets at fair value , , – ,
Fici fi v , , ,Avi-f- fici , , – ,Hd--miy ivm – ,A hd-f- , – ,
Ivm i ci , , – ,Intangible assets , , – ,Property and equipment , , – ,Investment properties , , ,
Tgi d igi , , – ,Current tax assets , , ,Deferred tax assets , , – , Trade and client receivables , , ,Withheld margins of safety , , ,Other assets , , – ,
Oh , , ,
TOTAL ASSETS ,, ,, ,,
Di fm cdi iii , , – ,Di d wig fm h ic , , ,
Liabilities to policyholders – investment contracts , , ,
Liabilities to policyholders – insurance contracts , , , Liiii icyhd , , ,D cii , , ,
Trading liabilities , , – , Derivatives held for trading , , , Derivatives held for hedging , , – ,Fair value changes of hedged items in portfolio hedge , , ,
Oh fici iiii fi v , , ,Liiii d hd-f- , – ,
Current tax liabilities , , ,Deferred tax liabilities , , – ,Trade and client payables , , ,Withheld margins of safety , , ,Other liabilities , , ,
Oh iiii , , ,Pvii , , – ,Sdid iiii , , – ,
T ,, ,, ,,Miiy i –
Share capital , , ,Other reserves –, –, –, Retained earnings , , , Net profit, attributable to shareholders , , ,
Shhd’ qiy , , ,
T q , , ,
TOTAL LIABILITIES AND EQUITY ,, ,, ,,
Off-
C d cm ciy dgd f w iiii , , Oh dgd d cm c , , Cig iiii , ,
Cmmim , ,
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S g q
SEB G
3 December, SEK m 0 Change, %Opening balance
0
Miiy i Shhd’ qiy , , ,
TOTAL EQUITY , , ,
S' q
Sh ci ) , , ,Oh icd v , , ,
Eq, , , ,
Eimii f chd h d w –, –, – –,Oh v –, –, –,Oh -icd qiy , , ,
N fi i qiy hd , , ,Eq, - ) , , ,
TOTAL , , ,
) ,,, Si A-h (,,,); ,, Si C-h (,,).) Ifmi ci qim c fd i N Ci dqcy.
Cg q
Other reserves
Share
capitalRetainedearnings
Available-for-sale
financialassets
Cashflow
hedges
Translationof foreign
operations
Definedbenefit
plans Other
TS’
qMinorityinterests
TEq
Oig c , , –, , –, – – , ,
N fi , , ,Oh cmhiv icm ( f x) , – –, –
T , , , , ,
Dividd hhd ) –, , ,Emy h gmm ) – Miiy i – Chg i hdig f w h
CLOSING BALANCE , , , –, –, – , ,
0
Oig c , , –, – –, , ,Chg i ccig icyf dfid fi –, , ,
Aj g , , , , , ,
N fi , , ,Oh cmhiv icm ( f x) , – – – , – ,
T , , , ,
Dividd hhd ) –, , ,Emy h gmm ) Miiy i – Chg i hdig f w h –
CLOSING BALANCE , , , , , , ,
Chg i fi v mmf fici –
ADJUSTED CLOSING BALANCE , , –, , –, – – , ,
) Dividd id f w A-h SEK . (.) d C-h SEK . (. ). Pd dividd f i SEK ., f h ifmi c fd i Th SEB h g –.) Th im icd chg i mi m f qiy w d f hdgig f ck i gmm. Dig , SEB chd . mii Si A-h f h g-m ic-
iv gmm dcidd h A G Mig. A ck i w xcid, . mii h w d i . A f Dcm SEB wd . mii C A-hwih mk v f SEK m. Ah . mii h hv d ck i w xcid i . Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A f Dcm SEB wd . mii C A-h wih mk v f SEK m.
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C flw
SEB G
SEK m 0 Change, %
I civd , , –I id –, –, Cmmii civd , , –Cmmii id –, –, N civd fm fici ci , –,Oh icm , , Pid x –, –, –Tx id –, –, –
C flw fi , ,
Ic (–)/dc (+) i fi –, , –Ic (+)/dc (–) i id h-m cii , , Ic (–)/dc (+) i dig cdi iii d c k –, , –Ic (–)/dc (+) i dig h ic –, –, –Ic (+)/dc (–) i iiii cdi iii –, –,
Ic (+)/dc (–) i di d wig fm h ic , , –Ic (–)/dc (+) i ic fi –, –, Chg i h –, ,Chg i h iiii , –,
C flw g , ,
S f h d d , –S f igi d gi fixd –Dividd –Ivm/divm i h d d –Ivm i igi d gi –, –, –
C flw g , ,
I f cii d w wig , , –Rym f cii –, –, –Dividd id –, –,
C flw fig , ,
NET CHANGE IN CASH AND CASH EQUIVALENTS –, , –
Ch d ch qiv giig f y , ,Exchg diffc ch d ch qiv –, –N ic i ch d ch qiv –, ,
CASH AND CASH EQUIVALENTS AT END OF PERIOD , , –
) Ch d ch qiv d f id i dfid Ch d ch c wih c k ( ) d L h cdi iii – y dmd ( ).
Th divm f h Ukii k w fiid dig d hd ffc ch d ch qiv f SEK m.F ch flw m fm dicid i, .
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I I ccdc wih h Swdih Fici Sviy Ahiy gi
Skk Ek Bk
SEK m Note 0 Change, %
I icm , , Lig icm , , I x –, –, –Dividd , , –F d cmmii icm , , –F d cmmii x –, –, –N fici icm , , Oh icm , –
T g , ,
Admiiiv x –, –, Dcii, mii d imim f gi d igi –, –,
T g x , ,
Pfi , ,
N cdi – – –Imim f fici –, –
Og fi , ,
Aii –, –Icm x x –, –, –Oh x –
NET PROFIT , , –
S
N fi , ,
Avi-f- fici Ch flw hdg , –Ti f fig i –
Oh – –O ( x) , ,
TOTAL COMPREHENSIVE INCOME , , –
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S g q
Skk Ek Bk
3 December, SEK m 0 Change, %
Sh ci ) , ,Oh icd v , ,
Eq, , ,
Eimii f chd h d w –, –, Avi-f- fici –, –, –Ch flw hdg , , Ti f fig i – – Chg i fi v mm f fici – –Pfi gh fwd , , N fi f h y , , –
Eq, - , ,
TOTAL , ,
) ,,, Si A-h (,,,); ,, Si C-h (,,)
Cg q
Share
capitalRestricted
reservesRetainedearnings
Available-for-salefinancial assets
Cash flowhedges
Translationof foreign
operations T
Oig c , , , –, , – ,N fi , ,Oh cmhiv icm ( f x) – ,
T , ,
Dividd hhd ) –, ,Emy h gmm ) – Mg Chg i hdig f w h –
CLOSING BALANCE , , , –, , – ,
Oig c , , , –, – – ,N fi , ,Oh cmhiv icm ( f x) – , ,
T , , ,
Dividd hhd ) –, ,Emy h gmm ) Mg Chg i hdig f w h –
CLOSING BALANCE , , , –, , – ,
Cg fi
ADJUSTED CLOSING BALANCE , , , –, , – ,
) Dividd id f w A-h SEK . (.) d C-h SEK . (.). P d dividd f i SEK ., fh ifmi c fd i Th SEB h g –.) Th im icd chg i mi m f qiy w d f hdgig f ck i gmm.
Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A ck i w xcid, . mii hw d i . A f Dcm SEB wd . mii C A-h wih mk v f SEK m. Ah . mii h hv d ck i w xcid i. Dig , SEB chd . mii Si A-h f h g-m iciv gmm dcidd h A G Mig. A f Dcm SEB wd. mii C A-h wih mk v f SEK m.
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C flw
Skk Ek Bk
SEK m 0 Change, %
I civd , , I id –, –, Cmmii civd , , Cmmii id –, –, –N civd fm fici ci , –,Oh icm , –Pid x –, –, Tx id – –, –
C flw fi , ,
Ic (–)/dc (+) i dig fi –, ,Ic (+)/dc (–) i id h-m cii , , Ic (–)/dc (+) i dig cdi iii – ,Ic (–)/dc (+) i dig h ic –, –, –Ic (+)/dc (–) i iiii cdi iii –, ,
Ic (+)/dc (–) i di d wig fm h ic , , –Chg i h –, –, –Chg i h iiii , ,
C flw g , ,
Dividd , , –Ivm i idii/Mg f idii , , Ivm/divm i h d d , Ivm i igi d gi –, –, –
C flw , ,
I f cii d w wig , ,Rym f cii –, –,Dividd id –, –,
C flw fig , ,
NET CHANGE IN CASH AND CASH EQUIVALENTS , ,
Ch d ch qiv giig f y , ,Exchg diffc ch d ch qiv –, N ic i ch d ch qiv , , –
CASH AND C ASH EQUIVALENTS AT END OF PERIOD , ,
) Ch d ch qiv d f id i dfid Ch d ch c wih c k ( ) d L h cdi iii – y dmd ( ).
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N fi SEK m, hwi d.
Ag
SIGNIFICANT ACCOUNTING POLICIES FOR THE GROUP
S Th G’ cidd cc hv d i ccdc wih hIi Fici Rig Sdd (IFRS) d ii f hdd dd y h E Cmmii. Th ccig fwh A Acc Ac f Cdi Iii d Scii Cmi(:) d h gi d g gidi id y h SwdihFici Sviy Ahiy, A i cdi iii dcii cmi (FFFS :). I ddii hi h Smyccig f g RFR d h ddii UFR m idy h Swdih Fici Rig Bd hv id.
B Th cidd cc d mid c, xc f h fiv mm f vi-f- fici d fici d iiii md fi v hgh fi icdig diviv.Th fici m d i Swdih k (SEK), which i hi ccy f h G.
CSubsidiariesTh cidd cc cmi h fici m f h cmy d i idii. Sidii cmi, v which h cmy h c d cqy h w gv h ficid ig ici f h iy i fi fm i civii.Sch iflc i dmd xi wh, mg h cicmc, h cmy hd, dicy idicy, m h c f h vigw f iy. Cmi i which h cmy i idiyhd m h c f h v, xci c d cc g , icdd i h cidd cc.
Th fici m f h cmy d h cidd -idii f h m id d hv dw ccdig h c-cig ici ic h G. A idiy i icdd i h ci-dd cc fm h im f cqiii, ig h d wh h
cmy gi c v h idiy. Th idiy i icdd i h c-idd cc i h d wh c v h cmy c xi.
Th cidd cc d i ccdc wih h c qiiimhd. Th cqiii v i md h fi v f h giv,qiy im id d iiii icd md.
Th idifi cqid d h iiii d cig iiiimd i i cmii md iiiy hi fi v cqiii d, iciv f y miiy i. Th xc f hcidi fd f h c qiii v h fi v f h G’h f h idifi cqid i cdd gdwi. If hcidi fd i h h fi v f h f hcqid idiy, h diffc i cgid dicy gi fi .
Gdwi i cd w h ch-gig i g f iwhich xcd gi fi fm cqiii hgh ygi. Thch-gig i which gdwi i cd c d h wv wihi h G i which gdwi i mid f i mgm
.Th f if f ch idivid igi i dmid hgh h
f if f gdwi i idfii. F ifmi gdig mii dimim, fh cmm d igi .
I-g ci, c d id gi d -
ci w G cmi imid. Th miiy i f h i idii i icdd i h d i h cidd fid cc, whi h miiy h f i icdd i qiy.
Associated companiesTh cidd cc icd cid cmi h cm-i i which h G h igific iflc, c. Sigificiflc m h h G c ici i h fici d igicy dcii f h cmy, whi dmiig cig chfici d ig ici. A igific iflc i gy dmd xi if h G, dicy idicy, hd w d c f hvig igh f iy.
Accdig h mi ici, cid cmi cidd iccdc wih h qiy mhd. Thi m h h hdig i iiiyd i cqiii c. Th ci cmy i qy cid v h cd h G’ h f h . Hwv, hG h ch d ig ivm i ci hd y h G’v ci gii fi v hgh fi h i hh mgd d vd d fi v.
Special Purpose EntitiesSci P Eii (SPE) cidd wh h c f hihi w h G d h iy idic c. Piidic f c icd f xm m f h G’ x h ik d fi f h SPE.
A A ( di g) cifid hd f h im wh -c g f (di g) vi f immdi i i cdii d i i dm d highy . A him f h cifici, vi f h di g i md h w f i cyig m d fi v, c . Ay qimim vi cgid dicy i fi . Ngi cgid i xc f ccmd imim f h cgid viy. Fm h im f cifici, dcii i md
f y d qim igi igiig fm dicidi. A d iiii hd f d y i hc h i hy d. Dicid i d y i h icm m. Th cmiv fig f h viy i h icm m d d f h vi y hv djd if h dicid i hd v f hciig i.
Sg gA ig gm i idifid h i f i cm f h G h gy viwd y h chif igdcii mk i d c c h gm d hi fmc. Th G’ chif ig dcii mk i h GExciv Cmmi.
Fg
Fig ccy ci d i h i fciccy ig h xchg viig h d f h ci.O q c h d my im i fig ccy d ig h cig . N-my im, which md im f hiic c i fig ccy, d ig h xchg
C Th SEB G vid c, i, ivm d iv kigvic. Th G vid mgm d if icvic.
Skdivik Ekid Bk AB (.) i h cmy f hG. Th cmy i Swdih imid iiiy cmy wih igid ffic i Sckhm, Swd.
Th cmy i icdd i h Lg C gm f h NASDAQ OMXck xchg.
Th cidd cc f h fici y w vd fici y h Bd f Dic Fy d wi d fdi h A G Mig.
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h d f h ci. N-m y im, which md fi v i fig ccy, d yig h xchg hd which h fi v i dmid.
Gi d iig f xchg diffc m i f my im cgid i fi . Tidiffc -my im, cifid fici ficiiiii fi v hgh fi , icdd i h chg i fi vf h im. Ti diffc fm -my im, cifid
vi-f- fici , cgid i h cmhivicm. Exchg diffc fig my im cmiig f ivm i fig i d i h m wy.
Th icm m d c h f G ii, wih fc-i ccy h h h G’ i ccy, d Swdih k (SEK) i h cidd cc. A d iiii ifig G ii d cig d icm d x ih icm m d h vg xchg f h y.Rig xchg diffc cgid cm fh cmhiv icm.
Gdwi iig i cjci wih cqiii f fig G ii, w djm h fi v f d iiii md i cjciwih cqiii i icdd i d iiii i h fig iy iqi d i d h i ccy cig .
F Financial assetsFici cgid h c h wh h G cm y h cc vii f h im d md fi v- iii cgii. Tci c ic dd i h fi v iiicgii xc f fici digd fi v hgh fi wh ci c xd i h fi d m. Fi-ci dcgid wh h igh civ ch flw hv xid h G h fd iy ik d wd. Tf f fici wih i f iy ik d wd icd f xm- ch ci d cii dig ci.
Th G cifi i fici i h fwig cgi: ficiim fi v hgh fi ; d civ; hd--miy ivm d vi-f- fici .
Td d ccig i id fici cifid i h c-gi, fici fi v hgh fi d vi-f-fici . Sm d ccig i id h h cgif fici .
Financial instruments at fair value through profit and lossFici fi v hgh fi ci f fici cifid hd f dig d fici which, iii cgii,hv digd fi v hgh fi (fi v i). Fi-ci cifid hd f dig if hy hd wih h ii d i h h-m d f h f gig fi. Diviv cifid hd f dig digd hdgig im.
Th fi v i c id cc icdig m m-ddd diviv, ivm h mgd d vd fi vi d ii i which ch digi dc m m ici-ci. Th f h fici d fici iiii which hv digd fi v hgh fi d h cii f ch dig-i dcid i h v h fi ci m.
Gi d iig fm chg i fi v d i h icmm gig i d h im N icm fm fici -
ci.
Loans and receivablesL d civ -diviv fici wih fixd dmi- ym h qd i civ mk. L d civ md mid c ig h ffciv i mhd. Th ch im Ch c wih c k, L cdi iii dL h ic icdd i hi cgy.
Held-to-maturity investmentsHd--miy ivm -diviv fici digdwih h ii d iiy hd i miy. Thi cgy ci f fi-ci wih fixd dmi ym d fixd miy. Hd--miy ivm md mid c ig h ffciv i- mhd.
Available- for-sale financial assetsAvi-f- fici -diviv fici h dig-d vi-f- d cifid i y f h h cgi d-cid v. Avi-f- fici md fi v. Gid iig fm chg i fi v d i h cmhiv
icm d ccmd i h vi v i qiy. I h c f imim f vi-f- fici , h ccmd gi viy d i qiy cgid i fi . I i-ig vi-f- fici i cgid i fi , yigh ffciv i mhd. Dividd qiy im, cifid vi-f-, cgid i fi .
Ivm i qiy im wih qd mk ic i civmk md, if i, fi v h i f cgid
vi mhd. Ivm i qiy im wih qd mkic i civ mk d wh fi v c iy md md c. ReclassificationI cicmc -diviv dig fici h ghd f h f ig i i h m my cifid f h fiv hgh fi cgy. Fici hd i h vi-f- cgy my cifid d c iv hd miy ifSEB h h ii d iiy hd h fici f h ff i miy. Th cifid m m h dfiii f hcgy which i i cifid h cifici d. Th qii cify hd miy i i d iiy hd miy.
Rcifici md fi v f h cifici d. Fi vcm h w mid c. Effc iv i f fici cifid d civ d hd-- miy cgi d-mid h cifici d. Ic i im f ch flw f c-ifid fici dj ffciv i civy, wh d-c i h imd ch flw chgd h fi .
Financial liabilitiesFici iiii md fi v iii cgii. I h cf fici iiii md fi v hgh fi , cic dicy i h cqiii h ic f h ficiiiiy cgid i fi . F h fici iiii dicci c cgid d dci fm h fi v.
Fici iiii dcgid wh x igihd, h i, wh higi i dichgd, ccd xid.
Financial liabilities at fair value through profit or lossFici iiii fi v hgh fi ih cifid hdf dig digd fi v hgh fi iii cgii(fi v i). Th cii f cifici f fici iiii d hfi v i h m f fici . Liiii icyhdd D cii icdd i hi cgy. Fici iiii hd fdig imiy h ii i i-ig cii, qii ddiviv. Gi d iig fm chg i fi v d ih icm m gig i d h im N icm fmfici ci.
Other financial liabilitiesTh cgy h fi ci iiii imiy icd h G’ h-md g-m wig. Af iii cgii h fici iiii md mid c, ig h ffciv i mhd. Th ch im Di fm cdi iii, Di d wig fm hic d D cii icdd i hi cgy.
Offsetting financial transactionsFici d iiii ff d h m d i h
c h wh h i g igh ff ci d ii i h d h iiiy imy.
Fair value measurementTh fi v f fici im qd i civ mk, f xmdiviv, fici d fici iiii hd f dig, d vi-f- fici , i d qd mk ic. Th c id ici d f fici d h c ff ic f fici iiii.Wh d iiii h ffig mk ik mid mk ic d f ihig fi v.
Th fi v f fici im h qd i civ mki dmid y yig vi vi chiq wih mximm fv i. Th vi chiq d f xm dicdch flw, i icig md, vi wih fc c -ci i h m im d vi wih fc h ficiim h iy h m.
Ay diffc w h ci ic d h fi v ccdig vi chiq wih v i, h Dy fi, i m-id v h if f h ci. Dy fi i cgid wh ih -id hgh m i d cc fi v d -v ic .
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Embedded derivativesSm cmid cc ci h diviv d -divivcm. I ch c, h diviv cm i md mddddiviv. Wh h cmic chciic d ik f h mddddiviv cy d h f h h cc, d h hcc if i cid fi v hgh fi , h mddddiviv i ifcd d d fi v wih gi d igcgid i h icm m.
Ci cmid im cifid fi ci ficiiiiy fi v hgh fi ccdig h fi v i.Th digi imi h h i cmid im i md fi v hgh fi d .
Hedge accountingDiviv d hdg i , xchg , d qiy x.Wh diviv hd f ik mgm , d wh cim h qid cii, h G i fi v hdg ccig, chflw hdg ccig, hdgig f ivm i fig i i h ik ig hdgd. Th G dcm d dig ici h ihi w h hdgd im d h hdgig im w h ik jciv d hdg g y. Th G dcm im h ici d gig i whh civy hdiviv d xcd , d highy ffciv wh dcivy, i ffig chg i fi v ch flw f h hdgdim. Th G d dcm h h ikihd f fcdci k c i highy . M ifmi gdig hdgccig c fd i h ddig N h icm.
Hdg ccig i id diviv d dc ik ch i ik d ccy ik i fici im d ivm i -idii. Th G i diff hdg ccig md ddig h f h hdg.– Hdg f fi v f cgid iiii fim cmmim
(fi v hdg)– Hdg f h fi v f h i ik f fi (fi hdg)– Hdg f highy f ch flw i cgid
iiii fcd ci (ch flw hdg)– Hdg f ivm i fig i ( ivm hdg).
Th G dici hdg ccig wh:– Th diviv h cd highy ffc iv hdgig im;– Th diviv xi, i d, mid, xcid;– Th hdgd im m, i d id; – Th fc ci i g dmd highy .
Fair value hedgeFi v hdg d c h G gi di x chg i h mk ic f cgid iiii. Chg i fi vf diviv h qify d digd hdgig im cddi h icm m, gh wih chg i h fi v f h hdgd iiiy h i h hdgd ik N h icm.
Wh h G hdg h fi v f i x i fi i-cdig fici fici iiii, cd fi hdgig f i ik, h gi i h hdgd im d - im d im d iiii i h c h.
Wh hdg ihi dicid, y djm h cyigm f h hdgd im i mid fi v h id miy f h hdgd im.
Cash flow hedgeCh flw hdgig i id f h hdgig f x vii i fi ym iiii wih vi i . Th if h gi h hdgig im h i dmid ffcivhdg i cgid i h cmhiv icm. Th iffciv i fh gi h hdgig im i cgid i fi Nh icm.
Gi hdgig im h hv ccmd i qiy cgid i fi i h m id i icm d ix fm h hdgd iiiy.
Wh ch flw hdg dicid f ch-flw i xc-d cc, ccmd gi fm h hdgig im wi mi im i qiy. Accmd gi qy -d i fi i N i icm i h m id i which h vi-y hdgd i flw cgid i fi .
Net investment hedgeHdg f ivm i id c h G fm i diff-c d ivm i fig idii . Fig ccy ci h mj i f hdgig im i h ci. Th
i diffc iig h hdgig im cgid i hcmhiv icm d ccmd i qiy i f figi, h x h hdg i ffciv. Ay iffciv i cgid N fici icm. Wh fig i i iy did f d,xchg diffc ccmd i qiy cgid i h icm -m f h gi h .
I x
Th ffciv i mhd i id cgi i icm d ix i fi f fici d fici iiii md mid c.
Th ffciv i mhd i mhd f ccig h mid c f fici fici iiiy d f cig i icm d ix. Th ffciv i i h h xcy dic imd f- ch ym ci hgh h xcd if f h fici im.Wh ccig f ym, ym icdd i h m d cdi-i f h cc, ch dvc ym, k i cidi.Hwv, f cdi k i cc. Th cci f ffcivi icd f d i civd d id h ig f h ffciv i , ci c d h mim d dic.
Oc fici g f imi fici h widw f imim , i icm i qy cg-id yig h f i d dic h f ch flw f h f mig h imim .
C Cmmii icm d icm i h fm f f fici im ccd f diffy, ddig h fici im fm whichh icm i divd. Wh cmmii icm d f icdd i hcci f h ffciv i f fici im md mid c, ch i d f y cd v h xc d f h im yig h ffciv i mhd.
Cmmii icm d f fm mgm d dviy vic d i ccdc wih h cmic c f ch gm. Thiicm i y cgid dig h id i which h vic i vidd.Cmmii d f fm giig ci f hid y, ch gm f cqiii ch f i, i cgid cmi f h ci. Pfmc-d f d wh hicm c iy ccd.
F fm ydici i which SEB c g d icm wh h ydici i cmd d h G h id fh id h m ffciv i h ici.
D Dividd cgid wh h iy’ igh civ ym i ihd.
R gScii my d jc cmmim ch hm( ‘’) fixd ic. Sch cii id h c h dicdd y c dgd wh ch cidi i civd.Ddig h cy, ym civd i cgid dDi y cdi iii Di d wig fm h ic.
Simiy, wh h G w ch cii jc cmmim hm ( ‘v ’) h cii icdd ih c h. Pym md i cgid L cdi iii L h ic.
Th diffc w d ch ic i ccd v h if
f h gm ig h ffciv i mhd.
S wg gScii wig d dig ci d i cidi. Fi v f cii civd divd mid diy i qi vid ddii c. Ch c divd i dcgidwih cdig civ d ch c civd i cgid wih cdig igi i. Scii mi h c hd d dgd . Bwd cii cgid . Wh wd cii d (h ii), m cd-ig h fi v f h cii i d iiiy. Scii civd i wig dig ci dicd ff-c h im.
I fi A fici , xc h cifid fi v hgh fi , d f imim.
A ch c h d h G whh h i jcivvidc h fici cid fi v hgh fi imi d. A fici g f fici i imid d imi-m icd if h i jc iv vidc f imim f m v ccig f h iii cgii f h , d if h
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v wi hv imc h imd f ch flw f h fici g f fici h c iy md.
Exm f jciv vidc h m v hv ccd whichmy ffc imd f ch flw icd:– igific fici difficy f h i ig,– cci gd h w cqc f fici difficy,
which my wd hv g d h w,
– ch f cc, ch df diqcy i h ym fi ici,– h iiy h h w wi g k dg m h kid
f fici cci– dii i h v f c d– igific gd dci i h fi v f qiy im
w i c
A imim i d wi ff, if i i dmd imi cch cc m d h hv id d/ xcd -mi id, if i i dmd imi cv h cqiii c y igy c vidd. I h c, cific vii i cdd i w-c cc. A h -cci m c dmid d h i wi ff, h m d i h wc cc i divd.Simiy, h vii i h wc cc i vd if h imd -cvy v xcd h cyig m.
Appraisal of impairmentIndividual appraisal of impairment Th fwig v id ih jciv vidc f imim fidividy id . Mi ch f cc cc wh chddym d y m h dy. Th d im i imid ifh ch flw iqidiy jci icdig h v f h c d cv dig x. Qd d im i ddii jc i f imim if h i igific dci i fi v ig -ih h chg i xcd i ch flw. Eqiy im cid-d imid wh igific gd dci i h fi v h ccd.
Collective appraisal of impairment when assets are not individually impaired A id f imim idivid i d fd imid icdd i cciv i f icd idifid imim.Th cciv i f icd idifid cdi i d h SEB c ig c.
Loans appraised on a portfolio basisL wih imid v d imi ik, hmg g, id fimim fi i. I ig cciv imim h G iic md d h iiy f df d h m f icd, cidig c d cvy . Th cm i djd fmgm’ jdgm whh c cmic d cdi cdii ch h h c iky g h ggd y hmd. Df d gy chmkd gi ccm h hy mi i.
Recognition of impairment loss on assets carried at amortised costA imim f idividy d fici i h cgy dciv i h cgy hd miy ivm cid midc i ccd h i f h igi ffciv i f h fici im. Th m f h imim i md h dif-
fc w h cyig m f h d h v f im-d f ch flw (cv m). If h m f cd hwi mdifid d fici d iffici hf f h w i-, imim i md ig h igi ffciv i f mdifi-ci f h m d cdii. Ch flw ig h-m civ dicd if h ffc f h dicig i immi. Th i, -dig m f ch f which cific vii h ihd iicdd i imid , i.. icdig h i cvd y c.
Impairment loss on Available-for-sale financial assetsWh dci i h fi v i cgid d h i jciv vidc fimim i vi-f- fici im, h ccmd h cifid fm qiy fi . Th m f h ccm-d h i fd fm qiy d cgid i fi i q h diffc w h cqiii c d h c fi v , wih ddci f y imim h fici which hd
viy cgid i fi .Th icd imim f qd qii, md cqiii c,
i ccd h diffc w h cyig m d h v f imd f ch flw, dicd h c mk f f imi qii.
Imim d h i-ig im cifid vi-f- vd vi fi if h ic i fi v c jcivy id v kig c q h wi dw.Imim f qiy im cifid vi-f- vd hgh fi fwig ic i fi v cgidi h cmhiv icm.
Restructured loans
Rcd wd hv cidd d imid if hy w cd. Af cig h i i my gdd imid.
Sz Sizd k v c cim. SEB my fi fm civ d id iz h h h c f h . Sizd my ci f fici , i d h gi .Sizd cgid h m i im i h c h imi h hv cqid hwi. Sizd fici cgid vi-f- . A ici izd md fi v.Th fi v ici cm h cqiii v h mid cv. Sqy izd md ccdig y f .
Tg Tgi , wih h xci f ivm i hd i ic -i, md c d dcid ccdig ighi i v h imd f if f h . Th mximm dciiid f idig i y. Th dcii id f h gi fixd i w d y.
Tgi fixd d f imim whv h i idic-i f imim.
LgLig cc cifid fic ig .
A fic i h f, fm h h , -iy ik d wd icid h whi f . Oiig cc h which gdd fic . I hG, iy ig cc i which h G i h ci-fid fic . Fic d dig, which imi hh ig icm i d i icm.
I Ivm i i hd i d civ icm d/ f ci- cii d ivm i. Th cgii dmm f ch i diff, ddig h iy wig hy. Ivm i hd i h ic i, d mchiiii vidig yid dicy cid wih h fi v f cifid -, icdig h ivm i hmv, ccd f igh fi v md. Hdig f ivm i i h kig -i vd dcid c.
Ig Igi idifi, -my wih hyic -c. F igi cgid iy m dm - c f h igi , which imi h h iy h h iiy h h f cmic fi flwig fm h d yig cwi cc h cmy. Igi , h h gdwi, y cg-id i h c h if i i h h f cmic fi i- h wi cc h G d if h cqiii c f h
c md i i m.Igi md iiiy cqiii c, d hf
c y ccmd mii d y ccmd imim .Igi wih fii f iv mid igh i i
v hi f iv d d f imim whv v chg icicmc idic h h cyig m my c v. C-m i mid v y d iy gd igi -, ch fw dvm, mid v id f w d y.
Igi wih idfii f iv, ch gdwi, m-id d f imim y d whv h i idicih h igi my imid. A gd gdwi, imim i cgid i fi whv h cyig m, wih c ch-gig i g f ch-gig i which h gd-wi i id, xcd h cv m. Imim i- gdwi vd, gd f whh h c f h imi-
m h cd xi.Th cv m f igi i dmid if h i idici
f dci i h v f h . A imim i cgid if hcyig m xcd h cv m f h .
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PPvii cgid f igi iig cqc f v wh i i m iky h h f f cmic fiwi cy h igi, d i c iy imd. P-vii dmid y dicig h xcd f ch flw -x h flc c mk m f h im v f my d,wh i, h ik cific h iiiy.
Pvii i md f dw cmmim d imi fciii if i
i h h fciiy wi dw y d i fici diffici.Pvii vd ch c h d d djd cy.
F gFici g cc h qi h G mk cifid y-m im h hd f i ic c cifid d fi mk ym wh d i ccdc wih h m f d im.Fici g iiii iiiy cgid hi fi v, which mf q h mim civd. Th iii fi v i mid v h if fh fici g. Th g iiiy i qy cid h highf hi mid m d h im f h xdi qid y fici igi iig f h g h c h d.Pvii d chg i vii cgid i h icm m Ncdi . Th cc m ccdig fici g cgid i h c h dicd ff-c h im.
E fiPensionsTh h dfid cii d dfid fi i wihi hG, f which m hv . A dfid fi i i h dfi m f i fi h my wi g imddig fc g, y f vic d cmi. A dfid ci-i i i wh h G y cii iy d h fh igi c h cii i id.
Th i cmmim f h G wih c dfid fi cvd y h i fd f h G, hgh ic i hgh vii i h c h.
Th dfid fi igi i ccd y y idd ciig h Pjcd Ui Cdi Mhd. Th mi which h cc-i d fd i h ddig ff c. A chg i h dfid fi iiiy () cgid hy cc, fw: (i) vicc d i i h Icm m; d (ii) mm f hdfid fi igi d i Oh cmhiv icm.
Pi c f dfid cii i cgid x- dig h id h my cy h vic which h ym.
Share-based paymentsG cmy my civ cmi hgh h-d icivgmm. Th cmi ci f my ck i (qiy i-m), iig h hd ci f h i h cmy f d d dmid ic.
Th v f id ck i i mid v h vig id. Thvig id i cmid f h id fm h d which h i i-d i h id vig cdii ifid. Th v f idck i q h fi v i, miid y h m f ih xcd cm xci, kig h vig cdii i cid-i. Th ci f hi m imi h fi d imcd h
m im h cdig ic i qiy i cgid. A ch ch d m i md dmi if h vig cdii wi f-fid d h x which hy wi ffid. If h cci f hi -m i h w m f i xcd vd dig h vigid, h h viy xd m vd hgh fi .Thi imi h i c i which h vig cdii ffid, cwi d i fi , v h i vig id.
Th my ck i gmm hdgd hgh h ch fw qiy im (y h) hgh cc y w qiyim (qiy w). Hwv, hdg ccig i id, i idmd h ch hdg d qify f hdg ccig d IAS .
Ty h imid gi qiy. N gi h f y h cgid i fi , id, cgid chg i qiy.
T w cc d i wih hid i ig-i f h cmy ch i w qiy im (w h)
dmid ic. Cqy, h w cc cifid qiyim. Cc wih igi ch w qiy im givi fici iiiy f h v f h dmi m, d m qiv hi iiiy i d dc i qiy.
I id d h w cc i cgid i fi d dividd
civd gdd dividd w h d cgid i qiy.
TxTh G’ x f h id ci f c d dfd x. C x d iiii f h c d i id md h mxcd id fm x h ii ig h x d x w hhv cd ivy cd h c h d. C xi ccd d h x f h id. Dfd x i d
my diffc w h x f d iiii d hicyig m.C x d dfd x gy cgid i fi . Hwv,
x h im cgid i h cmhiv icm i -d dicy i h cmhiv icm. Exm f ch im chg ih fi v f vi-f- fici d gi hdgigim i ch flw hdg.
Dfd x cgid i h c h h x h i i h f x fi wi vi gi which hy c iizd. Th G’ dfd x d x iiii hv ccd h x f c (. c) i Swd d ch civcy’ x f fig cmi.
I Ic cc cc d which h G cc igificic ik – dfid f f ik f miimm cf h dyig v – fm h icyhd y gig cm hicyhd h ficii h ccc f dfid id v.Ivm cc fici im h d m h d fiiif ic cc, hy d f igific ic ik fmh icyhd h G.
Insurance contractsIc cc cifid Sh-m (-if) Lg-m (if).Sh-m ic cmi ick, diiiy, hh-c, d hii-i ic. Lg-m ic cmi miy dii if icwihi h Dih idiy, SEB Pi. I h G cc Sh-m dLg-m ic d gggd Ic cc. Sm c f h ic iiiy i d Lg-m ic cc.
Measurement of Short-term insurance contracts (non-life)Th vii f d mim i idd cv h icid cf cim d ig x iig dig h miig icy id fh ic cc i fc. Th vii f d mim i yicy i v h id f h ic cc. If mim jdgd iffici cv h icid c f cim d igx, h vii f d mim i ghd wih viif xid ik.
F icid f cim h hv icd y id, vi-i f cim dig i cgid. Th vii i idd cv hicid f ym f cim icd, icdig cim icd d (IB NR vii). Thi vii hd cv c fcim m. Th vii f cim dig i dicd, wihh xci f vii f ick ii, which dicd igdd ci mhd.
Measurement of Long-term insurance contracts (life)F g-m if ic cc, iiiy f cc fi h xcd icd i h f i cdd wh h mim
cgid. Th iiiy q h m f h dicd v f xcdfi ym d f dmiii x, y digf cc mim ym. Liiii f g-m if ic dicd ig dd ci mhd.
Liability adequacy test Swdih ci cd ivv fmig iiiy dqcy i-c iiii. Thi i h h c yig m f h iiii i ffi-ci i h igh f imd f ch flw. Th cyig m f iiiyi h v f h iiiy y d igi f dfdcqiii c. I fmig h h c im f fcc ch flw, w cim hdig d dmiii c, d i fmig h iiiy dqcy . Th ch flw dicdd cmd h c yig m f h iiiy. Ay dfici i immdiy -d i fi .
Revenue recognitionPmim f ic cc cgid v wh hy idy h icyhd. F cc wh ic ik mim civddig id idd cv ic cim iig i h id hmim cgid v iy dig h id f cvg.
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Recognition of expensesC f ic cc cgid x wh icd, wihh xci f cmmii d h vi cqiii c h vy wihd dicy d cig w cc d h w f xiig c-c. Th c ciid dfd cqiii c. Th c miy icm cqiii c id , k d hdiii ch. Dfd cqiii c mid h d v- i cgid. Th i d f imim vy ccig id,
ig h h cmic f fi xcd i fm h ccxcd i fc m. A h c, ch -icm cqiii c mic c, cgid i h ccig id i which hy i.Ic cmi i cdd x wh icd.
ReinsuranceCc wih -i, why cmi f i civd y hG, cifid cdd ic. F cd d ic, h fi which h G i id d h m f h ic cc d h -i’ h f ic vii. Am cvfm -i md ciy wih h m cid wihh ic cc d i ccdc wih h m f ch iccc.
Investment contractsTh mjiy f h G’ i ikd ic i cifid ivm c-c. N igific ic ik i fd fm h icyhd h G.A mi f h G’ i ikd ic i, h i f ig h Lihi ic idiy, i cifid ic cc.
Measurement Ivm cc fici cmmim wh fi v i dd h fi v f h dyig fici . Th dyig dd iiii digd fi v hgh fi (fi vi). Th chic h fi v i h md f h imi h mm icicy h wd cc if diff f mm wd hv d f d iiii . Th fi v fh i ikd fici iiii i dmid ig h fi v f h fici ikd h fici iiii id h icyhd h -c h d. Hwv, if h iiiy i jc d i, h fiv f h fici iiiy i v h h m y d.
Revenue recognition
Am civd fm d id icyhd d i h ch di wihdw. F chgd f mgig ivm c-c cgid v. Th v f h mgm vici vy diid v h f h cc.
Recognition of expensesVi x dicy i cig w ivm cc dfd. Th c imiy v i cqiii c id -, k d h diii ch. Dfd cqiii c -d i fi h d v i cgid. Th i d fimim dig ch ccig id h h f cmicfi xcd i fm h cc xcd h cyig m f h. A h c, ch fixd cqiii c gig dmiiic, cgid i h ccig id i which hy i.
C w (DPF)
Tdii vig cc icd diciy icii f. Thif i h icyhd civ, m gdfi, ddii fi . A cc h icd dic-iy icii f d ic cc. Th mfig h gd m d h diciy iciif d iiii icyhd.
Cg g Th fwig chg hv md wih c hi G’ccig ici:IAS Employee Benefits – Th mdm mv h iiiy hcid mhd d mii f ci gi d dfid -fi . Th dd qi iy y h dic h dfid fi iiiy () i d cc h i x(icm). Th dd hy mv h f xcd h . Th dfici ii i d i Rid ig (qiy).
Sq mm f igi d cgid i Ohcmhiv icm. A chg i h dfid fi iiiy () cgizd hy cc, fw: (i) vic c d i i hIcm m; d (ii) mm ffc i Oh cmhiv i-cm. I cci wih h chg f IAS h m UFR , gdig
ccig f x i fd, id y h Swdih FiciRig Bd h id. Accdig UFR x d vi-i i h Sm f fici ii hd ciy d c i h id h x i i . F fdd i h x f-fc Oh cmhiv icm i h id h x i i. Th wqim ic fm J y c id i. SEBh ch y h mdd IAS i. Th chg h mi im-c h cidd fici m f h G. Sic h md-
m f IAS ffc h ci i h imc h ci d-qcy.IFRS Financial instruments: Disclosures-Transfers of Financial Assets – Thmdm imi w dic f fd fici .IAS Income Taxes – Th mdm dci hw dfd x hd dmid wh ivm i md fi v d hv hd mi ffc h fici m f h G.IFRS Severe hyperinflation and removal of fixed dates for first-time adopters –Th chg d hv y ffc h fici f h G.
F g Cidi wi giv i h f h imici, if y, f hfwig w d vid dd d ii, if dd y h EU.SEB h ii y d y f h w mdd dd.IFRS Fair Value Measurement – Th dd dfi fi v d ig dd fmwk f mig fi v d qi dic fi v mm. Th dd hd id fm Jy .Th w dd wi hv igific imc h cidd ficim f h G i ci dqcy.IAS Presentation of Financial Statements regarding presentation of items of Other Comprehensive Income – Th mdm imi h iy hd cifyif h im i Oh Cmhiv Icm hd cycd hgh hicm m . SEB wi chg h G’ i f im fOh Cmhiv Icm i .IFRS Financial Instruments: Disclosures– Nw dic qimgdig ffig hd id fm Jy .Improvements to IFRSs (–), IFRS Government loan and IFRIC Stripping costs in the production phase of a sur face mine – Th chg hd id fm Jy d wi hv mi imc h fi-ci m f h G.
Sv dd hv id d chgd gdig cidi:IFRS Consolidated Financial Statements, IFRS Joint arrangements, IFRS Disclosures of Interests in Other Entities, IAS Separate Financial Statements and
IAS Investments in Associates and Joint Ventures. Th w d chgd d-d ccdig IASB ic fm Jy . I EU h dd ic fm Jy . Th chg wi ic h dic- i g d icy gdig cd ii h c-idd. Th chg xcd hv mi ffc h G’cidd fici m h ci dqcy.IAS Financial Instruments: Classification – Th qim f wh fi-ci d iiii c ff hv cifid. Th chg hd id fm Jy d wi hv imc h fici -m f h G.IFRS Financial Instruments – ffici ffciv d i f id gi-ig Jy . A f h IASB’ jc c IAS Fici I-m h IASB id h fi f h w dd i ccigCifici d mm. Th IASB im c f IAS d hw miig h : Imim mhdgy d Hdg ccig. AIFRS i y cm i i i h imc f h chg
h fici m f h G.
SIGNIFICANT ACCOUNTING POLIC IES OF THE PARENT COMPANY
Skdivik Ekid Bk (SEB) AB i ic imid cmy wih gi-d ffic i Sckhm, Swd.
Th fici m f SEB AB d i ccdc wih h AAcc Ac f Cdi Iii d Scii Cmi (:), hgi d g gidi id y h Swdih Fici SviyAhiy, A i cdi iii d cii cmi (FFFS:) d m fm h Swdih Fici Rig Bd, RFR dh ddii UFR m.
I ccdc wih h Fici Sviy Ahiy’ g dvic, h cmy i y IFRS. Thi m h h Ii Fi-ci Rig Sdd (IFRS) d ii f h dd dd
y h EU hv id h x h i i wihi h fmwk fSwdih gii d cidig h c i w fici ig dxi. Th ccig ici f h cmy diff, i cic, fm h ccig ici id y h SEB G. Th idiffc dcid w.
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P Th i fm f h c h d h fi d ccccdig h A Acc Ac f Cdi Iii d SciiCmi i i cfmiy wih IFRS. Cdi iii d ciicmi yig IFRS dd y h EU i hi cidd ficim hv h i dvi fm h i fm f hc h id y w, my dvi fm h idfi d cc.
Hg Sh d iciig i i idii d cid cmi md c. Dividd h i idii d cid cmi cgid icm i fi . Mg f idii hgh i ccd f cidd v. Th mg ffc i d i qiy.
LgLig cc which cifid fic i h ciddcc ccd f ig i h cmy.
PTh cmy d y h vii f IAS ccig ccigf dfid fi . Id, i c ccd ci ii h cmy i ccdc wih h vii f h Ac SfgdigPi Oigi d h Swdih Fici Sviy Ahiy’ gi.I Swd, ci i cmmim gd y i fdi cgid iiiy.
Th cgid c f i i ccd i id d imim y cmi fm h i fdi. Th ic f h y i d d Sff c i h cmy’ fi d cc. Exc m f h v f h xcdigh imd i igi cgid i h cmy’ c h. Dfici cgid iiiy.
Ig I ccdc wih IAS , gdwi d h igi wih idfiif iv mid i h cidd fici m. I h cmy fici m gdwi i mid y higi igh i i.
TxI h cmy, xd v cgid im ih c h. Uxd v cmi ccd dcii dx gi, icdig h dfd x cm. I h ciddfici m, xd v d i id ig ddfd x iiiy.
G Th f G cii civd d id f h f imiig hG’ c x d i h cmy ii.
CRITICAL JUDGMENTS IN APPLYING THE GROUP’S ACCOUNTING POLICIES
Ayig h G’ ccig ici qi i m c h f i-m d mi h hv mi imc h m d ih fici m. Th im d x jdgm d -mi h mgm iv d fi. Th m igific -mi d im cid wih h dcid w:
C -k Wihi h if ic i f h SEB G Gm Livföäkig AB SEBTygg Liv m if ic cmy. Th iy i cid-d, h jdgm f h G i h i d hv c f h iy. Ci imy h w gv h fici d ig ici f iyi d i fi fm i civii. Lif ic ii d m- if ic cmi c y dividd why h G dm h ic i fi. I Gm Livföäkig AB SEB Tygg Liv h cificici cifyig h cmii f h d, which imi h h SEB Gi gv h fici d ig ici f h iy.
Th icyhd i SEB’ i-ikd cmy ch iv i viy ffd. Th ic cmy vidig i-ikd dc iv i h fdch y h cm. By dig SEB migh, i m c, hd m h c f h fd, which i hd hf f h cm f whm i c ivm mg. D h gii gdig fd i, SEB cid-
h i d hv h w gv h fici d ig ici fch ivm fd i fi. Thi i iciv f whh hfd hd hf f cm g h c f fd. I ih icyhd wh cy h ivm ik, SEB. Cqy, h icy-hd id f h gd y h fd. SEB y chg
f, mk cdii, f mgig h fd. SEB h cm h ccih h fd which i mg hd cidd. Hwv, h hh h G hd i ch fd hf f i cm cgid i hc h.
F fi Fici d iiii imiy md fi v y iiig qdic civ mk. I h c f qd ic, gy ccd d
w ihd vi chiq d mximm f v if-mi i d. Vi chiq id f xm dicd ch flw,hid y idiciv q, chmkig im wih imi chci-ic d i icig md. Vi chiq jc g viwy h ik c fci f h G iiiy.
I g fi gwFinancial assetsTig fici idividy f imim qi jdgm ihh cy’ ym cciy d h i v f y c. Thm im c wh ig g f fici ccivy f im-im i idify h v h idic icd . Adjig md fcciv imim ig c mk ii qi high dgf x jdgm i im. Th m d mi gy viwd y h cdi gii f h G.
GoodwillTh imim f gdwi i d h v i wih fcdch flw f fiv y. Th ch flw yd fiv y dmid d hiic fmc d mk d f ky mi ch gwh,v d c f ch gig i which gdwi i cd.
C Cci f h G’ ic iiii i d m f mich i , miy, hh, x, icy, ifli d x.
Ami i i d gi fm ch c FiciSviy Ahiy (FSA). A h mi d iy c-qid xic.
Mk R i i h ic i hv fi vd wih h -ic f x xi. Th vi mhd id m h h dxcd ch flw dicd v. Th mi ccigxcd ch flw d mi f , vccy v, -ig d mic c, yid qim d mk i. Ami i i wih h m h h mk c xcd mk d c- mk cdii. Th yid qim i d c y f cm- y ch.
Rg x Th xcd cm f ci x ii i dmid h igm iky cm.
A Vi f h G’ i iiii i d ci, dmghic dfici mi. N ci i f h m ciic mid wh ccig h vii.
CHANGES THAT HAVE HAD A MATERIAL EFFECT
ON THE FINANCIAL REPORTS
SEB d f y di f h mdm i IAS Emy Bfi,gdig dfid fi . S h ci Chg i ccig ici f m ifmi.
SEB h fh dvd h h vi md d h ik mmf cy cdi ik. Th chg imi mi djm f c-y cdi ik (Cdi V Adjm, CVA) h dc h v f OTCdiviv. Am h i ffc i i d i id. Thdjm i cgid chg i id ig f Dcm ic SEB h ccdd h id-cific ffc f vi id im-cic dmi, CVA i d igific m f hiic dh i vi. Th ffc i id i mi. Chg- i h CVA ffc wi cgid N fici icm i hicm m.
I SEB’ gii w chgd. Th iiiy f h mid-c-
cm w mvd fm h Mch Bkig h Ri divii dh vig gii wihi Wh mgm w mgd wih h Ridivii. I ddii m mi gii chg hv d.
Th fici ig f h d i ccdc wih hchg id v. F m ifmi .
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Og g
GROUP BUSINESS SEGMENTS
I , Merchant
BankingRetail
BankingWealth
Management Life ) Baltic
Other incl.elimina-
tions ) T
Interest income , , , , , ,
Interest expense –, –, –, – –, –, ,N i icm , , – , , ,
Fee and commission income , , , , –, ,Fee and commission expense –, –, –, – , ,
N f d cmmii icm , , , ,N fici icm , ,N if ic icm , –, ,N h icm – –
T g , , , , , ,f which iy gd –, , –, , – –,
Sff c –, –, –, –, – –, ,Oh x –, –, –, – –, , ,Dcii, mii d imimf gi d igi – – – – – –, ,
T g x , , , , , , ,
Gi di f gi d igi – – N cdi – – – –
OPERATING PROFIT , , , , –, ,
0
Interest income , , , , , ,Interest expense –, –, –, – –, – ,
N i icm , , – , ,Fee and commission income , , , , –, 19,023
Fee and commission expense –, –, –, – , –4,848
N f d cmmii icm , , , , ,N fici icm , –, ,N if ic icm , –, ,N h icm – –
T g , , , , , , ,f which iy gd – , –, , –, –,
Sff c –, –, –, –, – –, ,Oh x –, –, –, – –, , ,Dcii, mii d imimf gi d igi – – – – – – ,
T g x , , , , , ,
Gi di f gi d igi – N cdi – – – ,
OPERATING PROFIT , , , , , –, ,
) Bi i Lif md SEK ,m (,), f which chg i v w SEK m (,).) Pfi d fm cid cmi ccd f d h qiy mhd cgid i N h icm y SEK m (). Th gggd ivm SEK m ().
B ,
A ,, , , , , , ,,Liiii ,, , , , , , ,,Ivm ,
0
A ,, , , , , , ,,Liiii ,, , , , , , ,,Ivm , , ,
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N cd. Oig gm
GROUP BY GEOGRAPHY
0
Gross Income* Assets Investments Gross Income* Assets Investments
Swd , ,, , , ,, ,Nwy , , , , Dmk , , , ,
Fid , , , ,Ei , , , , Lvi , , , , Lihi , , , , Gmy , , , , Oh ci , , , , G imii –, –, –, –,
TOTAL , ,, , , ,, ,
* G icm i h G i dfid h m f I icm, F d cmmii icm, N fici icm, N if ic icm d h icm ccdig IFRS. Th if h icm ci i SEB’ c i ch cy. Exci wh h c cmi / ch v ffic d civ cmmii ym d h ci ikd i h c i.
PARENT COMPANY BUSINESS SEGMENTS
Merchant
Banking
Retail
Banking
Wealth
Management Life Baltic
Other incl.
eliminations TG icm* , , , , ,A , , , , ,,Ivm
0
G icm* , , , , ,A , , , , , ,,Ivm ,
PARENT COMPANY BY GEOGRAPHY
0
Gross Income* Assets Investments Gross Income* Assets Investments
Swd , ,, , ,, ,
Nwy , , , , Dmk , , , , Fid , , ,Oh ci , , , ,
TOTAL , ,, , ,, ,
* G icm i h cmy i dfid h m f I icm, Lig icm, Dividd, F d cmmii icm, N Fici icm d Oh icm ccdig SFSAccig gi. Th i f h icm ci i SEB’ c i ch cy. Exci wh h c cmi / ch v ffic d civ cmmiiym d h ci i kd i h c i.
B gTh Bi gm d mgm ig i. Th dif-f divii i diff g f cm. Th cm’ dmddcid h y f dc h ffd. Mch Bkig ff whd ivm kig vic g ci, iii d - cmi. Ri Bkig ff dc miy i cm (i-
v cm d m c). Wh Mgm fm m-gm d iv kig civii d Lif ff if, c d i i-c. Divii Bic ff i, mgm d iv kigvic i h ic ci. Oh ic imii ci f i - i, y d ff i w imii f i ci.
I SEB’ i gii w chgd. Th iiiy f hmid-c cm gm w mvd fm h Mch Bkig h Ri divii d h vig gii wihi Wh mgmw mgd wih h Ri divii.
T g
Th i f icig jciv i h SEB G i m i- icm, f i ik d iqidiy d mg iqidiy.Th i ic i d SEB’ c imid mk-d c f fdf cific i d iqidiy m. Tci w Bi g-m cdcd m’ gh.
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N
Group Parent company
Average balance Interest Interest rate Average balance Interest Interest rate
L cdi iii d c k , , .% , , .%L h ic ,, , .% , , .%I ig cii ) , , .% , , .%
T g ,, , .% ,, , .%Diviv , ,Oh , ,
T ,, ,,
Di fm cdi iii , –, –.% , –, –.%Di d wig fm h ic , –, –.% , –, –.%D cii ) , –, –.% , –, –.%Sdid iiii , –, –.% , –, –.%
T g ,, , .% ,, , .%
Diviv –, –,Oh iiii , ,Eqiy , ,
T q ,, ,,
N , fi
N , g , ,
N g , .% .%
) f which, md fi v , ,) f which, md fi v – –
0
L cdi iii d c k , , .% , , .%L h ic ,, , .% , , .%I ig cii ) , , .% , , .%
T g ,, , .% ,, , .%
Diviv , ,
Oh , ,T ,, ,,
Di fm cdi iii , –, –.% , –, –.%Di d wig fm h ic , –, –.% , –, –.%D cii ) , –, –.% , –, –.%Sdid iiii , –, –.% , –, –.%
T g ,, , .% ,, , .%
Diviv –, –,Oh iiii , ,Eqiy , ,
T q ,, ,,
N , fi
N , g , ,N g , .% .%
) f which, md fi v , ,) f which, md fi v – –
N
Parent company
0
I icm , ,Icm fm ) , ,I x –, –,Dcii f d qim ) –, –,
TOTAL , ,
) I h G N icm fm i cifid i icm. I h cmy dcii f d qim i d Dcii, mii d imimf gi d igi .
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N
Group Parent company
0 0
I f cii ,Scdy mk , , Cdy d m fd , , , ,
Scii cmmii , , , ,Pym , , , ,Cd f , ,
Pym cmmii , , , ,
Adviy Ldig , , , ,Di G Diviv Oh
Oh cmmii , , , ,
F , , , ,
Scii cmmii –, –, – –
Pym cmmii –, –, – –Oh cmmii – –, – –
F x , , , ,
Scii cmmii, , , , ,Pym cmmii, , , Oh cmmii, , , , ,
TOTAL , , , ,
N
Group Parent company
0 0
Gi () fici d iiii
hd f dig, , , , ,Gi () fici d iiiidigd fi v, – –Imim f vi-f- fici – –
TOTAL , , , ,
G () fi g,
Eqiy im d d diviv – –D im d d diviv , , , Ccy d , , , ,Oh fici im –
TOTAL , , , ,
G () fi g , D im d d diviv – –Ccy d –
TOTAL – –
) Icd iffciv f ivm hdg i fig i f SEK m ().
Th wihi N fici icm i d d y f dyig fici im. Ty d civii vi d chg i i d d. Th ffc fm dig i i fiy v im hw viiy w i. I , SEB cgid imim ddci i fi v i i GIIP S d hdig mig SEK m. Th cdig m f w SEK m.
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N
Group
0
Pmim icm, , ,Icm ivm cc , ,Ivm icm , ,Oh ic icm N ic x –, –,
TOTAL , ,
I ,
Dic yid ) , ,Chg i v ivm fi v, , ,Fig xchg gi/, –
, ,
Ex f mgm vic – –Picyhd x – –
TOTAL , ,
) N i icm, dividd civd d ig fm i.
N x
Cim id, –, –,Chg i ic cc vii –, –
TOTAL –, –,
N
Group Parent company
0 0
Dividd , ,
Ivm i ci Gi fm ivm cii – – –
Gi fm gi )
Oh icm – – ,
TOTAL – – ,
) S f h G.
D
Avi-f- ivm Dividd fm idii , ,
TOTAL , ,
G
Avi-f- fici – Eqiy im Avi-f- fici – D im L –
G ,
Avi-f- fici – Eqiy im – –Avi-f- fici – D im – –,L – – –
L ,
TOTAL – – –
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N cd. N h icm
Group Parent company
O 0 0
Fi v djm i hdg ccig – – Oig fm -if ic, ff Oh icm –
TOTAL – – ,
F j g g
Fi v chg f h hdgd im i h hdgd ik –, –, –, –,Fi v chg f h hdgig diviv , , , ,
F g
Fi v chg f h hdgig diviv
C-flw g ff
Fi v chg f h hdgd im – –Fi v chg f h hdgig diviv
F g k ff
TOTAL – –
F g gTh G hdg i f i xiig i ik, i fici ym d fici iiii wih fixd i , gi chg i fiv d chg i h i . F hi h G i- w, c-ccy i w d i m ii i. Th hdg d ih im y im gd y miy.
C flw gTh G i w hdg f ch flw fm did dig wih flig i . I flw fm di d dig
wih flig i xcd mid i fi digh id .
N gTh G hdg h ccy i ik f ivm i figi hgh ccy wig d ccy fwd. Bwig ifig ccy m f SEK ,m (,) d ccy fwd m f SEK ,m (,) w digd hdg f ivmi fig i. Iffciv h cgid wih SEK m () -d i N fici icm ( ).
A x
Group Parent company
0 0
Sff c –, –, –, –,Oh x –, –, –, –,
TOTAL –, –, –, –,
S
Group Parent company
0 0
B y –, –, –, –,Sh-m vi ch-d cmi – –, – –Lg-m qiy-d cmi – – – –
S , , , ,
Sci chg –, –, –, –,Dfid fi im ) – –Dfid cii im ) – – –, –Bfi d ddci ) – – – –Edci d h ff d c – – – –
TOTAL –, –, –, –,
) Pi c i h G ccd f ccdig mdd IAS , Emy fi. Fig f hv d ccdigy. Pi c i Skdivik Ekid Bkhv ccd i ccdc wih h diciv f h Swdih Fici Sviy Ahiy, imyig ci cci f imd i c. N -cig c fSEK m () f y im d SEK m () f ci y x hv chgd h i fd f h Bk.
) Icd c f ddci wih SEK m () f h G d SEK m () f h cmy.
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R
Pd i h m f mi f h Fici g f dkig d igific i wihi h G ccdig FFFS :wih chg i FFFS :. I h SEB G () ii dfid ciy gd ff.
SEB h ch icd h mi i h ic i h i f h Fici g f dkig f h SEB G.
R
Group Parent company
Fixed ) Variable) Fixed ) Variable)
Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEs
Mch Bkig –, , – , –, , – ,Ri Bkig –, , – , –, , – ,Wh Mgm – – – – Lif – , – Bic – , – ,Oh ) –, , – , –, , – ,
TOTAL , , , , , , ,whf cciv vi y ) – ,
0
Mch Bkig –, , – , –, , – ,
Ri Bkig –, , – , –, , – ,Wh Mgm – – – – Lif – , – Bic – , – ,Oh ) –, , – , –, , – ,
TOTAL , , , , , , , ,whf cciv vi y ) – ,
SEB AG, Germany SEB Pank AS, Estonia
Fixed Variable Fixed Variable
Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEs
Mch Bkig – – Wh Mgm – –
Bic – – Oh – – – –
TOTAL , ,
0
Mch Bkig – – Wh Mgm – – Bic – – Oh – – – –
TOTAL , , ,
SEB Banka AS, Latvia SEB bankas AB, Lithuania
Fixed Variable Fixed Variable
Remuneration FTEs Remuneration FTEs Remuneration FTEs Remuneration FTEsBic – – – , – ,Oh – – – –
TOTAL , , , ,
0
Bic – – – , – ,Oh – – –
TOTAL , , , ,
) V i y i dfid h-m ch- d cmi d g-m qiy d cmi . A h mi i d fixd mi d icd: y,i, vc y, f d fi .g. cmy c d dmic vic, i ccdc wih FFFS :. Th d mi d icd ci chg.
) Icdig Lif d Bic i h cmy.) Sh Svig Pgmm d cciv h-m ch-d cmi.
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N cd.
R g
Group Parent company
Remuneration FTEs Remuneration FTEs
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Fixd mi)
–, –, , , , – –, , , ,Vi y ) – – , , , – – , ,whf:
Sh-m ch-d – – – – Lg-m qiy-d ) – – – –
Dfd vi y ) – – – – Accd d idmi ) –, –, , –, –, ,Svc y ) Agd y idvc y High ig m
0
Fixd mi ) –, –, , , , – –, , , ,Vi y ) – – , , , – – , , ,
whf:Sh-m ch-d – – , – – Lg-m qiy-d ) – – – –
Dfd vi y ) – – – – Accd d idmi ) –, –, , –, –, ,Svc y ) Agd y idvc y High ig m
SEB AG, Germany SEB Pank AS, Estonia
Remuneration FTEs Remuneration FTEs
Speciallyregulated
staff
Other
employees T
Speciallyregulated
staff
Other
employees T
Speciallyregulated
staff
Other
employees T
Speciallyregulated
staff
Other
employees T
Fixd mi ) – – – – , ,Vi y ) – – – – , ,whf:
Sh-m ch-d – – – – Lg-m qiy-d ) – – – –
Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y )
0
Fixd mi ) – – , – – , ,Vi y ) – – – – , ,whf:
Sh-m ch-d – – – – Lg-m qiy-d ) – – – – Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y )
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N cd.
R g
SEB Banka AS, Latvia SEB bankas AB, Lithuania
Remuneration FTEs Remuneration FTEs
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Speciallyregulated
staffOther
employees T
Fixd mi)
– – , , – – , ,Vi y ) – – , – – , ,whf:
Sh-m ch-d – – – – Lg-m qiy-d ) – – – –
Dfd vi y ) – – – – Accd d idmi ) – – – – Svc y ) – –
0
Fixd mi ) – – , , – – , ,Vi y ) – – , , – – , ,whf:
Sh-m ch-d – – – – Lg-m qiy-d ) – – – –
Dfd vi y)
– – – – Accd d idmi ) – – – – Svc y )
) V i y i dfid h-m ch- d cmi d g-m qiy d cmi . A h mi i d fixd mi d icd: y,i, vc y, f d fi .g. cmy c d dmic vic, i ccdc wih FFFS :. Th d mi d icd ci chg.
) Lg-m qiy d cmi cm f diff gmm; Sh Svig Pgmm f my, Pfmc Sh Pgmm f i mg d kymy, Sh Mchig Pgmm d Sh Df Pgmm f cd g f ky my.
) Th dfd vi y i ckd h fi y. Sh-m ch- d cmi c hf id v h fiv y f i ik dj m. Lg-mqiy-d gmm ckd f miimm f h y.
) I Accd d id mi m id wihi h fi q f h cc i icdd. Df d vi y h jc ik dj m dig .) Th m icd ig-.
L Ex
Group Parent company
0 0
Mgig Dic d Dy Mgig Dic ) Bd f Dic )
TOTAL
) Cmi c Pid i h cmy d Mgig Dic d Dy Mgig Dic i idii. T m f xciv w () f which () fm.) Cmi c Bd mm d hi i i h cmy d idii . T m f w () f which () fm.
P Ex
Pi dim md Chg i cmmim Cmmim y-d , ,
Th v cmmim cvd y h Bk ’ i fd hgh Bk-wd dwm c chm. Icd civ d id Pidd Dy Pid i h cmy d Mgig Dic d Dy Mgig Dic i idii, i () .
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R g
Fm SEB h ch d h mdd IAS Emy Bfi fccig f dfid fi . Cmiv ifmi hv -d. Th mdm mv h iiiy h cid mhd d mi ci gi d dfid fi . Th dd
qi iy y h dic h dfid fi i-iiy () i d c c h i x (icm). Rm-m f i igi d cgid i Oh cm-hiv icm.
DEFINED BENEFIT PLANS IN SEB GROUP
N g B 0
Sweden ) Foreign) G ) Sweden ) Foreign ) G )
Dfid fi igi h giig f h y , , , , , ,Cim, cqiii d cifici – Svic c I c Bfi id – – – – ,Exchg diffc – – Rmm f i igi , , –
Dfi fi g , , , , , ,
Fi v f h giig f h y , , , , , ,Cim, cqiii d cifici – Ccd i
Bfi id/cii , – , – – Exchg diffc – – Vi gi () , – – ,
F , , , , , ,
Cg
Dfid fi igi h giig f h y –, –, , –, – ,Cim, cqiii d cifici – – T x i ff c (xcdig ci y x) – – – – Pi id ,Pi cmi , – , – – Exchg diffc Aci gi/ cgid i Oh Cmhiv Icm –, – , – –
NET AMOUNT RECOGNISED IN THE BALANCE SHEET –, –, , –, –, ,
) Dfid fi igi d dicd g i h . Th xi g igh ff igi d w ii i h G, i h c h h m i cgid f ch iy ih iiiy.
I SEB id cii h Swdih i fdi f SEK ,m () which f cmi f fi id md SEK ,m.I Gmy h cii md SEK m () which gv cmi f SEK m. A ddii cii f SEK ,m w id hGm i fdi i y . N fh cii xcd dig .
P , %
Dic .% .% .% .%Ifli .% .% .% .%Excd f y ic .% .% .% .%Excd f ic i h icm i m .% .%
Th dic i d high qiy c d i d mk, iSwd cvd d. Th cvd d i Swd i AA -d d
h miy i i i wih h imd miy f igi f fimym.
A dc f h dic f Swd f .% wd imy icf h Swdih i igi wih SEK ,m whi h m chg iifli mi f Swd wd hv h i ffc d dch igi wih SEK ,m. A ic f h dic wih m iwd dc h igi wih SEK ,m d icd ifli wih .% giv icd igi wih SEK ,m. A chg i xcd
y ic i Swd wih –.% wd hv iiv ffc h ig-i wih SEK m d h giv ffc wd SEK m.
Th igi i Gmy wd ic wih SEK m if h dic w dcd wih .%. A ic wih h m cg wd dch igi wih SEK m. If h ifli mi f Gmy icwih .% h i igi wd ic wih SEK m d c-dig dc wd SEK m w ifli mi. A chgi xcd y ic i G my wih .% wd wih high giv ic f h igi wih SEK m d wih w dc h i-gi wih SEK m.
A 0
Sweden Foreign G Sweden Foreign G
Eqii , , , ,where of private equities and hedge funds , 4,166 , 4,323
I-ig cii , , , , , ,where of hedge funds 596 552
Pi , , , ,
TOTAL , , , , , ,
Th i icd SEB h wih fi v f SEK m (). Pi i Swd cc id y SEB. c f h hv qd mk ic, i ddii h SEK ,m i iqid .
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N cd. Rim fi igi
A g I 0
Sweden Foreign G Sweden Foreign G
Svic c – – – – I c – – – – Ccd i Sci y x – –
INCLUDED IN STAFF COSTS – – – –
A g O
Rmm f i igi –, – , – where of experience adjustments – 84 119
where of due to changes in actuarial assumptions –, – –3,372 – 613
Vi g i ( ) , – – ,
INCLUDED IN OTHER COMPREHENSIVE INCOME –, – , – –
DEFINED CONTRIBUTION PLANS IN SEB GROUP
N g Pfi 0
Sweden Foreign G Sweden Foreign G
Ex i Sff c – – – –
DEFINED BENEFIT PLANS IN SKANDINAVISKA ENSKILDA BANKEN
Parent company
N g B 0
Dfid fi igi h giig f h y , ,Imd i mim I c d h chg , Ey im Pi dim – –
DEFINED BENEFIT OBLIGATION AT THE END OF THE YEAR , ,
Fi v f h giig f h y , ,
Cii i fdi , –R ,Bfi id – –
FAIR VALUE OF PLAN ASSETS AT THE END OF THE YEAR , ,
Th v dfid fi igi i ccd ccdig yggdg.Skdivik Ekid Bk h ch d h w dic f. c y. Th w dic ffcd h igi givyd d ddii cii h fdi f SEK ,m. Th i-gi i fy cvd y i i fdi d i icdd i hc h.
Th i h fdi miy qiy d SEK ,m (,) d m x i ig SEK ,m (,). Th icd SEBh f SEK m () d idig ccid y h cmy f SEK ,m(,). Th w c (–) f cii d icmi.
A g Pfi
Parent company
0
Pi dim –, –Cmi fm i fdi
T ,
NET PENSION COSTS FOR DEFINED BENEFIT PLANS –,
P , %
G i .% .%I f x .% .%
Th ci cci d i d i h c h d.
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N cd. Rim fi igi
DEFINED CONTRIBUTION PLANS IN SKANDINAVISKA ENSKILDA BANKEN
Parent company
N g Pfi 0
Ex i Sff c –, –
P Pension commitments Market value of asset
0 0
SEB-Sif, Skdivik Ekid Bk Piif , , , ,SEB K AB: Piif
TOTAL , , , ,
R fi gTh G h ihd i chm i h ci wh ii fmd. Th h dfid fi d dfid cii. Th mj i chm fi y dfid fi d fdd. Th dfid c ii fw h c gi i chcy.
Dfi fi Th mj dfid fi xi i Swd d Gmy d cv -iy my i h ci. Idd ci cciccdig h Pjcd Ui Cdi Mhd (PUCM) fmd qy dcid h v f h dfid fi igi. Th fi cvd i-cd im fi, diiiy, dh d viv i ccdig h civ ci cciv gm.
Th k i cific i fdi. Th mk v. Th ci i dmid m h vi ik ih i igi d dcidd y h d/ i h ifdi. Th i c d h ccd fmg Sff c.
Dfi
Dfid cii xi h i Swd d d. I Swd m f h im cciv gm i dfid cii . Ov ci y v h my c ch v h dfid fi d c i y dfid cii . M h ci hv fdfid cii xc f h B ic ci wh h cmy imid x ci h my im. Th dfid cii ccd f x mg Sff c .
R B G Ex C
G Th gidi f mi h Pid d h h mm fh G Exciv Cmmi (GEC) w d y h Bd f Dic d i Rmi d Hm Rc Cmmi d vd y h
A G Mig .Th mi c f h Pid d h h mm f hGEC i i ccdc wih h mi icy f h Bk. N mm fh GEC h id ch d vi cmi . Th, hmi i d h mi cm; y, qiy d
cmi d i. Oh fi my icdd, ch cmy c d dmic vic.
F m ifmi, g –.
S g ffTh Pid d mm f h G EC cidd ciy gdff dfid i h Swdih Fici Sviy Ahiy gi(FFFS: :).
R B P CEO, SEK
Base pay Remunerations ) Benefits ) T
Chim f h Bd, Mc Wg ,, ,,Oh mm f h Bd ) ,, ,,Pid d CEO, Aik Fkg ,, ,, ,,
TOTAL ,, ,, ,, ,,
0
Chim f h Bd, Mc Wg ,, ,,Oh mm f h Bd ) ,, ,,Pid d CEO, Aik Fkg ,, ,, ,,
TOTAL ,, ,, ,, ,,
) A dcidd AGM.) Icd fi dmic vic d cmy c.) Rmi h d mm idivid v i d g .
C G Ex C, SEK )
Base pay Benefits T
,, ,, ,, ,, ,, ,,
) GEC xcdig h Pid d CEO. Th mm y diff w h y i vg igh (ww) mm icdd, y d igh mm w icdd.
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N c cd. Rmi h Bd d h G Exciv Cmmi
Lg- q gSEB fi idcd g-m qiy gmm i . Bw d h gmm icdd fmc h. I h viggmm w idcd d fm h mchig gmm wicdd. I h df gmm w idcd.
Ud h Sh df gmm ch mm f h GEC i gd idivid m f cdii h igh d -dmid G
d idivid g. Th g i d h fi-ci d -fici. c f h h igh divd h ici- f vig id f h y, c f vig id ffiv y. Th qim f vig i h h ici mi wih SEBdig h fi h y d h h ici hd h i SEB q dmid m, cqid h - i dig hiii h y id. Af ch c iv vig id h i ddi-i hdig id f y f which h h igh c xciddig id f h y. Ech h igh c i h igh civ C A-h i h Bk.
Th i m h GEC i h Sh Mchig Pgmm .
Mchig h d fmc d mchig h i h h mchiggmm c d dgd, which m h hy d hv ymk v. Th fmc d mchig h i h Sh MchigPgmm h c xcid wi dd h dvm f w -dmid fmc cii, hhd i i h m-k qid d h i f Swdih Gvm yd i.. g-m ik f i (LTIR), w hid, d h h-
hd i i SEB’ cmi, hid.Th h mchig gmm icd w ivm i C
A-h. Af h y h ici civ mchig h d, ifh -dmid fmc cii ffid d h ici -mi wih SEB, h mximm mchig i f h f h GEC. Th v fh h mchig gmm i cd f vig d h w f-mc cii d dd h ic d -dmid iii hic. If h h ic h im f vig h m h dd, h mf mchig h d fmc d mchig h h fd ici wi dcd iy h h v cd h dd h ic cd v.
Lg- q g (x gg g), SEK
Share
savingPerformance
sharesShare
matchingShare
deferral T
Pid d CEO, Aik Fkg , ,, ,, , ,,Oh mm f h GEC ) , ,, ,, ,, ,,
TOTAL , ,, ,, ,, ,,
0
Pid d CEO, Aik Fkg , ,, ,, ,,Oh mm f h GEC ) , ,, ,, ,,
TOTAL , ,, ,, ,,
) GEC xcdig h Pid d CEO. Th mm y diff w h y i vg igh (ww) mm icdd, y d igh mm w icdd.
N g -- )
Number outstanding
President and CEOAnnika Falkengren
Other membersof the GEC T
First day ofexercise Performance criteria
: Pfmc h , , , c vig %: Pfmc h , , , ) c vig %: Svig h , , , -- –: Mchig igh , , , ) c mch .: Mchig igh , , , ) c mch .: Sh igh , , , ;) –
) Sh mchig gmm vd i wih mximm mchig.) A cicy i fwig h d f h fmc id, h ihig f h fi cm d gii f h fi m f fmc h.) A cicy i fwig h d f h fmc id d h ihig f h cm f m f mchig h.) Th Exci id , h icd i .
Th m f dig fmc h i h mximm m h my civd d h gmm. Th m f dig mchig igh h w ivm h i ci f C A-h d fmc d mchig h.
Dig h y h Pid d CEO h xcid fmc h v f SEK ,, (). Th cdig v f GEC xcdig h Pi-
d i SEK ,, (,,).
P Ud h i gm f h Pid i i y fm hg f . Th i i dfid fi -d d ivi. Pii id h f c f h i icm. Pi icmi fixd m. Tmii f mym y h Bk i jc mxi-mm -mh id f ic d i vc y f mh’y.
A gd i fi d vc y h fwig i ic h mm f h GEC xcdig h Pid. Th i
ivi d dfid fi-d xc f h h d fid ci-i-d. I h dfid fi h i i y fm h g f , h i mximm c f i icm. Piicm i imid idivid ciig. Tmii f mym y h Bki jc mximm -mh id f ic d i vcy f mh’ y.
Th im i h i gm h dfid cii dd ii i h dici h d f h w d xiig mmf h G Exciv Cmmi.
P ( ), SEK
President and CEO,Annika Falkengren
Other membersof the GEC ) T
,, ,, ,,0 ,, ,, ,,
) GEC xcdig h Pid d CEO. Th mm y diff w h y i vg igh (ww) mm icdd, y d igh mm w icdd.
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N c cd. Rmi h Bd d h G Exciv Cmmi
R *, SEK
Group
L k 0
Th Bd d h G Exciv Cmmi ,, ,,Oh d i ,, ,,
TOTAL ,, ,,* F ifmi d i ch G cmi d Acid cmi .
S-
0
Lg- q- g
Sharedeferral
programme
Sharematching
programmeShare savings
programmePerformance
shares
Sharematching
programmeShare savings
programmePerformance
shares
Odig h giig f h y ,, ,, ,, ,, ,, ,,Gd ,, ,, ,, , ,, ,, ,Ffid ) –, –, –,,Excid ) –,, –,, –,, –, –, –,Exid – –,, – –,,
OUTSTANDING AT THE END OF THE YEAR ,, ,, ,, ,, ,, ,, ,,f which xci ,, ,,
) Wighd vg xci ic ffid PSP SEK . (.).) Wighd vg xci ic xcid PSP SEK . (.) d wighd vg h ic PSP xci SEK . (.).
Th m f dig fmc h i h mximm m h my c ivd d h gmm. Th m f dig df igh iSMP i h miimm cm f h gmm.
T Lg- q- g
Original noof holders 3)
No of issued(maximum
outcome)
No ofoutstanding
0
No ofoutstanding
0A-share per
option/shareExercise
price ValidityFirst date of
exercise
: Pfmc h ,, , – --: Pfmc h ,, , , – --: Pfmc h ,, – --
: Pfmc h ,, – --: Pfmc h ,, ,, ,, – )
: Pfmc h ,, ,, ,, – )
: Sh vig gmm , ,, ,, ,, . – --: Sh vig gmm , ,, ,, ,, – --: Sh vig gmm , ,, ,, ,, – --: Sh vig gmm , ,, ,, – --: Sh mchig gmm – df igh ,, ,, – )
: Sh mchig gmm – df igh ,, , , – )
: Sh mchig gmm – w ivm ,, , , – )
: Sh mchig gmm – df igh ,, , , – )
: Sh mchig gmm – w ivm ,, ,, ,, – )
: Sh mchig gmm – df igh ,, , – )
: Sh mchig gmm – w ivm ,, , – )
: Sh df gmm ,, ,, – / )
TOTAL ,, ,, ,,
) A cicy i fwig h d f h fmc id, h ihig f h fi cm d gii f h fi m f Pfmc h i Eq .) A cicy i fwig h d f h fmc id, h ihig f h cm f m f Mchig Sh d h ci f h A-h d, if ic,
h Mchig Sh.) I ximy , idivid (,) hv icid i y f h gmm.
Th dig i fm my ck i gmm.
Lg- q- gFm h gmm w d fmc h. Thy hv mximm m f v y, vig id f h y d x-ci id f f y. Th m f d fmc h h c xcid dd h dvm f w dmid fmc ci-i f q imc. Th gmm vd i wih fi cmf c.
A fm Sh Svig Pgmm f my i cd c-i hv idcd. I h Sh Svig Pgmm h ici myv mximm f fiv c f hi g y dig wv mhid. F h vig m, C A-h chd c ck x-chg f im y fwig h ici f h Bk’ iim -. If h h id y h my f h y d h my
mi wih SEB, h my wi civ C A-h f ch idh. Th fi ch i h gmm w fmd f h ic-i f h cc i Jy . Twv ci icdd i h gmm.
Fm Sh Mchig Pgmm f m f cd i xc-iv d h ky my h idcd. I h gmm cd h Pfmc Sh Pgmm. Th gmm d -fmc, hv vig id f h y d d wih SEB C A-h. A gmm qi w ivm i C A-h. Th ivmm i -dmid d cd f ch ici.
Af h y, if i myd, h ici civ C A-hf ch ivd h d cdii m f fmc d mchigh f ch ivd h.
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Th m f fmc d mchig h wi dd h dv-m f w -dmid fmc cii; i h gmm m-d hhd (TSR) i i h mk qid d h i f Swdih gvm y d i.. g-m ik fi (LTIR), w hid, d h hhd i i SEB’cmi, hid. Th xcd vig im f g i y’ -gmm i ximy c. Mximm cm f h ici ih fmc d mchig h. Th cm i jc ik
djm.Th hd cmd f dividd h hhd dig hxci id. Th, h m f h igh wi ccd, f hA G Mig ch y dig h xci id, kig h dividdi cc.
Mchig igh cii h c d, dgd fd h y. Hwv, imd v mchig igh h ccdf SEK () d f h fmc d mchig igh SEK ()(d vg cig ic f SEB C A-h h im f gdig h mh f Ai). Oh i h i icig md ; xciic SEK (); viiy () (d hiic v); xcd dividdximy () c; ik f i . (.) d xcd yxci f () c. I h v f h i h xc d cm f hfmc cii dcid v k i cc.
Th gmm i jc c, if h h i c h im f vig hm h dd h m f mchig h d fmc d
mchig h h fd ici wi dcd i-y h h v cd h dd h ic cd v.
I Sh Df Pgmm w idcd f h G ExcivCmmi d ci h xciv mg. Th ici gd idivid m f cdii h igh d -dmid G didivid g v, h fici d -fici, i.
c f h h igh divd h ici f vigid f h y, c f vig id f fiv y. Th qi-
m f vig i h h ici mi wih SEB dig h fi hy d h h ici hd h i SEB q dmidm, cqid h - i dig h iii h yid. Af ch civ vig id h i ddii hdig idf y f which h h igh c xcid dig id f hy. Ech h igh ci h igh civ C A-h i h Bk.
Th hd cmd f dividd h hhd dig hdi f h Pgmm. Th, h m f h igh wi ccd,f h A G Mig ch y, kig h dividd i cc.Th h igh cii h c d, dgd fd h. Hwv, imd v h igh h ccd f SEK f vig f h y d SEK f vig f fiv y(d vg cig ic f SEB C A-h h im fg dig h mh f Ai).
Fh di f h dig gmm fd i h .
N
Ag Group Parent company
Men Women T Men Women T
Swd , , , , , ,Nwy Dmk Fid Ei , ,Lvi , , Lihi , , Gmy , Pd
Uki Chi G Bii Id Lxmg Ri Sig Uid S Oh)
TOTAL , , , , , ,
0
Swd , , , , , ,Nwy Dmk
Fid Ei , ,Lvi , , Lihi , , Gmy , Pd Uki Chi G Bii Fc Id Lxmg Ri Sig Uid S Oh)
TOTAL , , , , , ,) Swizd, Biih Vigi Id, Bzi d Hg Kg.
Nm f h wkd i cmy ,, (,,).
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O x
Group Parent company
0 0
C f mi ) –, –, –, –,D c –, –, –, –,Siy – – – –Tv d im – – – –Pg – – – –C – – – –Mkig – – – –Ifmi vic – – – –Oh ig c ) –
TOTAL –, –, –, –,) Of which c –, –, – –
) N f ddci f ciid c, .
F x w fi )
Adi igm – – – –Adi d vic – – – –Tx dviy – – – –Oh vic – – – –
PwC Adi igm – –Tx dviy – –Oh vic –
O fi
TOTAL – – – –
) Th cmy icd h fig ch.
I ddii h v mid h hv f d x -wc id di d di fi m dig d i i divm f Gm i i which m SEK m () fOh vic. Th f m f vic i i h RiGmy divm jc ch dm d jc mgm, dvic i i, IT d ccig.
Adi igm i dfid h di f fici m, hdmiii f h Bd f Dic d h Pid, h k ig
h di w cig d h ic, which hv ii-id y h fidig i fmig di wk immi f ch k.Th di d vic icd qy viw, gy ig dvic i cci wih iig f cific d ii. Tx dviyicd g xi vic d h x vic wk. Oh vicicd ci fici ccig, vic d M&A civii,i ffciv d m f i c.
D, g g
Group Parent company
0 0
Dcii f gi – – – –Dcii f qim d ci –, –,Amii f igi – – – –Amii f dfd cqiii c – –Imim f gi – –Imim f igi – – –Imim f gdwi –
Rim d di f igi ) – –TOTAL –, –, –, –,
) Whf – f gic viw f IT-ifc jc. P f h dvm hv xcd f cmic fi, d hf dcgid.
G g g
Group Parent company
0 0
Pi Oh gi
G
Pi –
Oh gi – –L
TOTAL
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N
Group Parent company
0 0
P:N cciv vii f idividy d – –N cciv vii f fi d – – –Scific vii – – – –Rv f cific vii g qid , N vii f cig iiii
N ,
W-ff:T wi-ff –, –, – –Rv f cific vii iizd f wi-ff , ,
Wi-ff viy vidd f –, – – –Rcvd fm vi wi-ff
N w-ff
TOTAL – – –
A
Parent company
0
Cmi fm i fd, i dim Pi dim –, –
P ,
Aii /iii f xd v –,G cii , Accd x dcii – –,
A
TOTAL –, –
I x x
Mj x xGroup Parent company
0 0
C x –, –, –, –,Dfd x –
Tx f c y –, –, –, –,C x f vi y – –
INCOME TAX EXPENSE –, –, –, –,
R w x x g fi
N fi fm ciig i , , , ,Icm x x , , , ,
Ag fi x , , , ,
C x Swdih y f . c –, –, –, –,Tx ffc ig h x i h jidici
Tx ffc ig x ddci x – – – –Tx ffc ig x icm Tx ffc ig viy cgid x ,x cdi my diffc Tx ffc ig viy cgid x ,x cdi my diffc
C x , , , ,
Tx ffc ig igi d v f x ,x cdi d my diffc – –Tx ffc ig chg i x h imii f w x , Tx ffc ig viy cgid x ,x cdi my diffc – –Tx ffc ig imim v f viimim f dfd x – –
D x C x
INCOME TAX EXPENSE –, –, –, –,
S Oh f c d dfd x d Oh iiii f c d dfd x iiii
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N cd. Icm x x
D x x g Group
0
Accd x dcii , –Pi , – Tx cy fwd – –Oh my diffc – –
TOTAL –
Dfd x d iii wh h chg i d chg i dfd x m SEK m ( )d i xid y ccy i ffc.
Eg
Group
Cg 0
N fi i qiy hd, SEKm , ,Wighd vg m f h, mii , ,Bic ig h, SEK . .
N fi i qiy hd, SEKm , ,Wighd vg m f did h, mii , ,
Did ig h, SEK . .
D
N fi i qiy hd, SEKm – –,Wighd vg m f h, mii , ,Bic ig h, SEK –. –.
N fi i qiy hd, SEKm – –,Wighd vg m f did h, mii , ,Did ig h, SEK –. –.
T
N fi i qiy hd, SEKm , ,Wighd vg m f h, mii , ,Bic ig h, SEK . .
N fi i qiy hd, SEKm , ,Wighd vg m f did h, mii , ,Did ig h, SEK . .
D
Wighd vg m f h, mii , ,Adjm f did wighd vg m fddii C A-h, mii Wighd vg m f did h, mii , ,
O
Group Parent company
0 0
I fi q fi :Vi gi () dig h y , Icm x vi gi () dig h y – – – –Tfd fi f h y – –Icm x f fi f h y –
A ,
Vi gi () dig h y , ,Icm x vi gi () dig h y – – – –Tfd fi f h y Icm x f fi f h y – – – –
C flw g , ,
Ti f fig i – – –
T g Tx i ffc – –
Tx ff
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N cd. Oh cmhiv icm
Group Parent company
0 0
I w fi fi :Rmm f i igi, icdig ci y x –, ,Vi gi () dig h y , –,Dfd x i
Dfi fi ,
Oh – –
O
TOTAL – , , ,
Th mhd d hdg ccy ik d fig i c x x (x icm) i h cmy. Fi v chg h hdgig i-m imc x cy h ccy vi f h fig i. I h G hi x ffc i d i Oh cmhiv icm.
Rk
Mgig ik i c civiy i k d hf fdm g-m fiiiy d iiy. Rik i cy d i civii di dvm d, hf, cm d.
SEB’ fiiiy i dicy dd i iiy v, mg
d ic h ik cd, whi miiig dq ciiid iqidiy m f v. T c h G’ fici iiy,ik d ci-d i idifid, mid d mgd
y g. Thy fm ig f h g-m gic igd i i ig c.
Fh ifmi cdi ik, mk ik, ic ik, iik, i d gic ik gh wih iqidiy ik d h mgm
f h ik fd d h ci Rik, iqidiy d ci mg-m (g –) f h f dic, which fm f h fi-ci m .
C k
Of h vi ik h SEB m i vidig i cm wih ficii d dc, cdi ik i h m igific. Cdi ik i h ikf d h fi f ig ffi i igi wd SEB. Thdfiii cm cy ik i h dig i,cy ik, cci ik d m ik. Cdi ik i c cd f , h i h kig k d h dig k.
Th vidig ici f SEB’ cdi gig i h dig h d cdi yi d i h cm’ iiy y.
F m ifmi gdig cdi ik g –.
T cdi x cmi h G’ cdi fi (, iggm, cig iiii d cy ik iig fm d iv-iv cc), d d im. Ex d fv. Diviv d d f ig f mk v f c gm d icd dd- f i f x-. D im cmi i-ig im mim, cidig cdi diviv d f. D im i hLif divii xcdd.
C x
Loans Contingent liabilities Derivative instruments T
G 0 0 0 0
Bk , , , , , , , ,
Fic d ic , , , , , , , ,Wh d i , , , , , ,Ti , , , , , ,Shiig , , , , , ,Bi d hhd vic , , , , , , , ,Cci , , , , , ,Mfcig , , , , , , , ,Agic, fy d fihig , , , , , ,Miig d qyig , , , , , ,Eciciy, g d w y , , , , , , , ,Oh , , , , , ,
C , , , , , , , ,
Cmmci mgm , , , , , , , ,Ridi mgm , , , , , , , ,Hig c-iv cii,Swd , , , , , ,
P Mg , , , , , , , ,
P A , , , , , , , ,
Hhd mgg , , , , , ,Oh , , , , , ,
H , , , , , ,
C ,, ,, , , , , ,, ,,
R , ,
D , ,
TOTAL ,, ,,
Th icd vm fm i i Uki cifid A hd f i h c h.
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N cd. Cdi ik
C gg*
G Sweden Denmark Norway Finland Estonia Latvia Lithuania Germany Other T
Bk , , , , , , ,
Fic d ic , , , , ,Wh d i , , , , , , , , ,
Ti , , , , , , ,Shiig , , , ,Bi d hhd vic , , , , , , , ,Cci , , , , ,Mfcig , , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , , ,Eciciy, g d w y , , , , , , , ,Oh , , , , ,
C , , , , , , , , , ,
Cmmci mgm , , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,
P Mg , , , , , , ,
P A , , , , , , ,
Hhd mgg , , , , , , ,Oh , , , , , , , , ,
H , , , , , , , , ,
TOTAL ,, , , , , , , , , ,,
0
Bk , , , , , , ,
Fic d ic , , , , ,Wh d i , , , , , , , ,Ti , , , , , , ,Shiig , , ,
Bi d hhd vic , , , , , , , ,Cci , , , , ,Mfcig , , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , , ,Eciciy, g d w y , , , , , , ,Oh , , , , ,
C , , , , , , , , , ,
Cmmci mgm , , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,
P Mg , , , , , , ,
P A , , , , , , ,
Hhd mgg , , , , , , ,Oh , , , , , , , , ,
H , , , , , , , , ,
TOTAL ,,6 , , , , , , , , ,,
* Th gghic diii i d wh h i kd. Am f vii f cdi .
Th icd vm fm h i i SEB Uki cifid A hd f i h c h.
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15seb annual report 2012
N cd. Cdi ik
L gg*
G Sweden Denmark Norway Finland Estonia Latvia Lithuania Germany Other T
Bk , , , , , , ,
Fic d ic , , , , ,Wh d i , , , , , , , ,
Ti , , , , , ,Shiig , , , ,Bi d hhd vic , , , , , ,Cci , ,Mfcig , , , , , , , , ,Agic, fy d fihig , , , ,Miig d qyig , ,Eciciy, g d w y , , , , , , ,Oh , , , ,
C , , , , , , , , , ,
Cmmci mgm , , , , , ,Ridi mgm , , , ,Hig c-iv cii,Swd , ,
P Mg , , , , , ,
P A , , , , , , ,
Hhd mgg , , , , , , ,Oh , , , , , , ,
H , , , , , , , ,
TOTAL , , , , , , , , , ,,
R, cdi iii ,R, g ic ,D im cifid ,Rv ,
TOTAL LENDING ,,
0
Bk , , , , , ,
Fic d ic , , , , ,Wh d i , , , , , , , ,Ti , , , , , ,Shiig , , ,Bi d hhd vic , , , , , , , ,Cci , ,Mfcig , , , , , , , ,Agic, fy d fihig , , ,Miig d qyig , ,Eciciy, g d w y , , , , , , ,Oh , , , ,
C , , , , , , , , , ,
Cmmci mgm , , , , , ,Ridi mgm , , ,
,Hig c-iv cii,Swd , ,
P Mg , , , , , ,
P A , , , , , , ,
Hhd mgg , , , , , , ,Oh , , , , , , , ,
H , , , , , , , ,
TOTAL , , , , , , , , , ,,
R, cdi iii ,R, g ic ,D im cifid ,Rv ,
Ri SEB Uki, g ,TOTAL LENDING ,,
* Th gghic diii i d wh h i kd.
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16 seb annual report 2012
N cd. Cdi ik
I gg*
G Sweden Denmark Norway Finland Estonia Latvia Lithuania Germany Other T
Bk
Fic d ic Wh d i
Ti Shiig Bi d hhd vic Cci Mfcig Agic, fy d fihig Miig d qyig Eciciy, g d w y Oh
C ,
Cmmci mgm , ,Ridi mgm Hig c-iv cii,Swd
P Mg , , ,
P A
Hhd mgg Oh
H
TOTAL , , , ,
0
Bk
Fic d ic Wh d i Ti Shiig
Bi d hhd vic Cci Mfcig Agic, fy d fihig Miig d qyig Eciciy, g d w y Oh
C , ,
Cmmci mgm , , ,Ridi mgm Hig c-iv cii,Swd
P Mg , , , ,
P A
Hhd mgg Oh
H
TOTAL , , , ,
whf Ri, SEB Uki
T x R, SEB Uk ,
* Th gghic diii i d wh h i kd. Am f vii f cdi .
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17seb annual report 2012
N cd. Cdi ik
P *
G Sweden Denmark Norway Finland Estonia Latvia Lithuania Germany Other T
C
Hhd mgg , , ,Hhd mgg cd
Oh ,H , , , ,
TOTAL , , , ,
0
C
Hhd mgg , , ,Hhd mgg cd Oh ,
H , , , ,
TOTAL , , , ,
whf Ri, SEB Uki
T x R, SEB Uk ,
* Th gghic diii i d wh h i kd. Am f vii f cdi .
Ex GIIPS
Greece Italy Portugal Spain ) ) Ireland )
G 0 0 0 0 0
Sg Nmi m Fi V
C Nmi m , , Fi V , ,
A k Nmi m , , Fi V , ,
BkNmi m Fi V
) Th i ik i h cvd d i mgd y i w wh h chg i vi i cgid h cmhiv icm. Th ccmd OCI wSEK –,m (–).
) Sh ii f Dcm , mi m f SEK –m d k v SEK –m, xcdd i h . C dig m f Dcm w mi mSEK –m d k v –m.
Lq k
Liqidiy ik i h ik h h G, v cific im hiz, i fic i xiig i m h dmd f ddiiiqidiy. Liqidiy ik i h ik h h G i fcd w fv i fcd i d m i y-m cmmim.
Th im f SEB’ iqidiy ik mgm i h h G h cd iqidiy ik ii, wih dq ch ch qiv i v cci imy m i iqidiy qim i fcicmc, wih icig i ddii c. F m ifm-i gdig iqidiy ik g –.
Th (g –) ch flw y miig cc m-ii h c h d d i h i d which h Gc qid y gd f iiy mi. Th m di-cd i mii - dicd ch flw. Tdig ii, xcdig
diviv fi v d dicd ch flw, d wihi < mh, hgh cc miy my xd v g id, whichflc h h-m f h dig civii. O ff-c h imch cmmim miy d wihi < mh flc h dmd chc f h im. Th fwig iiii cgizd h c h xcdd h k d cid hm c-c; vii, dfd x d iiii my f h-diciv gmm. Diviv cc h g i f h G’ iqidiy mgm d h w icd yh g ch flw fm h cc.
Th G’ diviv h wi d g i icd:– Fig xchg diviv: ccy fwd d, ccy w d– I diviv: c ccy i w.
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N cd. Liqidiy ik
G
F ( ) < 3 months 3 < months < 5 years > 5 years No maturity Discount effect T
Di fm cdi iii , , , , –, ,Di d wig fm h ic , , , , –, ,Liiii icyhd – ivm cc , , , , ,D cii , , , , –, ,
Tdig iiii , – ,Td d ci y , ,Sdid iiii , , –, ,
T ,, , , , , ,,
O (-fi) , , , , , ,
Off-
L cmmim , , ,Accc d h fici fciii , ,Oi cmmim ,
T , , , , ,
T ff- ,, , , , , , ,,
T fi ( )) , , , , , , ,,
DCcy-d ,, , , , ,,I-d , , , , ,
T flw ,, , , , ,,
T flw ,, , , , ,,
0
Di fm cdi iii , , , , –, ,Di d wig fm h ic , , , , –, ,Liiii icyhd – ivm cc , , , , ,D cii , , , , –, ,Tdig iiii , – ,Td d ci y , ,Sdid iiii , , –, ,
T ,, , , , , ,,
O (-fi) , , , , , ,
Off-
L cmmim , , ,Accc d h fici fciii , ,Oi cmmim
T , , , , ,
T ff- ,, , , , , , ,,
T fi ( )) , , , , , , ,,
D
Ccy-d ,, , , , ,,I-d , , , , ,
T flw ,, , , , ,,
T flw ,, , , , ,,
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N cd. Liqidiy ik
P
F ( ) < 3 months 3 < months < 5 years > 5 years No maturity Discount effect T
Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,D cii , , , , , ,Tdig iiii , ,
Td d ci y , ,Sdid iiii , , , ,
T ,, , , , , ,,
O (-fi) , ,
Off-
L cmmim , ,Accc d h fici fciii , ,
T , ,
T ff- ,, , , , , ,,
T fi ( )) , , , , , ,,
D
Ccy-d ,, , , , ,,I-d , , , , ,
T flw ,, , , , ,,
T flw ,, , , , ,,
0
Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,D cii , , , , , ,Tdig iiii , ,Td d ci y , ,Sdid iiii , , , ,
T ,, , , , , ,,
O (-fi) , ,
Off- L cmmim , ,Accc d h fici fciii , ,
T , ,
T ff- ,, , , , , ,,
T fi ( )) , , , , , ,,
D
Ccy-d ,, , , , ,,I-d , , , , ,
T flw ,, , , , ,,
T flw ,, , , , ,,
) Fici vi m iiii d dig cmmim icd ch, c k c, igi d im d d dvc k d cm. Tdig d wihi < mh, hgh cc miy my xd v g id, d ic cc y < flcig h f dig d ic civii.
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I k
I ik i f mk ik. I i h ik h h fi v fch flw f fici im wi flc c f chg i mki . T m d imi i ik, SEB h VR mhd,cmmd y D c d N i icm.
Th N i icm ik dd h v i fi, icymimch w i-ig d iiii i m f vm dicig id. F m ifmi gdig mk ik g –.
Th i icm iiviy i ccd d h cc ic-ig id. I h d iiii which iflc h i i-cm hv cd im- d miig miy. A xc-i h md f h d i iii i h if ic iwhich cd i h cm “Ic”. A d iiii wih c-c ic ig id cd i h cm “< mh” whi diiii h d ffc i icm cd i cm “N ”.
Rg
G
A < month < 3
months3 < 6
months6 <
months < 3
years3 < 5
years > 5 years Non rate Insurance T
L cdi iiid c k , , , , , , , , ,L h ic , , , , , , , , ,,Oh fici , , , , , , , –, , ,,Oh , – – – , , ,
TOTAL ,, , , , , , , –, , ,,
L qDi fm cdi iii , , , , , , ,Di d wigfm h ic , , , , , , , , ,Id cii , , , , , , , ,Oh iiii , , , , , ,T qiy , ,
TOTAL ,, , , , , , , , , ,,
I iiv, –, , –, , , , –, –150,025 ,Cmiv iiv –, , –, , , , , –,
0
A
L cdi iiid c k , , , , , , , ,L h ic , , , , , , , , ,,Oh fici , , , , , , , –, , ,Oh , , , ,
TOTAL ,, , , , , , , , , ,,
L q
Di fm cdi iii , , , , , , , , ,Di d wigfm h ic , , , , , , , , ,Id cii , , , , , , , ,Oh iiii , , , , , , , ,T qiy , ,
TOTAL ,, , , , , , , , , ,,
I iiv, –, , , , , , –, –134,480 ,Cmiv iiv –, –, , , , , , –,
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F
Group Parent company
A
Quotedprices in
activemarkets(Level )
Valuationtechnique using
observableinputs (Level )
Valuationtechnique
using non-observable
inputs (Level 3) T
Quotedprices in
activemarkets(Level )
Valuationtechnique using
observableinputs (Level )
Valuationtechnique
using non-observable
inputs (Level 3) T
Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,Oh fici fi v , , , , Eqiy im vi-f- , , , ,D im vi-f- , , , , ,Ivm i ci ) , ,
TOTAL , , , , , , , ,
L
Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,D cii fi v ) , , , ,
TOTAL , , , , , , , ,
0
A
Eqiy im fi v , , , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , , ,Oh fici fi v , , , , Eqiy im vi-f- , , , ,D im vi-f- , , , , ,Ivm i ci ) , , , ,
TOTAL , , , , , , , ,
L
Eqiy im fi v , , , ,D im fi v , , , , , ,Diviv im fi v , , , , , ,D cii fi v ) , , , , ,
TOTAL , , , , , , , ,
) V ci civii digd fi v hgh fi d .) Eqiy idx ik d digd fi v hgh fi d .
F Th jciv f h fi v mm i iv h ic which -dy ci wd k c w kwdg i i m’gh ci mivd y m i cidi.
Th G h ihd c vim f h dmii f fiv f fici im h icd idd viw f vimd. I d cc mk vi f fici im
Rik C iddy, mhy i, vid ic. If hvidi ici dhd , h Hd f G Fic h i-fmd. Exci wih mi d ici imc qi v fmh GRMC (G Rik Mm Cmmi) d h ASC (Accig Sd-d Cmmi).
I d iv h fi v f fici im SEB diffmhd; qd ic i civ mk, vi chiq icigv d d vi chiq d i md. F dic- , fici im cid fi v cifid i fiv hichy ccdig h v f mk viiy f h i. RikC cifi d ciy viw h cifici f fici i-m i h fi v hichy.
A civ mk i i which ci cc wih ffici vm dfqcy vid icig ifmi gig i. Th jc iv i iv ic which ci wih mdifici ckgig wd
cc i h m dvg civ mk which SEB h immdi cc.A f h fi v mm cdi v djm (CVA) i-
cd i h diviv vi f OTC-diviv fi v flc h cy cdi ik. Th CVA i ccd cyv d im f x df, iiy f df d cvy. Piiy f df d cvy ifmi i gy cd
fm h CDS mk. F ci wh hi ifmi i vi, cidd i d h f h x, iv ch k wh h h iiy f df i d gic cdi idicf cific idy d/ ig.
Fi v f fici d iiii y c c i fd i N .
L : Q k Vi i Lv dmid y fc djd qd mkic f idic im i civ mk wh h qd ic diy vi d h ic c d gy ccig mkci m’ gh i.
Exm f Lv fici im id qiy cii, d c-ii, d xchg-dd diviv. Im dd i civ mk fwhich m mk ici vid idig ic qi hc h d xm f Lv fici im.
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N cd. Fi v mm f fici d iiii
L : V q w I Lv vi chiq, igific i h vi md -v ih dicy idicy. Lv vi chiq icd ig di-cd ch flw, i icig md, c ci d h ic f -h im h i iy h m.
Exm f v i fig ccy xchg , idig -cii ic qi, mk i (Si, Li, c.), viii imid
fm v i ic f h m m d c ci wih m x c xcd y SEB. A i c f fm ig -v ig v dig h hdig id d .g. iiqidiy fh im.
Exm f Lv fici im m OTC diviv ch -i d i w d h Li w fig-dmidyid cv. Oh xm im f which SEB cy d ici wih hid i d im f which SEB i wv vi. L : V q w gfi Lv vi chiq ic igific i h v.
Th chiq gy d xig fm v i fimi im, yig hiic d h yic chiq.
Exm f Lv fici im m cmx OTC diviv, gdd i f which h viiy i xd diviv h dd v c i. Oh xm im f which h i c-y civ mk idig q, ch id qiy im dPiv Eqiy hdig. If h fi v f fici im icd m h
v i, h v i gggd i d d-mi h cifici f h i im. Th v i h fi v hichywihi which fici im i cifid i dmid h i f hw v f i h i igific h fi v i i iy.
Sgfi fi w L L Th hv igific f w v d v . Th ic iv i miy d ic i i vm.
Rfi fi w LA d iiii f hv cifid d cci f h vi- cifici.
Cg
G Openingbalance
Gain/lossin Income
statement )
Gain/loss inOther-
comprehen-sive income Purchases Sales
Transfersinto
Level 3
Transfersout of
Level 3Reclassi-
fication
Exchangerate
differences T
A
D im fi v – Diviv im fi v , – –, – ,Oh fici fi v , , –, – – ,Eqiy im vi-f- – D im vi-f- – –Ivm i ci , – – ,
TOTAL , , , –, –, – ,
L
Diviv im fi v , –, – ,
D cii fi v)
, –, –TOTAL , –, – ,
0
A
Eqiy im fi v –D im fi v , – Diviv im fi v , –, ,Oh fici fi v , ,Eqiy im vi-f- – – D im vi-f- – – – Ivm i ci – ,
TOTAL , – – –, , – ,
L
D im fi v –Diviv im fi v , , , ,D cii fi v ) , –, – ,
TOTAL , , –, , – ,
) Fi v gi d cgid i h icm m icdd i h N fici icm, N if ic icm d N h icm.) Id cd hv mvd fm v v d m g ch f fi v hichy cifici d h v i ig
igific f h v f h im.
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N cd. Fi v mm f fici d iiii
Cg
P Openingbalance
Gain/lossin Income
statement )
Gain/loss inOther compre-
h ens ive i ncom e P ur cha se s S al es
Transfersinto
Level 3
Transfersout of
Level 3 )
Exchangerate
differences T
A
D im fi v –
Diviv im fi v , –, ,Ivm i ci , –
TOTAL , –, ,
L
Diviv im fi v , –, ,
TOTAL , –, ,
0
A
D im fi v , – Diviv im fi v , –, ,D im vi-f- –Ivm i ci ,
TOTAL , –, ,
L
D im fi v –Diviv im fi v , , ,D cii fi v ) , –,
TOTAL , , –, ,
) Fi v gi d cgid i h icm m icdd i h N fici icm, N if ic icm d N h icm.) Id cd hv mvd fm v v d m g ch f fi v hichy cifici d h v i ig igific f h
v f h im.
S L fi Th w i h i Pfi L imc f h iv
ciy i h fi v f fici im h f hi vi dd v i. Th iiviy v i id y ig h mi h vi chiq, w i-d y chg i idx-ikd w d, imid viii, cdi
d cm mi. I i iky h v i wd imy h xm f hi g f y i -
iv.Th hv igific chg dig .Th g mk ik wihi Lv fici im i fd
wihi h ic i.
0
G Assets Liabilities Net Sensitivity Assets Liabilities Net Sensitivity
Scd Diviv – i ) –, – , –, – Eqiy Oi ) – – CPM Pfi ) V Ci hdig ) , , , , Ic hdig ) , – , , , – , ,
) Shif f idx-ikd w d y i i d imid viii y cg i wd hv fi imc f +/– SEK m.) A i i hif f w d wd hv fi imc f +/– SEK m.
) Shif f cdi d y i i wd hv fi imc f +/– SEK m.) Vi i imd i g f cm, wh h i fi imc i hw i h iiviy yi. Th, hif i vi m ch cm
mi wd i h w v g hv fi imc f –SEK m.) A hif f Piv qiy f %, cd cdi % d diviv mk v f %.
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C g k
Group Parent company
0 0
Ch , , Ch c wih c k , , , ,
C w k , , , ,
O g k , ,
TOTAL , ,
Rmiig miy– ch , , – y dmd , , , ,– mximm mh , ,
TOTAL , , , ,
L
Group Parent company
0 0
Rmiig miy– y dmd , , , ,– mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
Accd i
L , , , ,
Eigi d im) , ,Oh d im) , , , ,Accd i
D , , , ,
TOTAL , , , ,f which , , , ,
Avg miig miy f L (y) . . . .
) S f miy d f i.
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L
Group Parent company
0 0
Rmiig miy– y dmd , , , ,– mximm mh , , , ,
– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
Accd i , , , ,
L ,, ,, , ,
Eigi d im ) , , ,Oh d im ) , , , ,Accd i
D , , , ,
TOTAL ,, ,, , ,
f which , , , ,Avg miig miy f L (y) . . . .
) S f miy d f i.
F
Bk v , ,G ivm , ,P v f miimm ym civ , ,Ud fic icm , ,Rv f imid cc miimm ym – –
Group 0 Group 0
Bookvalue
Grossinvestment
Presentvalue
Bookvalue
Grossinvestment
Presentvalue
Rmiig miy– mximm y , , , , , ,
– m h y mximm y , , , , , ,– m h y , , , , , ,
TOTAL , , , , , ,
Th d miy cmi f vhic, mchiy d fciii. Th g ggm m SEK . ii (.).
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F
Group Parent company
0 0
Scii hd f dig , , , ,Diviv hd f dig , , , ,
H g , , , ,
Fici – icyhd ig h ik , ,Ic fi v , ,Oh fici fi v ,
Dg g fi , ,
Diviv hd f hdgig , , , ,Fi v chg f hdgd im i fi hdg ,
TOTAL , , , ,
Th cgy Fici fi v cmi f fici im ih cifid hd f dig fici digd hi cgy iii cgii. Th fici cgid fi v d h v chg i cgid hgh fi d .
S g
Eqiy im , , , ,Eigi d im) , , , ,Oh d im) , , , ,Accd i , , , ,
TOTAL , , , ,
) S f miy d f i.
D g
Piiv cm v f i-d diviv , , , ,Piiv cm v f ccy-d diviv , , , ,Piiv cm v f qiy-d diviv , , , ,Piiv cm v f h diviv , ,
TOTAL , , , ,
D gg
Fi v hdg , , , ,Ch flw hdg , , , ,Pfi hdg f i ik , ,
TOTAL , , , ,
I
Eqiy im , ,Oh d im ) , ,Accd i
TOTAL , ,
) S f miy d f i.
O fi
Eqiy im Eigi d im ) ,Accd i
TOTAL ,
) S f miy d f i.
T igificy imi icicy i mm d ccig h G h ch dig fici d fici iiii, which h iikd ic i giv i , fi v hgh fi . Thi imi h chg i fi v h ivm ( fy fd), whh icy-hd h ik d h cdig iiii, cgid i fi . Fi v h d iiii y qd mkic i civ mk.
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A--
Group Parent company
0 0
Eqiy im c Eqiy im fi v , , , ,Eigi d im ) , , , ,
Oh d im)
, , , ,Sizd h Accd i
TOTAL , , , ,
) S f miy d f i.
Eqiy im md c d hv qd mk ic i civ mk. Fh, i h i iy m h fi v fh qiy im. M f h ivm hd f gic d idd d i h f.
H--
Group Parent company
0 0
Oh d im ) , ,Accd i
TOTAL , ,
) S f miy d f i.
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I
Group Parent company
0 0
Sgic ivm V ci hdig , , ,
TOTAL , , , ,
Sg Assets) Liabilities) Revenues) Profit or loss) Boo k value O wn er sh ip , %
Bkm AB (f d BAB Bk Amg AB), Sckhm – Bkmc AB, Sckhm Bki AB, Sckhm BDB Bk Då AB, Sckhm , , BGC Hdig AB, Sckhm UC AB, Sckhm Viköm & Ad A Mgm AB, Sckhm
P g
Hg
G j
GROUP HOLDINGS ) Rivd fm civ A .
0
V g Book value Ownership, % Book value Ownership, %
Aciwv, Liköig Ai AB, Äghm AORIAB Hdig AB, Äghm Aic AB, Sckhm Acd Hdig AB, Sckhm Akm Gwh Fd KB, Sckhm Avj Ii Hdig AB, Sckhm C A/S, Chg Cvi AB, Öködvik C AB, Sckhm Cic AB, Liköig Diki Ii Ld, Hg Kg Exim AB, Sckhm Fä Cmmici AB, Umå IDx Phmcic AB, Sckhm Mi Tg SAS, Pi Nv Hdig AB, Ghg Nmd Hdig Ld, Nwc NEvi A/S, Chg PhI AB, Sckhm Pdc AB, Öködvik Qickc AB, Ld Scdiv Sym AB, U Sci AB, Sckhm Sig Pcig Dvic Swd AB, Liköig Ti-f Sym AB, Sckhm
Tkiki i Nd AB, Sckhm TSS Hdig AB, Sckhm Xyh AB, Ghg Ziwv Hdig Limid, Cmidg
P g ,
Hg )
GROUP HOLDINGS , ,
) Wh f SEK m () ivm i ji v, UAB CG.
Ifmi h c gii m d m f hf h ci i vi q.
Sgic ivm i ci i h G ccd f igh qiy mhd.
Ivm i ci hd y h v ci gii f h
G hv i ccdc wih IAS digd fi v hghfi . Thf, h hdig ccd f d IAS .Sm ii wh h k h whi f h c,
h cifid ivm i ci. Th i h h ki d i h d f dic d iciig i h icy mkig
c f h ii.A fici wihi h G’ v ci i mgd
d i fmc i vd fi v i i ccdc wih dc-md ik mgm d ivm gi.
Fi v f ivm id i civ mk d qd m-
k ic. If h mk f fici im i civ, fi v i -ihd y ig vi chiq d dicd ch flw yi, v-i wih fc fici im h i iy h m, dvi wih fc v mk ci i h m ficiim.
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S
Parent company
0
Swdih idii , ,Fig idii , ,
TOTAL , ,
f which hdig i cdi iii , ,
0
Sw Book value Dividend Ownership, % Book value Dividend Ownership, %
Akiv Pcig AB, Sckhm Aw Pi AB, Sckhm Ekid Kifövig SEB AB, Sckhm Föäkigkig Skdivik Ekid Civ, Sckhm Pkigh L HGB KB, Sckhm R Hdig AB, Sckhm , , SEB AB, Sckhm ) , , , SEB Fövig AB, Sckhm SEB I Si AB, Sckhm SEB Ivm Mgm AB, Sckhm SEB K AB, Sckhm , ,
SEB Pföjfövig AB, Sckhm , , SEB Sgic Ivm AB, Sckhm Skdivik Kdikig, Sckhm Tck O Lig AB, Sckhm
TOTAL , , , ,
) Icd g cii civd dicy fm SEB AB’ idiy SEB Tygg Liv Hdig AB.
0
Fg Book value Dividend Ownership, % Book value Dividend Ownership, %
Bc B.V., Amdm Ic Svic d Ci Ld, Sã P Ky A Mgm (Swizd) SARL, Gv Ky A Mgm (UK) Limid, Ld Ky A Mgm Ng ASA, O Ky Ci Mgm Ic, T Mö Bifi AS, O Njd AS, O PJSC SEB Bk, Kiv SEB AG, Fkf m Mi , , SEB A Mgm Amic Ic, Smfd SEB A Mgm S.A., Lxmg SEB Bk JSC, S Pg SEB Bk, AS, Rig , , SEB k, AB, Vii , , SEB C Bk, PJSC, Kiv SEB Ekid AS, O SEB Ekid Ic., Nw Yk SEB Ekid C Fic Oy A, Hiki SEB Ekid, AS, Ti SEB Ekid, SIA IBS, Rig SEB Ekid, UAB, Vii
SEB Fd Svic S.A., Lxmg SEB Kifövig Fid A, Hiki SEB Fdg Fid A, Hiki SEB Hg Kg Td Svic Ld, Hg Kg SEB Lig Oy, Hiki , , SEB Lig, CJSC, S Pg SEB Pk, AS, Ti , , SEB Pivk ASA, O , SIGGE S.A., Ww Skdivik Ekid Bk A/S, Chg , , Skdivik Ekid Bk S.A., Lxmg , , Skdivik Ekid Ld, Ld
TOTAL , , ,
Ifmi h c gii m d m f h f h idii i vi q.
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Tg g
Group Parent company
0 0
Gdwi , , Dfd cqiii c , ,IT igi , , , ,Oh igi
Ig , , , ,
Offic, IT d h gi , , Eqim d ci) , ,Pi f w i
P q , , , ,
Ivm i cgid c Ivm i cgid fi v , ,Pi k v f ci f cim , ,
I , ,
TOTAL , , , ,
) Eqim d ci cgid fici d d i h G.
G Goodwill
Deferredacquisition
costs
ITintangible
assets
Otherintangible
assets
Office, ITand other
tangibleassets
Propertiesfor own
operations
Investmentproperties
at cost
Investmentproperties
at fair value
Propertiestaken over
for protectionof claims T
Oig c , , , , , , , ,Acqiii ,Addii fm ciii ,Rcifici – – Rim d di – – – – – – – ,Exchg diffc – – – – – – –
Aq , , , , , , , ,
Oig c –, –, –, –, – – – ,C y' dcii – – – – – – – ,C y' imim – – – – – Rcifici – Rim d di – Exchg diffc
A , , , , ,
TOTAL , , , , , , ,
0
Oig c , , , , , , , ,Acqiii , ,Addii fm ciii ,Addii fm i cmii Rcifici – – Rim d di – – –, – – – – ,Exchg diffc – – – – – – – –
Aq , , , , , , , ,
Oig c –, –, –, –, – – – ,C y' dcii – – – – – – – ,C y' imim – – – Rcifici – Rim d di , – ,Exchg diffc – –
A , , , , ,
TOTAL , , , , , , ,
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N cd. Tgi d igi
P Goodwill
ITintangible
assets
Otherintangible
assets
Office, ITand other
tangibleassets
Equipmentleased to
clients)
Propertiesfor own
operations T
Oig c , , , ,Acqiii , ,Addii fm ciii Addii fm i cmii Rcifici – – – – Rim d di – – – –, – ,
Aq , , , , ,
Oig c – – – –, –, – ,C y' dcii – – – – –, ,C y' imim – – Addii fm i cmii – – – – Rcifici – Rim d di – , ,Exchg diffc –
A , , ,
TOTAL , , ,
0
Oig c , , , ,Acqiii , ,Addii fm ciii Addii fm i cmii Rcifici – Rim d di –, –, ,
Aq , , , ,
Oig c – – – –, –, – ,C y' dcii – – – – –, ,C y' imim – – Addii fm i cmii – – – Rcifici –Rim d di , , ,
A , , ,TOTAL , , ,
Gdwi i cd w ch-gig i g f i. Bi- divii d i wih gdwi Wh Mgm wihSEK ,m (,), Mch Bkig wih SEK ,m (,) Ri Bkig(xcdig Cd) wih SEK m (), Ri Bkig – Cd wih SEK ,m(,), Lif xcdig Lif Dmk wih SEK ,m (,) d Lif Dmkwih SEK m (). Gdwi i cci wih h Tygg H cqiii,SEK ,m (,), g ch flw i Wh Mgm, Ri Bkigd Lif.
Th imim f gdwi i d h v i , f civg f ch gig i, wih fcd ch flw f id f fivy. Th ch flw f h fi h y d i ihd y mgm. Th ch flw f q y m
jciv d dmid d hiic fmc d mk
d f ky mi ch gwh, v d c. Th gwh d f fiv y i d h x cd g-m ifli , . () c. Th dic d im f h x c f qiy fh G. P x c f qiy i dmid d ifmi fm x- c d vg f () c h id. Th m di-c i d f f h divii v, which i ci wih h hx d i viw. Th cdig dic f x i-md – (–) c.
Th iiviy y cid , hgh ic f h dic y cg i d dc f h gwh y cgi, did i ccd cv m w h cyigm.
N g g
Group
0
Ex icm Oig c ) – –
TOTAL
) Dic ig x iig fm ivm y h did g icm m SEK m ().
N g g k
Ex icm Oig c – –
TOTAL – –
SEB my i cific c cqi d c wh h i i df d h cm c gm i igi wd SEB. Pi hd d mgd dig icd id wih h ii divh wh dmd i.
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O
Group Parent company
0 0
C x , , , ,Dfd x , , Td d ci civ , , , ,Pid mgi f fy , , , ,Oh , , , ,
TOTAL , , , ,
C x
Oh , , , ,
Rg fi , , , ,
TOTAL , , , ,
D x
Tx cy fwd ,Pi , – Oh my diffc)
Rg fi ,
Pi , , ,Uid i vi-f- fici – –
Rg S’ q , ,
TOTAL , ,
) Tmy diffc diffc w h cyig m f iiiy i h c h d i x . Tx my diffc giv i dfd x d iiii.
Dfd x x cid fwd miy h Bicd Gmy d i d SEB’ m f f ig i civiy.
Tx cid fwd i h SEB G f which h x cgid i h c h m g SEK ,m (,). Th
cgid d h ciy f iiiy hm. Thi i-cd wh h m y c d f d x. Th ix cgid i SEK ,m (, ).
A cid fwd wih im imi xc f SEK m (,)cdig dfd x f SEK m () which i d .
T Group Parent company
0 0
Td civ Ci civ , , , ,
TOTAL , , , ,
O
Pi , Ri h f ic vii Accd i icm Oh ccd icm , , , ,Pid x Oh , , , ,
TOTAL , , , ,
Th Swi x hiy h qid wihhdig x fd. Ex x cfim h i i h SEB’ civ wi d.Th g cdig m SEK m.
D
Group Parent company
0 0
Rmiig miy– y dmd , , , ,– mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
Accd i TOTAL , , , ,
f which , , , ,Avg miig miy (y) . . . .
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D wg
Group Parent company
0 0
Di , , , ,Bwig , , , ,Accd i , , , ,
TOTAL , , , ,
D )
Rmiig miy– y dmd , , , ,– mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
TOTAL , , , ,
) Di dfid h c h cm cc which i cvd y h Di G Schm. Th m f h c, cidig h ici h cvg v.
Avg miig miy (y) . . . .
BwgRmiig miy
– y dmd , , – mximm mh , , , ,– m h mh mximm y , – m h y mximm y – m h y , ,
TOTAL , , , ,f which , , ,
Avg miig miy (y) . . . .
L
Group
0
Liiii icyhd – ivm cc , ,Liiii icyhd – ic cc , ,
TOTAL , ,
L *
Oig c , ,Tf f fi hgh cqiii ,Rcifici fm ic cc Chg i ivm cc vii ) , –,Exchg diffc – –
TOTAL , ,
) Th f mim civd dig h y, ivm fd ym h icyhd d ddci f f dicyhd’ x.
* Ic vii wh h icyhd cyig h ik. Th iiii d h dyig digd fi v hghfi (fi v i).
L
Oig c , ,Tf f fi hgh cqiii –Rcifici fm ivm cc – –Chg i cciv vii , –,Chg i h ic cc vii ) , ,Exchg diffc –, –
TOTAL , ,
) Th f mim civd dig h y, cd gd i ym h icyhd d ddci f f dicyhd’ x.
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D
Group Parent company
0 0
Id d , , , ,Cvd d , , , ,Oh id cii ) , , , ,Accd i , , , ,
TOTAL , , , ,
) Th G i qiy idx ikd d, which ci h iiiy d qiy cm. Th G h ch dig id qiy idx ikd d, wih fi vmig SEK ,m (,), fi v hgh fi , ic hy ci mddd diviv. Th cdig m f h cmy SEK ,m(,). Thi chic imi h h i hyid cc i md fi v i fi . Fi v f h fici im i ccd ig vi chiq, xcivyd qd mk ic. Th G’ cc iiiy i SEK , m (,) d f h cmy SEK ,m (,).
I
Rmiig miy– mximm y , , , ,– m h y mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
TOTAL , , , ,Avg miig miy (y) . . . .
C
Rmiig miy– mximm y , , , ,– m h y mximm y , , , ,– m h y mximm y , , , ,– m h y , , , ,
TOTAL , , , ,Avg miig miy (y) . . . .
O
Rmiig miy– y dmd , , – mximm mh , , , ,– m h mh mximm y , , , ,– m h y mximm y , ,
TOTAL , , , ,Avg miig miy (y) . . . .
F
Group Parent company
0 0
Tdig iiii , , , ,Diviv hd f dig , , , ,
H g , , , ,
Diviv hd f hdgig , , , ,Fi v chg f hdgd im i fi hdg , ,
TOTAL , , , ,
Fici iiii digd fi v hgh fi i cifid i d .
Tg
Sh ii i qiy im , , , ,Sh ii i d im , , , ,Accd i
TOTAL , , , ,
D g
Ngiv cm v f i-d diviv , , , ,Ngiv cm v f ccy-d diviv , , , ,Ngiv cm v f qiy-d diviv , , , ,Ngiv cm v f h diviv , ,
TOTAL , , , ,
D gg
Fi v hdg , ,Ch flw hdg , ,Pfi hdg f i ik ,
TOTAL , , , ,
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O
Group Parent company
0 0
C x iiii , , Dfd x iiii , , Td d ci y , , , ,Wihhd mgi f fy , , , ,Oh iiii , , , ,
TOTAL , , , ,
C x
Oh , ,
Rg fi , ,
G cii
Rg S’ q
TOTAL , ,
D x
Accd x dcii , ,
Uid fi i fici fi v – Oh my diffc )
Rg fi , ,
Uid fi i ch flw hdg Uid fi i vi-f- fici
Rg S’ q
TOTAL , ,
) Tmy diffc diffc w h cyig m f iiiy i h c h d i x . Tx my diffc giv i dfd x diiii.
I Ei icm x i id fi i diid dividd. N dfd x iiiy i cgid d i f x c dividd fmEi. Th x ic dividd i c ().
T Td y Ci y , , , ,
TOTAL , , , ,
O
Accd i x Oh ccd x , , , ,Pid icm , ,Oh , , , ,
TOTAL , , , ,
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P
Group Parent company
0 0
Rcig v -gii Gmy Oh cig d ddcy v Rv f ff-c-h im Pi d h im fi igi ( )) ) , ,Oh vii
TOTAL , ,
) Rd m d immi f mdd IAS Emy Bfi f ccig f dfid fi .) Whf SEK m () ci y x i igi.
Rg -g G
Oig c Am d – –Oh mvm Exchg diffc – –
TOTAL
Dig SEB cd cig ig h f h Gm i kig i d h fdm -gii f h miigi i Gmy. Th mi f h v i f ddci d i xcd d wihi y.
O g
Oig c Addii Am d – – – –Ud m vd –Oh mvm – Exchg diffc – –
TOTAL
Th mi f h v wi cv ddcy c d wihi f y.
R ff--
Oig c Addii Ud m vd – – – –Oh mvm – –Exchg diffc – –
TOTAL
Th v f ff-c h im i miy fig h Gm mk d i c c.
O
Oig c Addii Am d – – – –Ud m vd – –Oh mvm Exchg diffc –
TOTAL
Th h vii miy ci f c f gii wihi h G d wihi w y, d cim; mg h i h U.K. mk d wihi y, i divd Gm i i d wihi y d x wihi Lif U.K. ch d dcmmii.
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S
Group Parent company
0 0
D , , , ,D , , , , ,D , hdgd ii , , , ,Accd i
TOTAL , , , ,
D
CurrencyOriginal nom.
amount Book valueRate of
interest, %
/ EUR , )
T ,
D id y SEB AG
TOTAL GROUP ,
D ,
Currency Original nom.amount Book value Rate ofinterest, %
JPY , . JPY , , . USD , . USD , )
EUR , . EUR , .
TOTAL ,
) FRN, Fig R N.
Ux )
Parent company
0
Dcii i xc f ffic qim/d , ,Aii v ,Oh xd v
TOTAL , ,
) I h c h f h G xd v cifid y dfd x iiiy d y icd qiy.
P
Excessdepreciation
Appropriationreserve
Otheruntaxed reserves T
Oig c , ,Aii , ,
Cg , ,Aii , ,Exchg diffci –
CLOSING BALANCE , , ,
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O-
Group Parent company
0 0
C d cm ciy dgd f w iiii , , , ,Oh dgd d cm c , , , ,Cig iiii , , , ,
Cmmim , , , ,
C g w *
Bd , , , ,R ) , , , ,A cid f id mgg cvd d , , , ,A cid f id ic cvd d , ,
C g w , , , ,
A dgd f ic cc , ,A dgd f ivm cc ) , ,
A g , ,
TOTAL , , , ,
* Tf h d qify f dcgii.) Th dyig i - d ff-c im.) Sh i fd.
O g
Bd ) , , , ,Scii dig , , , ,
TOTAL , , , ,
) Pdgd cmd d
Cg
G cmmim, cdi ) , , , ,G cmmim, h , , , ,Ow ccc
T , , , ,
Avd, iid f cdi , , , ,
TOTAL , , , ,
) Of which . (.) iqidiy fciii d m fciii US d E cdi. SEB d gy cii i d h dig w i.
O g Th cmy h dk h M y Ahiy f Sig h i idiy i Lxmg’ ch i Sig i ffi icmmim.
Th cmy h id di g f SEB AG i Gmy h Bdvd dch Bk .V.
Lg gWihi h diy c f i SEB i ggd i vi g cd-ig, h i Swd d i h jidici. SEB d xc h c- g cdig hv igific dv ffc h fici i-i f h G.
C
Gd dw cdi , , , ,Uiid f vd vdf fciii , , , ,Scii wig , , , ,
TOTAL , , , ,
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N cd. Off-c h im
T fi gz )
Transferred assets Associated liabilitiesAssociated
collateral received )
G Securities
lendingRepurchaseagreements T
Securitieslending
Repurchaseagreements T Securities lending
F g
Eqiy im , , , , ,D cii , , , , , , ,
TOTAL , , , , , , ,
Transferred assets Associated liabilitiesAssociated
collateral received )
P Securities
lendingRepurchaseagreements T
Securitieslending
Repurchaseagreements T Securities lending
F g
Eqiy im , , , , ,D cii , , , ,
TOTAL , , , , , , ,
) Cyig m d fi v h m.) Oh h ch c.
A fd f ch gm d cii dig g-m. Th c h h igh dg h . Th ci cgid h c h ic SEB i i xd chg i h fi v f h . Th c yig v d fi v f h fd c f iiii cig iiii hwi h v.
SEB i c d v ch d cii wig g-m. Ud h m f dd fici mk gm SEB h high dg h c, jc ig qiv cii m f h ci.
M ifmi h ccig f ch gm d c-ii dig c fd i h ccig ici.
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notes to the financial statements
1 seb annual report 2012
C -
G
A
0
Current assetsNon-current
assets T Current assetsNon-current
assets T
Ch d ch c wih c k , , , ,Oh dig c k , , , ,L h cdi iii , , , , , ,L h ic , , ,, , , ,,
Securities held for trading , , , , , 231,932
Derivatives held for trading , , , 148,662
Derivatives held for hedging , , , 17,812
Fair value changes of hedged itemsin a portfolio hedge , 1,347
Financial assets – policyholders bearing the risk , , , 186,763
Other financial assets at fair value , , , , , 83,162
Fici fi v , , , , , ,Avi-f- fici , , , , , ,Hd--miy ivm A hd-f- , ,Ivm i ci , , , ,
Intangible assets , , , , , 17,872
Property and equipment , 1,243
Investment properties , , , 9,901Tgi d igi , , , , , ,
Current tax assets , , , 6,403
Deferred tax assets , , , 2,562
Trade and client receivables , , , 14,562
Withheld margins of safety , , , 19,576
Other assets , , , 13,055
Oh , , , , , ,
TOTAL ,, , ,, ,, , ,,
0
LCurrent
liabilitiesNon-current
liabilities TCurrent
liabilitiesNon-current
liabilities T
Di fm cdi iii , , , , , ,Di d wig fm h ic , , , , , ,
Liabilities to policyholders – investment contracts , , , , , 180,988
Liabilities to policyholders – insurance contracts , , , , , 88,695
Liiii icyhd , , , , , ,D cii , , , , , ,
Derivatives held for trading , , , 79,817
Derivatives held for hedging , , , 145,381
Trading liabilities , , , 5,391
Fair value changes of hedged itemsin portfolio hedge , , , 1,658
Fici iiii fi v , , , ,Liiii hd-f- , ,
Current tax liabilities , , , 1,605
Deferred tax liabilities , , , 9,367
Trade and client payables , , , 13,043
Withheld margins of safety , , , 18,489 Other liabilities , , , 26,463
Oh iiii , , , , , ,Pvii , , , ,Sdid iiii , , , ,
TOTAL ,, , ,, ,, , ,,
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notes to the financial statements
11seb annual report 2012
F
G Loans and receivables
A
Cash andcentral
banks(note 0)
Loansto credit
institutions(note )
Loans tothe public
(note )
Otherassets
(note 9)
Held fortrading
(note 3)
Designatedat fair valuethrough p/l
(note 3)
Available-for-sale
(note 4)
Held-to-maturity(note 5) T F
L , , ,, ,, ,,
Eqiy im , , , , ,D im , , , , , , ,Diviv im , , , ,Fici – icyhdig h ik , , ,Oh , , , ,
F , , ,, , , , , ,, ,,
Oh (-fici) , ,
TOTAL , , ,, , , , , ,, ,,
Amortised costsDesignated at fair value
through p/l
L
Depositsfrom credit
institutions
(note 30)
Deposits andborrowing
from the public
(note 3)
Debtsecurities
(note 33)
Subordinatedliabilities
(note 37)
Otherliabilities
(note 35)
Held fortrading
(note 34)
Financialliabilities
(note 34)
Liabilitiesto policy-
holders
(note 3) T F Di , , ,, ,,Eqiy im , , ,D im , , , , ,Diviv im , , , ,Liiii icyhd– ivm cc , , ,Oh , , , ,
F , , , , , , , , ,, ,,
Oh iiii (-fici) , ,T qiy , ,
TOTAL , , , , , , , , ,, ,,
0
Loans and receivables
A
Cash andcentral
banks(note 0)
Loansto credit
institutions(note )
Loans tothe public
(note )
Otherassets
(note 9)
Held fortrading
(note 3)
Designatedat fair valuethrough p/l
(note 3)
Available-for-sale
(note 4)
Held-to-maturity(note 5) T F
L , , ,, ,, ,,Eqiy im , , , , ,D im , , , , , , ,Diviv im , , , ,Fici – icyhdig h ik , , ,Oh , , , , ,
F , , ,, , , , , ,, ,,
Oh (-fici) , ,
TOTAL , , ,, , , , , ,, ,,
Amortised costsDesignated at fair value
through p/l
L
Depositsfrom credit
institutions(note 30)
Deposits andborrowing
from the public(note 3)
Debtsecurities
(note 33)
Subordinatedliabilities(note 37)
Otherliabilities(note 35)
Held fortrading
(note 34)
Financialliabilities(note 34)
Liabilitiesto policy-
holders(note 3) T F
Di , , , , ,,Eqiy im , , ,D im , , , , ,Diviv im , , , ,Liiii icyhd– ivm cc , , ,Oh , , , ,
F , , , , , , , , ,, ,,
Oh iiii (-fici) , ,T qiy , ,
TOTAL , , , , , , , , ,, ,,
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notes to the financial statements
1 seb annual report 2012
N cd. Fici d iiii y c
SEB h gd i fici im y c kig i cc h chc-iic f h im:
L d di icd fici d iiii wih fixd dmi- ym h qd i civ mk. L fh cifidi d . Eqiy im icd h, igh i d imi c-c igh f h ii. D im icd cc igh -civ igi div ch dmid d. Th fh ci-fid i , d . Diviv im icd i, f, wd h divd dc hd f dig d hdgig . Th fh
cifid i . Ivm cc icd h d iiii i hLif ic i wh h icyhd i cyig h ik f h cc- gm (i qifid ic cc d IFRS ). Th Lif i-c i fh cifid i . Ic cc icd h d iiii i h Lif ic i wh SEB i cyig h i-c ik f cc gm (i qifid ic cc dIFRS ). Th Lif ic i fh cifid i . Oh icdh fici d iiii cgid i ccdc wih IAS , i..Tdd ci civ d Wihhd mgi f fy.
P
Loans and receivables
A
Cash andcentral banks
(note 0)
Loansto credit
institutions(note )
Loans tothe public
(note )
Otherassets
(note 9)
Held fortrading
(note 3)
Designatedat fair valuethrough p/l
(note 3)
Available-for-sale
(note 4, 7)
Held-to-maturity(note 5) T
L , , , ,,Eqiy im , , ,D im , , , , , ,Diviv im , , ,Oh , ,
F , , , , , , , , ,,
Oh (-fici) ,
TOTAL , , , , , , , , ,,
Amortised costs
L
Depositsfrom credit
institutions(note 30)
Deposits andborrowing
from the public(note 3)
Debtsecurities
(note 33)
Subordinatedliabilities(note 37)
Otherliabilities(note 35)
Held fortrading
(note 34)
Designatedat fair valuethrough p/l
(note 34) T
Di , , ,Eqiy im , ,D im , , , ,Diviv im , , ,Oh , ,
F , , , , , , , ,,
Oh iiii (-fici) ,T qiy ,
TOTAL , , , , , , , ,,
0
Loans and receivables
A
Cash andcentral banks
(note 0)
Loansto credit
institutions(note )
Loans tothe public
(note )
Otherassets
(note 9)
Held fortrading
(note 3)
Designatedat fair valuethrough p/l
(note 3)
Available-for-sale
(note 4, 7)
Held-to-maturity(note 5) T
L , , , ,,Eqiy im , , ,D im , , , , , ,Diviv im , , ,Oh , ,
F , , , , , , , , ,,
Oh (-fici) ,
TOTAL , , , , , , , , ,,
Amortised costs
L
Depositsfrom credit
institutions(note 30)
Deposits andborrowing
from the public(note 3)
Debtsecurities
(note 33)
Subordinatedliabilities(note 37)
Otherliabilities(note 35)
Held fortrading
(note 34)
Designated atfair value
through p/l(note 34) T
Di , , ,Eqiy im , ,D im , , , ,Diviv im , , ,Oh , ,
F , , , , , , , ,,Oh iiii (-fici) ,T qiy ,
TOTAL , , , , , , , ,,
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notes to the financial statements
1seb annual report 2012
D
Eg *
G < month < 3
months3 months
< year < 5
years5 < 0years > 0 years T
L cdi iii ( ) , , ,
L h ic ( ) , ,Scii hd f dig ( ) , , , , , , ,Oh fici fi v ( ) ,Avi-f- fici ( ) , , ,
TOTAL , , , , , , ,
0
L cdi iii ( ) , , ,L h ic ( ) , , ,Scii hd f dig ( ) , , , , , ,Avi-f- fici ( ) , , , ,
TOTAL , , , , , ,
O *
L cdi iii ( ) , , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( )
TOTAL , , , , , , ,
0
L cdi iii ( ) , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , , ,Avi-f- fici ( ) , , , , ,Hd--miy fici ( )
TOTAL , , , , , , ,
Eg *
P < month < 3
months3 months
< year < 5 years 5 < 0 years > 0 years T
L h ic ( ) , ,Scii hd f dig ( ) , , , , , , ,Avi-f- fici ( ) , ,
TOTAL , , , , , , ,
0
Scii hd f dig ( ) , , , , , ,Avi-f- fici ( ) , ,
TOTAL , , , , , ,
O *
L cdi iii ( ) , , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( ) ,
TOTAL , , , , , , ,
0
L cdi iii ( ) , , ,L h ic ( ) , , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , , , ,Hd--miy fici ( ) , ,
TOTAL , , , , , ,* Accd i xcdd.
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1 seb annual report 2012
D
Eg *
G Swedish
GovernmentSwedish
municipalities
Other Swedishissuers –
non-financialcompanies
Other Swedishissuers –
other financialcompanies
ForeignGovernment
Otherforeign issuers T
L cdi iii ( ) , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , , ,Oh fici fi v ( ) , ,Avi-f- fici ( ) , , ,
TOTAL , , , , , ,
0
L cdi iii ( ) , ,L h ic ( ) , ,Scii hd f dig ( ) , , , ,Avi-f- fici ( ) , , ,
TOTAL , , , ,
O *
G
SwedishGovernment and
municipalities
Swedishmortgage
institutions
Other Swedishissuers –
non-financialcompanies
Other Swedishissuers –
other financialcompanies
ForeignGovernment
Otherforeign issuers T
L cdi iii ( ) , , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( )
TOTAL , , , , , , ,
0
L cdi iii ( ) , , ,
L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Ic ( ) , , , , ,Avi-f- fici ( ) , , ,Hd--miy fici ( )
TOTAL , , , , , , ,
Eg *
P Swedish
GovernmentSwedish
municipalities
Other Swedishissuers –
non-financialcompanies
ForeignGovernment
Otherforeign issuers T
L h ic ( ) , ,Scii hd f dig ( ) , , , ,Avi-f- fici ( ) , ,
TOTAL , , , ,
0
Scii hd f dig ( ) , , ,Avi-f- fici ( ) , ,
TOTAL , , ,
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notes to the financial statements
15seb annual report 2012
N cd. D im y i
O *
P
Swedishmortgage
institutions
Other Swedishissuers –
non-financialcompanies
Other Swedishissuers – other
financialcompanies
ForeignGovernment
Otherforeign issuers T
L cdi iii ( ) , , ,L h ic ( ) , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( ) , ,
TOTAL , , , , ,
0
L cdi iii ( ) , , ,L h ic ( ) , , ,Scii hd f dig ( ) , , , , ,Avi-f- fici ( ) , ,Hd--miy fici ( ) , ,
TOTAL , , , , , ,
* Accd i xcdd.
Eigi cidd ch if hy, ccdig i gii, ccd y h C k wh SEB i cd.
L
Group Parent company
0 0
L cdi iii) , , , ,L h ic) ,, ,, , ,
TOTAL ,, ,, ,, ,,
) Icdig d im cifid L.
L
Pfmig ,, ,, ,, ,,Idividy d imid , d > dy , , , ,Idividy d imid , fmig d < dy , Pfi d , d > dy , , , Pfi d , cd
L ,, ,, ,, ,,
Scific v f idividy d –, –, – –Cciv v f idividy d –, –, – –Cciv v f fi d –, –, – –
R , , , ,
TOTAL ,, ,, ,, ,,
L g w
G Credit
ins ti tution s C or po ra te sProperty
ManagementPublic
Admin is tr at io n House ho ld sT
Reclassified toDiscontinued
operationsCg
Pfmig , , , , , ,, ,,Idividy d imid , d > dy , , , ,Idividy d imid ,fmig d < dy Pfi d , d > dy , , ,Pfi d , cd
L , , , , , ,, ,,
Scific v fidividy d – –, –, – , ,Cciv v fidividy d –, – – – , ,
Cciv v ffi d – –, , ,
R , , , , ,
TOTAL , , , , , ,, ,,
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notes to the financial statements
16 seb annual report 2012
N cd. L d vii
L g w
Group 0Credit
ins ti tution s C or po ra te sProperty
ManagementPublic
Admin is tr at io n House ho ld sT
Reclassified toDiscontinued
operationsCg
Pfmig , , , , , ,, –, ,,Idividy d imid ,
d > dy , , , – ,Idividy d imid ,fmig d < dy , – ,Pfi d , d > dy , , – ,Pfi d , cd
L , , , , , ,, , ,,
Scific v fidividy d – –, –, – , ,Cciv v fidividy d – –, – – – , ,Cciv v ffi d – –, , ,
R , , , , ,
TOTAL , , , , , ,, –, ,,
L g w
P Credit
institutions CorporatesProperty
ManagementPublic
A dm ini str ati on H ou sehol dsT
Pfmig , , , , , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy , ,
L , , , , , ,,
Scific v f idividy d – – – – Cciv v f idividy d – – Cciv v f fi d –
R , ,
TOTAL , , , , , ,,
0
Pfmig , , , , , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy
L , , , , , ,,
Scific v f idividy d – – – Cciv v f idividy d – – Cciv v f fi d –
R ,TOTAL , , , , , ,,
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notes to the financial statements
17seb annual report 2012
N cd. L d vii
L gg g )
G The Nordic
region GermanyThe Baltic
region OtherT
Reclassified toDiscontinued
operationsCg
Pfmig ,, , , , ,, ,,Idividy d imid , d > dy , , , ,
Idividy d imid , fmig d < dy Pfi d , d > dy , , , ,Pfi d , cd
L ,, , , , ,, ,,
Scific v f idividy d – – –, – , ,Cciv v f idividy d – – – – , ,Cciv v f fi d – –, , ,
R , , , ,
TOTAL ,, , , , ,, ,,
0
Pfmig , , , , ,, –, ,,Idividy d imid , d > dy , , , – ,
Idividy d imid , fmig d < dy , – ,Pfi d , d > dy , , , – ,Pfi d , cd
L , , , , ,, , ,,
Scific v f idividy d – –, –, – , ,Cciv v f idividy d – – – – , ,Cciv v f fi d – –, – , ,
R , , , , ,
TOTAL , , , , ,, –, ,,
L gg g)
P
The Nordic
region Germany
The Baltic
region Other
T
Pfmig ,, , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy , ,
L ,, , ,,
Scific v f idividy d – – –Cciv v f idividy d – – –Cciv v f fi d – –
R , ,
TOTAL ,, , ,,
0
Pfmig ,, , ,,Idividy d imid , d > dy ,Idividy d imid , fmig d < dy Pfi d , d > dy
L ,, , ,,
Scific v f idividy d – – –Cciv v f idividy d – – –Cciv v f fi d – –
R , ,
TOTAL ,, , ,,
) Th gghic diii i d wh h i kd.
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1 seb annual report 2012
N cd. L d vii
C g, )
0
GCredit
portfolio
Protection viaguarantees
and creditderivatives
Protectionvia pledged
collaterals
Of which,financial
collateralsCredit
portfolio
Protection viaguarantees
and creditderivatives
Protectionvia pledged
collaterals
Of which,financial
collaterals
Bk d c , , , , , , , ,Py Mgm ,, , , , , , , ,Pic Admiii , , Hhd , , , , , ,
TOTAL ,, , , , ,, , , ,
P
Bk d c , , , , , , , ,Py Mgm , , , , , , , ,Pic Admiii , , Hhd , , , ,
TOTAL ,, , , , ,, , , ,
) Oy ik miigi gm igi i ci dqcy ig d v.
L fi Group Parent company
0 0
Bk v f imid which hv gid m ,
I
Imid , d > dy , , , ,Imid , fmig d < dy ,
T , , , ,
Scific v –, –, – –f imid , d > dy –, –, – –f imid , fmig d < dy – – – –
Cciv v –, –, – –
I , ,
Scific v i f idividy d imid .% .% .% .%T v i f idividy d imid .% .% .% .%N v f imid .% .% .% .%G v f imid .% .% .% .%
P
L d > dy , , , Rcd
T , , ,
Cciv v –, –, – –Rv i f fi d imid .% .% .% .%
A d dmid imid md SEK ,m (, m) ( d dy) d SEK ,m (,m) (w d dy).Th d . c (.) f h dig vm.
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1seb annual report 2012
N cd. L d vii
R, G
Loans to credit i nstitutions Loans to the public T
Sfi ) 0 0 0
Oig c – – –, –, –, –,Rv f iii , , , ,Pvii – – – – –Rv , ,Exchg diffc – – –
Cg , , , ,
Rcifid Dicid i
Cg , , , ,
) Scific v f idividy id .
C )
Oig c – – –, –, –, –,N vii – – – Exchg diffc
Cg , , , ,
Rcifid Dicid i – Cg , , , ,
) Cciv v f idividy id , v f d fi i d cy ik v.
Cg
Oig c – – – –N vii Exchg diffc
Cg
TOTAL – –, –, –, –,
Rcifid Dicid i –
Cg , , , ,
R, P
Loans to credit i nstitutions Loans to the public T
Sfi ) 0 0 0
Oig c – – – – – –,Rv f iii Pvii – – – – –Rv Exchg diffc – – – – –
Cg
) Scific v f idividy id .
C )
Oig c – – – – – –N vii – – – –Exchg diffc – –
Cg
) Cciv v f idividy id , v f d fi i d cy ik v.
Cg
Oig c – – – –N vii Exchg diffc
Cg
TOTAL – – –, –, –, –,
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1 seb annual report 2012
D
Group Parent company
0 0
I-d , , , ,Ccy-d , , , ,Eqiy-d , , , ,Oh , ,
P , , , ,
I-d , , , ,Ccy-d , , , ,Eqiy-d , , , ,Oh , ,
Ng , , , ,
Positive replacement values Negative replacement values
G Nom. amount Book value Nom. amount Book value
Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,
I- ,, , ,, ,f which, cd ,
Oi , , , ,F , , , ,Sw ,, , ,, ,
C- ,, , ,, ,f which, cd , ,
Oi ,, , , ,F , Sw , , ,
Eq- ,, , , ,f which, cd ,
Oi , , F , ,
Sw , , O , , , ,
f which, cd
TOTAL ,, , ,, ,f which, cd , ,
0
Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,
I- ,, , ,, ,f which, cd
Oi , , , ,
F , , , ,Sw ,, , ,, ,
C- ,, , ,, ,f which, cd , ,
Oi ,, , , ,F , Sw , , ,
Eq- ,, , , ,f which, cd ,
Oi F Sw , ,
O , , f which, cd , ,
TOTAL ,, , ,, ,f which, cd , , , ,
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11seb annual report 2012
N cd. Diviv im
Positive replacement values Negative replacement values
P Nom. amount Book value Nom. amount Book value
Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,
I- ,, , ,, ,Oi , , , ,F , , , ,Sw ,, , ,, ,
C- ,, , ,, ,
Oi ,, , , ,F Sw , , ,
Eq- ,, , , ,f which, cd
Oi , , F , , Sw , , ,
O , , , ,f which, cd
TOTAL ,, , ,, ,f which, cd
0
Oi , , , ,F ,, , ,, ,Sw ,, , ,, ,
I- ,, , ,, ,
Oi , , , ,F , , , ,Sw ,, , ,, ,
C- ,, , ,, ,
Oi ,, , , ,F Sw , , ,
Eq- ,, , , ,f which, cd
Sw , ,
O , ,
TOTAL ,, , ,, ,f which, cd
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1 seb annual report 2012
R *
Group companies Associated companies Total
P Assets/
Liabilities InterestAssets/
Liabilities InterestAssets/
Liabilities Interest
L cdi iii , , , ,L h ic , , Bd d h i-ig cii , , Oh , ,
TOTAL , , , ,
Di fm cdi iii , – , Di d wig fm h ic , – , Id cii – Oh iiii , – ,
TOTAL , –, , –,
0
L cdi iii , , , ,L h ic , , Bd d h i-ig cii , , Oh , ,
TOTAL , , , ,
Di fm cdi iii , – , Di d wig fm h ic , – , Id cii – Oh iiii , – ,
TOTAL , –, , –,
* F ifmi T mgm, Th G Exciv Cmmi d Oh d i c.
Th G h ic dmiii d mgm gmwih Gm Livföäkigg SEB Tygg Liv cdii h mk.SEB h civd SEK m () gdig h ic dmiii g-
m d SEK m () gdig h mgm gm. Fm ifmi Gm Livföäkigg SEB Tygg Liv, .
C qFinancial group of undertakings) Parent company
C 0 0
T qiy ccdig c h , , , ,Pd dividd (xc chd h) –, –, –, –,Ivm id h fici g f dkig – –Oh ddci id h fici g f dkig ) –, –,
T q q , , , ,
Uxd v , ,Adjm f hdg cc – – N viiig m f IRB-d cdi x – – –Uid v chg vi-f- fici – ,Ex wh ik-wighd (RWA) ccd ) – – – –Gdwi ) –, –, – –
Oh igi –, –, –, –,Dfd x –, –, –
C T , , , ,
Ti ci cii (-iviv) , , , ,Ti ci cii (iviv) , , , ,
T , , , ,
Dd did d , , , ,Ddci f miig miy – –P did d , , , ,N viiig m f IRB-d cdi x – – –Uid gi vi-f- fici Ex wh ik-wighd (RWA) ccd ) – – – –Ivm id h fici g f dkig – –
T , , , ,
Ivm i ic cmi ) –, –,Pi i xc f d iiii ) –
CAPITAL BASE , , , ,
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notes to the financial statements
1 seb annual report 2012
A
G SEK EUR USD GBP DKK NOK Oh T
Ch d c wih c k , , , , , ,L cdi iii , , , , , , ,L h ic , , , , , , , ,,Oh fici , , , , , , , ,
Oh , , , , , , ,TOTAL ASSETS ,, , , , , , , ,,
Di fm c k , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,,Oh iiii , , , , , , ,Sdid iiii , , , ,T qiy , ,
TOTAL LIABILITIES AND EQUITY ,, , , , , , , ,,
0
Ch d c wih c k , , , , , ,
L cdi iii , , , , , , , ,L h ic , , , , , , , ,,Oh fici , , , , , , , ,Oh , , , , , , , ,
TOTAL ASSETS ,, , , , , , , ,,
Di fm c k , , , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,,Oh iiii , , , , , , , ,Sdid iiii , , , ,T qiy , ,
TOTAL LIABILITIES AND EQUITY ,, , , , , , , ,,
P
Ch d c wih c k , , , , ,L cdi iii , , , , , , , ,L h ic , , , , , , , ,Oh fici , , , , , , , ,Oh , , , , ,
TOTAL ASSETS , , , , , , , ,,
Di fm c k , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,Oh iiii , – , – ,Sdid iiii , , , ,Shhd' qiy d xd v , ,
TOTAL LIABILITIES AND EQUITY , , , , , , , ,,
0
Ch d c wih c k , , ,L cdi iii , , , , , , , ,L h ic , , , , , , , ,Oh fici , , , , , , , ,Oh , , , , , ,
TOTAL ASSETS , , , , , , , ,,
Di fm c k , , , , ,Di fm cdi iii , , , , , , , ,Di d wig fm h ic , , , , , , , ,Oh fici iiii , , , , , , , ,
Oh iiii , , , – ,Sdid iiii , , , ,Shhd' qiy d xd v , ,
TOTAL LIABILITIES AND EQUITY , , , , , , , ,,
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15seb annual report 2012
L
Group
INCOME STATEMENT 0
Pmim icm, , ,Icm ivm cc
– Ow f icdig ik gi/ , ,
– Cmmii fm fd cmi , ,, ,
N ivm icm , ,Oh ig icm
T , g , ,
Cim id, –, –,Chg i ic cc vii –, –
T , , ,Of which from other units within the SEB group , ,
Ex f cqiii f ivm d ic cc– Acqiii c –, –,– Chg i dfd cqiii c –
–, –,
Admiiiv x –, –,Oh ig x – –
T x , ,
OPERATING PROFIT , ,
CHANGE IN SURPLUS VALUES IN DIVISION LIFE
P v f w ) , ,R xiig ici , ,Rid v i xiig ici –, –,Ac cm cmd mi )
Cg gg , g ,
Ciii f cqiii c – –Amii f ciid cqiii c Chg i dfd f d f
Cg gg , ) ,
Fici ffc d h-m mk flci ) , –,Chg i mi ) – –
TOTAL CHANGE IN SURPLUS VALUES , –
Cci f v i h if ic i d mi f h f dvm f xiig ic cc d ik-djd dic . Th m immi (Swdih i-ikd – which c f h v).
Dic .% .%Sd f dwm ic cc: cc igd wihi y / – y / y / y / hf % / % / % / % / % % / % / % / % / %L f g mim, i-ikd % %Gwh i fd i, g f f d x .% .%Ifli CPI / Ifli x % / % % / %Excd vcy mgi % %Righ f icy, i-ikd .% %Miy Th G’ xic Th G’ xic
) S dfid w cc d x mim i xiig cc.) Th c cm f viy igd cc c cmd wih i mi d dvii c ccd. Th m im cm ci f xi f cc
w cci.) Acqiii c ciid i h cc d mid ccdig . Ci f d f cdd h c h d cgizd v i h icm m
dig v y. Th d chg i v i dj d y h ffc f chg i dfd cqiii c d dfd f d f dig h id.) Amd ivm (gwh i fd v) i . c g f f d x. Ac i iiv giv fici ffc.) I high md f hd giv ffc f m SEK m. Th f chg i md d d hd giv ffc w ff y w xcd
x. I wig f h dic hd iiv ffc f m SEK m w xc d gwh i fd v hd giv ffc f m SEK m. A high fqcyf d, d f hd giv ffc f m SEK m.
) Th ccd v i icdd i h SEB G’ cidd cc. Th v i f ciid cqiii c d dfd f d f.
SUMMARISED FINANCIAL INFORMATION FOR GAMLA LIVFÖRSÄKRINGSBOLAGET SEB TRYGG LIV*
Group
I , 0
Lif ic chic , –,Aii Tx – –
NET RESULT , –,
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16 seb annual report 2012
N cd. Lif ic i
SUMMARISED FINANCIAL INFORMATION FOR GAMLA LIVFÖRSÄKRINGSBOLAGET SEB TRYGG LIV*
Group
B , 0
T , ,
TOTAL ASSETS , ,
T iiii , ,Cidi fd / qiy , ,Uxd v
TOTAL LIABILITIES AND EQUITY , ,
* SEB w h f Gm Livföäk igg SEB Tygg Liv xc f gd h wd y Tygg-Sif. Gm Liv föäkig g SEB Tygg Liv i cid d idiyf h G, ic h whi f SEB i Gm Livföäkigg SEB Tygg Liv d i c.
A -k
Wihi h i-ikd i SEB hd, f i cm’ cc, h f m h c i () fd, wh SEB i h ivm mg.Th v f h fd md SEK ,m (,) f which SEB, f i cm’ cc, hd SEK ,m (,).
A --
I G UkTh divm f h h Gm d Ukii i i wfiid dig . Ci cig wk wi fmd hgh .
Dicid i d i i h G’
icm m. Th cmiv fig i h icm m hv djd if h dicid i hd v f h G’ciig i. I h cidd c h, d iiiihd f d i fm h d iiii.
Group
I 0
T ig icm –T ig x – –,
Pfi ,
N cdi –
Og fi ,Icm x x
N fi – –,
B
L h ic Oh ,
T -- ,
Di fm cdi iii ,Di d wig fm h ic Oh iiii
T -- ,
C flw
Ch flw fm ig civii ,Ch flw fm ivm civii Ch flw fm ficig civii –,
N q
R
Group Parent company
0 0
Oig c , , , ,Amii –, –, –, –,Scii d –, –, –, –,Accd c – – –
Exchg diffc –, –, –, –CLOSING BALANCE* , , , ,
* Fi v if cifid , , , ,
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notes to the financial statements
17seb annual report 2012
N cd. Rcifid fi
Group Parent company
F fi 0 0
I Eqiy (AFS igi) , I Icm Sm (HFT igi)
TOTAL ,
Eff I S*
N i icm , N fici icm – –, –, –,Oh icm – – – –
TOTAL – – –, –,
* Th ffc i Icm Sm i h fi ci fm h cifid fi d g. N i icm i h i icm fm h fi wih kig icc h fdig c. N fici icm i h id d id gi d d h cifid fi. Oh icm i h id gi fm i hfi.
Amdm IAS , dd y h E Ui i Oc , wi cicmc fici cifid f h hd fdig cgy. SEB cidd h xm dii i h g fici
mk d h h dii f h cmy i h cd hff d ciig i ch cicmc. SEB h cifid y dig d .
R F S SEB G
I *Previously
reported 0 Changes Restated 0
T ig icm , ,Sff c –, – –,
T g x , ,
Oig fi , – ,Icm x x –, –,
N fi g , ,
NET PROFIT , – ,
Cg Bic ig h, SEK . –. .Did ig h, SEK . –. .
T
Bic ig h, SEK . –. .Did ig h, SEK . –. .
S *
N fi , ,Dfid fi – –Ti f fig i – –
O ( x) , ,
TOTAL COMPREHENSIVE INCOME , – ,
B *
Fici fi v , – ,
Oh , –, ,T ,, , ,,
Oh iiii , – ,Pvii , , ,T qiy , –, ,
TOTAL LIABILITIES AND EQUITY ,, –, ,,
S g q*
Chg i ccig icy f dfid fi –, –,Chg i fi v mm f fici – –
TOTAL EQUITY , –, ,
* Cdd vi
Th m i d h ccig f dfid fi d mdm i IAS Emy fi. T h mdm mv h i-iiy h cid mhd. Th dd qi iy yh dic h dfid fi iiiy i d cc h i x. Th iii ffc i d gi id ig f Jy d q chg d i Sff c d OCI.
Th m flc chg i h mm f fi v f fi-ci fm dvm f h vi md d ik mm fCdi V Adjm (CVA). Th djm i cgid chg i -id ig f Dcm . Th ffc i idi mi.
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1 seb annual report 2012
five-year summary
T SEB G
Icm m
SEK m 0)
00)
009)
008)
N i icm , , , , ,N f d cmmii icm , , , , ,N fici icm , , , , ,N if ic icm , , , , ,N h icm – – , ,
T g , , , , ,
Sff c –, –, –, –, –,Oh x –, –, –, –, –,Dcii, mii d imimf gi d igi –, –, –, –, –,Rcig c –
T g x , , , , ,
Gi di f gi d igi
N cdi – –, –, –,Og fi , , , , ,
Icm x x –, –, –, –, –,
N fi g , , , , ,
Dicid i – –, –, –, –
NET PROFIT , , , , ,
Ai miiy i Ai qiy hd , , , , ,
) d f chg i ccig icy f dfid fi .) – d d fm ccd xcdig Ri Gmy.
Bc hSEK m 0 ) 00 009 008
L cdi iii d c k , , , , ,L h ic ,, ,, ,, ,, ,,Oh fici ,, , , , ,Oh , , , , ,
TOTAL ASSETS ,, ,, ,, ,, ,,
Di fm cdi iii , , , , ,Di d wig fm h ic , , , , ,Oh fici iiii ,, ,, , , ,Oh iiii , , , , ,T qiy , , , , ,
TOTAL LIABILITIES AND EQUITY ,, ,, ,, ,, ,,
) d f chg i ccig icy f dfid fi d chg i fi v mm f fici .
Ky fig 0 00 009 008
R qiy, % . . . . .Bic ig h, SEK . . . . .C/Icm i ) . . . . .Cdi v, % . –. . . .T v i f idividy imid , % . . . . .G v f imid , % . . . . .T ci i ), % . . . . .Ti I ci i ), % . . . . .
) Ciig i.) B II (wih ii ).
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1seb annual report 2012
five-year summary
Skk Ek Bk
Icm m
SEK m 0)
00 009 008
N i icm , , , , ,N cmmii icm , , , , ,N f fici ci , , , , ,Oh icm , , , , ,
T g , , , , ,
Admiiiv x –, –, –, –, –,Dcii, mii d imimf gi d igi –, –, –, –, –,
T g , , , , ,
Pfi , , , , ,
N cdi – – – – –Imim f fici –, – – –, –
Og fi , , , , ,
Aii icdig i cmi –, – –, –, –,Tx –, –, –, –, –,
NET PROFIT , , , , ,
) d f ccig f g cii.
Bc hSEK m 0) 00 009 008
L cdi iii , , , , ,L h ic , , , , ,Oh fici , , , , ,Oh , , , , ,
TOTAL ASSETS ,, ,, ,, ,, ,,
Di fm cdi iii , , , , ,Di d wig fm h ic , , , , ,Oh fici iiii , , , , ,Oh iiii , , , , ,Shhd’ qiy d xd v , , , , ,
TOTAL LIABILITIES, UNTAXED RESERVESAND SHAREHOLDERS’ EQUITY ,, ,, ,, ,, ,,
) d f chg i fi v mm f fici .
Ky fig 00 009 008
R qiy, % . . . . .
C/Icm i . . . . .Cdi v, % . . . . .G v f imid , % . . . . .T ci i ), % . . . . .Ti I ci i ), % . . . . .
) B II (wih ii ).
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15 seb annual report 2012
proposal for the distribution of profit
Sdig h di f h A G Mig i cc-
dc wih h c h f Skdivik Ekid Bk AB:
SEKRid ig 33,65,93,676N fi f h y 4,764,794,744T ,,,
Th Bd h, fwig v f h c h f
Skdivik Ekid Bk AB f h fici y , hA G Mig hd dii h ig fw:
Dividd hhd: SEK SEK .75 Si A-h 5,967,553,59 SEK .75 Si C-h 66,49,397T cid fwd : – id ig 3,383,5,965T ,,,
I i h m f h Bd f Dic h h ddividd i jifi cidig h dmd which imd y h , c d ik cid wih h i- d h iz f h P Cmy’ d h G’qiy d d f cidi, iqidiy d fici i-i i g.
Th Bd f Dic d h Pid dc h hcidd fici m hv d i cc-dc wih IFRS dd y h EU d giv v dfihf i f h G’ fici ii d f i. Th fici m f h P
Cmy hv d i ccdc wih gyccd ccig ici i Swd d giv dfi viw f h P Cmy’ fici ii d f i.
Th R f h Dic f h G d h PCmy vid fi viw f h dvm f hG’ d h P Cmy’ i, fici i-i d f i d dci mi ik dcii fcig h P Cmy d cmiicdd i h G.
P fi
Mgd Ofretor
apponte b te eploees
Bigi Kretor
Tm Niciretor
J Ovretor
Aik Fkgpresent an e eeute oer
retor
C Wihm Rretor
Pi Påhmretor
apponte b te eploees
Jh H Adretor
U Jretor
Sighid Agåd Hretor
Mc Wgaran
Tv Jheput aran
Jc Wgeput aran
Stockholm 22 Februar y 2013
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151seb annual report 2012
auditor’s report
To the annual meeting of the shareholders of Skandinaviska
Enskilda Banken AB (publ), corporate identity number 502032-9081
R
W hv did h cc d ciddcc f Skdivik Ekid Bk AB () f hy . Th cc d cidd cc fh cmy icdd i h id vi f hi dc-m g 6-5.
Responsibilities of the Board of Directors and the President for
the annual accounts and consolidated accounts
Th Bd f Dic d h Pid i f hi d fi i f h cc dcidd cc i ccdc wih Ii Fi-ci Rig Sdd, dd y h EU, d h AAcc Ac f Cdi Iii d Scii Cmi,
d f ch i c h Bd f Dic d hPid dmi i cy h i f cc d cidd cc h f fmmi mim, whh d fd .
Auditor’s responsibil ity
O iiiy i x ii h cc d cidd cc d di. Wcdcd di i ccdc wih Ii Sdd Adiig d gy ccd diig dd i Sw-d. Th dd qi h w cmy wih hicqim d d fm h di i - c whh h cc d ci-dd cc f fm mi mim.
A di ivv fmig cd i di vi-dc h m d dic i h ccd cidd cc. Th cd cd dd h di’ jdgm, icdig h m f h ik fmi mim f h cc d ciddcc, whh d fd . I mkig h ikm, h di cid i c v h cmy’ i d fi i f h cc d cidd cc i d dig di -cd h i i h cicmc, fh f xig ii h ffciv f hcmy’ i c. A di icd vig hi f ccig ici d d h - f ccig im md y h Bd f Dic dh Pid, w vig h v i fh cc d cidd cc.
W iv h h di vidc w hv id i ffi-ci d i vid i f di ii.
Opinions
I ii, h cc hv d iccdc wih h A Acc Ac f Cdi Iiid Scii Cmi d fiy, i mic, h fici ii f h cmy f 3Dcm d f i fici fmc d i chflw f h y h dd i ccdc wih h AAcc Ac f Cdi Iii d Scii Cmi,
d h cidd cc hv d i cc-dc wih h A Acc Ac f Cdi Iii dScii Cmi d fiy, i mi c,h fici ii f h g f 3 Dcm df hi fici fmc d ch flw i ccdc
wih Ii Fici Rig Sdd, dd yh EU, d h A Acc Ac f Cdi Iii dScii Cmi. A c gvc m h d. Th y dmiii d c- gvc m ci wih h h f h cc d cidd cc.
W hf cmmd h h mig f h-hd d h icm m d c h f h cmy d h g.
R g g qI ddii di f h cc d ciddcc, w hv xmid h d ii fh cmy’ fi d h dmiii f h Bdf Dic d h Pid f Skdivik Ekid B-k AB () f h y .
Responsibilities of the Board of Directors and the President Th Bd f Dic i i f h f -ii f h cmy’ fi , d h Bd f Dic- d h Pid i f dmiii dh Cmi Ac.
Auditor’s responsibili ty
O iiiy i x ii wih c h d ii f h cmy’fi d h dmiii d di. Wcdcd h di i ccdc wih gy ccddiig dd i Swd.
A i f ii h Bd f Dic’ -d ii f h cmy’ fi , w xm-
id h Bd f Dic’ d m d cif ig vidc i d whh h i i ccdc wih h Cmi Ac.
A i f ii ccig dichg fm iiiy,i ddii di f h cc d ciddcc, w xmid igific dcii, ci k dcicmc f h cmy i d dmi whhy mm f h Bd f Dic h Pid i i h cmy. W xmid whh y mm f hBd f Dic h Pid h, i y h wy, cdi cvi f h Cmi Ac, Bkig d FicigBi Ac, A Acc Ac f Cdi Iii dScii Cmi h Aic f A cii.
W iv h h di vidc w hv id i ffi-ci d i vid i f ii.
Opinions
W cmmd h mig f hhd h hfi id i ccdc wih h i hy dmiii d h h mm f hBd f Dic d h Pid dichgd fm iiiyf h fici y.
Stockholm 22 February 2013
preaterouseoopers ab
A’
P Nyigautorse publ aountantpartner n are
Mg Sv Hyautorse publ aountant
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15 seb annual report 2012
definitions
Return on equityN fi i qiy hd f h y cg f
vg hhd qiy.
Return on business equityOig fi dcd y dd x divii, cg f i qiy.
Return on total assetsN fi i qiy hd cg f vg.
Return on risk-weighted assetsN fi i qiy hd cg f vgik-wighd .
Cost/Income-ratioT ig x cg f ig icm.
Basic earnings per shareN fi i qiy hd f h y cg fh vg m f h.
Diluted earnings per shareN fi i qiy hd f h y cg fh vg did m f h.
Net worth per shareShhd’ qiy h qiy i f y v ih hdig f i-ig cii d v i ific i cg f h m f h.
Risk-weighted assetsT d ff c h im, wighd i ccdc wihci dqcy gi f cdi ik. I i cmy
x gy ci qim f mk d iik ik-wighd , yidig RWA m f hh ik cgi. Dfid y f h Fici G f Ud-kig which xcd ic ii.
Tier 1 capitalShhd’ qiy xcdig d dividd, dfd x, igi (.g. k-d gdwi) d cih djm. Ti 1 ci c icd qifyig fmf did (Ti 1 ci cii).
Core Tier 1 capitalTi 1 ci xcdig Ti 1 c i cii.
Tier 2 capitalMiy did qifyig Ti 1 ci ci-i. Dd giv miy-dd dci, d mfh djm md.
Capital baseTh m f Ti 1 d Ti 2 ci. Ddci hd md f
ivm i ic cmi d i v.Fm Dcm 2012 h ddci f i v i
ic, w ccig ici f i hv immd (IAS 1, Emy fi ).
Tier 1 capital ratioTi 1 ci cg f ik-wighd .
Core Tier 1 capital ratioC Ti 1 c i cg f ik-wighd .
Total capital ratioTh ci cg f ik-wighd .
Credit loss levelN cdi cg f h ig c f h ic, cdi iii d g cific, cciv d ff c h v.
Gross level of impaired loansIdividy d imid , g, cg f h ic d cdi iii f dci fv.
Net level of impaired loansIdividy d imid , ( cific v) cg f h ic d cdi iii cific v d cciv v.
Specific reserve ratio for individually assessed impaired loansScific v cg f idividy d imid .
Total reserve ratio for individually assessed impaired loans T v (cific v d cciv v f idividyd ) cg f idividy d imid .
Reserve ratio for portfolio assessed loans Cciv v f fi d cg ffi d d m h 0 dy cd.
Non-performing loans L dmd c cdi icdig idividyd imid , fi d d m h0 dy d cd fi d .
NPL coverage ratio T v (cific, cciv d ff c h v) cg f N-fmig .
NPL per cent of lending N-fmig cg f h ic d cdi iii f dci f v.
Dfi
A fig wihi ck f 2011 hwi d.Pcg chg f cmi wih 2011 hwi d.
Exg g SEK G C
Profit and loss account Balance sheet
0 Change, % 0 Change, %
DKK Di h k . . - . . -
EUR E . . - . . -
NOK Nwgi k . . . .
LTL Lih i i . . - . . -
LVL L vi . . - . . -
USD U.S . d . . . . -
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