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NEWS - 15. February 2017 10:15

Overview of life insurance agreements in 2016 and SEB’s decision on the calculation of additional profit

Last year, the objective of our development activities was to make it easier for our customers to conclude life insurance agreements. The developments that were completed enable us to provide customers with financial advice which is suited to their needs; the process of concluding agreements is faster, and the terms and conditions as well as other information materials are easier to read.

Overview of life insurance agreements in 2016

In 2016, customers concluded more than 10,000 new agreements, which shows that they are increasingly more aware of the need to hedge risks. More than half of these new agreements were concluded to cover risks related to loan obligations. There were 73,178 life insurance agreements in force at the end of the year.

Last year, our disbursements to customers amounted to more than 15 million euros. The sums paid out upon the expiry of savings agreements keep increasing year after year. Last year, the sum amounted to as much as 6.3 million euros.

We disbursed more than 843,000 euros as insurance indemnities for 568 insured events. Temporary loss of capacity for work was the main basis for the payment of indemnities, which resulted from an accident in 90% of the cases. We refused to pay indemnities in only 30 cases. The main reason for the refusal was the fact that these were not insured events.

Calculation of additional profit on agreements

As at the end of 2016, SEB Elu- ja Pensionikindlustus had 30,868 long-term savings agreements, with 20,753 of these involving the calculation of additional profit.

In the case of agreements with guaranteed interest, the main objective is to guarantee to the customers the agreed upon interest. The interest rate of Estonian and most other European government bonds continues to be low. The said bonds make up a large portion of the investment portfolios of our customers. Taking into account the interest rate and the rate of return of the investment portfolio, SEB Elu- ja Pensionikindlustus has decided not to include any additional profit for 2016 in the calculation of agreements. We estimate that the inclusion of an additional profit will continue to be a rather small possibility in the near future as well. 

In accordance with the Funded Pensions Act, SEB Elu- ja Pensionikindlustus is obliged to distribute at least 50% of the pension agreements profit of each financial year to the policyholders of pension agreements. The proportion of profit established by law is distributed to second pension pillar agreements. Personal information related to the calculation of additional profit is available via the Internet Bank by accessing the section of insurance agreements.

Insurance agreements are concluded for long periods. We therefore recommend you to occasionally review your agreements with an adviser in order to assess the conformity thereof with your needs and capacities. You can book an appointment with an SEB adviser via the website:

If you have any questions, please contact SEB Elu- ja Pensionikindlustus by calling 665 8020 or sending an e-mail to .

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