Parhaiten

Raskaasti tappiollinen tulos Suomessa.

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Finland
In Finland, we sell general insurance products to private household customers and small businesses under the
brand name Nordea Vahinkovakuutus. Products are distributed through Nordea’s some 440 branches and
through our own call centre, own sales force, affiliated salespersons, car dealers and net banking. The Finnish
business has some 130 employees. The number of employees will continue to grow as the Finnish business
expands.
Gross earned premiums at DKK 67m resulted from 24.1% growth, which was a lower growth rate than in
previous quarters. In 2007, the Finnish business allocated resources to starting up commercial sales,
setting up its own outbound call centre and training its own sales force as well as affiliated salespersons.
The first nine months of the year recorded weekly sales of between 1,500 and 2,000 policies. Following
recent initiatives, weekly sales now fluctuate between 2,000 and 2,500 new policies.
The Finnish business had a total portfolio amounting to DKK 270m.
The first three quarters of 2007 saw a net inflow of around 35,000 new policies, and the number of
customers increased to around 93,000.
The private business reduced the expense ratio to 31 in the third quarter from 35 in the same period
2006. The expense ratio for the overall business (Private & Commercial) was 52 in the third quarter, and
was adversely affected by the cost of starting up commercial sales.
The claims ratio, net of ceded business was 80.6 in the third quarter and 76.7 year-to-date, reflecting
sound risk selection and efficient claims handling.
The combined ratio for the private business was 114.2 in the third quarter against 100.0 in the yearearlier
period.