SWEDEN - SEB's wealth management business, which includes private banking and institutional clients, saw operating profits increase by 45% to SEK1.65bn (€187m) during the full year 2010.
Net sales were boosted by strong growth in private banking, which increased to SEK26bn, whereas institutional sales remained at SEK31bn.
Average assets under management improved by 7% compared with 2009.
SEB's life business, which includes its pensions business, also did well, with total premium income in 2010 increasing by 4% in local currencies to SEK30.5bn.
Operating profit in the unit increased by 4% compared with 2009.
Total fund value increased by 15% to SEK179bn compared with SEK156bn in 2009.
Unit-linked insurance remains the major product group, representing 85% of total sales, an increase of 5% compared with 2009.
Sales in the Baltic countries increased by 9% per cent compared with 2009. Total assets under management amounted to SEK424bn, an increase of 6% from a year ago.
In other news, the administrator for the white collar supplementary occupational system ITP, the Swedish state pension amounts to 53% of the average income for Swedes, according to Collectum.
The average pension was SEK11,423 per month during 2010, which is 53% of the average income in Sweden, compared with SEK21,725 in 2008.
According to Collectum, Swedes can expect 50% of their pension to come from the state pension and that adding their occupational pensions to that number gives a good indication of what to expect in retirement.
A privately employed professional who is 45 today with an income of SEK35,000 per month can expect to add another SEK6,500 to the state pensions.
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