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NEWS - 22. February 2018 09:55

2017 results of SEB Elu- ja Pensionikindlustus

Life insurance overview of 2017

In 2017, we concluded nearly 11,000 new life insurance agreements, nearly 9,000 of which were for covering risks arising from loan obligations. The number of additional covers concluded in relation to life insurance grew by 11.3% during the year. This shows that clients are more aware and able to map the risks affecting them. We paid insurance benefits for 624 insured events, which amounted to 820,000 euros. Most benefits were paid for temporary incapacity for work resulting from accidents. We refused to pay insurance benefits for only 5% of the events, mainly because they were not insured events.

Last year, we collected 23.2 million euros as insurance premium, 7.1 million euros of which were insurance payments into supplementary funded pension (III pension pillar). Disbursements to clients were made in the amount of more than 15.4 million euros, which included disbursements from the II and III pension pillars, from other savings solutions, and life insurance benefits.

Focusing on quality customer service and raising awareness

To provide our clients with professional service and the best financial advice based on their needs, we have developed advisory tools which allow us to offer our clients world-class service. Clients can find the insurance solution, insured sum, and monthly premium suitable for them with the new life insurance application available on the website of SEB. To assess the possible tax liabilities arising from the Income Tax Act amended this year, we have prepared for our clients the III pillar disbursement calculator. This will help clients find whether they will need to pay additional income tax next year due to disbursements from the III pension pillar.

In spring, we announced the results of the Retirement Readiness survey, which included all Baltic States, and asked the representatives of three generations to ‘walk in the shoes of a pensioner for a month’ in order to raise awareness in society about insurance and pension. The autumn campaign ‘Elades juhtub’ (‘Things happen’) focused on the importance of life insurance.

Accounting for additional profit from agreements

As at the end of 2017, SEB Elu- ja Pensionikindlustus had a total of 25,253 long-term savings agreements, of which 16,802 were related to accounting for additional profit. Considering the interest rates of financial markets and the performance of the investment portfolio, SEB Elu- ja Pensionikindlustus decided the following with regard to additional profit earned in 2017:

  • not to account for additional profit for agreements with a fixed share of profit;
  • decrease additional profit for agreements with a reducible share of profit;
  • ensure agreed additional profit for clients with an agreement with a guaranteed additional profit.

In accordance with the Funded Pensions Act, SEB Elu- ja Pensionikindlustus is obligated to distribute at least 50% of the profit earned from pension agreements each year to policyholders with a pension agreement. As pension agreements did not earn technical profit in 2017, no additional profit is accounted for pension agreements.

Individual information on accounting for additional profit is sent to clients during the first quarter.


If you have any questions, please call SEB insurance support at 665 8020 or write to .

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