seb facts and figures january march 2009
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www.sebgroup.com
Facts & Figures January – March 2009
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PageSEB Group 3 – 30Asset quality 31 – 48Bond portfolios 49 – 58Divisional level 59 – 65Merchant Banking 66 – 77Retail Banking 78 – 103Wealth Management 104 – 115Life 116 – 130Macro update 131 – 143
Contents
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SEB has…
an attractive platform
high customer satisfaction
resilient income generation
several leading positions
...a strong customer base
2,500 large companies and financial institutions customers
400,000 SME customers
5 million private customers
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SEB – the key to North-European markets
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Organisation President & CEO
Annika Falkengren
Group Credits & Group Risk Control
Johan Andersson
Internal Audit
Agneta Brevenhag*
Compliance
Gent Jansson
Wealth ManagementFredrik Boheman
Life
Anders Mossberg
CFO
Jan Erik Back
Group IT
Ulf Thorstensson
Group Operations
Pia Warnerman
Group Staff
Bo Magnusson
Merchant Banking
Magnus Carlsson
Retail Banking
Mats Torstendahl
Group Strategy & Business Planning
Hans Larsson
HR & Org. Dev.
Ingrid Engström
Business Support &
Group Staff
Bo Magnusson,Deputy CEO
* Reports directly to the Board
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35%
8%
7%
8%
5%
11% 18%
8%
Share of operating profit before credit losses Jan – March 2009
62%25%
9%4%
Retail Banking
Wealth Management
LifeMerchant Banking
Geography – Adjusted for OtherDivisions – Adjusted for Other
Germany
Sweden
LithuaniaLatvia
Estonia
Norway
Finland
Denmark
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Ratings of Skandinaviska Enskilda Banken AB Rating target set by SEB's board of directors at AA
Moody’s S&P Fitch DBRS
Bank Senior Rating
Short Term P-1 A-1 F-1 R-1 (middle)
Long Term A1 A A+ AA (low)
Outlook Negative Negative Stable Stable
Last Action Rating action Outlook change Outlook change Unaffected rating
Date April-09 Mar-09 Feb-09 Feb-09
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Key figures SEB Group
ChangeQ1 Q4 Q1
SEK m 2009 2008 2008
Operating income 11,430 -10% 30%Operating expenses -7,244 4% 20%Profit before credit losses etc 4,186 -27% 51%Operating profit 1,802 -55% -25%Net profit 1,027 -71% -44%
Return on Equity, % 4.9 17.6 9.6Cost / income ratio 0.63 0.55 0.69Credit loss level, % 0.70 0.63 0.13
Basel II - fully implementedTier I capital ratio, % 11,99 10.08 9.68Risk-weighted assets, SEK bn 830 818 748
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Profit and loss account Q1 2009 vs. Q1 2008SEK m Q1 Q1 Change Excluding
2009 2008 % portfoliosNet interest income 5,904 4,223 40Net fee and commissions 3,215 3,801 -15Net financial income 1,133 -161Net life insurance income 862 713 21Net other income 316 222 42
Total operating income 11,430 8,798 30 23%Staff costs -4,391 - 3,899 13Other expenses -1,838 - 1,756 5Depreciation of assets -1,015 - 372 173
Total operating expenses -7,244 - 6,027 20Profit before credit losses etc 4,186 2,771 51 27%Gain/loss tangible/intangible assets 2 3 -33Net credit losses etc -2,386 - 364
Operating profit 1,802 2,410 -25 -31%Net profit 1,027 1,848 -44 -45%
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Profit and loss account Q1 2009 vs. Q4 2008SEK m Q1 Q4 Change Excluding
2009 2008 % portfoliosNet interest income 5,904 5,513 7Net fee and commissions 3,215 3,790 -15Net financial income 1,133 1,723 -34Net life insurance income 862 516 67Net other income 316 1,153 -73
Total operating income 11,430 12,695 -10 -8%Staff costs -4,391 - 4,597 -4Other expenses -1,838 - 1,968 -7Depreciation of assets -1,015 - 400 154
Total operating expenses -7,244 - 6,965 4Profit before credit losses etc 4,186 5,730 -27 -22%Gain/loss tangible/intangible assets 2 1 100Net credit losses etc -2,386 - 1,703 40
Operating profit 1,802 4,028 -55 -46%Net profit 1,027 3,507 -71 -63%
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SEB Group Income, Expenses and Operating profit, SEK m
02,0004,0006,0008,000
10,00012,00014,000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
Excluding portfolios Income Expenses
Operating profit
01,0002,0003,0004,0005,0006,000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
*
* One-off charges of SEK 890m in Q4 2005** Including sales of Baltic properties in Q4 2007 of SEK 785m
600 redundancies in Q4-08SEK 594m goodwill down-write in Q1_09SEK 780m VPC divest in Q4-08
**
*
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4,223
5,904
138
443
-118
108
1,110
Q1 2008 Lendingmargin
Lendingvolume
Depositmargin
Depositvolume
Funding &other
Q1 2009
Net interest income analysis SEB Group Q1 2009 vs. Q1 2008 SEK m
Short-term interest ratesQ1 2009 Q1 2008
USD 0.26% 3.43%EUR 1.28% 4.05%SEK 1.56% 4.34%
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5,5135,904
233 96
-369
51
380
Q4 2008 Lendingmargin
Lendingvolume
Depositmargin
Depositvolume
Funding &other
Q1 2009
Net interest income analysis SEB Group Q1 2009 vs. Q4 2008 SEK m
Short-term interest ratesQ1 2009 Q4 2008
USD 0.26% 1.02%EUR 1.28% 3.15%SEK 1.56% 3.87%
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Net interest and Net fee and commission income SEB Group, SEK m
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
Net interest income Net fee and commissions
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Fee and commission income Gross quarterly development Q1 2005 – Q1 2009 SEB Group, SEK m
0
500
1,000
1,500
2,000
2,500
New issues &advisory
Secondarymarket &
derivatives
Custody &mutual funds
Payment, cards,structuredlending,
deposits,guarantees
Other
Deal driven
Securitiestransaction
driven
Value driven –performance
driven Non-capital market driven
Capital market driven
*
* Q2 2006 adjusted for gross commission on security lending, SEK 200m
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-500
0
500
1,000
1,500
2,000
Net financial income Net life insurance income Net other income
Net financial, Life insurance and Other income Quarterly development Q1 2005 – Q1 2009 SEB Group, SEK m
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Cost development per quarter Quarterly development Q1 2005 – Q1 2009* SEB Group, SEK m
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Staff costs Other expenses Restructuring costs* Include capitalisation of acquisition cost in Life from Q1 2005 – onwards** One-off charges of SEK 890m in Q4 2005 and 600m in Q4 2008
**
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1717
7,450
6,027
7,244
244
617
643
-8169
-275
Jan-Mar2008
Inflation Organicgrowth +
Acq
Depreciation Variablesalaries
Cost beforeefficiency
gains
Efficiencygains
Redundancycost
Jan-Mar2009
*
• Investments for operational excellence of SEK 575m included• Organic growth of SEK 31m• Acquisitions of KAM, 11m
*
SEK 1,304m from the start
of 2007
Cost management Total expenses, Jan-Mar 2009 vs. Jan-Mar 2008
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Return on equity SEB Group, per cent
21,1
14,2
6,4
15,8
20,8
19,3
4,9
13,1
2005 2006 2007 2008 Q1 2009
Excluding portfolios Return on Equity
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Cost/income ratio SEB Group
0,650,58 0,57
0,62 0,63
0,550,60 0,61
2005 2006 2007 2008 Q1 2009
C/I ratio Excluding portfolio losses
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Basic earnings per share SEB Group, SEK
1.37
15.44
11.168.89
13.2314.12
1.03
10.40
2005 2006 2007 2008 Q1 2009
Excluding portfolios Earnings per share
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SEK m Q1-09/Q1-08 Q1-09/Q4-08Total income 682 346Total expenses -388 -187Net credit losses -233 -111Operating profit 61 49SEK bnLoans to the public 11Deposits to the public 7RWA - Basel I 3Balance sheet 27
SEK/EUR Period-End SEK/USD Period-End
5.506.006.507.007.508.008.509.009.50
Mar2008
May2008
Jul2008
Sep2008
Nov2008
Jan2009
Mar2009
8.008.509.009.50
10.0010.5011.0011.5012.00
Mar2008
May2008
Jul2008
Sep2008
Nov2008
Jan2009
Mar2009
Impact from exchange rate fluctuations SEB Group
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Operating profit, 12 months rolling SEB Group*, SEK m
* Excluding one-off charges
05,000
10,00015,00020,00025,00030,00035,00040,00045,00050,000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Q2-08
Q3-08
Q4-08
Q1-09
Income
Expenses
Operatingprofit
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Assets under management SEB Group, SEK bn
Assets under management year-end 2008 1,201 *Inflow 46 (-82%)Outflow -37 (-81%)Acquisition/disposal net -Change in value -23 (-144%)
Assets under management March 2009 1,187** Of which:Retail Banking 73Wealth Management 1,128Life 391
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SEB Group net inflow AuM Jan – March 2009, SEK bn
8.77.8
1.6
-1.9
0.50.6
Sweden Other Nordic Germany Baltic countries& Poland
Other & Elim Group
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Balance sheet Mar 2009 Dec 2008 Mar 2008
Cash and balances with central banks 18,929 44,852 17,728 Loans to credit institutions 284,096 266,363 308,822Loans to the public 1,317,189 1,296,777 1,098,597 Financial assets at fair value 639,483 635,454 694,111Available-for-sale financial assets 105,011 163,115 196,848Held-to-maturity investments 1,236 1,997 1,868Investment in associates 1,152 1,129 1,314Tangible and intangible assets 29,965 29,511 25,452Other assets 63,167 71,504 53,823
Total assets 2,460,228 2,510,702 2,398,563Deposits by credit institutions 401,471 429,425 455,707Deposits and borrowings from the public 835,603 841,034 764,567Liabilities to policyholders 210,939 211,070 213,046Debt securities 495,782 525,219 499,622Financial liabilities at fair value 276,325 295,533 256,961Other liabilities 89,051 71,565 87,273 Provisions 2,020 1,897 1,338Subordinated liabilities 50,081 51,230 42,990Total equity 98,956 83,729 77,059
Total liabilities and equity 2,460,228 2,510,702 2,398,563
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Relationship Deposits from and Lending to the public 2001 – 2009
30%
40%
50%
60%
70%
80%
90%
100%
2001 2002 2003 2004 2005 2006 2007 2008 Q12009
Deposits to loans ratio*
*excl re-classified bonds
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Deposits - Financial Institutions 14% Mortgage Covered
Bonds Sweden 11%
CPs/CDs 8%
Deposits - Central Banks 8%
Public Covered Bonds Germany
6%Subordinated debt
3%
Deposits - General Public 43%
Senior debt 2%Schuldscheins and
Reg Bonds 2%
Mortgage Covered Bonds Germany
3%
Funding structure SEB Group, March 2009 SEK 1,746bn
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Net liquidity position across maturities 31 March, SEK bn
Note this is a cash flow based model where assets and liabilities are mapped to contractual maturities. SEB will manage approx 6-8 months without any new funding if the loans and liabilities mature without prolongation. Not ongoing business if funding is disturbed or lending increases.
-100
102030405060708090
1 week
2 weeks
4 weeks
2 months
3 months
4 months
5 months
6 months
7 months
8 months
9 months
10 months
11 months
12 months
3/31/2009 SEB is match- funded
6-8 months
SEK bn
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Capital adequacy SEB Group
7.9 8.0 7.8 7.5 8.29.9 10.1
12.0
10.5 10.2 10.3 10.8 11.512.6
14.312.8
Dec2002
Dec2003
Dec2004
Dec2005
Dec2006
Dec2007
Dec2008
Q12009
Total capital ratio, %
Tier I capital ratio, %
SEK bnCapital base 52.7 54.7 58.7 76.2 85.8 93.0 104.7 118.4Risk-w. Assets 503 535 570 704 741 737 818 830
Basel I 10,4%
Basel I 8,8%
Basel I 1,137
Basel II (without transition rules)
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Outstanding Subordinated CapitalIssuer: SEB
No Issue date Ratings Format CouponMaturity date
First call date Step-up Currency
Size (m)
Size (€ m)
Lower Tier II Issues3 6-Oct-04 A2/A-/A 10NC5 mth € + 25 bps 6-Oct-14 6-Oct-09 3-mth € + 175 bps EUR 750 7504 20-May-03 A2/A-/A 12NC7 4.1250% 28-May-15 28-May-10 3-mth € + 213 bps EUR 500 5005 15-Sep-05 A2/A-/A 12NC7 mth € + 25 bps 28-Sep-17 28-Sep-12 3-mth €+ 175bps EUR 500 500
Total LTier II 1,750
Upper Tier II Issues7 25-Oct-00 A2/BB+/A PerpNCIO 3-mth $L + 75 bps Perpetual 30-Oct-10 3-mth $L + 280 bps USD 100 658 1-Dec-05 A2/BB+/A PerpNCS 5.0000% Perpetual 9-Dec-10 3-mth £L+ 183bps GBP 500 6329 17-Nov-06 A2/BB+/A PerpNCS 5.5000% Perpetual 28-Nov-10 3-mth £L+ 184bps GBP 375 474
10 15-Nov-95 A2/BB+/A PerpNC7 3-mth ¥L + 260 bps Perpetual - - JPY 15,000 9311 26-Jun-95 A2/BB+/A Perpetual 4.4000% Perpetual - - JPY 10,000 62
Total U Tier II 1,326
Tier I Issues12 19-Mar-04 A3/BB+/A PerpNCIO 4.9580% Perpetual 25-Mar-14 3-mth $L+ 182bps USD 500 32313 23-Mar-05 A3/BB+/A PerpNCIO 5.4710% Perpetual 23-Mar-15 3-mth $L+ 154bps USD 600 38814 17-Dec-07 A3/BB+/A PerpNCIO 7.0922% Perpetual 21-Dec-17 3-mth € + 340 bps EUR 500 500
Total Tier I 1,211Total Subordinated Capital Issued by SEB
Amortization schedule 2009 2010 2011 2012 2013 2014 2015 2017 >2017
Lower Tier II 7,245 4,669 - 4,669 - - - - -Upper Tier I 906 6,509 4,429 - - - - - 1,442Tier I - - - - - 3,019 3,623 4,669 -
Amortization schedule 2009 2010 2011 2012 2013 2014 2015 2017 >2017 Lower Tier II 776 500 500 - - - - -Upper Tier I 97 697 474 - - - - 154Tier I - - - - - 323 388 500 -
SEK
EUR
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3131
Asset quality
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Credit Portfolio On and off balance, SEK 1,933bn
14%
40%
14%
6%
26%
Property Management
Public Administration
BanksCorporates
By sector
Households
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Credit Portfolio On and off balance, SEK bn
Mar 2009 (Dec 2008) Swedish Other German Baltic Total Nordic*
Corporates 381 (391) 191 (175) 121 (120) 88 (95) 781 (782)
Property Management 108 (105) 23 (22) 102 (104) 32 (32) 265 (262)
Households 283 (269) 49 (45) 105 (104) 67 (68) 503 (486)
Public Administration 23 (32) 3 (2) 78 (79) 6 (6) 110 (119)
Total non-banks 795 (797) 265 (244) 406 (407) 192 (200) 1,658 (1,649)
Banks 158 (175) 59 (41) 56 (68) 2 (2) 275 (286)
Total 953 (972) 324 (285) 461 (475) 194 (202) 1,933 (1,934)
* Incl. other
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Dec -05 Dec -06 Dec -07 Dec -08 Mar -09Corporates 494 484 571 782 781
Property Management 192 192 212 262 265
Households 319 374 434 486 503
Public Administration 125 97 88 119 110
Total non-banks 1,130 1,146 1,304 1,649 1,658Banks 198 169 248 286 275
Total 1,328 1,315 1,552 1,934 1,933
Credit Portfolio On and off balance, SEK bn
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Credit Portfolio – households SEK bn
269 330 371 383
105104 115 120
Dec 2006 Dec 2007 Dec 2008 Mar 2009
Mortgage Other
434374
503486
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187219 236 249
55 67 79 7928 44 55 55
65
7378
82
27 2025 26
1010
12 12
0
50
100
150
200
250
300
350
Dec'06
Dec'07
Dec'08
Mar'09
Dec'06
Dec'07
Dec'08
Mar'09
Dec'06
Dec'07
Dec'08
Mar'09
Mortage Other
Nordic* German Baltic
Credit Portfolio - Households SEK bn
* Incl. other
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Corporate credit portfolio – by industry SEB Group, SEK bn
11%
11%
11%
19%3%
29%
16%
Finance and insurance Wholesale and retail
Transportation Business and household services
Construction Manufacturing
Other
484
571
782 781
Dec2006
Dec2007
Dec2008
Mar2009
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41.6%
33.5%
3.3%
2.9%
6.2%
8.4%2.9% 1.2%
Sweden Germany EstoniaLatvia Lithuania Other NordicOther European Other
Property management credit portfolio – by geography* SEB Group, SEK bn
111 137169 168
8175
93 97
Dec 2006 Dec 2007 Dec 2008 Mar 2009
Commercial Multi-family
192212
262
* By obligor’s domicile
265
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* Impaired loans gross* *Excluding Banks
Impaired loan volumes* % of Credit Exposure**
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Dec '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09
SEB Group Germany Nordic Baltic
0.78%
1.39%
2.68
0.21
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Level of net credit losses, %
0.000.400.801.201.602.002.402.803.203.604.00
2004 2005 2006 2007 2008 2009 Q1*
Germany Baltics Nordics SEB Group
Q4 2008 Q1 2009Estonia 0.76 1.73Latvia 2.86 6.41Lithuania 3.33 3.59Baltics 2.59 3.70
* Annualized
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17 22 23 22 18 21 25 2334 39 46 438 8 9 8
4 57 7
813
16 16
1419 23 22
1014
16 1613
22
29 28
91.095.2
76.4
49.855.1 56.3
48.241.433.6
56.650.0
40.7
Dec'06
Dec'07
Dec'08
Mar'09
Dec'06
Dec'07
Dec'08
Mar'09
Dec'06
Dec'07
Dec'08
Mar'09
Banks
PublicAdministrationHouseholds
PropertyManagementCorporate
SEB Estonia SEB Latvia SEB Lithuania
Growth rates in local currency+38% +17% +40% +18% +47% +30%
2006 2007 2006 2007 2006 2007
-3%
2009 YTD
-3% -5% 2009 YTD 2009 YTD
Baltic countries – credit portfolio On and off balance, SEK bn Yearly
2008
-2% +5%
2008
+8%
2008
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21 21 22 23 22 20 21 22 25 2340 42 45 46 437 8 8 9 8 5 5 6 7 7
13 13 15 16 16
19 20 20 23 2214 14 14
16 16
23 2426
29 28
Mar'08
Jun'08
Sep'08
Dec'08
Mar'09
Mar'08
Jun'08
Sep'08
Dec'08
Mar'09
Mar'08
Jun'08
Sep'08
Dec'08
Mar'09
Banks
PublicAdministration
Households
PropertyManagement
Corporates
51.042.3
82.9
49.541.1
78.6
52.344.0
89.3 95.2
49.856.6
SEB Estonia SEB Latvia SEB Lithuania
Baltic countries – credit portfolio On and off balance, SEK bn Quarterly
Growth rates in local currency
+2%
Q2
+3%
Q2 Q1Q1 Q1 Q2
+4%0% 0% +4%
Q3
-1% +1%
Q3 Q3
+4%
Q4
-3% +1%
Q4 Q4
-5%
55.1
Q1
-3% -3% Q1 Q1
-5%
91.0
48.2
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Baltic countries - asset quality
0100200300400500600700800900
Estonia Latvia Lithuania
Net credit losses Q1 2007 – Q1 2009, SEK m
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Estonia Latvia LithuaniaTotal
Q1 '09 Q4 '08
Net Write-offs & Actual Losses 0 0 -21 -21 1%
Net New Specific Provisions -75 -168 -285 -528 31%
Net New Collective Provisions -157 -516 -480 -1,154 68% of which: Homogeneous groups -78 -263 -46 -387 23% Individually appraised loans -79 -253 -435 -767 45%
Net Credit Losses -232 -684 -786 -1,702 100%
Baltic countries – Net Credit Losses SEK m
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Dec '07 Dec '08 Mar '09Individually assessed loans Impaired loans, gross 7,404 11,411 12,982
Specific reserves 3,787 5,022 5,608Collective reserves 1,900 2,793 3,685Off Balance sheet reserves 209 251 407Specific reserve ratio 51.1% 44.0% 43.2%Specific & Collective reserve ratio 76.8% 68.5% 71.6%
Portfolio assessed loansLoans past due > 60 days 987 2,500 3,841Collective reserves 702 1,404 1,847Reserve ratio 71.1% 56.2% 48.1%
Total reserves 6,598 9,470 11,547
Impaired Loans and Reserves SEB Group, SEK m
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SEB Estonia
SEB Latvia
SEB Lithuania
Total Baltic
Change Q1
Individually assessed loansImpaired loans, gross 936 1,013 2,974 4,923 1,320Specific reserves 456 353 1,043 1,852 507Collective reserves 337 450 773 1,560 755
Specific reserve ratio 49% 35% 35% 38% 0%Specific & Collective reserve rat 85% 79% 61% 69% 10%
Portfolio assessed loansLoans past due > 60 days, 880 1,203 855 2,938 1,042Collective reserves 367 655 321 1,343 387Reserve ratio % 42% 54% 38% 46% -5%
Total reserves 1,160 1,458 2,137 4,755 1,650
Impaired Loans and Reserves SEB Baltic Banks, March 2009, SEK m
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Sum Average/ Jan – Mar Jan – Mar Change8 quarters quarter 2008 2009
2007 – 2009ProvisionsCollective provisions:
For portfolio assessed loans -1,241 -155 -45 -432 -386For individually assessed loans -1,672 -209 -67 -903 -835
Specific provisions -3,038 -380 -190 -912 -722Reversals of specificprovisions no longer required 856 107 44 190 146Net provisions for contingent liabilities -230 -29 1 -151 -152Net provisions (build-up of reserve) -5,325 -666 - 257 -2,207 -1,950Write-offsTotal write-offs -2,871 -359 - 332 -291 41Reversal of specific provisionsutilized for write-offs 1,365 171 201 79 -122Write-offs not previously provided for -1,506 -188 - 131 -212 -81Recovered from previous write-offs 430 54 24 33 9Net write-offs -1,076 -134 - 107 -179 -72
Net credit losses -6,401 -800 - 364 -2,386 -2,022
Credit losses and build up of reserves SEB Group, SEK m
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Credit losses and build up of reserves quarterly development SEB Group, SEK mNet credit losses, quarterly Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2007 2007 2008 2008 2008 2008 2009
ProvisionsCollective provisions:
For portfolio assessed loans -75 -29 -113 -45 -82 -209 -256 -432For individually assessed loans -145 -42 128 -67 93 -109 -627 -903
Specific provisions -77 -100 -231 -190 -409 -331 -788 -912Reversals of specific provisions no longer required 87 80 163 44 79 71 142 190Net provisions for contingent liabilities -7 8 -24 1 2 -23 -36 -151
Net provisions (build-up of reserve) -217 -83 -77 -257 -317 -601 -1,566 -2,207
Write-offsTotal write-offs -240 -350 -562 -332 -367 -265 -464 -291Reversal of specific provisionsutilized for write-offs 131 214 242 201 217 71 210 79Write-offs not previously provided for -109 -136 -320 -131 -150 -194 -254 -212Recovered from previous write-offs 43 30 85 24 19 79 117 33
Net write-offs -66 -106 -235 -107 -131 -115 -137 -179
Net credit losses -283 -189 -312 -364 -448 -716 -1,703 -2,386
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Bond portfolios
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Trading and Treasury etc
Held for trading (MTM over income) Available for sale (MTM over equity)
Investments (MB Credit & PortfolioManagement)
Fixed-income securities portfolio SEK 356bn
122
186
234 98
SEB Bond Portfolio* 31 March, 2009
Loans & Receivables (MTM not recorded)
* Net of short and fully matched positions; excluding holdings in the insurance business
Mark-to-market losses over– income of SEK 3,292m– equity of SEK 4,046m– Loans & Receivables (MTM not
recorded) of SEK 9,950mThe losses are expected to be
recovered over timeFurther volatility from the mark-to-
market is expected; however with limited impact on income since investment portfolio classification is:– 80 per cent Loans & Receivables,– 15 per cent Available-for-sale and– 5 per cent Held-for Trading
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SEB Bond Portfolio* 31 March, 2009, SEKbn
*Net of short and fully matched positions; excluding holdings in the insurance business
Structured credits18%
Financials22%
Covered bonds18%
Corp, Gov't etc
19%
Cover pool23%
Merchant Banking 180Group Treasury 169
Other divisions 6
Total 356
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Capital Markets and other
26%
49%
12%
13%
Corporate bonds Financial institutionsGov't Covered bonds
Credit & Portfolio Management
50%37%
13%Structured credits Financial institutionsCovered bonds
Volume SEK 58bn Volume SEK 122bn
Trading Investments
Merchant Banking Bond Portfolios 31 March, 2009
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Structured credits
Volume: SEK 62bn (68)
AAA-rating: 88.5% (93.0)
No level 3 assets
Still amortising, no impaired assets
Financial institutions
Volume: SEK 45bn (52)
No level 3 assets
No impaired assets
Bond investment portfolio – status 31 March, 2009 (31 December, 2008)
Covered bonds etc. SEK 16bn (13)
2007 2008 Q1 09 Acc Q3 08 Q4 08MTM (SEKm)
P/L -1,769 -1,069 -454 -3,292 56 -187Equity -698 -2,907 -441 -4,046 -635 -585
-2,467 -3,976 -895 -7,338 -579 -772
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Structured credits Financial institutions
+ Covered bonds etc accumulated -1,545
Bond investment portfolio – financial effects 31 March, 2009, SEKm
2007 2008 Q1 09 Acc Q3 08 Q4 08
P/L -1,056 -1,070 -503 -2,629 27 -262
Equity -626 -1,460 -27 -2,113 -187 -271
-1,682 -2,530 -530 -4,742 -160 -533
2007 2008 Q1 09 Acc Q3 08 Q4 08
P/L -563 -9 39 -533 84 11
Equity -72 -667 221 -518 -113 -64
-635 -676 260 -1,051 -29 -53
2007 2008 Q1 09 Acc Q3 08 Q4 08MTM (SEKm)
P/L -1,769 -1,069 -454 -3,292 56 -187Equity -698 -2,907 -441 -4,046 -635 -585
-2,467 -3,976 -895 -7,338 -579 -772
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Bond investment portfolio – strategy
1. Limit P/L volatility by increasing AFS portfolios and reducing HFT portfolios.
2. Use IAS 39 possibility to reclassify holdings to further limit volatility.
Q4 08
Held for trading (MTM over income)
Available for sale (MTM over equity)
SEKbn
7 413
45
0350
56
ABS Financialinstitutions
Coveredbonds etc.
Loans and Receivables(MTM not recorded)
Q1 09
50
13
44
113 2
54
ABS Financialinstitutions
Coveredbonds etc.
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Distribution of Investment portfolio 31 March, 2009
Financial institutionsSEK 45bn
Structured creditsSEK 62bn
FR 9%
ES 14%
UK 11%
US 30%
DE 2%SE 5% FI 1% Other
16%
NL 8%
IT 4%
Italy5%
NL7%
Spain7%
UK17%
US33%
Denmark6%
Pan Europe23%
Other2%
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A high quality investment portfolio initiated 1998 with fixed-income securities eligible as central bank collateral
615 positions, well diversified across products, asset classes and geographies
88.5% of the portfolio is rated Aaa/AAA, only 5.1% below investment grade– During Q1, 31 of 615 positions have
been downgraded from AAA
Mark-to-market prices applied to all positions - no level 3 assets
Current average remaining maturity ~3.8 years
Current annual amortisation rate is SEK ~9bn
Main characteristics of structured credits portfolio 31 March, 2009
CMBS 7%
CMO 10%
RMBS prime 35% RMBS
Non prime 5%
CLO 20%
CDO 7%
ABS 16%
Structured creditsSEK 62bn
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C&PM Portfolio Structured Credits – Rating Composition (S&P, Moody’s and Fitch) Outstanding volumes, 31 March, 2009
3.8% 3.0% 2.1%2.7%
88.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AAA AA/A BBB BB/B CCC/CC
Q2-08 Q3-08 Q4-08 Q1-09
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Divisional level
Please note:A restatement of the divisional financial reporting has been carried out in conjunction with the Q1 2008 report as previously announced.Please consult www.sebgroup.com for more information.
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Operating profit before credit losses per division Jan – March 2009 vs. Jan – March 2008 SEK m
0 1,000 2,000 3,000 4,000
Life
WealthManagement
Retail Banking
MerchantBanking
Jan-Mar 2009
Jan-Mar 2008
Changevs. Jan-Mar 2008
+222% (+99%)
-15%
-60%
+27%
ROE Jan-Mar 2009
25.0% (28.6%)
-8.2%
10.8%
24.2%
Excl. portfolio losses
Income Op.profitSweden: +9% +20%Germany: -15% -342%Estonia +13% +5%Latvia: -6% -30%Lithuania: -22% -45%Card: +16% +25%
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Volumes Public lending SEK bn
Q1 Q2 Q3* Q4* Q1*2008 2008 2008 2008 2009
MB 526 531 606 645 662Retail Banking 518 545 561 586 581RB Sweden 286 303 307 309 313RB Estonia 42 43 44 48 47RB Latvia 35 36 37 41 39RB Lithuania 60 64 69 76 74RB Germany 81 82 87 95 91RB Cards 14 17 17 17 17Wealth Management 31 29 28 28 30Life - - - - -Other/Elim 24 27 31 38 44SEB Group 1,099 1,132 1,226 1,297 1,317
* Including re-classified bonds
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Volumes Public deposit SEK bn
Q1 Q2 Q3 Q4 Q12008 2008 2008 2008 2009
MB 409 392 426 433 411Retail Banking 257 264 269 287 278RB Sweden 145 149 151 153 151RB Estonia 20 22 22 25 24RB Latvia 17 18 17 19 17RB Lithuania 28 28 30 32 30RB Germany 47 47 49 58 56RB Cards - - - - -Wealth Management 54 56 52 48 55Life - - - - -Other/Elim 45 46 47 73 92SEB Group 765 758 794 841 836
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FTEs, end of quarter
Q1 Q2 Q3 Q4 Q12008 2008 2008 2008 2009
MB 2,742 2,760 2,719 2,698 2,697Retail Banking 8,627 8,952 8,709 8,580 8,431RB Sweden 2,723 2,865 2,728 2,710 2,621RB Estonia 971 1,007 968 959 936RB Latvia 998 1,011 983 904 897RB Lithuania 1,349 1,404 1,419 1,443 1,471RB Germany 1,802 1,830 1,794 1,746 1,702RB Cards 784 835 816 819 804Wealth Management 1,208 1,190 1,172 1,135 1,112Life 1,222 1,235 1,250 1,226 1,206Other/Elim 7,412 7,507 7,578 7,493 7,210SEB Group 21,210* 21,645 21,428 21,131 20,656
* Whereof 1,039 encompasses the consolidated acquisitions of Factorial bank in Ukraine and Key Asset Management.
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Summary per division Jan – Mar 2009
Merchant Banking
RetailBanking
WealthManagement Life Other Group
Operating profit, SEK m 3,047 -635 207 468 -1,285 1,802
Business equity, SEK bn 35.1 27.6 ** 5.5 6.8 84.5 *
Return on equity, % 25.0 -8.2 10.8 24.2 4.9
Cost / income ratio 0.38 0.68 0.76 0.55 0.63
RWA, SEK bn, Basel II*** 471 271 42 46 830
RWA, SEK bn, Basel I 620 441 25 51 1,137
Tax Rate 28% 10,5% 28% 12%
* Average shareholders' equity
** Where of Sweden 7.9bn Estonia 3.7bn, Latvia 3.3bn, Lithuania 4.8bn, Germany 5bn and Cards 2.9bn.
*** Basel II without transitional floors
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RoE and cost/income ratio per division
Cost/income ratio per division
Return on Equity per division, per cent
* Based on operating profit
-20-10
01020304050
MerchantBanking
Retail Banking WealthManagement
Life* Group
Jan - Mar 2008 Jan - Mar 2009
0,000,200,400,600,801,00
MerchantBanking
Retail Banking WealthManagement
Life Group
Jan - Mar 2008 Jan - Mar 2009
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Magnus CarlssonHead of Merchant Banking
Merchant BankingHighlights
Second best ever quarterly income and profits
Record income in TCM
Income growth focused on core products and customer segments
Continued growth of net interest income
Strong cost control
Low credit losses
SEK m Jan – Mar 2009
2008
Total income 5,392 84%Interest, net 2,919 91%Commission, net 1,172 -6%Financial, net 1,186Total expenses -2,066 9%
Profit bef. credit losses 3,326Credit losses, net -279Operating profit 3,047RoE, % 25.0 10.8C/I 0.38 0.65
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Merchant Banking SEK m
0500
1,0001,5002,0002,5003,0003,5004,000
Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Operating profit Excluding portfolios
01,000
2,0003,0004,0005,000
6,0007,000
Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Excluding portfolios Income Expenses
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60%25%
15%
Share of income and result by area Jan – Mar 2009, per cent of total
Income Operating profit
73%
19%
8%
Trading and Capital Markets
Trading and Capital Markets
Global Transaction Services
CorporateBanking
Global Transaction Services
CorporateBanking
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Trading and Capital Markets SEK m
0500
1,0001,5002,0002,5003,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Operating profit Excluding portfolios
0500
1,0001,5002,0002,5003,0003,5004,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Excluding portfolios Income Expenses
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Trading and Capital Markets – focus on client driven activities
46%
44%36%26% 28% 33% 38% 41%
63%
21%
46%50%44% 46% 59%
44%45%
19%
30%
12%8%22% 15% 11%3%
6%
21%
3%
6%11%8% 7%
5%8%
Q1 -07
Q2 Q3 Q4 Q1 -08
Q2 Q3 Q4 Q1 -09
Trading and Capital Markets income by main product cluster, excl. investment portfolios
FX
Structured Derivatives and other TCM
Equities
Capital Markets
Focus on customer flows ensures continued strong revenues
Continued strong results in FX
Lower volumes but increased market shares in Equities
Rebound in fixed income units
-2%
-3%
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Operating profit
0200400600800
1,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0200400600800
1,0001,2001,4001,6001,8002,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
Corporate Banking SEK m
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Operating profit
0
100
200
300
400
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0100200300400500600700800900
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
Global Transaction Services SEK m
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Custody volume development
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2004 2005 2006 2007 2008 Jan0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000Assets under custody, SEK bn No of transactions/day
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Nordic ECM transactions, by Bookrunner*Jan – Mar 2009 (EUR m)
*Rank based on IPOs or follow-ons, Nordic stock exchanges. Source: Dealogic**Rank based on completed deals. All Nordic involvement. Source: Thomson Financial
Nordic M&A**
Jan – Mar 2009 (EUR m)
Merchant Banking Investment banking rankings
1,065
1,085
1,124
1,139
1,861
UBS
Nordea
DeutscheBank
MorganStanley
SEB
2 Deals
3 Deals
2 Deals
2 Deals
3 Deals52
1,382
1,382
1,382
1,480
Öhman JrFondkommission
Goldman Sachs
Morgan Stanley
UBS
SEB
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Source: Dealogic Analytics
Swedish syndicated loans league (and bookrunner %) Jan 2009 – Mar 2009
6.4%
5.0%
3.0%
3.0%
2.9%
0 1
Nordea
SEB
SHB
Calyon
DnB
EURbn
Nordic syndicated loans league (and bookrunner %) Jan 2009 – Mar 2009
Merchant Banking Syndicated loans
16.6%
16.6%
16.6%
11.2%
11.2%
0 1
SEB
RBS
Nordea
SHB
DnB
EURbn
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*Source: The Nordic Stock exchanges
4.2%
4.3%
4.5%
5.7%
9.5%
CreditSuisse
DeutscheBank
MorganStanley
SHB
SEBEnskilda
Merchant Banking Market shares Nordic & Baltic Stock Exchanges Q1 2009*
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Merchant Banking – Recent rankingsMarch 2009 Best Research House in Sweden
February 2009 Best Arranger Nordic Loans 2008
January 2009Best Trade Finance bank, Nordic Region, Sweden, Latvia and LithuaniaBest Overall Bank for Cash Management, Nordic Region Best Bank for Liquidity Management, Nordic Region Best Bank for Risk Management, Nordic Region
January 2009 Top rated in Central and Eastern Europe
January 2009 Best Equity House in the Nordic region
January 2009 Best Cash Management Bank, Nordic RegionBest Financial Supply Chain Bank, Nordic Region and Eastern Europe
Thomson Rueters Extel October 2008 No. 1 Globally for Overall Customer Satisfaction regarding Cash Management
Best for Real Estate Commercial Banking in the Nordic and Baltic region
September 2008 Best Trade Bank in Northern Europe & Scandinavia
July 2008 Best M&A House in the Nordic & Baltic region
July 2008 Best derivatives dealer in Sweden
June 2008 Best research house in the Nordic countries
April 2008World’s Best Developed Market Banks 2008, no. 1 in SwedenWorld’s Best Emerging Market Banks 2008 Central and Eastern Europe, no. 1 in Latvia and Lithuania
February 2008 Best Arranger Structured Products, Sweden
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Retail BankingHighlightsMats Torstendahl
Head of Retail Banking
SEK m Jan – Mar 2009
2008
Total income 4,087 0%Interest, net 2,651 4%Commission, net 1,292 -9%Total expenses -2,761 9%
Profit bef. credit losses 1,326 -15%Credit losses, net -1,963 538%Operating profit -635
RoE, % -8.2 15.2C/I 0.68 0.62
Operating profit of Retail Sweden and Card showing resilience
Targeted customer segments of Retail Sweden developed positively– Record number of new mass
affluent customers– 2,000 net new corporate payment
customers
Operations in the Baltic countries characterized by strong recessionary forces
Impact of lower market interest rates feeding through into lower Net interest income
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Retail Banking SEK m
Operating profit
-1,000-500
0500
1,0001,5002,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0500
1,0001,5002,0002,5003,0003,5004,0004,5005,000
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
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Share of income and result by area Jan – Mar 2009, per cent of total
42%
17%8%
7%
10%
16%
Germany
Latvia
Estonia
SwedenLithuania
Cards
Income
697
-157
180
125
179
301
Sweden
Germany
Estonia
Latvia
Lithuania
Cards
Operating profit before credit losses
SEK m
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Business volume development by area SEK bn Q1 2009 change vs. Q1 2008 (local currency)
55
27
30
21
67
19
12
17
70
245
Lithuania
Latvia
Estonia
Germany
Sweden 8%
-1%
1%
3%
22%
3%
-11%
-7%
-1%
6%
Mortgages Other lending
31
17
24
56
151
Deposits
4%
2%
0%
-10%*
-3%*
Note: Figures for Estonia, Latvia and Lithuania include SEB:s large corporate business volumes* Restated for Private Banking re-organization
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41%13%25%21%
Transaction account privateTransaction account corporate & publicSavings account privateSavings account corporate & public
Deposit breakdown Percent of total deposits, Mar 2009
45%
24%
22%
9%
Retail Total Sweden Germany
Estonia Latvia Lithuania
52%
9%
23%
16%
44%
2%
4%
50%
23%
18%
37%
22%
25%
19%
36%
20%
36%
11%
32%
21%
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Development of lending market shares – Baltics Per cent, Jan 2006 – Mar 2009
SEBSwedbankDnB NordParex BankaSampo/Danske bankNordea
* Sampo as per Q1 2008Swedbank as per Q2 2008
Estonia*
0%
10%
20%
30%
40%
50%
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Latvia
0%
10%
20%
30%
40%
50%
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
Lithuania
0%
10%
20%
30%
40%
50%
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
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Retail SwedenHighlightsSEK m Jan – Mar 2009
2008
Total income 1,681 9%Interest, net 1,235 14%Commission, net 369 -6%Total expenses -984 2%
Profit bef. credit losses 697 20%Credit losses, net -95 893%Operating profit 602 5%
RoE, % 22.6 22.3C/I 0.59 0.62
Total lending 312.400 7%Total deposits 150.700 4%
Swedish Retail Banking held up well during Q1, Income +9% vs Q1 2008
Decreased deposit margins were partly balanced by slightly higher margins on mortgages and other lending
Profit resilience attributable both to continued success in the SME segment and to SEB’s ability to attract mass affluent private clients
Q1 best quarter ever in terms of number of new mass affluent clients
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Business volume development Retail Sweden, SEK bn
Mortgages
0
50
100
150
200
250
Q106
Q3 Q107
Q3 Q108
Q3 Q109
CorporatePrivate
Other lending*
0
50
100
150
200
250
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
50
100
150
200
250
Q106
Q3 Q107
Q3 Q108
Q3 Q109
* Excluding leasing
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86
Market share development Sweden, per cent Corporate
Private
Note: Other lending and deposits=SEB Parent Bank Sweden, i.e. not only Retail Sweden
Mortgages*
0
5
10
15
20
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Other lending
0
5
10
15
20
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
Deposits
0
5
10
15
20
25
30
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
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Mortgages private market Retail Sweden, market share, per cent
02468
101214161820
Q106
Q2 Q3 Q4 Q107
Q2 Q3 Q4 Q108
Q2 Q3 Q4 Q109
Sales Volume
* New measurement method from Q4 2007. Lowers the volume market share with approximately 0.2 percentage points
*
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Mortgages private market Total Sweden, volumes and margins
0
50
100
150
200
250
Q12006
Q2 Q3 Q4 Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
0.00%
0.25%
0.50%
0.75%
1.00%
1.25%Outstanding volume, SEK bn Average margin
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Mortgages private market Sweden, customers’ choice of fixed / floating interest rates
0%
20%
40%
60%
80%
100%
Q12006
Q2 Q3 Q4 Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
FixedFloating
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Retail GermanyHighlights
Profitability deteriorated further from an already unsatisfactory level
Lending and deposit volumes were stable, expressed in local currency
Sales of insurance and consumer lending improved compared with the first quarter of 2008
The substantial effect of lower market rates on deposit margins could not be compensated for
SEK m Jan – Mar 2009
2008
Total income 696 -15%Interest, net 426 -11%Commission, net 268 -21%Total expenses -853 12%
Profit bef. credit losses -157Credit losses, net -55 104%Operating profit -212 -661%RoE, % -11.5 2.7C/I 1.23 0.92
Total lending 91,400 13%Total deposits 55,600 19%
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Business volume development Retail Germany, EUR bn
Mortgages*
0
1
2
3
4
5
6
7
8
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Other lending
0
1
2
3
4
5
6
7
8
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
1
2
3
4
5
6
7
8
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Figures above present Mortgage, lending and deposits from private individuals and SME
* Effected by amortizations on large historical sales volumes, partly sold through external sales organizations
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Sales development Retail Germany
New mortgage*
0
50
100
150
200
250
300
350
400
450
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Customer appointments*
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Insurance
0
20
40
60
80
100
120
140
Q106
Q3 Q107
Q3 Q108
Q3 Q109
* by Call centre
EUR m EUR m
* incl. prolongation
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Retail Estonia
Highlights
Volume growth has halted, but deposit and mortgage margins improved
Profit before losses slightly higher than Q1 2008, but larger provisions for credit losses
Continued success of SEB Packages – awarded “Most Innovative Marketing Deed of 2008”
In addition to large corporations, SEB also started offering Cash Management consultations to SMEs in Q1
SEK m Jan – Mar 2009
2008
Total income 341 13%Interest, net 250 20%Commission, net 76 -8%Total expenses -162 22%
Profit bef. credit losses 180 +5%Credit losses, net -232 40%Operating profit -53
RoE, % -5.7 0.5C/I 0.47 0.44
Total lending 47,200 12%Total deposits 23,750 17%
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Business volume development Retail Estonia, EUR bn Corporate
Private
Mortgages
0
0.5
1
1.5
2
2.5
3
3.5
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Other lending
0
0.5
1
1.5
2
2.5
3
3.5
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
0.5
1
1.5
2
2.5
3
3.5
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes
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Market share development Retail Estonia, per cent Corporate
PrivateMortgages
0
5
10
15
20
25
30
35
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
5
10
15
20
25
30
35
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Mortgage market share for home loans to private individuals
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Retail Latvia
HighlightsHighlights
Mortgage volumes remained flat, while deposits continued to decline
Cost income ratio still below 0.6 for the first quarter, but substantial provisions for credit losses led to a considerable operating loss in Q1
SEB keeps the leading position in Pillar III pension market, 58% market share by assets under management
SEB’s market share in local investment funds reached 54% in Q1 (+5% points since year-end)
SEK m Jan – Mar 2009
2008
Total income 304 -6%Interest, net 239 -12%Commission, net 55 28%Total expenses -179 21%
Profit bef. credit losses 125 -30%Credit losses, net -684Operating profit -559RoE, % -57.6 15.2C/I 0.59 0.46
Total lending 39,000 11%Total deposits 16,800 -4%
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CorporatePrivate
Business volume development Retail Latvia, EUR bn
Mortgages
0
1
2
3
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Other lending
0
1
2
3
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
1
2
3
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Mortgages defined as home loans to private individuals
Note: Figures include SEB:s large corporate business volumes
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Market share development Retail Latvia, per cent
Mortgage market share for home loans to private individuals
CorporatePrivate
Mortgages
0
5
10
15
20
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
Deposits
0
5
10
15
20
Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
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Retail LithuaniaHighlights
Corporate lending margins improved, but could not compensate for much lower deposit margins
Commission income stabilized, with March being the best month of Q1
Substantial provisions for credit losses led to a considerable operating loss in Q1
The new Vilnius Operations Centre was officially opened in January
SEK m Jan – Mar 2009
2008
Total income 408 -22%Interest, net 280 -32%Commission, net 104 16%Total expenses -229 16%Profit bef. credit losses 179 -45%Credit losses, net -786Operating profit -605
RoE, % -40.3 23.7C/I 0.56 0.38
Total lending 73,900 23%Total deposits 30,600 9%
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Business volume development Retail Lithuania, EUR bn Corporate
Private
Mortgages
0
1
2
3
4
5
6
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Other lending
0
1
2
3
4
5
6
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Deposits
0
1
2
3
4
5
6
Q106
Q3 Q107
Q3 Q108
Q3 Q109
Mortgages defined as home loans to private individualsNote: Figures include SEB:s large corporate business volumes
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Market share development Retail Lithuania, per cent Corporate
Private
Mortgage market share for home loans to private individuals
Mortgages
0
5
10
15
20
25
30
35
40
Q3 Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
Deposits
0
5
10
15
20
25
30
35
40
Q3 Q106
Q3 Q107
Q3 Q108
Q3 9-Feb
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CardsSEK m Jan – Mar 2009
2008
Total income 656 16%Interest, net 221 145%Commission, net 415 -12%Total expenses -355 9%
Profit bef. credit losses 301 25%Credit losses, net -110 116%Operating profit 191 1%
RoE, % 19.5 21.0C/I 0.54 0.58
Highlights
* Credit loss comparison significantly affected by accounting changes (DEL now included in Retail)
Income developed well, with some help from FX effects. In fact, income in March was an all time high
Efforts to prevent fraud continued, including SEB Kort Norway’s launch of mandatory Secure Code on purchases over the internet
Credit losses was lower than in the previous quarter, but still significantly higher than in Q1 2008
Operating profit remained at the level reached in the first quarter of 2008
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Cards
Turnover cards
203040506070
Q12003
Q2 Q3 Q4 Q12004
Q2 Q3 Q4 Q12005
Q2 Q3 Q4 Q12006
Q2 Q3 Q4 Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
SEK bn
Number of cards
2.62.83.03.23.4
Q12005
Q2 Q3 Q4 Q12006
Q2 Q3 Q4 Q12007
Q2 Q3 Q4 Q12008
Q2 Q3 Q4 Q12009
Millions
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Fredrik BohemanHead of Wealth Management
Wealth ManagementHighlights
Declining asset values, lower net interest and limited performance/transaction fees reduced revenues compared to Q1 2008. Costs fell compared to Q1 2008.
SEB has a strong market position as the second largest fund manager in Sweden 2008 and continued to dominate the net sales in the alternative fund market.
Strong net new assets of 8.3bn, compared to the same period last year and especially compared to Q4 2008.
Assets under management, decreased some 10 per cent compared to Q1 2008. Since year end the decline was 1.2 per cent (SEK 1,128bn).
Several product launches. IC: credit funds, index funds, strategic funds. PB: modern investment programmes.
SEK m Q1 2009
2008
Total income 881 - 29%Interest, net 198 - 20%Commission, net 662 - 31%Total expenses - 667 - 5%
Profit bef. credit losses 215 -32%
Operating profit 207 - 60%
RoBE, % 10.8 22.3C/I 0.76 0.57
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Share of income and result by area Q1 2009; percent of total
60%
40%
Private Banking
Institutional Clients
Income
52% 48%
Operating result
Private Banking
Institutional Clients
2008: 67% vs 33% 2008: 81% vs 19%
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Operating profit
0
200
400
600
800
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0200400600800
1,0001,2001,400
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
Wealth Management SEK m
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Institutional Clients SEK m
Operating profit
0
200
400
600
800
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0100200300400500600700800900
1,0001,100
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
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108108
Private Banking SEK m
Operating profit
050
100150200250
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0
100
200
300
400
500
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
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109109
39% 38% 38% 39% 39% 39% 40% 40% 40% 41%40%
AuM per product type Wealth Management, SEK bn
Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Mutual Funds Institutional Clients ex MF Private Clients ex MF
48% 48% 47%47%
46% 46% 45% 45% 46% 48%45% 44%
48%
39% 38% 40%39%39%38% 40% 40% 40% 40%41% 39% 39%
13% 14%14%15% 15%
15%15%
15%15% 15%15%
13%13%1,107 1,079
1,147 1,1921,266 1,320 1,300 1,285 1,256 1,217 1,181 1,142 1,128
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1,256
1,128-250
9334
Mar 2008 Value Fx Net sales Mar 2009
Assets under management SEK bn
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Total net sales per quarter SEK bn
7.6
15.5
6.32.0
8.2 9.0
-2.0
4.2
4.1
2.92.6
3.5
5.8
4.95.3
3.0
4.716.4
-5
0
5
10
15
20
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
IC PB
The figures are not eliminated. Restated for transfer of Foundations & Companies from PB to IC.
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Mutual funds per product type Wealth Management, March 2009 (March 2008)
Total amount SEK 435 bn (SEK 497 bn)
28%
30%
13%
29%
Equity funds 28% (36%)
Fixed income funds 29% (25%)
Balanced funds 13% (12%)
Alternative funds 30% (28%)
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Swedish Mutual Funds Market Net sales, Total market & SEB, SEK bn
-20
0
20
40
60
80
100
2001 2002 2003 2004 2005 2006 2007 2008 Q12009
-20
0
20
40
60
80
100
Total Net Sales SEB Net Sales SEB share, %
Source: Svensk Fondstatistik
SEB Q1 20090.1 SEK bn
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Activity level – Wealth
Source: Svensk Fondstatistik
-30,000
-20,000
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
Jan-05
Maj Sep Jan-06
May Sep Jan-07
May Sep Jan-08
May Sep Jan09
SEBSHBRoburNordea
Mutual Funds Net Sales SwedenCumulative Jan 2005 – Mar 2009, including PPMSEK m
Distribution per type of fund Jan – Mars 2009
-60%-40%-20%
0%20%40%60%80%
100%
SEB TotalEquity funds Mixed fundsShort bond funds Long bond fundsAlternative funds
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6149
34
62
79
54
3340
0
20
40
60
80
100
2006 2007 2008 Q1 20090
20
40
60
80
100
AuMexceeding benchmark
No. of portfoliosexceeding benchmark
Performance vs. benchmark 2009
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LifeAnders MossbergHead of Life
* Based on business result
SEK m Jan – Mar 2009
2008
Total income 1,033 10%Total expenses -565 -1%
Operating profit 468 27%Change in surplusvalues, net 111 -55%
Business result 579 -6%
ROE, %* 30.0 29.0C/I ratio 0.55 0.61
Highlights
Higher operating profit from recovery of past provisions related to traditional portfolios
7 per cent increase in total premium income but a slowdown in sales
Stable costs
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Life SEK m
Operating profit
0100200300400500
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
0
200
400
600
800
1,000
1,200
Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09
Income Expenses
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Share of income and profit by area Life, Jan – Mar 2009, per cent of total
8%
34% 58%
Income Operating profit
Sweden
Denmark
International
56%
39%
5%
Sweden
Denmark
International
Sweden including central functions etc
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Results – Life SEK m
Jan – Mar Jan – Mar Change2009 2008 %
Income unit-linked 437 484 -10Income other insurance 440 295 49Other income 156 159 -2Total income 1,033 938 10
Operating expenses -627 -608 3Other expenses -1 -2 -67Change in deferred acquisition costs 63 40 55Total expenses -565 -570 -1
Operating profit 468 368 27Change in surplus values, net 111 250 -55Business result 579 618 -6 Financial effects due to market fluctuations -282 -1,819 -84Change in assumptions -32 -25 27Total result 265 -1,226 -
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468
1,063
-263 -177 -121 -47
1817316
570
968
1,520
1,802
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Jan-Mar
2009
Operating profit development Life, SEK m
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Strong market position in all markets Market shares, gross premium income, unit-linked insurance (%, 2008)
1
2
2
3
2
Skandia (14)
Hansa (37)
Sampo (31)
Hansa (28)
SEBRank
Main competitor
Danica (40)
* Sweden based on new sales
27
18
35
9
24
0% 20% 40% 60% 80% 100%
Lithuania
Latvia
Estonia
Denmark
Sweden*
SEB Market share Competitors
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Market shares Sweden, % Unit-linked new business, full year 2008 (2007)
SPP 4,9 (3,9)
Nordea 8,6 (4,1) SEB Trygg Liv 24,4 (22,5)
Skandia14,1 (14,4)
LF 10,8 (11,0)Swedbank 9,8 (10,4)
SHB 4,3 (4,5)
Danica 3,0 (4,0)
Folksam 8,0 (7,9)
AMF 2,7 (3,4)
Moderna9,2 (13,7)
Other 0,2 (0,2)
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Note: SPE = Single premiums plus regular premiums times ten
Sales (SPE) Life, SEK m
Jan – Mar 2009 Jan – Mar 2008 Change
Unit linked 10,249 10,296 -0.5%
Traditional andSickness/health 2,663 3,018 -12%
12,912 13,314 -3%
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0%
20%
40%
60%
80%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 Q12009
Traditional andsickness/health
Unit Linked
Note: SPE = Single premiums plus regular premiums times ten
Sales SPE – traditional vs. unit-linked Life including SEB Pension from 2005 and the Baltics from 2006
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0%
20%
40%
60%
80%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 Q12009
Individual
Corporate
Note: SPE = Single premiums plus regular premiums times ten
Sales SPE – individual vs. corporate Life including SEB Pension from 2005 and the Baltics from 2006
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27.1
34.931.6
26.7
8.6
30.4
2004 2005 2006 2007 2008 Jan-Mar2009
Market ShareSweden, % 34.6 32.4 29.1 22.5 24.4 24.4**
*Including Swedish customers of the Irish subsidiary.
** full year 2008.
Unit-linked insurance sales Sweden* sales volumes weighted, SEK bn
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New business profit Life (2005-2006 only Swedish market), SEK m
Apr 2008 Full year Full year Full year Full year- Mar 2009 2008 2007 2006 2005
New sales (single/10+regular) 3,844 3,858 3,689 3,345 3,678
Net present value 1,556 1,598 1,775 1,788 1,924Acquisition cost -893 -879 -901 -970 -1,116
New business profit 663 719 874 818 808
Margin, % 17.2 18.6 23.7 24.5 22.0Swedish market 19.8 20.8 22.9
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Mar Dec Dec Dec Dec2009 2008 2007 2006 2005
Equity * 9,523 8,827 8,836 8,450 7,696
Surplus value ** 11,266 11,549 14,496 12,872 10,765
* Dividend paid; 2008 SEK -1,275 2007: SEK -1,150 2006: SEK -400m.
** Value of in-force business; Net of DAC, including SEB Link (Denmark) from 2005
Embedded value Life Holding group, SEK m
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Life, assets under management (net assets) SEK bn
215
311
368395 408
354 347
0
100
200
300
400
500
2003 2004 2005 2006 2007 2008 2009 Q1
Traditional and Risk Unit-linked
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Life, premium income gross SEK bn
13
17
31 31
2629
8
0
5
10
15
20
25
30
35
2003 2004 2005 2006 2007 2008 2009 Q1
Traditional and Risk Unit-linked
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Macro Update
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Overall assessment
Deep, synchronized recession
Sizeable deflation risks, especially in the US
Unprecedented stimulus policies
Government budget deficits growing rapidly
Long-term yields will remain low
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Sweden: Recovery will take some time
GDP will fall by 4% this year
Export decline will spread to capital spending
Rising unemployment will squeeze pay
Repo rate close to zero
Budget deficit will reach 6% of GDP
Sources: Statistics Sweden, SEB
Index
Year-on-year percentage change
GDP and Economic tendency indicator
-6
-4
-2
0
2
4
6
8
97 98 99 00 01 02 03 04 05 06 07 08 090
20
40
60
80
100
120
140
GDP (LHS) Economic tendency indicator (RHS)
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0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Q1 -99
Q3 Q1 -00
Q3 Q1 -01
Q3 Q1 -02
Q3 Q1 -03
Q3 Q1 -04
Q3 Q1 -05
Q3 Q1 -06
Q3 Q1 -07
Q3 Q1 -08
Q3 Q1 -09
SEK bn Fixed income Equities Housing
Household's assets
Source: SEB Savings Barometer
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0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q1-99
Q3 Q1-00
Q3 Q1-01
Q3 Q1-02
Q3 Q1-03
Q3 Q1-04
Q3 Q1-05
Q3 Q1-06
Q3 Q1-07
Q3 Q1-08
Q3 Q1-09
SEK bn Assets Liabilities
Household's ”balance sheet”
Source: SEB Savings Barometer
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0 2,000 4,000 6,000 8,000 10,000
Assets '97
Liabilities '97
Assets '00
Liabilities '00
Assets '03
Liabilities '03
Assets '06
Liabilities '06
Assets '08
Liabilities '08
Housing/mortgages Equitites/lendings Fixed income/Consumer finance
Figures apply to first quarter of stated year
Household's assets and liabilities 2008-12-31
Source: SEB Savings Barometer
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The economy will slide, but not slump, as unprecedented stimulus cushion the blow
Unemployment will double, through to peak
Norges Bank to cut sight deposit rate to 1.5% in May
Year-on-year percentage change
Source: Statistics Norway
Norway: Weakest in 20 years
Mainland GDP and employment
-3-2-1012345678
91 93 95 97 99 01 03 05 07 09
Employment GDP
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Finland: The crisis hits with full force
Continued slide in leading indicators – export sector especially hard hit
Rapid fall in industrial production, especially in the forest product industry
GDP will fall by 4.9% this year
Budget deficit next year
Index
Source: Reuters EcoWin
Leading indicators
-80
-60
-40
-20
0
20
40
60
80
99 00 01 02 03 04 05 06 07 08 09Manufacturing sector Service sectorConstruction industry
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Broad decline in confidence indicators
Domestic demand will remain depressed
Credit crisis and higher unemployment will push home prices down further
Euro referendum next year?
Sources: DG ECFIN, Statistics Denmark
Year-on-year percentage change Index
GDP and Economic sentiment indicator
-5-4-3-2-1012345
95 96 97 98 99 00 01 02 03 04 05 06 07 08 090
20
40
60
80
100
120
140
GDP (LHS) Economic sentiment indicator (RHS)
Denmark: Continued steep downhill ride
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Sources: Eurostat, SEB
Index
Euro zone GDP will fall by at least 3.6% in 2009
No private consumption upturn in sight
Rising unemployment, no inflation threat
Public finances deteriorating on broad front
ECB will slash refi rate to 0.50% in July 2009
GDP and Economic sentiment indicator
-2
-1
0
1
2
3
4
5
96 97 98 99 00 01 02 03 04 05 06 07 08 090
30
60
90
120
150
GDP (LHS) Economic sentiment indicator (RHS)
Euro zone: Deep recession
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Synchronized slowdown in the world – Eastern Europe hardest hit
Unemployment will climb substantially
Budgets will weaken in spite of fiscal austerity measures
Imbalances are subsiding:
1. Import collapse improves current account balances
2. Large wage cuts and much lower inflation – deflation in Latvia in 2010
Currency pegs will survive
Year-on-year percentage change
Source: Reuters EcoWin
Baltic Retail sales
-30
-20
-10
0
10
20
30
40
01 02 03 04 05 06 07 08 09
Estonia Latvia Lithuania
Baltics: Deep and lengthy recession
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Regional GDP forecasts
2007 2008 2009 2010
United States 2.0 1.1 -3.4 0.7
Euro zone 2.7 0.7 -3.6 0.0
United Kingdom 3.0 0.7 -3.5 0.3
Nordic countries 2.8 0.4 -3.5 0.6
OECD 2.7 1.0 -3.8 0.3
World 5.2 3.2 -1.5 1.4
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SEB Forecasts GDP (%) Inflation (%)2007 2008 2009 2010 2007 2008 2009 2010
Denmark* 1.6 -1.0 -3.5 0.0 1.7 3.6 1.3 1.8Finland* 4.2 0.9 -4.9 0.3 1.6 3.9 1.2 1.4Norway 3.1 2.0 -0.7 1.7 0.7 3.8 2.0 2.0Sweden 2.5 -0.2 -4.0 0.6 2.2 3.4 -0.5 0.5Germany* 2.5 1.3 -4.2 0.1 2.3 2.8 0.4 1.1Euro zone* 2.7 0.7 -3.6 0.0 2.1 3.3 0.7 1.2Estonia* 6.3 -3.6 -12.0 -2.3 6.6 10.4 0.7 1.5Latvia* 10.0 -4.6 -12.0 -3.0 10.1 15.3 3.0 -2.5Lithuania* 8.9 3.1 -9.0 -3.5 5.8 11.1 5.0 2.0Russia 8.1 5.6 -5.0 1.0 9.0 14.1 11.5 8.5Ukraine 7.3 2.1 -12.0 -1.0 12.8 25.2 18.0 10.0
Macro forecasts per country
Sources: National statistical agencies, SEB Economic Research* Harmonised consumer price index