Annual and Sustainability Report

Our customers  
and stakeholders 
We always put our customers’ needs at the 
core of our business. Their high expectations 
for both digital and personal services, and for 
quality advice and sustainable solutions, drive 
SEB’s business development and offerings. 
Our 15,500 employees work as a team to serve  
our customers and create value for our share­
holders and for the societies where we operate.
2,000
Large corporations
1,100
Financial institutions
400,000
Small and medium-sized companies
Of these, some 288,000 are home bank customers.
4,000,000
Private individuals
Of these, some 1.5 million are home bank customers. 
15,500
Employees
267,000
Shareholders
Society

Contents
Introduction
This is SEB
2
The year in summary
4
Statement from the Chair
6
Statement from the President and CEO
8
Strategy and value creation
Strategic focus
12
Business plan 2019–2021
14
Business environment and trends
16
2030 Strategy
20
Business Plan 2022–2024
22
Long-term value creation 
24
Overall targets and outcome
26
Our business
Our customers
30
Our employees
34
Our shareholders
38
Our role in society
40
Sustainability report
42

Report of the Directors
Financial review of the group
71
Risk, liquidity and  
capital management 
86
Corporate governance
92
Financial statements and notes
Financial statements
108
Notes to the financial statements
118
Five-year summary
199
Proposal for the  
distribution of profit
201
Signatures of the Board of  
Directors and the President
202
Auditor’s report
203
Sustainability notes
208
Other information
Definitions
235
	
Pages 70–202 constitute SEB’s formal annual report.
SEB’s sustainability work is described in the sustainability  
report on pages 42–69 and 208–233.

We connect 
ideas, people  
and capital to 
drive progress
Being a leading northern European corporate bank with international 
reach, we support our customers in making their ideas come true.  
We do this through long-term relationships, innovative solutions,  
tailored advice and digital services – and by partnering with our 
customers in accelerating change towards a more sustainable world. 
SEB Annual and Sustainability Report 2021 — 1
Introduction

“We see SEB as a pioneer in green 
financing, where the bank has been a 
valuable dialogue partner and service 
provider at an early stage. This is 
something that we have had much 
benefit from and that has enabled 
us to be at the forefront of the 
green transition.”
Kerstin Ahlfont, CFO, Vattenfall
We focus on four main areas  
in our 2030 Strategy…
Our sustainability strategy outlines our role in the  
transition towards a sustainable society. As a key  
part, we have defined new ambitions and goals:
The Brown
Reducing our fossil fuel credit exposure in the energy 
portfolio by 45–60 per cent by 2030 (baseline 2019).
The Green
Increasing our sustainability activities 6–8 times by 2030 
(baseline 2021).
The Future
Assessing our credit portfolio’s alignment with the  
Paris Agreement by 2022 and setting targets for 2030.
…in which we aim to be a leading catalyst  
in the sustainability transition
Acceleration of efforts
Strengthening our customer offering by continuing to 
build on existing strengths through extra focus and  
resources targeted at already established areas.
Strategic change 
Evaluating the need for strategic change and  
transforming the way we do business in  
already established areas.
Strategic partnerships
Collaborating and partnering with external ­stakeholders 
and ­rethinking how we produce and distribute our 
products and services.
Efficiency improvement
Increasing our focus on strategic enablers, allowing 
us to improve efficiency and accelerate SEB’s 
transformation journey.
#1
Sustainability Advisor 
in the Nordics 2021
Prospera
2 — SEB Annual and Sustainability Report 2021

Our purpose
SEB has always believed that the future depends 
on making great ideas happen. Our purpose is to 
positively shape the future, with responsible advice 
and capital. Today and for generations to come.
We have a strong ambition to accelerate the 
pace towards a sustainable future for people, 
businesses and society. We want to be a leading 
catalyst in the sustainability transition.
Our employees strive to provide world-class 
service and offer our customers financial 
products and services that meet their ever-
changing needs – both in our home markets in 
northern Europe and through our international 
network around the world.
Introduction  —  This is SEB
Home markets  
– we serve all customers with a wide range of products
Sweden, Norway, Denmark, Finland, Estonia, Latvia,  
Lithuania, Germany and the United Kingdom.
Geographical expansion
– we expand our business for large corporate customers
The Netherlands, Austria and Switzerland.
International network  
– we support our home market customers around the world 
Beijing, Hong Kong, Kyiv, Luxembourg, New Delhi, New York,  
São Paulo, Shanghai, Singapore, St. Petersburg and Warsaw.
…with a strong northern  
European market position
#1
Corporate and Institutional Bank  
in the Nordics 2021
Prospera
#1
Business Bank of the Year 2021  
– for the third year in a row
Finansbarometern
#1
Bank of the Year 2021
Privata Affärer
Large Corporates & Financial Institutions
Commercial and investment banking services for large 
corporate and institutional customers in the Nordic 
region, Germany and the United Kingdom as well as in  
our international network. 
Corporate & Private Customers
Full banking and advisory services for private individuals 
and small and medium-sized corporate customers in 
Sweden, as well as card services in four Nordic countries. 
Private Wealth Management & Family Office
Leading private banking services with global reach  
for ­Nordic high-net-worth individuals.
Baltic
Full banking and advisory services for private individuals 
and small and medium-sized corporate customers in 
Estonia, Latvia and Lithuania.
Life 
Life insurance solutions for private as well as 
­corporate and institutional customers mainly in 
the Nordic and Baltic countries. 
Investment Management 
Management of SEB-labelled funds and mandates  
for customers channelled via other divisions.
We serve our customers  
through our divisions… 
SEB Annual and Sustainability Report 2021 — 3

The economic recovery contin­
ued and financial markets were 
less volatile as Covid-19 vaccine 
rollouts progressed and central 
bank stimulus was maintained. 
This was despite continued uncer­
tainties posed by new Covid-19 
waves, inflation concerns and sup­
ply chain and energy shortages. 
SEB saw high activity among 
large corporate customers, contin­
ued strong demand for mortgages 
in Sweden and strong growth of 
assets under management, while 
corporate card activity showed 
signs of recovery.
Important events and trends during the year
The year in summary
SEB announced a geographical expansion 
of the offering for large corporates in the Large 
Corporates & Financial Institutions division, 
to the Netherlands, Austria and Switzerland. 
The new division Private Wealth Management 
& Family Office was established to strength­
en focus on entrepreneurs and professional 
family offices and grow SEB’s savings and 
investments business.
Key targets and figures
Board’s financial targets
2021
2020
Dividend payout ratio of around 50 per cent of  
earnings per share1,3), per cent
51
106
Common Equity Tier 1 capital ratio of 100–300 basis points 
over requirement2), basis points
590
840
Return on equity competitive with peers3), per cent
13.9
10.3
Key figures
2021
2020
Operating income, SEK m
54,614
49,717
Operating profit3), SEK m
30,864
20,846
Return on equity, per cent
13.9
9.7
Cost/income ratio
0.43
0.46
Earnings per share, SEK
11.75
7.28
Dividend per share1), SEK
6.00
8.20
Leverage ratio, per cent
5.0
5.1
Liquidity Coverage Ratio (LCR), per cent
145
163
Net Stable Funding ratio (NFSR), per cent
111
- 
1)	 Board proposal for 2021. For 2020 an ordinary dividend of SEK 4.10 per share  
and a further ordinary dividend of SEK 4.10 per share.
2)	 Regulatory requirement estimated by SEB: 13.8% (12.6).
3)	Outcome excluding items affecting comparability.
+10%
Operating income
+48%
Operating profit
13.9%
Return on equity
6.00
Proposed dividend per share, SEK
4 — SEB Annual and Sustainability Report 2021
Introduction  —  The year in summary

In the Swedish Quality Index survey 
(SKI), customer satisfaction among cor­
porate and private customers increased 
and, for the first time, SEB earned the 
top ranking among the larger banks on 
the corporate side. Also, for the third 
consecutive year, SEB was awarded 
Business Bank of the Year in the Swedish 
customer survey Finansbarometern. 
SEB was also named Bank of the Year by 
Privata Affärer.
SEB’s updated sustainability strategy 
was presented, including three new 
climate-related ambitions and goals –  
The Brown, The Green, and The Future 
– with the aim of accelerating the 
transition towards a sustainable society. 
We recently also presented our new 
2030 Strategy and business plan for 
2022–2024, aiming to future-proof 
our business.
A dividend of SEK 6.00 per share was 
proposed by the Board of Directors, 
corresponding to 51 per cent of net profit 
for 2021. The Swedish FSA removed its 
recommendation to restrict dividends 
and SEK 8.20 per share in total was 
distributed during 2021, corresponding 
to approximately 50 per cent of net profit 
for 2019 and 2020. 
SEK 55bn in average value created per year 2017–2021
Dividends paid to shareholders
11
Salaries, pensions and benefits  
to employees
12
Payments to suppliers
10
Taxes and social security charges
7
Interest paid to customers  
and bondholders
13
Regulatory fees
2
  Income 
  Expenses 
  Operating profit
1)	 Excluding items affecting comparability.
2)	 Compound Annual Growth Rate (CAGR).
Our profit development1), SEK bn
2000
2010
2021
2005
2015
+5%2)
+3%2)
32
21
10
55
23
31
+8%2)
Cost/Income ratio
Return on equity (%)
0.8
0.6
0.4
0.2
2
6
14
10
18
  SEB 
  Nordic peers 
  European Bank Index SX7E, latest available data
Efficient and profitable compared to peers 2021
200
0
50
100
150
+36%
+29%
+49%
Share price development 2021
SEB Class A share
Index 1 January 2021 = 100
  SEB Class A share 
  OMXS30  
  European Bank Index SX7E
SEB Annual and Sustainability Report 2021 — 5

Introduction  —  Statement from the Chair
During 2021 we experienced solid financial markets, 
sound household economies, a favourable business 
environment and high activity among companies. 
The recovery was made possible thanks to the 
remarkable ability of people and organisations to join 
forces to counter the effects of the pandemic. This 
united response clearly underlines the importance 
of cooperation – both within societies and between 
countries. Such an extraordinary mobilisation brings 
hope for the future. Here, I also wish to point out 
the dedication, efforts and hard work that have 
been shown by our loyal and able SEB employees. 
As shareholders we owe them special gratitude for 
their contributions during the pandemic.
We have now entered a new year that has initially 
been characterised by increased uncertainties, and 
we should all hold on to the spirit of collaboration. 
It is of great importance that we continue to uphold 
free trade and open borders. This has truly served 
global economies and companies as well as our 
customers well over the years. 
Embracing change with the future in mind
At SEB, we aspire to be a long-term partner to 
our customers while continuously adapting to an 
ever-changing environment. Curiosity and receptive-
ness to our customers’ evolving needs are essential 
to our value creation. As the megatrends of digitali-
sation and sustainability put greater demands on us, 
our customers and society, we are committed to act 
with the long term in mind. 
With this ambition as a foundation, we will use 
our financial strength and competent employees to 
support our customers on their transition journeys. 
If we do this right, new ideas, innovations, business-
es and jobs will flourish, thereby transforming and 
benefitting our ways of living. The Board of Directors 
is confident that SEB can play a vital and positive 
role in the continued transformation of business and 
society, as outlined in SEB’s 2030 Strategy.
Partnering for a sustainable transition
Many businesses are pioneering the ongoing and 
necessary change, and there is a clear interdepend-
ence between accelerated digitalisation and the 
sustainability transition. Technical innovations are 
key in the transformation to a more sustainable so-
ciety, as seen in the promising activity within green 
technology. This is creating business opportunities 
and driving economic growth. Future solutions will 
be dependent on the innovative ideas of start-ups 
as well as on the know-how and financial strength 
of more established industries. In this evolution, 
we as a bank play an important role in channelling 
capital through sustainable financing and supporting 
thought-leading ideas. 
In parallel, sustainability-related policies and 
classifications, like the EU Taxonomy, are being 
developed and new regulations are about to be 
implemented. This provides both opportunities and 
challenges for us and our customers. By staying 
closely engaged, we wish to support our customers 
with interpretation of the implications of these new 
regulations. Through proactive advice and innovative 
financial services, we can facilitate our customers’ 
transitions to a low-carbon society – tackling the 
effects of climate change together. 
Staying true to our heritage
A vital part of SEB’s 2030 Strategy is our continued 
support for the next generation of businesses and 
entrepreneurs. For 166 years we have supported 
companies to develop, innovate and grow, and we 
have followed them as they have expanded around 
the world. By doing so, we have played an important 
role in building and developing our societies. Going 
forward, we will stay true to our heritage of entre-
preneurship, striving to be there also for the next 
generation of entrepreneurs. By supporting these 
businesses as they grow, SEB is enabling companies 
to build for the future. 
A business built on trust 
Trust is our most important asset, and the Board of 
Directors is steadfast in its work on ensuring that 
SEB adheres to the highest standards of corporate 
governance, compliance and risk management. In 
addition to the increased focus on operational risks, 
both within the bank and among regulators, non-­
“We aspire to be a leading  
partner to our customers in  
their sustainability transitions.”
Today and for generations to come
Following a year dominated by the pandemic, contracting economies 
and the challenges that this brought along for people, companies 
and societies, 2021 developed into a year of recovery. 
6 — SEB Annual and Sustainability Report 2021

financial risks continue to grow in importance. These 
are related to areas such as technology, sustainability 
and cyber security. As the financial industry becomes 
increasingly data-centric, data management and 
data ethics are of the highest priority. Easy access 
to ­accurate data is essential for meeting future regu-
latory requirements. The continued focus on data is 
therefore a central part of SEB’s long-term strategy. 
Banks have a central role in preventing the finan-
cial system from being exploited for financial crime, 
and we are committed to protecting our customers 
and SEB. Modern technologies are improving our 
ability to identify and mitigate cyber and information 
security risks while complying with increased regula-
tory requirements in a proactive manner. 
Contributing to society 
SEB’s financial position remains strong, and in 2021 
the Swedish Financial Supervisory Authority lifted its 
restrictive recommendation regarding banks’ repatri-
ation of capital. Thus in 2021, SEB paid ordinary divi-
dends on two occasions and initiated a share buyback 
programme. The dividends paid in 2021 correspond to 
roughly 50 per cent of SEB’s net profit for the financial 
years 2019 and 2020. For the 2021 financial year, the 
Board of Directors proposes a dividend of SEK 6.00 
per share to the Annual General Meeting. Further-
more, in 2022 SEB plans to distribute SEK 5–10 billion 
through share buybacks, subject to market conditions. 
SEB’s shareholders include more than 250,000 
private investors, the industrial holding company 
Investor, some of Sweden’s largest pension funds 
representing millions of private individual benefi-
ciary owners, and foundations supporting research 
and education. The capital we distribute is therefore 
an important contribution to the continuous develop-
ment of society. 
People are the cornerstone in creating long-term 
value. Our employees all contributed to the strong 
results in 2021, as reflected in both our financial per-
formance and the positive customer feedback that 
we have received. As a bank, we have a responsibil-
ity to our customers, employees, shareholders and 
the societies in which we operate. Through responsi-
ble advice and capital, we aim to positively shape the 
future, and continue creating long-term value. Today 
and for generations to come.
Stockholm, February 2022
Marcus Wallenberg
Chair of the Board 
SEB Annual and Sustainability Report 2021 — 7

Supporting our customers through business cycles 
is our highest priority, enabled by a strong financial 
position that provides resilience and flexibility. 
During 2021, the global economic recovery following 
the pandemic continued. Driven by sustained high 
customer activity, SEB’s operating profit increased 
significantly compared to 2020. In 2021, we con-
cluded the last year of our 2019–2021 business 
plan, which was focused on advisory leadership, 
operational excellence and extended presence. 
It has developed broadly according to plan, and we 
are particularly pleased to see that our efforts have 
been appreciated by our customers, as reflected in 
various customer surveys. 
Future-proofing our business
As we look ahead, we aim to build on our position 
of strength. We continuously strive to develop our 
capabilities and leverage trends transforming the 
banking industry, to meet our customers’ changing 
needs and behaviours. Based on this ambition, we 
have reviewed our strategic direction. This has  
resulted in SEB’s 2030 Strategy, which aims to  
future-proof the bank. Going forward we will ­continue 
to strengthen our efforts, with particular focus on 
Corporate and Investment Banking, digitalisation, 
savings and investments, sustainability, and regula-
tory compliance. By further investing in our business, 
we aim to accelerate income growth and increase 
profitability – with the overall ambition to continue 
creating long-term shareholder value.
Expanding our presence
SEB’s presence spans more than 20 countries, and 
the financial contribution from our home markets has 
grown over the years. As our corporate customers 
expand their international footprint, so are we as we 
follow them around the world. We aim to be a leading 
corporate and investment bank in northern Europe 
with international reach, and will carefully expand 
our corporate banking business geographically, to 
the Netherlands, Austria and Switzerland. We will 
also broaden our Investment Banking services to 
small and medium-sized enterprises and entrepre-
neurs. In addition, we will expand the Private Wealth 
Management & Family Office division in our Nordic 
home markets to further strengthen our focus on 
entrepreneurs and high-net-worth individuals and 
their families.
Meeting our customers on their terms 
Our customers’ expectations for proactive and 
personalised advisory services in a digital format are 
growing. Toward this end, we will continue our digital 
transformation agenda, where speed, automation 
and simplicity remain key. This will include further 
development of our Retail Banking self-service 
offering, based on a mobile first approach. This will 
also free up time for our employees to focus more on 
activities that create value for our customers, includ-
ing face-to-face meetings in moments that matter.
Supporting savings and investments 
A number of trends will continue driving demand for 
savings and investments. As an example, Swedish 
households’ total assets have grown by eight per 
cent on average per year since 2000. This demand 
is reflected in our retail customers’ monthly average 
savings, which rose by nearly 30 per cent during 
the year compared with 2020. Meanwhile, assets 
under management and assets under custody grew 
by around 30 and 80 per cent, respectively, in 2021. 
To meet this growing demand, we will continue to 
strengthen our digital functionality and advisory 
capabilities while further developing our alternatives 
and sustainability investment offering. 
Supporting the sustainability transition
We aim to be a leading catalyst in the transition 
towards a sustainable society. As a signatory of the 
UN Global Compact, the Principles for Responsible 
Banking and the Net-Zero Banking Alliance, we are 
committed to adapting our business to the Paris 
Agreement and the UN Sustainable Development 
Goals. During the year we presented our updated 
sustainability strategy, outlining how we aim to cap-
ture the sustainability supercycle and support our 
Creating shareholder value 
through a long-term perspective
As the banking industry transforms, we are striving to continuously develop our 
capabilities to meet our customers’ changing needs. Based on this ambition we have 
reviewed our strategic direction, resulting in SEB’s 2030 Strategy, which aims to 
future-proof our business. 
Introduction  —  Statement from the President and CEO
“As we look ahead, we aim to  
build on our position of strength.”
8 — SEB Annual and Sustainability Report 2021

customers in their transitions. We also set new am-
bitions and goals within the climate area: a ­Carbon 
Exposure Index (The Brown), a Sustainability Activity 
Index (The Green) and a Transition Ratio (The Future), 
the latter to be communicated in more detail during 
2022. Going forward, we will transparently share 
our progress. We also established the SEB External 
Sustainability Advisory Board, composed of experts 
representing a diverse breadth of experience and 
professions outside the financial industry. It will pro-
vide SEB with further insights concerning sustaina-
bility and make the bank better equipped to manage 
future challenges and opportunities.
Trust is our licence to operate 
Trust is a prerequisite for SEB to conduct business 
that benefits our customers and shareholders. As 
the regulatory pressure increases and non-financial 
risks continue to grow in importance, our ability to 
identify, monitor and mitigate these risks is critical. 
We will continue to strengthen our processes to 
efficiently manage new and emerging risks, such 
as those related to anti-money-laundering (AML), 
know-your-customer (KYC), cyber security and 
sustainability. Our Financial Crime Prevention unit 
will enable us to further improve our transaction 
monitoring and reporting, and strengthen our efforts 
to counter financial crime. This will be reliant on 
strong data governance and management, among 
other things. 
With strong business acumen
People are at the core of everything we do. Based on 
strong business acumen and with a long-term per-
spective, our employees enable us to continuously 
develop our offering. It is therefore reassuring to see 
that employee engagement and trust in our managers 
remain high, and that SEB is widely regarded as an at-
tractive employer among both business and technolo-
gy students, according to employer branding surveys. 
Creating long-term shareholder value 
As a bank we provide the financial infrastructure 
needed to keep societies functioning. Through long-
term customer relationships, built on providing re-
sponsible advice and capital, we help drive progress 
and innovation. As we now focus on future-proofing 
the bank, we aim to continue creating value for our 
customers, shareholders and society at large.
Stockholm, February 2022
Johan Torgeby
President & CEO
SEB Annual and Sustainability Report 2021 — 9

10 — SEB Annual and Sustainability Report 2021

We invest to 
future-proof  
our business
As society and the banking industry transform – with rapid 
developments in the areas of sustainability, technology and regulations  
– our customers’ needs and behaviours are continuously changing.  
For SEB, this means that we are constantly adapting our business to 
continue to create long-term value. We have now set out the path ahead 
in SEB’s 2030 Strategy and the new business plan for 2022–2024.
Strategy and value creation
SEB Annual and Sustainability Report 2021 — 11

Strategic focus over the years
SEB’s ability to embrace change and adapt to new market conditions continues to grow in importance. 
Below is a summary of how we have adjusted our strategic focus over time to build for the future.
2005–2009
Refocus on the core
Restructuring of SEB Group 
functions.
2010–2015
Strengthen the core
Corporate expansion in the 
Nordics and Germany, as well 
as Retail transformation.
2016–2021
Transform and grow the core
True customer-centricity in a 
digitalised world.
Being part of the financial backbone of society, providing support, 
advice and capital to private individuals and businesses, we always 
strive to meet our customers’ ever-changing needs. 
A strategy of embracing change
Throughout history we have developed together with 
our customers. Our solid balance sheet has enabled us 
to support our customers in good times and bad. This 
has enabled us to build long-term customer relation-
ships with high customer satisfaction. Through our 
long-term commitments – in combination with our in-
ternational approach through which we have followed 
our corporate customers abroad as they have expand-
ed their businesses – we have been able to gain deep 
knowledge about our customers. Over the years, this 
has formed the foundation for the business acumen 
that is characteristic of SEB and our employees.
Long-term focus
Being knowledgeable is a prerequisite for innova-
tion. It also contributes to our ability to proactively 
address and gain an even deeper understanding of 
our customers’ changing needs, most recently in the 
area of sustainability. This, in combination with our 
strive for high standards of governance, ethics and 
risk management, has helped strengthen our role in 
the markets in which we operate.
Our long-term commitment to our customers, 
together with a long-term perspective of how we 
create shareholder value, also means that we are 
constantly looking around the corner, future-proofing 
our business for the years to come. This has been our 
overarching approach ever since we welcomed our 
first customer in 1856 and will continue to guide us 
also in the future.
Adapting our strategic direction
As the banking industry changes and competition 
increases, our core strengths as a bank are growing in 
importance. Over the last 15 years, we have therefore 
adapted our strategic direction – refocusing, strength-
ening and transforming SEB’s core. This has entailed 
efforts such as a restructuring of SEB Group functions, 
corporate expansion in the Nordics and Germany, 
transformation of the Baltic and Retail divisions, and 
increased efforts aimed at achieving true custom-
er centricity. During the past three years we have 
focused on accelerating the transformation based on 
our three strategic focus areas of advisory leadership, 
operational excellence and extended presence.
Looking ahead, we recognise the need to continu-
ously improve the way we do business, support our 
customers, and develop new financial products and 
services. We will therefore continue to invest for 
the future, to ensure that we remain relevant for our 
customers and that we continue to create long-term 
value for our shareholders.
12 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  Strategic focus

2022–2030
Future-proofing SEB
Investments to further develop our capabilities  
and accelerate income growth by leveraging important  
trends in the banking industry over the years to come.
	 Read more about our 2030 Strategy on p. 20.
Long-term financial targets
As we have adapted our strategy over time, our ambition has been 
to accelerate income growth and increase our profitability. This 
ambition will continue to guide us also going forward. Below are 
our long-term financial targets for the SEB Group.
	• A yearly dividend of around 50 per cent of earnings per share 
excluding items affecting comparability – distributing poten-
tial capital in excess of the targeted capital position mainly 
through share repurchases.
	• A Common Equity Tier 1 capital ratio of 100–300 basis 
points above the requirement from the Swedish Financial 
Super­visory Authority.
	• A return on equity that is competitive with peers. In the 
­long-term, SEB aspires to reach a sustainable return on 
­equity of 15 per cent.
Financial aspirations for the divisions 
SEB has introduced long-term divisional aspirations for profit­
ability and cost efficiency based on two factors. First, each  
division has the ambition to achieve best-in-class profitability 
and cost efficiency compared to similar businesses among 
relevant peers. Second, each division’s aspiration is set to 
enable SEB to achieve its long-term aspiration of a 15 per cent 
return on equity on group level. These long-term aspirations are 
evaluated annually. 
	Read more about our financial targets and aspirations on p. 39.
SEB Annual and Sustainability Report 2021 — 13

Closing of business plan 2019–2021
By year-end 2021, we closed SEB’s business plan for 2019–2021. We have 
now embarked on the next three-year business plan for the bank as part of 
our 2030 Strategy to further sharpen our customer offering.
Since 2019, SEB’s business has focused on acceler-
ating progress towards operational excellence and 
reinvigorating growth through advisory leadership 
and extended presence. As we now close the chap-
ters of both 2021 and the 2019–2021 business plan, 
we can conclude that we have seen growing demand 
for advisory services from our customers over the 
years. Lately, this has revolved a lot around handling 
the effects of the pandemic, but increasingly also 
supporting our customers to transition to more sus-
tainable business models or ways of contributing to 
a low-carbon society. Also on the technological side, 
we have accelerated our efforts to live up to our cus-
tomers’ needs and make sure we meet them on their 
terms. Following is a summary of the steps taken to 
deliver on our business plan for 2019–2021.
Advisory leadership 
Overall, customer satisfaction has continuously 
improved since 2019. This has been achieved by 
providing value enhancing advisory services through 
in-person and digital channels as well as through 
refined offerings to our customers including a clear 
focus on sustainability. We have strengthened our 
advisory capacity with respect to environmental, 
social and governance factors (ESG), for example by 
creating an Energy Coverage team, supporting the 
ongoing transition in the energy sector. We have also 
sharpened our savings offering with digital advisory 
capabilities, including a digital advisory investment 
tool for both pension insurance and funds. 
To strengthen our focus on high-net-worth indi-
viduals and their families, in 2021 we established 
the new Private Wealth Management & Family 
Office division. In parallel with this, the Life division’s 
distribution and the Private Banking Core segment 
were integrated with division Corporate & Private 
Customers in Sweden, in order to improve our oppor-
tunities to leverage on and succeed with Bancassur-
ance. SEB Investment Management has focused and 
deepened its sustainability product offering, where 
82 per cent of the fund offering is now classified as 
either Article 8 or 9 according to the EU Sustainable 
Finance Disclosure Regulation. This means that the 
funds either promote sustainable characteristics or 
have sustainable goals as their objectives.
Operational excellence
During the last three years, further automation has 
increased speed and improved efficiency in our 
processes, for example the household mortgage 
process, improving customer experience and 
enabling cost efficiencies. Automation has been 
instrumental in enabling employees to focus more on 
proactive activities that generate value for our cus-
tomers. Combined with improved data management, 
this has facilitated an accelerated digitalisation of 
products, services and processes. In addition, our 
newly established Operations team in the Baltics has 
resulted in more efficient ways of working.
Regulatory pressure has remained high, and SEB’s 
governance and processes have continuously been 
strengthened. A new Financial Crime Prevention unit 
was established in 2021 to centralise and further 
strengthen our efforts to prevent money laundering 
and other forms of financial crime. 
Extended presence 
To widen our distribution and sharpen our customer 
offering, we have broadened our presence in exter-
nal networks and have developed functionality to 
integrate with new platforms. 
We have launched new Application Programming 
Interfaces (APIs) to access data, products and servic-
es, as well as to provide connectivity with other plat-
forms. In 2021 we integrated the first external API 
with the Enterprise Resource Planning (ERP) provider 
PE Accounting within the Life division in Sweden, to 
further integrate with our customers’ digital eco­
systems. This has provided our corporate customers 
with an improved overview of their employees’ 
occupational pension plans, via their ERP system. We 
have also entered into a strategic long-term partner-
ship with Google Cloud to speed up our digitalisation 
efforts and provide new solutions to our customers.
Through SEB Singular, our investment banking 
offering focused on digital business models and 
strategies, we have established a broad network 
among leading venture capital firms in our home 
markets, the US and among Nordic start-ups.
Our strategic initiatives
The three focus areas of the business plan for  
2019–2021 were complemented by twelve strategic 
initiatives that address new, adjacent opportunities 
and aim to strengthen SEB’s long-term profitability. 
Overall, the initiatives have developed broadly in 
line with plan and slightly below forecasted cost. 
These initiatives have led to multiple deliveries and 
added value that will serve as a foundation for SEB’s 
business endeavours going forward, especially in 
areas such as data, digitalisation, sustainability, and 
exploration of new products and services.
14 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  Business plan 2019–2021

A selection of deliveries
Financials
Advisory leadership
	• Functionality to enhance savings and investment  
offering launched.
	• Private Wealth Management & Family Office  
division established.
	• Energy Coverage team set up.
Operational excellence
	• New Financial Crime Prevention unit established.
	• Productivity increased through automation.
	• Automated, digital registry and administration platform 
launched for alternative assets within custody business.
Extended presence
	• Further integration with customers’ digital ecosystems  
(for example Enterprise Resource Planning System).
	• New Application Programming Interfaces launched. 
	• Partnership established with Google Cloud leveraging  
insights from SEBx.
Average annual growth rate 2019–2021
6%
Income
2%
Expenses
11%
Operating profit1)
Key figures
2021
2020
2019
2018
Return on equity1), per cent
13.9
10.3
13.8
13.4
Cost/income ratio
0.43
0.46
0.46
0.48
Common Equity Tier 1 ratio, per cent
19.7
21.0
17.6
17.6
1)	Excluding items affecting comparability.
SEB Annual and Sustainability Report 2021 — 15

Business environment and trends
The road to economic recovery continues
We are constantly exploring trends and opportunities that affect our business, and this work also 
forms the basis for our 2030 Strategy and new business plan. Below, some of SEB’s experts share their 
views on the macroeconomic development and the transformative landscape related to technology, 
sustainability, corporate and investment banking, savings and investments, and risk management.
2021 was a year of recovery for the global econo-
my. Following a 2020 that was characterised by the 
pandemic, contracting economies and rising unem-
ployment, growth numbers in 2021 turned upward, 
the job markets strengthened, and demand picked 
up. Moreover, the conditions in the financial markets 
remained favourable, with low interest rates and 
growth in the stock and housing markets as a result. 
The recovery was supported by extensive Covid-19 
vaccination campaigns and major efforts by govern-
ments and central banks. Altogether it is estimated 
that at least 26 trillion dollars have been spent in the 
form of fiscal and monetary policy stimulus meas-
ures since the beginning of the pandemic – an almost 
unfathomable amount. 
The speed bumps are many
However, not all is fine and dandy. It is one thing that 
government debt has increased and that the central 
banks, which have created and lent new money to 
cover growing levels of national debt, find themselves 
with balance sheets of a size never seen before. 
But despite the stimulus measures, the road to full 
recovery has been cluttered with warning signs and 
speed bumps. Demand for goods is high, but supply 
is having a hard time keeping up. The supply chain 
disruptions are many. Much has been said about the 
shortage of semiconductors, but also commodities, 
wood products, glue, plastics and other input goods 
are hard to get hold of and/or have risen sharply 
in price. This has led to rising producer prices and 
slower production. In addition, the transport sector 
continues to suffer from major disruptions, with both 
long delivery times and prices that have doubled 
many times over as a result. This is being exacerbated 
by the Covid-19 zero-tolerance policy that China ad-
hered to during 2021, which among other things gave 
rise to shutdowns of large container ports, causing 
lengthy disruptions to global shipping. On top of this, 
the world faces an energy crisis. Granted, all of these 
problems will eventually be resolved, but it will take 
time and many challenges will remain during 2022. 
Another, but related, hot topic in 2021 was infla-
tion. That we would see signs of inflation along with 
the restart of the global economy was not unexpect-
ed. But inflation has been both higher and more en-
during than expected. This applies especially for the 
US, where major stimulus packages, direct payments 
to households, shortages of a number of products, 
strong demand and more expensive energy have 
created a perfect environment for rapid inflation 
growth. Central banks, including the Federal Reserve, 
long viewed the inflation as being so temporary that 
no major monetary policy changes were needed. 
That view has now changed and both the Federal 
­Reserve and the Bank of England, among others, 
have now announced tighter monetary policies. ­Other 
central banks, such as the European and Swedish 
Central Banks, still want to see inflation establish at 
higher levels before tightening monetary conditions. 
 
Hopes for a solid 2022
Although 2022 will probably not bring the growth 
rates and booming markets that we saw in 2021, 
there is a good chance economic recovery will 
continue, with GDP growth above trend, improving 
labour markets and growing corporate profits. But 
this will require continued global vaccination rollout, 
inflation not getting out of hand and a number of 
geopolitical risks that we see emerging in Eastern 
Europe, Middle East and Asia, not materialising into 
outright conflicts. 
“Strong growth numbers, improving job markets  
and higher demand during 2021.”
Jens Magnusson 
Chief Economist
16 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  Business environment and trends

Meet our experts
Sustainability is an opportunity 
Societal development and climate change have 
considerable bearing on how SEB is meeting its stake-
holders’ expectations and on the trust that has been 
instilled in us. We are being forced to a higher degree 
than ever before to challenge old truths and support 
new, exciting technological advancements and busi-
ness models to achieve the goal of serving as a cata-
lyst of the change that is now happening. In addition, 
we need to describe our decisions not only in terms 
of economic logic, but also in societal effects. In the 
light of these challenges it is important to integrate 
sustainability – starting with the climate issue – in all 
decision-making processes. As a large bank we have 
a responsibility to leverage our resources in support 
of our customers’ efforts and seize the opportunities 
presented by the industrial revolution that a future, 
sustainable society entails. 
Climate change is very high up on our customers’ 
as well as our own agendas. The phase-out of fossil 
fuels and greater investment in green technologies 
that can help solve the climate crisis must become 
a reality. As a financial institution we play a key role 
– both in reallocating capital flows and by being an 
engaged business partner that drives the transition 
and change. Sustainable development – and especial-
ly the fight against climate change – entails risks, but 
it also offers major opportunities for us and for our 
customers. It is rewarding to be part of the mobilisa-
tion that the entire economic system is undertaking 
with respect to climate and sustainability.
Growing importance  
of digital technology
We are seeing continued development of new tech-
nology that is creating both better digital solutions 
for our customers and new business opportunities. 
New cloud services are one example, making it 
possible to process large volumes of data and on top 
of this apply increasingly improved artificial intelli-
gence. Another area in which development is moving 
at a fast pace is advanced encryption technology, 
which is enabling more secure digital solutions. The 
trend of being able to couple various companies’ 
solutions together using application programming 
interfaces (APIs) is growing. 
Collaborative development among major banks, 
fintechs and large tech companies is leading to new 
depths of knowledge about products and customers 
along with modern, niche solutions that offer econo-
mies of scale.
In various studies we are seeing a trend break – 
older customers in western Europe are now open 
to using digital financial solutions as much as the 
younger generations, which will further accelerate 
the pace of digitalisation. We are seeing greater 
awareness of the importance of how one’s own per-
sonal data is handled, which is being driven in part 
by growing cyber threats and the societal debate on 
how personal information is handled. Another aspect 
that is becoming increasingly important is the overall 
digital experience, which is expected to be increas-
ingly personalised.
“We want to be a catalyst of the change  
that is now happening.”
Hans Beyer
Chief Sustainability Officer
“Advanced encryption technology  
enables more secure digital solutions.”
Petra Ålund 
Head of Group Technology
 Follow our experts at sebgroup.com/experts
SEB Annual and Sustainability Report 2021 — 17

Opportunity in capital markets
Capital market activity reached new heights in 
2021 with a record number of initial public offerings 
as well as other equity and debt capital market 
transactions. While capital markets have an element 
of cyclicality correlated to overall business cycles, 
at SEB we also see certain underlying trends. As 
such we are of the conviction that capital markets 
will continue to play a greater role for our corporate 
clients. The equity culture in our home markets has 
been very supportive towards allowing companies 
to use their stock market listings more actively to 
finance growth, which we believe is a continuing 
trend. Similarly, the corporate bond market is now 
supplying an increasing part of corporate financing 
alongside bank lending. 
For our corporate clients, the value of having 
a range of funding sources has been evident and 
increasingly important since the financial crisis of 
2008. Further, this has played an important part in 
how our clients have managed to get through some 
of the challenges associated with the pandemic. 
Finally, the proliferation of sustainability-linked 
financing continues to aid and maintain focus on 
important ESG issues. We look forward to continuing 
to serve our clients with their financing and advisory 
needs in the coming years.
Meet our experts
All megatrends point to savings 
and investments
Megatrends such as an ageing population, digitalisa-
tion and sustainability, coupled with the pandemic, 
have both highlighted and accelerated the need of 
savings and investment among Swedish households. 
Today’s low-interest environment has driven up 
home prices to new, record levels and has prompted 
households to turn to the stock market in search of 
returns for their invested money. At the same time, 
sustainability and digitalisation have ascended as 
top priorities in households’ financial decisions. The 
younger generations have ever-higher expectations 
for sustainable investment opportunities and that 
financial decisions can be made quickly, conveniently 
and digitally. 
Last but not least, given that the population is 
ageing while the number of years in employment has 
not increased correspondingly, pensions have come 
under pressure. Together, these trends are leading to 
a situation where households – to a greater extent 
than before – need to save toward their future pen-
sions and home purchases, and find new, sustainable 
investment alternatives. This is also increasing the 
bank’s responsibility to help individuals navigate in 
an increasingly complex financial daily life. 
“Younger generations have ever-higher 
expectations for sustainable investment 
opportunities.”
Américo Fernández  
Household Economist
“For our corporate customers, the value of 
having a range of funding sources has  
been evident and increasingly important.”
Kristian Skovmand  
Head of Investment Banking
	Follow our experts at sebgroup.com/experts
18 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  Business environment and trends

Growing focus on non-financial risks
Banks operate in a market environment in which 
regulatory policies are constantly evolving. Activity 
among regulatory and supervisory authorities is 
expected to remain high, with an increased focus 
on documentation and enforcement of formal 
adherence to existing rules and regulations. Long-
term trends affecting the banking industry, such as 
digitalisation, automation and non-bank financial 
intermediation, have further accelerated regulators’ 
focus on measures to ensure operational resilience 
and on how banks address non-financial risks. 
Risk management in banks follows both market 
developments and regulation, and has consequently 
also shifted towards a stronger focus on non-finan-
cial risks. This heightened focus was confirmed in the 
2020 global risk management survey conducted by 
the Institute of International Finance and EY, where 
seven out of ten top priorities for Chief Risk Officers 
listed in the report relate to non-financial risks.
The growing focus on operational resilience and 
risks to financial stability from climate change will 
put sustainability matters even higher on the regu-
latory agenda in the near to medium-term. Potential 
disruptive implications for nations, corporations 
and individuals are leading to rising expectations – 
both regulatory and commercial – on banks to align 
strategies, define risk tolerances and transparently 
demonstrate how banks will contribute to an accel-
erated transition.
What do these trends mean for SEB?
To remain relevant for our customers and sharehold-
ers, we must adapt to current and future trends in 
our industry. By further investing in our business, we 
are striving to continuously develop our capabilities 
to leverage these trends and meet our customers’ 
evolving needs and behaviours.
“Activity among regulatory and  
supervisory authorities is expected  
to remain high.”
Mats Holmström
Chief Risk Officer 
Based on this ambition, we have set a 2030 Strategy for SEB 
in which we address all parts of our business, from the front 
to the back and everything in between. We aim to enhance the 
customer experience by meeting our customers on their terms 
and by continuously innovating new products and services. 
More specifically, we aim to build on our strengths in Corporate 
and ­Investment Banking through geographical and product 
expansion; enhance our Custody and Markets offering; grow our 
savings and investments business; expand our Private Wealth 
Management & Family Office division, and; continue to trans-
form retail banking in Sweden and the Baltics. 
We will also future-proof our technology core by creating a 
scalable, automated and cloud-based platform that contributes 
to operational efficiency, robustness and security, as well as 
income growth. Lastly, our strategy also addresses measures to 
keep our house in order. For example, this relates to sustainabil-
ity, data, transaction monitoring and reporting, regulatory com-
pliance and anti-money laundering and cyber risk management. 
These topics are essential for SEB’s strong risk management 
and corporate culture – not only as a hygiene factor but also by 
offering a competitive advantage.
As outlined in our 2030 Strategy, we will build our focus, rethink 
and investments in the following four main areas going forward:
	• Acceleration of efforts
	• Strategic change
	• Strategic partnerships
	• Efficiency improvement
	Read more about SEB’s 2030 Strategy on p. 20.
SEB Annual and Sustainability Report 2021 — 19

2030 Strategy to build for the future
Our overall ambition is to be a leading corporate and investment bank in northern 
Europe with international reach, providing our products and services to retail customers 
in Sweden and the Baltics in a digital format, with a human touch in moments that 
matter. Coming from a position of strength, we will accomplish this by accelerating 
our investments. This will enable us to continue to create long-term value for 
our shareholders. 
Based on our strong financial position, high customer 
satisfaction, improved competitive position, and Nor-
dic and sustainability expertise, we will accelerate 
our efforts and strengthen our advisory capabilities. 
Through extra focus and resources, we will continue 
to build on existing strengths, aiming to:
	
• Expand Corporate and Investment Banking.
	
• Leverage Custody and Markets platforms to 
become a Nordic market leader.
	
• Grow Savings and Investments in the Nordics  
and the Baltics.
	
• Capture opportunities within the sustainability 
supercycle.
We constantly adjust our business and offering to 
stay relevant for our customers and create long-term 
value for our stakeholders. We will evaluate the need 
for strategic change in how we conduct business 
within already established areas, aiming to:
	• Transform Retail Banking to go more digital, with a 
mobile first approach, in Sweden and the Baltics.
	• Establish Private Wealth Management & Family 
Office division in all our home markets.
	• Scale and implement SEBx capabilities. 
Acceleration of efforts
Strategic change
20 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  2030 Strategy

Competition increases due to an accelerated pace 
in innovation, investments and consolidation in the 
market. To ensure that SEB’s broad range of core 
products and services remain competitive we see 
partnerships and collaboration with relevant stake-
holders as key enablers. Therefore, we are aiming to: 
	• Rethink ways of producing and distributing  
products and services.
	• Strengthen innovation and business momentum 
through external partnerships.
To improve efficiency and accelerate SEB’s trans-
formation journey, we will increase our focus on a 
number of strategic enablers, aiming to:
	
• Change approach from automation to focus on 
end-to-end processes.
	
• Develop into a fully data-driven organisation.
	
• Accelerate technology development.
	
• Enhance regulatory efficiency.
Strategic partnerships
Efficiency improvement
SEB Annual and Sustainability Report 2021 — 21

SEB’s business plan for 2022–2024 builds on the 
four pillars of our 2030 Strategy, which in turn is 
our response to structural market trends within our 
industry. This means that developments related to 
for example technology, sustainability, corporate 
and investment banking, savings and investments, 
and risk management are the basis for our efforts 
going forward. By combining high customer satisfac-
tion and strong employee engagement with a solid 
financial position including capital, liquidity, and 
cost control, we aim to continue to deliver long-term 
value to our shareholders.
Acceleration of efforts
Based on our successful expansion into other Nordic 
countries, Germany and the United Kingdom, we will 
continue to expand our corporate banking business 
geographically to the Netherlands, Austria and 
Switzerland. By doing this, we will leverage one of 
our core strengths of serving our customers locally.
In addition, to further build on our strong offering 
towards small- and medium sized enterprises and 
entrepreneurs in Sweden, our Investment Banking 
services will be expanded to this target segment, 
through for example dedicated resources following 
our Corporate ­Finance Growth initiative. To establish 
SEB’s role as the premier Nordic custody provider, 
and leverage the opportunity presented as peers 
withdraw from this area, our custody platform will 
be scaled through automation and further develop-
ment of our offering. 
We will broaden our savings offering, with particu-
lar focus on sustainability and alternative products 
based on our customers’ increasing demand. In 
combination with the continued development of a 
fully digital platform enabling further proactivity, this 
will enable us to grow our savings and investments 
business in the Nordics and the Baltics. 
Our ambition is to be a leading catalyst in the sus-
tainability transition and we aim to capture oppor-
tunities arising from the sustainability supercycle by 
providing high-quality advisory services to support 
our customers’ transition journeys. To facilitate this, 
the work to classify our credit portfolio’s transition in 
relation to the EU Taxonomy and the Paris Agree-
ment will continue, and we will transparently report 
on our progress towards reaching our ambitions and 
goals, as outlined in our sustainability strategy. In 
addition, we strive to further integrate sustainability 
into processes and decisions, also facilitating innova-
tion of new financial products and services, accentu-
ated by the integration, analysis, and visualisation of 
sustainability data.
SEB enters the business plan period 2022–2024 from a position of strength, 
both in terms of profitability and capital. While the 2030 Strategy defines what 
we want to achieve in order to future-proof our business and accelerate income 
growth potential, the three-year business plan – which is updated annually – 
further details how we aim to get there. 
Business plan for 2022–2024
22 — SEB Annual and Sustainability Report 2021
Strategy and value creation  —  Business plan 2022–2024

Strategic change
Accelerated digitalisation will enable us to deliver an enhanced 
customer offering with increased efficiency and speed, contrib-
uting to further accessibility and improved customer satisfac-
tion. In Sweden and the Baltics, the development of our digital 
functionality within our Retail Banking offering will continue, al-
lowing us to meet our customers’ needs more efficiently through 
an improved self-service offering based on a mobile first 
approach. To further strengthen our focus on entrepreneurs, 
individuals and families and their businesses, we will expand our 
Private Wealth Management & Family Office division to all our 
home markets. This will include providing proactive high-quality 
products and advice incorporating sustainability, also in a digital 
format, and through a broadened offering leveraging expertise 
from across the bank, including Investment Banking. 
Furthermore, we will focus on scaling and implementing the 
capabilities of SEB’s innovation studio SEBx through contin-
ued development of UNQUO, the recently launched customer 
offering targeting the growing group of self-employed business 
owners, so-called solopreneurs, as well as through further 
exploration of the opportunities presented by Banking-as-a-
Service. In addition, continued collaboration will enable the SEB 
Group to leverage SEBx’s technology platform, allowing further 
scalability and an improved customer experience. 
Strategic partnerships
To strengthen our innovation and business momentum, and to 
increase focus on our core strengths, we will rethink our ways 
of working and consider new ways of producing and distributing 
our products and services. Continuing to leverage Open Banking, 
allowing us to integrate partners’ products and services into 
our interfaces as well as to distribute our products and services 
via partners, will enable us to integrate with customers’ digital 
ecosystems and further improve our offering. Additionally, to 
accelerate progress in selected key areas we will collaborate 
with external stakeholders in cross-industry initiatives related to 
for example financial crime prevention, and continue to leverage 
our venture capital capabilities focusing on fintech startups and 
green technology.
Efficiency improvement
We want to ensure quality and speed in our customer deliveries 
and enhance customer value through easily accessible digital 
services. Therefore, our efforts will be focused on simplifying 
major end-to-end processes from a customer perspective. 
This involves the digital customer and product onboarding 
processes, as well as strengthening our capabilities within key 
regulatory areas such as AML and KYC. This will be reliant on 
our focus on strong data governance, management and quality, 
which will also enable an improved offering through the contin-
ued development of data-driven business models leveraging 
artificial intelligence and machine learning. Furthermore, we will 
accelerate technology development by for example leveraging 
our cloud capabilities, while also continuing to enhance our regu-
latory efficiency. Also, re-design and re-organisation of selected 
key areas will enable us to ensure more coherent ­governance 
structures and enhanced operational efficiency.
Cost target for 2022 
Our aim is to create shareholder value – by accelerating 
income growth, driving earnings per share growth, increasing 
our ­profitability and future-proofing our business. This will 
be achieved by capitalising on our position of strength and by 
further investing in our business, as outlined in our business plan 
for ­2022–2024. 
The target entails growing our business in a capital-efficient 
manner to reach our long-term financial targets. In the short-
term, we have a cost target for 2022 of SEK 24.5bn, assuming 
2021 FX-rates.
	Read more on p. 73.
SEB Annual and Sustainability Report 2021 — 23

Long-term value creation
Customer centricity, long-term perspective and financial strength 
form the foundation for meeting the expectations of customers, 
employees and the communities in which we operate. Ultimately, 
this creates value for our shareholders.
Our financial and technological strength…
SEB strives for high standards for corporate governance 
and regulatory compliance, a sound risk culture and strong 
business acumen. This sets the foundation for our financial 
strength, which gives us the resilience and flexibility 
required to serve our customers in both good times and 
bad. We future-proof our systems by implementing new 
technologies in order to secure and protect SEB’s and our 
customers’ information, and to continue our customer-
driven innovation.
 
…enables us to create long-term customer value
We provide people and businesses with financial 
advice, products and services. We are available for our 
customers at their convenience – via the mobile app, on 
the web, by phone and in our branch offices across the 
globe. We believe in a combination of digital services 
and in-person meetings, and our employees provide 
proactive and personalised advice to meet the unique 
needs of our customers. By supporting our customers, 
through long-term relationships, we also uphold a critical 
function in society and contribute to the stability of the 
financial systems.
...through SEB’s strengths in our 
business model...
Meeting stakeholders’  
expectations...
Customers – 1.8 million 
Our customers’ needs are at the core of  
our business. Their high expectations  
on personal and digital service, quality  
advice and sustainable solutions drive  
our business development and offerings. 
Employees – 15,500
Our employees build and deepen customer 
relationships. Their commitment, skills and 
continuous learning are key in future-proofing 
our business.
Shareholders – 267,000
The capital provided by SEB’s share­holders 
is a prerequisite for conducting our business. 
Our shareholders expect a competitive and 
sustainable return on their investments. 
Many of the major owners have a long-term 
perspective on their engagement in the bank. 
Society 
Banks play a crucial role in society and are 
vital for creating economic growth and social 
value – and for the transition to a low-carbon 
society. We take great responsibility for how 
we act, to enable society to develop in a 
sustainable way.
Value creation  —  Long-term value creation
24 — SEB Annual and Sustainability Report 2021

2
...creates  
sustainable value.
SEK 55bn in average value  
created per year 2017–2021 
For our customers
By providing proactive advice and a wide range of digital 
and personal services, we support our customers’ long-term 
aspirations and add value in all phases of people’s lives and  
in all stages of development of companies and institutions. 
	See p. 29.
For our employees
Our employees value the opportunities for continuous learning  
within the bank. Employees also participate in SEB’s many 
­partnerships to help communities develop and prosper.
	See p. 34.
For our shareholders
Dividends and growth in market value over time contribute 
to our shareholders’ financial security and enable new 
investments. By integrating environmental, social and 
governance aspects into our business operations, we increase 
our competitiveness and reduce long-term risks.
	See p. 38.
For society
SEB intermediates financial solutions, provides payment ­services 
and manages risks, which together promote economic growth 
and prosperity. We pay taxes and fees according to local rules, 
and we take responsibility as a provider of financing and as an 
asset manager and work proactively with environ­mental, social 
and governance issues.
	See p. 40.
Dividends paid to  
shareholders
SEK 11bn
Interest paid to customers 
and bondholders
SEK 13bn
12
Salaries, pensions and 
benefits to employees
SEK 12bn
7
Taxes and social security 
charges
SEK 7bn
Regulatory fees
SEK 2bn
Payments to suppliers
SEK 10bn
Trust is our licence to operate
As a bank, SEB has a critical role in society by providing the infrastructure for payments 
and transactions, and by acting as an intermediary for financing and savings solutions, risk 
management and financial advice. In that mission, it is crucial that we continuously earn the 
trust from our customers, shareholders, employees and from society. To uphold that trust 
we as a bank are constantly vigilant of the changing regulations and market conditions as 
well as new customer behaviours. In everything that we do, we act with a strong business 
acumen and in line with external expectations and our high internal ethical standards. 
	Read more about our Code of Conduct on ­sebgroup.com
11
10
13
SEB Annual and Sustainability Report 2021 — 25

Customers
Customer experience and satisfaction
Both internal and external metrics are used to 
measure customer satisfaction. Prospera’s external 
overall performance measurement and the internal 
measurement of customers’ willingness to recommend 
SEB are key metrics. 
Target
Leading position in selected customer segments 
and meeting or ­exceeding the internal customer 
satisfaction targets.
Overall targets and outcome
The progress of the strategy and three-year business plan (2019–2021) is 
monitored and measured at many levels. These selected key metrics provide 
a progress overview. 
Employees
Motivation and engagement
SEB conducts an annual employee survey to measure 
employee engagement and the employees’ views of  
SEB as a place to work. Some 13,800 employees, or 
around 90 per cent of the work force, completed the 
survey in 2021.
Target
SEB’s target is to be the most attractive employer in the 
financial ­sector, particularly within banking. Progress is 
measured through an ­annual ­employee survey.
1)	 According to Prospera’s ranking.
Overall performance
Employee engagement, index
Nordic large corporations1)
Nordic financial institutions1)
2021
2020
2019
4.1
3.9
4.2
3.9
4.3
4.0
  SEB   
  Industry average
2021
2020
2019
3.9
3.7
3.9
3.8
3.9
3.8
Customers’ willingness to recommend SEB
Key aspects of employee engagement, index
2)	 According to SEB’s Net Promoter Score method.  
Outcome represents a 12-month average for advisory services.
Small companies in Sweden2)
Private individuals in Sweden2)
2021
2020
2019
50
>50
55
>50
54
>50
2021
2020
2019
52
>45
48
>45
39
>45
  Outcome   
  Target
  Outcome   
  Target
2021
2020
2019
80
72
80
74
79
77
  SEB   
  Financial sector average
I’m excited about 
SEB’s future
I feel comfortable 
being myself at work
My work 
is meaningful
81
80
84
79
79
78
  SEB   
  Financial sector average
Comment
The number of personal meetings 
with small companies in Sweden 
was limited due to the pandemic. 
Going forward, we will focus on 
improving accessibility and quality.
26 — SEB Annual and Sustainability Report 2021
Value creation  —  Overall targets and outcome

Society
Financial targets
Through the resilience and flexibility that come from a 
strong capital base, good access to funding, high ­credit 
ratings and cost efficiency, SEB can create shareholder 
value in varying market conditions. With the purpose 
to increase capital management flexibility, in 2021 the 
Board of Directors decided to change the long-term 
financial targets.
Dividend payout ratio
Target
A yearly dividend that is around 50 per cent of the  
earnings per share excluding items affecting comparability, 
while distributing potential capital in excess of the tar-
geted capital position mainly through share repurchases.
Shareholders
Sustainability
SEB’s strategy is to expand its customer offering of sustainability 
products and services while lowering its direct CO2 emissions.
Target
The target is to increase sustainability-­related business volumes. 
  Including 
items affecting 
­comparability
  Excluding 
items affecting 
­comparability
20191)
2021
20202)
113 106
51
51
1)	 Per AGM decision, no dividend was paid out due to restrictions 
from the Swedish FSA. 
2)	 Ordinary dividend of SEK 4.10 per share and a further ordinary 
dividend of SEK 4.10 per share.
Per cent
Common Equity Tier 1 capital ratio
Target
SEB shall maintain a Common Equity Tier 1 capital ratio 
of 100–300 basis points above the requirement from the 
Swedish Financial Supervisory Authority (FSA).
2021
2020
2019
15.1
2.5
12.6
8.4
13.8
5.9
  CET 1 capital 
requirement
  Buffer above 
requirement
Per cent
Return on equity (ROE) 
Target
SEB shall generate a return on equity that is competitive  
with peers. In the long term, SEB aspires to reach a 
­sustainable return on equity of 15 per cent.
13.7 13.8
9.7 10.3
13.9 13.9
2021
2020
2019
  Including 
items affecting 
­comparability
  Excluding 
items affecting 
­comparability
Per cent
Target
As a bank, SEB has relatively low direct environmental impact.  
How­ever, the ambition is to lower the bank’s own CO2 emissions.
Comment
SEB’s total carbon emissions decreased, mainly 
due to reduced business travel in the wake of the 
pandemic and was significantly below the bank’s 
target. SEB achieved its goal to become climate 
neutral in 2021, through climate compensation.
  See p. 55 and 229.
CO2 emissions
Tonnes
2021
2020
2019
22,525
9,389
9,734
Target for  
2025
(17,000)
19.1
1.5
24.7
4.0
29.4
7.9
2021
2020
2019
Sustainable financing
SEK bn
Sustainable investments
Share of SEB’s fund company’s assets (SEK 831bn) 
managed in line with the EU Sustainable Finance 
Disclosure Regulation1).
  Green loans   
  Green mortgages
1)	 See p. 58.
  Article 8:
80 % 
  Article 9:
2 %
  Other:
18 %
Reputation 
SEB monitors the result of Kantar Sifo’s Corporate Reputation Index,  
which measures the bank’s reputation among the general public. 
In 2021, SEB was ranked as no. 2 in Sweden.
Corporate reputation index
Target
Reduce the gap to the no. 1 in the industry and in the long-term have the 
strongest reputation among industry peers. 
Sweden
36
20
40
26
41
32
2021
2020
2019
  SEB   
  Average1)
1)	 SEB, SHB, Swedbank, Nordea, Danske Bank.
SEB Annual and Sustainability Report 2021 — 27

28 — SEB Annual and Sustainability Report 2021

We support  
our customers  
on their terms
The trust that our customers and shareholders place in us is the 
foundation for our business. Ever since we welcomed our first customer 
in 1856, we have been guided by engagement and curiosity about the 
future. By providing financial products and tailored advisory services 
to meet our customers’ changing needs, we build on our long-term 
relationships and do our part to contribute to a more sustainable society.
SEB Annual and Sustainability Report 2021 — 29
Our business

We have enduring and uniquely strong relationships 
with our large corporate customers in Sweden and 
other Nordic countries. We support them in their 
business and their international expansion and stay 
with them as a partner through good times and bad. 
SEB serves some 2,000 large corporations across 
a broad spectrum of industries. Many of them are 
global market leaders and most have extensive 
international operations. In the Nordic region, our 
customers are among the largest in their respective 
industries while in Germany and the United Kingdom, 
medium to large-sized companies with an interna-
tional profile are in focus.
Financial institutions
We have a strong position among financial institu-
tions in the Nordic markets and also serve customers 
internationally with capital market access, custody 
services and advice on capital, sustainability and as-
set management matters. SEB serves approximately 
1,100 financial institutions and acts as an intermedi-
ary between Nordic and global financial markets. We 
offer our services to pension funds, asset managers, 
hedge funds, insurance companies, state-owned 
investment funds as well as other banks and SSAs 
(sovereigns, supranationals and agencies). 
Our four customer segments
All customers have their individual needs, but smart digital solutions 
and personal relationships are key building blocks within all our four 
main customer segments. Our customers are looking for a partner 
who is proactive, provides a long-term perspective and can offer 
responsible advice in order for them to reach their goals. 
Development in 2021
Customer satisfaction remained high. The Covid-19 
related uncertainty prevalent among customers 
subsided gradually during the year. Customers were 
highly active within capital markets, with elevated 
levels within mergers & acquisitions which in many 
cases led to a need for new financing, especially 
towards the end of the year. Activity levels in equity 
capital markets were high throughout the year. The 
high stock market valuations, driven by lower inter-
est rates were favourable and customers demanded 
advisory and execution services in equities. With 
lower volatility in interest rates customers’ need for 
risk management products, within foreign exchange 
and fixed income, decreased. Demand for traditional 
lending was stable and primarily driven by refinanc-
ing activities in combination with clients’ focus on the 
transitional agenda increasing demand for sustaina-
bility-linked loans and bonds. In addition, leveraged 
finance activity led to increased fund financing.
All in all, operating income for the Large Corpo-
rates & Financial Institutions division increased 
by 3 per cent compared to 2020. With lower net 
expected credit losses, operating profit increased by 
64 per cent.
Large corporates
30 — SEB Annual and Sustainability Report 2021
Our business  —  Our customers

Small and medium-sized companies
SEB has an established position as the bank for entrepreneurs 
and small business owners and currently serves some 400,000 
small and medium-sized companies. Of these, some 184,000 
were home bank customers in Sweden and 104,000 in the Baltic 
countries. The segment includes around 620 mid-corps – many 
with international operations – as well as customers in the real 
estate and public sectors in Sweden, such as government agen-
cies, state-owned companies and municipalities.
Private individuals
SEB is one of the major banks in Sweden, Estonia, Latvia and 
Lithuania. We have a strong position and the bank is one of the 
market leaders in the Nordic countries in private banking. 
SEB provides a comprehensive range of products and services 
to private customers through our three distribution channels 
(digital, remote, and physical) as well as private-banking 
services with global reach to Nordic high-net-worth individu-
als. We have approximately four million private customers in 
Sweden and the Baltic countries. Of these, around 500,000 
are home bank customers in Sweden and approximately one 
million in the Baltic countries. We have around 33,000 Private 
Banking customers.
	See p. 80 for more information on our divisions and 
­comments on the result.
Development in 2021
Customer behaviour in both Sweden and the Baltic countries 
continued to be affected by Covid-19, but compared with the 
previous year sentiment was more positive. 
Among private customers in Sweden, cards and payments ac-
tivity that decreased during the pandemic, gradually reversed. 
The number of digital transactions and remote services con-
tinued to increase while the number of in-person meetings de-
clined. Strong stock markets and improved functionality in SEB’s 
bank app resulted in increased interest regarding investments in 
both funds and equities. Demand for mortgage loans continued 
to grow. On the corporate side, Swedish small and medium-sized 
companies’ demand for loans and deposits increased. Corporate 
customers were less active using cards and payments services 
than before the Covid-19 outbreak. 
Operating income for the Corporate & Private Customers divi-
sion was unchanged compared to 2020. With lower net ­expected 
credit losses the operating profit increased by 4 per cent. 
In the Baltic countries overall, the gradual withdrawal of restric-
tions and the recovery from the Covid-19 crisis gradually increased 
customer activity within for instance cards and payments. The 
number of digital transactions and remote services reached higher 
levels than before the pandemic. The volatile stock market result-
ed in high brokerage activity. Private customers showed increasing 
optimism and loan demand increased. However, deposits in-
creased more. Corporate customers remained cautious regarding 
making new investment decisions and loan demand was subdued 
especially in the beginning of the year but deposits increased. 
Operating income for the Baltic division was unchanged 
compared to 2020. With credit loss recoveries, operating profit 
increased by 25 per cent.
SEB Annual and Sustainability Report 2021 — 31

Meet our customers
Chemi-Pharm
The Estonian company Chemi-Pharm develops, 
manufactures and sells disinfectants, cleaning and 
personal care products as well as detergents to 
more than 25 countries globally. Chemi-Pharm was 
chosen as Enterprise of the Year at the award event 
Best Estonian Companies 2021. 
“We moved into our new production facilities in 
2019 and believed that we were well equipped to 
manage growth over the next five to ten years. But 
the pandemic meant that we had to scale up produc-
tion dramatically. We are therefore expanding with a 
new facility,” says Kristo Timberg.
Chemi-Pharm has been an SEB customer for many 
years and uses a broad spectrum of services such as 
overdraft facilities, leasing, and cash management. 
“We regard SEB as our home bank for international 
business. All our international transactions are made 
through the bank.”
Kristo Timberg appreciates the bank’s proactive 
involvement. “SEB’s account manager is not just a 
contact we turn to with questions, but someone 
who constantly helps us to work out how to tackle 
future problems and initiatives. We truly appreciate 
our active, close relationship with the bank. We had 
a loan from SEB for the construction of our existing 
factory. This was a big step for us, and we received 
excellent help from SEB to get everything in place 
and working.”
Virginie Berg
Virginie Berg is from Marseille, but has lived in 
Sweden since 1994. After working some time as 
a consultant, in 1998 she started the company 
Sufraco-Savon de Marseille. The core business since 
the start has been the import of liquid soaps, but the 
product range has since been broadened, and today 
the company sells a wide array of beauty products 
aimed at “adding a gilt edge to life”. The company 
strongly emphasises that its products are made 
responsibly with respect to the environment, people 
and ingredients. 
Virginie Berg has been a private customer at SEB 
since 1994 and has had the same contact person at 
the bank the entire time, Tina Nordstrand, who today 
is branch manager in Gothenburg. 
“I came in contact with Tina and have followed her 
wherever she has moved. We understood each other 
from the start. It’s very straightforward with no 
fuss – she comes up with solutions for what I need,” 
says Virginie Berg. 
What’s most important in a banking relationship 
according to Virginie Berg is simplicity and avail­
ability, and of course the personal relationship. 
“Yes, absolutely! Confidence is important. My re-
lationship with my contact person is simple, straight-
forward and serious, and I always get fast answers,” 
she says.
“Our relationship is simple and serious. 
I get fast answers with no fuss.” 
Virginie Berg, private customer and entrepreneur
“We appreciate our active,  
close relationship with the bank.” 
Kristo Timberg, acting manager, Chemi-Pharm
Our customers contribute to the development of society. We assist 
them in realising their plans as well as in solving day-to-day challenges. 
Customer satisfaction is one of the most important factors in our business.
32 — SEB Annual and Sustainability Report 2021
Our business  —  Our customers

Vattenfall
Vattenfall is one of Europe’s largest energy compa-
nies, with 20,000 employees and main markets in 
Sweden, Germany, the Netherlands, Denmark and 
the UK. The company plays a key role in the energy 
transition and has the goal “to enable fossil-free 
living within one generation”. 
“We will drive and be a leading actor in the transi-
tion to a fossil-free society. That is our sustainability 
strategy, but also our business strategy – of course 
with full focus on being a profitable company,” says 
Kerstin Ahlfont. 
SEB has long been one of Vattenfall’s core banks. 
“We work with SEB in various parts of our business, 
both in our Treasury operations and in Markets, which 
is our interface to the energy markets, power exchang-
es and energy trading. SEB supports us with liquidity 
management, foreign exchange transactions and a 
number of other financial services.”
SEB is also an appreciated partner to Vattenfall 
in the green transition. “We see SEB as a pioneer in 
green financing, where the bank has been a valuable 
dialogue partner and service provider at an early 
stage. This is something that we have had much 
benefit from and which has enabled us to be at the 
forefront. But also in our daily activities we appre-
ciate that SEB has knowledgeable staff and good 
products that suit a company like ours. When we are 
looking for a product, SEB often has it – tried and 
tested – so we do not need to be the first to try it out”, 
says Kerstin Ahlfont.
Prime Capital 
Prime Capital is an asset manager focusing on 
alternative investments in infrastructure, real estate, 
transport and hedge funds. The company has its 
head office in Frankfurt and targets institutional 
investors such as insurance companies, private and 
public pension funds, and large family offices in 
Europe, with a focus on German-speaking countries.
“We regard Scandinavia as an interesting invest-
ment market especially for renewable energy, ener-
gy transition and real estate. Here, SEB has stood out 
as a very visible player and we have received sup-
port with financing and other matters. We have got 
to know one another well and the relationship has 
broadened more and more,” says Andreas Kalusche.
Prime Capital’s relationship manager is based 
in Frankfurt and Andreas Kalusche attaches great 
value to SEB’s local organisation in Germany.
“Our relationship manager has been very proac-
tive in quickly identifying our needs and bringing 
together different parts of our organisation with the 
bank’s experts regardless of whether they are in 
London or Stockholm.”
“We feel highly valued as a customer and appre-
ciate the bank’s humble but ‘how can we help you?’ 
kind of proactiveness. This is a good starting point 
for collaboration, and we are holding a number 
of conversations about how we can broaden this 
still further.”
“SEB is a very good partner for us in  
our green transition.”
Kerstin Ahlfont, CFO, Vattenfall
“We feel highly valued  
and appreciate your humble  
and helpful proactiveness.”
Andreas Kalusche, CEO, Prime Capital 
SEB Annual and Sustainability Report 2021 — 33

Working at SEB
To work at SEB is to be a positive force in society 
by helping our customers achieve their goals and 
contributing to a sustainable future.
SEB’s annual employee survey shows that the bank’s 
employees continue to be highly engaged with strong 
key performance indicators (KPI) compared with the 
benchmark of the financial sector. The survey also 
shows that our employees share a strong belief in 
SEB’s future and confidence in SEB’s management, 
and that they feel they have opportunities to develop 
and contribute to change. The results form a strong 
foundation for the bank’s continued work with its 
long-term strategy. 
While the year was affected by the Covid-19 
pandemic, it also featured major steps forward 
with respect to diversity and inclusion, new ways 
of working, leadership, learning and development, 
and recruiting and engaging talent.
Diversity for innovation and growth
At SEB we are convinced that diversity is crucial for 
innovation, better decision-making and risk manage-
ment. In this year’s employee survey, more questions 
connected to inclusion and diversity were added. 
The survey shows strong scores with respect to 
the employees’ perceived ability to be themselves 
at work and to equal opportunities. All forms of 
discrimination and harassment are unacceptable, 
and during the year we launched a new mandatory 
training to strengthen our ability to counter and act 
on cases of harassment. 
Examples of activities we worked with during the 
year include increasing the accessibility of our 
collaboration tools to make them more user friendly 
for employees with impaired vision and hearing. 
The diversity perspective has been strengthened 
also through the bank’s recruitment process, which 
strives from the start to be impartial regarding 
applicants’ identities, thereby promoting diversity in 
recruiting. In 2021, SEB launched a new programme, 
Diversify Finance, to support university students 
who are under-represented in the industry to apply 
for jobs with SEB. SEB also joined Diversity Charter 
Sweden, a non-profit organisation dedicated to 
promoting diversity in the workplace. The bank also 
participated in European Diversity Month with activ-
ities and campaigns to raise awareness and highlight 
its position on the issue. 
	Read more about our inclusion and diversity policy  
on p. 52 and 214.
We are changing our way of working 
Since 2018 SEB has been implementing the agile 
work methodology to increase the bank’s ability to 
act quickly and flexibly. On account of the Covid-19 
pandemic, a large share of employees have worked 
from home, and in connection with this we have 
made great strides in implementing digital tools and 
new ways of working. During the year, SEB commu-
nicated a new global policy for working from home, 
entailing that employees are being offered the 
34 — SEB Annual and Sustainability Report 2021
Our business  —  Our employees

opportunity to work from home for up to two days a week. The 
aim of this hybrid model is to enable the flexibility afforded by 
working from home combined with the advantages of working 
from the office while also reducing travel to and from work and 
thereby making a positive contribution to the environment. The 
bank continues to regularly follow up, re-evaluate and develop 
its ways of working to maintain its reputation as an attractive 
employer while also closely managing operating risk. 
Inclusive leadership 
A changing world and new ways of working also require 
inclusive leadership. During the Covid-19 pandemic, managers 
have quickly adapted their leadership and found new ways to 
effectively lead virtually with digital tools, which can also be 
seen in the results of the annual employee survey. In 2021, SEB 
continued to work with its leadership philosophy and support 
leaders to drive change, promote innovation and contribute to 
an inclusive culture that attaches a premium to a diversity of 
perspectives. The framework for SEB’s leadership philosophy 
is based on scientific research and has been developed in col-
laboration with SEB’s strategic partners, such as IMD Business 
School. At year-end, about 75 percent of the managers had been 
introduced to SEB’s leadership philosophy. 
Recruiting, developing and engaging employees
Our employees are our absolute most important asset, and we 
work actively to be an attractive employer. In 2021 SEB was 
ranked as the most attractive employer in the banking sector 
in Sweden by IT students and senior business professionals. 
Among business students, young business professionals, and 
young and senior IT experts, SEB was ranked number two in the 
industry. In the overall ranking, SEB climbed significantly in most 
categories. In the Baltic countries, too, SEB is showing strong 
results, ranking as the third most attractive employer in Latvia 
and Lithuania across all sectors. SEB’s trainee programme was 
ranked as the third best among economics students. In 2021, we 
continued to develop our global talent strategy and work more 
data-driven to recruit critical competencies and encourage our 
employees to develop. We continued to develop our career por-
tal, our global recruitment system, and our process for creating 
a more dynamic job market. During the year, continuous learning 
remained high on the agenda. The SEB Campus digital platform 
serves as a catalyst in this work, and twice a year new terms are 
started with a catalogue of courses that tailor to the compe-
tencies that the bank views as critical for the future. Trainings 
conducted during the year included virtual courses in advanced 
advisory services with a sustainability focus.
Well-being and safe work environment
SEB offers services and benefits along with a wellness subsidy 
to employees in its efforts to promote a healthy and balanced 
lifestyle. During the Covid-19 pandemic, SEB has expanded its 
efforts to improve employees’ health and well-being also when 
working from home, such as by facilitating the opportunity to 
purchase office furniture for home offices via a lifestyle benefit 
and offering virtual exercise sessions and meditation. 
	Read more in the sustainability report on p. 52 and 216.
Our core values 
SEB’s core values serve as the foundation for ways of working 
and culture. In combination with the vision – to deliver world-
class service to our customers – they serve to motivate and 
inspire employees, managers and the organisation as a whole. 
These values are described in our Code of Conduct, which 
provides guidance on ethical matters for all employees. 
Customers first
We naturally put our customers’ needs first, always seeking 
to understand how to deliver real customer value. 
Commitment
We are personally dedicated to the success of our ­customers 
and are accountable for our actions.
Collaboration
We achieve more because we work together. We share, 
challenge and learn from our experiences as a team. 
Simplicity
We strive to simplify what is complex. We respect our custom-
ers’ time by being accessible, straightforward and transparent.
	Read the Code of Conduct on sebgroup.com
~15,500
Number of employees
8.6
Employee turnover, %
48
Share of women in managerial roles, %
SEB Annual and Sustainability Report 2021 — 35

Meet our employees
Our 15,500 employees have different frames of experience, backgrounds, skills and perspectives. 
Through them we create enduring customer value and help drive progress in society. 
“Incredibly competent people.”
Nabil Gharib
Head Depositary Services
“I am happy that SEB has an  
ambitious sustainability agenda.”
Justas Jonikas
Head of Transaction Services in New York
From Lithuania to New York
Justas Jonikas started his career at SEB in Lithuania 
and was subsequently put in charge of coordinating 
finance and trade activities and building up the busi-
ness strategy for operations in the Baltics. When he 
entered the role as Head of Transaction Services for 
SEB in New York, it initially felt surreal.
“It was a big decision to make together with my 
family, since it would entail a big change in life for all 
of us,” he says. “But I’ve never regretted it.” 
Justas Jonikas and his team work with providing 
various financial services, such as factoring, trade 
­financing, cash management and leasing for corpo-
rate customers in the US and Canada.
“SEB has a solid customer base in the US, and most 
customers are currently in the process of expanding 
their operations,” he says. Despite the time differ-
ence and periodically hectic schedule, Justas  
Jonikas explains that he is motivated by the op-
portunity to work with professional and talented 
colleagues in various parts of the bank. And he is 
­especially proud to work for a bank that always 
strives to assist its customers.
“Even though profitability and shareholder return 
are two of our top priorities, these are complement-
ed by the bank’s strong values, which we genuinely 
live by. The sustainability aspect is also very impor-
tant for me personally, so I am happy that SEB has an 
ambitious sustainability agenda.”
Many opportunities to develop
Nabil Gharib came to Sweden from Syria as a three-
year old and spent his college years in the US. Today 
he is Head of Depositary Services and responsible 
for the safekeeping of assets owned by mutual funds 
in accordance with applicable rules and regulations. 
Following his studies, Nabil Gharib worked as a 
bartender, during which time he applied for jobs in 
the financial sector. 
“My time as a bartender gave me a wealth of im-
portant and basic experience in the service industry 
that I still carry with me today: to always have the 
customer in focus and make sure you provide good 
service with a smile,” he says. 
During his 20 years at SEB, Nabil Gharib has held a 
range of managerial roles in a number of the bank’s 
business areas, including two years in Luxembourg. 
“One of the things that makes my job so exciting is 
that I have the benefit of working with such incred-
ibly competent people and learning new things 
every day. I am a social person, and my time working 
abroad gave me an opportunity to broaden my net-
work,” he says.
Nabil Gharib says that one of the benefits of work-
ing in a large organisation like SEB is that there are so 
many opportunities. “You are responsible for driving 
your own development. Sure, support is available, 
but it is up to you to find out what paths are open and 
then to take the next step.”
36 — SEB Annual and Sustainability Report 2021
Our business  —  Our employees

“My job is stimulating and meaningful.”
Caroline Forsberg
Fund Manager, Investment Management
“There’s a warm and  
supportive culture at SEB.” 
Lena Ericsson
Client Executive, Private Wealth Management & Family Office
Influencing society in the 
right ­direction
Caroline Forsberg manages Swedish equity funds 
in Investment Management. She explains that the 
sustainability aspect of fund management has 
grown gradually since 2015 and has accelerated in 
recent years.
“It’s incredibly exciting to be part of the sustaina-
bility transition and to help companies and society 
move in the right direction through their managed 
assets. It makes my job stimulating and meaningful,” 
says Caroline Forsberg. 
In a ranking of the best sustainability funds con-
ducted by the news agency Bloomberg, two funds 
managed by Caroline Forsberg showed returns of 
30 per cent, which is more than twice the industry 
average and better than all of the sustainability 
funds that Bloomberg monitors in Europe, the US 
and Japan. Caroline Forsberg explains that while 
funds are not always performing at such a level, her 
strategy is based on fundamental company research 
that also includes evaluation of sustainability risks 
across the entire supply chain. Understanding a 
company’s ecosystem requires continuous dialogue 
with its management. 
“Getting to know the management is the only way 
to gain a genuine understanding of a company’s 
ambition, commitment and its potential to live up to 
its sustainability ambition,” she says. 
“It is truly a privilege to continue being challenged 
and to develop after 23 years at the same workplace.”
More than forty years at SEB
Lena Ericsson has been with SEB for more than four 
decades, and her experience in advising private 
customers dates back to 1985. During the last 15 
years she has worked with wealth management for 
families, now in the new Private Wealth Management 
& Family Office division.
“A person’s private economy is highly personal and 
therefore requires a long-term and close customer 
relationship based on trust,” says Lena Ericsson. “It’s 
very rewarding and valuable to be able to help our 
customers manage their wealth over several gener-
ations – from grandparents down to grandchildren – 
and guide them through their economic journeys.” 
Personal customer relationships is one of the 
­factors that has kept her at SEB during her profes-
sional life, combined with amazing colleagues and 
good leadership.
“I have always had good managers who have 
given me recognition and supported me along the 
way, which has helped me develop in my career,” 
says Lena Ericsson.
She explains that through her work at the bank she 
has gained an understanding of the interconnection 
between society, economics and politics, and keeps 
abreast of various trends, which she appreciates.
“There’s a warm and supportive culture at SEB, 
and our employees are very generous when it comes 
to sharing their knowledge.”
SEB Annual and Sustainability Report 2021 — 37

SEB is a leading northern European financial services 
group, founded in 1856. Our overall ambition is to 
become a leading corporate and investment bank 
in northern Europe with international reach, provid-
ing our products and services to retail customers 
in Sweden and the Baltics in a digital format with a 
human touch in moments that matter. Our home mar-
kets are the Nordic and Baltic countries, Germany 
and the United Kingdom. 
Engaged shareholders  
with a long-term focus  
Many of SEB’s larger institutional investors have had 
an ownership stake in SEB for more than a decade. 
SEB’s largest shareholder is Investor AB, where SEB 
is a core investment. Investor, northern Europe’s 
largest industrial holding company, was founded by 
the Wallenberg family in 1916. Investor is currently 
represented on the bank’s board with two seats, 
including the Chair.
The engaged and long-term focused shareholder 
base of SEB enables us to look beyond business 
­cycles, taking a long-term, structural perspective. 
This perspective gives us the opportunity to contri­
bute to the economy and the development of society 
through the dividend that we pay to our share-
holders. They include more than 250,000 private 
savers, some of Sweden’s largest pension funds and 
indirectly also foundations that support research 
and education.
	For information on our shareholders, see p. 93.
Diversified business, profitable  
growth and financial strength
Our earnings base and risk profile are diversified in 
terms of customer base, full-service product offering 
and geographical exposure. SEB has demonstrated 
strong profitable growth over time and continuously 
strives to improve its operating leverage through 
deepened customer relationships and continuous 
efficiency improvements. Our strong balance sheet 
creates flexibility for the future, enabling us to grow 
together with our customers.
New strategy
SEB recently launched its 2030 Strategy and 
related three-year business plan. Operating in an 
industry in constant transformation, we will build 
our focus upon four main areas: acceleration of 
efforts, ­strategic change, strategic partnerships 
and ­efficiency improvement. 
Coming from a position of strength, we will accel-
erate our investments to future-proof the bank and 
ensure our competitiveness for the years to come. 
A key part of SEB’s future relates to sustainability. 
In 2021, we presented our updated sustainability 
strategy and three new climate-related ambitions and 
goals. These are: The Brown – Reducing our fossil fuel 
credit exposure in the energy portfolio by 45–60 per 
cent by 2030; The Green – Increasing our sustaina-
bility activities 6–8 times by 2030, and; The Future 
– ­Assessing our credit portfolio’s alignment with the 
Paris Agreement by 2022 and setting targets for 2030. 
	See p. 20 for the 2030 Strategy  
and the business plan.
SEB has a unique customer base and market position, 
committed owners with a long-term perspective, a solid 
financial buffer and the strength to grow and create 
shareholder value.
Shareholder value in SEB
Our business  —  Our shareholders
38 — SEB Annual and Sustainability Report 2021

AMF is a Swedish pension company owned by the 
­Swedish Trade Union Confederation (LO) and the 
Confederation of Swedish Enterprise, and manages 
approximately SEK 790bn for some 4 million customers. 
AMF owns approximately 4 per cent of the shares in SEB, 
making it the fourth-largest shareholder. 
“We think SEB’s valuation is attractive based on the 
bank’s goals and relative to the stock market”, says Dick 
Bergqvist. “If you look back on the period from 2010 
to 2020, the bank has had favourable profit growth 
of around 7 per cent per year before credit losses. It 
pays a good dividend yield, and we have a very positive 
view of the share repurchase programme that the bank 
has announced.”
He appreciates that SEB breaks down its long-term 
aspirations for profitability and cost-efficiency at the 
divisional level in a transparent way.
“This makes us confident and gives us an understand-
ing of how the bank aims to achieve its long-term return 
target of 15 per cent”, According to Dick Bergqvist, 
SEB has built up its credibility in the market over a long 
period of time. “SEB has been best in class at delivering 
on its communicated cost targets. This instills credibility 
going forward if the bank were to need to ramp up its 
investment level and allow a slightly higher cost level in 
order to generate higher revenue further ahead. I think 
the bank exemplifies quality and continuity, and that it 
delivers on its set aspirations. This is the cornerstone of 
our investment case.”
Sustainability is another key factor for AMF. 
“We want SEB to continue reducing is credit exposure 
to fossil activities while at the same time supporting 
its customers in their climate transition”, asserts Dick 
Bergqvist. “The sustainability strategy and the clear 
and concrete goals that the bank has communicated are 
something we truly appreciate and support.”
Meet one of our 
shareholders
“SEB exemplifies quality and continuity,  
and delivers on its set aspirations.”
Dick Bergqvist
Portfolio Manager Swedish Equities, AMF
Shareholder value
The shareholder value created can be measured as total 
shareholder return (TSR), where both market value change and 
dividends paid in a time period are taken into consideration. In 
2021, the TSR for SEB’s class A share was 59 per cent. 
The Swedish FSA lifted its recommendation to restrict divi-
dends in 2021 and SEB distributed SEK 4.10 per share twice, 
in total SEK 8.20 per share. In addition, during the year a share 
buyback programme was launched. SEB’s share price appre­
ciated to SEK 125.85 from SEK 84.50.
	See p. 76 for dividend and share buyback information.
Financial targets
The Board of Directors of SEB has set financial targets in order 
to create lasting, long-term shareholder value. These targets 
are focused on the financial performance of SEB and capital 
repatriation to shareholders, while at the same time securing a 
solid financial buffer for the bank.
The outcome of the financial targets for 2021:
	• Dividend: The SEB Board of Directors proposed a dividend 
corresponding to a payout ratio of around 51 per cent.
	• Common Equity Tier 1 (CET 1) capital ratio:  
a capital buffer of 590 basis points above the  
Common Equity Tier 1 requirement.
	• Return on equity (RoE): 13.9 per cent, whereas the average 
return on equity for Nordic peers was 10.9 per cent and for 
European peers 8.4 per cent.
	SEB’s long-term targets are described on p. 73.
2021
2017–2021
2012–2021
59%
67%
372%
Total shareholder return
SEB Annual and Sustainability Report 2021 — 39

Banks’ role in society
Banks play a key role in order for society to work. 
The services and infrastructure we provide are 
essential for creating economic growth and ­social 
value. SEB makes it possible for households, 
­entrepreneurs and businesses to finance, invest, 
and manage payments and savings. We identify and 
manage risks as well as opportunities, and in doing 
so we promote economic development, growth, 
new jobs and international trade, and contribute to 
financial security and stability.
Sustainable entrepreneurship
To meet tomorrow’s challenges, as a society we 
must hold confidence in the future in the pursuit of 
innovation and transformative power. SEB drives a 
number of initiatives to promote sustainable entre-
preneurship and enable effective supply of capital 
for new ideas and initiatives.
During the year our newly established SEB 
Greentech unit carried out its first investments. 
The aim of this initiative is to give newly started 
greentech companies early access to funding to 
develop green technologies. In 2021, SEB Greentech 
made investments in companies that are developing 
sustainable chemical production, technology for 
wave energy and methods of producing environ-
ment-friendly biocoal, as well as planning tools that 
help cities reduce their carbon footprint. To date the 
unit has invested SEK 70m of its initial investment 
capital of SEK 300m.
SEB’s Innovation Forum is another platform for giving 
start-ups access to venture capital. In partnership 
with educational institutions in the greater Stock-
holm area, SEB selects promising companies to make 
pitches at special forums for potential investors 
among the bank’s corporate and private banking 
customers. Since the Innovation Forum was estab-
lished in 2014, about 100 companies have had the 
opportunity to make pitches, and the invited inves-
tors have accounted for 40 to 60 per cent of their 
raised capital. On top of this they have gained access 
to contacts and a valuable network. 
During 2021, SEB established The Next Awards 
in recognition of sustainable entrepreneurship. The 
award, which is conceived to be annual, is presented 
to innovators and pioneers who help make the world 
a better place. Nine finalists participated when the 
award was presented for the first time in a live web-
cast from the Stockholm Concert Hall. Read more 
about one of them, Stella Futura, on p. 41.
Support for young people
SEB lends support to young people and has been a 
partner of the Mentor organisation since 1997, which 
works to build self-esteem among youths in Sweden 
as well as their confidence in the future. Through 
its participation in various mentoring programmes, 
every year the bank’s employees reach thousands 
of young people throughout the country. In 2021, 
SEB also supported the Sports Heart sports camp, 
enabling economically disadvantaged children in 
Sweden to attend free of charge. 
SEB is an integrated part of society. We have a long 
tradition of positively contributing to society, by 
encouraging sustainable entrepreneurship, supporting 
young people, and promoting financial equality. 
SEB in society
Our business  —  Our role in society
40 — SEB Annual and Sustainability Report 2021

In the Baltic countries, too, we are strongly committed to 
­children and young people, which is manifested through partner-
ships, volunteering and sponsoring. During the year SEB started 
a two-year coding school in Estonia to address the shortage of 
software developers, which is a critical issue for the develop-
ment of companies in the country. The hope is that many of the 
215 prospective developers will eventually work for SEB, which 
will in turn benefit the bank’s corporate customers and contri­
bute to development in the entire region. 
Financial inclusion
During 2021, for the second year in a row, SEB conducted a 
wide-ranging campaign on financial equality with focus on en-
couraging women to own, save and start businesses. This theme 
was the focal point of a number of activities related to savings, 
home mortgages, entrepreneurship and generational shifts. In 
parallel, an internal course on financial equality was introduced 
for all SEB employees, followed by a more in-depth training for 
advisers focused on unconscious biases that affect whether 
men and women receive the same advice. Factual data for the 
initiative has been produced in collaboration with the think tank 
Ownershift, which advocates for more equal ownership among 
women and men. 
During the year, SEB also launched Diversify Finance, a new 
diversity programme that aims to encourage and support 
students who are under-represented in the industry to apply for 
jobs at SEB. 15 students in Sweden, with various backgrounds 
and experiences, were welcomed to get to know SEB through 
­internships, where they learned about career opportunities 
within investment banking and capital markets. 
Support for new thinking and innovation
To tackle the growing problem of digital fraud, all parts of 
society must come together. With that theme, during the autumn 
2021 SEB hosted the SEB Open Innovation Challenge on digital 
fraud prevention. The aim is to promote previously unfathomed 
solutions, innovative ideas and creative suggestions for how this 
problem can be solved. 
The challenge was open to the general public and attracted 
some 20 proposals. Five of these were chosen as finalists, who 
were invited to present their ideas at the end of the year to a 
jury of experts from SEB, universities and business. The winner, 
Rohon Kundu, received the award of EUR 10,000 for his idea.
Stella Futura was one of the finalists when The Next 
Awards, SEB’s newly established sustainability tribute, 
were presented in 2021. The company works with 
expanding access to renewable energy in a commercially 
sustainable way.
“Our journey started in Africa for the simple reason 
that there is where the major needs and major opportuni-
ties exist. Plus, I had a network in western Africa from my 
previous work”, explains Ulrika Tornerefelt. 
In pace with the company building up its operations 
in Africa and amassing expertise in energy tenders and 
smart financial solutions, combined with technological 
solutions, the Swedish market began transforming. 
“Suddenly we faced a scenario where our offering 
in Africa could just as well be applied back home in 
­Sweden”, she says. 
Among Stella Futura’s latest projects can be noted 
the first energy system that includes solar panels and 
battery storage for a dairy farm in Sweden, and a com-
mercial flexibility project for a waste collection system 
in Stockholm’s Hammarby Sjöstad district. Both projects 
have resulted in substantial savings for the customers. 
“It’s not enough to just understand technology; it’s not 
enough to just understand business development, you 
must combine them in a very smart way to make your 
product interesting for buyers. We combine state-of-the-
art technology with innovative business models”, Ulrika 
Tornerefelt says.
Meet one of The Next 
Awards’ finalists
“We combine state-of-the-art technology with 
innovative business models.” 
Ulrika Tornerefelt  
CEO and partner, Stella Futura
SEB Annual and Sustainability Report 2021 — 41

Sustainability report
CONTENTS
Ambition, strategy and goals	
Sustainability at SEB	
44
Strategy and goals	
46
Focus areas
Sustainable financing	
48
Sustainable investments	
50
People and community	
52
Business ethics and conduct	
54
The environment	
55
Sustainability management
Sustainability governance	
56
Sustainability policy framework	
57
EU regulatory development	
58
Engaging with stakeholders	
59
Climate report	
60
Sustainability notes	
208
GRI Index	
222
SEB and the Principles for Responsible Banking	
228
Auditor’s report	
234
42 — SEB Annual and Sustainability Report 2021

We accelerate 
change
At SEB, we are convinced that we can be a positive force for 
change in the sustainability transition. Innovation and responsible 
behaviour go hand-in-hand, which is also how we aim to conduct 
and develop our business. By partnering with our customers and 
supporting them on their transition journeys we believe we can 
make the greatest positive impact. We aim to accelerate the pace 
towards a sustainable future for people, businesses and society.
SEB Annual and Sustainability Report 2021 — 43
Sustainability report

SEB wants to be a leading catalyst in the sustainability transition. We have a strong 
ambition to accelerate the pace towards a sustainable future for people, businesses 
and society and believe we can make the greatest positive impact through global 
cooperation and by partnering with our customers on their transition journeys.
Sustainability at SEB
As a bank, SEB has the power, opportunity and responsibility to 
positively impact the world it operates in. We have a strong am-
bition to accelerate the change that is needed to combat climate 
change and limit global warming. We recognise our role in the 
important work of closing the EUR 3,000bn investment gap that 
is estimated by the EU to meet near-term needs. 
We believe that global cooperation and partnerships between 
the private and the public sectors are prerequisites to succeed. 
By committing to the Paris Agreement through the signing of 
the UNEP FI Principles for Responsible Banking, the Net-Zero 
Banking Alliance and the Net Zero Asset Managers initiative, 
we strive to reorient capital flows in line with the bank’s updated 
vision and business strategy. See p. 46 and p. 57.
Integrating sustainability into the business
Our banking services contribute to the transition towards a 
sustainable society. We serve private, corporate and institution-
al customers in our home markets and international network. 
Integration of environmental, social and governance (ESG) fac-
tors is fundamental and encompasses climate and environment, 
human rights, social relations and anti-corruption. We strive to 
integrate these factors into everything we do – into products, 
advice and business processes. In line with SEB’s Corporate 
Sustainability Policy we work with short-, medium- and long-
term perspectives. 
Impacts in two dimensions
SEB has both direct and indirect impacts on stakeholders, and 
we regard impacts in two dimensions. On the one hand are SEB’s 
and our stakeholders’ impacts on the planet and society, and on 
the other are the impacts that the planet and society have on 
SEB and SEB’s stakeholders, including on our customers’ busi-
ness models and thereby their repayment capacity.
Our material focus areas
Our main focus areas are sustainable financing and investments, 
where we aim to have a positive impact on the environment 
and to create value for people and society. We strive to avoid 
causing, contributing or being directly linked to negative impacts 
on people and the environment from our activities, products 
and services.
Several areas serve as the foundation for our long-term 
achievements. Financial strength and resilience, risk manage-
ment, business ethics and conduct, and crime prevention are all 
considered to be important in the long term for our stakeholders 
and are thus material for our business.
Meeting stakeholders’ expectations
In 2021 SEB further developed its sustainability work. To meet 
increased demands and expectations from customers, inves-
tors, employees and society at large we put considerable efforts 
into product innovation and on strengthened policy frameworks, 
which together with strong governance are important corner-
stones in our business. 
Another essential cornerstone is the transformation of our 
credit portfolio, work that was initiated in 2020 and where we 
use SEB’s Customer Sustainability Classification model. This 
tool enables us to engage in active dialogues with our customers 
(see p. 62). By advising and supporting our customers’ transition 
journeys, we believe we can make the greatest positive impact, 
and we are convinced that companies that actively work to inte-
grate sustainability into their operations and business decisions 
will be better equipped for the future. 
Financing the transition
We support our customers, share our  
knowledge and offer advisory services  
as well as sustainable financing and  
investment products.
Acting as a thought leader
We develop innovative products and  
services and set standards for how  
banks can contribute to a more  
sustainable society.
Being a corporate citizen
We fulfil our critical role in society  
and always strive to take an active  
part in building for the future.
Transforming our own business
We develop our own business,  
communicate our policies and goals, 
and transparently and continuously 
report on our position and progress.
44 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Ambition, strategy and goals
Our role
Mirrored in the sustainability strategy and goals (see p. 46), SEB has high ambitions for how to contribute to the 
transition. This is how we believe we can be a leading catalyst in the transition towards a sustainable society:

Impacting the UN Sustainable Development Goals
By signing the UNEP FI Principles for Responsible Banking 
(PRB), we have committed to aligning our business strategy to 
international goals such as the UN Sustainable Development 
Goals (SDGs). Our key impacts, positive and negative, are 
related to the exposure we have through our financing and 
investment activities.
In 2021 SEB conducted a PRB impact analysis, linked to the 
SDGs, which is based on sector exposures in the bank’s credit 
portfolio (see below). 
From an SEB Group perspective we prioritise five of the SDGs 
that are clearly linked to our business strategy and our sus-
tainability ambitions. They are related to our strong heritage of 
creating long-term growth and innovation as well as maintaining 
responsibility and an international outlook. 
Climate action (SDG 13). Climate action is addressed through-
out our business, from our pioneering role in green financing 
to our current work on helping our customers to transition and 
reduce their climate impacts.
Decent work and economic growth (SDG 8). Through our 
business we drive economic development both directly and 
­indirectly, and contribute to the creation of new jobs and 
growth in society, for example by supporting entrepreneurs 
and providing individuals and companies access to capital and 
financial services via our microfinance funds.
Industry, innovation and infrastructure (SDG 9). Innovation, 
­entrepreneurship and long-term relationships with ­industrial 
companies are part of our DNA, thereby contributing to a 
strengthening of infrastructure. We have long been active in 
standard-setting bodies such as the International Capital Market 
Association (ICMA). Through SEB Greentech we support compa-
nies in the green technology sector.
Peace, justice and strong institutions (SDG 16). Our business 
contributes to financial stability. We are committed to prevent-
ing corruption and bribery in all forms, money laundering, cyber-
crime, sabotage, intrusion attempts and financing of terrorism.
Gender equality (SDG 5). Gender perspectives shall be taken 
into account in the advice we provide to corporate as well as to 
private customers. In our microfinance funds, one focus area is 
financial inclusion, which ensures support especially to women 
in emerging markets. Internally, gender equality is an integrated 
part of our work with inclusion and diversity.
Impact analysis of SEB’s credit portfolio 
In 2021 SEB conducted an impact analysis – in line with our 
commitments to the ­Principles for Responsible Banking – on 
which SDGs we impact the most through our credit portfolio.
The impact analysis was performed based on SEB’s own 
advisory tool, the Impact Metric Tool (IMT). The IMT is a 
quantitative portfolio analysis tool that measures ESG factors, 
impacts on the SDGs, alignment with the EU Taxonomy and 
the exposure to climate risks. The tool’s SDG module, which 
has been developed in collaboration with the Royal Swedish 
Academy of Sciences, identifies and measures impacts of 
investments on the SDGs from a sector impact perspective.
SEB’s impact analysis was based on SEB’s exposure to each 
sector in its credit portfolio. The exposure was combined 
with the impacts each sector has, positive and negative, on 
the SDGs.
Based on this approach, and considering that the bulk 
of SEB’s ­activities lie within northern Europe, the analysis 
showed that the areas where SEB’s sector exposure has 
a potential negative impact are climate change (SDG 13), 
biodiversity (SDGs 14 and 15) and fresh water (SDG 6). 
In these areas SEB’s commitments and engagements are 
­particularly relevant. The areas with the most significant 
­positive impacts were for example SDG 8 and SDG 9. 
SEB is actively developing its work in the identified areas. 
In spring 2022 SEB is updating its Environmental Policy – to  
cover climate change, biodiversity and fresh water – and 
several sector policies. The Green Bond Framework has been 
updated to support SEB’s second green bond of EUR 1bn, 
which was issued and positively received in February 2022. 
SEB will continue to develop its businesses, products and 
services, striving to contribute to positive development in the 
areas where we have most impacts.
	See SEB and the Principles for Responsible Banking  
Reporting and Self-Assessment Template 2021, on p. 228. 
SEB Annual and Sustainability Report 2021 — 45

Strategy and goals
With the updated sustainability strategy, we have further raised 
our ambition level, clarified our role and taken the next step in 
accelerating the sustainability transition. 
As a key part of the updated sustainability strategy, we have 
defined new ambitions and goals, including laying out a path for 
reducing our fossil fuel credit exposure and at the same time 
setting growth ambitions for our sustainable products, advisory 
services and investments.
Carbon Exposure Index – The Brown 
This index is a volume-based metric that captures our fossil fuel 
credit exposure within the bank’s energy portfolio. SEB’s goal is 
to reduce the fossil fuel credit exposure within power genera-
tion and distribution (by >30 per cent), oil and gas exploration 
and production (by >70 per cent) and refining and distribution 
(by >30 per cent), for a combined reduction of 45–60 per cent 
by 2030 compared with a 2019 baseline. 
Reaching this goal means that we will be in line with or outper-
form the strictest 1.5-degree scenario assumptions provided by 
the International Energy Agency and Network of ­Central Banks 
and Supervisors for Greening the Financial ­System (NGFS).
Sustainability Activity Index – The Green 
This index is a volume-based metric that captures our 
­sustainability activity. It measures:
	• sustainable financing
	• sustainable finance advisory
	• greentech venture capital investments
	• Article 9 investment products (in line with the EU’s 
­Sustainable Finance Disclosure Regulation, SFDR) as 
a share of SEB’s fund offering, own and external.
The ambition is to increase average sustainability activity 6–8 
times by 2030 compared with a 2021 baseline.
Transition Ratio – The Future 
We will transition together with our customers as reflected 
in a Transition Ratio, which is a ratio based on our internal 
­Customer Sustainability Classification model. This entails that 
we assess our customers’ climate impact and alignment with 
the goals set out in the Paris Agreement, thereby classifying our 
­credit ­portfolio. 
By using this tool we gain a better understanding of our 
customers’ transition journeys and can support them in ­reducing 
their carbon footprints and ensuring their transition over time. 
We aim to complete the classification of our credit port­folio in 
2022 and to set targets for 2030. See p. 62, the Climate Report.
In 2021 SEB presented an updated sustainability strategy that outlines the bank’s 
role in the transition towards a sustainable society, which is part of SEB’s business 
plan for 2022–2024 and a cornerstone of SEB’s 2030 Strategy. 
The Brown – Reduce our fossil fuel credit  
exposure in the energy portfolio 
0
2019
2050
2035
100
2025
2045
2040
2030
45 to 60%
reduction
  International Energy Agency, 1.5-degree scenario Net Zero by 2050 
without Carbon Capture Usage and Storage, CCUS
  Network of Central Banks and Supervisors for Greening the Financial 
System, 1.5-degree scenario, REMIND model
  SEB credit exposure corridor for fossil fuel in the energy portfolio
  Sustainable   
  Paris-aligned transition   
  Transition
  Gradual change   
  Status quo/not in transition   
  Fictitious customer 
20%
0
–50%
–100%
	
2010	
2020	
2030	
2040	
2050
The Future – Assess our customers’ greenhouse gas emissions
A fictitious customer’s transition journey
2021
2030
2025
6x to 8x
by 2030
800
600
100
The Green – Increase average volume-based sustainability 
activity
46 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Ambition, strategy and goals

Goals and outcome
Area
Description
Outcome 2021
Outcome 2020
Goal 2021
Goal 2025
Innovation
 Create sustainable finance innovation centre  
to develop and launch new sustainable  
products and services 
9  
sustainable prod-
ucts or services
12
sustainable prod-
ucts or services
5
sustainable products 
or services
Included in goals 
2025 and 2030 
above
Sustainable 
financing
Green loans1) 
SEK 29bn
SEK 25bn
Increase
Included in goals 
2025 and 2030 
above
Green mortgages
SEK 8bn
SEK 4bn
Increase
Green bonds, underwriter, Nordic bank ranking2) 
#2
#2
#1
Gradually transform our credit portfolio towards  
increased sustainable financing
50% of relevant 
credit exposure 
assessed, 30% 
classified. See p.63
Sector-based 
climate-impact  
classification of 
corporate credit 
portfolio performed
Gradual transforma-
tion of credit portfolio 
to increase share 
of transitional and 
sustainable assets
Sustainable 
investment 
Total funds (AuM) with sustainability criteria /  
SFDR article 8 & 9, as share of SEB’s total AuM3) 
27%
14%
Increase
Included in goals 
2025 and 2030 
above
SEB funds with sustainability criteria / SFDR article 
8 & 9, as share of SEB’s fund company’s total AuM3) 
82%
45%
Increase
SEB funds with human rights criteria as share of 
SEB’s fund company’s AuM
100%
100%
100%
SEB Impact and Thematic funds, total AuM4) 
SEK 13bn
SEK 12bn
Increase
People
Integrate sustainability into KPIs  
for Top Senior Management5) 
90%
67%
Implement for all 
direct reports to GEC
Increase towards 
100%
Gender by management type, (men/women):
• Group Executive Committee (GEC) 
67/33%
64/36%
Increase balance in 
senior management 
towards long-
term ambition of 
50/50±10%
Increase balance in 
senior management 
towards long-
term ambition of 
50/50±10%
• Top Senior Management5) 
56/44%
• Senior Management
64/36%
64/36%
Business 
ethics and 
conduct 
Employees who have completed global 
mandatory training6), average
95%
81%
Increase towards 
100%
Increase towards 
100%
Environment, 
direct impact
Absolute CO2 emissions reduction by 66% by  
2025 (compared with 2008)
Gross 9,389 tonnes 
Net 0 (through 
compensation)
9,734 tonnes
Reduce to 17,137 
±5% tonnes by 2025. 
Net zero emissions
from 2021
Not to exceed 
17,000 tonnes  
±5% by 2025
1)	 Green loans include project financing in the EU, the UK and the Nordic 
region, in line with SEB Green Bond framework sustainability criteria.
2)	 Bloomberg (ranking by volume).
3)	SFDR, Sustainable Finance Disclosure Regulation applies from March 
2021; article 8 funds are environmental and socially promoting and 
article 9 funds have a sustainable investment objective.
4)	 Includes SEB Micro Finance Funds, SEB Impact Opportunity Fund, SEB Green Bond Fund and 
Lyxor SEB Impact Fund.
5)	Top Senior Management, GEC+GEC direct reports. 
6) SEB global mandatory trainings: Code of Conduct, AML and Combating Financing of Terrorism, 
Fraud prevention, Cyber Security, GDPR, Sexual Harassment and Sustainability Training on 
Climate Change. Includes consultants, excludes employees on leave of absence. See p. 212.
Goals 2025 and 2030
In line with the updated sustainability strategy, SEB has intro-
duced three new goals: The Brown, The Green and The Future 
(see p. 46). These three goals will henceforth replace the corre-
sponding targets that SEB has presented since 2017. The goals 
for the areas People, Business ethics and conduct, and Environ-
ment, direct impact, will still remain, however the date has been 
adjusted to align with SEB’s new goals.
Area
Description
Baseline
Goal 2025
Goal 2030
The Brown
Carbon Exposure Index, measuring the fossil fuel credit exposure  
in our energy portfolio (index)
Index=100, 2019
Decrease towards 
target 2030
Reduce by 45–60 per 
cent
The Green
Sustainability Activity Index, measuring our activities that support  
sustainable development (index)
Index=100, 2021
Increase 3–4 times
Increase 6–8 times
The Future
Transition Ratio, measuring our corporate and real estate credit  
portfolio’s anatomy from a climate perspective
Baseline to be  
established in 2022
SEB Annual and Sustainability Report 2021 — 47

Sustainable financing 
Focus on sustainable development, especially on climate 
change, intensified across the globe in 2021. Extreme weath-
er events, the Sixth Assessment Report of the IPCC and the 
COP26 climate summit in Glasgow all contributed to heightened 
attention. Also, SEB saw a clear increase in expectations from 
corporate customers, financial institutions and private individu-
als on how we can support them with services and advice. 
Responsible lending
Responsible financing and lending are important cornerstones of 
our business. We take a restrictive approach to doing business 
in industries with a high risk for corruption, negative impacts on 
human rights and labour rights, and businesses that operate in 
jurisdictions with low or no respect for human rights, and where 
proper mitigation is lacking. For private customers we adapt our 
advice and services to their specific needs and circumstances in 
processes and decisions.
SEB’s Customer Acceptance Standards include environmental, 
social and governance (ESG) factors in what the bank considers 
to be critical requirements when accepting new customers and 
retaining existing ones. SEB’s group-wide policies define how 
the bank is to take sustainability risks into account in financing 
activities. All transactions are to adhere to these policies. 
	See p. 57.
Our processes aim to ensure that material sustainability risks 
are identified, assessed and incorporated into the credit analy-
sis and considered from SEB’s compliance and reputational risk 
perspective. Particularly sensitive matters are to be discussed 
and approved within the divisional Sustainability Business Risk 
Committees before they are assessed in the Credit Committees.
	See p. 56.
Dialogue and advice
We engage in constructive and concrete dialogues about our 
customers’ needs in relation to sustainability challenges and op-
portunities. The Customer Sustainability Classification model is 
a hands-on tool for SEB’s client teams that enables us to deepen 
our relationships and mutual understanding of our corporate 
customers’ decarbonisation journeys, see p. 62. We strive to 
proactively offer solutions that we identify as relevant for them, 
based on a structured analysis. 
The Impact Metric Tool (IMT) continued to be an appreciated 
advisory service by our customers. This quantitative analysis 
tool, developed by SEB, consists of modules that measure ESG 
aspects of companies’ performance on a portfolio level. It also 
assesses positive and negative impacts with respect to the 
SDGs as well as the alignment of investment portfolios to the EU 
Taxonomy. More than 150 customer portfolios were analysed 
using this tool during the year.
We are convinced that we can make the greatest positive 
impact by being engaged in our customers’ transition journeys. A 
proof that our customers appreciate our advisory services are the 
Prospera surveys, published in 2021 and 2022, focusing on banks’ 
sustainability advice. SEB was two years in a row ranked number 
one by companies as well as institutions in the Nordic region.
Sustainable and sustainability-linked  
bonds and loans
Sustainability aspects are incorporated across a broad range 
of financial solutions in the bank. Among the products we offer 
are green bonds, social bonds, sustainable bonds, sustainability-­
linked bonds, green loans and sustainability-linked loans. 
In 2021 SEB was the first bank in the Nordic region to start 
offering sustainability-linked supply chain financing. For private 
customers in Sweden, green mortgages continued to grow, 
reaching SEK 7.9bn, and loans for solar panels were increasingly 
appreciated. In late 2021 SEB also began offering green mort-
gages in the Baltic countries. 
Among corporate customers, performance-based solutions 
such as sustainability-linked loans and bonds saw particularly 
strong growth in the Nordic market and especially in Sweden. 
The financing cost for these products is linked to the customer’s 
ability to perform on pre-defined sustainability-related KPIs 
such as climate impact mitigation or social issues. In 2021 SEB 
The financial sector can be regarded as one of the main drivers in the transition towards a 
more sustainable economy. At SEB we are convinced that we can accelerate the pace of 
this transition by supporting our customers through close collaboration, providing first-class 
advice and innovative financial solutions that are tailored to their needs.
48 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Focus areas

was involved in several transactions, including H&M, SSAB, 
Maersk and EQT. 
The market for green bonds saw its strongest year ever with 
USD 474bn in new issuances globally, up 56 per cent from 2020. 
This type of funding is earmarked for low carbon and/or environ-
mentally sustainable investments. SEB is a pioneer and has been 
a global thought leader in green bonds for close to 15 years. 
In 2021 SEB had a leading position in the Nordic market with an 
18 per cent share of global transactions by Nordic banks and 
underwrote an aggregate volume of USD 6.2bn.
SEB aims to continue the development and creation of new 
financial services. As part of its sustainability strategy, SEB has 
set goals for growing sustainable products and advisory services 
by 2030. 
	See p. 46.
Updated Green Bond Framework
To finance projects and assets that support an ­environmentally 
sustainable society, SEB issues green bonds. In January 2022, 
SEB published its updated Green Bond Framework which 
­defines eligible assets that can be financed by green bonds 
issued by SEB.
The updated framework, which is in line with the 2021 
ICMA Green Bond Principles, has been made more inclusive to 
also support areas such as biodiversity and the transition to a 
circular economy. It is also broadly aligned with the technical 
screening criteria of the EU Taxonomy as of December 2021. To 
ensure that the framework meets high climate and environmen-
tal ambitions and international standards, SEB has obtained an 
independent, research-based, evaluation from Cicero Shades 
of Green. Cicero’s second opinion rates the framework Medium 
Green and SEB’s governance Excellent. In February 2022, SEB 
issued a green bond of EUR 1bn under the updated framework, 
refinancing its first green bond from 2017. 
As per 31 December 2021, eligible green assets under the 
2016 framework amounted to SEK 23bn. SEB’s goal is to contin-
ue to grow its green lending as part of the ambition to increase 
sustainability-related financing. 
Poseidon Principles
In 2021 SEB reported on the climate alignment of our loan port-
folio in the shipping sector, according to the Poseidon Principles, 
signed by SEB in 2020. 
The Poseidon Principles establish a global framework for 
responsible ship finance that aims to quantitatively assess and 
disclose whether financial institutions’ lending portfolios are 
aligned with climate targets set by the International Maritime 
Organization (IMO), a specialised agency of the UN responsible 
for regulating shipping. The IMO’s ambition is to reduce total 
annual greenhouse gas (GHG) emissions from international 
shipping by at least 50 per cent by 2050, based on 2008 levels. 
The ambition is presented as a trajectory with annual emission 
values until 2050.
SEB’s result shows a climate alignment score for the bank’s 
shipping portfolio for 2020 that was 2.5 per cent above target. 
Excluding the Cruise segment, which was an outlier in 2020 due 
to the Covid-19 related layup of vessels, the score would have 
been 3.8 per cent below target, ­implying that the bank’s portfo-
lio is aligned with the Poseidon Principles trajectory.
The results will be helpful in the process of aligning the bank’s 
decision processes, and thereby the lending portfolio, with the 
shipping industry’s transition towards a low carbon future.
Equator Principles 
For project financing, since 2007 SEB has been adhering to the 
Equator Principles (EP), a voluntary set of guidelines used by 
financial institutions to assess the social and environmental im-
pacts of large projects and assist customers in managing them. 
In 2021 we conducted eight project finance transactions 
under the Equator Principles – four in category B (projects with 
potential limited adverse environmental and social risks) and 
four in category C (projects with minimal or no social or environ-
mental impacts). 
SEB’s green loan portfolio by sector 2021
Per cent
  Renewable energy
41
  Green buildings
27
  Sustainable forestry
15
  Clean transportation
14
  Energy efficiency
3
  Water and wastewater 
management
<1
  Waste management
<1
SEB Annual and Sustainability Report 2021 — 49

Sustainable investments
We aim to have a comprehensive and competitive offering to 
­private, corporate and institutional customers where environ-
mental, social and governance (ESG) factors are fully integrated 
into the investment processes. Our offering covers a broad 
variety of products and services, including funds managed by 
SEB Investment Management, funds managed by external fund 
managers, equities and certificates, discretionary portfolio 
management and self-service investment solutions. The offering 
is evaluated on an ongoing basis. SEB Investment Management 
became a signatory of the UN Principles for Responsible Invest-
ment (PRI) in 2008. All external fund companies have signed the 
PRI. SEB Investment Management managed assets worth 
SEK 831bn at year-end 2021. 
Sustainability at SEB Investment Management
SEB Investment Management strives to integrate sustainability as-
pects into all types of investments and asset classes. This is done 
by investing in companies that have integrated sustainability into 
their business models or have well-defined transition plans, by 
excluding industries and companies that do not meet SEB Invest-
ment Management’s sustainability criteria, and by continuously 
engaging with the companies in which we invest or might invest. 
In 2021 SEB Investment Management joined the Net Zero 
Asset Managers initiative, to commit to achieving net zero green-
house gas emissions by 2040 and aligning all investments with 
the Paris Agreement. To achieve this, SEB Investment Manage-
ment has set interim targets to reduce financed emissions by 
50 per cent by 2025 and 75 per cent by 20301). This commit-
ment is formalised in SEB Investment Management’s Climate 
Statement. In addition, the fund company will increase invest-
ments in companies that contribute to sustainable solutions or 
enable transition (see Sustainability Activity Index, p. 46), and 
will work to support companies on their transitional journeys. 
SEB Investment Management continuously evaluates its product 
offering and strives to improve its work by ­updating strategies 
and improving processes. In 2021 an updated ­Sustainability 
Policy was implemented. 
Focus on integration
SEB Investment Management invests in companies that actively 
manage environmental, social and governance factors in their 
operations. We aim to identify companies that work to solve 
global sustainability challenges, for example by investing in line 
with the UN Sustainable Development Goals. To strengthen 
its analyses, in 2021 SEB Investment Management launched 
a proprietary sustainability model that assigns each potential 
investment a sustainability rating. It is used as a tool to create a 
fundamental view of companies’ sustainability work.
Criteria for exclusion
SEB Investment Management’s funds do not invest in compa-
nies that fail to respect international conventions and guide-
lines, such as the UN Global Compact, the OECD Guidelines 
for Multinational Enterprises, the UN Universal Declaration 
of Human Rights, the UN’s Guiding Principles on Business and 
Human Rights, the ILO Core Conventions on Labour Standards 
and Children’s Rights and Business Principles. In 2021 all of SEB 
Investment Management’s funds were managed in accordance 
with human rights criteria. 
These funds are also managed in accordance with the same, 
strict exclusion criteria. The funds exclude companies that pro-
duce fossil fuels, including unconventional extraction, and com-
panies that generate electricity from fossil fuels. Exemptions 
can be made for companies that demonstrate clear transition 
plans, as many of these will be crucial for realising the sustaina-
ble transition. Companies that produce pornography or tobacco 
or have more than five per cent of their turnover from alcohol 
and commercial gambling are also excluded. SEB Investment 
Management’s Exclusion Committee makes the formal decision 
regarding which companies are to be excluded from investment. 
The exclusion list is reviewed at least quarterly, and the screen-
ing is done through the external advisor ISS ESG. 
Active ownership 
SEB Investment Management works actively to influence the 
companies in which it invest, in their effort to achieve positive 
change. In Swedish and Nordic companies, where we are often 
one of the largest shareholders, this commitment is implement-
ed directly through dialogues with the company’s executive 
management and board. Moreover, we vote at shareholder 
annual general meetings and serve on nomination committees. 
During 2021, SEB Investment Management voted at 331 annual 
and extraordinary general meetings and served on 35 nomina-
tion committees in listed Swedish companies.
Collaboration initiatives and partner-led dialogues
SEB Investment Management is a signatory of or has joined more 
than 20 collaboration initiatives focusing on various themes 
and issues, together with other investors. Among these are the 
UN PRI, the Institutional Investors Group on Climate Change 
(IIGCC), the CDP and the Investors Policy Dialogue on Deforest-
ation (IPDD). These engagements are reviewed and evaluated 
on a case-by-case basis by SEB Investment Management’s 
sustainability team together with relevant investment teams to 
ensure the objectives are aligned with our priorities and those 
of our customers. Federated Hermes EOS is one of the world’s 
leading organisations within corporate engagement, maintaining 
SEB is one of the largest institutional investors in the Nordic region. As an asset manager, 
we have high ambitions to contribute to sustainable development by investing in companies 
and other assets that can contribute to the transition to a more sustainable economy, 
meeting the expectations and requirements from customers and regulators.
1)	 Baseline year 2019.
50 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Focus areas

continuous dialogues with corporate executives. During the year, 
Federated Hermes conducted more than 2,700 dialogues on 
various sustainability-related issues on behalf of SEB and other 
investors. Our collaboration with the IIGCC is part of the Climate 
Action 100+ initiative. The aim is to influence the 167 companies 
that account for the largest carbon emissions globally. BP, Rep-
sol and Royal Dutch Shell are among the companies that in re-
cent years have made long-term climate-related commitments.
In 2021 SEB Investment Management was engaged in the 
CDP’s water programme, urging companies to disclose environ-
mental data on climate change, deforestation and water secu-
rity. SEB Investment Management is also actively focusing on 
matters related to biodiversity. As an example, the matter was 
raised through the IPDD where SEB Investment Management 
discussed sustainable land use and management of natural 
resources with the Brazilian government, with the aim to combat 
accelerating deforestation. 
Impact investments
Starting in 2013, SEB Investment Management has been a 
pioneer in offering microfinance funds and is today one of 
Europe’s largest managers of this type of impact funds. SEB 
Investment Management launched its ninth microfinance fund 
in 2021, and through the local microfinance institutions, the 
current funds reach nearly 20 million entrepreneurs in 55 
­developing countries with more than SEK 7bn in total assets 
under management1).
In 2021 SEB Investment Management launched the Global 
Climate Opportunity Fund – a thematic fund focusing on compa-
nies that are assessed to have solutions to global climate chal-
lenges. The fund is classified as “dark green” according to the 
EU’s Sustainable Finance Disclosure Regulation (SFDR), which 
means that it has sustainable investments as its goal, see p. 58.
SEB’s Impact Opportunity Fund also works with impact 
investments, but with a broader mandate to invest in various 
sectors with a positive impact on sustainable development and 
the environment. 
The Lyxor SEB Impact Fund invests in companies that, through 
their products or services, offer innovative solutions to environ-
mental or social challenges. The fund invests in five focus areas, 
including sustainable energy and resource efficiency. 
The SEB Global Equal Opportunity Fund, launched in 2021, is a 
thematic fund that invests in companies that outperform peers 
in terms of gender equality and diversity in their organisations. 
The fund also invests in companies delivering services or prod-
ucts that directly or indirectly support equal opportunities from 
a gender perspective. 
SEB Investment Management assets under management  
31 December 2021
  ­Have sustainable investments as 
their objective (article 9)
2%
  Promote environmental and social  
characteristics (article 8)
80%
  Other
18%
831
SEB Investment Management  
assets under management, SEKbn
20
million entrepreneurs are reached by 
microfinance loans
1,250
Number of companies engaged with
SEB Life and Pension 
SEB’s life insurance company offers insurance and savings solu-
tions for customers mainly in Sweden and the Baltic countries. 
Sustainability is integrated into the investment process through 
close collaboration with SEB’s asset management organisation 
with resources that are dedicated entirely to working with 
­sustainability and active ownership. 
In 2021 several new investments were made within SEB 
Traditional Insurance, offered by the Swedish life insurance 
company. Among the examples are an investment in infrastruc-
ture that focuses on technology for fossil-free energy. The aim 
is to support the transition to lower carbon emissions in sectors 
such as transport and the industrial sector. Another example is 
an investment in unlisted companies whose main purpose is to 
find solutions to environmental and climate challenges, but also 
to matters such as food waste, health and education.
1)	 Includes the Impact Opportunity Fund.
SEB Annual and Sustainability Report 2021 — 51

People and community
Respecting human rights and labour rights is part of SEB’s 
responsible business practice. We believe in equal rights for 
children, women and men, and that diversity is a resource that 
is to be supported, respected and applied. Equal rights and 
opportunities shall be supported irrespective of gender, national 
or ethnic origin, religion or belief, age, transgender identity or 
expression, sexual orientation or disability.
Inclusion and diversity
Inclusion and diversity are high on SEB’s agenda, not least with 
respect to our employees, and we strive to be a role model in all 
countries in which we operate. SEB has an Inclusion and Diver-
sity Policy in place, and we work in a structured way to actively 
recruit women to leadership roles, promote equal pay, recruit, 
develop and promote people with an international background, 
and increase diversity within teams and management groups. 
Through clear routines we ensure a wide selection of appli-
cants when positions are to be appointed, we set key perfor-
mance indicators and targets at the senior managerial level, 
and we continuously monitor our progress. Our aim is to ensure 
diversity in SEB’s talent pool and in succession planning for 
people who in the future are relevant to the bank’s various 
managerial roles. 
In 2021 a new recruitment system was introduced, based on 
various tests to match the right person to the right role. Instead 
of information about a person’s background, gender and age, the 
manager receives the results from the candidate’s test and can 
therefore make a more objective assessment.
Mandatory training in the prevention of sexual harassment 
was also introduced for everyone who works for SEB. The pur-
pose is to increase knowledge about what can be considered as 
sexual harassment and give employees tools to act if something 
were to occur to oneself or a colleague. At year-end, 93 per cent 
of all employees had completed the training. Moreover, we 
became a member of Diversity Charter Sweden, a non-profit 
organisation that works to promote diversity in the workplace. 
Building competence among employees
We have a strong focus on expanding sustainability competence 
among employees. In collaboration with Stockholm ­Resilience 
Centre, SEB offers a training on climate change, which is man-
datory for our 15,500 employees globally. In 2021 we also 
introduced a sustainability training for employees working with 
private customers as well as small and medium-sized corporate 
customers. The training aims to lay the foundation for sustain-
able finance knowledge from an ESG perspective with a key 
focus on sustainability risks and opportunities and the changing 
regulatory environment. For several years we have also been 
offering training in sustainable finance, developed by SEB in 
collaboration with the United Nations.
Through continuous learning we aim to ensure that employees 
have the skills needed to perform and develop. In doing so we 
have been able to avoid major reorganisations with redundan-
cies as a result. In situations where lay-offs for organisational 
reasons must be implemented, SEB in Sweden works according 
to a process that is regulated in collective agreements with the 
trade unions.
Health and work environment
SEB works long term and preventively to ensure a safe and 
healthy workplace where employees have a good balance be-
tween work and private life. In 2021 a new global employment 
policy was introduced. A majority of all employees can now 
choose to work from home for up to two days a week. 
During 2021, another year marked by the Covid-19 pandemic, 
sick leave at SEB in Sweden remained low, at just below three 
per cent. SEB offers a range of measures to promote both 
mental and physical health among employees, including digital 
training sessions and lectures on mental health. For a number of 
years, we have also been offering employees the opportunity to 
speak anonymously with a psychologist, free of charge.
SEB is committed to having a social impact to enable people and communities to 
prosper and grow. Through our expertise, products and services we have direct 
and indirect impacts on employees, customers, portfolio companies and suppliers. 
Sustainability Key Performance Indicators 
(KPIs) linked to remuneration
SEB recognises the importance of aligning incentive 
structures with its sustainability ambitions. The bank 
has group-wide as well as specific goals for the various 
divisions and units, targeting environmental, social and 
governance areas, for example carbon emissions, diversity 
and regulatory compliance.
Sustainability KPIs are integrated in the allocation 
process of long-term incentive structures for members of 
SEB’s Group Executive Committee (GEC), for managers who 
report to GEC, as well as for other eligible positions. 
SEB aims to integrate the bank’s updated ambitions and 
goals (see p. 46) into evaluations of SEB’s senior managers.
	For more information on SEB’s remuneration principles, 
see p. 106.
52 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Focus areas

Human rights risks in our business
SEB assesses the risk for human rights violations in accord-
ance with the group’s Human Rights Policy and international 
agreements. We aim to avoid causing, contributing to, or 
being directly linked to adverse human rights impacts, and 
we strive to identify and assess areas where we could po-
tentially have a negative impact in financing or investments 
through our business relations.
A customer with low human rights ambitions, that might 
expose people to, for example, danger or violations, could 
in addition to the risk of causing negative impacts on human 
beings present a credit risk for the bank. There is also high 
reputational risk associated with investing in such compa-
nies. This type of risk is to be assessed and monitored in the 
credit and investment processes. SEB Investment Manage-
ment has strict criteria for how its actively managed funds 
are to relate to holdings that verifiably breach international 
norms regarding human rights criteria. 
Our approach to child labour and forced labour
SEB is committed to the principles of protecting children 
and other vulnerable groups from any form of exploitation, 
including child labour and forced labour. We acknowledge 
that we, through our business activities, have a potential 
impact on child labour and forced labour issues. We strive 
to identify and mitigate our exposure to risks related to 
these areas and to influence our customers and portfolio 
companies to have appropriate labour policies and monitor-
ing systems of sufficient quality.
We are also a member of the Swedish Financial Coalition 
against Commercial Sexual Exploitation of Children which 
seeks to prevent and impede payments associated with 
child abuse through the Swedish financial system.
Mandatory training completed, % of all employees, 2021
0
40
20
60
80
100
Sexual harassments
Climate change
General Data Protection
Code of conduct
Cyber security
Fraud prevention
Anti-money laundering
Labour law and trade unions
Cooperation with employee representatives of trade unions and 
works councils, for example, is an integral part of daily opera-
tions and something that is encouraged. We cooperate through 
the European Works Council (EWC) and with local employee 
representatives. In Sweden, SEB cooperates with the trade 
unions at the workplace, at both the divisional and group levels. 
Trade unions are represented on SEB’s board. We adhere to a 
number of industry-wide collective agreements, and we have 
entered into local collective agreements to regulate conditions 
for employees in several countries where we operate.
Gender distribution (men/women), %
Top senior management1) 
56/44
All managers 
52/48
Board of Directors
56/44
  Men   
  Women
1)	 Includes the Group Executive Management (GEC) and managers who report  
directly to GEC.
SEB Annual and Sustainability Report 2021 — 53

Business ethics and conduct
It has always been a priority for SEB to maintain the highest 
standards of business ethics and we strive to continuously 
improve processes and procedures. We are guided by global 
initiatives and international standards, and over the years we 
developed own documents that steer and support our work. 
Code of Conduct
SEB’s Code of Conduct describes SEB’s way of working, the 
bank’s values, ethics and standards of business conduct and 
provides guidance on how employees are to abide by these 
values. The Code covers all employees of the SEB Group – in 
all markets where we operate – and helps employees in their 
efforts to build enduring relationships with customers and other 
stakeholders. Training in SEB’s Code of Conduct is mandatory for 
all 15,500 employees. 
	See sebgroup.com
Customer data ethics
In 2021 SEB adopted a Customer Data Ethics Policy, which 
sets the framework for responsible handling of customer data, 
data-driven innovation and the use of artificial intelligence. 
The policy consists of eight principles for responsible business 
development and innovation that aim to protect customers and 
ensure confidence in the bank. These principles aim to safeguard 
human rights, protect customers and ensure that ­customer data 
is handled in an ethical and responsible manner in the ­continuous 
development of SEB’s services and offering.
 
 See sebgroup.com
Protecting privacy is of utmost importance to SEB when pro-
cessing customers’ personal data. Our customers should always 
feel safe in their relationship with SEB and in the processing of 
their personal data. We therefore always make sure that we 
process information provided by customers correctly and in 
compliance with applicable confidentiality and personal data 
protection regulations. Furthermore, we always require that 
persons who are charged with the handling of personal data on 
our behalf undertake by written agreement to observe a duty of 
confidentiality and SEB’s strict IT-security requirements.
Anti-corruption
SEB works actively to prevent the risk of being used for corrup-
tion in line with applicable rules and regulations as well as its 
own internal rules and ethical standards. SEB does not engage 
in or tolerate unlawful or unethical business practices, and does 
not tolerate involvement in or association with corruption under 
any circumstances. In 2021, SEB adopted an Anti-Corruption 
Policy, which sets the framework for anti-corruption meas-
ures in SEB and establishes principles for analysing the risk of 
corruption and measures to prevent corruption. Furthermore, 
the policy establishes principles for managing corruption risks 
associated with intermediaries and other third parties. SEB’s 
employees are required to comply with relevant external and 
internal restrictions pertaining to giving and accepting gifts and 
business entertainment, in order to avoid allegations of bribery 
or corruption.
Position on lobbying and unethical influence
SEB has strict guidelines for unethical influence, whether within 
business or society. All actions and decisions are to be in com-
pliance with laws, regulations and other external rules as well 
as with internal instructions and policies, such as SEB’s Code of 
­Conduct. We may not support political parties through donations 
or otherwise. 
Whistleblowing
SEB has a whistleblowing process for reporting irregularities.
Employees or other persons who suspect potentially unethical 
or unlawful behaviour are to report their observations. Reports 
can be made completely anonymously via the digital service 
WhistleB. This service is entirely independent from SEB and 
meets the most stringent security requirements regarding 
encryption, data security and protection of the whistleblower’s 
identity. All reported incidents or circumstances are promptly 
investigated and, when applicable, reported to the bank’s CEO 
and the Audit and Compliance Committee.
Our approach to tax
In SEB’s business, tax management and tax governance are rele­
vant and important. With operations in more than 20 countries, 
SEB acknowledges the changing landscape around tax from 
both regulators and society and puts strong efforts in securing 
compliance with applicable tax laws and regulations. The bank 
strives to maintain high standards for tax governance, monitor-
ing risks and ensuring tax compliance.
Products and services offered by SEB impact the tax situation 
for SEB and its customers and must always have business ra-
tionale. SEB must not use, encourage or facilitate – nor cooper-
ate with external parties to facilitate – products or services that 
are in conflict with tax legislation or anti-tax avoidance law.
SEB has policies and procedures in place, and works active-
ly with risk assessment, frameworks and controls, to ensure 
compliance with applicable tax laws and regulations related 
to its business. SEB is committed to meeting expectations on 
transparency in respect of its tax management. The Tax Policy is 
adopted by the Board and is reviewed annually. 
2019
4,717
2020
4,100
2021
5,441
SEB’s income tax expense, SEKm
54 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Focus areas
Trust in the financial system is crucial for SEB to do business that benefits 
customers, shareholders, economic development and society at large.

The environment
SEB Annual and Sustainability Report 2021 — 55
Involving stakeholders
In the development of the Environmental Policy, SEB ­organises 
stakeholder meetings with actively engaged civil society 
organisations to get technical input and insights on the relevant 
challenges and priorities that are identified in the impact analy­
sis that is described on p. 45. SEB has also joined the network 
Business@Biodiversity Sweden, to gain further knowledge that 
can be integrated into the work with biodiversity in product 
development and risk management. 
SEB’s direct environmental impacts
SEB has a responsibility and works actively to reduce its direct 
environmental impacts. Since 2008 we have been measuring 
our carbon emissions from energy consumption, use of paper, 
company cars and business travel. From 2021 we also measure 
our carbon emissions from waste.
We have set the following direct CO2 targets:
2021
2025
2030
Net zero  
CO2 emissions 
onwards
Absolute 
reduction of CO2 
emissions by 
66% (compared 
to 2008)
Absolute 
reduction of CO2 
emissions by 
75% (compared 
to 2008)
Near zero 
absolute  
CO2 emissions
2045
To achieve these targets SEB will: 
	
• improve energy efficiency of operations and buildings
	
• use renewable energy in buildings owned or rented by SEB
	
• reduce business travel by using alternative meeting formats 
and reduce travel-related fossil emissions 
	
• shift to an electrified fleet of company cars
	
• work together with suppliers to minimise SEB’s broader 
­carbon footprint
	
• provide transparent reporting on SEB’s emissions ­profile and 
the actions SEB undertakes to manage and ­mitigate emissions. 
SEB is a signatory to the CDP.
In 2021 we continued to see the effects of the Covid-19 
­pandemic, mainly on business travel, which more than halved in 
terms of carbon emissions compared to 2020. SEB’s total carbon 
emissions decreased by almost 4 percent from 9,734 tonnes in 
2020 to 9,389 tonnes in 2021, which is significantly below the 
bank’s target of limiting emissions to 17,000 tonnes ±5 percent 
by 2025. The long-term ambition is to reduce own carbon emis-
sions to close to zero in 2045.
In 2021 SEB acquired emission rights corresponding to 
5,000 tonnes, compensating for part of the direct emissions 
measured in 2020. SEB achieves the goal to become climate 
neutral for 2021, through climate compensation. Emission rights 
are acquired during 2022. 
At SEB we address environmental aspects in our financing and 
investment activities as well as in managing our direct impacts.
Our environmental responsibility concerns the impact that we or 
our business partners have on living and non-living natural sys-
tems, including ecosystems, land, air and water. We are aware of 
and develop our abilities to manage impacts on the environment 
as well as the risks and opportunities that a changing environ-
ment may entail for us and our customers.
In order to better address SEB’s impact on climate, fresh 
­water and biodiversity we continuously develop policies related 
to this area. In late 2021 and early 2022 SEB worked with 
developing and updating its Environmental Policy with the aim 
to adopt it in the spring.
Interconnection of three areas
The interconnection between climate change, fresh water and 
biodiversity is inseparable, with significant impacts on ­society. 
Extreme weather events and changing habitat structures 
caused by climate change, are having an impact on various spe-
cies. Conversely, biodiversity contributes to ecosystem services 
that support climate change adaptation and mitigation. The 
same interconnection applies to fresh water, vital as drinking 
source for flora and fauna, which can impact climate and biodi-
versity through for example evaporation and absorption effects.
Climate
Biodiversity
Fresh water
The aim of SEB’s Environmental Policy is to set the principles and 
approaches for managing environmental factors in financing 
and investments, primarily through sector policies. With the 
policy we acknowledge our role as a financial intermediary, our 
potential impacts and our position in each of the focus areas. 
Furthermore, we express what we expect from the companies 
in sectors with potential significant impact and how we aim 
to assess and engage with the customers in order to support 
a transition.
SEB aims to further develop its methodologies to integrate 
climate, fresh water and biodiversity considerations in business 
decisions as well as explore the integration of more environmen-
tal areas in the policy.
	See our Environmental Policy at sebgroup.com
	See Sustainability notes, p. 208.

Board of Directors
President and Chief Executive Officer
Group Executive Sustainability Committee
SEB’s External Sustainability Advisory Board
Group Risk Committee
Sustainable Banking
Large Corporates &  
Financial Institutions
Corporate &  
Private Customers
Baltic
Private Wealth Management  
& Family Office
Life
Investment  
Management
  Advising SEB, upon invitation by the President. See p. 101.
Sustainability governance
Strong and effective governance is important for successful 
­progress. SEB has created a robust sustainability governance 
model that, with clear roles and mandates on different levels, 
covers the economic, social, environmental (including climate), 
and ethical dimensions of the business. This model determines 
how we set our strategy and work to implement it in practice. 
The strengthened sustainability organisation, Sustainable 
Banking, is now well established, and since 2021 designated 
sustainability managers have been appointed in all of SEB’s 
home markets.
The Board of Directors is ultimately responsible for ­establishing 
a strategy for corporate sustainability and an organisation to 
execute this strategy. SEB’s sustainability endeavours are an 
integral part of the business and are regularly included on the 
Board’s agenda, together with an annual review of policies 
and instructions.
The Board approves SEB’s strategy and business plan, 
including sustainability considerations, the Corporate 
­Sustainability Policy, thematic policies and the Sustainability 
Report. Sector policies are approved by the Board’s Risk and 
Capital Committee.
The President and Chief Executive Officer (President) is 
­responsible for execution of the sustainability strategy and 
implementation of the governance structure set by the Board. 
At the executive level, sustainability issues are handled within 
the Group Executive Sustainability Committee (GESC), chaired 
by the President. The GESC is a group-wide decision-making 
body that addresses matters related to corporate sustainability 
activities in SEB. 
The Group Risk Committee (GRC), also chaired by the 
­President, is a group-wide decision-making body that addresses 
all types of risk at the group level, including sustainability and 
reputational risks.
The Chief Sustainability Officer is a member of the extended 
Group Executive Committee (GEC), the GESC and GRC, and is 
also Head of Sustainable Banking. This is a first-line, operational 
body in the SEB Group that gathers SEB’s expertise and takes a 
holistic approach both strategically and commercially.
As a bank we have a responsibility for how we conduct our business, what we finance 
and what we invest in. With a clear governance structure, internal policies and in line with 
our commitments we ensure that our efforts are implemented throughout the group.
Sustainable Banking is responsible for coordinating and driving 
the overall sustainability agenda in close collaboration with the 
divisions, group staff and support functions.
Assessment of new products
Administrated by Sustainable Banking, the Sustainability Product 
Committee (SPC) centralises assessments of new products. 
The SPC decides on the right for SEB units to use any sustain-
ability reference in the marketing or distribution of products 
or services, such as, reference to ESG (Environmental, Social, 
­Governance) factors, the UN Sustainable Development Goals 
and the EU Taxonomy. The Environmental and Sustainable 
Product Steering Committee (ESPSC) is a sub-committee of the 
SPC and decides on the eligibility of assets for the SEB Group’s 
sustainability-related funding programmes. 
Procedures and controls 
Each Head of Division, Head of Group Support function and 
Head of Group Staff function is responsible for ensuring that 
procedures and controls are in place to implement and follow 
up sustainability objectives, and that strategy and policies set 
by the Board, the President and the GESC are adhered to. The 
Sustainability Business Risk Committees in the divisions assess 
and decide on new customers or transactional proposals from a 
sustainability risk perspective before bringing the onboarding or 
transaction for decision by the relevant decision-making body.
Sustainability governance in  
SEB Investment Management 
The subsidiary SEB Investment Management is a division and 
is included in SEB’s governance structure. As a subsidiary, the 
fund company is a separate legal entity with its own board 
of ­directors. The company operates in accordance with the 
Sustain­ability Policy for SEB Investment Management and 
Principles for Shareholder Engagement for SEB Investment 
­Management. Within the executive management team, the Head 
of Sustain­ability and Governance is responsible for developing 
and ­coordinating this work, including climate change. 
56 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Sustainability management

SEB’s sustainability policy framework covers the Corporate Sustainability Policy, thematic policies 
and sector policies. The framework provides guidelines on best practice and on the international 
conventions and standards that the bank encourages companies to follow. 
Overall framework
Corporate Sustainability Policy
Corporate Sustainability Governance Instruction
Sustainability Policy Implementation Instruction
Environmental Policy
Human Rights Policy
Thematic policies
Mining and Metals
Renewable Energy
Shipping
Forestry
Fossil Fuels
Arms and Defence
Transportation
Tobacco
Gambling
Sector policies
Sustainability policy framework
The Corporate Sustainability Policy defines the framework for 
sustainability in SEB and provides a governing platform for our 
sustainability work for all business decisions, including invest-
ment and credit decisions. The thematic and sector policies 
primarily take a risk-based approach to address sustainability in 
financing and investment activities. 
The framework is reviewed annually in order to strengthen 
the business and in line with regulatory, technological and indus-
try-specific development. In 2021 SEB made a major revision of 
the Sector Policy on Fossil Fuels, and also updated the Policy on 
Mining and Metals. The Environmental Policy, covering climate 
change, fresh water and biodiversity, is adopted in spring 2022, 
after a major review. The policies on Forestry, Renewable ­Energy 
and Shipping were also updated. Moreover, SEB published its 
first Sector Policy on Transportation.
	See p. 55.
Other group policies
SEB has several other group-wide policies that guide our 
­employees in relation with customers as well as with colleagues. 
Examples include:
	
• Code of Conduct
 See p. 54
	
• Customer Adoption Standards (CAS)
 See p. 89
	
• Anti-Corruption
 See p. 54
	
• Customer Data Ethics Policy
 See p. 54
	
• Inclusion and Diversity Policy
 See p. 52
	
• Modern Slavery Act
See sebgroup.com
	
• Tax Policy
 See p. 54
Sustainability commitments
SEB has committed to numerous international codes and agree-
ments and signed frameworks that guide the work of the bank. 
Among the international agreements that SEB supports are 
the Paris Agreement, the UN Sustainable Development Goals 
(SDGs), the Universal Declaration of Human Rights, and the UN 
Guiding Principles on Business and Human Rights. 
 For the full list, see sebgroup.com
SEB has joined or publicly endorsed (year of signature): 
	
• The UN Global Compact (2004) – a framework for companies 
to implement sustainability principles on human rights, labour 
rights, the environment and anti-corruption. 
	
• The UNEP FI Principles for Responsible Banking (2019) – 
a sustainability framework for banks to positively contribute 
to society by integrating the Paris Agreement and SDGs in 
objectives and business processes. See p. 45. 
	• The Net-Zero Banking Alliance, NZBA (2021) – SEB is a ­founding 
signatory of the NZBA, which aims to accelerate the transition 
of the global economy to net zero emissions by 2050.
	
• Net Zero Asset Managers initiative (2020) – commitment 
to support the goal of net zero greenhouse gas emissions 
by 2050.
	
• Task Force on Climate-related Financial Disclosures, TCFD 
(2018) – recommendations for voluntary climate-related 
financial disclosures.
	
• The Principles for Responsible Investments, PRI (2008) – 
the UN-supported six investment principles for incorporating 
sustainability aspects into investment practice.
	
• The Equator Principles (2007) – voluntary framework for 
lenders and borrowers in project finance. 
	
• The Poseidon Principles (2020) – a framework to promote 
international shipping’s decarbonization. 
	• Responsible Ship Recycling Standards (2021) – a bank ­initiative 
for ensuring environmentally and socially ­responsible dismant­
ling and recycling of ships.
SEB Annual and Sustainability Report 2021 — 57

EU Taxonomy reporting
For credit institutions the main Taxonomy-related key 
­­performance indicator will be the Green Asset Ratio, GAR, 
which shows the share of Taxonomy-aligned assets. Such as-
sets are defined as assets which fulfill the Taxonomy criteria, 
including substantially contributing to at least one of the six 
environmental objectives stated in the Taxonomy regulation. 
Full GAR-reporting is required from 2024, for financial year 
2023. For financial year 2021, credit institutions are required 
to, among other things, report the share of Taxonomy-eligible 
and non-eligible assets to total assets. Taxonomy-eligible 
assets relate to economic activities covered by the Taxonomy 
environmental objectives, which have the potential of being 
defined as Taxonomy-aligned based on future undertaking/
investee Taxonomy reporting. Credit institutions’ mandatory 
Taxonomy disclosures should be based only on information 
reported by undertakings/issuers. Since non-financial under-
takings will start reporting in accordance with the Taxonomy 
regulation in 2022, financial institutions have limited access to 
such information. However, public information and customer 
knowledge may be used to voluntarily disclose Taxonomy-­
eligible assets.
SEB’s Taxonomy reporting covers the SEB Group, including 
life insurance business. The 2021 mandatory report includes 
household mortgage loans identified as Taxonomy-eligible 
assets, based on the underlying collaterals (real estate). Other 
assets, Taxonomy eligible or non-eligible, can be identified 
based on taxonomy reporting provided by undertakings/­
issuers only from 2022 onwards.
Voluntary Taxonomy report
For SEB’s voluntary Taxonomy report, see p. 209.
EU regulatory development
To achieve the commitment set out in the EU Action Plan on Sustainable 
Finance, a number of interlinking regulations have been enacted to 
redirect capital flows to a sustainable economy. 
The EU classification system, the Taxonomy Regulation, provides 
definitions of sustainable economic activities, and specifies 
reporting requirements on the proportion of environmentally 
sustainable economic activities in businesses, investments or 
lending activities. SEB is integrating the EU Taxonomy into its busi-
ness strategy, processes and procedures (such as in the updated 
Green Bond Framework and the Customer Sustainability Classifi-
cation model) and in product development and customer advice, 
for financing and investments (see p. 22, 45, 49, 56, 62, 64).
SEB is incorporating the sustainability reporting requirements in 
accordance with the current Taxonomy disclosure delegated act 
(see Taxonomy mandatory report below and Taxonomy Voluntary 
report on p. 209). As the availability of taxonomy-related data 
increases, banks and other financial institutions will be able to pro-
vide complete taxonomy reporting on their assets, including the 
Green Asset Ratio (GAR) and the Green Investment Ratio (GIR).
Sustainable Finance Disclosure Regulation (SFDR) 
The SFDR is designed to make it easier for investors to distinguish 
and compare sustainable investment strategies and provide 
greater transparency on the degree to which financial products 
have sustainable characteristics or objectives. The first part of 
the regulation came into force in 2021, and at year-end all funds 
managed by SEB Investment Management were categorised 
based on whether the fund has sustainability as its objective  
(Article 9 or dark green), promotes sustainable characteristics 
(Article 8 or light green) or does not integrate sustainability-­
related considerations into investment decisions (Article 6 or 
grey). SEB has included information in its fund lists and has intro-
duced new web pages to help its customers understand, compare 
and monitor sustainability characteristics in SEB’s fund offering.
EU Platform on Sustainable Finance
The EU Platform on Sustainable Finance is an expert group with 
the mandate to advise the EU Commission on development and 
application of the EU Taxonomy. 
SEB is one of two European commercial banks represented 
in the platform. SEB has actively worked with the Nordic and 
Baltic banking associations and their members to share the latest 
public information about progress and gather views regarding 
the development of the Taxonomy. The members of the platform 
advise the EU Commission in the following areas, among others: 
	• development of a taxonomy for the remaining four environ­
mental objectives (in addition to climate mitigation and 
­adaptation) – biodiversity, water and marine resources, 
­pollution prevention and control and circular economy 
	• the conceptual framework for an extended taxonomy 
­including the disclosure of activities that are harmful or have 
low environmental impact
	• the conceptual framework for a social taxonomy.
Assets
Assets SEKm
 2021
Share of total 
assets, %
Exposures to Taxonomy-eligible assets1) 
618,756
19
Exposures to Taxonomy non-eligible assets1) 
–
–
Exposures to central governments, central 
banks and supranationals
492,093
15
Derivatives (hedge accounting)
973
0
Exposures to non-NFRD undertakings1) 2)
–
–
Trading portfolio (incl. derivatives excl. 
hedge accounting)
350, 692
11
On demand inter-bank loans
6,745
0
Mandatory EU Taxonomy report
1)	Reported only to the extent data is reported for the underlying economic activity.
2)	EU Non-Financial Reporting Directive, requiring ­Sustainability reporting for certain 
large companies ( > 500 employees).
58 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Sustainability management

Customers
For corporate customers, sustainable finance became increas-
ingly important in advising, products and services. Customers 
appreciate that SEB has been a strong financial partner through 
the pandemic. However, they expressed some frustration about 
the administrative burden banks put on them with thorough 
know-your-customer (KYC) and anti-money laundering pro-
cesses. SEB earned the top rating in the Prospera survey on 
sustainability advice (published in 2021 and 2022) among large 
corporates and financial institutions in the Nordic region. 
Private customers in Sweden are highly engaged in sustain-
ability. More than 7,000 customers responded to SEB’s annual 
sustainability survey. They cited climate change, clean water 
and sanitation, and biodiversity as areas they want SEB’s fund 
company to prioritise in its engagement work. Moreover, cus-
tomers appreciated the improved services in the mobile bank 
app as evidenced by high usage.
Investors, shareholders and analysts
The effects of the pandemic continued to be in focus among 
investors, shareholders and analysts, however more from a 
point of economic recovery, both in terms of increased revenue 
momentum and how net expected credit losses would evolve 
in 2021 and 2022. With the lifting of dividend restrictions in 
autumn 2021, capital repatriation was a frequently discussed 
topic. SEB paid an additional ordinary dividend in November, and 
also initiated a share repurchase programme. The strong inflow 
of deposits and its effect on SEB’s funding mix and funding plans 
was a topic among both equity and debt investors. Sustainability 
remained high on the agenda.
Employees
SEB’s employees are engaged, have great confidence in SEB’s 
future and management, and feel that they can speak their 
minds, develop, and contribute to change. Among areas of 
improvement, employees noted cross-functional collaboration, 
communication in connection with decision-making and further 
Engaging with stakeholders
We engage with key stakeholders to ensure that we prioritise the most 
important issues. Among all our stakeholder groups, strong focus was on 
sustainability, especially on climate, change during the year.
improvement of the customer experience. A survey ­associated 
with the pandemic showed that employees generally felt 
well-supported, knew how to prioritise their tasks, and felt 
that the bank had taken big steps forward in technology and 
collaboration tools. 
	See p. 26.
Society – regulators, media and NGOs
SEB is engaged in continuous dialogues with regulators and 
supervisors at the national and international levels, through 
bilateral and multilateral meetings and in various industry 
forums. Topics of focus during the year included, among others, 
anti-money laundering, customer protection and sustainability, 
such as integration of sustainability and climate risk in process-
es and disclosures. We had dialogues with non-governmental 
organisations (NGOs), consumer advocate groups and the media 
through direct dialogues, local engagements, round table dis-
cussions and press conferences. In 2021, among both the media 
and NGOs, strong focus was on our approach to climate change 
and fossil fuels, while the engagement on biodiversity increased 
among NGOs.
In the media the pandemic remained a key topic, with focus 
on the economic recovery and the return to the workplace. 
Also, fraud and crime prevention were in focus.
Our suppliers
SEB has established procedures to evaluate and select suppli-
ers and contractors, based on financial, environmental, social 
and governance aspects. These aspects include environment, 
labour practices and human rights, fair business practices 
and sustainable procurement. These are to be taken into 
account in procurement decisions along with other risk factors 
and commercial aspects. We monitor suppliers’ processes 
and performance where appropriate. These standards are 
described in SEB’s Code of Conduct for Suppliers.
To identify sustainability risks among our suppliers, SEB 
starts with an initial assessment. The sustainability risk level 
for each supplier is determined by country, industry sector 
and business criticality. Suppliers that are identified as having 
a potential elevated risk level in the risk assessment are 
subject to an enhanced assessment. In 2021 SEB’s Group 
Technology strengthened its screening of approximately 30 
key suppliers with deeper assessments and enhanced ESG 
requirements on their products and services.
During 2022 an updated tool for the initial assessment will 
be launched. The tool will also enable a wider portfolio review. 
SEB Annual and Sustainability Report 2021 — 59

Public administration (SEK 83bn)
Corporates
SEK  1,473bn
Real estate
SEK 414bn
Households
SEK 756bn
Climate risk strategy
With this report we aim to provide a transparent overview of our 
strategy for reducing the bank’s climate impact and share our 
risk management process for identifying, assessing, and man-
aging climate-related risks. The report is prepared based on the 
TCFD recommendations and covers the SEB Group including the 
subsidiary SEB Investment Management (the fund company). 
The fund company’s climate report is presented on p. 69.
SEB is uniquely positioned to contribute  
to the transition
SEB aims to contribute to a more sustainable society by sup-
porting our customers and portfolio companies in meeting their 
climate-related goals. We do this by offering innovative and 
sustainable financing, advisory and investment solutions. As a 
bank we have an important role to play in channeling the vast 
investments required to make the transition happen. 
One of the most important challenges for tackling climate 
change is the transformation of large industrial companies in 
sectors with a material carbon footprint, such as power gener-
ation, transportation, and construction. As a long-term major 
financial partner to large Nordic companies and a prime Nordic 
asset manager, SEB is uniquely positioned to support customers 
in this transformation. We also participate in the transformation 
of small- and medium-sized corporate customers. We believe 
that we can add value to customers in this segment as well by 
leveraging our experience from working with the transformation 
of large corporates. 
SEB is uniquely positioned to contribute to the transformation due to its position as a large corporate bank
SEK 2,726bn credit portfolio as per 31 Dec. 2021
Our climate change strategy includes engaging in active dia-
logues with customers, and in return we expect our customers 
to be transparent and share their transition plans and progress. 
SEB believes that engagement and inclusion are the best ways 
to achieve the necessary transformation. However, SEB orderly 
phases out engagements where convictions do not align.
Ambitions and goals
SEB has defined three new climate-related ambitions and goals, 
including laying out a path for the reduction of our fossil fuel 
credit exposure and at the same time setting growth ambitions 
for our sustainable products, advisory services and invest-
ments. The goals are presented in more detail on p. 46. The 
metrics can be summarised as follows:
	• Carbon Exposure Index – The Brown: Measuring the fossil fuel 
credit exposure within the bank’s energy portfolio
	• Sustainability Activity Index – The Green: Measuring volumes 
for sustainable financing, sustainable finance advisory, ven-
ture capital investments within greentech, and Article 9 finan-
cial investment products’ share of assets under management 
	• Transition Ratio – The Future: Assessing our customers’ 
climate impact and alignment with the Paris Agreement, by 
classifying our credit portfolio using our ­internal Customer 
Sustainability Classification model. 
These ambitions and goals will be followed up and reported on 
an annual basis.
60 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Climate report
Climate change is accelerating and has become the greatest and most urgent challenge of our 
generation. SEB is committed to aligning its strategy with the Paris Agreement and contributing 
to the transition to a low-carbon society. As a bank, we have both a responsibility and the ability 
to create financial solutions that accelerate the transition while supporting our customers. 
During 2021, we intensified our efforts to manage risks related to climate change.

Measuring our credit portfolio’s climate impact 
SEB’s credit portfolio from a top-down  
climate perspective
Understanding the carbon footprint of the bank’s credit portfolio 
is the starting point for taking action on climate change and 
setting meaningful strategic targets. As illustrated in the chart 
below, SEB has categorised its corporate and real estate credit 
portfolio into industry sectors. The industry sectors have there-
after been sorted into four categories based on their average 
carbon footprint:
1.	Sectors with a material carbon footprint. This includes sec-
tors such as power generation, transportation, automotive, 
­construction, and agriculture.
2.	Sectors with a slight carbon footprint, such as real estate, 
capital goods, pulp and paper as well as wholesale and retail.
3.	Sectors with a very limited, or even positive carbon footprint, 
such as producers of renewable energy.
4.	Sectors that are currently out of scope due to their non-­material 
carbon footprint. The service sector is such an example.
 
It is important to note that these categories only reflect the 
sectors’ average carbon footprint, and not the individual custom-
ers’ footprint. Customers within the same sector have different 
carbon footprints depending on, for instance, the technology 
used and energy sources. The customers’ future climate impact 
may differ even more depending on their transition plans. The 
break-down of SEB’s corporate and real estate credit port-
folio is a high-level overview of SEB’s credit exposure from a 
climate perspective.
Breakdown of SEB’s corporate and real estate credit portfolio reflecting the sector’s carbon footprint
SEK 1,886bn, representing 69 per cent of the total credit portfolio, as per 31 Dec. 2021
SEK bn
1)	 Production and wholesale & retail.
2)	 Companies with a power generation mix that is non-­
renewable or a mix of non-renewable and renewable.
3)	Exploration and production, oilfield services and offshore.
4)	 Transport, distribution & storage, refining, retail and other.
Credit exposure type
  Lending
  Contingent liabilities and trading products
Transportation
Food and beverages1)
Power generation: conventional/mixed2)
Automotive
Oil & gas: upstream-related3)
Construction
Chemicals
Metal and mining
Agriculture
Oil & gas: other4)
Textiles
Cement
5
61
89
150
62
97
34
35
53
18
45
106
61
31
71
39
26
40
14
22
36
14
15
5
27
12
25
19
24
16
8
11
56
Material carbon footprint
108
80
187
53
55
109
28
42
70
22
20
43
19
20
38
16
10
26
Non-material carbon footprint 
Finance and insurance
Services
Pharmaceuticals and healthcare
IT and media
Telecommunications
Other
17
25
65
42
6 11
Positive net impact 
Power generation: renewables
Wind turbines
55
365
420
112
60
172
26
12
38
16
16
32
12
6
18
5
12
17
14
5
20
Slight carbon footprint
Real estate
Capital goods
Pulp and paper
Wholesale and retail
Consumer durables
Power transmission
Forestry
SEB Annual and Sustainability Report 2021 — 61
To understand the climate impact of SEB’s credit portfolio, assets and 
customers are analysed from different perspectives.

SEB’s credit portfolio from a bottom-up climate  
perspective – The Customer Sustainability  
Classification model
To gain a more correct and granular view of our corporate and 
real estate portfolio’s climate impact, we have to assess each 
customer’s actual climate impact. For this purpose, we have 
developed a proprietary model: the Customer Sustainability 
Classification model (CSC).
The CSC model assesses how aligned the customer’s business 
activities are with the climate objectives of the Paris Agreement. 
The model is used in customer meetings as a hands-on tool to 
discuss the customers’ transition plans. The CSC model will be a 
key component of both business strategy and risk management 
going  forward.
The CSC model focuses on customers in the sectors that have 
a material or slight carbon footprint. SEB has developed its own 
methodologies for assessing 32 industry sub-sectors within 
these two categories. These methodologies currently cover 
roughly 70 per cent of the corporate and real estate portfolio’s 
credit exposure.
The methodologies draw on definitions, targets, and transition 
indicators set in the EU Taxonomy, the Paris Agreement as well 
as EU or country-specific regulations, and initiatives.
To perform the assessment, SEB collects information about 
the customer’s baseline year and current emissions, and its 
short-term (≤5 years), medium-term (6-15 years) and long-
term (16 years–2050) reduction targets compared to baseline. 
This results in four data points that illustrate the customer’s 
transition journey.
The customer’s transition journey is then compared to what the 
sector as a whole needs to achieve in order to reach the objec-
tives of the Paris Agreement. The outcome at each data point in 
the customer’s transition journey is then weighted into one final 
overall classification of the customer.
There are five customer classification categories:
  Sustainable: Companies with already sustainable activities 
and/or very limited greenhouse gas (GHG) emissions
  Paris-aligned transition: Companies in transition with plans 
aligned with the Paris Agreement target to limit global 
­warming to 1.5°C (net zero GHG emissions by 2050)
  Transition: Companies in transition with plans aligned with a 
target to limit global warming to around 2°C (net zero GHG 
emissions by 2070)
  Gradual change: Companies in transition but with plans that 
are not aligned with the 2°C target
  Status quo: Companies with no or limited transition plans.
In the chart below a fictitious customer’s transition journey­ 
­between 2020 and 2050 has been plotted against what 
is ­needed for the relevant sector as a whole to achieve a 
­Paris-aligned transition.
As a result of the individual classification, a company with 
a credible and ambitious transition plan but active in a sector 
with a material carbon footprint could still be classified as in 
­‘transition’ or in ‘Paris-aligned transition’.
20%
0
–50%
–100%
	
2010	
2020	
2030	
2040	
2050
Baseline year 2010
Close to net zero GHG emissions
1.5°C pathway (45% reduction by 2030 vs. 
2010, net zero GHG transmissions by 2050)
2°C pathway (25% reduction by 2030 vs. 
2010, net zero GHG emissions by 2070)
  Sustainable
  Paris-aligned 
transition
  Transition
  Gradual change
  Status quo/not in 
transition
  Fictitious customer 
Sample sector transition scenarios and a fictitious customer’s  
transition journey
62 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Climate report

Selection of sector methodologies for the CSC model
The availability and accuracy of greenhouse gas emissions data 
differs between companies and sectors.
For large companies in sectors where regulatory thresholds are 
either defined or in scope for the EU Taxonomy (e.g., power gen-
eration and automotive), indicators are often publicly disclosed, 
which allows for modelling of transition paths.
For other sectors like capital goods and food processing, 
where emissions related to the supply chain are significant, data 
availability, while improving, remains limited. The table below 
shows which indicators are used for a selection of sectors in 
SEB’s model.
Sector
Indicators1)
Food and beverages
Scope 1, 2 & 3 supply chain and transport
Power generation
gCO2/kWh
Automotive
gCO2/km
Oil & gas
gCO2/MJ
Construction- 
infrastructure
Scope 1, 2 & 3 supply chain
Chemicals
Scope 1, 2 & 3 supply chain
Steel
Tonnes CO2 per tonne crude steel
Textiles
Scope 1,2 & 3 supply chain
Cement
Tonnes CO2 per tonne cement
Real estate
kWh/square metre
Capital goods
Scope 1, 2 & 3 supply chain
Food retail
Scope 1, 2 & 3 supply chain
Pulp & paper
Scope 1, 2 & 3 transport
Consumer durables
Scope 1, 2 & 3 supply chain
1) Scope 1: Direct emissions from sources owned or controlled by the company.  
Scope 2: Indirect emissions resulting from electricity, heat, or steam purchased  
by the company. Scope 3: Indirect emissions from sources not owned or controlled 
by the company, e.g. related to the supply chain.
Customer sustainability classification – 2021 progress 
The CSC model was developed in 2020 and was tested in a pilot 
project comprising a large number of customers in sectors with 
material or slight carbon footprint. 
In 2021, an ambitious goal to assess 50 per cent of the total 
corporate and real estate credit portfolio in sectors with mate-
rial or slight carbon footprint was reached. In addition, the CSC 
model has been integrated into the business decision process by 
introducing a requirement to classify customers in sectors with 
a material carbon footprint. 
To promote lending in line with SEB’s sustainability strategy 
and targets, an internal funding cost adjustment based on the 
outcome of the classification has been introduced for large cor-
porate customers. New green financing (eligible based on the 
criteria in the Green Bond Framework) receives a discount, while 
a surcharge is applied to new lending that is classified as brown 
or orange in the model. 
Not all assessments result in an actual classification of the 
customer due to a lack of sufficient data and/or data quality 
issues. Of the credit portfolio assessed, 60 per cent had been 
classified by year-end 2021. As companies gradually improve 
their climate reporting, the quality and coverage of the classifi-
cation will improve.
Once individual customers have been classified, the results 
can be aggregated on a portfolio level to show the climate 
impact of a certain sub-portfolio (for example SEB’s automotive 
or power generation portfolio) or the whole corporate and real 
estate credit portfolio.
In 2021 SEB introduced a new credit portfolio goal called 
Transition Ratio. This ratio shows the share of SEB’s corporate 
and real estate credit portfolio that is classified as dark green, 
light green, or yellow in the model. The Transition Ratio will be 
a powerful tool for setting strategic goals with the purpose to 
further develop SEB’s activities in line with the objectives of the 
Paris agreement. The Transition Ratio is described on p. 46.
The most valuable outcome of the assessments so far has 
been the insight the process has provided into the challenges 
and opportunities our customers face when transforming their 
operations. This has enabled SEB’s client executives to engage 
in constructive dialogues with customers about their transition 
plans and to support them with advisory services and financing. 
Classification of customers will continue in 2022, and the 
long-term ambition is to expand the CSC model to cover a broad-
er sustainability spectrum than climate, such as for example 
biodiversity and water. 
SEB Annual and Sustainability Report 2021 — 63

Governance and management of climate-related risks
SEB’s climate risk governance is an integrated part of the sustainability governance 
framework. Climate risk management focuses on both physical and transition risks.
Governance of climate-related risks
Climate-related sector policies
SEB has adopted sector policies as sub-policies to the thematic 
Environmental Policy, which is part of the overall sustainability 
policy framework. These sector policies have been developed to 
ensure that lending and investment decisions contribute toward 
fulfilling SEB’s overall sustainability ambitions. The policies 
clarify SEB’s expectations and restrictions for providing financial 
services to, and making investments in, companies involved in 
certain activities. As stated in the General Credit Policy, all lend-
ing should be in line with the sustainability sector policies.
In order to emphasise SEB’s commitment to the Paris Agree-
ment, one of the principles in the bank’s Customer Acceptance 
Standards (CAS) states that “customers in industries with a high 
negative climate impact and without a credible plan to manage 
the transition to a low-carbon economy shall be avoided.” SEB’s 
CAS are described on p. 89.
During 2021 SEB continued to develop and strengthen its 
climate-related policy framework by sharpening its sector policy 
for companies with activities in fossil fuels and introducing a 
new sector policy for companies with activities in mining and 
metals. These policies are based on operational guidance on 
sustainable practices for certain industries, provided by the 
Paris Agreement and the EU Taxonomy.
In general, SEB expects customers and portfolio companies 
in these sectors to develop transition plans in line with the Paris 
Agreement and have public or non-public policies reflecting 
those plans.
The bank also defines risk strategies and portfolio caps for 
certain sub-portfolios, which are reviewed on an annual basis.
SEB’s sector policy on fossil fuels strengthened in 2021
SEB’s sector policy on fossil fuels is deemed to be the most 
important policy from a climate perspective.
SEB has long-term relationships with corporate customers 
that have fossil fuel-related activities such as coal-fired power 
generation and oil and gas exploration and production. This 
customer base is largely a reflection of the national energy and 
industry mixes in SEB’s home markets (the Nordic countries, the 
Baltic countries, Germany, and the United Kingdom). 
However, the extraction and burning of these fuels must be 
gradually reduced and replaced as part of a transition to a low 
carbon society. SEB has therefore adopted a strategy for cus-
tomers in this sector, which involves a gradual shift away from 
companies without a credible transition plan aligned with the 
Paris Agreement.  
Managing and reducing thermal coal exposure
SEB’s policy since many years is to not provide dedicated 
financing to thermal coal mines. The bank also avoids entering 
into new business relationships with companies that operate 
thermal coal mines or have major business in coal-fired power 
generation (CFPP). With respect to existing customers SEB does 
not finance new projects or capacity expansion related to ther-
mal coal extraction, greenfield and brownfield mine expansion, 
related infrastructure projects and new CFPPs, including lifetime 
extensions and capacity increases of existing plants.
In general, providing financing to or investing in existing cus-
tomers with a material share of revenues from coal mining and 
coal-fired power generation is avoided. By 2025, SEB will have 
exited current customers with more than 5 per cent of revenues 
from thermal coal mining or coal-fired power generation. There 
is a time-limited exception for Germany, where the phase-out 
will be completed by 2038 in line with the German Coal Phase- 
out Act.
Managing and reducing oil & gas exposure
In 2019 SEB defined a risk appetite in absolute terms for credit 
exposure to the exploration and production of oil & gas and oil-
field services segments. The risk appetite is revised downwards 
on an annual basis. In 2020 the bank also put in place an exit 
strategy for the offshore segment.
The bank’s credit portfolio of oil & gas upstream-­related ac-
tivities is comprised of exploration and production (70 per cent), 
oilfield services (17 per cent) and offshore (13 per cent), and 
amounts in total to SEK 53bn.
SEB will not provide financing for or invest in projects and 
assets related to environmentally sensitive areas (such as the 
Arctic), and unconventional oil and gas (such as oil sands and 
fracking). In addition, the bank will not enter into new business 
relationships with companies that have more than 5 per cent of 
revenues from activates in these areas. Current business rela-
tionships with such companies will be phased out by 2030.
During the transition period, SEB aims to only work with oil 
companies that have the lowest scope 1 and scope 2 emis-
sions and to primarily engage with existing core customers in 
home markets.
64 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Climate report

Implementation of sector policies  
to clarify expectations 
SEB uses three different implementation levels in its sector 
polices to clarify expectations and requirements for providing 
financial services to and making investments in companies.
Implementation 
level
Description 
Example 
Expectations
Non-adherence to SEB’s 
expectations requires 
actions that over time will 
ensure adherence. This 
triggers dialogue with cus-
tomers about their plans 
and commitments.
SEB expects customers 
and portfolio companies to 
develop a Paris-aligned tran-
sition plan for scope 1, 2 and 
3 GHG emissions including 
relevant targets.
Requirements
Non-compliance requires 
active decisions on SEB’s 
engagement by a relevant 
committee.
SEB requires shipping com-
panies to comply with the 
applicable Energy Efficiency 
Index (EEXI or EEDI) and 
Carbon Intensity Indicator 
(CII) when applicable.
Restrictions
SEB restricts financial 
services to companies in 
breach of certain criteria. 
SEB will not provide new 
dedicated financing to coal 
mines or coal-fired power 
plants.
Customers are screened against the sector policies with respect 
to the exposure and/or size of the customer and potential sus-
tainability risks.
	See p. 57 for more information on sector policies and our 
sustainability policy framework.
Management of climate-related risks
Two climate-specific risk factors are considered in risk manage-
ment: physical risks and transition risks.
Physical risks arise from acute weather events, such as floods, 
droughts, wildfires, and storms, as well as from chronic climate 
changes, such as sea-level rises and changed temperature 
patterns. These climate changes may lead to, for example, prop-
erty damage or supply chain disruptions. Financially, this can 
negatively impact customers’ profitability, cash flow, and asset 
values. In Europe, physical risks are unevenly distributed, with 
northern regions being more prone to flooding while southern 
regions are more exposed to heat stress and wildfires.
Main categories of physical risks 
Risk driver
Potential impact 
Horizon 
Acute weather events 
(mainly flood related in 
northern Europe)
Lower collateral valuations in real es-
tate portfolios in areas with increased 
flood risk.
Increased default risk for companies 
with operating facilities in areas with 
elevated flood risk.
 
 
Changes in chronic 
weather patterns
Lower collateral valuations in real 
estate portfolios along low-elevation 
coastal areas.
Increased default risk for companies 
with global supply chains.
 Short term < 3years 
 Medium term 3-10 years 
 Long term > 10 years
To mitigate physical climate risks, a transition to a low-carbon 
society is necessary. For our customers, the transition itself can 
also be a risk. Transition risk materialises through events such as 
changes in policies and regulations or new disruptive technolo-
gies. It can also take the form of changes in market sentiment. 
Depending on the nature, speed and focus of these changes, 
transition risks may, just like physical climate risks, pressure 
business models, earnings potential, and asset values.
Main categories of transition risks 
Risk driver
Potential impact 
Horizon 
Policy and regulation
Surge in carbon price affecting the 
repayment capacity for companies in 
carbon-intensive sectors.
 
Technology
Rapid breakthrough in low-carbon 
technologies leading to stranding of fos-
sil-related assets and thereby impacting 
both collateral values and default risks 
for companies in relevant sectors (e.g. 
energy, transportation, metals and 
mining, and manufacturing).
 
Market
Change in consumer preferences to 
low-carbon alternatives affecting 
business models (e.g. less air travel, 
less meat and dairy, energy-efficient 
housing, energy-efficient appliances).
 
Reputation and litigation Increasing litigation against companies 
with certain environmental issues, 
culminating in increased costs and 
reputational damage affecting access 
to capital and thereby default risk. 
 
 
 Short term < 3years 
 Medium term 3-10 years 
 Long term > 10 years
SEB Annual and Sustainability Report 2021 — 65

Climate-related risks are integrated in  
existing risk frameworks
SEB does not view climate-related risks as a separate risk cate- 
gory, but as a risk factor that drives existing risk types such 
as credit, market, and non-financial risk. There is an ongoing 
initiative to integrate climate-related risks into existing risk 
frameworks starting with credit risk.
Transition risk
Physical risk
Credit risk
Energy efficiency standards 
may trigger substantial adapta-
tion costs and lower corporate 
profitability, which may lead to 
a higher probability of default 
as well as lower collateral 
values.
Default risk and collateral 
values may be impact-
ed within sectors or 
geographies vulnerable to 
physical risk, e.g. due to 
elevated flood risk.
Market risk
Transition risk drivers, e.g. 
carbon tax, may cause repricing 
of securities and derivatives for 
products associated with high 
carbon content. 
Severe physical events 
may lead to sudden repric-
ing and higher volatility in 
some markets.
Liquidity risk
An abrupt repricing of securi-
ties, due to asset stranding, may 
reduce the value of banks’ high- 
quality liquid assets, thereby 
affecting liquidity buffers.
Liquidity risk may be 
affected if customers 
(e.g. insurance companies 
and financial institutions) 
withdraw large amounts 
of money due to extreme 
weather-related events
Non-financial  
risk
Changing consumer sentiment 
regarding climate issues may 
lead to reputation and liability 
risks for the bank. 
Reputational risk primarily 
relates to financing or investing 
in customers with a material 
climate impact.
The bank’s operations 
may be disrupted due to 
physical damage to its 
property, branches and 
data centres as a result of 
extreme weather events.
Considering transition risk in the credit process
Industry transformation as well as sustainability-related risks 
have always been part of our credit analysis of corporate 
customers as well as an important factor in the credit approval 
process. In 2021 we further sharpened our focus on climate-­
related transition risks in the credit analysis. ESG specialists 
worked together with credit analysts to refine the methodology 
and to develop sector-specific guidance on the most material 
issues that need to be assessed for customers in sectors with 
material climate impact. 
The focus of the transition risk analysis is our customers’ 
awareness, readiness, and ability to manage the challenges they 
face. Do they understand the magnitude of these challenges and 
do they have credible transition plans aligned with their overall 
strategic goals? Have they taken tangible action to manage the 
challenges, such as securing funding for investments in research 
and development and in technology? Finally, the financial 
impact of these considerations is estimated and translated into 
a potential impact on the risk class the bank has assigned to the 
customer. Special attention is paid to capital expenditure needs 
over the next 7 to 10 years, repayment capacity, and refinancing 
risks. The integration of climate-related risks in credit analysis 
is continuously evaluated and will be expanded to more sectors 
going forward.
A requirement was introduced during 2021 to include an 
explicit transition risk analysis in the credit analysis of select-
ed corporate customers, specifically in sectors with material 
climate impact. The analysis is part of the annual review of these 
customers, which means that it is evaluated by the relevant 
credit committee and documented as part of the credit decision. 
At year-end 2021 the bank had completed transition risk anal-
yses of customers with a combined credit exposure of approxi-
mately SEK 185bn.
In addition to analyses of individual companies, SEB also 
performs portfolio reviews of sectors facing particularly large 
climate-related challenges such as automotive and power 
generation. These reviews are presented to the Group Risk 
Committee and the Board’s Risk and Capital Committee, where 
sector-specific business strategies and risk appetite levels 
are defined.
66 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Climate report

Climate scenario analyses in 2021 
Measuring financial risks from climate change is complex. It in-
volves assessing the combined impact of physical and transition 
risks under multiple climate scenarios. The time perspective for 
climate-related risks is also much longer than in traditional credit 
analysis, which typically covers one to five years.
 In 2021 SEB continued to expand its methodologies and tools 
for assessing climate-related risks under various climate sce-
narios. The transition risk pilot project for the oil & gas sector 
in 2020 was expanded to the power generation portfolio. An 
analysis of physical risks in Swedish residential mortgages was 
conducted during 2021 as a pilot project.
Scenario – physical climate risks in Swedish  
residential mortgages 
Physical climate risks vary greatly across geographical loca-
tions and types of hazards. In general, physical risks stemming 
from climate change are lower in Sweden compared to the 
European and global average. Flooding and rising sea levels 
are considered to be the most predominant sources of phys-
ical climate risk in northern Europe, not least in Sweden with 
its 3,000 km coastline. The coastal areas in southern Sweden 
are more exposed than the rest of the country, since in the 
northern part of Sweden, the postglacial land uplift counter-
acts most of the sea level rise.
In 2021 a record-high rain fall caused severe flooding in 
Gävleborg and Dalarna counties in central Sweden. Such 
flooding may become more frequent in specific regions if 
global climate mitigating actions are insufficient. The flooding 
in 2021 did not cause any substantial impact on SEB’s asset 
quality; however, more frequent flooding could lead to falling 
property prices as a result of reduced demand or direct dam-
age to pledged collateral. It could also lead to higher insurance 
costs as premiums are repriced annually, or exclusion of flood 
damage from general policy coverage. To better understand 
the potential impact of such events, SEB conducted a physical 
climate risk pilot project during 2021.
Portfolio scope and method
The key concept of the physical risk pilot is to match the 
location of properties SEB has financed with areas at risk of 
flooding and/or sea level rise in order to assess SEB’s exposure 
at risk and the potential financial impact. Flood and sea level 
rise maps from the Swedish Civil Contingencies Agency (MSB) 
have been used in the analysis. These maps show areas along 
lakes and watercourses that would be submerged in a flood 
that statistically occurs once every 100–200 years, adjusted 
for future climate change, and coastal areas that will be sub-
merged due to rising sea level. A conservative assumption of 
a two-metre sea level rise was used in the pilot, although such 
increase is deemed unlikely within the next century, even in a 
future with intensive fossil fuel use. A price decrease of at least 
20 per cent of property values is assumed for flooded areas.
SEB’s household mortgage portfolio amounted to SEK 
594bn at year-end. Around 10 per cent of the total portfolio is 
located within 500 metres of the coast, indicating increased 
risk for both flood risk and sea level rise. However, the vast 
majority of coastal housing in Sweden is situated more than 
two metres above sea level.
Results and conclusions
The total gross exposure at risk of being flooded is  
estimated to SEK 6.3bn (approximately 1 per cent of the 
Swedish mortgage portfolio). The gross risk exposure is ex-
tensively mitigated by insurance policies and other mitigating 
actions undertaken by municipalities, for example flood pro-
tection infrastructure. The financial impact for SEB is there-
fore deemed very limited. 
Next step
We will continue to develop the methodology going forward, 
and the physical risk pilot will be extended to other regions 
and portfolios. 
Highlighted areas show where collateral is at risk of being flooded in Sweden.
SEB Annual and Sustainability Report 2021 — 67

Scenario – transition risk in the power  
generation portfolio 
SEB has developed a methodology to integrate science-based 
climate scenarios with more traditional credit risk measure-
ment approaches. The methodology was piloted on the oil & 
gas sector in 2020 and was expanded to the power genera-
tion (electricity and heat) sector in 2021.
Methodology overview
SEB’s transition risk methodology is predominantly based on a 
bottom-up assessment to capture the fact that transition
risk will affect individual counterparties differently, even  
within the same industry. The counterparty-specific results 
are then extrapolated to portfolio level. The assessment does 
not take into consideration any counterparty-specific transi-
tion plans, but assesses the transition risks based on status 
quo operations.
    The specific power generation methodology is centered on 
carbon price, the generation mix of the utilities, and the over-
all generation mix in the respective electricity markets. As the 
electricity price is set at the cost of the marginal producer, 
a carbon price increase would ultimately lead to a higher 
electricity price.
Climate scenarios
The climate scenario used for assessment of transition risk 
has been updated to the latest suite of climate scenarios from 
the Network of Central Banks and Supervisors for Greening 
the Financial System (NGFS), published in 2021. SEB has 
also developed customised short-term scenarios to assess a 
potential disorderly transition. The main scenario used in the 
pilot study was a sharp and unexpected increase in the EU 
carbon price up to EUR 150/tonnes CO2. 
Results and conclusions
SEB’s credit exposure to the power generation sector 
amounted to SEK 139bn at year-end. Around 20 per cent of 
this exposure is related to fossil-based energy production and 
energy-from-waste.  
The creditworthiness of energy utilities is generally high, 
with predicable cash-flows and high barriers to entry. An 
increase in carbon price would impact the unit costs of utilities 
proportionally to the carbon content of their generation mix. 
In the climate scenario, utilities with a high carbon intensity 
(such as coal and oil-based generation) would experience neg-
atively affected cash-flows and repayment capacity. As SEB’s 
credit exposure to utilities with principal cash-flows from coal/
oil-based generation assets is very limited, the short-term 
credit risk impact would also be limited for SEB’s portfolio 
under the selected scenario. 
    The analysis focuses mainly on the short-term impact of a 
carbon price shock and, as such, assumes that the system’s 
generation mix was held constant. In the medium- and long-
term, the overall generation mix is expected to transform 
towards low-carbon technologies as the amplified carbon 
price creates strong incentives for renewable expansion. The 
longer-term balance sheet effects in this scenario is heavily 
reliant on assumptions for capital expenditures and impair-
ments of legacy generation assets. The pilot project also in-
cluded more advanced long-term simulations for a few chosen 
deep-dive cases. The results of these deep-dives indicate that 
a sharp increase in carbon price will lead to marginally dete-
riorating credit quality over the long-run, with limited credit 
losses for the bank. 
  Input   
  Output
An overview of SEB’s transition risk methodology
Climate scenarios
Key drivers
	• Price 
	• Volume 
	• Unit costs
	• Capital expenditures
	• Asset values
Link to credit model
Scenario-adjusted ­ 
risk classification
Company financial reports 
and emission data
Scenario-adjusted  
financial statements  
and qualitative scores
	• Financial statements
	• Qualitative scores
68 — SEB Annual and Sustainability Report 2021
Sustainability report  —  Climate report

Board of Directors
Stockholm, 21 February 2022 
Skandinaviska Enskilda Banken AB (publ) 
Corporate registration number 502032-9081
In 2020 a strengthened Sustainability Policy was adopted by 
the fund company’s board of directors. The policy was imple-
mented in 2021 along with a statement outlining the fund com-
pany’s strategy to contribute to accelerating decarbonisation of 
the global economy while upholding its primary fiduciary duty 
of delivering positive long-term risk-adjusted returns. The fund 
company aims to align investments with the Paris Agreement, 
but aims to reach net zero greenhouse gas emissions already by 
2040. In addition, the aim is to reorient capital flows to climate 
solutions, climate-resilient and transitionary business models, 
and to exit investments in activities that contribute negatively 
to climate change. Through active ownership and dialogue the 
fund company shall promote climate resilience in business 
models. The fund company is a member of the Net Zero Asset 
Manager Initiative.
Managing indirect climate impact in investments
Engagement and exclusion
In line with the updated sustainability policy, the fund company 
has a strict approach to fossil fuels. All funds exclude companies 
that extract or process fossil fuels, including unconventional 
fossil fuels, such as oil sands and deep-sea drilling in particularly 
sensitive areas. Similar restrictions apply for power generation 
and distribution of fossil fuels. Exceptions can be made for 
companies that have clear targets and credible transition plans 
in line with the Paris Agreement. 
Direct engagement with companies on their work to limit 
climate change is an important tool for SEB Investment Manage-
ment. Through engagement, the fund company can accelerate 
change and support companies to include climate-related strat-
egies and practices in their business models. This is done either 
directly with companies or through investor collaboration.
The fund company has been involved in dialogues with the 
world’s largest greenhouse gas emitting companies through 
IIGCC Climate Action 100+. See p. 51.
Measuring the carbon footprint of funds
Carbon footprint is one method to measure climate-related risk 
in funds. In 2014 SEB Investment Management started to meas-
ure carbon footprint for some of the equity funds. At that time 
quality and quantity of data was limited. Since then data quality, 
methods and tools have been significantly developed. Although 
more companies are reporting climate-related data today, there 
are still limitations in what is included in the calculations and 
carbon footprint metrics still provide little insight into potential 
future exposure. 
From 2021 we use ISS ESG’s tool Sustainable Development 
Scenario (SDS). The scenario is based on World Energy Model 
and builds on the total remaining global carbon budget accord-
ing to the International Energy Agency (IEA) distributed across 
industries and companies. The scenario charts a path fully 
aligned with the Paris Agreement: to keep the global tempera-
tures rise to well below 2 degrees Celsius and pursuing efforts 
to limit it to 1.5 degrees Celsius and meets objectives related to 
universal energy access and cleaner air. 
In 2021 an analysis was made based on 93 per cent of SEB 
Investment Management’s equity and corporate bond funds 
investments. The output from the ISS Sustainable Development 
Scenario, as per 31 December 2021, indicates  that the holdings 
in this scenario represented a temperature rise of 1.7 degrees 
Celsius, which is in line with the Paris Agreement. Our commit-
ment and target is net-zero greenhouse gas emissions in 2040 
at the latest. The measurement shows the carbon exposure at 
a fixed point in time, but provide little insight into the potential 
future exposure.
	See SEB Investment Management Sustainability and Active 
Ownership Report 2021 at sebgroup.com
About the Sustainability Report
The Sustainability Report covers the SEB Group, i.e. the parent company Skandinaviska Enskilda Banken AB (publ) and its subsidiaries. SEB reports in accord-
ance with the Swedish Annual Accounts Act and the Global Reporting Initiative, GRI Standards, core option. The report is aligned with the TCFD (Task Force on 
Climate-related Financial Disclosures) and UNEP FI Principles for Responsible Banking. Areas covered include climate and environment, human rights, labour 
rights and social relations, and anti-corruption. The diversity policy applied for the Board is described in the Corporate Governance Report (see p. 94). SEB has 
published a sustainability report since 2007. This report covers the fiscal year 2021. The previous report was published in March 2021. No significant changes 
have been made in the scope and boundaries. SEB’s auditor EY has expressed an opinion that a statutory sustainability report has been prepared according 
to the Swedish Annual Accounts Act, and has performed a limited review of the sustainability report according to GRI Standards, core option. Contact: Chief 
Sustainability Officer, Hans Beyer, tel: +46 771 62 10 00, sebgroup.com.
Climate stance in investment management
SEB Investment Management (the fund company) has SEK 831bn of assets under 
management in SEB-labelled mutual funds and aims to reduce climate-related risks 
and enable a transition to sustainable and low-carbon fund management solutions.
SEB Annual and Sustainability Report 2021 — 69

Report of the Directors
CONTENTS
Financial review of the group 	
71
Result and profitability 	
71
Financial structure 	
74
Profit related to business volumes	
78
Divisions 	
80
Geographic markets 	
83
Markets shares and customer contacts 	
84
Risk, liquidity and  
capital management 	
86
Risk management	
86
Liquidity and capital management 	
90
Corporate governance 	
92
Board of Directors 	
96
Group Executive Committee	
102
Remuneration 	
106
70 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

interest expense. The Markets trading operations' contribution 
to net interest income was higher than the previous year.
Net fee and commission income increased by 17 per cent com-
pared with 2020 and amounted to SEK 21,142m (18,063). 2021 
was characterised by higher transaction volumes, increasing 
asset values and gradual recovery within the card operations.
The rebound of the equity and debt capital markets com-
pared with 2020 had a positive effect. Corporate customers 
increasingly sought advisory services with regard to corporate 
transactions such as mergers and acquisitions or bond issues, 
which increased income from the issue of securities and advi-
sory services by 76 per cent to SEK 1,954m. Gross lending fees 
increased by SEK 196m to SEK 3,200m. 
Also reflecting the gradual reversal from the pandemic, equity 
markets developed positively compared to 2020. The gross fee 
income from custody and mutual funds, excluding performance 
fees, increased by SEK 1,455m to SEK 9,328m year-on-year. 
­Performance fees amounted to SEK 675m, an increase of 
122 percent compared with 2020. 
The negative 2020 Covid-19 impact on payment and card 
fees gradually reversed in 2021 as customer activity and 
consumption rebounded. Net payment and card fees amounted 
to SEK 3,512m which represented an increase of 7 per cent 
year-on-year.
 
Financial review of the group
SEB’s operating profit improved significantly compared with the challenging pandemic year of 2020, 
in line with the global economic recovery, rising stock markets and an improved sentiment. Return 
on equity reached 13.9 per cent. The bank's financial position is strong with a Common Equity Tier 1 
capital ratio of 19.7 per cent and the Board of Directors proposes a dividend of SEK 6.00 per share.
Profit before credit losses increased by 16 per cent to  
SEK 31,368m (26,970). Operating profit before items affecting 
comparability increased to SEK 30,864m (20,846). Operating 
profit amounted to SEK 30,864m (19,846) and net profit reached 
SEK 25,423m (15,746).
Operating income 
Total operating income increased by SEK 4,897m, 10 per cent, 
and amounted to SEK 54,614m (49,717).
Net interest income amounted to SEK 26,321m, which repre-
sented an increase of 5 per cent compared with 2020 (25,143). 
Net interest income includes regulatory fees where resolution 
and deposit guarantee fees increased to SEK 1,364m in total 
(1,248).
SEK m
2021
2020
Change, %
Customer-driven net  
interest income
26,029
27,585
–6
Net interest income from  
other activities
292
–2,442
Net interest income
26,321
25,143
5
Customer-driven net interest income mainly reflects the net in-
terest income derived from loans to and deposits from the public. 
Customer-driven net interest income decreased by SEK 1,556m 
compared with 2020. Higher margins on lending compensat-
ed for a net interest income decrease related to lower, mainly 
corporate, average lending volumes. Net interest income on 
deposits decreased significantly and this was mainly an internal 
transfer pricing effect. Customer deposit volumes increased with 
a partial positive effect on customer-driven net interest income. 
Net interest income from other activities includes funding 
and other Treasury activities as well as trading. This net interest 
income improved by SEK 2,734m compared with 2020. Internal 
transfer pricing effects was the main reason for the increase. 
During the year maturing market funding was not replaced as 
the bank experienced strong inflow of deposits. This lowered 
–5
0
5
10
15
20
25
2019
2020
2021
Net interest income
SEK bn
  Customer  
loans
  Customer 
deposits
  Other
Result and profitability
Fee and commission income, gross
SEK bn
0
3
6
9
12
15
2019
2020
2021
  Payments, cards, structured lending, 
deposits, guarantees and other fees 
  Secondary market & derivatives
  Custody & mutual funds 
  New issues & advisory fees
  Life insurance income
Operating income
SEK bn
0
5
10
15
20
30
2019
2020
2021
25
  Net fee and commission income
  Net other income
  Net interest income
  Net financial income
SEB Annual and Sustainability Report 2021 — 71

In addition, the equity markets development was reflected in 
the net life insurance commissions in the unit-linked insurance 
business that increased to SEK 1,207m (1,084). 
Net financial income increased to SEK 6,992m year-on-year 
(6,275). During the year the financial markets normalised from 
the Covid-19 effect in 2020 that led to volatility in asset prices 
and credit spreads. 
As the financial markets were less volatile than in 2020, 
­customers' need for risk management services was lower which 
led to a decrease in the related net financial income.
The change in market value of certain strategic holdings 
increased net financial income by SEK 557m, an increase of  
SEK 246m compared with 2020. There was a SEK 514m 
­valuation gain relating to an agreement with Visa Inc. for the 
acquisition of SEB’s shares in the fintech company Tink.
The fair value credit adjustment (defined as unrealised valu-
ation change from counterparty risk (CVA) and own credit risk 
standing in derivatives (DVA)) amounted to SEK 300m as credit 
spreads continued to tighten leading to an improvement of  
SEK 511m compared with 2020. 
Net financial income within the Life division primarily related 
to the traditional life portfolios in Sweden improved by  
SEK 384m year-on-year.
Net other income amounted to SEK 159m (236). Realised cap-
ital gains as well as unrealised valuation and hedge accounting 
effects were included in this line item.
 
Operating expenses
Total operating expenses increased by 2 per cent year-on-year 
and amounted to SEK 23,245m (22,747). The cost/income ratio 
improved from 0.46 to 0.43. 
Staff costs increased by 3 per cent mainly due to increased 
salary expenses and social costs for long-term incentive pro-
grammes which increased in line with the appreciation of the 
SEB share price. Reduced travel and fewer events in the wake of 
Covid-19 among other things decreased other expenses by 2 per 
cent. Supervisory fees amounted to SEK 170m (141). 
2021 was the last year in the business plan for 2019–2021. 
Our strategic initiatives have developed broadly in line with plan 
and will serve as a foundation for SEB’s activities going forward. 
The new cost target, relating to the business plan for 2022–2024, 
is commented upon on p. 23.
Net expected credit losses 
Net expected credit losses amounted to SEK 510m (6,118), corre-
sponding to a net expected credit loss level of 2 basis points 
(26). The asset quality of the credit portfolio continued to be 
strong. Model overlays were made in 2020 for the oil portfolio 
in the Large Corporates & Financial Institutions division and for 
potential negative Covid-19 effects in the Corporate & Private 
Customers and Baltic divisions. These were maintained during 
the year on the back of continued uncertainty around the pan-
demic development. A fourth wave of the coronavirus escalated 
towards the end of the year in many countries resulting in 
renewed restrictions and a prolongation or reintroduction of var-
ious government support measures which may delay potential 
negative effects on asset quality.
	See further comments on credit risk on p. 87 and notes 12 
and 18.
Important events and trends in 2021
First quarter 
	• SEB’s expansion plans for the Netherlands, Austria and Switzerland 
were announced.
	• 	The establishment of a new division, Private Wealth Management 
& Family Office, ­was decided.
	• 	A strategic, long-term partnership to accelerate the bank’s 
­digitisation journey was entered with Google Cloud.
	• 	SEB joined the Net-Zero Banking Alliance and signed the ­Net Zero 
Asset Managers Initiative. 
Second quarter 
	• Corporate customers were more active within SEB’s Investment 
Banking business with equity capital market activity reaching 
historical highs.
	• The continued reopening of society had a positive impact on SEB’s 
private card business, with card turnover back at pre-pandemic 
levels, while the corporate card turnover remained muted.
	• SEB Venture Capital signed an agreement to sell its shares in the 
Swedish fintech company Tink, resulting in a positive valuation 
effect of SEK 0.5bn. 
Third quarter 
	• High activity level among large corporate customers.
	• 	SEB’s innovation studio SEBx launched its first product publicly 
– UNQUO – targeting the growing group of “solopreneurs”, i.e. 
self-employed business owners. 
Fourth quarter 
	• 	The Swedish FSA lifted its restrictive recommendation for Swedish 
banks’ repatriation of capital. SEB’s Board of Directors decided 
to initiate a SEK 2.5bn share buyback program and proposed a 
further ordinary dividend. 
	• A new sustainability strategy was set, outlining SEB’s role in the 
transition towards a sustainable society and setting new ambitions 
and goals within the climate area.
	• The Swedish government introduced a risk tax for nine banks and 
credit institutions from 2022. For SEB, which has argued that the 
tax distorts the competitive landscape, this results in an extra levy 
of SEK 1.0bn, net, in 2022 and about SEK 1.2bn a year thereafter. 
	• The three-year business plan 2019–2021 closed and a new 
strategy, a three-year business plan and a new cost target 
were established.
Operating expenses
SEK bn
0
4
8
12
16
20
2019
2020
2021
  Staff costs
  Other  
expenses
  Depreciation/
impairment
72 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

Items affecting comparability
There were no items affecting comparability in 2021, but in 2020 
an item affecting comparability was reported.
	See note 13.
Income tax expense
Income tax expense rose to SEK 5,441m (4,100) with an 
­effective tax rate of 17.6 per cent (20.7). A number of factors 
affected the effective tax rate, namely the lower corporate tax 
rate in Sweden and certain tax-exempt gains. 
	See p. 54 for SEB’s approach to tax and note 15.
Return on equity
Return on equity for 2021 improved to 13.9 per cent (9.7). 
Return on equity excluding items affecting comparability was 
13.9 per cent (10.3). Other comprehensive income was high and 
increased shareholders' equity. All else equal return on equity 
was thereby lower.
Other comprehensive income
Other comprehensive income amounted to SEK 14,783m (637). 
The value of SEB’s pension plan assets exceeded the defined 
benefit obligations to the employees. The net value of the 
defined benefit pension plans increased which affected other 
comprehensive income by SEK 14,061m (1,839). 
The net effect from the valuation of balance sheet items that 
may subsequently be reclassified to the income statement, i.e. 
cash flow hedges and translation of foreign operations amount-
ed to SEK 708m (–1,132). 
Regulatory supervision of SEB 
Regulatory supervision is a part of every-day banking operations. 
SEB’s main supervisor is the Swedish FSA, but SEB continuously 
has numerous ongoing supervisory activities in all the countries 
where the bank operates. Far from all reviews are formally catego-
rised as inspections, but nevertheless require significant resources 
to ensure timely responses with high quality. In 2021, there were 
around 54 supervisory reviews handled by SEB in Sweden, and 
some 47 were concluded. In the past few years, authorities have 
had anti-money laundering matters as a focus area, but all banking 
processes are subject to supervision.
Long-term financial targets
With the purpose of increasing capital management flexibility, 
the Board of Directors’ long-term financial targets are:
	
• to pay a yearly dividend that is around 50 per cent of the 
earnings per share, excluding items affecting comparability, 
and distribute potential capital in excess of the targeted capital 
position mainly through share buybacks,
	
• to maintain a Common Equity Tier 1 capital ratio of 100–300 
basis points above the requirement from the Swedish Financial 
Supervisory Authority (FSA), and
	
• to generate a return on equity that is competitive with peers.  
CET 1 ratio target
The targeted buffer of 100–300 basis points offers SEB more 
­flexibility to manage its capital position and to grow its business. 
Dividend target and share buybacks
The use of a combination of annual dividends and share buybacks is 
intended to provide the benefit of increased financial flexibility.
Share buybacks will be used for distributing excess capital. It will 
be considered when SEB’s capital buffer exceeds, and is projected 
to remain above, the targeted range based on a forward- looking 
assessment. Since share buybacks are conducted over time, SEB 
retains the flexibility to adjust the amounts, based on the current or 
projected financial position.
Return on equity target
In the long term, SEB aspires to reach a sustainable return on 
equity of 15 per cent.
Cost target
The aim is to create shareholder value – by accelerating income 
growth, driving earnings per share growth, increasing profitability 
and future-proofing the business. This will be achieved by capital-
ising on SEB's position of strength and by further investing into the 
business, as outlined in the business plan for 2022–2024. The plan 
entails growing business in a capital-efficient manner to reach the 
long-term financial targets. In the short-term, the cost target for 
2022 is SEK 24.5bn, assuming 2021 FX-rates.
Financial aspirations for the divisions
The long-term divisional aspirations for profitability (RoBE) and cost 
efficiency (C/I-ratio) are set mainly based on two factors. Firstly, each 
division will have the ambition to achieve best-in-class profitability 
and cost efficiency compared to similar businesses among relevant 
peers. Secondly, each division’s aspirations are set so that they enable 
SEB to achieve its long-term aspiration of 15 per cent return on equity 
on group level. These long-term aspirations are evaluated annually 
and the cost-income ratio target for Baltic was increased.
SEB is reorganising so that parts of the Corporate & Private 
­Customers division formed the Private Wealth Management & 
­Family Office division. The return on business equity and cost/­
income ratio aspirational targets were updated accordingly.
Division
Return on  
business  
equity
Cost/ 
income  
ratio
Large Corporates & Financial Institutions
>13%
<0.50
Corporate & Private Customers
>16%
<0.40
Private Wealth Management & Family Office
>25%
<0.50
Baltic
>20%
<0.40
Life
>30%
<0.45
Investment Management
>40%
<0.40
SEB’s sustainability report
SEB’s sustainability work is described on p. 42–69 and 208–233. 
The statutory sustainability report prepared in accordance with 
the Annual Accounts Act is presented on p. 42–69.
SEB Annual and Sustainability Report 2021 — 73

Customer trading
Customer trading
Derivatives
Derivatives
Credit institutions
Credit institutions
Central bank deposits
Liabilities in the insurance operations amounted to SEK 459bn 
(362). Out of this, SEK 424bn (332) was related to financial 
commitments for investment contracts (mostly unit-linked insur-
ance), while SEK 35bn (30) was related to insurance contracts 
(mostly traditional and risk insurance). The insurance liabilities 
are mainly covered by financial assets.
	See note 28, 42 and 43.
Derivatives
The fair value of the derivative contracts is presented as assets 
and liabilities on the balance sheet. They amounted to  
SEK 126bn (165) and SEK 118bn (162) respectively.
The mix and volumes of derivatives reflect the demand for 
derivatives by the bank’s customers for their management of 
financial risks. The bank is a market maker for derivatives and 
also uses derivatives for the purpose of protecting its own cash 
flows and fair value of its financial assets and liabilities from for 
instance interest rate fluctuations.
	See note 21.
Total assets at 31 December 2021 increased by SEK 264bn to 
SEK 3,304bn (3,040). 
Loans
Total loans to the public increased by SEK 76bn during the year 
and amounted to SEK 1,846bn (1,770).
SEB’s credit portfolio, which includes loans, contingent 
­liabilities and derivatives, increased by SEK 237bn to  
SEK 2,828bn (2,591). The corporate credit portfolio increased 
by SEK 165bn, 13 per cent. The household credit portfolio 
­(mortgage loans and other household credits) increased by  
SEK 44bn. The commercial and residential real estate manage-
ment portfolios in total were unchanged.
Credit-impaired loans, gross (stage 3) decreased during the 
year by SEK 5,063m to SEK 9,827m (14,890). The gross credit- 
impaired loans (stage 3) were 0.53 per cent of total loans (0.87).
	See note 18 and 40a.
Debt securities
Debt securities held for the purpose of serving customer risk 
management and trading needs as well as internal liquidity man-
agement on the balance sheet amounted to SEK 206bn (265). 
The debt securities volume decrease reflects the increasing 
volume of customer deposits. SEB is a market maker in certain 
debt securities. The short position (liability) in the debt securi-
ties amounted to SEK 20bn (20). SEB’s credit risk exposure in 
this portfolio, which consists of debt securities, certain credit 
derivatives and futures, amounted to SEK 177bn (241). 
	See note 19, 30 and 40a. 
Equity instruments
Equity instruments held for the purpose of customer risk man-
agement and trading needs as well as to facilitate the bank’s role 
as a market maker amounted to SEK 121bn (82). The short posi-
tion (liability) in equity instruments amounted to SEK 14bn (11).
	See note 20 and 30.
Insurance assets and liabilities
Financial assets within the insurance operations amounted to 
SEK 462bn (363). Out of this, financial assets where policy- 
holders carry the risk (mostly unit-linked insurance) amounted 
to SEK 424bn (331) and other assets (mostly traditional and risk 
insurance) amounted to an additional SEK 38bn (32).
2019
2020
2021
0
400
800
1,200
1,600
2,000
Loans to the public
SEK bn
  Private sector 
  Public sector
  Non-financial 
corporates
  Financial 
corporates
Financial structure
Short-term funding
Stable funding
Other
Other
Life insurance
Life insurance
Liquidity portfolio
Central bank balances
Household deposits
Household lending
Equity
Short-term funding
Long-term funding
Corporate and public
sector deposits
Corporate and  
public sector lending
“Banking book”
Liquid assets
Assets
Liabilities and equity
Balance sheet structure
31 December 2021
74 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

The financing of the group consists of deposits from the public 
(households, corporates, etc.), borrowings from financial institu-
tions as well as issuance of money market instruments, bonds, 
covered bonds and subordinated debt.
Deposits and borrowings
Deposits and borrowings from the public amounted to  
SEK 1,597bn (1,371). Household deposits increased by  
SEK 56bn while deposits from non-financial corporations 
increased by SEK 68bn during the year. Throughout 2021, 
both non-financial and financial corporations and households 
chose bank accounts as a safe investment alternative as 
­quantitative easing measures continued to increase liquidity 
in the financial system.
Debt securities issued 
Short-term funding, in the form of commercial paper and 
certificates of deposit, decreased by SEK 44bn during the year. 
Approximately SEK 146bn of long-term funding matured or was 
called during 2021 (consisting of SEK 79bn covered bonds and 
SEK 58bn senior debt). An AT1 bond (subordinated debt) in the 
amount of SEK 10bn was repurchased. As part of the bank's 
funding management, the bank issued SEK 75bn (consisting of 
SEK 41bn covered bonds, SEK 20bn senior debt, SEK 10bn sen-
ior non-preferred debt and SEK 5bn subordinated debt) during 
the year. Subordinated debt amounted to SEK 29bn. 
	See p. 90 and note 40f for liquidity management information.
Assets under management and custody
Total assets under management amounted to SEK 2,682bn. 
The market value moved with the equity markets and increased 
by SEK 526bn. The net inflow of assets under management 
was SEK 50bn. Assets managed by the Investment Manage-
ment ­division amounting to SEK 831bn are part of total assets 
under management.
Assets under custody amounted to SEK 21,847bn (12,022). 
The Nordic custody market changed during the year with one 
player exiting the business. SEB was able to assist customers 
and several new mandates were brought on. At the same time 
positive financial markets increased asset values. 
Rating 
Fitch rates SEB’s long-term senior unsecured debt at AA–. The ­rating 
is based on SEB’s low risk appetite, stable and well-executed 
strategy, and robust asset quality and capitalisation. The rating was 
affirmed in October 2021.
Moody's rates SEB’s long-term senior unsecured debt at Aa3 
based on the bank’s strong asset quality and solid capitalisation 
which are expected to be resilient in the aftermath of Covid-19 
induced economic disruption. While the bank has good underlying 
earnings generation, the corporate banking focus could add earnings 
cyclicality. The rating of the senior unsecured debt was downgraded 
to Aa3 from Aa2 in October 2021, following the Swedish National 
Debt Office’s (the resolution authority) proposal to amend its rules on 
Minimum Requirements for Eligible Liabilities and Own Funds (MREL) 
which will result in most Swedish banks needing to issue lower levels 
of additional loss-absorbing debt. 
S&P rates SEB’s long-term senior unsecured debt at A+. The rating 
is based on the stable and low-risk operating environment in Sweden, 
the bank’s stable and well-diversified revenue base and leading 
position among large Nordic corporates, robust capitalisation and 
resilient earnings, despite expected increasing pressure on reve-
nues and asset quality in the economic environment. The rating was 
affirmed in May 2021.
Moody’s 
S&P global
Fitch
Short1)
 Long2)
Short1)
 Long2)
Short1)
 Long2)
P–1
Aaa
A–1+
AAA
F1+
AAA
P–2
Aa1
A–1
AA+
F1
AA+
P–3
Aa2
A–2
AA
F2
AA
Aa3
A–3
AA–
F3
AA–
A1
A+
A+
Outlook stable
Outlook stable
Outlook negative
1)	 Short-term debt and commercial paper.
2)	 Long-term senior unsecured debt.
Deposits from the public
SEK bn
2019
2020
2021
0
400
800
1,200
1,600
  Private sector 
  Public sector
  Non-financial 
corporates
  Financial 
corporates
Number of outstanding shares
31 December 2021
Share  
Class A 
Share  
Class C
Total no. of 
shares
Total number  
of issued shares
2,170,019,294 24,152,508 2,194,171,802
Repurchased own shares for 
equity-based programmes1)
–27,603,309
0
–27,603,309
Repurchased own shares for 
capital purposes2)
–10,171,296
0
–10,171,296
Total number of  
outstanding shares
2,132,244,689 24,152,508 2,156,397,197
1)	 Utilisation of authorisation from the Annual General Meeting 2021 to acquire own 
shares for long-term equity programmes.
2)	 Utilisation of authorisation from the Annual General Meeting 2021 to acquire own 
shares for capital purposes.
Assets under management
SEK bn
2021
2020
2019
Beginning of the year
2,106
2,041
1,699
Inflow
755
499
585
Outflow
–705
–512
–512
Change in value
526
78
269
End of the year
2,682
2,106
2,041
SEB Annual and Sustainability Report 2021 — 75

Total equity
Total equity at the opening of 2021 amounted to SEK 172bn. ­Total 
dividends paid out amounted to SEK 18bn. Net profit amounted to 
SEK 25bn and other comprehensive income increased equity by 
SEK 15bn. At year-end 2021, total equity was SEK 193bn. 
SEB’s share capital amounts to SEK 21,942m distributed on 
2,194 million shares. Each Class A share entitles the holder to 
one vote and each Class C share to 1/10 of a vote. The Board 
of Directors’ share buyback programme of SEK 2.5bn was an-
nounced on 19 October 2021 to run between 21 October 2021 
to 21 March 2022. At 31 December 2021, 10,171,296 shares 
had been bought back at a value of SEK 1.4bn. 
Dividend
In 2021, the Swedish FSA lifted is recommendation to restrict 
distribution of capital. An ordinary dividend of SEK 4.10 per share 
and a further ordinary dividend of SEK 4.10 per share, were dis-
tributed to the shareholders in 2021. The dividends correspond 
to around 50 per cent of SEB’s net profit for the financial years 
2019 and 2020 combined.
The Board of Directors proposes to the Annual General Meeting 
a dividend of SEK 6.00 per Class A and Class C share, which corre-
sponds to 51.1 per cent of the 2021 net profit. The total dividend 
amounts to SEK 12.9bn calculated on the total number of issued 
2021
2020
2019
2018
2017
Return on equity, %
13.9
9.7
13.7
16.3
11.7
Return on equity excluding items affecting comparability, %
13.9
10.3
13.8
13.4
12.9
Return on total assets, %
0.7
0.5
0.7
0.8
0.6
Return on risk exposure amount, %
3.4
2.1
2.7
3.7
2.6
Cost/income ratio
0.43
0.46
0.46
0.48
0.48
Basic earnings per share, SEK
11.75
7.28
9.33
10.69
7.47
Weighted average number of shares1), millions
2,164
2,163
2,162
2,164
2,168
Diluted earnings per share, SEK
11.67
7.23
9.28
10.63
7.44
Weighted average number of diluted shares2), millions
2,179
2,177
2,175
2,177
2,178
Net expected credit loss level3), %
0.02
0.26
0.10
0.06
0.05
Stage 3 loans/Total loans, gross, %
0.53
0.87
0.67
0.50
Stage 3 loans/Total loans, net, %
0.22
0.44
0.36
0.30
Liquidity Coverage Ratio (LCR)4), %
145
163
218
147
145
Net Stable Funding Ratio (NSFR)5), %
111
Risk exposure amount, SEK m
787,490
725,560
745,637
716,498
610,819
Risk exposure amount, expressed as own funds requirement, SEK m
62,999
58,045
59,651
57,320
48,866
Common Equity Tier 1 capital ratio, %
19.7
21.0
17.6
17.6
19.4
Tier 1 capital ratio, %
21.4
22.7
20.8
19.7
21.6
Total capital ratio, %
23.1
25.1
23.3
22.2
24.2
Leverage ratio, %
5.0
5.1
5.1
5.1
5.2
Number of full time equivalents6)
15,551
15,335
14,939
14,751
14,946
Assets under custody, SEK bn
21,847
12,022
10,428
7,734
8,046
Assets under management, SEK bn
2,682
2,106
2,041
1,699
1,830
1) The number of issued shares was 2,194,171,802. SEB owned 32,211,451 Class A shares at year-end 2020. During 2021 SEB has purchased 2,909,266 shares for the long-term 
equity programmes and 7,517,408 shares have been sold/distributed. During 2021 SEB has purchased 10,171,296 shares for capital purposes. Thus, at 31 December 2021 SEB 
owned 37,774,605 Class A-shares with a market value of SEK 4,754m.
2) Calculated dilution based on the estimated economic value of the long-term incentive programmes.
3) 2018–2021: Net ECL level based on IFRS 9 expected loss model. 2017: Credit loss level based on IAS 39 incurred loss model.
4) 2018–2021: In accordance with the EU delegated act. 2017: According to Swedish FSA regulations for respective period.
5) In accordance with CRR2.
6) Average for the year.
	 For a five year summary of the Group's and the Parent bank's income statements and balance sheets, see p, 199–200.
	 For definitions, see p. 235.
Key figures
0
4
6
8
10
12
2017
20193)
20215)
20182)
20204)
2
0
40
60
80
100
120
20
SEK
Per cent
  Earnings/share1), SEK 
  Dividend/share, SEK 
  Dividend payout ratio, %
Earnings and dividend per share
1)	 Excluding items affecting comparability.
2)	 Excluding extraordinary dividend in 2018.
3)	The 2019 dividend proposal was reverted and the  
AGM decided that no dividend would be paid out.
4)	 Including ordinary dividend of 4.10 per share and a  
further ordinary dividend of 4.10 per share.
5)	A dividend of SEK 6.00 per share is proposed for 2021.
76 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

Market capitalisation
SEK m
2021
2020
2019
2018
2017
Year-end market 
capitalisation1)
276,266
185,485
193,345
188,925
211,293
Turnover2)
99,952
121,000
106,915
128,241 123,889
1)	 Based on Nasdaq Stockholm share price of SEK 125.85 for Class A-shares  
and SEK 131.20 for Class C-shares.
2)	 Shares traded at Nasdaq Stockholm.
Holistic management
Creating sustainable value is a continuous process in an environ­
ment that is under constant change. The Board of Directors sets the 
conditions by deciding on the bank’s long-term strategic direction, 
financial targets, business plans and overall risk tolerance. Profita-
bility targets are set within the framework of the risk tolerance level 
and the capital adequacy targets. In order to maximise customer and 
shareholder value, the financial consequences of business decisions 
are evaluated and operations are managed proactively based on 
these aspects: 
1. growth, mix and risk level of business volumes
2. capital and liquidity requirements driven by the business 
3. profitability.
Pricing in accordance with risk is thereby a natural part of the 
­business and monitoring nominal and risk-based returns is an impor-
tant part of management. The Board’s overarching risk ­tolerance 
statements convey the direction and level of risk, ­funding structure, 
liquidity buffers and capital targets. SEB’s main risk is credit risk. 
In 2021, Covid-19, and in the last several years, climate-related 
challenges were increasingly in focus. Such challenges are reflected 
throughout SEB’s risk management. SEB strives to continuously iden-
tify and manage potential future risks, for instance by using stress 
tests and scenario analysis. The capital buffer and liquidity reserves 
are held to cover the risk in case of unforeseen events. All activities 
are carried out responsibly and in accordance with regulations and 
expectations – all in order to maintain the trust of the stakeholders.
Risk, liquidity 
and capital 
management
Strategic, 
financial and 
operational 
plans
Risk  
strategy  
and risk  
tolerance 
Profitability
requirements
Performance 
management
Pricing
shares as per 31 December 2021, excluding own shares held. If 
the AGM decides in accordance with the proposal, the proposed 
record date for the dividend is 24 March 2022 and dividend 
payments will be paid out on 29 March 2022. The SEB share will 
be traded ex-dividend on 23 March 2022.
Share value and stock exchange trading
The closing price at year-end of the SEB class A share was  
SEK 125.85 (84.50). Earnings per share amounted to SEK 11.75 
(7.28). The SEB share is listed on Nasdaq Stockholm but is also 
traded on other exchanges such as Chicago Board of Exchange, 
London Stock Exchange, Turquoise among others.
175
2017
2018
2019
2020
2021
0
75
50
100
125
25
150
Share price development
SEB Class A share
Index 1 January 2017=100
  SEB Class A shares 
  OMXS30  
  European Bank Index SX7E
Data per share
2021
2020
2019
2018
2017
Basic earnings, SEK
11.75
7.28
9.33
10.69
7.47
Diluted earnings, SEK
11.67
7.23
9.28
10.63
7.44
Shareholders’ equity, SEK
89.61
79.53
71.99
68.76
65.18
Net worth, SEK
98.00
85.99
78.42
74.74
73.60
Net expected credit losses1), SEK
0.24
2.83
1.06
0.54
0.37
Dividend per A and C share, SEK
6.002)
8.203)
0.004)
6.505)
5.75
Year-end share price6)
 
per Class A share, SEK
125.85
84.50
88.08
86.10
96.30
 
per Class C share, SEK
131.20
87.70
91.50
86.40
96.05
Highest price paid6)
 
per Class A share, SEK
141.85
104.90
99.38 102.70 109.00
 
per Class C share, SEK
155.00
112.00 102.20 103.60 109.90
Lowest price paid6)
 
per Class A share, SEK
83.80
59.80
78.88
79.16
94.05
 
per Class C share, SEK
87.00
69.50
81.70
80.50
95.15
Payout ratio (dividend as a 
­percentage of earnings), %
51.1
112.63)
0.04)
60.8
77.0
Payout ratio, excluding items 
affecting comparability %
51.1
105.93)
-4)
69.87)
69.7
Dividend yield, %
4.8
9.73)
0.04)
7.5
6.0
P/E (share price at  
year end/earnings)
10.7
11.6
9.4
8.1
12.9
Number of outstanding shares, 
million
 
average
2,164.1
2,163.1 2,161.7 2,164.4 2,167.6
 
at year-end
2,156.4
2,162.0 2,162.7 2,163.9 2,167.0
1)	 2018–2021: Net ECL level based on IFRS 9 expected loss model.  
2017: Credit loss level based on IAS 39 incurred loss model.
2)	 As proposed by the Board of Directors.
3)	 Ordinary dividend of SEK 4.10 per share decided by the Annual General Meeting and a 
further ordinary dividend of SEK 4.10 per share decided by the Extraordinary General 
Meeting in November 2021.
4)	 The 2019 dividend proposal was reverted and the AGM decided that no dividend be paid.
5)	 Ordinary dividend of SEK 6.00 per share and extraordinary dividend of SEK 0.50 per share.
6)	 Source: Nasdaq Stockholm.
7)	Excluding extraordinary dividend.
SEB Annual and Sustainability Report 2021 — 77

The macroeconomic situation is of great importance for cus-
tomer behaviour and, together with the bank’s own actions,
it is a major factor impacting the business and the result. 
In times of positive economic development, both businesses 
and private individuals are more likely to invest and consume. 
This may lead to increased lending, more payments, a higher 
number of corporate transactions, among other things, all of 
which affect net interest and net commission income positively. 
In an unfavourable part of the business cycle, customers may 
be more restrictive and growth in business and transaction 
volumes may level out while credit losses may increase. On the 
other hand, customers hedge their risks in uncertain and volatile 
times, which may increase net financial income.
Income statement, simplified
SEK m
2021
A
Net interest income
26,321
B
Net fee and commission income
21,142
C
Net financial income
6,992
D
Net other income
 159
Total operating income
54,614
Total operating expenses
–23,245
2  3
4  5 Net expected credit losses and other
–504
Operating profit
30,864
Income tax expense
–5,441
NET PROFIT
25,423
2021
17
Assets under 
management
Customers invest in for instance  
mutual funds
2,682
17
Assets under 
custody
The bank safekeeps securities and 
administrates dividends and interest  
on customers’ behalf
21,847
17
Commitments
Preapproved customer credits
814
17
Guarantees
The bank assists customers with  
credit risk management
160
17
Payments and  
cash management
Customers make payments and  
manage account balances
17
Card transactions
Customers make card payments
17
Securities  
transactions
Customers use the bank as an intermediary in 
securities transactions, for instance equities
17
Corporate  
transactions
Corporate customers seek advice and 
assistance for various corporate transactions, 
such as acquisitions, IPOs etc.
Sample business volumes outside the balance sheet 
SEK bn
Profit related to business volumes 
Customers’ financial needs are the source of SEB’s business volumes and result.  
Here, the general relationships between customer-driven business volumes reported on- 
and off-balance sheet, and the income statement as well as external factors are outlined.
LIABILITIES AND EQUITY
2021
9
Deposits from central banks and credit institutions
75,206
10
Deposits and borrowings from the public
1,597,449
11
Financial liabilities for which the 
customers bear the investment risk
424,226
12
Liabilities to policyholders
34,623
13
Debt securities issued
730,106
14
Short positions
34,569
 – of which equity instruments
14,405
 – of which debt securities
20,164
15
Derivatives
118,173
Other financial liabilities
5,721
Other liabilities
90,929
16
 – of which subordinated debt
28,549
Total equity
193,228
TOTAL LIABILITIES AND EQUITY
3,304,230
Business volumes in the balance sheet 
SEK m
ASSETS
2021
1
Cash and cash balances with central banks
439,344
2
Loans to central banks
4,454
3
Loans to credit institutions
60,009
4
Loans to the public
1,846,362
5
Debt securities
205,950
6
Equity instruments
120,742
7
Financial assets for which the  
customers bear the investment risk
422,497
8
Derivatives
126,051
Other assets
78,822
TOTAL ASSETS
3,304,230
78 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

A  
Net interest income
Net interest income is the 
difference between income 
from lending and expenses 
associated with deposits 
and borrowings. Margins and 
business volumes have a major 
bearing. Interest margins differ 
in various markets, mainly due 
to varying maturities, risk and 
competition.
B
Net fee and  
commission income
Net fee and commission 
income increases with growing 
transaction volumes. Com-
missions may increase in ad-
vantageous financial markets 
and with increased business 
volumes, and vice versa.
C   
Net financial income 
Net financial income includes
both the market value and 
realised gains and losses on 
transactions with securities, 
currencies and derivatives.  
The development in financial  
markets plays a major role.
D   
Net other income
Items in net other income occur 
sporadically with no clear link 
to macroeconomic factors.
Customer loans generate 
interest income over the life of 
the loan. Up-front fees on new 
loans are treated as interest 
income.  
1  2  3  4
SEB participates in, or leads,
syndications of loans leading to 
net fee and commission income 
or expenses. 4
Loans
SEB maintains an inventory of 
debt securities for customer 
trades and liquidity manage-
ment. They accrue interest 
over life. 5  14
SEB holds debt securities for
customer trading and liquidity 
management. The customer 
trading activity as well as the 
market value of the inventory 
affect net financial income. 
5  14
Sales from the bank’s  
inventory of debt securities  
held for liquidity management  
or investment affect this item. 
5
Debt 
instruments
Brokerage fees in equity
trading are received or paid. 
 17 
SEB holds equity instruments 
for customer trading and is a 
counterpart in equity swaps. 
The customer trading, changes 
in the market value, dividends 
and realised gains/losses 
affect this item. 6  14
Dividends from the bank’s  
own equity holdings affect  
the item. 6
Equity 
Instruments
Interest rate derivatives that 
are used by SEB to reduce 
volatility in the result  
(so-called hedging) accrue 
interest over life. 8  15
In certain cases, SEB charges 
and pays fees when trading in 
derivatives. 8  15
SEB is a counterparty for cus-
tomers wishing to manage risk 
(for instance foreign exchange 
and interest rate risk) using 
derivative instruments. Both 
customer trades and the mar-
ket value of the holdings affect 
financial income. 8  15 
The market value of  
derivatives that SEB  
uses for hedging. 8  15 
Derivatives
SEB pays interest on  
customers' deposits. 9  10
Certain bank accounts  
generate fee income. 9  10
Deposits and 
borrowings 
SEB provides savings in 
unit-linked insurance, deposit 
insurance and similar products 
where the customer bears the 
risk. Invested volumes gen-
erate fee income. In addition, 
distribution generates fee 
expenses. 7  11 17
SEB provides savings in tradi-
tional pension with a certain 
guaranteed return, sickness 
and health insurance and relat-
ed services. SEB invests mainly 
in equity instruments and debt 
securities to safeguard the 
outcome of insurance claims. 
5  6  12
Insurance 
and savings
SEB’s operations are partly 
funded by long and short-term 
interest-bearing securities, 
all of which generate interest 
expense. 13 16
The market value including 
the credit risk in SEB’s issued 
index-linked bonds affects  
this item. 13
Early redemption by SEB of  
its debt instruments affects 
this item. 13 16
Issued  
securities  
and sub­
ordinated 
debt 
Various customer services are 
provided which generate both 
fee and commission income 
and expense. Most fees are 
fixed and transaction based; 
some are market value based. 
17
Business  
volumes 
outside the 
balance  
sheet 
The relation between operating income and customer-driven business volumes
SEB Annual and Sustainability Report 2021 — 79

Divisions
Large Corporates & Financial Institutions
Corporate & Private Customers
Business offering
The division serves 2,000 large corporate customers and 1,100 
financial institutions and offers advisory-driven commercial 
and investment banking services in the Nordic region, Germany, 
United Kingdom and through the international presence. The 
division has a full-service offering supporting enterprises with 
capital and offering investment opportunities for pension funds 
and other investors.
Customers are offered capital markets transaction services 
(equity and debt); financing as well as advice relating to 
investment banking activities (mergers and acquisitions, etc); 
products and services for cash management and trade finance; 
brokerage and trading services; post trade investor services 
such as custody, risk and valuation services and collateral 
management; macroeconomic analysis and securities research.
Business offering
The division serves some 501,000 private and 184,000 corpo-
rate home bank customers in Sweden with universal banking 
services through digital meeting points, about 100 physical 
meeting places and a contact centre with 24/7 accessibility. 
The division has a broad offering for both private and cor-
porate customers, ranging from everyday banking services to 
private individuals and smaller companies, to Private Banking 
services with global reach for high-net-worth individuals in the 
Nordic countries. In addition, complex banking and advisory 
services are provided to medium-sized companies. The division 
also issues cards in the Nordic countries under SEB’s own brand 
as well as for Eurocard and several other partner brands.
Comments on the 2021 result
Operating profit increased by 64 per cent to SEK 12,177m. Net interest 
income was 1 per cent lower than 2020, primarily due to internal 
transfer pricing effects. Strong equity markets and low interest rates 
led to high customer activity in corporate transactions and net fee 
and commission income grew by 20 per cent. With volatilities lower 
than 2020, net financial income decreased. Operating expenses were 
flat and net expected credit losses lower than 2020 when oil-related 
credit reserves were set up. The net expected credit loss level was 5 
basis points. 
Comments on the 2021 result
Operating profit increased by 4 per cent to SEK 9,518m. Net interest 
income was 6 per cent lower than 2020, primarily due to internal trans-
fer pricing effects. Net fee and commission increased by 12 per cent 
as private customers' card usage returned from 2020 levels. Operating 
expenses increased with a goodwill impairment relating to the card 
business in Norway. Net expected credit losses decreased compared 
to 2020 when pandemic-related reserves were established. The net 
expected credit loss level was 1 basis point.
Operating income and profit
0
5
10
15
20
2021
2019
2020
SEK bn
  Operating income
  Operating profit
Operating income and profit
  Operating income
  Operating profit
0
5
10
15
20
2021
2019
2020
SEK bn
Aspiration and outcome
0
4
8
16
-19-20
RoBE
-21
0.30
0.50
0.45
0.35
0.40
12
-19-20-21
C/I
  Return on business 
equity, RoBE, %
  Cost/income, C/I, ratio
  Long-term aspiration
Aspiration and outcome
0
20
-19-20
RoBE
-21
0.30
0.50
0.45
0.35
0.40
-19-20-21
5
10
15
C/I
  Return on business 
equity, RoBE, %
  Cost/income, C/I, ratio
  Long-term aspiration
Divisional head
Jonas Söderberg
Divisional heads
Joachim Alpen
Jonas Ahlström
80 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

Baltic
Life
Business offering
The division provides universal banking including advisory ser-
vices to ­private individuals and all corporate customer segments 
in Estonia, Latvia and Lithuania, with significant market shares 
across key segments and ­products in all three countries. 
The division has 61 branch offices in the three Baltic 
countries and serves approximately 1 million private home bank 
customers and 105 000 home bank customers among small 
and medium-sized companies. Digital services, such as mobile 
applications, electronic document signing and remote video 
advice, are increasingly used by customers. 
Business offering
The division provides life insurance solutions to about 
810,000 private and 96,000 corporate customers with 
402,000 policy­holders. Operations are carried out mainly in 
the Nordic and ­Baltic countries through digital and remote 
­meeting points, physical meeting places and contact centres. 
The insurance offering includes unit-linked, portfolio bond and 
traditional insurance as well as health and sickness insurance. 
The division aims to serve customers throughout life with long-
term advice and solutions in order to provide companies and 
individuals with the right insurance coverage.
Comments on the 2021 result
Operating profit increased by 25 per cent and amounted to SEK 
3,233m. Net interest income decreased by 4 per cent, primarily due to 
currency effects. Net fee and commission income increased by 7 per 
cent mainly due to high performance fees in mutual funds. Operating 
expenses were unchanged. Net expected credit losses were positive 
as a larger recovery exceeded new provisions. The net expected credit 
loss level was –11 basis points.
Comments on the 2021 result
Operating profit increased by 60 per cent to SEK 2,346m. Net fee and 
commission income increased by 16 per cent mainly as a result of the 
positive financial markets. Net financial income, primarily from the 
traditional life operations, increased by 58 per cent, also partly due to 
the advantageous market conditions. Operating expenses decreased by 
3 per cent.
Operating income and profit
  Operating income
  Operating profit
0
2
4
6
8
2021
2019
2020
SEK bn
Operating income and profit
  Operating income
  Operating profit
0
1
2
3
4
2021
2019
2020
SEK bn
Aspiration and outcome
0
30
-19-20
RoBE
-21
0.28
0.40
-19-20-21
10
20
0.32
0.36
C/I
  Return on business 
equity, RoBE, %
  Cost/income, C/I, ratio
  Long-term aspiration
Aspiration and outcome
0
60
-19-20
RoBE
-21
0
0.6
-19-20-21
20
40
0.2
0.4
C/I
  Return on business 
equity, RoBE, %
  Cost/income, C/I, ratio
  Long-term aspiration
Divisional head
Nina Äikäs
Divisional head
David Teare
SEB Annual and Sustainability Report 2021 — 81


Per cent
  Large Corporates & Financial Institutions
43
  Corporate & Private Customers
34
  Baltic
10
  Life 
7
  Investment Management
6
1)	 Excluding group functions and eliminations
Operating income1) 
Operating profit2)
 
Per cent
  Large Corporates & Financial Institutions
41
  Corporate & Private Customers 
32
  Baltic
11
  Life
8
  Investment Management 
7
2)	 Excluding group functions
Employees
 
Per cent
  Large Corporates & Financial Institutions
14
  Corporate & Private Customers
22
  Baltic
14
  Life
7
  Investment Management 
1
  Group functions, including support and staff
42
Divisions’ share of:
Investment Management
Business offering
The division offers asset management services through a broad 
range of funds and tailored portfolio mandates to institutional 
investors, as well as retail and Private Banking customers. The 
operations are carried out in Sweden, Denmark, Finland and 
Luxembourg. Assets are managed across equities, fixed income, 
alternative investments and multi-strategy management. The 
products are distributed mainly via the bank’s other ­divisions, 
but also via external parties. 
The division is aiming to be the advisory leader with a goal 
to enhance and deepen the focus on the sustainable product 
offering in order to meet customer needs and expectations.
Comments on the 2021 result
Operating profit increased by 50 per cent to SEK 2,164m. In the favour-
able financial markets base commissions reached SEK 2,403m driven 
by record high assets under management. Performance fees amounted 
to SEK 659m with generally higher market values as well as a number of 
one-time items. Operating expenses increased by 2 per cent. 
Operating income and profit
  Operating income
  Operating profit
0
1
2
3
4
2021
2019
2020
SEK bn
Private Wealth Management & Family Office
To further strengthen the relationship with the segment from entre-
preneurs to professional family offices and to continue to expand 
SEB’s savings and investments business, a new division, Private Wealth 
Management & Family Office, was established. This division will gather 
the Private Banking expertise and leverage SEB's full range of products 
and services, in particular within Investment Banking. 
The divisional results will be reported starting from the first 
­quarter of 2022. 
Divisional head
Javiera Ragnartz
Aspiration and outcome
0
80
-19-20
RoBE
-21
0
0.4
-19-20-21
20
60
0.1
0.3
C/I
40
0.2
  Return on business  
equity, RoBE, %
  Cost/income, C/I, ratio
  Long-term aspiration
82 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

Geographic markets 
Market
Comment
Global
with Sweden
Johan Torgeby
President and CEO
Universal banking
Sweden is SEB’s main market with a complete banking, pension 
and insurance offering to a wide range of customers. Despite 
lasting Covid-19 effects, 2021 showed stable growth in household 
and ­corporate lending volumes, while significant investments in 
­strategic initiatives were made. 
Estonia
Allan Parik
Country manager
Universal banking
Estonia was one of the first economies in the eurozone where GDP 
grew to above pre-pandemic levels. SEB's services supported the 
rapid recovery in both private consumption and investments, led 
by a combination of fewer restrictions and a reform of the Estonian 
pension system. 
Latvia
Ieva Tetere
Country manager
Universal banking
The Latvian economy weathered the Covid-19 pandemic well but 
a new wave in the end of the year resulted in new restrictions, 
dampening economic activity. SEB continued to support customers 
and improve digital means, such as mobile onboarding functionality 
and investment advice in the mobile app.
Lithuania
Sonatą  
Gutauskaitę- 
Bubnelienę
Country manager
Universal banking 
After a minor drop in 2020, Lithuania‘s economy expanded rapidly 
in 2021, despite several spikes in Covid-19 cases. SEB continued 
to support the economy and customers, especially by increased 
lending to corporate customers.
Denmark
Mark Luscombe
Country manager
Corporate banking
Both the economic and business climate were strong in Denmark 
and this was reflected across the corporate and investment 
­banking activities. 
Norway
John Turesson
Country manager
Corporate banking
With continued high activity in the capital markets SEB participated 
in an increased number of transactions and took a strong position 
for advisory services within investment banking. SEB has been 
deeply involved in the customers’ transition towards sustainability, 
both through green and sustainability-linked products and advisory.
Finland
Marcus Nystén
Country manager
Corporate banking
Customer activity was very strong during the year and resulted in 
growth in investment banking services and energy, infrastructure 
and sustainable banking solutions. Demand for core banking prod-
ucts also increased. SEB ensured the position as a leading transition 
bank and custody operator for institutional clients. 
Germany
Johan  
Andersson
Country manager
Corporate banking
The German economy recovered but growth was hampered by 
­precautionary measures against the pandemic and global distur-
bances in the supply chain. Customers exited Covid-related facilities 
while investment activities were high in infrastructure, energy and in 
relation to the future de-carbonisation of most industry sectors. 
United Kingdom
Anders Engstrand
Country manager
Corporate banking
GDP rebounded, supported by successful roll-out of vaccination 
programs, lifted restrictions and an increase in consumption. During 
the year SEB has continued to develop corporate and institutional 
customer relationships with a focus on sustainable business models.
Other markets
The inter­national
network
SEB continued to serve customers through its presence in 
­Luxembourg, Poland, Russia, Ukraine, China, Hong Kong, 
­Singapore, India, USA and Brazil and worked to expand the  
business in Netherlands, Austria and Switzerland. 
	

Per cent 
  Sweden
62
  Estonia
4
  Latvia
2
  Lithuania
5
  Denmark
5
  Norway
6
  Finland
4
  Germany
5
  United Kingdom
3
  Other markets
4
	

Per cent 
  Sweden
52
  Estonia
7
  Latvia
6
  Lithuania
9
  Denmark
2
  Norway
2
  Finland
2
  Germany
1
  United Kingdom
1
  Other markets
4
  Global services  
in Latvia and Lithuania
14
Share of SEB’s employees
Share of SEB's operating income
SEB Annual and Sustainability Report 2021 — 83

Market shares and customer contacts
Households, deposits
Households, lending
Market shares, Sweden
Per cent
Customer contacts
2021
2020
2019
Number of syndicated loans in  
Nordic countries
99
69
78
Number of equity capital market  
transactions in the Nordic countries
52
28
25
Number of Nordic mergers and acquisitions
9
10
31
International Private Banking branch offices
12
12
12
Number of Swish payments  
via SEB’s app (million)
87
49
45
Number of branch offices
156
172
184
Number of ATMs1) 
2,280
2,293
2,370
1)	 of which 1,600 jointly owned by major Nordic banks.
2021
2020
2019
10
15
20
25
2021
2020
2019
25
20
15
10
Companies, deposits
Companies, lending
  SEB 
 
  SHB 
 
  Swedbank   
  Nordea
2021
2020
2019
10
15
20
25
2021
2020
2019
10
15
20
25
SEB’s market shares 
Per cent
2021
2020
Total  
market, 
SEK bn 
2021
Market 
growth
Lending to general public
Sweden
14.6
14.4
7,314
6
 
Lending to households
12.7
12.6
4,720
7
 
Lending to companies
18.1
17.6
2,594
5
Estonia1)
25.8
27.5
228
5
 
Lending to households
26.1
26.4
105
3
 
Lending to companies
25.5
28.4
122
6
Latvia1)
21.4
23.2
145
3
 
Lending to households
18.6
19.2
58
2
 
Lending to companies
23.2
25.9
87
4
Lithuania1)
29.4
31.2
210
3
 
Lending to households
28.2
28.9
115
5
 
Lending to companies
30.9
33.9
95
0
Deposits from general public
Sweden
16.9
16.5
4,149
11
 
Deposits from households
12.2
11.6
2,418
9
 
Deposit from companies
23.5
23.8
1,731
15
Estonia1) 
20.9
21.3
275
15
 
Deposits from households
21.5
21.5
124
19
 
Deposit from companies
20.4
21.2
151
11
Latvia1)
19.4
18.2
197
6
 
Deposits from households
19.7
18.1
111
6
 
Deposit from companies
19.0
18.3
87
4
Lithuania1) 
28.7
28.6
337
12
 
Deposits from households
29.3
29.5
197
16
 
Deposit from companies
27.7
27.5
139
6
Equity trading
Stockholm
4.3
4.8
11,917
6
Helsinki
1.6
2.8
3,193
1
Copenhagen
2.4
2.0
4,969
4
SEK-denominated corporate bonds
20.5
13.2
192
26
Mutual funds, total volumes2)
Sweden
9.9
10.2
6,951
27
Finland
1.0
1.2
1,627
22
Unit-linked insurance,  
premium income
Sweden3)
13.1
13.2
76
8
Total life insurance,  
premium income
Sweden3)
12.5
7.8
238
–13
1)	 Excluding financial institutions & leasing. Estonia, Latvia and Lithuania per  
September 2021. Market growth in local currency, September YoY.
2)	 Excluding third-party funds.
3)	Per September 2021.
Sources: Statistics Sweden, Swedish Investment Fund Association, Estonian 
­Finantsinspektsioon, Finance Latvia Association, Association of Lithuanian Banks, 
Swedish Insurance Federation, Nasdaq etc.
84 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Financial review of the group

SEB Annual and Sustainability Report 2021 — 85
The financial and economic consequences of the Covid-19 
pandemic have been extensive in SEB’s home markets and the 
continued recovery is dependent on the pandemic development 
and government and central bank measures. SEB is continuously 
assessing the asset quality of its credit portfolio using different 
economic scenarios. Financial markets volatility may adversely 
impact fair values of certain financial instruments and holdings, 
and consequently, net financial income and capital.
The interest rate levels – in Sweden in particular the repo rate 
– are key factors affecting net interest income and operating 
profit. At the latest monetary policy meeting, the Executive 
Board of the Swedish central bank decided to hold the repo rate 
unchanged at zero per cent. The central bank expects that the 
repo rate will be raised at the second half of 2024. A sensitivity 
analysis assuming a repo rate hike of 25 basis points indicates 
an increase of approximately SEK 1bn in net interest income, all 
else equal.
SEB assumes credit, market, liquidity, non-financial as well as 
life insurance risks. The risk composition of the group, as well as 
the related risk, liquidity and capital management, are described 
on p. 86–91 and in note 40 and 41, in the Capital Adequacy 
and Risk Management Report for 2021 as well as the quarterly 
additional Pillar 3 disclosures. Further information is available in 
the Fact Book that is published quarterly.
Re-assessment of credited withholding  
tax in Germany
SEB and its subsidiaries are continuously subject to tax field 
audits where local tax authorities review previous years’ tax 
returns. The German tax authorities have in relation to SEB’s 
wholly owned German subsidiary, DSK Hyp AG (DSK) re-as-
sessed DSK’s crediting of withholding tax in its securities finance 
business for the years 2008–2014 and claimed the repayment 
by DSK of EUR 936m, plus interest. DSK has over the years 
2008–2015 claimed and credited approximately EUR 1,500m in 
withholding tax against its corporate income tax.
SEB and DSK are of the opinion that the securities finance 
business of DSK under review by the German tax authorities 
was conducted in accordance with market practice, law and 
administrative guidance applicable at the time. SEB and DSK, 
as supported by its external legal advisor, are of the view that 
it is more likely than not that it will be ultimately confirmed in 
a ­fiscal court proceeding that the withholding tax has been 
claimed and credited correctly by DSK. Hence, to date and in 
accordance with current accounting rules, no provisions have 
been made on a group level.
The legal proceedings are estimated to take several years as 
it is expected that the matter will be appealed to the highest 
fiscal court. It cannot be ruled out that the re-assessment by the 
German tax authorities of DSK’s crediting of withholding tax may 
lead to negative financial effects for the SEB Group.
Supervisory matters
SEB is subject to various legal regimes, laws and requirements 
in all jurisdictions where the bank operates. Over the past years, 
the laws and regulations of the financial industry have expanded 
and further sharpened, and the regulators have increased their 
supervision. This is a development which is expected to continue 
to evolve. Competent authorities regularly conduct reviews of 
SEB’s regulatory compliance, including areas such as financial 
stability, transaction reporting, anti-money laundering, investor 
protection and data privacy. SEB has policies and procedures 
in place with the purpose to comply with applicable laws and 
regulations and has continuous dialogues and cooperates with 
authorities. SEB has received requests from authorities in juris-
dictions where it operates, including US authorities, to provide 
information concerning measures against money laundering, 
which SEB is responding to in dialogue with these authorities. 
It cannot be ruled out that current and future supervisory 
activities and requests from authorities could lead to criticism 
or sanctions.
Investigation of alleged tax evasion  
of a severe nature
The public prosecutor in Cologne, Germany, is investigating 
whether former and current employees of DSK and SEB have 
been involved in alleged tax evasion of a severe nature. DSK and 
SEB are cooperating with the prosecutor in the investigation. 
As far as SEB and DSK are aware, no indictments have been filed 
against any of the aforementioned employees. 
It is unclear what impact this investigation may have on the 
re-assessment by the German tax authorities of DSK’s crediting 
of withholding tax referred to above. It cannot be ruled out that 
the investigation or potential indictments may lead to negative 
financial effects for the SEB Group. 
Events after the balance sheet date
Jeanette Almberg, currently Head of Group Human Resources and 
a member of the bank’s Group Executive Committee (GEC), has 
been appointed as new Head of Business Support & Operations 
and a member of GEC. Robert Celsing, currently Head of FICC 
Markets at SEB, has been appointed new Head of Group Human 
Resources and a member of GEC. Nina Korfu-Pedersen, currently 
Head of Business Support & Operations, has been appointed Chief 
Transformation Officer for Control & Staff Functions. The changes 
are effective as at 1 February 2022.
Future uncertainties

Risk profile
The Board of Directors decides on the overarching risk tolerance. The President and CEO is responsible for managing  
SEB’s risks overall and ensuring that the risk profile is within the Board’s risk tolerance and capital adequacy targets.
Board’s risk tolerance statements in brief
Measurement
2021
2020
Credit risk and asset quality
Maintain a robust credit culture based on long-term relation-
ships, knowledge about customers and focus on their repay-
ment capacity. This will lead to a high-quality credit portfolio.
	
• Total loans, contingent liabilities and derivatives (SEK bn)
	
• Expected credit losses in relation to total exposure (%)
	
• Share of loans that are classified as credit-impaired (%)
2,828
0.02
0.53
2,591
0.26
0.87
Market risk
Target low earnings volatility by generating revenues 
based on customer-driven business.
	
• Statistical measure of the largest trading loss that can  
be expected in a ten-day period (VaR) (SEK m)
138
210
Non-financial, business and reputational risk
Mitigate non-financial, business and reputational risk in all 
activities and maintain the bank’s good reputation.
	
• Non-financial risk losses in relation to operating income (%)
0.37
1.941)
Liquidity and funding risk
Have a sound structural liquidity position, a balanced whole-
sale funding dependence and sufficient liquid reserves to 
meet potential net outflows in a stressed scenario.
	• High-quality liquid assets in relation to the estimated net liquidity out-
flows over the next 30 calendar days (Liquidity Coverage Ratio) (%)
	
• Available stable funding in relation to the amount of required stable 
funding over a one-year horizon (Net Stable Funding Ratio) (%)
145
111
163
Aggregated risk and capital adequacy
Maintain satisfactory capital strength in order to sustain aggre-
gated risks and guarantee the bank’s long-term survival and 
its position as a financial counterparty, while operating safely 
within regulatory requirements and meeting rating targets.
	
• Risk-weighted business volumes (risk exposure amount) (SEK bn)
	
• Capital in relation to the risk exposure amount (CET1) (%)
	
• Capital in relation to total assets (leverage ratio) (%)
787
19.7
5.0
726
21.0
5.1
Risk management
Risk development
SEB’s overall risk profile remained strong in 2021. Asset quality 
is robust, credit losses are at historically low levels and the 
portfolio overlays made in 2020 for potential losses related to 
Covid-19 remain in place. Market risk decreased, and volatility 
toward the end of the year due to movements in energy com-
modity prices and rising inflation was managed well within risk 
tolerance levels. The liquidity and capital positions were both at 
historically strong levels at the end of the year.
The global economy recovered significantly in 2021 and 
credit growth was strong, primarily among corporates and 
household mortgages. The main scenario is that the recovery 
continues in 2022, albeit at a slower pace. There are however a 
number of uncertainties that could potentially impact the overall 
supportive environment. Supply chains have been disrupted 
by the pandemic, which combined with higher demand and the 
­European energy crisis is driving inflation and interest rates 
higher. These trends highlight concerns related to elevated debt 
levels and inflated asset values. In addition, geopolitical tension 
has increased in several regions. 
The Covid-19 pandemic remained at the centre of attention in 
2021, and new waves of infections and restrictions cannot be 
ruled out. The impact of the eventual phase-out of government 
and central bank support programmes also remains to be seen. 
SEB has managed the consequences of the pandemic well. 
Focus has been on supporting customers while at the same time 
Risk, liquidity and capital management
Managing risk is an integral part of banking, and risk awareness is deeply embedded in SEB’s corporate culture. 
Megatrends such as digitalisation and sustainability as well as increasing regulation are leading to new, ­primarily 
non-financial, risks which are increasing in importance. The bank has a comprehensive framework for risk, 
liquidity and capital management that is continuously being developed to reflect the current environment.
managing the increasing risks. The bank’s crisis management 
and pandemic plans were activated already at the onset of the 
pandemic and have been continuously developed since. This has 
resulted in new ways of working without major disturbances to 
the bank’s significant processes. Incidents and losses related 
to non-financial risks have remained low. Employees returned 
to SEB’s premises when restrictions were lifted, although this 
development was temporarily reversed at the end of the year. 
A new remote-working policy was also introduced in 2021.
In a longer perspective, the rapid transformation of the bank-
ing industry continues, driven by megatrends such as digitalisa-
tion and sustainability as well as increased regulations. On the 
back of this, focus has partly shifted from managing traditional 
financial risks to non-financial risks such as data management, 
cyber, technology and third-party risks. Machine learning and 
artificial intelligence will be fundamental for future risk man-
agement and may be used for compliance efficiency, better 
credit decisioning, audits and stress testing, among other things. 
Within sustainability, climate-related risks in particular are 
increasingly analysed, measured and integrated into strategic 
decision-making. The evolution of the global regulatory land-
scape for banks over the last 15–20 years, partly in response to 
the global financial crisis (2007/2008), is still ongoing.
In response to these trends, SEB is continuously developing its 
risk management framework for both financial and non- 
financial risks. This is done by developing relevant definitions, a 
control framework focused on prevention and mitigation, and an 
integrated risk and control assessment that considers emerging 
risks, including the quantification of such risks.
1)	 Excluding an administrative fee of SEK 1bn, issued by the Swedish FSA, the non-financial risk loss in relation to operating income would have been 0.45 per cent.
86 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Risk, liquidity and capital management

Overall robust asset quality
SEB has a well-balanced credit portfolio (which includes loans, 
contingent liabilities and derivatives) mainly comprised of 
Nordic large corporates and Swedish households. Overall asset 
quality remained stable in 2021, with historically low levels of 
expected credit losses.
The impact of Covid-19 remained limited on the bank’s larger 
portfolios such as large corporates, real estate, small and 
medium-sized companies and households. Early warning indi-
cators such as late payments, negative risk class migration and 
bankruptcy statistics are closely monitored and have remained 
stable. That said, there are a number of developments that could 
become concerns, including the phase-out of the government 
support programmes that were introduced to mitigate the 
economic effects of Covid-19, and a potentially prolonged period 
with higher energy prices and supply chain challenges, as well 
as rising interest rates. 
Net expected credit losses (ECL) in 2021 amounted to  
SEK 510m (6,118), corresponding to a net ECL level of 2 basis 
points (26). Credit-impaired loans (gross loans in Stage 3) 
amounted to SEK 9.8bn at year-end (14.9), corresponding to 0.53 
per cent of gross lending (0.87). The Stage 3 ECL coverage ratio 
increased during the year from 48.4 per cent to 57.8 per cent.
The portfolio overlays made in 2020 are maintained largely 
unchanged. These include the overlays in the Large Corporates 
& Financial Institutions division to capture the challenges facing 
the oil industry and the overlays in the Corporate & Private 
­Customers and Baltic divisions to capture the potential neg-
ative effects on asset quality from the pandemic. Total ECL 
­allowances amounted to SEK 8,786m (10,165).
Strong credit portfolio growth
Credit portfolio growth was strong in 2021, mainly driven by 
corporates and continued good demand for Swedish household 
mortgages. The total credit portfolio amounted to SEK 2,828bn 
(2,591) by year-end.
Robust growth in the corporate segment
More than half of SEB’s credit portfolio consists of exposure to 
corporates. SEB is unique among its peers in that its corporate 
portfolio consists primarily of large investment grade corporate 
customers, mainly Nordic and German customers in a wide 
range of industries, of which the largest is manufacturing. In gen-
eral, SEB’s large corporate customers have remained resilient 
during the pandemic. 
In total, the corporate portfolio grew to SEK 1,473bn (1,308) 
in 2021. Growth was mainly driven by a surge in demand for 
M&A-related financing among large corporates toward the end 
of the year. 
Activity was also high among small and medium-sized enter-
prises (SMEs), especially the mid-corporate segment. SEB’s SME 
portfolio grew to SEK 176bn (149). SEB’s exposure to SMEs is 
mainly in Sweden and accounts for 12 per cent (11) of the total 
corporate portfolio.
Strong growth in Swedish household mortgages 
Activity in the Swedish housing market remained high in 
2021, with large price increases that began to level off during 
the ­latter part of the year. The price development has been 
­supported by continued low interest rates, increased demand 
for larger housing and lower consumption during the pandemic. 
SEB’s Swedish household mortgage portfolio continued to grow 
in line with the market at around 7 per cent and amounted to 
SEK 594bn at year-end (560). 
The portfolio is of high quality with low historical credit losses, 
a sound portfolio loan-to-value (LTV) ratio (weighted average 
max LTV of 50 per cent) and a proven strong repayment capac-
ity among customers. Lending decisions are based on the bor-
rower’s repayment capacity, including the ability to manage a 
stressed scenario with a higher interest rate. Where applicable, 
the stressed scenario takes into account the borrower’s share of 
the housing association’s total debt. 
The general exemption from the amortisation requirement 
law, implemented by the Swedish FSA when the pandemic 
escalated, expired in August 2021. The amortising share of the 
portfolio has thereafter returned to pre-pandemic levels, that is 
97 per cent of the portfolio with LTV higher than 70 per cent.
Credit loss development1)
Per cent
2018
2017
2019
2020
2021
0
0.2
0.1
0.3
0.4
0.5
1)	 2018–2021: Net ECL level based on IFRS 9 expected loss model.  
2017: Credit loss level based on IAS 39 incurred loss model.
Credit portfolio, development by customer segment
SEK bn
-17-18-19-20-21
-17-18-19-20-21
-17-18-19-20-21
-17-18-19-20-21
-17-18-19-20-21
-17-18-19-20-21
300
0
600
900
1,500
1,200
Corporates
Households
 Real estate  
management 
Housing cooperative 
associations 
Public  
administration
Banks
SEB Annual and Sustainability Report 2021 — 87

Solid real estate portfolio
SEB’s credit exposure to residential real estate management 
is mainly in Sweden and consists of high quality, private and 
publicly owned real estate companies as well as institutional 
investors. Weighted average LTV for the portfolio was  
46.4 per cent at year-end (46.5). 
Demand for residential real estate in Sweden is stable and 
non-cyclical due to the structural housing deficit. In 2021, 
growth in the residential real estate portfolio was mainly driven 
by high buy and sell activity among existing customers. The 
portfolio amounted to SEK 152bn at year-end (143). SEB also 
has SEK 74bn (66) in credit exposure to housing cooperative 
associations, a common form of residential home ownership 
in Sweden.
SEB’s credit exposure to commercial real estate companies 
consists mainly of strong counterparties in the Nordic region 
with sound financing structures and diversified property port­
folios. Weighted average loan-to-value for the portfolio was 
44.6 per cent at the end of 2021 (45.5). Asset quality remains 
high with no credit losses or signs of deterioration. 
The market outlook for commercial real estate continues to 
be supported by low interest rates although the outlook varies 
between the different sub-segments. The acceleration of trends 
such as e-commerce and remote working, as well as reduced 
travelling during the pandemic, has impacted segments such as 
retail-related properties and hotels. Demand for office space 
remains stable but with some uncertainties such as longer lead 
times in letting activities and a slight increase in vacancy levels. 
SEB’s commercial real estate portfolio amounted to SEK 188bn 
(196) at year-end. 
SEB governs its exposure to the real estate sector through a 
group-wide risk tolerance level for the commercial real estate 
portfolio, divisional volume growth limits and through a strict 
real estate credit policy. 
Balanced growth in the Baltic countries
SEB’s Baltic credit portfolio consists mainly of corporate and 
household exposures. Exposure to real estate management is 
limited. Lithuania is SEB’s largest market in terms of credit expo-
sure in the Baltic countries, followed by Estonia and Latvia.
Asset quality remained stable in 2021. The Baltic economies 
continued to recover, and credit portfolio growth was main-
ly driven by increasing demand for household mortgages as 
remote working drove demand for larger housing. Corporate 
volumes were stable. SEB’s total Baltic credit portfolio increased 
to SEK 194bn (188).
Decreased market risk
Market risk arises in SEB’s customer-driven trading activity as 
well as within the treasury function, which is responsible for the 
Group’s funding and liquidity management. The risk in trading 
is measured as Value at Risk (VaR), which estimates the bank’s 
expected maximum loss during a period of ten trading days, with 
a probability of 99 per cent. 
Interest rate risk in the banking book (IRRBB) arises as a result 
of balance sheet mismatches in currencies, interest terms and 
interest rate periods, and is managed under the IRRBB frame-
work taking potential value and earnings risks into account. 
2021 was characterised by tighter credit spreads, equity 
markets reaching all-time highs and lower market volatility. 
However, the trend reversed towards the end of the year with 
large volatility in e.g. the commodity and interest rate markets. 
As a result of market developments during the year, SEB’s mar-
ket risk decreased, and average VaR (which is based on changes 
in market risk factors over the past twelve months) declined to 
SEK 138m (210).
Stable risks in the insurance business
SEB’s life insurance business consists mainly of unit-linked prod-
ucts, where the market risk remains with the customer. In 2021, 
unit-linked products accounted for 77 per cent of total premium 
income (67). In addition to unit-linked products, SEB also offers 
risk insurance in Sweden and in the Baltics, and traditional life 
insurance in Sweden. 
The traditional life insurance portfolios expose SEB to market 
risk due to the guaranteed elements of the products. However, 
the difference between the value of the assets and the guaran-
teed commitments serves as a buffer against earnings volatility. 
During 2021 this buffer continued to increase due to strong 
financial markets and new business volumes. 
Allocations to alternative investments are expected to con-
tinue to be material, at around 40 per cent (40) of the portfolio. 
Alternative investments generally increase the overall risk 
level, as valuation, market, liquidity, and non-financial risks 
are deemed higher relative to traditional investment asset 
classes. These risks are primarily mitigated by high levels of 
diversification within the asset class as well as a strengthened 
governance structure.
Managing non-financial risks throughout the  
pandemic and supporting the recovery
By continuously developing and improving governance and risk 
practices, SEB strives to mitigate non-financial risks – both  
traditional and emerging risks – in its daily business and pro-
cesses. Net non-financial losses from incidents amounted to  
SEK 219m (1,235) in 2021.
At the outbreak of the Covid-19 pandemic in 2020, crisis 
­management plans were activated across SEB. A pandemic 
response scenario devised as part of SEB’s business continuity 
planning formed the backbone of the bank’s response and has 
evolved along with the development of the pandemic. 
Concerns related to increased losses from non-financial risks, 
not least due to extensive remote working, did not materialise. 
Instead, losses have remained at historically low levels. During 
the autumn of 2021, SEB employees returned to office premises 
in most geographies. 
Credit portfolio, distribution by geography1) 
Per cent
  Sweden
64
  Other Nordic countries
16
  Baltic countries
7
  Germany and the UK
10
  Other
3 
1)	 Distribution based on SEB’s operations.
88 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Risk, liquidity and capital management

Cybersecurity, data management and model risk
Global connectivity and increased usage of cloud services, 
third-party vendors and outsourcing are megatrends in the 
banking industry that at the same time are increasing the risk 
of cybercrime. SEB proactively works with threat identification, 
threat scenarios, threat intelligence and risk management to 
minimise this risk.
To protect SEB’s intellectual property, customer data and 
other sensitive information from unauthorised access by cyber 
criminals, activities to identify, protect against, detect, respond 
to, and recover from cybercrime are developed continuously. 
Security updates, system upgrades and security tests are 
performed on a regular basis. Using zero-trust and least privi-
lege access principles along with technical safeguards provide 
additional protection to manage and monitor devices, users, 
applications, and networks.
Just as important is to foster a sound risk culture and to raise 
security awareness, not only among the employees, but also 
among SEB’s customers. This is done through trainings, informa-
tion and regular communication. In addition, SEB has adopted a 
group-wide cyber risk policy. 
Data management and data ethics continue to grow in 
importance as the financial industry becomes increasingly da-
tacentric. In addition, correct and timely data is part of growing 
regulatory requirements. Furthermore, SEB’s efforts to counter-
act the risk of money laundering and the use of third-party ar-
rangements increase the need for adequate data management 
and data processing. SEB’s well-defined processes for managing 
such risks are being continuously adapted. In recent years, SEB 
has established a group-wide information governance frame-
work, including data management tools and processes. In 2021 
SEB adopted a customer data ethics policy with the objective of 
guiding and setting criteria for managing customer data.
Model risk is another area affected by evolving regulatory re-
quirements. SEB has established a model risk policy framework, 
and significant improvements have been made to the independ-
ent validation of models used for financial crime prevention, pric-
ing of lending products and algorithmic trading. Procurement of 
an IT application to support model risk management is ongoing.
Prevention of financial crime
By being active in the financial markets with a diverse and 
global offering, SEB is exposed to the risk of being used for 
corruption, money laundering and terrorist financing (“finan-
cial crime”). SEB works actively to prevent such risks in line 
with applicable rules and regulations as well as its own ethical 
standards. Knowledge, awareness and a strong risk culture are 
firmly ­embedded in the entire organisation, from the Board of 
­Directors to individual employees.
In 2021, SEB decided to further enhance the governance and 
operating model for fighting financial crime by establishing a 
global function with responsibility for the area. The Financial 
Crime Prevention function (FCP) was set up during the year and 
facilitates the group’s holistic governance, steering and control 
of measures to prevent financial crime.
SEB works continuously to develop its capabilities in the finan-
cial crime prevention area by developing procedures, processes 
and system support as well as by reinforcing internal controls. 
Employees are continuously trained to strengthen awareness 
around financial crime.
One of the most important activities of preventive work is the 
customer due diligence process. In this process, information 
to understand the business relationship and manage potential 
Customer Acceptance Standards (CAS)
SEB’s credibility and reputation are essential to the bank's success 
and are built on long-term customer relationships, a strong busi-
ness and risk culture based on clear ethical standards, social and 
environmental responsibility and professionalism. 
SEB’s reputation is also dependent on the type of customers 
SEB is associated with. SEB’s CAS are nine principles that repre-
sent what the bank considers to be critical requirements when 
accepting new and existing customers. They complement internal 
and ­external rules and aim to further institutionalise and reinforce 
SEB’s sound risk culture. The principles for SEB’s Customer Accept-
ance Standards are:
1.	SEB’s active choice. To be a customer of SEB shall be the result 
of an active decision by the bank. Customer relationships are 
built on trust, and the relationship will be reviewed as required.
2.	The purpose of the relationship must be fully understood. 
SEB shall have a good understanding of the customer’s pur-
pose for using SEB and why it makes sense that SEB provides 
those services.
3.	Transparency is a requirement. Openness and the ability to 
provide satisfactory information is a requirement to become and 
remain a customer of SEB.
4.	Customers shall comply with laws and regulations with a 
­respectful distance to grey zones.
5.	Customers in industries with a significant negative climate 
impact and without a credible plan to manage the transition to a 
low-carbon economy shall be avoided. SEB is committed to align-
ing its business strategy with the Paris Climate Agreement and 
encourages sustainable practices in partnership with customers.
6.	Industries with negative social impact shall be avoided. SEB is 
committed to aligning its business with the UN Guiding Principles 
on Business and Human Rights and therefore has a very restric- 
tive attitude to business activities in industries that could be 
seen as creating negative conditions for people involved in them.
7.	 Customers domiciled in high risk countries, where legal systems, 
infrastructures or financial disclosures are considered deficient 
and where corruption is high, shall be avoided.
8.	Customers with heightened money laundering or sanction risk 
shall be treated with caution. Certain customers carry, by virtue 
of their activities, domicile, ownership, employees or payment 
patterns, a heightened risk for money laundering.
9.	Customer acceptance shall be based on an approved business 
strategy, and SEB shall have the capacity to follow up and 
­control customers and related risks.
risks associated with the customer is collected and assessed. 
All new customers are assessed in this process, and the process 
is repeated on a regular basis throughout the duration of the 
relationship. The process is risk-based, and an extended risk as-
sessment is conducted for customers operating in areas where 
the bank is deemed as more exposed, for example customers 
with specialised products or connections to high risk countries. 
During the year, work to define second line’s assessment of cus-
tomer risk continued within the Chief Risk Officer function. 
Another important activity is transaction monitoring, which 
is used to detect suspicious transactions and behaviours. Any 
suspicious activity that is discovered is reported to the relevant 
authorities. In such cases, SEB will also consider terminating or 
limiting the business relationship. In 2021, SEB reported more 
than 3,900 Suspicious Activity Reports to the authorities in the 
countries where it operates. SEB also performs sanction screen-
ing to prevent payments to and from persons or entities subject 
to financial sanctions.
SEB Annual and Sustainability Report 2021 — 89

External cooperation is an essential part of the work to prevent 
financial crime. In 2021 SEB continued the work with a joint 
know-your-customer (KYC) platform, Invidem, that was initiated 
together with five other Nordic banks in 2019. The cooperation 
between the Swedish Police Authority and the large Swedish 
banks against money laundering, SAMLIT, continued with the aim 
to increase information sharing between the public and private 
sector. SEB’s work to detect and prevent all types of fraud, both 
internally and in cooperation with the police, is continuously 
developed and adapted to new criminal behaviours. 
SEB’s Code of Conduct and core values, mandatory train-
ing and dialogues on ethical and value-related dilemmas 
strengthen employees’ awareness of the importance of 
their conduct. ­Employees are urged to report unethical or 
illegal incidents, if needed through an independent, external 
whistleblowing procedure.
Sustainability risks in credit analysis  
and customer onboarding
As a bank, SEB plays an important role in society by providing 
credit and managing financial assets in ways that promote 
sustainable economic growth and prosperity. Both in its cus-
tomer onboarding and credit granting processes, SEB considers 
sustainability risks and the extent to which such risks can impact 
SEB’s ambition to be a sustainable bank as well as the custom-
er’s ultimate repayment capacity. Tools for identifying, defining, 
monitoring, measuring and controlling sustainability risks are 
developed continuously. 
	For more information on SEB’s sustainability management 
see p. 42 and for specific information on climate-related risk 
management, see p. 60. 
Liquidity and  
capital management
A well-balanced liquidity and funding strategy
Access to the liquidity and funding markets is vital in all circum- 
stances. SEB’s liquidity and funding strategy is managed from 
three perspectives: (1) optimising the liquidity structure of the 
balance sheet to ensure that less-liquid assets are matched with 
stable funding, (2) monitoring wholesale funding dependence, 
and (3) ensuring that the bank has sufficient liquidity reserves 
to withstand a severely stressed scenario.
In 2021 deposits continued to outgrow lending, resulting in 
a historically low loan to deposit ratio of 111 per cent (122) 
and a lower need for funding in the financial markets. Financial 
markets were well functioning and offered attractive ­funding 
opportunities. SEB raised long-term funding amounting to 
SEK 75bn (117) while SEK 151bn (126) matured, lowering SEB’s 
total wholesale funding to SEK 474bn (580).
A high credit rating is important as it forms the basis for SEB’s 
cost of wholesale funding. SEB maintained its rating from S&P, 
Fitch upgraded the outlook to stable, while Moody’s downgrad-
ed SEB’s senior unsecured debt and deposits from Aa2 to Aa3 
with stable outlook. Moody’s downgrade followed the Swedish 
National Debt Office’s (the resolution authority) proposal to 
amend its rules on Minimum Requirements for Eligible Liabilities 
and Own Funds (MREL), resulting in most Swedish banks needing 
to issue lower levels of additional loss-absorbing debt. 
	See p. 75 for credit ratings and composition of new funding.
SEB manages its assets and liabilities in line with the Net Stable 
Funding Ratio (NSFR) regulatory requirement of at least 100 per 
cent, a requirement that came into force in 2021. At year-end 
SEB’s NSFR was 111 per cent, which is well within the minimum 
regulatory requirement as well as the Board’s risk tolerance for 
a sound structural liquidity risk position.
 At the end of 2021 SEB’s liquid assets amounted to SEK 
672bn (617). The size and composition of liquid assets are 
­regularly analysed and assessed against estimated needs.
The Liquidity Coverage Ratio (LCR) measures to what extent 
SEB’s liquid assets are sufficient to cover short-term cash ­out- 
flows in a short-term stressed scenario. At the end of 2021 
SEB’s LCR was 145 per cent (163) and is thus in compliance with 
Liquidity Coverage Ratio,  
Core Gap Ratio and Net Stable Funding Ratio1) 
Per cent
  2019 
  2020 
  2021
  Liquidity Coverage Ratio requirement/ Net Stable Funding ratio requirement
0
50
100
150
200
250
Liquidity 
Coverage Ratio
Core 
Gap ratio
Net Stable 
Funding Ratio
1)	 Core Gap Ratio is an internal measure of how long-term lending is matched by long-term  
funding. In 2021 the Net Stable Funding Ratio replaced it as a structural liquidity measure.
	For detailed information on risk, liquidity and capital 
­management, see notes 40 and 41.
90 — SEB Annual and Sustainability Report 2021
Report of the Directors  —  Risk, liquidity and capital management

the minimum requirement of 100 per cent. SEB also meets the 
minimum LCR requirement for individual currencies, including 
euro, dollar and other significant currencies. 
The capital position continues to be strong
Despite a strong risk culture and risk management, unexpect-
ed losses can occur in banking. SEB’s capital management 
is designed to ensure that the bank has sufficient capital to 
absorb such unexpected losses. The Board of Directors sets 
SEB’s capital target taking into consideration financial stability 
requirements by the regulators, debt investors and business 
counterparties, as well as the Board’s view on capital need and 
credit rating ambitions. These requirements must be balanced 
with the shareholders’ required rate of return.
In 2020 new capital requirements started to apply for Swedish 
banks, when the EU Banking package was transposed into Swed-
ish law. As part of the 2021 Supervisory Review and Evaluation 
Process (SREP), the Swedish FSA introduced a Pillar 2 Guidance 
(P2G) of 1.5 per cent for SEB. The Common Equity Tier 1 (CET 1) 
capital requirements consist of four main parts:
Common Equity Tier 1 (CET 1) capital  
– requirement and relation
as percentage of total risk-weighted 

exposure amount
2021
2020
Pillar 1 minimum requirement
4.5
4.5
Pillar 2 requirements (P2R)
1.2
1.2
Combined buffer requirement
6.6
6.6
Pillar 2 guidance (P2G)
1.5
Total requirement and P2G
13.8
12.6
Common Equity Tier 1 (CET 1) capital ratio
19.7
21.0
SEB’s CET1 capital ratio was at year-end 19.7 per cent (21.0), 
implying a buffer of 590 basis points above the regulatory 
­requirement and P2G. The risk exposure amount increased to  
SEK 787bn (726) primarily as a result of growth in the corpo-
rate credit portfolio and foreign exchange effects. Net profit 
was strong in 2021, however due to decisions and anticipation 
regarding future capital distribution, CET1 capital increased 
slightly to SEK 155bn (152).
As part of the 2021 SREP, the Swedish FSA also introduced 
a Pillar 2 Guidance (P2G) of 0.45 per cent of the leverage ex-
posure – on top of the minimum 3 per cent requirement for the 
leverage ratio. SEB’s leverage ratio was 5 per cent (5.1) at the 
end of 2021.
The capital requirements for Swedish banks are higher than 
common EU levels, and Swedish banks are well capitalised 
compared to banks elsewhere in Europe, both from a risk-based 
and non-risk-based perspective. SEB’s strong capitalisation was 
confirmed in the EBA’s bi-annual EU-wide stress test. In the EBA’s 
adverse stress scenario, SEB’s CET1 capital ratio would decline 
from 21.0 per cent to 17.4 per cent, implying strong resilience in 
the stressed scenario.
	For information on the Board's capital-related  
financial targets, see p. 73.
Finalisation of the Basel III framework
In December 2017 the Basel Committee presented a frame- 
work for revisions to the Basel III framework (referred to as 
Basel IV) with the objective to reduce excessive variability of 
risk-weighted assets (RWA) among banks. For that purpose, the 
Capital adequacy 
Per cent
  Common Equity Tier 1 capital ratio 
  Tier 1 capital ratio 
  Total capital ratio 
  CET1 requirement
0
5
10
15
20
25
2019
2020
2021
0
200
400
600
800
1,000
2021
2020
2019
Development of risk exposure amount (REA) 
SEK bn
  Credit risk 
  Market risk 
	
  Operational risk 
  Credit value adjustment 
  Investment in insurance business 
  Other exposures 
  Additional risk exposure amount
0
5
10
15
20
25
Aggregated
EU level
SEB
EBA stress test 2021 – effect on  
Common Equity Tier 1 capital ratio 
Per cent
  Actual reported year-end 2020 
  Stressed outcome
Committee introduced an output floor implying that risk- 
weighted assets calculated by applying internal models cannot 
in aggregate fall below 72.5 per cent of the risk-weighted assets 
calculated by the standardised approaches. On 27 October 
2021 the European Commission released a proposal for im-
plementation of Basel IV into EU legislation. The new rules are 
proposed to be implemented by 1 January 2025 with a five-year 
gradual phase-in of the output floor of 72.5 per cent until  
1 January 2030. The removal of the internal model for oper-
ational risk, together with restrictions on the use of internal 
models for credit risk and changed methods for market risk, is 
expected to lead to an increase in required capital for SEB. The 
proposal includes some improvements in relation to the output 
floor compared to the original Basel standard, making the rules 
more suitable for the European banking sector.
SEB Annual and Sustainability Report 2021 — 91

Corporate governance
“The trust that our shareholders, customers, and other 
stakeholders place in us forms the very foundation of our 
business. We do our utmost to nurture that trust in all parts of 
SEB’s business and in all countries where we operate. On behalf 
of the Board of Directors, I want to stress that SEB attaches 
great importance to having high standards of corporate 
governance, compliance and risk management. This includes 
our responsibility to counter money laundering and other 
financial crime, where we are continuously developing our 
abilities. We always strive to adhere to the changing regulatory 
landscape and our own internal standards to continue to earn 
the trust of all our stakeholders.”
Marcus Wallenberg, Chair, Board of Directors
To maintain the important societal function as a bank, it is of 
utmost importance for SEB that customers, shareholders, 
employees and other stakeholders have great confidence and 
trust in the bank’s operations. Professional employees who are 
guided by a high standard of business conduct are crucial, as is 
maintaining a sound risk culture. A robust corporate governance 
framework with clearly defined roles and responsibilities and 
internal control helps prevent conflicts of interest.
Rules and regulations
As a Swedish public limited liability financial institution with 
­securities listed on Nasdaq Stockholm, SEB is subject to numerous 
rules and regulations. The external framework for corporate 
governance includes the following rules and regulations:
	
• Companies Act
	
• Annual Accounts Act
	
• Nasdaq Stockholm Issuer Rules
	
• Swedish Corporate Governance Code
	
• Banking and Financing Business Act
	
• Rules and guidelines issued by the Swedish Financial 
­Supervisory Authority and other authorities.
SEB also adheres to an internal framework that includes, among 
other things, the Articles of Association, which are adopted by 
the general meeting of shareholders. Policies and instructions 
that define the division of duties within the Group are tools for  
the Board of Directors (the Board) and the President and Chief 
­Executive Officer (the President) in their governing and controlling 
roles. Such policies and instructions include, among others:
	• The Board’s Rules of Procedure and the Instructions  
for the board committees
	• Instructions for the President and the Group’s  
Corporate Governance
	• Group Credit Instruction and Risk Policy
	• Instruction for Handling of Conflicts of Interest
	• Policy on Anti-Money Laundering and Combating Financing 
of Terrorism1)
	• Code of Conduct1)
	• Remuneration Policy
	• Information Security Policy
	• Corporate Sustainability Policy1)
	• Inclusion & Diversity Policy1)
	• Policies on Suitability, Diversity and Composition of the  
Board, the Group Executive Committee (GEC) and other  
key function holders.
1)	 See sebgroup.com
SEB’s ethical and sustainability endeavours are an integral part  
of the business and are regularly included on the Board’s agenda.  
SEB’s Code of Conduct describes the bank’s values, ethics and 
standards of business conduct and provides guidance on how 
employees are to abide by these values. Policies and instruc-
tions for sustainability and group-wide thematic and sector 
policies addressing environmental, social and governance issues 
are also of vital importance.
This Corporate Governance Report has been prepared in 
­accordance with the Annual Accounts Act and the Swedish 
Corporate Governance Code (the Code). SEB strives to follow the 
Code where appropriate and has no deviations to report for 2021.
	More information about SEB’s corporate governance is  
available on sebgroup.com
92 — SEB Annual and Sustainability Report 2021

Distribution of shares by size of holding
31 December 2021
Size of holding
No. of
shareholders 
No. of shares Per cent
1–500
176,271
30,059,472
1.4
501–1,000
38,410
29,222,920
1.3
1,001–5,000
42,861
94,104,210
4.3
5,001–10,000
5,737
40,932,744
1.9
10,001–20,000
2,276
31,913,381
1.5
20,001–50,000
1,076
33,022,722
1.5
50,001–100,000
287
20,369,123
0.9
100,001–500,000
269
60,043,327
2.7
500,001–1,000,000
53
37,055,072
1.7
1,000,001–
107
1,817,448,831
82.8
Total
267,347
2,194,171,802
100.0
Source: Euroclear and Holdings
The largest shareholders	

31 December 2021
No. of shares
­Of which 
Class C 
shares
Share of  
capital, 
%
Share 
of votes, %
2021
2020
Investor AB
456,198,927 4,000,372
20.8
20.8
20.8
Alecta
124,040,886
5.7
5.7
6.6
Trygg Foundation
108,441,911
4.9
5.0
5.2
AMF
89,098,313
4.1
4.1
3.7
Swedbank Robur Fonder
88,857,234
4.0
4.1
3.9
BlackRock
57,142,202
144
2.6
2.6
2.6
SEB Funds
44,675,056
2.0
2.1
2.1
Vanguard
44,063,409
244,317
2.0
2.0
1.9
SEB own shareholding1)
37,754,605
1.7
1.7
1.5
Handelsbanken Funds
35,402,554
1.6
1.6
1.5
Nordea Funds
24,161,610
1.1
1.1
0.7
Capital Group
23,317,185
1.1
1.1
0.3
Fourth AP funds
22,938,845
1.0
1.1
1.3
Harding Loevner
21,743,961
1.0
1.0
0.0
Bank of Norway
19,427,461
29,372
0.9
0.9
0.6
1) See table Number of outstanding shares on p. 75.
Source: Euroclear and Holdings.
Different voting power of class A shares (voting power 1) compared to C shares  
(voting power 0.1) gives minor differences in share of votes vs. share of capital.
The majority of the bank’s approximately 267 000 shareholders are private individuals 
with small holdings. The ten largest shareholders account for 50 per cent of the capital 
and votes.
Shareholder structure
Per cent
Percentage holdings of equity on 31 December 2021
Swedish shareholders
73
  Institutions and foundations
56
  Private individuals
12
  Other
4
  Foreign shareholders
27
Source: Euroclear and Holdings
Shareholders and general meetings  
of shareholders
The shareholders exercise their influence at general meetings 
of shareholders by, among other things, electing directors of the 
Board and the external auditor.
SEB has approximately 267,000 shareholders. SEB’s share cap-
ital consists of two classes of shares – A shares and C shares. 
Each Class A share carries one vote and each Class C share 
carries one-tenth of a vote.
The Annual General Meeting (AGM) of shareholders is held in 
Stockholm, in Swedish. All shareholders listed in the shareholder 
register who have duly notified their attendance have the right 
to participate at the AGM and to vote for the full number of their 
shares. Shareholders who cannot attend may appoint a repre-
sentative. The 2021 AGM was held on 30 March at the bank’s 
head office in Stockholm. As a safety measure to prevent the 
spread of Covid-19, the AGM was conducted without the physical 
presence of shareholders and members of the Board of Directors 
other than the Chair and the President. The shareholders were 
able to exercise their voting rights by post and submit questions in 
writing prior to the AGM in accordance with Section 22 of the Act 
(2020:198) on Temporary Exemptions to Facilitate the Execution 
of General Meetings in Companies and Associations.
A total of 934 shareholders, representing 61 per cent of the 
votes, were represented at the AGM. Central resolutions made 
at the AGM were:
	
• approval of an ordinary dividend of SEK 4.10 per share 
	
• re-election of nine directors
	
• re-election of Marcus Wallenberg as Chair of the Board
	
• re-election of Ernst & Young AB as external auditor
	
• approval of the Board’s Remuneration Report 2020 
	
• adoption of three long-term equity programmes
	
• issuance of a mandate to the Board concerning purchases  
and sales of own shares for SEB’s securities business,  
for the long- term equity programmes and for capital  
management purposes
	
• authorisation for the Board to decide on the issuance  
of convertibles
	
• amendment of the Articles of Association.
An Extraordinary General Meeting (EGM) was held on 12 
November 2021. The shareholders were able to exercise their 
voting rights by post and submit questions in writing prior to the 
EGM in accordance with the exemption, Section 22 of the Act 
(2020:198), mentioned above. A total of 1,037 shareholders, 
representing 70 per cent of the votes, were represented at the 
EGM. The central resolution made at the EGM was the approval of 
a further ordinary dividend of SEK 4.10 per share.
	The minutes from the AGM and the EGM are available  
on sebgroup.com
Report of the Directors  —  Corporate governance
SEB Annual and Sustainability Report 2021 — 93

Nomination Committee
The primary task of the Nomination Committee is to submit 
­recommendations to the AGM for the Chair and directors of 
the Board as well as the external auditor.
The Nomination Committee nominates the Chair, the directors of 
the Board and the external auditor and makes recommendations 
regarding directors’ fees and fees for committee work.
Pursuant to a decision by the AGM, the Nomination Committee 
is to be composed of the Chair of the Board along with representa­
tives of the bank’s four largest shareholders that are interested in 
appointing a member. One of the independent directors shall be 
appointed as an additional member of the Nomination Committee.
The composition of the Nomination Committee meets the 
requirements laid out in the Code. The Nomination Committee 
has access to relevant information about SEB’s operations and 
financial and strategic position, provided by the Chair of the 
Board and the additional member.
The Board’s composition shall adhere to applicable laws 
and regulations and to the Policy on Suitability, Diversity and 
­Composition of the Board of Directors, adopted by the Board. 
An important principle is that the Board’s size and composition 
shall be such as to serve the bank in the best possible way.
Therefore, as the starting point for its work, the Nomination 
Committee is tasked with assessing the degree to which the 
Board meets the demands that will be placed on the Board in 
view of the bank’s operations, organisation and future direction.
The Board’s size and composition is discussed and reviewed 
in terms of suitable competence and experience in the finan-
cial sector as well as in other sectors. In addition, the directors 
should have sufficient time to perform their duties and under-
stand the bank’s business and its main risks. The Nomination 
Committee also reviews the evaluations of the Board’s directors 
and Chair.
	See p. 98.
The Nomination Committee shall ensure diversity within the 
Board in terms of the directors’ educational and professional 
backgrounds, gender, age and geographical provenance.
Furthermore, the Nomination Committee discusses succes­sion 
matters with particular emphasis on continuity and long-term 
perspective in ensuring the Board’s competence and com­
position. The Nomination Committee for the 2021 AGM was 
appointed in the autumn of 2020. No fee has been paid to the 
members of the Nomination Committee.
	The Nomination Committee’s proposals for decisions,  
including a motivated account as regards directors,  
are available on sebgroup.com.
Nomination Committee for the 2021 AGM 
Member
Representing
Votes (%) 
31 Aug. 2021
Petra Hedengran, chair
Investor
20.8
Magnus Billing
Alecta
6.6
Lars Heikensten
Trygg Foundation
5.2
Johan Sidenmark
AMF 
3.8
Marcus Wallenberg
SEB, Chair of the Board
36.4
Jesper Ovesen, additional member, appointed by the Board.
Swedbank Robur Funds, which was the bank’s fourth largest shareholder,  
did not appoint a member of the Nomination Committee.
Corporate  
governance structure 
SEB’s business operations are  
managed, controlled and followed  
up in accordance with policies and 
instructions established by the  
Board and the President.
General Meeting of Shareholders (p.93)
Board of Directors  
(p. 95)
Board Committees
Remuneration & HR Committee (p. 99) 
Audit & Compliance Committee (p. 99)
Risk & Capital Committee (p. 100)
  Appoints 
 
  Reports to 
Chief Risk Officer (p. 104)
External Auditor (p. 104)
Nomination Committee (p. 94)
Head of Group Compliance (p. 104)
Head of  
Group  
Risk  
(p. 104)
Head of Group Internal Audit (p. 104)
SEB’s organisation
President and Chief Executive Officer
President and Chief 
Executive Officer  
(p. 100)
CEO Committees
Group Executive Committee (p. 100)
Asset & Liability Committee (p. 100)
Group Risk Committee (p. 101)
Group Executive  
Sustainability Committee (p. 101)
Group Internal Control and 
Compliance Committee (p. 101)
Head of  
Group  
Credits  
(p. 104)
Divisions
Large Corporates & Financial Institutions division (LC&FI)
Corporate & Private Customers division (C&PC)
Private Wealth Management & Family Office division (PWM&FO)
Baltic division
Life division
Investment Management division
Group Staff, Support and  
Control functions
Report of the Directors  —  Corporate governance
94 — SEB Annual and Sustainability Report 2021

On the Board’s agenda in 2021
First quarter
	• Annual and Sustainability Report 2020
	• Balance sheet, capital and dividend matters
	• CEO and GEC succession planning
	• Internal and external audit reports as well as Group 
Compliance report
	• Remuneration of the President, GEC and control functions
	• LC&FI division expansion of geographical scope to the 
Netherlands, Austria and Switzerland
	• Annual review of Instruction and Polices for the SEB Group, 
including adoption of new fossil fuel policy
	• Cybersecurity review
	• AGM notice and AGM proposals
	• Statutory board meeting
Second quarter
	• Governance and organisational changes, including 
establishment of a Fraud and Crime Prevention (FCP) unit
	• SEB‘s long-term strategy
	• General Data Protection Regulation requirements
	• Governance of potential conflicts of interest within the Board
	• Internal Capital and Liquidity Adequacy Assessment  
(ICAAP and ILAAP)
	• Macroeconomic update
	• Visit from the Director General of the Swedish Financial  
Supervisory Authority
Third quarter
	• Risk seminar
	• Update on the custody business area
	• Update on digital assets (currencies)
	• Update on sustainability work in SEB
	• Update on SEB’s long-term strategy
	• Capital matters
Fourth quarter
	• Capital distribution: Extraordinary General Meeting  
(dividend) and share buyback
	• Business plan 2022–2024
	• Board evaluation
	• Employee survey
	• Recovery and resolution plan
	• Update on FCP organisation
	• PWM&FO division strategic review
	• Update on national security regulation 
SEB’s quarterly report, reports and a summary of SEB’s risk position, asset quality, 
credit portfolio and liquidity position are on the Board’s agenda each quarter.
Board of Directors
The Board has overarching responsibility for the organisation, 
administration and operations of the SEB Group.
The Board has adopted Rules of Procedure that regulate the 
Board’s role and ways of working as well as special instructions 
for the Board’s committees.
The Board has the following duties, among others:
	• deciding on the objectives, strategy and framework of the 
business activities as well as the business plan
	• regularly following up and evaluating operations in relation 
to the objectives and guidelines established by the Board
	• ensuring that the business is organised in such a way that 
the accounting, treasury management and risks inherent in 
the business as well as financial conditions in other respects 
are controlled in a satisfactory manner, in accordance with 
external and internal rules
	• adopting policies and instructions for the business operations
	• deciding on major acquisitions and divestments as well as 
other major investments
	• appointing or dismissing of the President, members of GEC, the 
Chief Risk Officer (CRO), and the Head of Group Internal Audit, 
as well as setting the remuneration for these individuals
	• deciding on a framework for granting loans and other trans-
actions with the directors of the Board and other persons in a 
managerial position in SEB and their related parties as well as 
deciding on such transactions.
The Chair of the Board organises and leads the work of the 
Board and ensures among other things that the directors on a 
regular basis receive information and education on changes in 
rules concerning the bank’s operations and on responsibilities of 
directors of a listed financial company. Educational and special-
isation seminars are held each year. New directors are offered 
educational seminars with information on, and discussions 
about, SEB’s various operations, including control functions.
The directors are elected by the shareholders at the AGM for 
a one-year term. Since the 2021 AGM the Board shall consist 
of nine AGM-elected directors, without deputies, and of two di-
rectors along with two deputies appointed by the trade unions, 
who serve as employee representatives. In order for a quorum 
to exist at a board meeting, more than half of the directors must 
be present. The President is the only AGM-elected director 
employed by the bank. The Nomination Committee has made a 
collective assessment of the directors’ independence in relation 
to the bank and the bank’s management as well as in relation to 
shareholders controlling 10 per cent or more of the shares or 
votes and has found that the composition of the Board meets 
the requirements of the Code.
The Board’s work follows a yearly plan. In 2021 the Board 
held 23 meetings. The President attends all board meetings 
except when they address matters in which the President has 
an interest that may be in conflict with the interests of the bank, 
such as when the President’s work is evaluated. Other members 
of GEC participate whenever required.
Directors’ fees
The AGM sets the total fees for the directors of the Board and 
decides how the fees are to be distributed among the directors 
and the Board’s committees.
Directors’ fees are paid on a running basis during the mandate 
period. Following a recommendation by the Nomination Com-
mittee, the Board has adopted a policy that recommends that 
directors use 25 per cent of their fee to purchase and hold SEB 
shares up to an amount corresponding to one year’s fee. Neither 
the President nor the directors appointed by the trade unions 
receive any directors’ fee.
SEB Annual and Sustainability Report 2021 — 95

Marcus Wallenberg
Sven Nyman
Jesper Ovesen
Signhild Arnegård Hansen
Position 
Chair since 2005 
Vice Chair since 2017
Vice Chair since 2014
Director
Committee 
Vice Chair RCC, ACC, RemCo
Member RCC
Chair RCC, member ACC
Chair RemCo
 Year elected 
2002
2013
2004
2010
 Born
1956
1959
1957
1960
 Education
B.Sc. (Foreign Service)
B.Sc. (Business and Econ.)
B.Sc. (Econ.) and MBA 
B.Sc. (Human Resources)  
and journalism studies 
 Other 
assignments
Chair of Saab and FAM. Vice 
Chair of Investor, EQT and the 
Knut and Alice Wallenberg 
Foundation. Director of 
AstraZeneca Plc. Member of the 
International Advisory Council 
of Hong Kong Exchanges and 
Clearing Limited until May 2022.
Director of Investor, Ferd 
Holding AS (Norway), Nobel 
Foundation’s Investment 
Committee, Stockholm School 
of Economics, Stockholm School 
of Economics Association and 
of Axel and Margaret Ax:son 
Johnson’s Foundation.
Chair of SnackCo of America 
Corp. Chair of the Swedish-
American Chamber of 
Commerce (USA). Director of 
SOS Children’s Villages Sweden 
and SACC New York. Director of 
the Royal Swedish Academy of 
Engineering Sciences (IVA).
Background 
Chair of Electrolux, International  
Chamber of Commerce (ICC) 
and LKAB. Director of EQT 
Holdings, Stora Enso and 
Temasek Holdings. Executive 
Vice President of Investor 
and CEO of Investor. Several 
assignments as chair and 
director of large public 
companies.
Broad experience from the 
financial business field. 
Managerial positions within 
Investor. CEO and founder 
of RAM Rational Asset 
Management, Lancelot Asset 
Management and Arbitech. 
Several directorships.
Price Waterhouse. Vice 
President and later CEO of 
Baltica Bank A/S. Vice President 
and Head of Finance of Novo 
Nordisk A/S. CEO of Kirkbi 
Group. CFO of Danske Bank A/S, 
LEGO Holding A/S and TDC A/S. 
Several directorships.
President of the family-owned 
company Svenska LantChips. 
Chair of the Confederation 
of Swedish Enterprise. Vice 
Chair of Business Europe. 
Director of Business Sweden, 
Entrepreneurship and Small 
Business Research Institute 
(ESBRI). Several directorships.
Nationality 
Swedish
Swedish
Danish
Swedish and American
Own and closely 
related persons’ 
shareholdings
752,000 A shares
10,440 A shares and  
10,200 C shares
25,000 A shares
5,387 A shares
 Independent in relation to 
bank/major shareholders
Yes/No
Yes/No
Yes/Yes
Yes/Yes
 Attendance at board/ 
committee meetings1)
20 of 20 / 43 of 43
20 of 20 / 24 of 24
23 of 23 / 35 of 35
23 of 23 / 10 of 10
Fee, 
board meetings, SEK
3,225,000
1,020, 000
1,020, 000
775,000
Fee, 
committee meetings, SEK
870,000
390,000
910,000 
400,000
1)	 Includes only the meetings that the director could attend without conflict of interest.
Board of Directors 
Report of the Directors  —  Corporate governance
96 — SEB Annual and Sustainability Report 2021

Anne-Catherine Berner
Winnie Fok
Lars Ottersgård
Helena Saxon
Johan Torgeby
Director
Director
Director
Director
Director (President and CEO) 
Member RemCo
Member ACC
Chair ACC
2019
2013
2019
2016
2017
1964
1956
1964
1970
1974
B.Sc. (Econ.) and MBA 
(Leadership)
Bachelor of Commerce. Fellow 
of CPA Australia and of Institute 
of Chartered Accountants in 
England and Wales. Associate 
member of Hong Kong Institute 
of Certified Public Accountants. 
Technical College Exam 
(electrical engineering), 
Diploma in Management from 
The Open University Business 
School and numerous IBM 
internal training courses.
M.Sc. (Business and Econ.)
B.Sc. (Econ.)
Director of Calefactio 
Investments HoldCo, 
Calefactio Investments, 
CV VC AG (Switzerland), 
Avesco AG (Switzerland) and 
Värmevärden/Adven (Sweden/
Finland). Chair of the board, 
and founder, of the Association 
for the Support of the New 
Children’s Hospital in Helsinki.
Director of Geely Holding 
Group. Senior Advisor to WFAB.
Head of Market Technology, 
Nasdaq Inc. Chair and CEO of 
Nasdaq Technology. Deputy 
Director in EKO Respecta.
CFO of Investor. Director of 
Swedish Orphan Biovitrum.
Director of Mölnlycke Holding, 
Swedish Banker’s Association, 
Institute of International 
Finance. Board member of 
Mentor Sweden, Council 
member of Finnish-Swedish 
Chamber of Commerce, 
Member of YPO Young 
Presidents’ Organisation, 
LUSEM Advisory Board Lund 
University and IIEB (Institut 
International d’Études 
Bancaires).
Member of Finnish Parliament 
and Minister of Transport 
and Communications in the 
Finnish government. Director 
of Ilmarinen and Soprano Oyi. 
Several other assignments as 
Chair and Director.
Broad experience from the 
financial business field. 
Industrial advisor and senior 
advisor to Investor and 
Husqvarna. CEO and Senior 
Partner of EQT Partners Asia 
Ltd and CEO of New Asia 
Partners Ltd. Director of Volvo 
Cars Corporation and G4S plc.
Various leading positions in 
Nasdaq. Head of Sales for 
Market Technology at OMX. 
Various management positions 
within IBM for the Nordics and 
Europe, Middle East & Africa.
Financial analyst at Goldman 
Sachs and Investor, CFO at 
Syncron International and 
Hallvarsson and Halvarsson. 
Investment Manager at 
Investor.
Robur Asset Management and 
Morgan Stanley. Co-head of 
Large Corporates & Financial 
Institutions division.
Swiss and Finnish
British
Swedish
Swedish
Swedish
4,600 A shares
3,000 A shares
No shares
12,500 A shares
457,740 shares and share 
rights2)
Yes/Yes
Yes/Yes
Yes/Yes
Yes/No
No/Yes
23 of 23 / 10 of 10
22 of 22/ 8 of 9
22 of 22 
20 of 20 / 9 of 9
23 of 23 
775,000
775,000
–3)
775,000
–
200,000
280,000
445,000
2)	of which 5,826 A shares, 195,005 share rights and 256,909 conditional share rights.
3)	Lars Ottersgård has declined his director’s fee. 
SEB Annual and Sustainability Report 2021 — 97

Directors appointed by the trade unions
Secretary to the Board of Directors 
and Group General Counsel
Evaluation of the Board of Directors, the President  
and the Group Executive Committee 
The Board uses an annual self-assessment method, which among other things includes a 
questionnaire, followed by discussions within the Board. Through this process the activities 
and work methods of the Board, the Chair of the Board and the respective committees are 
evaluated. Among the issues examined are:
	
• the extent to which the individual directors take an active part in board and  
committee discussions
	
• whether directors contribute independent opinions
	
• whether the meeting atmosphere is conducive to open discussions. 
The outcome of the evaluation is presented to and discussed by the Board and the Nomina-
tion Committee. The evaluation process and its outcome contribute to further improvement 
of the Board’s work and help the Nomination Committee determine the appropriate size 
and composition of the Board. Marcus Wallenberg does not participate in the evaluation of 
the Chair’s work, which in 2021 was conducted by Vice Chair Jesper Ovesen. The Board 
evaluates the work of the President and GEC on a regular basis without participation of the 
President or any other member of GEC.
Contact the Board of Directors
Skandinaviska Enskilda Banken AB, 
Board Secretariat 
SE-106 40 Stockholm, Sweden
sebboardsecretariat
seb.se
Anna-Karin Glimström
Charlotta Lindholm
Annika Dahlberg
Magnus Olsson
Position 
Director
Director
Deputy director
Deputy director
 Year elected 
2016
2015
2016
2020
 Born
1962
1959
1967
1963
 Education
University studies in 
mathematics, statistics and law. 
LLB
University studies in working 
environment and labour law.
B.Sc. (Econ.)
 Other assignments
Chair of Financial Sector Union 
in SEB and Financial Sector 
Union western section in SEB, 
Director EB-SB Fastigheter and 
EB-SB Holding.
Client executive at PWM & FO 
Banking Foundations. Chair of 
the Association of University 
Graduates at SEB. Director 
of the Foundation of Alma 
Detthows.
Employed at Finansförbundet 
at SEB. First deputy Chair of 
Financial Sector Union in SEB 
and Financial Sector Union 
regional club Storstockholm in 
SEB. Director of SEB’s Aid and 
Education foundation.
Business advisor SEB Lund.
Background 
Office manager and various 
other positions in SEB. Various 
specialist and leader roles 
within Trygg-Hansa. Director of 
SEB’s Profit Sharing Foundation.
Various client responsibility 
positions in several divisions 
and subsidiaries in SEB. Client 
executive at Private Banking 
Foundations. 
Employed at Fixed Income, 
Group Operations. Director 
of SEB’s Profit Sharing 
Foundation and Result Premium 
Foundation.
Various positions at SEB, 
including Head of branch office, 
account manager Merchant 
Banking (MB), business 
manager MB, business advisor 
at branch offices.
Nationality 
Swedish
Swedish
Swedish
Swedish
Own and closely related 
persons’ shareholdings
No shares and 747 conditional 
share rights.
1,063 A shares and 747 
conditional share rights.
No shares and 747 conditional 
share rights.
3,000 A shares and 747 
conditional share rights.
Attendance at  
board meetings
21 of 23
23 of 23
18 of 18
17 of 18
Hans Ragnhäll 
Report of the Directors  —  Corporate governance
98 — SEB Annual and Sustainability Report 2021

Audit and Compliance Committee (ACC)
ACC supports the Board in its work with qual-
ity assurance of, and internal control over, 
the bank’s financial reporting and reporting 
to the supervisory authorities. ACC also mon-
itors the effectiveness of internal controls 
regarding compliance and audit matters.
Helena Saxon 
Chair of ACC
Main focus in 2021
	
• Follow-up of processes for internal control and regulatory 
compliance, for example in the newly established Group  
Internal ­Control and Compliance Committee. 
When required, ACC prepares, for decision by the Board, a rec-
ommendation for the appointment or dismissal of the Head of 
Group Internal Audit. The committee maintains regular contact 
with the bank’s external and internal auditors and discusses the 
coordination of their activities. The committee also ensures that 
any remarks and observations from the auditors are addressed, 
and evaluates the external auditor’s work and independence. 
When required, a recommendation from the President on 
appointment or dismissal of the Head of Group Compliance is 
subject to the committee’s approval.
ACC held 9 meetings in 2021. It is primarily the Chief Financial 
Officer, the external auditor, the Head of Group Internal Audit 
and the Head of Group Compliance who submit reports for the 
committee’s consideration. In addition, the President and the 
CRO regularly participate in the meetings.
	See p. 105 for the Report on Internal Control over Financial 
Reporting.
ACC members
Helena Saxon (Chair), Marcus Wallenberg (Vice Chair),  
Jesper Ovesen and Winnie Fok.
Board committees
The Board’s overarching responsibility cannot be delegated. 
­However, the Board has established committees to handle 
certain defined issues and to prepare such issues for decision 
by the Board. 
At present, there are three board committees: The Remunera-
tion and Human Resources Committee (RemCo), the Audit and 
Compliance Committee (ACC), and the Risk and Capital Commit-
tee (RCC). These committees report to the Board on a regular 
basis. An important principle is that as many independent  
 
directors as possible shall actively participate in the commit-
tee work. Neither the President nor any other officer of the 
bank is a member of the committees. The Chair of the Board 
serves as vice chair of the three committees. The committees 
are not composed of the same group of directors that forms 
­another committee, and the bank occasionally rotates chairs 
and ­directors of the committees, taking into account the specific 
experience, know-ledge and skills that are individually or collec-
tively required for the committees.
Remuneration and Human ­Resources Committee (RemCo)
RemCo prepares, for decision by the Board, 
appointments of the President and GEC mem-
bers. The committee also develops, monitors 
and evaluates SEB’s remuneration system, 
incentive models and risk adjustment, and 
evaluates SEB’s talent, learning and succes-
sion planning activities.
Signhild Arnegård Hansen 
Chair of RemCo
Main focus in 2021
	• Follow-up of SEB’s global talent management and succession 
planning for key executives
	• Follow-up of SEB’s work with inclusion and diversity
	• Evaluation of variable remuneration programmes
	• Monitor the progress of the SEB Campus competence 
platform.
	See the Remuneration chapter on p. 106.
RemCo monitors and evaluates application of the guidelines 
established by the AGM for salary and other remuneration for 
the President and the members of GEC. An independent auditor’s 
review on adherence to SEB’s Remuneration Policy and applica-
ble regulations is presented to the committee annually.
RemCo reviews, in consultation with RCC, the bank’s Re-
muneration Policy and ensures that the bank’s remuneration 
structure takes into account the risks and the cost of capital and 
liquidity. This review is based on, among other things, the risk 
analysis performed jointly by Group Risk and Group Compliance.
In addition, the committee oversees the Group’s pension ob-
ligations and, together with RCC, the measures taken to secure 
the Group’s pension obligations, including development of the 
bank’s pension foundations. RemCo held 10 meetings in 2021.
It is primarily the President, together with the Head of Group 
HR, that submits reports for the Committee’s consideration.
RemCo members
Signhild Arnegård Hansen (Chair), Marcus Wallenberg ­(Vice Chair)  
and Anne-Catherine Berner.
SEB Annual and Sustainability Report 2021 — 99

The President
The President, who is also the Chief Executive Officer,  
is responsible for the day-to-day management of the  
activities of SEB in accordance with the Board’s directives.
The President shall ensure that SEB is organised in such a way 
that there is an appropriate and transparent governance struc-
ture with a clear division of functions and responsibilities that 
ensures efficient and sound governance of SEB. The President 
has overarching responsibility for SEB’s risk management in 
accordance with the Board’s policies and instructions as well as 
its intentions as stated in the Board’s risk tolerance statements.
The Board has adopted an instruction for the President’s 
duties and role. The President reports to the Board and at each 
board meeting submits a report on, among other things, the 
performance of the business, based on the decisions made by 
the Board. The President appoints the heads of the divisions and 
the heads of the various staff and support functions that report 
directly to the President.
The President’s committees
The President has five main committees at his disposal for the 
purpose of managing the operations.
The Group Executive Committee (GEC)
To best safeguard the interests of the Group as a whole, the 
President consults with GEC on matters of major importance 
or of importance as to principles. GEC addresses, among other 
things, matters of common concern to several divisions, stra-
tegic issues, issues in the areas of sustainability, IT and compli-
ance, business plans and financial forecasts and reports. GEC 
held 34 meetings in 2021. GEC has 13 members apart from the 
President. The President has also appointed eight managers as 
additional members of GEC. They participate in GEC meetings 
from time to time to provide expertise and insight primarily in 
their respective areas of responsibility.
Asset and Liability Committee (ALCO)
ALCO, chaired by the President and with the Chief Financial 
Officer as vice chair, is a group-wide decision-making, monitor-
ing and consultative body. ALCO, which held 8 meetings in 2021, 
handles the following matters, among others:
	• financial stability, particularly in the new regulatory framework
	• strategic capital and liquidity issues, including internal capital 
allocation and principles for internal pricing.
Risk and Capital Committee (RCC)
RCC supports the Board in its work on ensur-
ing that SEB is organised and managed in 
such a way that risks inherent in the Group’s 
business are monitored and managed in 
accordance with the Board’s risk tolerance 
statement as well as with external and internal 
rules. RCC also monitors the Group’s capital 
and liquidity situation on a continuous basis.
Jesper Ovesen 
Chair of RCC
Main focus in 2021
	• Follow-up of SEB’s capital and liquidity position in the light of 
the Covid-19 pandemic and the forthcoming banking reform 
packages, and of the business plan and economic forecast to 
ensure the bank has an adequate capitalisation and liquidity 
position at every point in time
	• Review of the credit portfolio in the light of the Covid-19 
pandemic, focusing on business sectors in transition as well as 
sustainability policies, such as policies related to fossil fuels. 
RCC sets the principles and parameters for measuring and 
allocating risk and capital within the Group and oversees risk 
management systems and the risk tolerance and strategy for 
the short and long term. The committee prepares a recommen-
dation for the appointment and dismissal of the CRO. It also 
decides on individual credit matters of major importance or of 
importance as to principles and assists RemCo in providing a 
risk- and capital-based view of the remuneration system. RCC 
held 26 meetings in 2021.
The Group’s Chief Financial Officer has overall responsibility 
for informing and submitting proposals to RCC on matters related 
to capital and funding. The CRO has the same overall responsibil-
ity for risk and credit matters. The President, the Chief Financial 
Officer and the CRO regularly participate in the meetings.
	The CRO function is described on p. 104. Information on risk, 
liquidity and capital management is provided on p. 86.
RCC members
Jesper Ovesen (Chair), Marcus Wallenberg (Vice Chair) and Sven Nyman.
On GEC agenda in 2021
Non-recurring agenda items
	• Annual accounts
	• AGM preparations
	• Annual review of policies and instructions, including SEB’s  
Code of Conduct
	• Development of sustainability
	• Discussions on customer satisfaction, branding and image position as 
well as customer insight work
	• Strategic Initiatives status update
	• Employee survey 2021 – discussion of survey results and actions
	• Financial crime prevention programme
	• Money Laundering and Terrorist Financing Risk Assessment
	• Investor World update
	• Retail Sweden transformation
	• Corporate Banking update
	
• Review of competence and leadership development
	
• Google Cloud partnership
Recurring agenda items
	
• Discussion on capital requirements, asset quality and risk
	
• Macroeconomic development
	
• Media update
	
• Review and discussions on IT, including investments, security,  
agile way of working and cloud services
	
• Review of the bank’s business operations and home markets
	
• Savings, Technology and Business Support & Operations quarterly updates
	
• Review process for handling customer complaints
	
• Quarterly reports
	
• SEB’s long-term strategy and follow-up of the business plan
	
• Chief Information Officer update
Report of the Directors  —  Corporate governance
100 — SEB Annual and Sustainability Report 2021

SEB External Sustainability Advisory Board (SESAB)
SEB’s need to understand the direction and speed of  
sustainability-related change, including future opportunities 
and challenges, is very high. To address this need SEB has 
established an advisory board – the SEB External Sustainability 
Advisory Board (SESAB). The purpose of SESAB is to provide the 
bank with strategic intelligence in matters concerning sustain-
ability from individuals outside the banking industry, based on 
academic research, and when desired, complemented with 
industrial experience. SESAB is composed of external experts by 
invitation of the President. 
Divisions
SEB’s business is organised in divisions with a number of business 
areas and business units.
The Board regulates the activities of the Group through an instruc-
tion for internal governance which establishes how the Group’s 
divisions, including the international activities conducted through 
branches and subsidiaries, are to be governed and organised. The 
head or co-heads of a division have overall responsibility for the 
activities in the division.
Country Managers are appointed for countries outside 
Sweden in which SEB conducts business operations. Country 
Managers coordinate the Group’s business locally and reports to 
a specially designated member of GEC.
Group Support functions and Group Staff functions
The Group Support functions and Group Staff functions are 
cross-divisional functions established to leverage economies of 
scale and support to the business.
The Group Support functions support the SEB Group through 
centralised and cross-divisional functions, established primarily 
to leverage economies of scale in various transactional, process- 
ing and IT services. The Group Support functions are divided into 
three units: Group Technology, Business Support & Operations 
and Sustainable Banking.
The Group Staff functions are set up to add value and support 
the business, and to manage certain regulated areas such as 
finance, human resources and legal affairs. The Group Staff 
functions have global responsibility and support the organi-
sation with services in the areas of financial control, human 
resources, legal affairs, communication and marketing as well as 
financial crime prevention.
Group Risk Committee (GRC)
GRC, chaired by the President and with the CRO as vice chair, is a 
group-wide decision-making committee that addresses all types 
of risk at the group level, including sustainability and reputation-
al risks, in order to evaluate portfolios, products and customers 
from a comprehensive risk perspective. GRC held 67 meetings in 
2021. GRC is tasked with:
	• making important credit decisions
	• ensuring that all risks inherent in the Group’s activities are 
identified, measured, monitored and reported in accordance 
with internal and external rules
	• supporting the President in ensuring that decisions regarding 
the Group’s long-term risk tolerance are adhered to in the 
business organisation
	• ensuring that the Board’s guidelines for risk management and 
risk control are implemented and that the necessary rules and 
policies for risk-taking in the Group are maintained and enforced.
Group Executive Sustainability Committee (GESC)
GESC, chaired by the President and with the Chief Sustainability 
Officer as vice chair, is a group-wide decision-making committee 
that addresses matters related to corporate sustainability activ-
ities in SEB. GESC held 9 meetings in 2021. GESC decides on the 
following matters in the corporate sustainability area to secure 
the best interest of the Group:
	• matters that are to be presented to the Board
	• matters of major importance or of importance as to principles
	• matters of common concern to several divisions, Group 
­Support functions or Group Staff functions
	• SEB’s sustainability-related policies 
	• Sustainability KPIs and targets for the divisions.
Group Internal Control and Compliance Committee (GICC)
GICC is a newly established group-wide committee. GICC is a 
consultative forum for the President and is tasked with review-
ing, assessing, and following up on reporting from Group Internal 
Audit and Group Compliance, and where relevant the CRO 
function, on issues regarding the effectiveness and appropri-
ateness of the organisational structure, procedures, measures 
and methods in place to comply with the rules and regulations 
applicable to the regulated business. The President shall also 
decide on appropriate measures needed to remedy identified 
deficiencies in the reports from the control functions. GICC held 
6 meetings in 2021. 
The three lines of defence in risk management
The business units make up the first line of defence. The business 
units ensure that transactions are correctly priced and that the 
assumed risks are managed throughout the life of the transactions. 
Long-term customer relationships and a sound risk culture provide 
a solid foundation for risk-taking decisions. Initial risk assessments 
are made of both the customer and the proposed transaction. Larger 
transactions are reviewed by a credit committee. The business units 
are responsible for ensuring that the activities comply with applicable 
group-wide policies and instructions and are supported by a clear 
decision-making hierarchy.
The risk and compliance functions make up the second line of defence. 
These units are independent from the business operations. The risk 
function is responsible for identifying, measuring, monitoring and 
reporting risks. Risks are measured both on detailed and aggregated 
levels. Internal measurement models have been developed for most 
of the credit portfolio as well as for market and non-financial risk, 
including regulatory compliance and the models have been approved by 
the Swedish FSA for calculating capital adequacy. Risks are controlled 
through limits at transactional, desk and portfolio levels. Asset quality 
and the risk profile are monitored continuously, such as through stress 
testing. The compliance function works proactively with quality assur-
ance of SEB’s compliance and focuses on matters such as customer 
protection, conduct in the financial market, prevention of money 
laundering and the financing of terrorism, and regulatory requirements 
and controls.
Internal Audit is the third line of defence. Risk management is regularly 
reviewed and evaluated by Internal Audit to ensure that it is adequate  
and effective. The internal auditors are in turn evaluated by the external 
auditor. Based on evaluations of the third line of defence, the processes 
in the first and second lines of defence are continuously strengthened. 
SEB’s governance framework, sound risk culture and business acumen 
constitute the cornerstones of effective risk management.
SEB Annual and Sustainability Report 2021 — 101

Group Executive Committee (as from 1 January 2022)
Mats Holmström 
Peter Kessiakoff
Nina Korfu-Pedersen
Ulrika Areskog Lilja
Nicolas Moch
Position
Chief Risk Officer since 
2021
Acting Chief Financial 
­Officer since 2021*
Head of Business Support & 
Operations since 2020
Head of Group Marketing 
and Communication since 
2021
Chief Information Officer 
since 2018
GEC member since
2021
2021
2018
2021
2020
SEB employee since
1990
2016
2010
2021
2008
Born
1968
1986
1973
1975
1972
Education
Higher bank degree (SEB)
M.Sc (Business Admin)
Master of Business and 
Economics
M.Sc (Business Administra-
tion and Economics)
M.Sc.(Physics)
Nationality
Swedish
Swedish
Norwegian
Swedish
Swedish and French
Own and closely 
related persons’ 
shareholdings
111,524 shares and share 
rights, of which 23,509  
A shares, 198 C shares, 
8,355 share rights and 
79,462 conditional 
share rights.
45,412 shares and share 
rights, of which 241 A 
shares, 10,476 share rights 
and 34,695 conditional 
share rights.
74,977 shares and share 
rights, of which 1,278 A 
shares, 13, 838 share rights 
and 59,861 conditional 
share rights.
No shares or share rights.
59,520 shares and share 
rights, of which 241  
A shares, 15,181 share 
rights and 44,098 
conditional share rights.
*Masih Yazdi was active in the position of Chief Financial Officer until 8 December 2021. He is currently on leave of absence.
Johan Torgeby
Mats Torstendahl
Jonas Ahlström
Jeanette Almberg
Joachim Alpen
Position
President and CEO 
­since 2017
Deputy President and CEO 
since 2021. Group Data Pri-
vacy Senior Manager since 
2018, Group AML Senior 
Manager since 2021
Co-head of the Large Corpo-
rates & Financial Institutions 
division since 2021
Head of Group Human 
Resources since 2016
Executive Vice President. 
Co-head of the Large Corpo-
rates & Financial Institutions 
division since 2014
GEC member since
2014
2009
2020
2016
2014
SEB employee since
2009
2009
2005
2008
2001
Born
1974
1961
1978
1965
1967
Education
B.Sc. (Econ.)
M.Sc. (Engineering Physics)
M. Sc. (Business and Econ.)
B.Sc. (Econ.)
MBA, M.A. (International 
relations)
Nationality
Swedish
Swedish
Swedish
Swedish
Swedish
Own and closely 
related persons’ 
shareholdings
457,740 shares and 
share rights, of which 
5,826 A shares, 195,005 
share rights and 256,909 
conditional share rights.
356,201 shares and share 
rights, of which 104,218  
A shares, 57,606 share 
rights and 194,377 
conditional share rights.
86,080 shares and share 
rights, of which 3,290 A 
shares, 30,646 share rights 
and 52,144 conditional 
share rights.
135,041 shares and share 
rights, of which 11,135  
A shares, 32,130 share 
rights and 91,776 
conditional share rights.
308,532 shares and share 
rights, of which 38,266 
A shares, 100,315 share 
rights and 169,951 
conditional share rights.
Report of the Directors  —  Corporate governance
102 — SEB Annual and Sustainability Report 2021

William Paus
Jonas Söderberg
Petra Ålund
Niina Äikäs 
Position
Executive Vice President. 
Head of Private Wealth 
Management & Family Office 
division since 2021
Head of Corporate & 
Private Customers division 
since 2021
Head of Group Techno-
logy since 2019. Group 
Outsourcing Senior Manager 
since 2020
Head of Baltic division 
since 2021
GEC member since
2018
2021 
2020
2021
SEB employee since
1992
1999
2017
2008
Born
1967
1976
1967
1968
Education
M.Sc. (Econ.)
B.Sc. (Int. Business 
­Administration)
M.Sc. (Int. Economics)
M.Sc (Tech.)
Nationality
Norwegian
Swedish
Swedish
Finnish and American
Own and closely 
related persons’ 
shareholdings
260,103 shares and share 
rights, of which 52,900 
A shares, 21,739 share 
rights, 11,648 phantom 
share rights and 173,816 
conditional share rights.
83,418 shares and share 
rights, of which 31,136  
A shares, 16,352 share 
rights and 35,930 
conditional share rights.
40,203 shares and share 
rights, of which 5,586  
A shares , 2,281 share rights 
and 32,336 conditional 
share rights.
79,488 shares and share 
rights, of which 17,968  
A shares, 14,080 phantom 
share rights, 25,743 
conditional share rights and 
21,697 conditional phantom 
share rights.
Additional members of the Group Executive Committee
Country managers
Johan Andersson
Anders Engstrand
Mark Luscombe
Marcus Nystén
John Turesson
Position
Country Manager SEB 
Germany since 2016
Country Manager SEB  
United Kingdom since 2020
Country manager SEB 
Denmark since 2021
Country Manager SEB 
Finland since 2010
Country Manager SEB 
Norway since 2018
SEB employee since
1980
1995
2010
1998
2006
Nationality
Swedish
Swedish
British and Danish
Finnish
Swedish
Heads of divisions
Key functions
Javiera Ragnartz
David Teare 
Hans Beyer
Position
Head of Investment Mana-
gement division since 2019
Head of Life division  
since 2019
Chief Sustainability Officer 
since 2020
SEB employee since
2019
2006
2002
Nationality
Swedish
Canadian and British
Swedish
GEC changes in 2021: Jonas Ahlström replaced William Paus, Niina Äikäs replaced Jonas Ahlström, Ulrika Areskog Lilja replaced Karin Lepasoon, Mats Holmström replaced  
Magnus Agustsson. Magnus Carlsson was Deputy President and CEO and member of GEC during 2021.
The President appoints additional members of GEC. They participate in GEC meetings from  
time to time to provide expertise and insight primarily in their respective areas of responsibility.
SEB Annual and Sustainability Report 2021 — 103

Group Control functions
The Group Control functions are global control functions inde-
pendent from the business activities. The three Group Control 
functions are i) the CRO function, ii) Group Compliance and  
iii) Group Internal Audit.
The CRO function
The CRO function is responsible for 
­identifying, measuring, analysing and 
­controlling SEB’s risks and is independent 
from the business.
Mats Holmström 
Chief Risk Officer
The Chief Risk Officer (CRO) is appointed by the Board and 
reports to the President. The CRO keeps the Board, RCC, ACC, 
GEC, ALCO, GESC and GRC regularly informed about risk matters. 
The CRO has global functional responsibility, and the activities 
of the CRO are governed by an instruction adopted by the Board. 
The CRO function is organised in three units: Group Risk, Group 
Credits and CRO Office.
The main objective for Group Risk is to ensure that all risks 
in SEB’s activities are identified, measured, monitored and 
reported in accordance with external and internal rules. The 
unit also manages models for risk measurement. The CRO Office 
aggregates and analyses data across risk types and the Group’s 
credit portfolios and handles general matters surrounding risk 
governance and risk disclosure.
Group Credits is responsible for the credit approval process, 
for certain individual credit decisions as well as for monitoring 
compliance with policies set by RCC and the Board. Its activities 
are regulated by the Group’s Credit Instruction, adopted by the 
Board. The chairs of the respective divisional credit committees 
have the right to veto credit decisions. Material exceptions to the 
Group’s Credit Policy must be escalated to a higher level in the 
decision-making hierarchy.
The Head of Group Risk and the Heads of Group Credits are 
appointed by the President, upon recommendation by the CRO, 
and report to the CRO.
	For information about risk, liquidity and capital management, 
see p. 86.
Group Compliance
The Group Compliance function is 
­responsible for informing, controlling  
and following up on compliance matters.
Gent Jansson 
Head of Group Compliance
Group Compliance is independent from the business organi-
sation. The Group Compliance function advises the business 
and management to ensure that SEB’s business is carried out 
in compliance with regulatory requirements and thereby instil 
trust in the bank from customers, shareholders and the financial 
markets. Special areas of responsibility are:
	• customer protection
	• conduct in the financial market
	• prevention of money laundering and financing of terrorism
	• regulatory requirements and controls.
The Head of Group Compliance, who is appointed by the Pres-
ident after approval by ACC, reports regularly on compliance 
matters to the President, GEC and ACC, and annually to RCC and 
the Board. Based on an analysis of the Group’s risks in this area, 
the President adopts, after approval by ACC, an annual compli-
ance plan. The Instruction for Group Compliance is adopted by 
the Board.
Group Internal Audit
Group Internal Audit is a group-wide  
control function commissioned by the  
Board to independently evaluate the  
Group’s activities. The Head of Group  
Internal Audit is appointed by the Board.
Björn Rosenkvist 
Head of Group Internal Audit
The main task of Group Internal Audit is to evaluate and give 
assurance to the Board and the President that governance, risk 
management and internal controls are adequate and effective. 
The work is done with a risk-based approach in accordance with 
the Institute of Internal Auditors’ methods.
Each year ACC adopts a plan for the work of Internal Audit. 
The Head of Internal Audit reports the findings of completed 
audits, actions taken and the status of previously reported find-
ings to ACC and also provides reports to RCC and the Board. The 
President and GEC are regularly informed about internal audit 
matters. Group Internal Audit’s work is evaluated in a quality 
assessment, at least every fifth year, by an independent party.
Group Internal Audit coordinates its work covering the bank’s 
financial reporting with the bank’s external auditor. The bank’s 
external auditor relies to some extent on the work of Group 
Internal Audit in its assignment to review the Group’s financial 
reporting. This requires that the external auditor evaluates 
Group Internal Audit’s work. The conclusion of this evaluation is 
reported to ACC and Group Internal Audit.
External Audit
Auditor
Born 1965. Lead Audit Partner since 2019. 
Authorised Public Accountant, member of 
FAR since 1992 and FAR Certified Financial 
Institution Auditor in Sweden.
Hamish Mabon 
Auditor, Ernst & Young
Other major assignments
Skanska, Essity and ASSA ABLOY
Previous major assignments
Vattenfall, Hexagon, If P&C Insurance, SCA and Husqvarna
Information about the auditor
According to SEB’s Articles of Association, the bank shall have 
at least one and not more than two auditors with at most an 
equal number of deputies. A registered auditing firm may also 
be appointed auditor. Ernst & Young AB was elected the bank’s 
auditor in 2021 for the period up to and including the 2022 AGM.
	The fees charged by the auditors for the auditing of the 2020 
and 2021 financial statements and for other assignments 
invoiced during these periods are shown in note 9.
Report of the Directors  —  Corporate governance
104 — SEB Annual and Sustainability Report 2021

1. Perform risk assessment
To identify and understand which risks that are relevant and 
material for the reporting process, financial results and balance 
sheets are analysed at SEB Group and unit levels. The outcome is 
used to determine which units, processes and systems are to be 
covered by the ICFR process in the coming year. 
2. Identify risks and controls
People with expertise in the divisions and finance department 
evaluate if existing controls are effective, if new risks have been 
identified and if new controls need to be implemented to miti-
gate the identified material risks more effectively. The controls 
are communicated to involved parties within the bank in order 
to clarify expectations and responsibilities. The framework 
­consists of group-wide controls as well as controls covering 
business processes and IT – such as analysis of the balance 
sheet and income statement, account reconciliations and 
­controls of system access rights. 
3. Plan 
Every year a plan is prepared based on the risk assessments 
and identified controls. The plan clarifies who is responsible for 
evaluating the respective controls within each unit, what type 
of evaluation should be conducted and how the results are to 
be reported. At this stage the plan is coordinated with the audit 
plans of internal and external audit.
4. Evaluate controls 
The controls are evaluated on a continuous basis throughout 
the year by the control owners through self-assessments. In this 
way the bank’s weaknesses can be identified, compensating 
controls can be implemented and improvements can be made. 
Furthermore, reporting is done quarterly by financial managers 
to give an assurance of the reported figures from each unit. The 
evaluation describes material financial reporting risks and com-
ments on material deviations compared with previous quarters.
Internal Control over Financial Reporting (ICFR) is a well-­ 
estab­lished process designed to provide reasonable assurance 
regarding the reliability of financial reporting and reduce the risk 
for misstatements. ICFR is based on the framework established 
by the Committee of Sponsoring Organizations of the Treadway 
Commission (COSO) and is applied by SEB in a yearly cycle.
5. Report
The result of the evaluations of controls are analysed to assess 
the risk for misstatements in the financial reporting. Monitoring 
reports are submitted on a quarterly basis to the CFO in connec-
tion with the quarterly external financial reporting. Reporting 
is also done quarterly to Group Internal Audit and yearly to the 
Audit and Compliance Committee (ACC).
The consolidated ICFR report includes a description of resid-
ual risk, an assessment of identified control gaps and whether 
they are compensated by other controls as well as progress 
within the remediation activities. The report contributes to 
transparency within SEB and enables prioritisation of improve-
ment activities based on residual risk.
6. Independent review 
In addition to this process, Group Internal Audit ­performs 
­independent reviews of the ICFR framework.
Focus area 2021
In addition to the ongoing work during 2021, the following main 
area was in focus within the internal control framework: 
	• Implementation of new controls to secure compliance with the 
European Single Electronic Format, ESEF.
Q3
1. Perform risk assessment
 
—
4. Evaluate controls
5. Report
Q4
2. Identify risks & controls 
—
4. Evaluate controls
5. Report
Q1
3. Plan 
—
4. Evaluate controls
5. Report
Q2
—
4. Evaluate controls
5. Report
ICFR is an integrated part of daily operations
6. Group Internal Audit performs independent reviews
Internal control over financial reporting
SEB Annual and Sustainability Report 2021 — 105

SEB aims to attract and retain ambitious employees who are ea-
ger to continuously develop, embrace new ways of working and 
contribute to the bank’s long-term success. Remuneration is part 
of the total offering. The overall ambition is to promote long-
term commitment to creating sustainable value for customers 
and shareholders.
Remuneration policy
SEB’s remuneration principles and governance structure are laid 
out in the Remuneration Policy. The policy stipulates that remu-
neration shall be aligned with the bank’s strategy, goals, values 
and long-term interests and ensure that conflicts of interest are 
avoided. This shall build value for both SEB and the shareholders 
while promoting the best interest of the customers, encourage 
high performance and risk-taking that is aligned with the level 
of risk tolerance set by the Board of Directors, and sound and 
responsible behaviour based on SEB’s values.
An employee’s remuneration shall reflect the complexity, 
responsibility and leadership qualities required of the role as well 
as the individual’s own performance. SEB regularly evaluates em-
ployee performance and development based on transparent and 
individual financial and non-financial goals, among other things.
Employees in control functions shall be remunerated in a man-
ner that is independent from the business areas they oversee, 
commensurate with their key roles, and be based on goals that 
are compatible with their functions.
The policy lays out the principles for identification and 
remuneration of employees in positions with a material impact 
on the Group’s risk profile (Identified Staff). This also applies 
for employees who can impact the risk profiles of mutual funds, 
who provide investment advice, or who have a material impact 
on what services and products are offered. In 2021, a total of 
917 positions (923) were categorised as Identified Staff.
The policy also sets the requirements for all remuneration de-
cisions, both in general and at the individual level. All decisions 
are to be approved at least at a level corresponding to the remu-
neration-setting managers’ manager (grandparent principle).
Remuneration structure
The bank’s remuneration structure consists mainly of base 
­salary, variable remuneration, and pension and other benefits.
 All Employee Programmes (AEP)
20211)
20202)
Number of participants
15,570
15,540
Outcome in relation to maximum amount3), %
66.7
44.7
Shares allotted, thousands
2,445
2,388
Market value per 31 December, SEK m
308
202
Total outcome per participant4), SEK
50,000
33,500
Payout year: 1) 2025 2) 2024 3) SEK 75,000 in Sweden 4) in Sweden.
SEB Restricted Share Programmes and Share Deferral Programmes
2021
2020
Restricted Share 
Programme
Share Deferral 
Programme
Total
Restricted Share 
Programme
Share Deferral 
Programme
Total
Number of participants
441
1,062
1,503
437
922
1,359
Shares allotted, thousands
926
3,063
3,989
1,350
4,182
5,532
Market value, 31 December, SEK m
117
385
502
114
353
467
Staff costs, 2021
SEK m

  Base salary 
9,124
  Equity-based programmes
414
  Individual cash-based  
variable remuneration
458
All Employee Programme
550
  Social charges
2,848
  Pensions
1,489
  Other staff costs
489
  Total	

15,372
Remuneration
Base salary
The base salary is the foundation of an employee’s remuner-
ation. It shall be market aligned and reflect the requirements 
on the position and the employee’s long-term performance. 
SEB conducts annual equal pay reviews to identify and close 
potential gaps in terms of gender-neutral pay. The outcome of 
the review is published internally.
Variable remuneration
All variable remuneration is based on SEB’s risk-adjusted 
­performance and is adapted to applicable rules governing the 
maximum share of an employee’s base salary, the deferred 
portion of remuneration, shares and fund units, and the right to 
withhold and reduce remuneration that has not yet been paid. 
For Identified Staff, variable remuneration may not exceed 
100 per cent of their base salary.
The models for individual variable remuneration are based on 
financial and non-financial key performance indicators at group, 
unit and individual level, including an evaluation of the employ-
ees’ conduct. Non-financial goals take into account factors such 
as customer satisfaction, compliance and sustainability perfor-
mance related to, for example, the bank’s own environmental 
impact and integration of sustainability risks into the business 
model. In 2021, SEB established new sustainability ambitions 
and goals for 2022 which will be part of the criteria for potential 
allocation of the programmes, as applicable. At the individual 
level, key parameters include compliance with rules and policies 
for risk-taking in the Group, SEB’s Code of Conduct and the 
­requirements on internal controls in the respective business 
area. Performance is evaluated over several years.
Collective profit-sharing
The largest variable remuneration programme is the SEB All 
Employee Programme 2021 (AEP), which covers essentially all 
employees. The programme’s targets are linked to SEB’s busi-
ness plan and consist of the financial targets for return on equity 
and the bank’s cost development, which are also communicated 
externally, and the non-financial target for customer satisfac-
tion. The outcome for 2021 was determined to be 66.7 per cent 
(44.7) of the maximum amount, which in Sweden is SEK 75,000. 
The higher outcome compared with last year reflects the 
Report of the Directors  —  Corporate governance
106 — SEB Annual and Sustainability Report 2021

Remuneration policy and 
remuneration structure
Equity-based  
programmes
Remuneration guidelines 
for the President and 
CEO as well as GEC
Remuneration of the 
President and CEO as 
well as GEC
Group Risk and Group Compliance – 
provide risk analysis.
Risk and Capital Committee (RCC) – 
reviews to verify that the remuneration 
structure takes into account SEB’s 
risks, long-term earnings capacity and 
cost of liquidity and capital.
RemCo – evaluates and  
recommends policy.
Board of Directors – annually
reviews and adopts policy.
RemCo – prepares.
Board of Directors – proposes.
Annual General Meeting – decides on 
the equity-based programmes.
RemCo – evaluates on a  
continuous basis throughout the year.
External auditor – issues a statement 
to the Board, prior to the AGM, 
assuring that SEB has adhered to the 
guidelines that applied during the year.
Board of Directors – proposes.
Annual General Meeting – adopts 
the guidelines.
Head of Group HR and, for GEC, also 
the President and CEO – ensure to  
RemCo, that remuneration is compe-
titive and market aligned. External 
analyses are also performed yearly.
RemCo – evaluates and recommends.
Board of Directors – decides on  
remuneration to the President and CEO 
as well as to GEC.
Remuneration in SEB in 2021
SEK thousands
Base  
salary
Cash-based  
variable remuneration
Expensed amount equity 
based programmes
Benefits
Pensions
Total
President and CEO Johan Torgeby1)
12,500
4,308
181
16,989
4,104
Other ordinary members of GEC2)
78,301
17,762
2,111
98,174
20,803
Total
90,801
0
22,070
2,292
115,163
24,907
SEB excluding GEC
9,032,808
735,574
664,778
59,984
10,493,143
1,464,163
SEB Total
9,123,609
735,574
686,848
62,276
10,608,306
1,489,070
1)	 Johan Torgeby did not exercise any share rights in 2021.
2)	 The number and composition of members may differ somewhat during the year. At the end of the year, the number of members was 14.  
During the year Other ordinary members of GEC have exercised rights to a value of SEK 38,407,139.
	For information on remuneration see RemCo p. 99 and note 8. For AGM information see sebgroup.com.
Governance model
neration. Approximately 7 per cent of the employees – such as 
those in investment banking – receive variable remuneration 
with a cash component, but only in cases where it entails low or 
no residual risk for SEB. Variable remuneration above a certain 
level is always partly deferred and revocable.
In 2021, individual cash-based variable remuneration ­accounted 
for approximately 4 per cent (3) of SEB’s total staff costs.
Remuneration of the President and members  
of the Group Executive Committee
Remuneration of the President and CEO as well as members of 
the Group Executive Committee (GEC) shall be in line with the 
guidelines set by the Annual General Meeting (AGM) and con-
sists of base salary, equity-based remuneration (the SEB Share 
Deferral Programme), pension and other benefits. No cash-
based variable remuneration is paid to members of GEC, nor are 
they eligible for the SEB All Employee Programme.
The pension plans are defined-contribution based, except for a 
defined-benefit component provided under collective agreements.
For termination of employment initiated by the bank, a maxi-
mum of 12 months’ severance pay is payable, after the agreed 
notice period of maximum 12 months. SEB has the right to deduct 
income earned from other employment from any severance pay.
Annual General Meeting approval
The guidelines for salary and other remuneration of the Presi-
dent and CEO as well as GEC are adopted by the Annual General 
Meeting which also adopts the remuneration report. Refer to 
sebgroup.com for the 2021 remuneration report.
stronger financial result, an excellent customer satisfaction 
development and a cost level close to the set target. Also, the 
employees extraordinary efforts in supporting the customers and 
each other under severe conditions has been taken into account.
Individual variable remuneration
Senior managers, other key employees and employees in certain 
business units where it is standard market practice, are offered 
individual variable remuneration. The ambition is that part of the 
remuneration is deferred and paid out in SEB shares. Equity-­
based remuneration is a mean to attract and retain employees 
with key competence. It also provides an incentive for employees 
to be shareholders of SEB which promotes long-term commit-
ment that is aligned with the shareholders’ interests. In addition, 
financial industry regulations require that a portion of variable 
remuneration is paid out in the form of shares or fund units.
SEB has two individual equity-based programmes – the SEB 
Share Deferral Programme 2021 for members of the Group 
Executive Committee, certain other senior managers and a 
number of other key employees, and the SEB Restricted Share 
Programme 2021, for employees in certain business units. For 
regulatory reasons, the latter programme also exists in a form 
where the outcome is linked to the performance of mutual 
funds. Both programmes include scope for risk adjustment for 
current and future risks. The final outcome may subsequently 
be reduced or cancelled entirely in accordance with applicable 
rules, such as taking into account the bank’s earnings and the 
capital and liquidity required for its operations. Approximately 
12 per cent of employees are offered individual variable remu-
SEB Annual and Sustainability Report 2021 — 107

108 — SEB Annual and Sustainability Report 2021
Note
Page
The SEB Group
Income statement
109
Statement of comprehensive income
110
Balance sheet
111
Statement of changes in equity
112
Cash flow statement
113
Parent company
Income statement
114
Statement of ­comprehensive income
114
Balance sheet
115
Statement of changes in equity
116
Cash flow statement
117
Notes to the financial statements
Corporate information
118
1
Accounting policies
118
2
Operating segments 
127
3
Geographical information 
129
Income statement
4
Net interest income
130
5
Net fee and commission income
131
6
Net financial income
132
7
Net other income
133
8
Staff costs
134
8 a
Remuneration
134
8 b
Pensions
135
8 c
Remuneration to the Board and  
the Group Executive Committee
138
8 d
Share-based payments
140
8 e
Number of employees
142
9
Other expenses
143
10
Depreciation, amortisation and impairment of  
tangible and intangible assets
143
11
Gains less losses from tangible and intangible assets
143
12
Net expected credit losses 
144
13
Items affecting comparability 
144
14
Appropriations
144
15
Taxes
145
16
Earnings per share
146
Note
Page
Balance sheet
17
Cash and cash balances at central banks
147
18
Loans
147
19
Debt securities
154
20
Equity instruments
155
21
Derivatives and hedge accounting
155
22
Investments in subsidiaries, associates and joint ventures
161
23
Intangible assets
163
24
Properties and equipment
164
25
Other assets
164
26
Prepaid expenses and accrued income
165
27
Deposits
165
28
Liabilities to policyholders
165
29
Debt securities issued
166
30
Short positions
166
31
Other liabilities
166
32
Accrued expenses and prepaid income
166
33
Provisions
167
34
Subordinated liabilities
167
35
Untaxed reserves 
168
36
Fair value measurement of assets and liabilities
168
37
Financial assets and liabilities by class
172
38
Assets and liabilities distributed by main currencies
174
39
Current and non-current assets and liabilities
175
Other notes
40
Risk disclosures
175
40 a
Credit risk
176
40 b Market risk
180
40 c
Non-financial risk
182
40 d Business risk
182
40 e
Insurance risk
182
40 f
Liquidity risk 
183
40 g
IBOR Reform
188
41
Capital adequacy
189
42
Life insurance operations
192
43
Assets in unit-linked operations
193
44
Interest in unconsolidated structured entities
193
45
Related parties
194
46
Financial assets and liabilities subject to offsetting  
or netting arrangements
195
47
Pledged assets 
196
48
Obligations
197
49
Leases
198
50
Events after the balance sheet date
198
The SEB Group – Five year summary
199
Parent company – Five year summary
200
Proposal for the distribution of profit
201
Signatures of the Board of Directors and the President
202
Auditor’s report
203
Financial ­statements
Contents

SEB Annual and Sustainability Report 2021 — 109
Financial statements  —  Income statement
Income statement
SEB Group
SEK m
Note
2021
2020
Interest income1)
33,225
37,578
Interest expense2)
–6,904
–12,435
Net interest income
4
26,321
25,143
Fee and commission income
26,129
22,933
Fee and commission expense
–4,987
–4,870
Net fee and commission income
5
21,142
18,063
Net financial income
6
6,992
6,275
Dividends
1
0
Profit and loss from investments in associates and joint ventures
33
68
Gains less losses from investment securities
13
–33
Other operating income
112
202
Net other income
7
159
236
Total operating income
54,614
49,717
Staff costs
8
–15,372
–14,976
Other expenses
9
–5,763
–5,864
Depreciation, amortisation and impairment of tangible and intangible assets
10
–2,110
–1,906
Total operating expenses
–23,245
–22,747
Profit before credit losses
31,368
26,970
Gains less losses from tangible and intangible assets
11
5
–7
Net expected credit losses
12
–510
–6,118
Operating profit before items affecting comparability
30,864
20,846
Items affecting comparability
13
–1,000
Operating profit
30,864
19,846
Income tax expense
15
–5,441
–4,100
NET PROFIT
25,423
15,746
Attributable to shareholders in Skandinaviska Enskilda Banken AB (publ)
25,423
15,746
Basic earnings per share, SEK
16
11.75
7.28
Diluted earnings per share, SEK
16
11.67
7.23
1) Of which interest income calculated using the effective interest method SEK 27,752m (30,966). 
2) Of which interest expense calculated using the effective interest method SEK 5,675m (11,615).

110 — SEB Annual and Sustainability Report 2021
Financial statements  —  Statement of comprehensive income
Statement of comprehensive income
SEB Group
SEK m
2021
2020
NET PROFIT
25,423
15,746
Valuation gains (losses) during the year
36
–72
Income tax on valuation gains (losses) during the year
–7
10
Cash flow hedges
29
–62
Translation of foreign operations
397
–534
Taxes on translation effects
282
–537
Translation of foreign operations
680
–1,070
Items that may be reclassified subsequently to profit or loss
708
–1,132
Own credit risk adjustment (OCA), net of tax1)
14
–70
Remeasurement of pension obligations, including special salary tax
3,745
–188
Valuation gains (losses) on plan assets during the year
13,964
2,487
Deferred tax on pensions
–3,648
–460
Defined benefit plans
14,061
1,839
Items that will not be reclassified to profit or loss
14,075
1,769
OTHER COMPREHENSIVE INCOME
14,783
637
TOTAL COMPREHENSIVE INCOME
40,206
16,383
1) Own credit risk adjustment from financial liabilities FVTPL.
Attributable to shareholders in Skandinaviska Enskilda Banken AB (publ)
40,206
16,383
The method used to hedge currency risks related to investments in foreign sub-
sidiaries creates a tax expense (tax income) in the parent company. Fair value 
changes on the hedging instruments impact the taxable result contrary to the 
currency revaluation of the foreign operations. In the group this tax effect is 
reported in Other comprehensive income.

SEB Annual and Sustainability Report 2021 — 111
Financial statements  —  Balance sheet
Balance sheet
SEB Group
SEK m
Note
31 Dec 2021
31 Dec 2020
Cash and cash balances at central banks
17
439,344
323,776
Loans to central banks
18
4,454
3,633
Loans to credit institutions
18
60,009
50,791
Loans to the public
18
1,846,362
1,770,161
Debt securities
19
205,950
265,433
Equity instruments
20
120,742
82,240
Financial assets for which the customers bear the investment risk
422,497
330,950
Derivatives
21
126,051
164,909
Fair value changes of hedged items in a portfolio hedge of interest rate risk
496
Investments in subsidiaries, associates and joint ventures
22
1,510
1,272
Intangible assets
23
7,466
7,808
Properties and equipment
24
1,212
1,286
Right-of-use assets
49
5,079
5,141
Current tax assets
15
15,359
6,070
Deferred tax assets
15
675
444
Retirement benefit assets
8 b
23,804
7,287
Other assets
25
21,001
16,494
Prepaid expenses and accrued income
26
2,714
2,242
TOTAL ASSETS
3,304,230
3,040,432
Deposits from central banks and credit institutions
27
75,206
111,309
Deposits and borrowing from the public
27
1,597,449
1,371,227
Financial liabilities for which the customers bear the investment risk
28
424,226
332,392
Liabilities to policyholders
28
34,623
29,624
Debt securities issued
29
730,106
749,502
Short positions
30
34,569
30,409
Derivatives
21
118,173
161,561
Other financial liabilities
5,721
744
Fair value changes of hedged items in a portfolio hedge
702
Current tax liabilities
15
1,384
993
Deferred tax liabilities
15
10,354
7,212
Other liabilities
31
42,886
34,616
Accrued expenses and prepaid income
32
5,848
5,208
Provisions
33
761
990
Retirement benefit liabilities
8 b
445
414
Subordinated liabilities
34
28,549
32,287
Total liabilities
3,111,002
2,868,489
Share capital
21,942
21,942
Other reserves
18,996
4,040
Retained earnings
152,290
145,961
Shareholders' equity
193,228
171,943
Total equity
193,228
171,943
TOTAL LIABILITIES AND EQUITY
3,304,230
3,040,432

112 — SEB Annual and Sustainability Report 2021
Financial statements  —  Statement of changes in equity
SEB Group
SEK m
2021
Share ­capital3)
Other reserves
Retained  
earnings
Total equity4)
OCA5)
Cash flow 
hedges
Translation 
of foreign 
operations
Defined 
benefit 
plans
Opening balance
21,942
–236
–47
–1,241
5,737
145,788
171,943
Net profit
25,423
25,423
Other comprehensive income (net of tax)
14
29
680
14,061
14,783
Total comprehensive income
14
29
680
14,061
25,423
40,206
Dividend to shareholders1)
–17,740
–17,740
Equity-based programmes2)
195
195
Change in holding of own shares2)
–1,376
–1,376
CLOSING BALANCE
21,942
–223
–18
–561
19,798
152,290
193,228
2020
Opening balance6)
21,942
–166
15
–170
3,898
130,182
155,700
Net profit
15,746
15,746
Other comprehensive income (net of tax)
–70
–62
–1,070
1,839
637
Total comprehensive income
–70
–62
–1,070
1,839
15,746
16,383
Equity-based programmes2)
–142
–142
Change in holding of own shares2)
2
2
CLOSING BALANCE6)
21,942
–236
–47
–1,241
5,737
145,788
171,943
1)  No dividend was paid in 2020 for 2019. Dividend paid in 2021 for 2020 comprise of ordinary dividend of SEK 4.10 per share decided by the Annual General Meeting and a further ordi-
nary dividend of SEK 4.10 per share decided by the Extraordinary General Meeting in November 2021. Proposed dividend for 2021 is SEK 6.00. Further information can be found on 
page 76. Dividend to shareholders is reported excluding dividend on own shares.
2)  During 2020, SEB repurchased 10.9 million Class A shares. As at 31 December 2020 SEB, owned 32.2 million Class A shares with a market value of SEK 2,722m. During 2021 SEB has 
purchased 2,909,266 shares for the long-term equity programmes and 7,517,408 shares have been sold/distributed. During 2021 SEB has purchased 10,171,296 shares for capital 
purposes. Thus, at 31 December 2021 SEB owned 37,774,605 Class A shares with a market value of SEK 4,754m. Acquisition cost SEK –361m (78), for the purchase of own shares 
for long-term equity programmes is deducted from shareholders’ equity, at the year-end the value of SEK 2,458m (2,820) was deducted.
3)  2,170,019,294 Class A shares (2,170,019,294); 24,152,508 Class C shares (24,152,508), both classes with a nominal value of SEK 10 per share. 
4)  Information about capital requirements can be found in note 41 Capital adequacy.
5)  Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in own credit risk.
6)  Opening balance 2020 restated following adjustment of OCA.
Statement of changes in equity

SEB Annual and Sustainability Report 2021 — 113
Financial statements  —  Cash flow statement
SEB Group
SEK m
2021
2020
Interest received
33,406
38,630
Interest paid
–7,885
–13,906
Commission received
26,129
22,933
Commission paid
–4,987
–4,870
Net received from financial transactions
–8,831
19,621
Other income
1
237
Paid expenses
–23,694
–23,588
Taxes paid
–14,338
–4,392
Cash flow from the income statement
–199
34,664
Increase (–)/decrease (+) in trading portfolios
35,465
–18,792
Increase (+)/decrease (–) in issued securities
–17,662
–109,525
Increase (–)/decrease (+) in lending to credit institutions and central banks
–11,136
–8,169
Increase (–)/decrease (+) in lending to the public
–80,296
58,177
Increase (+)/decrease (–) in liabilities to credit institutions
–36,104
23,332
Increase (+)/decrease (–) in deposits and borrowings from the public
226,218
209,908
Increase (–)/decrease (+) in insurance portfolios
287
644
Change in other assets
–18,293
–469
Change in other liabilities
32,012
545
Cash flow from operating activities
130,291
190,316
Sales of shares and bonds
28
20
Sales of intangible and tangible fixed assets
7
4
Dividends received 
1
0
Investments in shares and bonds
–238
–275
Investments in intangible and tangible assets
–644
307
Cash flow from investing activities
–846
56
Issue of subordinated liabilities
5,571
Repayment of subordinated loans
–10,057
–10,257
Dividend paid
–17,740
Cash flow from financing activities
–22,227
–10,257
NET CHANGE IN CASH AND CASH EQUIVALENTS
107,218
180,116
Cash and cash equivalents at beginning of year
331,247
159,335
Change in exchange rates on cash and cash equivalents
7,251
–8,203
Net changes in cash and cash equivalents
107,218
180,116
CASH AND CASH EQUIVALENTS AT END OF PERIOD1) 2)
445,716
331,247
1) Cash and cash equivalents
Cash
2,157
2,155
Cash balances at central banks
437,187
321,621
On demand deposits with credit institutions
6,372
7,471
TOTAL
445,716
331,247
2) Of which SEK 7,261m (4,991) not available for use by the group due to local central bank regulations.
Cash outflow from leasing, where SEB is lessee, amounts to SEK 963m (949).
Reconciliation of liabilities from financing activities
Opening balance
32,287
44,639
Cash flows
–4,487
–10,257
Non-cash flow, currency exchange
1,432
–2,427
Non-cash flow, fair value changes
–549
438
Non-cash flow, interest accruals
–135
–106
TOTAL LIABILITIES FROM FINANCING ACTIVITIES
28,549
32,287
Cash flow statement

114 — SEB Annual and Sustainability Report 2021
Financial statements  —  Income statement  –  Statement of comprehensive income
Income statement
Parent company
SEK m
Note
2021
2020
Interest income
27,737
31,460
Leasing income
5,268
5,365
Interest expense
–5,758
–11,118
Net interest income
4
27,247
25,707
Dividends received
2,596
3,121
Fee and commission income
15,553
13,734
Fee and commission expense
–3,210
–3,036
Net fee and commission income
5
12,343
10,698
Net financial income
6
4,882
5,297
Other income
7
1,330
411
Total operating income
48,397
45,234
Staff costs
8
–10,830
–11,168
Other expenses
9
–5,377
–6,204
Administrative expenses
–16,207
–17,372
Depreciation, amortisation and impairment of tangible and intangible assets
10
–5,644
–5,683
Total operating expenses
–21,851
–23,055
Profit before credit losses
26,547
22,179
Net expected credit losses
12
–744
–5,550
Impairment of financial assets
–1,911
–220
Operating profit
23,892
16,409
Appropriations
14
3,839
2,390
Income tax expense
15
–5,332
–4,636
Other taxes
15
352
451
NET PROFIT
22,751
14,614
Statement of ­comprehensive income
Parent company
SEK m
2021
2020
NET PROFIT
22,751
14,614
Valuation gains (losses) during the year
36
–72
Income tax on valuation gains (losses) during the year
–7
10
Cash flow hedges
29
–62
Translation of foreign operations
98
–158
Translation of foreign operations
98
–158
Items that may be reclassified subsequently to profit or loss
127
–220
OTHER COMPREHENSIVE INCOME
127
–220
TOTAL COMPREHENSIVE INCOME
22,878
14,394
The method used to hedge currency risks related to investments in foreign sub-
sidiaries creates a tax expense (tax income) in the parent company. Fair value 
changes on the hedging instruments impact the taxable result contrary to the 
currency revaluation of the foreign operations. In the group this tax effect is 
reported in Other comprehensive income.

SEB Annual and Sustainability Report 2021 — 115
Financial statements  —  Balance sheet
Balance sheet
Parent company
SEK m
Note
31 Dec 2021
31 Dec 2020
Cash and cash balances at central banks
17
371,466
294,391
Loans to central banks
18
4,127
3,537
Loans to credit institutions
18
70,207
67,490
Loans to the public
18
1,641,332
1,569,310
Debt securities
19
178,441
239,928
Equity instruments
20
96,149
63,825
Derivatives
21
121,326
159,380
Fair value changes of hedged items in a portfolio hedge of interest rate risk
0
496
Investments in subsidiaries, associates and joint ventures
22
51,231
47,285
Intangible assets
23
1,714
1,776
Properties and equipment
24
26,126
28,045
Current tax assets
15
1,915
2,516
Deferred tax assets
15
403
185
Other assets
25
20,580
16,418
Prepaid expenses and accrued income
26
2,818
2,527
TOTAL ASSETS
2,587,834
2,497,110
Deposits from central banks and credit institutions
27
85,276
147,831
Deposits and borrowing from the public
27
1,404,490
1,198,833
Debt securities issued
29
730,028
749,415
Short positions
30
34,569
30,409
Derivatives
21
113,497
157,529
Other financial liabilities
6,422
744
Current tax liabilities
15
801
376
Deferred tax liabilities
15
0
0
Other liabilities
31
25,610
23,601
Accrued expenses and prepaid income
32
3,941
3,399
Provisions
33
636
640
Subordinated liabilities
34
27,649
31,837
Total liabilities
2,432,921
2,344,614
Untaxed reserves
35
17,137
18,628
Share capital
21,942
21,942
Statutory reserve
12,260
12,260
Development cost reserve
1,565
1,474
Fair value reserve
–353
–480
Retained earnings
79,612
84,058
Net profit
22,751
14,614
Total equity
137,776
133,868
TOTAL LIABILITIES AND EQUITY
2,587,834
2,497,110

116 — SEB Annual and Sustainability Report 2021
Financial statements  —  Statement of changes in equity
Statement of changes in equity
Parent company
SEK m
2021
Restricted equity
Non-restricted equity4)
Total ­Equity
Share 
capital3)
Statutory 
reserve
Development 
cost reserve
Cash flow 
hedges5)
Translation of 
foreign operations5)
Retained 
earnings
Opening balance
21,942
12,260
1,474
–47
–432
98,671
133,868
Net profit
22,751
22,751
Other comprehensive income (net of tax)
29
98
127
Total comprehensive income
29
98
22,751
22,878
Dividend to shareholders1)
–17,740
–17,740
Equity-based programmes2)
132
132
Change in holding of own shares2)
–1,376
–1,376
Other changes
91
–75
16
CLOSING BALANCE
21,942
12,260
1,565
–19
–335
102,363
137,776
2020
Opening balance
21,942
12,260
1,391
15
–274
83,202
118,535
Net profit
14,614
14,614
Other comprehensive income (net of tax)
–62
–158
–220
Total comprehensive income
–62
–158
14,614
14,394
Equity-based programmes2)
–211
–211
Change in holding of own shares2)
2
2
Other changes
83
1,064
1,147
CLOSING BALANCE
21,942
12,260
1,474
–47
–432
98,671
133,868
1)  No dividend was paid in 2020 for 2019. Dividend paid in 2021 for 2020 comprise of ordinary dividend of SEK 4.10 per share decided by the Annual General Meeting and a further 
ordinary dividend of SEK 4.10 per share decided by the Extraordinary General Meeting in November 2021. Proposed dividend for 2021 is SEK 6.00. Further information can be found 
on page 76. Dividend to shareholders is reported excluding dividend on own shares.
2)  During 2020, SEB repurchased 10.9 million Class A shares. As at 31 December 2020, SEB owned 32.2 million Class A shares with a market value of SEK 2,722m. During 2021 SEB has 
purchased 2,909,266 shares for the long-term equity programmes and 7,517,408 shares have been sold/distributed. During 2021 SEB has purchased 10,171,296 shares for capital 
purposes. Thus, at 31 December 2021 SEB owned 37,774,605 Class A shares with a market value of SEK 4,754m. Acquisition cost SEK –361m (78) for the purchase of own shares 
for long-term equity programmes is deducted from shareholders’ equity, at the year-end the value of SEK 2,458m (2,820) was deducted.
3)  2,170,019,294 Class A shares (2,170,019,294); 24,152,508 Class C shares (24,152,508), both classes with a nominal value of SEK 10 per share. 
4)  The closing balance is equivalent to Distributable items according to Regulation (EU) No 575/2013 (CRR). 
5)  Fair value fund.

SEB Annual and Sustainability Report 2021 — 117
Financial statements  —  Cash flow statement
Cash flow statement
Parent company
SEK m
2021
2020
Interest received
30,526
36,112
Interest paid
–4,116
–10,843
Commission received
15,397
13,592
Commission paid
–3,121
–2,914
Net received from financial transactions
–10,182
17,030
Other income
–2,086
–197
Paid expenses
–16,089
–16,702
Taxes paid
–3,161
–3,544
Cash flow from the profit and loss statement
7,167
32,534
Increase (–)/decrease (+) in trading portfolios
44,689
–18,440
Increase (+)/decrease (–) in issued securities
–17,425
–108,922
Increase (–)/decrease (+) in lending to credit institutions
–5,620
2,913
Increase (–)/decrease (+) in lending to the public
–74,918
24,680
Increase (+)/decrease (–) in liabilities to credit institutions
–62,558
21,003
Increase (+)/decrease (–) in deposits and borrowings from the public
205,629
225,058
Change in other assets
–6,157
–3,160
Change in other liabilities
4,046
928
Cash flow from operating activities
94,854
176,595
Dividends received
2,403
3,091
Investments/divestments in shares and bonds
–3,946
3,357
Investments in intangible and tangible assets
–563
–673
Cash flow from investment activities
–2,106
5,774
Issue of subordinated liabilities
4,961
Repayment of subordinated liabilities
–10,124
–10,742
Dividend paid
–17,740
Cash flow from financing activities
–22,904
–10,742
NET CHANGE IN CASH AND CASH EQUIVALENTS
69,845
171,627
Cash and cash equivalents at beginning of year
300,673
135,598
Change in exchange rates on cash and cash equivalents
6,439
–6,552
Net changes in cash and cash equivalents
69,845
171,627
CASH AND CASH EQUIVALENTS AT END OF PERIOD 1) 2)
376,957
300,673
1) Cash and cash equivalents
Cash
2
11
Cash balances at central banks
371,465
294,380
On demand deposits with credit institutions
5,491
6,282
TOTAL
376,957
300,673
2) Of which SEK 5,083m (3,317) not available for use by the parent company due to local central bank regulations.
Reconciliation of liabilities from financing activities
Opening balance
31,837
44,189
Cash flows
–5,164
–10,742
Non-cash flow, currency exchange
1,659
–1,942
Non-cash flow, fair value changes
–550
438
Non-cash flow, interest accruals
–134
–107
TOTAL LIABILITIES FROM FINANCING ACTIVITIES
27,649
31,837

Financial statements  —  Notes
118 — SEB Annual and Sustainability Report 2021
Notes to the financial statements
SEK m, unless otherwise stated.
1  Accounting policies
Significant accounting policies for the group
Statement of compliance
The group’s consolidated accounts have been prepared in accordance with  
the International Financial Reporting Standards (IFRS) and interpretations of 
these standards as adopted by the EU. The accounting also follows the Annual 
Accounts Act for Credit Institutions and Securities Companies (1995:1559) and 
the regulation and general guidelines issued by the Swedish Financial Supervi-
sory Authority, Annual Reports in Credit Institutions and Securities Companies 
(FFFS 2008:25). In addition to this the Supplementary Accounting Rules for 
groups RFR 1 and the additional UFR statements issued by the Swedish Finan-
cial Reporting Board have been applied.
Basis of preparation
The consolidated accounts are based on amortised cost, except for the fair 
value measurement of financial assets at fair value through other comprehen-
sive income, financial assets and liabilities measured at fair value through profit 
or loss including derivatives and investment properties measured at fair value. 
The carrying amount of financial assets and liabilities subject to hedge account-
ing at fair value has been adjusted for changes in fair value attributable to the 
hedged risk. The financial statements are presented in million Swedish kronor 
(SEKm) unless indicated otherwise.
Consolidation
Subsidiaries
The consolidated accounts combine the financial statements of the parent 
company and its subsidiaries. Subsidiaries are companies, over which the 
group has control. The group controls an entity when it has power over an 
investee, is exposed to, or has rights to, variable returns from its involvement 
and has the ability to use its power to affect the amount of the returns. Control 
is deemed to exist when the parent company holds, directly or indirectly, more 
than 50 per cent of the voting rights, unless there is evidence that another 
investor has the practical ability to unilaterally direct the relevant activities  
of the entity. Companies in which the parent company or its subsidiaries hold 
more than 50 per cent of the votes but are unable to exercise control due to 
contractual or legal reasons, are not included in the consolidated accounts. 
The group also assesses if control exists when it holds less than 50 per cent  
of the voting rights. This may arise if the group has contractual arrangements 
with other vote holders. The size and dispersion of holdings of other vote hold-
Corporate information
The SEB Group provides corporate, retail, investment and private banking ser-
vices. The group also provides asset management and life insurance services.
	
Skandinaviska Enskilda Banken AB (publ) is the parent company of the 
group. The parent company is a Swedish limited liability company with its regis-
tered office in Stockholm, Sweden.
The parent company is included in the Large Cap segment of the NASDAQ 
Stockholm stock exchange.
	
The consolidated accounts for the financial year 2021 were approved for 
publication by the Board of Directors on 21 February and will be presented for 
adoption at the 2022 Annual General Meeting.
Exchange rates used for converting main currencies in the group consolidation
Income statement
Balance sheet
2021
2020
Change, %
2021
2020
Change, %
DKK
1.364
1.407
–3
1.377
1.352
2
EUR
10.145
10.487
–3
10.241
10.057
2
NOK
0.998
0.979
2
1.027
0.955
8
USD
8.582
9.204
–7
9.036
8.186
10
ers may also indicate that the group has the practical ability to direct the rele-
vant activities of the investee. 
	
When voting rights are not relevant in deciding who has power over an entity, 
such as interests in some funds or special purpose entities (SPE), all facts and 
circumstances are considered in determining if the group controls the entity. In 
the assessment whether to consolidate SPEs and other entities, an analysis is 
made to identify which party has power over the activities which most affects 
the returns of the entity and if that party is significantly exposed or have signifi-
cant rights to the returns from that entity. 
	
The financial statements of the parent company and the consolidated sub-
sidiaries refer to the same period and have been drawn up according to the 
accounting policies applicable to the group. A subsidiary is included in the con-
solidated accounts from the time of acquisition, being the date when the parent 
company gains control over the subsidiary. The subsidiary is included in the con-
solidated accounts until the date when control over the company ceases to 
exist.
	
Business combination are accounted for using the acquisition method. The 
acquisition value is measured as the fair value of the assets given, equity instru-
ments issued and liabilities incurred or assumed.
	
The identifiable assets acquired, the liabilities and contingent liabilities 
assumed in a business combination are measured initially at their fair values on 
acquisition date, irrespective of any non-controlling interest. The excess of the 
consideration transferred for the acquisition over the fair value of the group’s 
share of the identifiable acquired net assets is recorded as goodwill. If the con-
sideration transferred is less than the fair value of the net assets of the acquired 
subsidiary, the difference is recognised directly against profit or loss.
	
Goodwill is allocated between the cash-generating units or groups of units 
which are expected to generate cash flows. The cash-generating units to which 
goodwill is allocated correspond to the lowest level within the group in which 
goodwill is monitored for internal management purposes.
	
Intra-group transactions, balance sheet items and unrealised gains and 
losses on transactions between group companies are eliminated. The non-con-
trolling interest of the profit or loss in subsidiaries is included in the reported net 
profit in the consolidated income statement, while the non-controlling share of 
net assets is included in equity in the consolidated balance sheet.
Associated companies and joint ventures
The consolidated accounts also include associated companies and joint ven-
tures that are companies in which the group has significant influence or joint 
Mandatory information
Name of reporting entity
Skandinaviska Enskilda Banken AB (publ)
Domicile of entity
Stockholm
Legal form of entity
Public limited company 
Country of incorporation
Sweden 
Address of entity’s registered office 
Kungsträdgårdsgatan 8, SE-106 40 Stockholm, Sweden 
Principal place of business 
Sweden
Description of nature of entity’s operations and principal activities 
Bank and Insurance 
Name of parent entity 
Skandinaviska Enskilda Banken AB (publ)
Name of ultimate parent of group
Skandinaviska Enskilda Banken AB (publ)

SEB Annual and Sustainability Report 2021 — 119
control, but not sole control. Significant influence means that the group can par-
ticipate in the financial and operating policy decisions of the company, whilst 
not determining or controlling such financial and operating policies. A signifi-
cant influence is generally deemed to exist if the group, directly or indirectly, 
holds between 20 and 50 per cent of the voting rights of an entity. A joint ven-
ture is an arrangement in which the group has joint control, whereby the group 
has rights to the net assets of the arrangement rather than rights to its assets 
and obligations for its liabilities.
	
According to the main principle, associated companies and joint ventures are 
consolidated in accordance with the equity method. This means that the holding 
is initially reported at its acquisition cost. Associated companies and joint ven-
tures are subsequently carried at a value that corresponds to the group’s share 
of the net assets. However, the group has chosen to designate investments in 
associates held by the group’s venture capital organisation at fair value through 
profit or loss on the basis that these are managed and evaluated based on fair 
value. 
Segment reporting
An operating segment is identified on the basis of internal reports about compo-
nents of the group that are regularly reviewed by the chief operating decision 
maker in order to allocate resources to the segments and to assess their perfor-
mance. The business divisions are identified as separate operating segments, 
considering size and regulatory environment. Investment Management & Group 
functions consists of Investment Management, business support, treasury, staff 
units and German run-off operations. In the context of defining the segments 
the President and Chief Executive Officer (CEO) is the group’s chief operating 
decision maker.
Foreign currency translation 
Foreign currency transactions are translated into the appropriate functional 
currency using the exchange rates prevailing at the dates of the transactions. 
On subsequent balance sheet dates monetary items in foreign currency are 
translated using the closing rate. Non-monetary items, which are measured in 
terms of historical cost in foreign currency, are translated using the exchange 
rate on the date of the transaction. Non-monetary items, which are measured  
at fair value in a foreign currency, are translated applying the exchange rate on 
the date on which the fair value is determined.
	
Gains and losses arising as a result of exchange rate differences on settle-
ment or translation of monetary items are recognised in profit or loss. Transla-
tion differences on non-monetary items, classified as financial assets or finan-
cial liabilities at fair value through profit or loss, are included in the change in  
fair value of those items. Translation differences from non-monetary items, e.g. 
financial assets at fair value through other comprehensive income, are recog-
nised in other comprehensive income. Exchange rate differences referring to 
monetary items comprising part of a net investment in a foreign operation are 
reported in other comprehensive income.
	
The income statements and balance sheets of group entities, with a func-
tional currency other than the group’s presentation currency, are translated to 
SEK in the consolidated accounts. Assets and liabilities in foreign group entities 
are translated at the closing rate and income and expenses in the income state-
ment are translated at the average exchange rate for the year. The exchange 
rate differences are recognised as a separate component of other comprehen-
sive income.
	
Goodwill arising in conjunction with acquisitions of foreign group entities, as 
well as adjustments to the fair value of assets and liabilities made in conjunction 
with acquisitions are included in the assets and liabilities of the foreign entity in 
question and are translated at the closing rate.
Financial assets and liabilities
Financial assets are recognised on the balance sheet when the group becomes 
a party to the contractual provisions of the instrument and are measured at fair 
value on initial recognition. Transaction costs are included in the fair value on 
initial recognition except for financial assets at fair value through profit or loss 
where transaction costs are expensed in profit or loss. Financial assets are 
derecognised when the rights to receive cash flows have expired, the group has 
transferred substantially all risks and rewards and upon substantial modifica-
tion. Transfers of financial assets with retention of all or substantially all risks 
and rewards include for example repurchase transactions and securities lend-
ing transactions. Financial assets at fair value are recognised on the balance 
sheet on trade date, with exception of loans and reversed repos which are rec-
ognised on settlement date. Financial assets measured at amortised cost are 
recognised on settlement date. 
Financial liabilities are measured at fair value on initial recognition. In the 
case of financial liabilities measured at fair value through profit or loss, transac-
tion costs directly attributable to the acquisition or the issuance of the financial 
liability are recognised in profit or loss. For other financial liabilities direct trans-
action cost are recognised as a deduction from the fair value. Financial liabilities 
are derecognised when extinguished, that is, when the obligation is discharged, 
cancelled or expired.
Classification of financial assets and liabilities 
The group classifies and subsequently measures its financial assets in the fol-
lowing categories: financial instruments at fair value through profit or loss; fair 
value through other comprehensive income and amortised cost. The classifica-
tion will depend on if the financial asset is a debt instrument, an equity instru-
ment or a derivative.
Debt instruments (Loans and debt securities)
The classification is based on a combination of assessing the business model for 
managing the financial assets and whether the contractual cash flow charac-
teristics consist of solely payments of principal and interest (‘SPPI’). The busi-
ness model assessment is performed for homogenous portfolios identified 
based on how the business is managed in the divisions of the group. The assess-
ment is based on reasonable scenarios taking into consideration how the port-
folio is evaluated and reported to management; the risks affecting the perfor-
mance of the portfolio and how these risks are managed; how managers are 
compensated; and the frequency, value and timing of sales including the rea-
sons for the sales. In determining if the cash flows consist solely of principal and 
interest, the principal is defined as the fair value of the debt instrument at initial 
recognition, which can change over the life if there are repayments or capitali-
sation of interest. Interest cash flows are consistent with components with a 
basic lending arrangement including consideration for time value of money, 
credit risk, liquidity risk as well as administrative costs and profit margin. If 
there are contractual features introducing an exposure to other risks or volatil-
ity, it is not considered to consist of solely payments of principal and interest. 
Debt instruments are presented in the balance sheet items; Cash and cash bal-
ances at central banks, Loans to credit institutions, Loans to the public and Debt 
securities, and include instruments in the following measurement categories. 
Fair value through profit or loss: Debt instruments are classified in this cate-
gory if not meeting the criteria for amortised cost or fair value through other 
comprehensive income. This is the case if the business model is held for trading; 
where financial assets are considered held for trading if they are held with the 
intention to be sold in the short-term and for the purpose of generating profits. 
Debt instruments are mandatorily measured at fair value through profit or loss 
if the assets are managed and evaluated on a fair value basis or the assets are 
held with an intention to sell alternatively if the cash flows do not consist of 
solely payments of principal and interest. Debt instruments that would other-
wise be classified as fair value through other comprehensive income or amor-
tised cost are also included in this category if, upon initial recognition, desig-
nated at fair value through profit or loss (fair value option). The fair value option 
can be applied only in situations where such designation reduces measurement 
inconsistencies. 
Fair value through other comprehensive income: Debt instruments are classi-
fied in this category if both of the following criteria are met (a) the business 
model objective is to both hold assets to collect contractual cash flows and to 
sell the assets (b) the contractual cash flow characteristics consist of solely 
payments of principal and interest. The assets are measured at fair value and 
gains and losses arising from changes in fair value are reported in other compre-
hensive income and accumulated in equity. The cumulative gain or loss is reclas-
sified from equity to profit or loss upon derecognition of the debt instrument. 
Interest calculated by applying the effective interest method on interest-bear-
ing financial assets and expected credit losses are recognised in profit or loss.
Amortised cost: Debt instruments are classified in this category if both of the 
following criteria are met (a) the business model objective is to hold assets to 
collect contractual cash flows and (b) the contractual cash flow characteristics 
consist of solely payments of principal and interest. The gross carrying amount 
of these assets is measured using the effective interest method and adjusted 
for expected credit losses.
Equity instruments
Equity instruments are classified as financial assets at fair value through profit 
or loss. An irrevocable election can be made on initial recognition to classify 
equity instruments (not held for trading) at fair value through other comprehen-
sive income. This election has not been applied in the group.
Derivatives
Derivatives are classified as fair value through profit or loss (held for trading) 
unless designated as hedging instruments. If designated as hedging instru-
ments, the principles for hedge accounting are applied. 
Financial liabilities
Financial liabilities at fair value through profit or loss: Financial liabilities at  
fair value through profit or loss are either classified as held for trading or desig-
nated as fair value through profit or loss on initial recognition (fair value option). 
Changes in fair value are recognised in profit or loss within Net financial income, 
with the exception of changes in fair value due to changes in the group’s own 
credit risk. Such changes are presented in other comprehensive income, with no 
subsequent reclassification to the income statement. The fair value option can 
be applied for classification of financial liabilities if meeting either of the follow-

Financial statements  —  Notes
120 — SEB Annual and Sustainability Report 2021
ing criteria; the contracts include one or more embedded derivatives, the instru-
ments are managed and evaluated on a fair value basis or in situations where 
such designation reduces measurement inconsistencies. Liabilities to policy-
holders and some debt securities are included in this category. Financial liabili-
ties held for trading are primarily short positions in interest-bearing securities, 
equity instruments and derivatives not designated as hedging instruments. 
Other financial liabilities: The category other financial liabilities primarily 
include the group’s short-term and long-term borrowings. After initial recogni-
tion other financial liabilities are measured at amortised cost, using the effec-
tive interest method. The balance sheet items Deposits from central banks and 
credit institutions, Deposits and borrowings from the public and Debt securities 
issued are included in this category.
Embedded derivatives
Some combined contracts contain both a derivative and a non-derivative com-
ponent. In such cases, the derivative component is termed an embedded deriv-
ative. If the host contract is a financial asset in scope of IFRS 9 Financial Instru-
ments, the contract is assessed for classification in its entirety and the embed-
ded derivative is not separated. For other hybrid instruments (i.e. the host 
contract is not a financial asset in scope of IFRS 9) where the economic charac-
teristics and risks of the embedded derivatives are not closely related to those 
of the host contract, the embedded derivative is bifurcated and reported at fair 
value with gains and losses being recognised in the income statement. This 
does not apply if the host contract is carried at fair value through profit or loss.
	
Certain combined instruments are classified as financial liabilities at fair 
value through profit or loss according to the fair value option. The designation 
implies that the entire combined instrument is measured at fair value through 
profit and loss. 
Offsetting financial transactions
Financial assets and liabilities are offset and the net amount reported in the 
­balance sheet when there is a legal right to offset transactions and an intention 
to settle net or realise the asset and settle the liability simultaneously.
Repurchase agreements
Securities may be lent or sold subject to a commitment to repurchase them (a 
‘repo’) at a fixed price and at a predetermined date. Such securities are retained 
on the balance sheet and in addition included separately as collateral pledged 
for own liabilities when cash consideration is received. Depending on the coun-
terparty, payment received is recognised under Deposits by credit institutions 
or as Deposits and borrowing from the public. 
	
Similarly, where the group borrows or purchases securities subject to a com-
mitment to resell them (a ‘reverse repo’), the securities are not included in the 
balance sheet. Payments made are recognised as Loans to credit institutions  
or as Loans to the public.
	
The difference between sale and repurchase price is accrued over the life  
of the agreements using the effective interest method.
Securities borrowing and lending
Securities borrowing and lending transactions are entered into on a collateral-
ised basis. Fair values of securities received or delivered are monitored on a 
daily basis to require or provide additional collateral. Cash collateral delivered 
is derecognised from the balance sheet and a corresponding receivable is rec-
ognised. Cash collateral received is recognised in the balance sheet and a corre-
sponding obligation to return it, is recognised. Securities lent remain on the bal-
ance sheet and are in addition reported as pledged assets. Borrowed securities 
are not recognised as assets. When borrowed securities are sold (short posi-
tion), an amount corresponding to the fair value of the securities is booked as a 
liability. Securities received in a borrowing or lending transaction are disclosed 
as obligations.
Modification 
The group may renegotiate loans and modify contractual terms. If the new 
terms are substantially different from the original terms, the group derecog-
nises the original financial asset and recognises a new asset. The group also 
assesses whether the new financial asset is credit-impaired at initial recogni-
tion. If the terms are not substantially different, the modification does not result 
in derecognition and the group recalculates the gross carrying amount based on 
the new cash flows using the original effective interest rate of the financial 
asset and recognises a modification gain or loss.
Fair value measurement
Fair value is defined as the price that would be received to sell an asset or paid 
to transfer a liability in an orderly market between market participants at the 
measurement date.
	
The fair value of financial instruments quoted in an active market is based  
on quoted market prices. If the asset or liability measured at fair value has a bid 
price and an ask price, the price within the bid-ask spread that is most repre-
sentative of fair value in the circumstances is used.  
The fair value of financial instruments that are not quoted in an active market  
is determined by applying various valuation techniques with maximum use of 
observable inputs. The valuation techniques used are for example discounted 
cash flows, option pricing models, valuations with reference to recent transac-
tions in the same instrument and valuations with reference to other financial 
instruments that are substantially the same. When valuing financial liabilities  
at fair value the group’s own credit standing is reflected.
	
Any differences between the transaction price and the fair value calculated 
using a valuation technique with unobservable inputs, the Day 1 profit, is amor-
tised over the life of the transaction. Day 1 profit is then recognised in profit or 
loss either when realised through settlement or when inputs used to calculate 
fair value are based on observable prices or rates. 
	
Fair value is generally measured for individual financial instruments. In addi-
tion, portfolio adjustments are made to cover market risks and the credit risk  
of each of the counterparties on groups of financial assets and liabilities on the 
basis of the net exposure to these risks. When assets and liabilities have offset-
ting market risks, mid-market prices are used for establishing fair value of the 
risk positions that offset each other. To reflect counterparty risk and own credit 
risk in OTC derivatives, adjustments are made based on the net exposure 
towards each counterpart. 
Impairment of financial assets 
Measurement 
The impairment requirements are based on an expected credit loss (ECL) model. 
The guiding principle of the ECL model is to reflect the general pattern of deterio-
ration or improvement in the credit quality of financial instruments. All financial 
assets measured at amortised cost and fair value through other comprehensive 
income, as well as lease receivables, financial guarantees contracts, contract 
assets and certain loan commitments are in scope for expected credit loss. 
	
ECLs on financial assets measured at amortised cost and lease receivables 
are presented as allowances, i.e., as an integral part of the measurement of 
those assets in the balance sheet. The allowance reduces the gross carrying 
amount. ECLs on loan commitments and financial guarantee contracts are pre-
sented as provisions, i.e., as a liability, in the balance sheet. Adjustment to the 
loss allowance and provision due to changes in ECLs is recognised in the income 
statement as Net expected credit losses. 
	
The assessment of credit risk, and the estimation of ECL, shall be unbiased 
and probability-weighted, and shall incorporate all available information which 
is relevant to the assessment, including information about past events, current 
conditions and reasonable and supportable forecasts of future events and eco-
nomic conditions at the reporting date. SEB uses both models and expert credit 
judgement (ECJ) for calculating ECLs. 
	
The ECL model has a three-stage approach based on changes in the credit 
risk. A 12-month ECL (Stage 1) applies to all items, unless there is a significant 
increase in credit risk since initial recognition. For items where there is a signifi-
cant increase in credit risk (Stage 2) or in default (Stage 3), lifetime ECL applies.
Significant increase in credit risk 
At the end of each reporting period the group performs an assessment of 
whether credit risk has increased significantly since initial recognition. The 
assessment of whether there has been a significant change in credit risk is 
based on quantitative and qualitative indicators. Both historic and forward-
looking information is used in the assessment.
	
For arrangements with an initial origination date as at 1 January 2018 or 
later, the primary indicator is changes in lifetime probability of default (PD) by 
comparing the scenario-weighted annualised lifetime PD at the reporting date 
with the scenario-weighted annualised lifetime PD at initial recognition. For 
arrangements with an initial origination date prior to 1 January 2018 changes in 
SEB’s internal risk classifications since initial origination are used as the primary 
indicator. 
	
Regardless of the quantitative indicator, a significant increase in credit risk  
is triggered if the following back-stop indicators occur: 
•	 payments are past due >30 days but < 90 days, or
•	 financial assets have been classified as watch-listed, or
•	 financial assets are forborne (where due to the customer’s financial 
­difficulties the contractual terms of the loans have been revised and 
­concessions given).
Back-stop indicators normally overlap with the quantitative indicator of signifi-
cant increase in credit risk. 
	
In case there has been a significant increase in credit risk since initial recogni-
tion, an allowance for lifetime ECL shall be recognised and the financial instru-
ment is transferred to Stage 2. The approach is symmetrical, meaning that in 
subsequent reporting periods, if the credit quality of the financial instrument 
improves such that there is no longer a significant increase in credit risk since 
initial recognition, the financial assets moves back to Stage 1.
Definition of default 
Financial instruments in default are in Stage 3. SEB applies a definition of 
default for accounting purposes that is consistent with how it is defined in

SEB Annual and Sustainability Report 2021 — 121
the capital requirements regulation, which includes financial assets past due  
more than 90 days. All financial assets in Stage 3 are considered to be credit-
impaired.
Modelling 
The ECL is calculated as a function of the probability of default (PD), the expo-
sure at default (EAD) and the loss given default (LGD), as well as the timing of 
the loss. The group’s IFRS 9 methodology for ECL measurement is based on 
existing internal rating-based risk models (IRB) to the extent allowed under 
IFRS 9. As the objectives of these frameworks differ, the manner in which the 
expected credit losses are calculated also differs and appropriate adjustments 
are made to the IRB parameters to meet IFRS 9 requirements. Adjustments 
include the conversion of through-the-cycle and downturn parameters used in 
IRB risk models to point-in-time parameters used under IFRS 9 that consider 
forward-looking information. 
	
PD represents the likelihood that a loan will not be repaid and will go into 
default in either a 12-month or lifetime horizon. The expected PD for each indi-
vidual instrument incorporates a consideration of past events, current market 
conditions and reasonable and supportable information about future economic 
conditions. SEB uses IFRS 9 specific PD models. The models are calibrated 
based on a combination of geography, assets class and product type. EAD rep-
resents an estimate of the outstanding amount of credit exposure at the time a 
default may occur. For off-balance sheet amounts, EAD includes an estimate of 
any further amounts to be drawn at the time of default. For IFRS 9, EAD models 
are adjusted for a 12-month or lifetime horizon. LGD is the amount that may not 
be recovered in the event of default. LGD takes into consideration the amount 
and quality of any collateral held as well as the probability of cure, whereby the 
borrower repays all his past due obligations on the defaulted loan and recom-
mences contractual repayments. SEB uses existing LGD models adjusted to 
meet IFRS 9 requirements. 
	
When measuring ECL, SEB uses the maximum contractual period during which 
SEB is exposed to risk. All contractual terms are considered when determining 
the expected life, including prepayment options and extension and rollover 
options. For revolving facilities, such as credit cards, and retail mortgage facilities 
the expected life is modelled based on historical behaviour. The residual behav-
ioural expected life for such facilities is based on historically observed survival 
curve and it is affected by the time since origination of the arrangement.
Forward-looking information 
The group uses internally developed macroeconomic forecasts as the basis for 
the forward-looking information incorporated in the ECL measurement. In order 
to ensure an unbiased estimation of credit losses under IFRS 9, at least three 
scenarios are used. One of the scenarios is the base case scenario, representing 
the most likely outcome, which is also applied in the financial planning and 
budgeting process, while other case scenarios represent more positive or nega-
tive outcomes.
	
The forward-looking scenarios are prepared by SEB Macro & FICC Research. 
The scenarios are approved by the Group Risk Committee. A scenario consists 
of a qualitative description of the macroeconomic development and a quantita-
tive part, with forecasts of key macroeconomic variables for three subsequent 
years, as well as the likelihood of occurrence (scenario-weight). The scenarios 
are reviewed and updated on a quarterly basis. In case of significant changes  
in the macroeconomic environment and outlook, the scenarios will be updated 
more frequently. The scenario variables are benchmarked to various external 
sources of similar forward-looking scenarios, e.g. from OECD, IMF, EU, national 
central banks, ECB, and governments/Ministries of Finance.
Expert Credit Judgement (ECJ)
The group uses both models and expert credit judgement (ECJ) to determine 
ECLs. The degree of judgement that is required to estimate ECL depends on the 
model outcome, materiality and the availability of detailed information. The 
model provides guidance and transparency as to how economic events could 
affect the impairment of financial assets. Model overlay may be applied to the 
modelled outcome to incorporate an estimated impact of factors not captured 
by the model. Such judgemental adjustment to the model-generated ECLs may 
be applied to significant exposures at a counterparty level. The overlays are 
decided by the relevant credit committee using the model ECLs as guidance. In 
addition, there may be a need for overlays at a portfolio level, which is decided 
by the Group Risk Committee.
Hedge accounting
Derivatives are used to hedge interest rate, exchange rate and equity expo-
sures. Where derivatives are held for risk management purposes and when 
transactions meet the required criteria, the group applies fair value hedge 
accounting, cash flow hedge accounting or hedging of a net investment in a for-
eign operation as appropriate to the risks being hedged. The group documents 
and designates, at inception, the relationship between the hedged item and the 
hedging instrument as well as the risk objective and hedge strategy. The group 
also documents its assessment, both at inception and on an ongoing basis, 
whether the derivatives used are both prospectively, and retrospectively highly 
effective in offsetting the hedged risk. As part of the prospective test the group 
also assesses and documents that the likelihood of forecasted transactions to 
take place is highly probable. 
	
More information regarding hedge accounting can be found in note 21 
Derivatives and hedge accounting.
Hedge accounting is applied when derivatives are used to reduce risks such  
as interest rate risks and currency risks in financial instruments. Furthermore, 
hedge accounting can be applied to liabilities hedging currency risk in net 
investments in subsidiaries. The group applies different hedge accounting 
­models depending on the purpose of the hedge: 
•	 Hedges of fair value of recognised assets or liabilities (fair value hedge);
•	 Hedges of the fair value of the interest rate risk of a portfolio (portfolio 
hedge); 
•	 Hedges of highly probable future cash flows attributable to recognised 
assets or liabilities (cash flow hedge);
•	 Hedges of a net investment in a foreign operation (net investment hedge).
The group discontinues hedge accounting when:
•	 The derivative has ceased to be highly effective as a hedging instrument,
•	 The derivative expires, is sold, terminated, or exercised,
•	 The hedged item matures, is sold or repaid, or
•	 The forecast transaction is no longer deemed highly probable. 
Fair value hedge
Fair value hedges are used to protect the group against undesirable exposures 
to changes in the market prices of recognised assets or liabilities. Changes in 
fair value of derivatives that qualify and are designated as hedging instruments 
are recorded in the income statement, together with changes in the fair value of 
the hedged asset or liability that are attributable to the hedged risk as Net other 
income. 
	
Where the group hedges the fair value of interest rate exposure in a portfolio 
including financial assets or financial liabilities, so called portfolio hedging of 
interest rate risk, the gains or losses attributable to the hedged item are 
reported as a separate item under assets or as a separate item under liabilities 
in the balance sheet. 
	
When hedge relationships are discontinued, any adjustment to the carrying 
amount of the hedged item is amortised to profit or loss over the period to matu-
rity of the hedged item.
Cash flow hedge
Cash flow hedging is applied for the hedging of exposure to variations in future 
interest payments on assets or liabilities with variable interest rates. The por-
tion of the gain or loss on the hedging instrument that is determined to be an 
effective hedge is recognised in other comprehensive income. The ineffective 
portion of the gain or loss on the hedging instrument is recognised in profit or 
loss as Net other income. 
	
Gains or losses on hedging instruments that have been accumulated in equity 
are recognised in profit or loss in the same period as interest income and inter-
est expense from the hedged asset or liability.
	
When cash flow hedges are discontinued but future cash flows still are 
expected to occur, accumulated gains or losses from the hedging instrument 
will remain as a separate item in equity until the hedged future cash flows occur. 
Accumulated gains or losses are subsequently reported in profit or loss in Net 
interest income in the same period in which the previously hedged interest 
flows are recognised in profit or loss.
Net investment hedge
Hedge of a net investment is applied to protect the group from translation dif-
ferences due to net investments in foreign subsidiaries. Foreign currency loans 
constitute the major portion of hedging instruments in these transactions. The 
translation differences arising on the hedging instruments are recognised in 
other comprehensive income and accumulated in equity as translation of for-
eign operations, to the extent the hedge is effective. Any ineffective part is rec-
ognised as Net financial income. When a foreign operation is partially disposed 
of or sold, exchange differences accumulated in equity are recognised in the 
income statement as part of the gain or loss on the sale.
Operating income
Interest income and interest expense 
The effective interest method is applied to recognise interest income and inter-
est expenses in profit or loss for financial assets and financial liabilities meas-
ured at amortised cost.
	
The effective interest method is a method of calculating the amortised cost 
of a financial asset or a financial liability and of allocating interest income and 
interest expenses. The effective interest rate is the rate that discounts esti-
mated future cash payments or receipts through the expected life of the finan-
cial instrument to the net carrying amount of the financial instrument. The cal-
culation of the effective interest rate includes transaction costs, fees and points 
to be received and paid that are an integral part of the effective interest rate.

Financial statements  —  Notes
122 — SEB Annual and Sustainability Report 2021
Net fee and commission income
The recognition of revenue from contracts with customers is reported as fee 
and commission income. The group recognises revenue when it transfers con-
trol over a service to a customer.
	
Fees that are included in the calculation of the effective interest rate of a 
financial instrument measured at amortised cost, such as loan origination fees, 
are allocated over the expected tenor of the instrument applying the effective 
interest method and presented in Net interest income.
	
Fee and commission income is recognised to depict the transfer of promised 
services to the customers in an amount that reflects the consideration to which 
SEB expects to be entitled in exchange for the service. The major types of fees 
are described below.
	
Fee and commission income for asset custody and asset management to 
­customers is recognised as revenue over the period in which the services are 
provided. Performance based fees are recognised when it is highly probable 
that a significant reversal of recognised revenue will not occur, which is when 
the performance criteria are fulfilled. 
	
Fee and commission income from loan syndications in which SEB acts as 
arranger are recognised as income when the syndication is completed and the 
group has retained no part of the loan or retained a part of the loan at the same 
effective interest rate as other participants. Brokerage fees, commission and 
fees from negotiating a transaction for a third party, such as arrangement of 
acquisitions or purchase or sale of a business, are recognised on completion of 
the transaction. 
	
Expenses that are directly related to the generation of fee and commission 
income are recognised as fee and commission expense.
Net financial income
Gains and losses arising from changes in fair value of financial assets and liabili-
ties measured at fair value through profit or loss are reported under the item 
Net financial income. For financial liabilities designated at fair value through 
profit or loss the change in fair value relating to change in own credit risk is 
accounted for in other comprehensive income.
Dividend income
Dividends are recognised when the entity’s right to receive payment is 
­established.
Seized assets
Seized assets are assets taken over to protect a claim. SEB may refrain from  
a loan receivable and instead seize the asset that served as collateral for the 
loan. Seized assets may consist of financial assets, properties and other tangi-
ble assets. Seized asset are recognised on the same line item in the balance 
sheet as similar assets that have been acquired otherwise. At inception seized 
assets are measured at fair value. The fair value at initial recognition becomes 
the acquisition value. Subsequently seized assets are measured according to 
type of asset with the exception of impairment of tangible seized assets that is 
reported as Gains less losses from tangible and intangible assets rather than as 
Depreciation, amortisation and impairment of tangible and intangible assets. 
The purpose is to better reflect the similar character of impairment of assets 
that are taken over to protect claims on counterparties and credit losses.
Tangible assets
Tangible assets, with the exception of investment properties held in insurance 
operations, are measured at cost and are depreciated according to plan on a 
straight-line basis over the estimated useful life of the asset. The maximum 
depreciation period for buildings is 50 years. The depreciation period for other 
tangible assets is between 3 and 8 years. 
	
Tangible assets are tested for impairment whenever there is an indication  
of impairment. 
Leasing
Lessee
Leases are recognised as a right-of-use asset and a corresponding liability at 
the date at which the leased asset is available for use by the group. Each lease 
payment is allocated between the liability and the finance cost. The finance 
cost is charged to profit or loss over the lease period so as to produce a constant 
periodic rate of interest on the remaining balance of the liability for each period. 
The lease payments are discounted using the interest rate implicit in the lease, 
if that rate can be determined, or the group’s incremental borrowing rate. The 
right-of-use asset is depreciated over the shorter of the asset’s useful life and 
the lease term on a straight-line basis. The lease payments include fixed pay-
ments less any lease incentives receivable and variable lease payments that 
depend on an index or a rate.
The group has elected not to recognise right-of-use assets and lease liabili-
ties for short-term leases that have a lease term of 12 months or less and leases 
for low-value assets. The group recognises the lease payments associated with 
these leases as an expense on a straight-line basis over the lease term.
Lessor
A finance lease is a lease that transfers, from the lessor to the lessee, substan-
tially all risks and rewards incidental to the ownership of an asset. In the group, 
essentially all leasing contracts in which the group is the lessor are classified as 
finance leases. Finance leases are reported as lending, which implies that the 
leasing income is reported within Net interest income. 
Investment properties
Investments in properties held in order to receive rental income and/or for capi-
tal appreciation are reported as investment properties. The recognition and 
measurement of such properties differs, depending upon the entity owning the 
property. Investment properties held in the insurance operations, used to match 
liabilities providing a yield directly associated with the fair values of specified 
assets, including the investment properties themselves, are accounted for using 
the fair value model. Holdings of investment properties in the banking opera-
tions are measured at cost less accumulated depreciation. 
	
Intangible assets
Goodwill is measured, after initial recognition, at cost, less any accumulated 
impairment losses. In order to test goodwill from business combinations for 
impairment, it is allocated upon acquisition to the cash generating unit or units 
that are expected to benefit from the acquisition. Each group represents the 
lowest level at which goodwill is monitored for internal management purposes 
and it is never larger than an operating segment. Goodwill and intangible assets 
not yet available for use are tested for impairment annually, and whenever 
there is an indication that the asset may be impaired. An impairment loss is rec-
ognised in profit or loss whenever the carrying amount, with respect to a cash-
generating unit or a group of cash-generating units to which the goodwill is 
attributed, exceeds the recoverable amount. Impairment losses attributable to 
goodwill are not reversed, regardless of whether the cause of the impairment 
has ceased to exist.
	
Intangible assets acquired in a business combination are identified and rec-
ognised separately from goodwill where they satisfy the definition of an intan-
gible asset and their fair values can be measured reliably. The cost of such 
intangible assets is their fair value at the acquisition date. Subsequent to initial 
recognition, intangible assets acquired in a business combination are measured 
on the same basis as intangible assets acquired separately.
	
Other intangible assets are measured at cost, including directly attributable 
borrowing costs, less accumulated amortisation and any impairment losses. 
Development expenditures on an individual project are recognised as an intan-
gible asset, provided that future economic benefits are probable, costs can be 
measured reliably and the product and process is technically and commercially 
feasible. Research costs are expensed as incurred. The guidance in IAS 38 
Intangible Assets is applied to cloud computing arrangements if the group 
receives a resource it can control, assuming it is not accounting for the intangi-
ble asset as a lease. If the cloud computing arrangement does not provide the 
group with an intangible asset for the software (and does not contain a lease), 
then the right to access the underlying software in the cloud computing 
arrangement is generally a service contract where the fees paid is expensed as 
the service is received.
	
Intangible assets with finite useful lives, i.e. all intangible assets except good-
will, are amortised on a straight-line basis over their useful lives and tested for 
impairment annually and whenever events or changes in circumstances indi-
cate that the carrying amount may not be recoverable. An impairment loss is 
recognised if the carrying amount exceeds the recoverable amount of the asset. 
Internally generated intangible assets, such as software development, are 
amortised over a period of between 3 and 8 years.
Provisions
Provisions are recognised for present obligations arising as consequences of 
past events where it is more likely than not that a transfer of economic benefit 
will be necessary to settle the obligation, and it can be reliably estimated. Provi-
sions are determined by discounting the expected future cash flows at pre-tax 
rate that reflects current market assessments of the time value of money and, 
where appropriate, the risks specific to the liability. A provision for restructuring 
is recognised when the group has approved a detailed and formal restructuring 
plan, and the restructuring either has commenced or has been announced pub-
licly. Future operating losses are not provided for.
	
Provisions are made for undrawn loan commitments and similar facilities if  
it is probable that the facility will be drawn by a debtor in financial difficulties. 
ECLs on loan commitments and financial guarantee contracts are presented as 
provisions. Provisions and changes in provisions are recognised in the income 
statement as Net credit losses.
	
Provisions are evaluated at each balance sheet date and are adjusted as 
­necessary.
Financial guarantees
Financial guarantees are contracts that require the group to make specified 
payments to reimburse the holder for a loss it incurs because a specified debtor 
fails to make payment when due in accordance with the terms of a debt instru-

SEB Annual and Sustainability Report 2021 — 123
ment. Financial guarantee liabilities are initially recognised at their fair value 
(which most often equals the premium received) and subsequently at the 
higher of the amount determined in accordance with the expected credit loss 
model under IFRS 9 Financial Instruments and the amount initially recognised 
less, where appropriate, the cumulative amount of income recognised. The con-
tractual amounts according to financial guarantees are not recognised in the 
balance sheet but disclosed as obligations.
Employee benefits
Pensions
There are both defined contribution and defined benefit pension plans within 
the group, of which most have plan assets. A defined benefit plan is a pension 
plan that defines an amount of pension benefit that an employee will get on 
retirement depending on factors such as age, years of service and compensa-
tion. A defined contribution plan is a pension plan where the group pays a con-
tribution to separate entities and has no further obligation once the contribution 
is paid.
	
The pension commitments of the group with respect to defined benefit plans 
are covered by the pension funds of the group or through insurance solutions. 
	
The defined benefit obligation is calculated quarterly by independent actuar-
ies using the Projected Unit Credit Method. 
	
The assumptions upon which the calculations are based are found in  
note 8b addressing Staff costs.
All changes in the net defined benefit liability (asset) are recognised as they 
occur, as follows: (i) service cost and net interest in the income statement; and 
(ii) remeasurements of both defined benefit obligations and plan assets in other 
comprehensive income. 
	
Pension costs for defined contribution pension plans are recognised as an 
expense during the period the employees carry out the service to which the 
payment relates.
Share-based payments
The group operates a number of share-based incentive programmes, under 
which it awards SEB equity instruments to its employees. Equity-settled share-
based incentive programmes entitle employees to receive SEB equity instru-
ments. Cash-settled share-based incentive programmes entitle employees to 
receive cash based on the price or value of equity instruments of SEB. Fair value 
of these rights is determined by using appropriate valuation models, taking into 
account the terms and conditions of the award and the group’s estimate of the 
number of rights that will eventually vest, which is reassessed at each reporting 
date. Social security charges are accounted for over the vesting period and the 
provision for social security charges is reassessed on each reporting date to 
ensure that the provision is based on the rights’ fair value at the reporting date.
The cost of equity-settled share-based incentive programmes is measured 
by reference to the fair value of equity instruments on the date they are granted 
and recognised as an expense on a straight-line basis over the vesting period 
with a corresponding increase in equity. The vesting period is the period that the 
employees have to remain in service in SEB in order for their rights to vest. For 
cash-settled share-based incentive programmes, the services acquired and lia-
bility incurred are measured at the fair value of the liability and recognised as 
an expense over the vesting period, during which the employees render service. 
Until settlement, the fair value of the liability is remeasured, with changes in fair 
value recognised in the income statement.
Short-term cash-based remuneration 
The group recognises a provision where contractually obliged or where there  
is a past practice that has created a constructive obligation.
Taxes
The group’s tax for the period consists of current and deferred tax. Current tax 
assets and liabilities for the current and prior periods are measured at the 
amount expected to be paid to or from tax authorities using the tax rates and 
tax laws that have been enacted or substantively enacted at the balance sheet 
date. Current tax is calculated based on the taxable results for the period. 
Deferred tax arises due to temporary differences between the tax bases of 
assets and liabilities and their carrying amounts. 
	
Current tax and deferred tax are generally recognised in profit or loss. How-
ever, tax that relates to items recognised in other comprehensive income is also 
reported directly in other comprehensive income. Examples of such items are 
gains or losses on hedging instruments in cash flow hedges.
	
Deferred tax assets are recognised in the balance sheet to the extent that it 
is probable that future taxable profits will be available against which they can 
be utilised. The group’s deferred tax assets and tax liabilities have been calcu-
lated at the tax rate of 20.6 per cent in Sweden, and at each respective coun-
try’s tax rate for foreign companies.
Insurance and investment contracts
Insurance contracts are contracts under which the group accepts significant 
insurance risk – defined as a transfer of an absolute risk of minimum 5 percent 
of the underlying value – from the policyholder by agreeing to compensate  
the policyholder or other beneficiaries on the occurrence of a defined insured 
event. Investment contracts are financial instruments that do not meet the defi-
nition of an insurance contract, as they do not transfer significant insurance risk 
from the policyholder to the group.
Insurance contracts
Insurance contracts are classified as short-term (non-life) or long-term (life). 
Short-term insurance comprises sickness, disability, health care, and rehabilita-
tion insurance. Long-term insurance comprises mainly traditional life insurance. 
In the group accounts short-term and long-term insurance are presented aggre-
gated as Insurance contracts. 
Measurement of short-term insurance contracts (non-life)
The provision for unearned premiums is intended to cover the anticipated cost 
of claims and operating expenses arising during the remaining policy period of 
the insurance contracts in force. The provision for unearned premiums is usually 
strictly proportional over the period of the insurance contracts. If premiums are 
judged to be insufficient to cover the anticipated cost for claims and operating 
expenses, the provision for unearned premiums is strengthened with a provi-
sion for unexpired risks.
	
For anticipated future claims that have been incurred but not yet paid, provi-
sion for claims outstanding is recognised. The provision is intended to cover the 
anticipated future payment of all claims incurred, including claims incurred but 
not reported (IBNR provisions). This provision should also cover all costs for 
claims settlement. The provision for claims outstanding is not discounted, with 
the exception of provisions for sickness annuities, which are discounted using 
standard actuarial methods.
Measurement of long-term insurance contracts (life)
For long-term life insurance contracts, a liability for contractual benefits that 
are expected to be incurred in the future is recorded when the premiums are 
recognised. The liability equals the sum of the discounted value of expected 
benefit payments and future administration expenses, less any outstanding 
future contractual premium payments. Liabilities for long-term life insurance 
are discounted using standard actuarial methods.
Liability adequacy test
Swedish actuarial procedures involve performing liability adequacy tests on 
insurance liabilities. This is to ensure that the carrying amount of the liabilities  
is sufficient in the light of estimated future cash flows. The carrying amount of  
a liability is the value of the liability itself less any related intangible asset or 
asset for deferred acquisition costs. The current best estimates of future con-
tractual cash flows, as well as claims handling and administration costs, are 
used in performing these liability adequacy tests. These cash flows are dis-
counted and compared to the carrying amount of the liability. Any deficit is 
immediately recognised in profit or loss. 
Revenue recognition
Premiums for insurance contracts are recognised as revenue when they are 
paid by the policyholders. For contracts where insurance risk premiums 
received during a period are intended to cover insurance claims arising in that 
period those premiums are recognised as revenue proportionally during the 
period of coverage.
Recognition of expenses
Costs for insurance contracts are recognised as an expense when incurred, with 
the exception of commissions that are capitalised as deferred acquisition costs. 
These costs are amortised as the related revenue is recognised. The asset is 
tested for impairment every period, ensuring that the economic future benefits 
expected to arise from the contracts exceed its face amount. 
Reinsurance
Contracts with re-insurers, whereby compensation for losses is received by the 
group, are classified as ceded reinsurance. For ceded reinsurance, the benefits 
to which the group is entitled under the terms of the reinsurance contract are 
reported as the re-insurers’ share of insurance provisions. Amounts recoverable 
from re-insurers are measured consistently with the amounts associated with 
the reinsurance contracts and in accordance with the terms of each reinsurance 
contract.
Investment contracts
The majority of the group’s unit linked insurance is classified as investment con-
tracts where no significant insurance risk is transferred from the policyholder to 
the group. A minor part of the group’s unit linked insurance business is classified 
as insurance contracts.
Measurement
Investment contracts are financial commitments whose fair value is dependent 
on the fair value of the underlying financial assets. The underlying assets are

Financial statements  —  Notes
124 — SEB Annual and Sustainability Report 2021
mandatorily measured at fair value through profit or loss and the related liabili-
ties are designated at fair value through profit or loss (fair value option). The 
choice to use the fair value option for the liabilities has been made for the pur-
pose of eliminating the measurement inconsistency that would occur if differ-
ent bases for measurement would have been used for assets and liabilities. The 
fair value of the unit linked financial liabilities is determined using the fair value 
of the financial assets linked to the financial liabilities attributed to the policy-
holder on the balance sheet date. However, if the liability is subject to a surren-
der option, the fair value of the financial liability is never less than the amount 
payable on surrender. Any differences between assets and liabilities are due to 
premiums paid that have not yet been invested in funds. Changes in the value of 
unit linked insurance does not affect SEB as they belong to the policyholders.
Revenue recognition
Amounts received from and paid to policyholders are reported in the balance 
sheet as deposits or withdrawals. Fees charged for managing investment con-
tracts are recognised as revenue. The revenue for these management services 
is evenly distributed over the tenor of the contracts.
Recognition of expenses
Incremental costs of obtaining investment contracts with customers are 
deferred if they are expected to be recovered. Incremental costs are costs to 
obtain a contract with a customer that would not have been incurred if the con-
tract had not been obtained. These costs are up-front acquisition costs in the 
form of sales commissions paid for obtaining investment contracts. They are 
expected to be recovered from the fee income earned from the investment con-
tracts. The asset is tested for impairment during each period to ensure that the 
future economic benefits expected to arise from the contract exceed the carry-
ing amount of the asset. All other costs, such as commissions to brokers paid 
during the tenor of the investment contracts or commission to own staff acting 
as sales agents or ongoing administration cost, are recognised in the period in 
which they arise.
Contracts with discretionary participation features (DPF)
Some traditional pension saving contracts include a discretionary participation 
feature. This feature entitles the policyholder to receive, as a supplement to 
guaranteed benefits, additional benefits or bonuses. All contracts that include  
a discretionary participation feature are reported as insurance contracts. The 
amounts referring to the guaranteed element and to the discretionary partici-
pation feature are reported as liabilities to policyholders.
Changed accounting principles
Changes in accounting policies implemented 2021
The group adopted Interest Rate Benchmark Reform (IBOR) – Phase 2. The 
amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 address issues that 
might affect financial reporting as a result of the IBOR reform, including the 
effects of changes to contractual cash flows or hedging relationships arising 
from the replacement of an interest rate benchmark with an alternative bench-
mark rate. In accordance with the amendments, changes made to a financial 
instrument that relate directly to the interest rate benchmark reform and that 
are economically equivalent, do not result in the derecognition or a change in 
the carrying amount of the financial instrument, but instead require the effec-
tive interest rate to be updated to reflect the change in the interest rate bench-
mark without adjusting the carrying amount. In addition, hedge accounting will 
not be discontinued solely because of the replacement of the interest rate 
benchmark if the hedge meets other hedge accounting criteria. 
	
Note 40g describes the IBOR reform in more detail.
Changes in IFRSs not yet applied 
IFRS 17 Insurance Contracts was published in May 2017. This standard should be 
applied as from 1 January 2023. IFRS 17 establishes principles for the recogni-
tion, measurement, presentation and disclosure of issued insurance contracts. 
It also requires similar principles to be applied to held reinsurance contracts and 
issued investment contracts with discretionary participation features. IFRS 17 
replaces IFRS 4 Insurance Contracts. SEB is currently evaluating the impact of 
the change to the financial statements of the group. 
Amendments to IFRS 3 Business Combinations are intended to replace a ref-
erence to the latest Framework for the Preparation and Presentation of Finan-
cial Statements without significantly changing its requirements. The amend-
ments are effective for annual reporting periods beginning on or after 1 January 
2022. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent 
assets, Onerous Contracts – Costs of Fulfilling a Contract specify which costs an 
entity includes in determining the cost of fulfilling a contract for the purpose of 
assessing whether the contract is onerous. The amendments apply for annual 
reporting periods beginning on or after 1 January 2022. The IASB has issued 
amendments to IAS 1 Presentation of Financial Statements to specify the require-
ments for classifying liabilities as current or non-current. The amendments are 
effective for annual reporting periods beginning on or after 1 January 2023. As 
part of its 2018–2020 annual improvements to IFRS standards process the 
IASB issued amendment to IFRS 9 Financial Instruments – Fees in the ’10 per 
cent’ test for derecognition of financial liabilities. The amendment clarifies the 
fees that an entity includes when assessing whether the terms of a new or mod-
ified financial liability are substantially different from the terms of the original 
financial liability. The amendment is effective for annual reporting periods 
beginning on or after 1 January 2022. Definition of Accounting Estimates – 
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and 
Errors, effective for annual periods beginning on 1 January 2023. The Board 
issued amendments to IAS 8, in which it introduces a new definition of ‘account-
ing estimates’. The amendments clarify the distinction between changes in 
accounting estimates and changes in accounting policies and the correction of 
errors. 
Disclosure of Accounting Policies – Amendments to IAS 1 Presentation of 
Financial Statements and IFRS Practice Statement 2: Making Materiality Judge-
ments effective for annual periods beginning on 1 January 2023. The amend-
ments provide guidance and examples to help entities apply materiality judge-
ments to accounting policy disclosures. The amendments aim to help entities 
provide accounting policy disclosures that are more useful by replacing the 
requirement for entities to disclose their ‘significant’ accounting policies with a 
requirement to disclose their ‘material’ accounting policies and adding guidance 
on how entities apply the concept of materiality in making decisions about 
accounting policy disclosures. 
Deferred Tax related to Assets and Liabilities arising from a Single Transac-
tion – Amendments to IAS 12 Income Taxes effective for annual periods begin-
ning on 1 January 2023. The IASB issued amendments to IAS 12, which narrow 
the scope of the initial recognition exception under IAS 12, so that it no longer 
applies to transactions that give rise to equal taxable and deductible temporary 
differences. None of the amendments effective after 2022 have yet to be 
endorsed by the EU.
Significant accounting policies of the parent company
Skandinaviska Enskilda Banken (SEB) AB is a public limited liability company 
with corporate number 502032-9081 and with registered office in Stockholm, 
Sweden.  
	
The financial statements of the parent company are prepared in accordance 
with the Annual Accounts Act for Credit Institutions and Securities Companies 
(1995:1559), the regulation and general guidelines issued by the Swedish 
Financial Supervisory Authority, Annual Reports in Credit Institutions and Secu-
rities Companies (FFFS 2008:25) and statements from the Swedish Financial 
Reporting Board, RFR 2 and the additional UFR statements. 
	
In accordance with the Financial Supervisory Authority’s regulation, the par-
ent company applies statutory IFRS. This means that the International Financial 
Reporting Standards (IFRS) and interpretations of these standards as adopted 
by the EU have been applied to the extent that is possible within the framework 
of Swedish legislation and considering the close tie between financial reporting 
and taxation. The accounting principles of the parent company differ, in certain 
aspects, from the accounting principles applied by the group. The essential dif-
ferences are described below.
Changed accounting policies
The changed group accounting policies and future accounting developments 
also apply to the parent company. In all other material aspects, the accounting 
policies, basis for preparation and presentation for the parent company are 
unchanged in comparison with the annual report for 2020. 
Presentation format
The presentation format for the balance sheet and the profit and loss account 
according to the Annual Accounts Act for Credit Institutions and Securities Com-
panies is not in conformity with IFRS. Credit institutions and securities compa-
nies applying IFRS as adopted by the EU in their consolidated financial state-
ments have the option to deviate from the presentation format for the balance 
sheet as stipulated by law, but may not deviate from the stipulated profit and 
loss account.
Holdings in subsidiaries and associated companies
Shares and participating interests in subsidiaries and associated companies are 
measured at cost less any impairment. Dividends on shares in subsidiaries and 
associated companies are recognised as income in profit or loss. Merger of sub-
sidiaries through absorption are accounted for at consolidated values. The 
merger effect is reported in equity.
Financial assets and liabilities
The group’s accounting policies in regard to financial assets and liabilities also 
applies to the parent company, with the exception of financial liabilities desig-
nated as fair value through profit or loss where the change in fair value relating 
to change in own credit risk is accounted for in profit or loss. 
Leasing
IFRS 16 Leases is not applied in the parent company. When the parent company 
is acting as a lessee, it recognises leasing fees as costs on a straight-line basis 
over the lease period (i.e., like an operating lease). When the parent company 
acts as a lessor, it reports all leasing agreements as operational leases.

SEB Annual and Sustainability Report 2021 — 125
Pensions
The parent company does not apply the provisions of IAS 19 Employee Benefits 
concerning accounting for defined benefit plans. Instead, pension costs are 
­calculated on an actuarial basis in the parent company in accordance with the 
provisions of the Act on Safeguarding Pension Obligations and the Swedish 
Financial Supervisory Authority’s regulations. This is a requirement by the 
Swedish tax regulation. In Sweden, actuarial pension commitments are guaran-
teed by a pension foundation.
	
The recognised net cost of pensions is calculated as pensions paid and pen-
sion premiums less any compensation from the pension foundation. The net 
pension cost for the year is reported under Staff costs in the parent company’s 
profit and loss account. Excess amounts as a result of the value of the plan 
assets exceeding the estimated pension obligations are not recognised as  
an asset in the parent company’s balance sheet. Deficits are recognised as  
a liability.
Goodwill and other intangible assets
In accordance with IAS 38, goodwill is not amortised in the consolidated 
­financial statements. In the parent company financial statements, goodwill  
is amortised as any other intangible asset on a straight-line basis. 
Taxes
In the parent company, untaxed reserves are recognised as a separate item in 
the balance sheet. Untaxed reserves comprise accelerated depreciation under 
tax regulations, including the deferred tax component. In the consolidated 
financial statements, untaxed reserves are reported in retained earnings and 
deferred tax liability.
Appropriations
The net of group contributions received and paid is reported in the parent 
­company as appropriations.
Critical judgements in applying the accounting policies
Applying the group’s accounting policies requires in some cases the use of esti-
mates and assumptions that have a material impact on the amounts reported in 
the financial statements. The estimates are based on expert judgements and 
assumptions that management believes are true and fair. The management con-
tinuously evaluates these judgements and estimates. The most significant 
assumptions and estimates are associated with the areas described below:
Consolidation of mutual life insurance companies and funds 
Within the life insurance operations of the SEB Group, Gamla Livförsäkrings AB 
SEB Trygg Liv operates as a mutual life insurance company. The entity is not 
consolidated, as the judgement of the group is that it does not have control of 
the entity. Control is seen to imply the power to govern the financial and operat-
ing policies of an entity in order to affect the amount of its returns from the 
entity. Life insurance entities operated as mutual life insurance companies can-
not pay dividends which is why the group deems that it cannot obtain benefits. 
In Gamla Livförsäkrings AB SEB Trygg Liv there are specific policies specifying 
the composition of the board, which implies that the SEB Group is not able to 
govern the financial and operating policies of the entity.
	
In the assessment whether to consolidate funds, an assessment is made 
whether the group is considered to be an agent or a principal. The group is con-
sidered a principal, and hence controls the fund, when it is the fund manager, 
cannot be removed without cause, has significant right to returns from the fund 
by holding units and earning fee income and has the practical ability to influence 
its return by using its power. Funds managed by the group in which entities 
within the group owns more than 20 per cent are analysed further for consoli-
dation. 
	
The policyholders in SEB’s unit-linked company choose to invest in a variety 
of funds. The insurance company providing unit-linked products invests in the 
funds chosen by the customers. By doing so SEB might, in some cases, hold 
more than 50 per cent of the funds, which it holds on behalf of the customers 
for whom it acts as investment manager. Due to the legislation regarding fund 
operations, SEB considers that it does not have the power to govern the finan-
cial and operating policies of such investment funds to obtain benefits. This 
applies irrespective of whether the funds held on behalf of customers are 
greater or less than 50 per cent of a fund. It is the policyholders who carry the 
investment risk, not SEB. Consequently, the policyholders are entitled to all of 
the returns generated by the funds. SEB only charges fees, on market condi-
tions, for managing the funds. SEB has come to the conclusion that these funds 
which it manages should not be consolidated. However, the shares that the 
group holds in such funds on behalf of its customers are recognised in the bal-
ance sheet.
Fair value measurement of financial instruments
The objective of the fair value measurement is to arrive at the price at which an 
orderly transaction would take place between market participants at the meas-
urement date under current market conditions. The best evidence of fair value 
is a quoted price for the instrument being measured in an actively traded market. 
Where the market for a financial instrument is not active, fair value is calculated 
using an established valuation technique. These valuation techniques involve a 
degree of estimation, the extent of which depends on the instrument’s complex-
ity and the availability of market-based data. When valuing financial liabilities 
at fair value own credit standing is reflected. Given the uncertainty and subjec-
tive nature of valuing financial instruments at fair value, it is possible that the 
outcomes in the next financial year could differ from the assumptions used. 
	
For some of the group’s financial assets and liabilities, especially for certain 
derivatives, quoted prices are not available, and valuation models are used to 
estimate fair value. As part of the fair value measurement, valuation adjust-
ments are made when valuing derivative financial instruments, to incorporate 
counterparty and own credit risk. The methodologies for estimating valuation 
adjustments are continuously revised as a result of changing market practices 
in response to regulatory and accounting policy changes, as well as general 
market developments.
	
The group has an established control environment for the determination of 
fair values of financial instruments that includes a review, independently from 
the business, of valuation models and prices. If the validation principles are not 
adhered to, the Head of Group Finance shall be informed. Exceptions with mate-
rial and principal importance require approval from the Valuation Committee 
and the SEB ARC (Accounting Policy and Financial Reporting Committee).
	
For disclosure purposes, fair values are classified in a fair value hierarchy 
according to the level of observability of the inputs, see note 36.
Impairment of financial assets and goodwill
Financial assets 
When calculating expected credit loss (ECL) there are a number of key con-
cepts that require a high level of judgement. Estimating expected credit loss is, 
by its very nature, uncertain and the accuracy of these estimates depends on 
many factors, e.g. macro-economic forecasts and involves complex modelling 
and judgements. 
	
At the end of each reporting period the group performs an assessment of 
whether credit risk has increased significantly since initial recognition by con-
sidering the change in the risk of default occurring over the remaining life of the 
financial instrument, using key risk indicators that are used in the group’s exist-
ing risk management processes. 
	
Another area requiring significant judgement is the incorporation of forward-
looking information and macro-economic scenarios. IFRS 9 requires an unbiased 
and probability-weighted estimate of credit losses by evaluating a range of pos-
sible outcomes that incorporates forecasts of future economic conditions. SEB 
uses internally developed macro-economic forecasts as the basis for the for-
ward-looking information in the ECL measurement. SEB uses both models and 
expert credit judgement (ECJ) in order to determine ECLs. The objective of 
applying ECJ is to incorporate the estimated impact of factors not captured  
in the modelled ECL. The degree of judgement that is required to estimate 
expected credit losses depends on the outcome from calculations, materiality 
and the availability of detailed information. The models, assessment and 
assumptions are regularly reviewed by the risk organisation of the group and 
approved by the Group Risk Committee.  
	
Note 18 describes Loans and expected credit losses (ECL) in more detail.
	
Goodwill
Judgement is involved in determining the cash-generating units. The annual 
impairment test of goodwill is based on the value in use with forecasted cash 
flows for five years. The cash flows beyond five years are determined based on 
sustainable growth.
	
The estimation of future cash flows and the calculation of the rate used to 
discount those cash flows involves a number of judgmental areas: the prepara-
tion of cash flow forecasts for periods that are beyond the normal requirements 
of management reporting and the assessment of the discount rate appropriate 
to the business.
	
Note 23 describes intangible assets in more detail.
Calculation of insurance liabilities 
Calculation of the group’s insurance liabilities is based on a number of estimates 
and assumptions, both financial and actuarial, such as interest rates, mortality, 
health, expenses, inflation and taxes. One of the important financial assump-
tions is the interest rate used for discounting future cash flows.
Assumption on interest rates is based on regulations from each local Finan-
cial Supervisory Authority (FSA). All other assumptions are based on internally 
acquired experience.

Financial statements  —  Notes
126 — SEB Annual and Sustainability Report 2021
Assets recognised from the costs to obtain or fulfil  
a contract, deferred acquisition costs
SEB recognises as an asset, costs to obtain contracts that would not have 
incurred if the contract had not been obtained, mainly sales commissions to 
obtain insurance and investment contracts.
The amortisation period for the asset is based on assumptions about average 
lifetime of the contracts including assumptions about surrenders and lapses.
Fair value of investment property
Investment properties in the insurance operations are fair valued with the 
­assistance of external expertise. The valuation method applied means that the 
related expected cash flows are discounted to present value. The assumptions 
concerning expected cash flows are based on assumptions on future rents, 
vacancy levels, operating and maintenance costs, yield requirement and mar-
ket interest. Assumptions are in line with the assessments that the market can 
be expected to make under current market conditions. The yield requirement  
is based on local analysis of comparable property purchases.
Valuation of deferred tax assets
Deferred tax assets that are relying on future profitability can be recognised 
only to the extent they can be offset against future taxable income and the 
­valuation of deferred tax assets is influenced by management’s assessment of 
SEB’s future profitability, future taxable profits and future reversals of existing 
taxable temporary differences. The expected outcome of uncertain tax posi-
tions is determined as the single most likely outcome.
Provisions and Contingent Liabilities
Judgement is applied in determining whether a present obligation exists, and  
in estimating the probability, timing and amount of any outflow of resources. In 
cases where the probability of an outflow of resources or a negative outcome is 
assessed as not probable (less likely than not), no provision is recognised and a 
contingent liability is disclosed. Assessments of claims in civil lawsuits, tax and 
regulatory matters, typically require a higher degree of judgement than other 
types of cases due to the inherent uncertainty and complexity of the matters.
Actuarial calculations of defined benefit plans
The calculation of the group’s expense and obligations for defined benefit plans 
is based on actuarial, demographic and financial assumptions that have a signif-
icant impact on the recognised amounts. One of the important financial assump-
tions is the interest rate used for discounting future cash flows. The estimation 
of the discount rate is subject to uncertainty whether corporate bond markets 
are deep enough, of high quality and also in connection to the extrapolation of 
yield curves to relevant maturities. The discount rate is based on high quality 
corporate bonds in a deep market, in Sweden covered bonds. The covered 
bonds in Sweden are at least AAA-rated and the maturity is in line with the 
­estimated maturity of obligations for post-employment benefits. The discount 
rate for the defined benefit obligation is revised quarterly and other assump-
tions are revised each year or when a significant change has occurred. 
	
Note 8 b describing staff costs contains a list of the most critical 
­assumptions used when calculating the defined benefit obligation.

SEB Annual and Sustainability Report 2021 — 127
2  Operating segments
Group business segments
Income statement, 2021
Large ­Corporates 
& Financial 
Institutions
Corporate  
& Private  
Customers
Baltic
Life
Investment 
Management & 
Group functions
Eliminations
Total
Interest income
11,613
15,562
3,144
1
5,916
–3,011
33,225
Interest expense
–633
–3,907
–162
–28
–5,136
2,963
–6,904
Net interest income
10,980
11,654
2,982
–27
780
–48
26,321
Fee and commission income
12,751
6,748
2,321
3,954
7,898
–7,543
26,129
Fee and commission expense
–5,004
–1,229
–626
–1,101
–4,531
7,504
–4,987
Net fee and commission income
7,747
5,519
1,695
2,853
3,367
–39
21,142
Net financial income
3,749
529
345
1,044
1,348
–23
6,992
Net other income1)
23
23
8
48
62
–5
159
Total operating income
22,499
17,726
5,030
3,918
5,556
–115
54,614
of which internally generated
–11,950
466
528
694
9,831
430
Staff costs
–4,244
–3,429
–882
–874
–5,944
1
–15,372
Other expenses
–5,355
–4,437
–1,105
–679
5,697
115
–5,763
Depreciation, amortisation and impairment  
of tangible and intangible assets
–64
–274
–30
–20
–1,723
–2,110
Total operating expenses
–9,663
–8,139
–2,017
–1,573
–1,970
115
–23,245
Gains less losses on disposals of tangible and  
intangible assets
1
0
4
0
0
5
Net expected credit losses
–660
–70
216
0
7
–3
–510
Operating profit before items affecting comparability
12,177
9,518
3,233
2,346
3,594
–3
30,864
Items affecting comparability
OPERATING PROFIT
12,177
9,518
3,233
2,346
3,594
–3
30,864
Business equity, SEK bn
64.7
47.1
12.3
5.3
Return on business equity, %
14.5
15.6
22.3
41.4
Risk exposure amount, SEK bn
396
244
86
60
787
Lending to the public2), SEK bn
673
932
157
2
1,765
Deposits from the public2), SEK bn
732
605
200
52
1,590
Income statement, 2020
Interest income
16,897
17,490
3,377
2
17,092
–17,281
37,578
Interest expense
–5,838
–5,153
–264
–34
–18,257
17,110
–12,435
Net interest income
11,060
12,337
3,113
–31
–1,165
–170
25,143
Fee and commission income
10,899
6,113
2,246
3,517
6,530
–6,372
22,933
Fee and commission expense
–4,427
–1,197
–662
–1,063
–3,873
6,352
–4,870
Net fee and commission income
6,472
4,915
1,584
2,454
2,657
–19
18,063
Net financial income
4,226
379
325
660
684
2
6,275
Net other income1)
87
30
–2
5
120
–4
236
Total operating income
21,845
17,661
5,019
3,088
2,295
–191
49,717
of which internally generated
–496
390
18
1,039
–745
–205
Staff costs
–4,238
–3,444
–880
–867
–5,562
15
–14,976
Other expenses
–5,250
–4,138
–1,105
–733
5,185
176
–5,864
Depreciation, amortisation and impairment  
of tangible and intangible assets
–68
–69
–32
–21
–1,717
–1,906
Total operating expenses
–9,555
–7,651
–2,017
–1,621
–2,094
191
–22,747
Gains less losses on disposals of tangible and  
intangible assets
1
2
–9
–7
Net expected credit losses
–4,865
–827
–425
1
–4
2
–6,118
Operating profit before items affecting comparability
7,425
9,182
2,579
1,468
189
2
20,846
Items affecting comparability
–1,000
–1,000
OPERATING PROFIT
7,425
9,182
2,579
1,468
–811
2
19,846
Business equity, SEK bn
70.3
46.6
13.1
5.3
Return on business equity, %
8.1
15.1
16.8
25.5
Risk exposure amount, SEK bn
366
227
80
52
725
Lending to the public2), SEK bn
645
857
149
8
1,658
Deposits from the public2), SEK bn
641
529
175
18
1,364
1) Profit and loss from associated companies accounted for under the equity method are recognised in Net other income at an amount of SEK 33m (68). The aggregated investments are 
SEK 669m (548).
2) Excluding repos.


Financial statements  —  Notes
128 — SEB Annual and Sustainability Report 2021
Note 2 continued  Operating segments
Balance sheet
2021
Large ­Corporates 
& Financial 
Institutions
Corporate  
& Private  
Customers
Baltic
Life
Investment 
Management & 
Group functions
Eliminations
Total
Assets
1,828,562
1,040,882
229,349
480,475
2,729,865
–3,004,901
3,304,230
Liabilities
1,747,168
979,800
212,690
473,194
2,703,054
–3,004,901
3,111,002
Investments
20
44
93
142
713
1,013
2020
Assets
1,929,449
944,384
211,915
382,346
2,634,212
–3,061,874
3,040,432
Liabilities
1,851,066
888,360
197,307
376,149
2,617,487
–3,061,874
2,868,489
Investments
–64
70
204
77
752
1,039
Parent company business segments
2021
Large ­Corporates 
& Financial 
Institutions
Corporate  
& Private  
Customers
Baltic
Life
Investment 
Management & 
Group functions
Eliminations
Total
Gross income 
28,663
20,412
35
2
8,253
57,366
Assets
1,753,705
973,011
28
100
2,820,421
–2,959,433
2,587,834
Investments
10
44
687
742
2020
Gross income 
32,410
21,629
24
4
5,322
59,388
Assets
1,852,153
884,273
7
142
1,507,104
–1,746,569
2,497,110
Investments
–67
27
730
689
Business segment
The Business segments are presented on a management reporting basis.  
The different divisions assist different groups of customers. The customers’ 
demands decide the type of products that are offered. Large Corporates & 
Financial Institutions offers wholesale and investment banking services to large 
corporates and institutions. Corporate & Private Customers offers products and 
private banking services mainly to retail customers (private customers and 
small and medium-sized corporates). Division Baltic offers products mainly to 
retail customers (private customers and small and medium-sized corporates) 
and private banking services in the Baltic countries. Division Life offers life, 
­sickness, healthcare and pension insurance. Investment Management performs 
asset management. Group functions consists of business support units, treas-
ury and staff units and German run-off operations. Eliminations of internal 
transactions between the business segments are reported separately. 
Gross income by product for external customers
Group
Parent company
2021
2020
2021
2020
Core banking
37,431
40,024
28,656
30,857
Capital market
13,290
12,968
12,692
12,404
Asset management
10,176
8,149
2,352
1,935
Life insurance and pension
3,231
2,240
Other
2,378
3,640
13,667
14,192
TOTAL
66,505
67,022
57,366
59,388
Core banking consists of loan, leasing, card and payment related products. 
­Capital market consists of trading and issues on financial markets. Asset man-
agement consists of advisory, custody and fund management. Life insurance 
and pension consists of unit-linked and traditional life insurance products.  
Other consists of income from treasury operations and other activities.


SEB Annual and Sustainability Report 2021 — 129
3  Geographical information
Group by country
2021
2020
Gross 
 Income1)
Operating 
profit2)
Income tax 
expense3)
Assets Investments
Gross 
 Income1)
Operating 
profit2)
Income tax 
expense3)
Assets Investments
Sweden
45,732
19,289
–3,108
2,904,959
721
49,953
12,572
–2,462
2,725,758
730
Norway
3,787
1,699
–416
184,938
2
1,944
–928
–2
170,086
4
Denmark
1,535
1,405
–300
168,234
1
1,569
1,185
–142
184,951
–2
Finland
1,623
1,311
–254
209,980
8
1,665
1,051
–201
178,452
14
Estonia
2,128
1,250
–160
78,417
71
2,139
1,099
–244
71,208
70
Latvia
1,439
738
–19
46,717
29
1,434
415
–15
43,524
23
Lithuania
2,666
1,554
–310
114,945
101
2,746
1,305
–242
104,398
134
Germany
2,276
1,546
–392
82,738
0
2,418
1,390
–410
54,837
1
United Kingdom
2,089
939
–246
131,297
0
1,534
393
–106
95,005
1
United States4)
962
262
–27
154,268
0
2,905
222
–11
194,390
0
Ireland
594
243
–37
126,269
64
526
147
–16
86,604
40
Luxembourg
1,191
234
–49
53,677
0
1,666
516
–113
43,353
1
China
432
101
–47
19,090
3
463
117
–65
20,273
2
Singapore
623
138
–25
23,522
1
709
147
–26
22,361
0
Russia
374
93
–27
6,663
10
440
89
–24
7,862
3
Poland
121
46
–7
8,521
0
126
46
–11
7,122
12
Hong Kong
118
6
–14
3,519
204
70
–7
4,178
Ukraine
57
10
–3
998
1
53
6
–2
910
1
Netherlands
2
Group eliminations
–1,241
1
0
–1,014,523
0
–5,470
5
0
–974,839
3
TOTAL
66,505
30,864
–5,441
3,304,230
1,013
67,022
19,846
–4,100
3,040,432
1,039
1)  Gross income in the group is defined as the sum of Interest income, Fee and commission income, Net financial income and Net other income according to IFRS. The basis for the ­income 
allocation is SEB’s presence in each country, with the exception of when the local companies / branches serve as sales offices and receive commission payments and the transaction is 
booked in the central unit. 
2)  Before tax.
3)  For more information about tax see note 15 and Sustainability notes pages 220–221.
4)  Including Cayman Islands, where the parent company is represented by a branch office which is a United States tax resident entity, why tax expense related to Cayman income is 
­reported in US.
Parent company by country
2021
2020
Gross Income1)
Assets
Investments
Gross Income1)
Assets
Investments
Sweden
45,406
2,161,786
642
48,310
2,068,937
648
Norway
2,927
74,119
2
333
87,075
4
Denmark
1,256
96,238
1
1,689
107,461
–2
Finland
1,737
88,790
7
1,517
124,268
14
Other countries
6,040
166,901
90
7,539
109,369
25
TOTAL
57,366
2,587,834
742
59,388
2,497,110
689
1) Gross income in the parent company is defined as the sum of Interest income, Leasing income, Dividends, Fee and commission income, Net Financial income and Other income. The 
basis for the income allocation is SEB’s presence in each country, with the exception of when the local companies / branches serve as sales offices and receive commission payments 
and the transaction is booked in the central unit.
Transfer pricing
The internal transfer pricing objective in the SEB Group is to measure net inter-
est income, to transfer interest rate risk and liquidity and to manage liquidity. 
The internal price is based on SEB’s actual or implied market-based cost of 
funds for a specific interest and liquidity term. Transactions between Business 
segments are conducted at arm’s length.


Financial statements  —  Notes
130 — SEB Annual and Sustainability Report 2021
4  Net interest income
2021
Group
Parent company
Average ­balance
Interest
Interest rate
Average ­balance
Interest
Interest rate
Loans to credit institutions and central banks
577,207
–489
–0.08%
560,946
–577
–0.10%
Loans to the public
1,690,939
28,178
1.67%
1,510,663
23,333
1.54%
Debt securities
10,178
63
0.62%
12,178
96
0.79%
Total interest earning assets AmC 
2,278,324
27,752
1.22%
2,083,788
22,852
1.10%
Debt securities
378,782
2,774
0.73%
336,137
2,718
0.81%
Loans
124,081
–286
–0.23%
124,145
–286
–0.23%
Total interest earning assets at FVTPL
502,863
2,488
0.49%
460,282
2,432
0.53%
Total interest earning assets
2,781,187
30,239
1.09%
2,544,069
25,284
0.99%
Derivatives and other assets
683,987
2,986
308,348
2,454
TOTAL ASSETS
3,465,174
33,225
2,852,417
27,738
Deposits from credit institutions
156,670
–145
–0.09%
193,821
–60
–0.03%
Deposits and borrowing from the public
1,611,704
–229
–0.01%
1,432,190
53
0.00%
Debt securities issued
775,160
–4,368
–0.56%
775,157
–4,368
–0.56%
Subordinated liabilities
27,667
–932
–3.37%
26,904
–932
–3.46%
Total interest bearing liabilities AmC
2,571,201
–5,675
–0.22%
2,428,072
–5,308
–0.22%
Deposits
35,724
166
0.46%
33,058
268
0.81%
Debt securities short position
31,220
–617
–1.98%
31,220
–617
–1.98%
Debt securities issued
12,033
–597
–4.96%
11,956
–597
–4.99%
Total interest bearing liabilities at FVTPL
78,977
–1,049
–1.33%
76,234
–946
–1.24%
Total interest bearing liabilities
2,650,178
–6,723
–0.25%
2,504,307
–6,254
–0.25%
Derivatives and other liabilities
631,517
–181
212,827
495
Equity
183,479
135,283
TOTAL LIABILITIES AND EQUITY
3,465,174
–6,904
2,852,417
–5,758
NET INTEREST INCOME
26,321
21,979
NET YIELD ON INTEREST EARNING ASSETS
0.95%
0.86%
2020 
Loans to credit institutions and central banks
344,589
–25
–0.01%
348,897
–77
–0.02%
Loans to the public
1,676,301
30,829
1.84%
1,482,945
25,492
1.72%
Debt securities
13,526
163
1.20%
16,876
198
1.17%
Total interest earning assets AmC 
2,034,415
30,966
1.52%
1,848,718
25,613
1.39%
Debt securities
294,556
3,199
1.09%
265,344
3,136
1.18%
Loans
204,177
–15
–0.01%
204,342
–15
–0.01%
Total interest earning assets at FVTPL
498,733
3,184
0.64%
469,686
3,122
0.66%
Total interest earning assets
2,533,148
34,150
1.35%
2,318,404
28,735
1.24%
Derivatives and other assets
601,263
3,429
296,773
2,726
TOTAL ASSETS
3,134,411
37,578
2,615,177
31,461
Deposits from credit institutions
153,196
–513
–0.34%
183,466
–628
–0.34%
Deposits and borrowing from the public
1,336,139
–1,240
–0.09%
1,173,390
–851
–0.07%
Debt securities issued
811,491
–8,513
–1.05%
811,473
–8,513
–1.05%
Subordinated liabilities
38,925
–1,348
–3.46%
38,475
–1,348
–3.50%
Total interest bearing liabilities AmC
2,339,752
–11,615
–0.50%
2,206,803
–11,339
–0.51%
Deposits
30,635
44
0.14%
26,214
204
0.78%
Debt securities short position
21,224
–624
–2.94%
21,224
–624
–2.94%
Debt securities issued
14,599
–800
–5.48%
14,475
–800
–5.53%
Total interest bearing liabilities at FVTPL
66,457
–1,381
–2.08%
61,913
–1,221
–1.97%
Total interest bearing liabilities
2,406,210
–12,996
–0.54%
2,268,716
–12,560
–0.55%
Derivatives and other liabilities
565,982
560
4,766,065
1,442
Equity
162,219
117,828
TOTAL LIABILITIES AND EQUITY
3,134,411
–12,435
2,615,177
–11,118
NET INTEREST INCOME
25,143
20,342
NET YIELD ON INTEREST EARNING ASSETS
0.99%
0.88%
Net interest income 
Parent company
2021
2020
Interest income
27,738
31,461
Income from leases 1)
5,268
5,365
Interest expense
–5,758
–11,118
Depreciation of leased equipment 1)
–4,783
–4,814
TOTAL
22,464
20,893
1) In the group Net income from leases is classified as interest income. In the parent company depreciation of leased equipment is reported as Depreciation, amortisation and impairment 
of tangible and ­intangible assets.

SEB Annual and Sustainability Report 2021 — 131
5  Net fee and commission income
Group
Parent company
2021
2020
2021
2020
Issue of securities
1,398
776
1,752
1,177
Secondary market
1,663
1,592
1,194
1,210
Custody and mutual funds2)
10,004
8,177
4,323
3,611
Securities commissions2)
13,064
10,545
7,268
5,998
Payments
2,215
2,145
1,804
1,740
Card fees
3,170
2,994
546
578
Payment commissions
5,384
5,139
2,350
2,318
Life insurance commissions
1,672
1,578
Advisory
556
335
596
351
Lending
3,200
3,004
3,079
2,873
Deposits
300
310
18
47
Guarantees
633
627
600
596
Derivatives
352
420
427
507
Other2)
968
974
1,214
1,045
Other commissions2)
6,009
5,670
5,935
5,419
Fee and commission income
26,129
22,933
15,553
13,734
Securities commissions
–1,985
–1,834
–1,648
–1,454
Payment commissions
–1,872
–1,866
–859
–744
Life insurance commissions
–465
–494
Other commissions
–664
–675
–703
–837
Fee and commission expense
–4,987
–4,870
–3,210
–3,036
Securities commissions, net2)
11,079
8,712
5,621
4,544
Payment commissions, net
3,512
3,273
1,491
1,574
Life insurance commissions, net
1,207
1,084
Other commissions, net2)
5,344
4,994
5,232
4,581
TOTAL
21,142
18,063
12,343
10,698
Fee and commission income by segment
Group, 2021
Large Corporates 
& Financial 
­Institutions
Corporate  
& Private 
­Customers
Baltic
Life
Investment 
­Management & 
Group functions1)
Eliminations
Total
Issue of securities and advisory
1,907
47
0
0
0
1,954
Secondary market and derivatives
1,647
373
43
0
–32
–17
2,014
Custody and mutual funds
4,326
2,107
216
238
7,615
–4,500
10,004
Payments, cards, lending, deposits, guarantees and other
4,871
4,220
2,062
210
315
–1,194
10,485
Life insurance commissions
3,505
–1,833
1,672
TOTAL
12,751
6,748
2,321
3,954
7,898
–7,543
26,129
Group, 2020
Issue of securities and advisory
1,072
39
0
0
0
1,111
Secondary market and derivatives
1,602
385
36
1
–11
0
2,012
Custody and mutual funds2)
3,482
1,771
184
210
6,177
–3,647
8,177
Payments, cards, lending, deposits, guarantees and other2)
4,743
3,918
2,026
197
364
–1,193
10,054
Life insurance commissions
3,110
–1,532
1,578
TOTAL
10,899
6,113
2,246
3,517
6,530
–6,372
22,933
1) Group functions consists of business support units, treasury and staff units and German run-off operations. 
2) SEK 201m has been reclassified from Other commission income to Custody and mutual funds for full year 2020. Comparative numbers have been adjusted.
Fee and commission income is disaggregated in major types of service tied to 
primary geographical markets and operating segments. 
Revenue from Issue of securities, Advisory, Secondary market, Derivatives, 
Payments, cards, lending and deposits are mainly recognised at a point in time. 
Revenue from Custody, Mutual funds and Life insurance commissions are mainly 
recognised over time.


Financial statements  —  Notes
132 — SEB Annual and Sustainability Report 2021
6  Net financial income
Group
Parent company
2021
2020
2021
2020
Equity instruments and related derivatives
2,387
1,197
1,762
1,120
Debt instruments and related derivatives
–685
244
–3,513
3,430
Currency and related derivatives
3,488
3,864
3,608
3,503
Other life insurance income, net 
1,622
661
Other
180
309
3,025
–2,756
TOTAL
6,992
6,275
4,882
5,297
Gains (losses) on financial assets and liabilities held for trading are presented 
on different rows based on type of underlying financial instrument. Changes in 
the treasury result are due to changes in interest rates and credit spreads. The 
net effect from trading operations is fairly stable over time, but shows volatility 
between rows. There were effects from structured products offered to the pub-
lic in the amounts of approximately SEK 640m (–70) in equity related deriva-
tives and a corresponding effect in debt securities of SEK 45m (880).
Group
Parent company
2021
2020
2021
2020
Derivatives – counterparty risk
284
–315
313
104
Derivatives – own credit standing
16
104
–54
–247
TOTAL
300
–211
259
–144
 
Group, 2021
FVHFT
FVMPL
FVDPL
Other
Total
Equity instruments and related derivatives
1,135
1,252
2,387
Debt instruments and related derivatives
1,392
–1,000
–1,077
–685
Currency and related derivatives
3,725
–238
3,488
Other life insurance income, net 
2
68
1,552
1,622
Other
180
180
TOTAL
6,434
252
–1,009
1,315
6,992
Group, 2020
Equity instruments and related derivatives
658
538
1,197
Debt instruments and related derivatives
–2,907
1,328
1,823
244
Currency and related derivatives
3,756
107
3,864
Other life insurance income, net 
661
661
Other
309
309
TOTAL
1,817
1,866
1,823
769
6,275
Parent company, 2021
FVHFT
FVMPL
FVDPL
Other
Total
Equity instruments and related derivatives
1,080
681
1,762
Debt instruments and related derivatives
–1,317
–1,021
–1,175
–3,513
Currency and related derivatives
3,608
3,608
Other
2,926
99
3,025
TOTAL
6,298
–241
–1,175
4,882
Parent company, 2020
Equity instruments and related derivatives
659
461
1,120
Debt instruments and related derivatives
97
1,625
1,708
3,430
Currency and related derivatives
3,503
3,503
Other
–2,683
–73
–2,756
TOTAL
1,576
2,013
1,708
5,297

SEB Annual and Sustainability Report 2021 — 133
7  Net other income
Group
Parent company
2021
2020
2021
2020
Dividends1)
1
0
Profit and loss from investments in associates and joint ventures
33
68
Gains less losses from investment securities
13
–33
323
–214
Gains less losses from tangible assets
–2
16
16
Gains less losses from divestment of shares
0
Other operating income
112
203
991
609
TOTAL
159
236
1,330
411
1) Reported separately in the Income Statement for parent company.
Dividends
Equity instruments
1
0
193
30
Dividends from subsidiaries
2,403
3,091
TOTAL
1
0
2,596
3,121
Gains less losses from investment securities
Equity instruments
334
0
Loans
17
Buy back liabilities1)
11
18
Other gains
1
Gains
29
18
334
0
Buy back liabilities1)
–16
–51
–10
–214
Losses
–16
–51
–10
–214
TOTAL
13
–33
323
–214
1) Liabilities at amortised cost (AmC) are realised as preparation activities related to the wind down of DSK Hyp AG (former SEB AG) and active liability management.
Other operating income
Fair value adjustment in hedge accounting
–24
–27
–24
–27
Operating result from non-life insurance, run off
3
90
Other income
134
141
1,015
636
TOTAL
112
203
991
609
Fair value adjustment in hedge accounting
Fair value changes of the hedged items attributable to the hedged risk
6,841
–2,594
6,841
–2,594
Fair value changes of the hedging derivatives
–6,863
2,584
–6,863
2,584
Fair value hedges
–22
–11
–22
–11
Fair value changes of the hedging derivatives
–1
3
–1
3
Cash-flow hedges – ineffectiveness
–1
3
–1
3
Fair value changes of the hedged items
–1,198
917
–1,198
917
Fair value changes of the hedging derivatives
1,197
–936
1,197
–936
Fair value portfolio hedge of interest rate risk – ineffectiveness
–1
–19
–1
–19
TOTAL
–24
–27
–24
–27

Financial statements  —  Notes
134 — SEB Annual and Sustainability Report 2021
8  Staff costs
Group
Parent company
2021
2020
2021
2020
Base salary
–9,124
–8,969
–7,013
–6,807
Cash-based variable remuneration
–736
–681
–577
–574
Long-term equity-based remuneration
–687
–581
–540
–457
Salaries and other compensations
–10,546
–10,231
–8,131
–7,838
Social charges
–2,848
–2,512
–2,286
–1,977
Defined benefit retirement plans 1)
–523
–536
Defined contribution retirement plans 1)
–966
–986
–27
–774
Benefits and redundancies 2)
–88
–263
–77
–231
Education and other staff related costs
–401
–448
–309
–349
TOTAL
–15,372
–14,976
–10,830
–11,168
1) Pension costs in the group are accounted for according to IAS 19 Employee benefits. Pension costs in the parent company are calculated in accordance with the Act on Safeguarding 
Pensions Obligations and the Swedish Financial Supervisory Authority’s regulations. Non-recurring costs of SEK 108m (122m) for early retirement have been charged to the pension 
funds of the bank.
2) Includes costs for redundancies of SEK 26m (197) for the group and SEK 25m (182) for the parent company. 
8 a  Remuneration
Salaries and other compensations 
SEB Group
Base salary
Cash-based variable 
remuneration
Long-term equity-based 
remuneration
Total
2021
2020
2021
2020
2021
2020
2021
2020
Executives1)
–91
–75
–22
–18
–113
–94
Others
–9,033
–8,894
–736
–681
–665
–563
–10,433
–10,138
TOTAL
–9,124
–8,969
–736
–681
–687
–581
–10,546
–10,231
Salaries and other compensations 
Parent company
Base salary
Cash-based variable 
remuneration
Long-term equity-based 
remuneration
Total
2021
2020
2021
2020
2021
2020
2021
2020
Executives1)
–91
–75
–22
–18
–113
–94
Others
–6,922
–6,732
–577
–574
–518
–439
–8,018
–7,744
TOTAL
–7,013
–6,807
–577
–574
–540
–457
–8,131
–7,838
1) Comprises President and ordinary members of GEC. 
Loans to Executives
Group
Parent company
2021
2020
2021
2020
Managing Directors and Deputy Managing Directors 1)
160
141
72
67
Boards of Directors 2)
316
270
78
70
TOTAL
476
411
150
137
1) Comprises current President and Deputy President in the parent company and Managing Directors and Deputy Managing Directors in subsidiaries. Total number of executives was  
34 (36) of which 7 (7) female.
2) Comprises current Board members and their substitutes in the parent company and subsidiaries. Total number of persons was 104 (112) of which 37 (38) female.
Pension commitments to Executives
Pension disbursements made
104
96
84
74
Change in commitments
31
25
14
9
Commitments at year-end
1,273
1,369
748
794
The above commitments are covered by the bank’s pensions funds or through 
bank-owned endowment assurance schemes. They include active and retired 
Presidents and vice Presidents in the parent company and Managing directors 
and Deputy Managing directors in subsidiaries, in total 90 persons (91).

SEB Annual and Sustainability Report 2021 — 135
8 b  Pensions
Retirement benefit obligations
The group has established pension schemes in the countries where business  
is performed. There are both defined benefit plans and defined contribution 
plans. The major pension schemes are final salary defined benefit plans and  
are funded. The defined benefit plan in Sweden is closed to new employees and 
a defined contribution plan was established during 2013. In Germany a major 
part was transferred from SEB in 2018. The defined contribution plans follow 
the local regulations in each country. Multiemployer defined benefit plans exist 
for employees in some parts of the group. These plans are accounted for as 
defined contribution plans since sufficient information of SEB’s share of the 
­liability/asset and cost is not available. 
Defined benefit plans
The major defined benefit plans exist in Sweden and Germany and cover most 
employees in these countries. Independent actuarial calculations according to 
the Projected Unit Credit Method (PUCM) are performed quarterly to decide 
the value of the defined benefit obligation. The benefits covered include retire-
ment benefits, disability, death and survivor pensions according to the respec-
tive countries’ collective agreements. The plan assets are kept separate in spe-
cific pension foundations. In case of a deficit in the pension obligation according 
to local rules SEB is obliged to meet this with contribution to the foundation or 
insure a deficit. The asset allocation is determined to meet the various risks in 
the pension obligations and is decided by the board/trustees in the pension 
foundations. The assets are booked at market value. The pension and interest 
costs are presented in Staff costs.
Defined contribution plans
Defined contribution plans exist both in Sweden and abroad. In Sweden a 
smaller part of the closed collective retirement agreement is defined contribu-
tion based. Over a certain salary level the employees could also choose to leave 
the defined benefit plan and replace it by a defined contribution plan. The cur-
rent plan for new employees is fully contribution based. Most other countries 
have defined contribution plans except for the Baltic countries where the com-
pany to a limited extent contributes to the employees retirement. The defined 
contribution plans are not recognised in the balance sheet but accounted for as 
an expense among Staff costs.
DEFINED BENEFIT PLANS IN SEB GROUP
Net amount recognised in the Balance sheet
2021
2020
Sweden1)
Foreign1)
Group1)
Sweden1)
Foreign1)
Group1)
Defined benefit obligation at the beginning of the year
31,228
928
32,156
30,872
1,005
31,876
Curtailment, acquisitions and reclassification2)
–36
–57
Service costs
574
6
580
578
12
590
Interest costs
280
5
285
339
3
–341
Benefits paid
–801
–801
–796
–8
–804
Change in exchange rates
–6
–6
Remeasurements of pension obligation
–3,755
10
–3,745
235
–47
188
Defined benefit obligation at the end of the year
27,526
944
28,470
31,228
928
32,156
Fair value of plan assets at the beginning of the year
38,515
514
39,029
36,417
645
37,062
Curtailment, acquisitions and reclassification2)
–156
–156
Calculated interest on plan assets
343
0
343
396
396
Benefits paid/contributions
–1,488
–15
–1,503
–768
8
–760
Change in exchange rates
–4
–4
Valuation gains (losses) on plan assets
13,960
4
13,964
2,470
17
2,487
Fair value of plan assets at the end of the year
51,331
499
51,830
38,515
514
39,029
Change in the net assets or net liabilities
Defined benefit obligation at the beginning of the year
7,287
–414
6,873
5,545
–359
5,186
Curtailment, acquisitions and reclassification
–120
–120
Total expense in staff costs
–511
–12
–523
–520
–15
–536
Pension paid
801
801
796
8
804
Benefits paid/contributions
–1,488
–15
–1,503
–768
–768
Change in exchange rates
2
2
9
9
Remeasurements
17,716
–7
17,709
2,235
64
2,299
NET AMOUNT RECOGNISED IN THE BALANCE SHEET
23,804
–445
23,359
7,287
–414
6,873
1) The net defined benefit obligation is recognised in the balance sheet either as an asset or liability depending on the situation for each legal entity.
2) Pension obligations and plan assets under the defined benefit plan in DSK Hyp AG (former SEB AG), have been transferred to Versicherungsverein des Bankgewerbes a.G (BVV). 
In 2021 a contribution of SEK 5m (6) was paid to the German pension foundation. Contribution to the foundations cannot be ruled out in 2022 due to uncertainty 
in interest rate levels.

Financial statements  —  Notes
136 — SEB Annual and Sustainability Report 2021
Note 8 b continued  Pensions
Principal actuarial assumptions used
2021
2020
Sweden
Foreign
Sweden
Foreign
Discount rate
1.6%
1.3%
0.9%
1.2%
Inflation rate
1.5%
1.8%
1.5%
1.8%
Expected rate of salary increase
3.0%
2.0%
3.0%
2.0%
Expected rate of increase in the income basis amount
2.8%
2.8%
The discount rate is based set on high-quality corporate bonds in a deep mar-
ket, in Sweden covered bonds which are at least AAA-rated. An extrapolation of 
the maturity of the covered bonds is made based on swaps. This extrapolated 
maturity is in line with the estimated maturity of obligations for post-employ-
ment benefits. Life expectancy assumptions in Sweden are established by the 
Actuarial Research Board (FTN) and are based on DUS14 for white-collar work-
ers. In Germany the Heubeck Sterbetafeln is used. Weighted average duration 
for the obligation is 19 years in Sweden and 19 years in Germany.	
	
	
A decrease of the discount rate for Sweden of 0.5 per cent would imply an 
increase of the Swedish pension obligation by SEK 2,707m while the same 
change in the inflation assumption for Sweden would have the opposite effect 
and decrease the obligation by SEK 2,267m. An increase of the discount rate by 
same ratio would reduce the obligation with SEK 2,485m and an increased 
inflation rate of 0.5 per cent gives an increased obligation of SEK 2,411m. A 
decrease in assumption for expected salary increase in Sweden of 0.5 per cent 
would have a positive effect on the obligation by SEK 321m an increase would 
have a negative effect of SEK 277m.	
	
	
	
	
The obligation in Germany would increase with SEK 46m if the discount rate 
was reduced by 0.5 per cent. An increase by the same percentage would 
decrease the obligation by SEK 41m. If the inflation assumption for Germany 
increases by 0.25 per cent the pension obligation would increase by SEK 6m 
and corresponding decrease would be SEK 6m at a lower inflation assumption. 
A change in expected salary increases in Germany by 0.25 per cent would with 
a higher rate give an increase of the obligation with SEK 22m and with a lower 
rate reduce the obligation with SEK 24m. 	
	
	
	
	
	
	
	
Allocation of plan assets
2021
2020
Sweden
Foreign
Group
Sweden
Foreign
Group
Cash and cash equivalents
1,266
499
1,764
1,529
312
1,841
Equity instruments with a quoted market price in an active market
35,615
35,615
25,832
25,832
Equity instruments not listed in an active market
8,554
8,554
5,227
5,227
Debt instruments with a quoted market price in an active market 
202
202
Debt instruments not listed in an active market
2,859
2,859
2,999
2,999
Properties
3,037
3,037
2,929
2,929
TOTAL
51,331
499
51,830
38,515
514
39,029
The pension plan assets include SEB shares with a fair value of SEK 1,903m (1,275). Buildings in Sweden are occupied by SEB.
Amounts recognised in Income statement
2021
2020
Sweden
Foreign
Group
Sweden
Foreign
Group
Service costs
–574
–6
–581
–578
–12
–590
Interest costs
–280
–5
–286
–339
–3
–341
Calculated interest on plan assets
343
0
343
396
396
INCLUDED IN STAFF COSTS
–511
–12
–523
–520
–15
–536
Amounts recognised in Other comprehensive income
Remeasurements of pension obligation
3,755
–10
3,745
–235
47
–188
where of experience adjustments
146
–8
138
523
–6
516
where of due to changes in financial assumptions
3,609
–2
3,607
–758
53
–705
Valuation gains (losses) on plan assets 
13,960
4
13,964
2,470
17
2,487
Deferred tax pensions
–3,648
0
–3,648
–461
1
–460
INCLUDED IN OTHER COMPREHENSIVE INCOME
14,068
–7
14,061
1,774
66
1,839
DEFINED CONTRIBUTION PLANS IN SEB GROUP
Net amount recognised in Income statement
2021
2020
Sweden
Foreign
Group
Sweden
Foreign
Group
Expense in Staff costs including special salary tax
–729
–237
–966
–758
–228
–986

SEB Annual and Sustainability Report 2021 — 137
Note 8 b continued  Pensions
DEFINED BENEFIT PLANS IN THE PARENT COMPANY
Net amount recognised in the Balance sheet
Parent company
2021
2020
Defined benefit obligation at the beginning of the year
28,094
26,490
Imputed pensions premium
199
202
Interest costs and other changes
–1,191
2,048
Early retirement
108
122
Pension disbursements
–772
–768
DEFINED BENEFIT OBLIGATION AT THE END OF THE YEAR
26,437
28,094
Fair value of plan assets at the beginning of the year
37,109
35,113
Return on assets
13,872
2,764
Benefits paid
–1,488
–768
FAIR VALUE OF PLAN ASSETS AT THE END OF THE YEAR
49,493
37,109
The above defined benefit obligation is calculated according to tryggandelagen. 
The parent company consequently adopts the discount rate set by the Swedish 
FSA before year-end. The obligation is fully covered by assets in the pension 
foundation and is not included in the balance sheet.
The assets in the foundation are mainly equity related SEK 42,479m (29,842) 
and to a smaller extent interest earning SEK 3,977m (4,339). The assets 
include SEB shares at a market value of SEK 1,835m (1,230) and buildings occu-
pied by the company valued at SEK 3,037m (2,929). The return on assets was 
33 per cent (6) after pension compensation.
Amounts recognised in Income statement
Parent company
2021
2020
Pension disbursements
–772
–768
Compensation from pension foundations
1,488
768
TOTAL
716
0
Principal actuarial assumptions used
Gross interest rate
0.2%
–0.1%
Interest rate after tax
0.2%
–0.1%
The actuarial calculations are based on salaries and pensions on the balance sheet date.
DEFINED CONTRIBUTION PLANS IN THE PARENT COMPANY
Net amount recognised in Income statement
Parent company
2021
2020
Expense in Staff costs including special salary tax
–27
–774
Pension foundations
Pension commitments
Market value of asset
2021
2020
2021
2020
SEB-Stiftelsen, Skandinaviska Enskilda Bankens Pensionsstiftelse
26,437
28,094
49,493
37,109
SEB Kort AB:s Pensionsstiftelse
1,100
1,151
1,838
1,406
TOTAL
27,537
29,245
51,331
38,515

Financial statements  —  Notes
138 — SEB Annual and Sustainability Report 2021
8 c  Remuneration to the Board and the Group Executive Committee
Guidelines for remuneration
The guidelines for remuneration to the President and the other members of the 
Group Executive Committee (GEC) were prepared by the Board of Directors and 
its Remuneration and Human Resources Committee and approved by the 
Annual General Meeting 2021.
The remuneration structure for the President and the other members of the 
GEC is in accordance with the remuneration policy for the bank. No member of 
the GEC has been entitled to cash based variable remuneration since 2009. 
Thus, the remuneration is based upon three main components; base pay, equity-
based remuneration and pensions and other benefits. Other benefits may con-
sist of e.g. company car, health promoting support and domestic services.
	
For more information, see page 106–107.
Identified staff
The President and the other members of the GEC are considered employees 
who have a material impact on SEB’s risk profile according to the Swedish 
Financial Supervisory Authority regulations (FFFS 2011:1).
­
Remuneration to the Board1), SEK
2021
2020
Base pay
Directors’ fee
Benefits2)
Total
Base pay
Directors’ fee
Benefits2)
Total
Chairman of the Board,  
Marcus Wallenberg
4,095,000
4,095,000
3,935,000
3,935,000
Vice chairman of the Board,  
Sven Nyman
1,410,000
1,410,000
1,355,000
1,355,000
Vice chairman of the Board,  
Jesper Ovesen
1,930,000
1,930,000
1,845,000
1,845,000
Signhild Arnegård Hansen
1,175,000
1,175,000
1,127,500
1,127,500
Anne-Catherine Berner 
975,000
975,000
935,000
935,000
Winnie Fok
1,055,000
1,055,000
1,005,000
1,005,000
Lars Ottersgård3) 
0
0
Helena Saxon
1,220,000
1,220,000
1,165,000
1,165,000
President and CEO, Johan Torgeby 
12,500,000
180,728
12,680,728
12,500,000
385,067
12,885,067
TOTAL
12,500,000
11,860,000
180,728
24,540,728
12,500,000
11,367,500
385,067
24,252,567
1) The number of Board members decided by the AGM in 2021 is nine (nine) of which five (five) are men and four (four) women. 
2) Includes benefits such as company car and holiday pay. 
3) Lars Ottersgård has declined his director’s fee.
Remuneration to the Group Executive Committee, SEK 1)
2021
2020
Base pay
78,300,985
62,839,817
Benefits2)
2,110,538
1,702,888
TOTAL
80,411,523
64,542,705
1) GEC excluding the President and CEO. The members partly differ between the years but in average fourteen (twelve) members are included. At the end of the year the number of 
members were fourteen (thirteen) of which nine (eight) were men and five (five) women. Additional members are not included.
2) Includes benefits such as company car. 
Long-term equity-based programmes
Under the Share Deferral Programme members of the GEC may be granted an 
individual number of conditional share rights based on the fulfilment of pre-
determined group, business unit and individual targets as outlined in SEB’s busi-
ness plan. The targets are set on an annual basis as a mix of the financial targets 
Return on Equity/Return on Business Equity and cost development and the non-
financial targets customer satisfaction and sustainability among others. For 
GEC the initial allotment may not exceed 100 per cent of the base pay. 
Ownership of 50 per cent of the share rights are transferred to the partici-
pant after a qualification period of three years, 50 per cent after a qualification 
period of five years. After each respective qualification period there is an addi-
tional holding period of one year after which the share rights can be exercised. 
Each share right carries the right to receive one Class A share in the bank. There 
is normally a requirement for vesting that the participant remains with SEB dur-
ing the first three years, but some exemption apply. A further requirement for 
vesting for GEC members is that they hold shares in SEB equivalent to one year 
salary net of taxes, acquired no later than on a pro-rata basis during the initial 
three year vesting period.
GEC is not participating in the SMP 2012–2015 nor the All Employee Pro-
gramme (AEP) except for outstanding rights earned before being member  
of GEC.
Long-term equity-based programmes (expensed amounts for ongoing programmes), SEK
2021
2020
President and CEO, Johan Torgeby
4,308,094
3,662,898
Other members of the Group Executive committee1)
17,762,202
14,819,988
TOTAL
22,070,296
18,482,886
1) GEC excluding the President and CEO. The members partly differ between the years but in average fourteen (twelve) members are included. At the end of the year the number of 
members were fourteen (thirteen). Additional members are not included.
Some of the GEC members have previously received rights in the All Employee Programme. The corresponding calculated costs and number of outstanding rights/
shares are not included in the tables.

SEB Annual and Sustainability Report 2021 — 139
Note 8 c continued  Remuneration to the Board and the Group Executive Committee
Number outstanding by 2021-12-31
Number outstanding
First day of ­exercise
President and CEO  
Johan Torgeby
Other ­members 
of the GEC
Total
2012: Share matching rights
26,275
26,275
2015
2013: Share matching rights
40,563
40,563
2016
2014: Share matching rights
20,790
20,790
2017
2013: Share rights
222
222
2017;20191)
2014: Conditional share rights/Share rights
5,315
5,315
2018;20201)
2015: Conditional share rights/Share rights
13,750
31,417
45,167
2019;20211)
2016: Conditional share rights/Share rights
46,920
122,776
169,696
2020;20221)
2017: Conditional share rights
35,588
120,673
156,261
2021;20231)
2018: Conditional share rights
57,826
265,949
323,775
2022;20241)
2019: Conditional share rights
71,813
291,215
363,028
2023;20251)
2020: Conditional share rights
75,251
304,839
380,090
2024;20261)
2021: Conditional share rights
63,138
247,560
310,698
2025;20271)
1) The qualification period ends after three or five years respectively and are followed by a holding period of one year.
During the year the President and CEO has exercised rights to a value of SEK 0 (0). The corresponding value for the GEC excluding the President is  
SEK 38,407,139 (7,485,759).
Pension and severance pay
The pension agreement of the President is contribution-based and inviolable. 
The pension contribution is a fixed amount.
Termination of employment by the bank is subject to a maximum 12-month 
period of notice and entitles to a severance pay of 12 months’ salary. 
As regards pension benefits and severance pay the following is applicable to 
the members of the GEC excluding the President. The pension plans are inviola-
ble and defined contribution-based except for a portion in the collective agree-
ment for some GEC members employed in the bank before 1 May 2013. 
Termination of employment by the bank is subject to a maximum 12-month 
period of notice and entitles to a severance pay of 12 months’ salary. 
Pension costs (service costs and interest costs and defined contribution premiums), SEK
2021
2020
President and CEO, Johan Torgeby
4,104,268
4,071,351
Other members of the Group Executive committee1)
20,802,945
18,893,127
TOTAL
24,907,213
22,964,479
1) GEC excluding the President and CEO. The members partly differ between the years but in average fourteen (twelve) members are included. At the end of the year the number of 
members were fourteen (thirteen).
For information about related parties see note 45.

Financial statements  —  Notes
140 — SEB Annual and Sustainability Report 2021
8 d  Share-based payments
Long-term equity-based programmes
2021
Restricted share 
programme
All employee 
­programme
Share ­deferral 
­programme
Share ­matching 
­programme1)
Outstanding at the beginning of the year
3,054,979
10,231,276
20,049,853
295,516
Granted2)
1,349,842
2,960,672
7,230,535
6,950
Forfeited 
–347,758
–684,363
–4,093,315
Exercised3)
–1,080,878
–2,368,433
–5,006,697
–214,838
Expired
–3,967
–18,000
OUTSTANDING AT THE END OF THE YEAR
2,972,218
10,139,153
18,162,376
87,628
of which exercisable
40,203
2,266,457
87,628
2020
Outstanding at the beginning of the year
2,497,099
10,890,298
21,619,894
800,241
Granted2)
1,704,136
2,387,512
8,704,718
Forfeited 
–383,252
–424,145
–4,817,089
Exercised3)
–745,016
–2,622,389
–5,450,676
–465,654
Expired
–17,988
–6,994
–39,071
OUTSTANDING AT THE END OF THE YEAR
3,054,979
10,231,276
20,049,853
295,516
of which exercisable
2,622,920
295,516
1)  Numbers include investments done by participants, as well as allocated matching share rights. 
2)  Including compensation for dividend.
3) Weighted average share price for SMP and SDP at exercise SEK 108.98 (84.33).
Total Long-term equity-based programmes
Original no 
of holders4) 
No of issued 
(maximum 
outcome)
No of 
­outstanding 
20215) 
No of 
­outstanding 
20205) 
A share  
per option/
share
Validity
First date of 
­exercise
2012: Share matching programme1)
432
7,024,168
26,275
25,309
4
2012–2019
20152)
2013: Share matching programme1)
213
3,485,088
40,563
108,545
4
2013–2020
20162)
2014: Share matching programme1)
96
1,300,288
20,790
161,662
4
2014–2021
20172)
2012: Share deferral programme – equity settled
86
1,199,504
15,962
1
2012–2021
2015/20173)
2013: Share deferral programme – equity settled
263
1,361,861
47,037
173,334
1
2013–2022
2016/20183)
2014: Share deferral programme – equity settled
622
1,909,849
169,201
620,647
1
2014–2023
2017/20193)
2015: Share deferral programme – equity settled
816
2,603,843
451,545
1,048,976
1
2015–2024
2018/20203)
2015: Share deferral programme – cash settled
513
1,717,150
153,926
2015–2021
2018/20203)
2016: Share deferral programme – equity settled
874
3,593,155
1,102,262
1,601,304
1
2016–2025
2019/20213)
2016: Share deferral programme – cash settled
500
2,017,622
204,992
199,032
2016–2022
2019/20213)
2017: Share deferral programme – equity settled1)
1,373
4,439,824
1,629,690
4,289,603
1
2017–2026
2020/20223)
2017: Share deferral programme – cash settled
75
206,125
29,589
212,529
2017–2023
2020/20223)
2018: Share deferral programme – equity settled1)
788
3,785,769
3,549,121
3,486,743
1
2018–2027
2021/20233)
2018: Share deferral programme – cash settled
14
97,770
100,310
97,770
2018–2024
2021/20233)
2019: Share deferral programme – equity settled1)
861
4,023,585
3,702,061
3,862,029
2019–2028
2022/20233)
2019: Share deferral programme – cash settled
16
109,028
98,577
105,587
2019–2025
2022/20223)
2020: Share deferral programme – equity settled1)
901
4,053,085
3,894,174
4,053,085
2020–2029
2023/20253)
2020: Share deferral programme – cash settled
21
129,326
121,271
129,326
2020–2026
2023/20253)
2021: Share deferral programme – equity settled1)
1,040
2,974,455
2,974,455
2021–2027
2024/20263)
2021: Share deferral programme – cash settled
22
88,091
88,091
2021–2030
2024/20263)
2018: Restricted Share programme – equity settled
411
1,378,367
326,550
612,677
1
2018–2022
2019/20223)
2018: Restricted Share programme – cash settled
28
71,555
15,680
31,358
2018–2022
2019/20223)
2019: Restricted Share programme – equity settled
413
1,420,596
692,729
1,012,553
2019–2023
2020/20223)
2019: Restricted Share programme – cash settled
29
73,375
31,898
48,543
2019–2023
2020/20223)
2020: Restricted Share programme – equity settled
408
1,274,946
931,825
1,274,946
2020–2024
2021/20233)
2020: Restricted Share programme – cash settled
29
74,902
47,782
74,902
2020–2024
2021/20233)
2021: Restricted Share programme – equity settled
416
878,843
878,843
2021–2025
2022/20233)
2021: Restricted Share programme – cash settled
25
46,911
46,911
2021–2025
2022/20233)
2017: All employee programme – equity settled
7,954
1,613,740
1,441,981
1
2017–2020
2021
2017: All employee programme – cash settled
6,867
924,166
744,200
2017–2020
2021
2018: All employee programme – equity settled
8,086
1,969,746
1,745,006
1,780,403
1
2018–2021
2022
2018: All employee programme – cash settled
6,863
1,186,810
991,375
1,046,189
2018–2021
2022
2019: All employee programme – equity settled
8,137
1,832,363
1,648,425
1,704,156
1
2019–2022
2023
2019: All employee programme – cash settled
7,159
1,246,304
1,041,404
1,126,835
2019–2022
2023
2020: All employee programme – equity settled
8,346
1,534,896
1,477,867
1,534,896
1
2020–2023
2024
2020: All employee programme – cash settled
7,192
852,616
790,336
852,616
2020–2023
2024
2021: All employee programme – equity settled
8,269
1,547,775
1,547,775
2021–2024
2025
2021: All employee programme – cash settled
7,302
896,965
896,965
2021–2024
2025
TOTAL
64,944,462
31,361,375
33,631,624
1) The exercise period for GEC members is extended during the period that they are GEC members.
2) As soon as practically possible following the end of the performance period, the establishing of the outcome of number of Matching Shares and the allocation of the A shares and, if 
applicable, the Matching Shares.
3) As soon as possible following the end of the performance period the outcome is established. For the equity-settled programmes the ownership of the performance shares is transferred 
upon registration, but the shares are withheld for one additional year. Cash-settled programmes are paid out in connection with the following payroll run.
4) In total approximately 2,000 individuals (2,000) participated in any of the programmes, All Employee Programme excluded.
5) Including additional deferral rights for dividend compensation.

SEB Annual and Sustainability Report 2021 — 141
Note 8 d continued  Share-based payments
Long-term equity-based programmes
The Annual General meeting 2021 decided on three Long-term equity-based pro-
grammes, one Share Deferral Programme, one Restricted Share Programme and 
one All Employee Programme.
The first Share Deferral Programme was introduced in 2012 for the Group 
Executive Committee and certain other executive managers and key employees 
with critical competences. The participants are granted an individual number of 
conditional share rights based on pre-determined group, division/business unit 
and individual target levels, both financial (Return on Equity/Return on Business 
Equity and cost development) and non-financial (customer satisfaction and 
parameters such as compliance, employee commitment, SEB’s corporate sus-
tainability and risk management), set on an annual basis.
For GEC members and other senior executives 50 per cent of the share rights 
ownership is transferred after a qualification period of three years and 50 per 
cent after a qualification period of five years. For Identified staff 50 per cent of 
the share rights has a qualification period of three years and 50 per cent has a 
qualification period of four years. For other participants the qualification period 
is three years. The requirement for vesting is normally that the participant 
remains with SEB during the first three years and for GEC members and their 
direct reports that the participant holds shares in SEB equal to a predetermined 
amount, acquired no later than on a pro-rata basis during the initial three year 
period. After each respective qualification period there is an additional holding 
period of one year after which the share rights can be exercised, normally dur-
ing a period of three years. Each share right carries the right to receive one 
Class A share in the bank. In countries mainly outside Europe the participants 
receives so called phantom shares that gives the right to receive cash adjusted 
for the share price development during the qualification period and thereafter 
the total shareholder return of the SEB A share at the end of the holding period. 
In the programs starting from 2018 and 2019 programmes the holders are 
only compensated for dividends after the qualification period, in the previous 
programmes the holders are compensated for dividends to the shareholders 
during the full period. Thus, the number of share rights will be recalculated, 
after the Annual General Meeting each year, taking the dividend into account 
depending on programme. The share rights are not securities that can be sold, 
pledged or transferred to others. However, an estimated value per share right 
has been calculated for 2021 to SEK 82 (63) for a qualification period of three 
years and SEK 78 (60) for a qualification period of five years (based upon an 
average closing price of one SEB Class A share at the time of grant).
In 2018 a Restricted Share Programme was introduced in order to ensure a 
competitive and attractive remuneration model within certain business units 
and to comply with new regulations implemented. The participants are selected 
employees on the level below senior executives. They are granted an individual 
number of conditional / share rights based on the fulfilment of pre-determined 
group, business unit and individual targets as outlined in SEB’s business plan, 
set on an annual basis as a mix of financial and non-financial targets.
The ownership of the share rights are transferred to the participants during  
a three or four year period in either three or four annual instalments. The share 
rights are subject to restrictions in terms of e.g. certain regulatory and employ-
ment requirements during the period between initial allotment and the transfer 
of the ownership. After the transfer of ownership there is an additional holding 
period of one year before the share rights can be exercised. Each share right car-
ries the right to receive one SEB Class A share. The share rights are not securities 
that can be sold, pledged or transferred to others. However, an estimated value 
per share right has been calculated for 2021 to SEK 107 (84) for the first install-
ment to SEK 99 (77) for the remaining instalments (based upon an average clos-
ing price of one SEB Class A share at the time of grant).
In 2013 an All Employee Programme was introduced for most employees, 
where 50 per cent of the outcome is paid in cash and 50 per cent is deferred for 
three years and paid in SEB A shares. Deferrals will normally only be obtained 
under the condition that the employee remains with SEB. In Sweden the deferred 
part is paid out in SEB A shares, adjusted for dividends. In all other countries the 
deferred part is paid out in cash adjusted for total shareholder return of the SEB 
A share. The initial outcome is capped at a maximum amount, which was 
adjusted in 2016, for each geography and is based on the fulfilment of pre-deter-
mined group targets outlined in SEB’s business plan, both financial (Return on 
Equity and cost development) and non-financial (customer satisfaction). The 
outcome in 2021 year’s programme was 67 per cent (45) of the maximum 
amount. In Sweden the maximum amount is SEK 75,000.
Previously allotted programmes
Between 2009 and 2014 a Share Matching Programme for a number of selected 
senior executives and other key employees has been run. The programmes are 
based on performance, have a vesting period of three years and are settled 
with SEB Class A shares. All programmes require own investment. The invest-
ment amount is pre-determined and capped for each participant. After three 
years, if still employed, the participant receives one Class A share/share rights 
for each invested share/share right and a conditional number of ­performance 
based matching shares for each invested share / share right. From 2012 the set-
tlement is in the form of share rights with an exercise period of four years. The 
2014 programme was closed in 2017 with 63 per cent matching.
	
Further details of the outstanding programmes are found in the table 
above.

Financial statements  —  Notes
142 — SEB Annual and Sustainability Report 2021
8 e  Number of employees
Average number of employees
2021
Group
Parent company
Men
Women
Total
Men
Women
Total
Sweden
4,268
4,172
8,440
3,719
3,428
7,147
Norway
219
150
369
186
115
301
Denmark
209
118
327
163
77
240
Finland
149
123
272
126
108
234
Estonia
299
839
1,138
Latvia
542
1,290
1,832
330
549
879
Lithuania
1,017
1,918
2,935
592
763
1,355
Germany
142
99
241
121
87
208
United Kingdom
59
40
99
59
40
99
Poland
54
66
120
54
66
120
Ukraine
16
36
52
China
14
26
40
14
26
40
Ireland
47
48
95
Luxembourg
84
75
159
81
67
148
Russia
21
66
87
Singapore
26
64
90
26
64
90
United States
21
11
32
18
8
26
Hong Kong
8
11
19
8
11
19
TOTAL
7,194
9,153
16,347
5,497
5,409
10,906
2020
Sweden
4,035
4,203
8,238
3,549
3,410
6,959
Norway
226
149
375
194
109
303
Denmark
207
121
328
166
78
244
Finland
151
121
272
131
103
234
Estonia
294
850
1,144
Latvia
490
1,227
1,717
276
471
747
Lithuania
996
1,872
2,868
558
682
1,240
Germany
162
116
278
133
93
226
United Kingdom
64
40
104
64
40
104
Poland
26
35
61
26
35
61
Ukraine
17
34
51
China
15
26
41
15
26
41
Ireland
48
58
106
Luxembourg
93
85
178
41
34
75
Russia
19
70
89
Singapore
27
66
93
25
68
93
United States
27
13
40
19
14
33
Hong Kong
11
13
24
11
13
24
TOTAL
6,908
9,099
16,007
5,208
5,174
10,382

SEB Annual and Sustainability Report 2021 — 143
9  Other expenses
Group
Parent company
2021
2020
2021
2020
Costs for premises1) 
–682
–709
–1,294
–1,293
IT costs
–3,374
–3,361
–2,483
–2,825
Travel and entertainment
–85
–126
–59
–107
Consultants
–688
–687
–535
–553
Marketing
–268
–279
–143
–148
Information services
–710
–736
–637
–656
Other operating costs2)
44
33
–226
–622
TOTAL
–5,763
–5,864
–5,377
–6,204
1) Of which rental costs including leasing cost for premises 
–1,003
–975
2) Net after deduction for capitalised costs, see also note 23.
Fees and expense allowances to appointed auditors and audit firms1) 
Group
Parent company
2021
2020
2021
2020
Audit assignment
–26
–26
–15
–12
Audit related services
–8
–4
–3
–3
Tax advisory
0
0
Other services
–3
–2
–1
Ernst & Young
–38
–32
–19
–15
1) The parent company includes the foreign branches.
Audit assignment is defined as the audit of annual financial statements, the 
administration of the Board of Directors and the President, quarterly reviews, 
other tasks resting upon the auditor as well as consulting and other assistance, 
which have been ­initiated by the findings in performing audit work or implemen-
tation of such tasks. The audit ­related services include regulatory reporting and 
services in ­connection with issuing of certificates and opinions. Tax advisory 
include general expatriate services and other tax services work. Other services 
include consultation on financial accounting, services related to mergers and 
acquisitions activities, operational effectiveness and assessments of internal 
control.
10  Depreciation, amortisation and impairment of tangible and intangible assets
Group
Parent company
2021
2020
2021
2020
Depreciation of tangible assets
–378
–354
–293
–265
Depreciation of equipment leased to clients
–4,783
–4,814
Depreciation of right-of-use assets
–844
–848
0
Amortisation of intangible assets
–681
–613
–550
–500
Impairment of tangible assets
0
Impairment of goodwill
–179
Impairment of right-of-use assets
–8
–11
Reversal of impairment on intangible assets
25
Retirement and disposal on intangible assets
–20
–105
–18
–104
TOTAL
–2,110
–1,906
–5,644
–5,683
11  Gains less losses from tangible and intangible assets
Group
2021
2020
Properties and equipment
7
4
Gains
7
4
Properties and equipment
–2
–11
Losses
–2
–11
TOTAL
5
–7

Financial statements  —  Notes
144 — SEB Annual and Sustainability Report 2021
12  Net expected credit losses 
Group
Parent company
2021
2020
2021
2020
Impairment gains or losses – Stage 1
–105
–452
–138
–201
Impairment gains or losses – Stage 2
–233
–293
–146
–230
Impairment gains or losses – Stage 3
–185
–5,166
–407
–4,932
Impairment gains or losses
–523
–5,911
–690
–5,364
Write-offs and recoveries
Total write-offs
–2,624
–2,757
–2,170
–2,281
Reversals of allowances for write-offs
2,395
2,364
2,040
2,030
Write-offs not previously provided for
–229
–393
–130
–250
Recovered from previous write-offs
242
187
76
64
Net write-offs
13
–206
–54
–186
NET EXPECTED CREDIT LOSSES
–510
–6,118
–744
–5,550
Net ECL level, %
0.02
0.26
0.03
0.26
13  Items affecting comparability 
Group
2021
2020
Other expense
–1,000
Total operating expense
–1,000
Items affecting comparability
–1,000
Income tax on items affecting comparability
Items affecting comparability after tax
–1,000
The table shows the rows in which the Items affecting comparability would have been reported if not presented as an item 
affecting comparability. 
Items affecting comparability 2020
The Swedish Financial Supervisory Authority (FSA) finalised its review of SEB’s 
governance and control of measures against money laundering in SEB’s Baltic 
banks. The Swedish FSA decided to issue SEB a remark, which is a lower degree 
of an administrative sanction that is issued when a breach has not been deemed 
to be serious. The Swedish FSA also decided to issue SEB an administrative fine 
of SEK 1,000m, which corresponds to about 14 per cent of the maximum 
amount the Swedish FSA can impose in this case.
14  Appropriations
Parent company
2021
2020
Group contribution
2,349
1,105
Accelerated tax depreciation
1,490
1,285
TOTAL
3,839
2,390

SEB Annual and Sustainability Report 2021 — 145
15  Taxes
Major components of tax expense
Group
Parent company
2021
2020
2021
2020
Current tax
–6,255
–4,836
–5,332
–4,636
Deferred tax
786
456
225
172
Tax for current year
–5,470
–4,380
–5,108
–4,463
Current tax for previous years
29
280
127
278
INCOME TAX EXPENSE
–5,441
–4,100
–4,980
–4,185
In the parent company, other taxes amounts to SEK 352m (451) and includes deferred tax of SEK 225m (172) and current tax for previous years of  
SEK 127m (278).
Relationship between tax expenses and accounting profit
Net profit
25,423
15,746
22,751
14,614
Income tax expense
5,441
4,100
4,981
4,185
Accounting profit before tax
30,864
19,846
27,732
18,799
Current tax at Swedish statutory rate of 20.6 per cent (21.4)
–6,357
–4,246
–5,713
–4,023
Tax effect relating to other tax rates in other jurisdictions
–61
181
Tax effect relating to not tax deductible expenses
–319
–1,350
–604
–1,304
Tax effect relating to non-taxable income
1,040
911
984
692
Tax effect relating to a previously recognised tax loss,  
tax credit or temporary difference
–558
–339
Tax effect relating to a previously unrecognised tax loss,  
tax credit or temporary difference
6
Current tax
–6,255
–4,836
–5,333
–4,636
Tax effect relating to origin and reversal of tax losses,  
tax credits and temporary differences
558
339
Tax effect relating to changes in tax rates or the imposition of new taxes
–7
13
Tax effect relating to a previously unrecognised tax loss,  
tax credit or temporary difference
234
104
225
172
Deferred tax
786
456
225
172
Current tax for previous years
29
280
127
278
INCOME TAX EXPENSE 1)
–5,441
–4,100
–4,981
–4,185
1) Total income tax expense in the SEB Group was SEK 5,441m (4,100). The effective tax rate for the year was 17.6 per cent (20.7). Excluding Items affecting comparability, the effec-
tive tax rate was 17.6 per cent (19.7). 
Deferred tax income and expense recognised in income statement
Accelerated tax depreciation
251
341
Pension plan assets, net
246
118
Tax losses carry forwards
–4
5
Other temporary differences
292
–8
225
172
TOTAL
786
456
225
172
Current tax assets
Group
Parent company
2021
2020
2021
2020
Other
15,359
6,070
1,915
2,516
Recognised in profit and loss
15,359
6,070
1,915
2,516
TOTAL
15,359
6,070
1,915
2,516
Deferred tax assets
Tax losses carry forwards
7
11
Pension plan assets, net
1
Other temporary differences1)
663
424
398
172
Recognised in profit and loss
670
436
398
172
Unrealised result in cash flow hedges
5
7
5
13
Recognised in Shareholders’ equity
5
7
5
13
TOTAL
675
444
403
185
1) Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base. 
Tax losses carried forward in the SEB Group for which the tax assets are not 
­recognised in the balance sheet amount to SEK 8,355m (7,154) gross. These 
are not recognised due to the uncertainty in the possibility to use them. This 
includes losses where the amount can only be used for trade tax. The potential 
tax asset not recognised is SEK 2,166m (1,782). 
All losses carried forward recognized and unrecognized are without time 
restrictions however all losses carried forward but SEK 30m have conditions 
that there are no change of control.

Financial statements  —  Notes
146 — SEB Annual and Sustainability Report 2021
Note 15 continued  Taxes
Current tax liabilities
Group
Parent company
2021
2020
2021
2020
Other
1,384
993
801
376
Recognised in profit and loss
1,384
993
801
376
TOTAL
1,384
993
801
376
Deferred tax liabilities
Accelerated tax depreciation
5,352
5,603
Pension plan assets and obligations, net
–588
–342
Other temporary differences1)
98
106
Recognised in profit and loss
4,862
5,367
Pension plan assets and obligations, net
5,308
1,774
Unrealised result in cash flow hedges
184
71
Other
37
36
Recognised in Shareholders’ equity
5,492
1,845
37
36
TOTAL
10,354
7,212
37
36
1) Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Taxable temporary differences give rise to deferred 
tax assets and liabilities.
In Estonia is advance income tax payments on profits at a rate of 14 per cent are 
made quarterly. The income tax paid in advance can be netted against tax paya-
ble on dividend distributions, where the tax rate is between 20 and 14 per cent. 
No deferred tax liability is recognised related to possible future tax costs on 
dividends from Estonia. Since 2018 no income tax is paid in Latvia unless profit 
is distributed. No deferred tax liability is recognised related to possible future 
tax costs on dividends from Latvia. The tax rate applicable to dividends in Lat-
via is 20 per cent.
16  Earnings per share
Group
2021
2020
Net profit attributable to shareholders in  
Skandinaviska Enskilda Banken AB (publ), SEK m
25,423
15,746
Weighted average number of shares outstanding, millions
2,164
2,163
Basic earnings per share, SEK
11.75
7.28
Net profit attributable to shareholders in  
Skandinaviska Enskilda Banken AB (publ), SEK m
25,423
15,746
Weighted average number of diluted shares, millions
2,179
2,177
Diluted earnings per share, SEK
11.67
7.23
Dilution1)
Weighted average number of shares outstanding, millions
2,164
2,163
Adjustment for diluted weighted average number of  
additional Class A shares, millions
15
14
Weighted average number of diluted shares, millions
2,179
2,177
1) Calculated dilution based on the estimated economic value of the long-term incentive programmes.

SEB Annual and Sustainability Report 2021 — 147
17  Cash and cash balances at central banks
Group
Parent company
2021
2020
2021
2020
Cash
2,157
2,155
2
11
Cash balances at central banks
437,187
321,621
371,465
294,380
TOTAL
439,344
323,776
371,466
294,391
18  Loans
Group
Parent company
2021
2020
2021
2020
Lending 
3,973
404
3,646
308
Reverse repos
481
3,229
481
3,229
Loans to central banks
4,454
3,633
4,127
3,537
Lending 
29,670
27,776
45,437
50,430
Collateral margins
24,433
12,762
23,882
12,202
Reverse repos
5,906
10,253
888
4,858
Loans to credit institutions
60,009
50,791
70,207
67,490
Lending
1,721,532
1,599,492
1,516,326
1,398,079
Collateral margins
43,555
58,759
43,731
59,322
Reverse repos
81,274
111,910
81,274
111,910
Loans to the public
1,846,362
1,770,161
1,641,332
1,569,310
TOTAL
1,910,824
1,824,586
1,715,665
1,640,337
Loans by measurement category
2021
Group
Parent company
FVHFT
FVMPL
AmC
Total
FVHFT
FVMPL
AmC
Total
Loans to central banks
481
3,973
4,454
481
3,646
4,127
Loans to credit institutions
888
59,121
60,009
888
69,319
70,207
Loans to the public
81,274
2,459
1,762,628
1,846,362
81,274
2,459
1,557,598
1,641,332
TOTAL
82,643
2,459
1,825,722
1,910,824
82,643
2,459
1,630,563
1,715,665
2020
Loans to central banks
3,229
404
3,633
3,229
308
3,537
Loans to credit institutions
4,858
45,933
50,791
4,858
62,632
67,490
Loans to the public
111,910
127
1,658,124
1,770,161
111,910
127
1,457,273
1,569,310
TOTAL
119,997
127
1,704,461
1,824,586
119,997
127
1,520,213
1,640,337

Financial statements  —  Notes
148 — SEB Annual and Sustainability Report 2021
Note 18 continued  Loans
Exposure and expected credit loss (ECL) allowances by stage
The table shows gross carrying amounts for exposures on balance measured  
at amortised cost and nominal amounts for exposures off-balance divided by 
stage as a mean to put ECL allowances in context to total exposure. For trade 
receivables a simplified approach based on past-due information is used to cal-
culate loss allowances. 
Group, 2021
Stage 1 (12-month ECL)
Gross carrying amounts/ 
Nominal amounts
ECL allowances
Carrying amounts/
Net amounts
ECL coverage 
ratio, %
Debt securities
8,544
–1
8,543
Loans1)
1,772,979
–984
1,771,995
Financial assets
1,781,523
–985
1,780,538
Financial guarantees and Loan commitments
830,403
–375
830,028
Total
2,611,926
–1,358
2,610,566
0.05
Stage 2 (lifetime ECL)2)
Loans1) 
62,127
–1,456
60,671
Financial assets
62,127
–1,456
60,671
Financial guarantees and Loan commitments
15,873
–198
15,675
Total
78,000
–1,654
76,346
2.12
Stage 3 (credit impaired/lifetime ECL)3)
Loans1)
9,827
–5,707
4,119
Financial assets
9,827
–5,707
4,119
Financial guarantees and Loan commitments
170
–67
103
Total
9,997
–5,774
4,223
57.76
Total Stage 1–3
Debt securities
8,544
–1
8,543
Loans1)
1,844,932
–8,147
1,836,785
Financial assets
1,853,477
–8,148
1,845,329
Financial guarantees and Loan commitments
846,446
–640
845,806
TOTAL
2,699,923
–8,786
2,691,135
0.33
1) Including trade and client receivables presented as other assets.
2) Whereof gross carrying amounts SEK 1,858m and ECL allowances SEK 1m under Lifetime ECLs -simplified approach for trade receivables.
3) Whereof gross carrying amounts SEK 1,818m and ECL allowances SEK 1,296m for Purchased or Originated Credit Impaired loans.
Stage 3 loans / Total loans – gross, %
0.53
Stage 3 loans / Total loans – net, %
0.22
Group, 2020
Stage 1 (12-month ECL)
Gross carrying amounts/ 
Nominal amounts
ECL allowances
Carrying amounts/
Net amounts
ECL coverage 
ratio, %
Debt securities
12,191
0
12,191
Loans1)
1,641,422
–972
1,640,449
Financial assets
1,653,613
–972
1,652,640
Financial guarantees and Loan commitments
740,472
–260
740,213
Total
2,394,086
–1,232
2,392,852
0.05
Stage 2 (lifetime ECL)2)
Loans1) 
61,745
–1,208
60,537
Financial assets
61,745
–1,208
60,537
Financial guarantees and Loan commitments
16,375
–176
16,199
Total
78,120
–1,384
76,736
1.77
Stage 3 (credit impaired/lifetime ECL)3)
Loans1) 
14,890
–7,331
7,559
Financial assets
14,890
–7,331
7,559
Financial guarantees and Loan commitments
700
–218
482
Total
15,590
–7,549
8,042
48.42
Total Stage 1–3
Debt securities
12,191
0
12,191
Loans1)
1,718,057
–9,512
1,708,545
Financial assets
1,730,249
–9,512
1,720,736
Financial guarantees and Loan commitments
757,547
–653
756,895
TOTAL
2,487,796
–10,165
2,477,630
0.41
1) Excluding demand deposits credit institutions and including trade and client receivables presented as other assets.
2) Whereof gross carrying amounts SEK 1,327m and ECL allowances SEK 2m under Lifetime ECLs -simplified approach for trade receivables.
3) Whereof gross carrying amounts SEK 2,274m and ECL allowances SEK 1,392m for Purchased or Originated Credit Impaired loans.
Stage 3 loans / Total loans – gross, %
0.87
Stage 3 loans / Total loans – net, %
0.44

SEB Annual and Sustainability Report 2021 — 149
Note 18 continued  Loans
Parent company, 2021
Stage 1 (12-month ECL)
Gross carrying amounts/ 
Nominal amounts
ECL allowances
Carrying amounts/
Net amounts
ECL coverage 
ratio, %
Debt securities
9,945
–1
9,944
Loans1)
1,581,242
–720
1,580,522
Financial assets
1,591,187
–721
1,590,466
Financial guarantees and Loan commitments
780,396
–304
780,092
Total
2,371,583
–1,024
2,370,558
0.04
Stage 2 (lifetime ECL)2)
Loans1)
57,331
–1,068
56,263
Financial assets
57,331
–1,068
56,263
Financial guarantees and Loan commitments
12,824
–164
12,660
Total
70,156
–1,233
68,923
1.76
Stage 3 (credit impaired/lifetime ECL)3)
Loans1) 
8,056
–4,931
3,125
Financial assets
8,056
–4,931
3,125
Financial guarantees and Loan commitments
153
–61
92
Total
8,209
–4,992
3,217
60.81
Total Stage 1–3 
Debt securities
9,945
–1
9,944
Loans1)
1,646,629
–6,719
1,639,911
Financial assets
1,656,574
–6,719
1,649,855
Financial guarantees and Loan commitments
793,373
–529
792,844
TOTAL
2,449,947
–7,249
2,442,698
0.30
1) Including trade and client receivables presented as other assets.
2) Whereof gross carrying amounts SEK 1,289m and ECL allowances SEK 1m under Lifetime ECLs -simplified approach for trade receivables.
3) Whereof gross carrying amounts SEK 1,818m and ECL allowances SEK 1,296m for Purchased or originated credit impaired loans.
Stage 3 loans / Total loans, gross, %
0.49
Stage 3 loans / Total loans, net, %
0.19
Parent company, 2020
Stage 1 (12-month ECL)
Gross carrying amounts/ 
Nominal amounts
ECL allowances
Carrying amounts/
Net amounts
ECL coverage 
ratio, %
Debt securities
15,542
0
15,541
Loans1)
1,464,246
–693
1,463,553
Financial assets
1,479,788
–693
1,479,094
Financial guarantees and Loan commitments
697,137
–179
696,957
Total
2,176,925
–873
2,176,052
0.04
Stage 2 (lifetime ECL)2)
Loans1) 
56,039
–904
55,136
Financial assets
56,039
–904
55,136
Financial guarantees and Loan commitments
13,186
–154
13,032
Total
69,225
–1,058
68,167
1.53
Stage 3 (credit impaired/lifetime ECL) 3)
Loans1)
11,881
–6,027
5,854
Financial assets
11,881
–6,027
5,854
Financial guarantees and Loan commitments
462
–192
270
Total
12,343
–6,219
6,124
50.38
Total Stage 1–3 
Debt securities
15,542
0
15,541
Loans1)
1,532,167
–7,624
1,524,543
Financial assets
1,547,708
–7,624
1,540,084
Financial guarantees and Loan commitments
710,784
–525
710,259
TOTAL
2,258,493
–8,149
2,250,344
0.36
1) Excluding demand deposits credit institutions and including trade and client receivables presented as other assets.
2) Whereof gross carrying amounts SEK 1,409m and ECL allowances SEK 3m under Lifetime ECLs -simplified approach for trade receivables.
3) Whereof gross carrying amounts SEK 2,196m and ECL allowances SEK 1,337m for Purchased or originated credit impaired loans.
Stage 3 loans / Total loans, gross, %
0.78
Stage 3 loans / Total loans, net, %
0.38

Financial statements  —  Notes
150 — SEB Annual and Sustainability Report 2021
Note 18 continued  Loans
Loans and expected credit loss (ECL) allowances by industry
The table shows gross carrying amounts for loans measured at amortised cost and ECL allowances as a mean to put ECL allowances in context to overall lending.
Group, 2021
Gross carrying amounts
ECL allowances
Net carrying 
amount
Stage 1 
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit 
impaired/­
lifetime ECL)
Total
Stage 1 
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit 
impaired/­
lifetime ECL)
Total
Total
Banks
89,669
2,044
5
91,718
–5
–2
–1
–8
91,709
Finance and insurance
128,994
2,191
88
131,273
–61
–26
–6
–93
131,180
Wholesale and retail
78,198
1,762
192
80,152
–91
–43
–81
–214
79,938
Transportation
29,423
1,258
211
30,892
–30
–39
–50
–119
30,773
Shipping
43,719
4,460
1,507
49,686
–22
–42
–965
–1,029
48,657
Business and household services
153,028
7,258
1,556
161,842
–175
–189
–901
–1,264
160,578
Construction
11,286
815
307
12,407
–24
–101
–171
–295
12,112
Manufacturing
93,694
5,245
1,444
100,384
–82
–186
–961
–1,229
99,155
Agriculture, forestry and fishing
27,860
655
80
28,595
–22
–9
–27
–58
28,538
Mining, oil and gas extraction
10,475
1,834
2,182
14,491
–20
–344
–1,538
–1,903
12,589
Electricity, gas and water supply
52,965
409
189
53,562
–24
–30
–90
–144
53,418
Other
48,662
1,087
100
49,850
–36
–47
–37
–120
49,730
Corporates
678,305
26,975
7,856
713,136
–587
–1,054
–4,827
–6,468
706,668
Commercial real estate management
154,671
2,519
173
157,364
–70
–40
–65
–175
157,189
Residential real estate management
134,485
1,400
31
135,915
–45
–2
–2
–49
135,866
Real Estate Management
289,156
3,919
204
293,279
–115
–42
–67
–224
293,055
Housing co-operative associations
61,885
6,536
2
68,423
0
0
–1
–2
68,421
Public Administration
14,102
239
1
14,342
–1
–4
–1
–5
14,337
Household mortgages
599,193
18,767
796
618,756
–79
–140
–241
–460
618,296
Other
40,669
3,648
962
45,279
–196
–214
–569
–979
44,300
Households
639,862
22,414
1,759
664,035
–275
–354
–810
–1,439
662,596
TOTAL
1,772,979
62,127
9,827
1,844,932
–984
–1,456
–5,707
–8,147
1,836,787
Including trade and client receivables presented as other assets.
Group, 2020
Banks
86,112
1,917
14
88,043
–6
–2
–4
–12
88,031
Finance and insurance
109,335
653
25
110,014
–43
–4
–7
–54
109,959
Wholesale and retail
69,523
2,215
459
72,196
–99
–65
–198
–362
71,835
Transportation
28,916
1,671
227
30,814
–36
–49
–74
–159
30,656
Shipping
42,697
2,895
1,480
47,073
–10
–20
–530
–560
46,513
Business and household services
132,841
6,834
1,559
141,234
–167
–237
–759
–1,164
140,070
Construction
10,736
706
356
11,799
–20
–35
–188
–243
11,555
Manufacturing
83,313
3,381
2,779
89,473
–89
–98
–1,372
–1,559
87,914
Agriculture, forestry and fishing
22,558
916
117
23,591
–19
–13
–29
–61
23,530
Mining, oil and gas extraction
16,797
1,498
4,963
23,258
–8
–205
–2,873
–3,086
20,172
Electricity, gas and water supply
45,216
608
175
46,000
–21
–26
–85
–131
45,869
Other
44,592
3,034
232
47,859
–33
–34
–93
–161
47,698
Corporates
606,524
24,412
12,373
643,310
–546
–785
–6,209
–7,539
635,771
Commercial real estate management
158,927
3,343
410
162,680
–72
–49
–127
–248
162,432
Residential real estate management
125,844
1,528
27
127,399
–36
–6
0
–42
127,357
Real Estate Management
284,771
4,871
437
290,079
–108
–55
–127
–290
289,789
Housing co-operative associations
55,884
6,615
3
62,501
0
0
–2
–2
62,498
Public Administration
14,989
72
1
15,061
–1
–4
–1
–5
15,056
Household mortgages
554,967
20,445
971
576,383
–86
–154
–307
–547
575,836
Other
38,176
3,414
1,090
42,680
–226
–209
–682
–1,117
41,563
Households
593,143
23,859
2,062
619,063
–313
–363
–988
–1,664
617,399
TOTAL
1,641,422
61,745
14,890
1,718,057
–972
–1,208
–7,331
–9,512
1,708,545
Excluding demand deposits credit institutions and including trade and client receivables presented as other assets.

SEB Annual and Sustainability Report 2021 — 151
Note 18 continued  Loans
Stage 3 loans (credit-impaired) and collaterals by sector
The table shows gross carrying amounts and ECL allowances for credit-impaired loans (Stage 3) and the collaterals received for these assets. 
Group, 2021
Gross carrying 
amounts
ECL allowances
Carrying  
amounts
Collaterals 
received
Banks
5
–1
4
0
Corporates
7,856
–4,827
3,028
4,216
Real Estate Management
204
–67
137
161
Household co-operative associations
2
–1
1
2
Public Administration
1
–1
1
1
Households
1,759
–810
949
696
TOTAL
9,827
–5,707
4,119
5,076
Group, 2020
Banks
14
–4
10
1
Corporates
12,373
–6,209
6,164
5,501
Real Estate Management
437
–127
310
404
Household co-operative associations
3
–2
1
2
Public Administration
1
–1
0
Households
2,062
–988
1,074
853
TOTAL
14,890
–7,331
7,559
6,761
Exposure by risk classification category
The table shows gross carrying amounts for exposures on balance and nominal amounts for exposures off-balance by stage and risk classification category.  
The risk classification categories are further explained in Note 40. 
Group, 2021
Stage 1  
(12-month ECL)
Stage 2  
(lifetime ECL)
Stage 3  
(credit impaired/
lifetime ECL)1)
Total
Investment grade
2,018,878
20,570
2,039,449
Standard monitoring
585,675
39,970
625,645
Watch list
7,372
17,460
24,832
Default
9,997
99,965
TOTAL
2,611,926
78,000
9,997
2,699,923
Group, 2020
Investment grade
1,803,559
19,177
1,822,736
Standard monitoring
584,778
42,071
626,850
Watch list
5,748
16,872
22,620
Default
15,590
15,590
TOTAL
2,394,086
78,120
15,590
2,487,796
1) Whereof gross carrying amounts SEK 1,818m (2,274) and ECL allowances SEK 1,296m (1,392) for Purchased or Originated Credit Impaired loans.
Movements in allowances for expected credit loss (ECL) allowances
Reconciliation of movements of allowance accounts for on balance exposures (Loans and Debt securities measured at amortised cost) and off balance exposures 
(Financial guarantees and Loan commitments). 
2021
Loans and Debt securities
Group
Parent company
Stage 1  
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit impaired/ 
­lifetime ECL)
Total
Stage 1  
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit impaired/
lifetime ECL)
Total
Opening balance
973
1,208
7,331
9,512
693
904
6,027
7,624
New and derecognised financial assets, net
355
–91
–351
–87
357
–25
–228
103
Changes due to change in credit risk
–361
299
759
697
–339
160
781
603
Changes due to modifications
2
6
0
8
5
0
5
Changes due to methodology change
–1
1
–56
–55
0
0
0
0
Decreases in ECL allowances due to write-offs
–2,395
–2,395
–2,040
–2,040
Change in exchange rates
15
32
419
466
10
24
391
425
TOTAL
984
1,456
5,707
8,147
721
1,068
4,931
6,719
Financial guarantees and Loan commitments
Opening balance
260
176
218
653
179
154
192
525
New and derecognised financial assets, net
68
–43
–113
–88
76
–44
–98
–66
Changes due to change in credit risk
41
59
–54
47
44
49
–48
45
Changes due to modifications
1
1
1
1
Changes due to methodology change
0
0
–1
0
0
0
Change in exchange rates
6
6
16
28
4
5
16
25
TOTAL
375
198
67
640
304
164
61
529
Total Loans, Debt securities, Financial guarantees and Loan commitments
Opening balance
1,232
1,384
7,549
10,165
873
1,058
6,219
8,149
New and derecognised financial assets, net
423
–134
–464
–175
433
–69
–327
37
Changes due to change in credit risk
–320
359
706
744
–294
209
733
648
Changes due to modifications
2
7
0
9
5
0
5
Changes due to methodology change
–1
2
–56
–55
–1
0
0
–1
Decreases in ECL allowances due to write-offs
–2,395
–2,395
–2,040
–2,040
Change in exchange rates
21
37
435
494
14
29
407
450
TOTAL
1,358
1,654
5,774
8,786
1,024
1,233
4,992
7,249

Financial statements  —  Notes
152 — SEB Annual and Sustainability Report 2021
Note 18 continued  Loans
2020
Loans and Debt securities
Group
Parent company
Stage 1  
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit 
impaired/­
lifetime ECL)
Total
Stage 1  
(12-month 
ECL)
Stage 2  
(lifetime 
ECL)
Stage 3  
(credit 
impaired/
lifetime ECL)
Total
Opening balance
644
1,058
5,211
6,913
542
832
3,722
5,095
New and derecognised financial assets, net
300
–287
846
860
300
–209
777
868
Changes due to change in credit risk
99
428
4,224
4,751
–99
393
4,079
4,373
Changes due to modifications
2
39
1
41
37
37
Changes due to methodology change
–35
51
–2
14
–31
–67
–11
–109
Decreases in ECL allowances due to write-offs
–2,364
–2,364
–2,030
–2,030
Change in exchange rates
–37
–82
–585
–704
–18
–82
–510
–610
TOTAL
972
1,208
7,331
9,512
693
904
6,027
7,624
Financial guarantees and Loan commitments
Opening balance
189
127
138
454
160
91
120
370
New and derecognised financial assets, net
77
–50
–173
–147
75
–48
–119
–92
Changes due to change in credit risk
42
102
271
415
–10
123
206
319
Changes due to methodology change
–33
9
–23
–33
–33
Change in exchange rates
–15
–12
–18
–45
–12
–12
–15
–39
TOTAL
260
176
218
653
179
154
192
525
Total Loans, Debt securities, Financial guarantees and Loan commitments
Opening balance
832
1,185
5,349
7,367
701
922
3,842
5,465
New and derecognised financial assets, net
377
–337
673
713
375
–257
658
775
Changes due to change in credit risk
141
530
4,495
5,166
–110
517
4,285
4,692
Changes due to modifications
2
39
1
41
37
37
Changes due to methodology change
–68
61
–2
–9
–64
–66
–11
–141
Decreases in ECL allowances due to write-offs
–2,364
–2,364
–2,030
–2,030
Change in exchange rates
–52
–94
–603
–750
–30
–95
–525
–649
TOTAL
1,232
1,384
7,549
10,165
873
1,058
6,219
8,149
Development of exposures and ECL allowances
In 2021 Stage 1 gross exposures and ECL allowances increased reflecting an 
increase in corporate lending and growth in Swedish household mortgages. 
Gross exposure volumes in Stage 2 were fairly stable, while there was an 
increase in ECL allowances in Stage 2 due to changes in credit risk within the 
stage. In Stage 3, volumes and ECL allowances were impacted by write-offs 
against reserves, migration to Stage 2, and repayments. In all stages there was 
an increasing effect from the weaker Swedish krona on both gross exposures 
and ECL allowances. 
Measurement of ECL allowances
SEB uses models and expert credit judgement (ECJ) for calculating ECL allow-
ances. The degree of judgement depends on model outcome, materiality and 
information available and ECJ may be applied to incorporate factors not cap-
tured by the models. Following the pandemic outbreak in Q1 2020, ECJ was 
used to estimate model overlays in the Corporate & Private Customers and 
­Baltic divisions to capture potential negative effects on the asset quality in the 
SME portfolios arising from the uncertain economic outlook in light of the Covid-
19-pandemic and in the Large Corporate & Financial Institutions division to cap-
ture the challenges facing the oil industry. The model overlays were determined 
through top-down scenario analysis, including various scenarios of risk migra-
tion of complete portfolios, combined with bottom-up individual customer anal-
ysis of larger corporate customers and analysis and stress tests of sectors spe-
cifically exposed to the economic distress. The model overlays are reevaluated 
quarterly in connection with assessment of net ECLs and, at year end 2021, they 
were maintained at SEK 1.4 billion, on the back of the continued uncertainty 
around the pandemic development as a fourth wave of the coronavirus has 
escalated in many markets resulting in renewed restrictions and a prolongation 
or reintroduction of various government support measures which may delay 
any potential negative effects of the pandemic. SEK 1.2 billion of the model 
overlays relate to the Corporate & Private Customers and Baltic divisions and 
SEK 0.2 billion to the Large Corporate & Financial Institutions division.
Key macroeconomic variable assumptions for calculating ECL ­allowances
Macroeconomic forecasts made by SEB’s economic research department are 
used as the basis for the forward-looking information incorporated in the ECL 
measurement. In order to ensure an unbiased estimation under IFRS 9, at least 
three scenarios are used with different probability weightings. The base case 
scenario represents the most likely outcome and is also applied in the financial 
planning and budgeting process, while the other scenarios represent more posi-
tive and negative outcomes respectively. The probability weightings assigned  
to each scenario are determined using a combination of statistical analysis and 
expert judgment. The scenarios and their probability weightings are reviewed 
every quarter, or more frequently when appropriate due to rapid or significant 
changes in the economic environment. 
In 2021, the scenarios have been reviewed and updated to reflect the chang-
ing economic outlook as a result of the development of Covid-19 pandemic. No 
changes have been made to the method used for incorporating forward-looking 
information in the modelling. The three scenarios – base, positive and negative 
scenarios – are based on different assumptions around how rapidly economies 
will reopen following the pandemic as well as effects of inflation and monetary 
policies. The base scenario assumes a balanced economic recovery despite new 
Covid-19 waves. The table below sets out the key macroeconomic assumptions 
of the latest base case scenario which was used for estimating ECL allowances 
as at 31 December 2021. A further description of the scenarios is available in 
SEB’s Nordic Outlook from November 2021.
Base case scenario assumptions
2022
2023
2024
Global GDP growth
4.4%
3.5%
3.2%
OECD GDP growth
3.9%
2.4%
2.0%
Sweden
GDP growth
3.6%
2.5%
2.0%
Household consumption expenditure growth
3.7%
2.2%
1.8%
Interest rate (STIBOR)
–0.10%
0.15%
0.65%
Residential real estate price growth
5.0%
2.0%
2.0%
Baltic countries
GDP growth
3.6% – 5.0%
3.0% – 4.2%
3.0%
Household consumption expenditure growth
3.6% – 5.8%
3.3% – 4.7%
3.0% – 4.0%
Inflation rate
2.7% – 5.4%
2.0% – 2.3%
2.0% – 2.1%
Nominal wage growth
7.5% – 8.7%
6.5% – 7.5%
5.0% – 6.0%
Unemployment rate
5.8% – 6.6%
5.2% – 6.2%
5.0% – 6.0%
The positive scenario assumes a combination of pent-up consumption needs 
and a high level of household savings represents upside potential. A robust 
increase in consumption may also lead to a positive spiral that drives broad-
based capital spending. Ensuring that such a scenario is sustainable requires a 
highly favourable labour supply trend, but above all that new investments actu-
ally lead to clear productivity improvements. The negative scenario reflects the 
risk of inflation and failures related to central bank exit strategies. If labour 
market shortages do not ease, wages may surge − showing that current macro

SEB Annual and Sustainability Report 2021 — 153
forecasts and financial market pricing are based on an overly positive view of 
the supply side. Central banks could then choose to tighten their policies, trig-
gering major stock market and home price declines. If they did not act, inflation 
expectations would instead take off, losing touch with inflation targets. In the 
estimation of ECL allowances as at 31 December 2021, the probabilities of the 
three scenarios were 65 per cent (55 per cent as at year-end 2020) for the 
base scenario, 15 per cent (20) for the positive scenario and 20 per cent (25) 
for the negative scenario.
The most significant assumptions affecting the ECL allowance of the non-retail and retail portfolios, respectively, are as follows:
Non-retail portfolios 
(i)  GDP 
impact on companies' performance 
(ii) Real estate price growth
impact on collateral valuations
Retail portfolios
(i)   Household consumption expenditure growth
impact on borrowers' ability to meet their contractual obligations
(ii)  Residential real estate price growth
impact on mortgage collateral values
(iii) Unemployment rate
impact on borrowers' ability to meet their contractual obligations
(iv) Interest rates
impact on borrowers' ability to meet their contractual obligations
(v)  Inflation rate
impact on borrowers' ability to meet their contractual obligations
(vi) Nominal wage growth
impact on borrowers' ability to meet their contractual obligations
Sensitivity analysis of macroeconomic assumptions
In general, a worsening of the economic development or an increase in the proba­
bility of the negative scenario occurring is expected to increase the number of 
loans migrating from Stage 1 to Stage 2 and increase the estimated ECL allow-
ances. On the other hand, an improvement in the economic development or an 
increase in the probability of the positive scenario occurring is expected to have 
the opposite, positive impact.
Should the positive and negative scenarios be assigned 100 per cent probabil-
ity of occurring, the model calculated ECL allowances would decrease by 3 per 
cent and increase by 4 per cent, respectively compared to the weighted scenario.
ECL allowances resulting from scenario
Difference from the probability 
weighted ECL allowances, %
Group
Negative scenario
9,180
4%
Positive scenario
8,555
–3%
Large Corporates & Financial Institutions
Negative scenario
2,154
7%
Positive scenario
1,927
–5%
Corporate & Private Customers
Negative scenario
5,891
4%
Positive scenario
5,576
–2%
Baltic 
Negative scenario
1,102
5%
Positive scenario
1,015
–3%
Determination of significant increase in credit risk (SICR)
For arrangements with initial origination date as at 1 January 2018 or later, the 
primary indicator is changes in lifetime probability of default (PD) by comparing 
the scenario weighted annualised lifetime PD at the reporting date with the sce-
nario weighted annualised lifetime PD at initial recognition. For arrangements 
with an initial origination date prior to 1 January 2018 changes in SEB internal 
risk classification since initial origination are used as the primary indicator.
Quantitative measures for triggering significant increase in credit risk (SICR)
For arrangements ­originated  
prior to 1 January 2018
For arrangements ­originated  
on or after 1 January 2018
Watch list
1)
1)
Investment grade
2–7 grades
Annualised lifetime PD increase 
by 200% and ≥ 50 basis points
Standard monitoring
1–2 grades
1) Placement of a financial asset on watch list automatically classifies it as a significant increase in credit risk and places it in Stage 2.
Regardless of the quantitative indicator, a significant increase in credit risk  
is triggered if the following back-stop indicators occur:  
– payments are past due >30 days but <90 days, or 
– financial assets are forborne (where due to the customer’s financial diffi­culties 
the contractual terms of the loans have been revised and concessions given).
Back stop indicators normally overlap with the quantitative indicator of 
­significant increase in credit risk. 
Sensitivity analysis of significant increase in credit risk (SICR) trigger 
­assumptions
The sensitivity of ECL to changes in the quantitative triggering approach is 
­analysed regularly, including tests of the following alternative triggers:
– recognising as Stage 2 SICR all exposures that have a worsened risk grade ­ 
of 1 notch or more;
– reduction of Stage 2 SICR triggering thresholds to 30bp increase in annualised 
lifetime PD.
Total ECL as at 31 December 2021 would increase by 2.0 per cent when recog-
nising all exposures which have been downgraded by one notch or more com-
pared to the grade at origination as Stage 2. 
The impact on total ECL as at 31 December 2021 from reduction of the Stage 2 
SICR trigger threshold to 30bps is below 0.1 per cent. The sensitivities are minor 
due to the fact that backstop indicators capture a large portion of exposures in 
Stage 2 regardless of the changes in the quantitative trigger measures. In addi-
tion, the impact of severe adverse macroeconomic developments on the loan 
portfolio is tested as part of the regular ICAAP process, described in more detail 
in note 41 Capital adequacy.
Past due loans
Group
Parent company
2021
2020
2021
2020
≤ 30 days
10,715
11,672
8,759
10,425
>30 ≤ 90 days
1,458
2,628
1,342
2,497
> 90 days
1,213
1,827
704
794
TOTAL
13,386
16,127
10,805
13,716
Forborne loans
Group
Parent company
2021
2020
2021
2020
Total forborne loans
11,539
13,305
9,142
10,714
of which performing1)
3,988
1,924
2,322
824
1) According to EBA definition.

Financial statements  —  Notes
154 — SEB Annual and Sustainability Report 2021
19  Debt securities
Group, 2021
Debt securities by issuers
Swedish 
­government
Swedish 
­municipalities
Swedish mortgage 
institutions
 Other Swedish 
­issuers
Foreign 
­government
Other ­foreign 
issuers
Total
Eligible debt securities1)
Held for trading
6,480
63
4,297
3,061
13,901
Fair value through profit or loss mandatorily
5,780
3,097
2,134
45,874
18,190
3,079
78,154
Fair value through profit or loss designated
1,333
5,831
646
108
7,917
Total
13,592
3,161
7,965
45,874
23,133
6,247
99,972
Other debt securities
Held for trading
11,784
9,518
18,222
39,524
Fair value through profit or loss mandatorily
204
12,629
3,726
6,395
34,051
57,005
Fair value through profit or loss designated
50
1
60
145
257
Amortised cost
8,543
8,543
Total
254
24,414
13,304
6,395
60,962
105,329
Accrued interest
649
TOTAL
13,846
3,161
32,380
59,178
29,528
67,209
205,950
Group, 2020
Eligible debt securities1)
Held for trading
14,286
225
6,036
7,338
27,885
Fair value through profit or loss mandatorily
7,182
3,352
1,775
24,644
17,534
5,069
59,556
Fair value through profit or loss designated
1,247
5,348
835
85
7,515
Amortised cost
3,020
3,020
Total
22,716
3,576
7,123
24,644
27,425
12,492
97,976
Other debt securities
Held for trading
9,244
42,525
6,740
28,697
87,207
Fair value through profit or loss mandatorily
264
6,911
19,152
5,257
589
37,744
69,917
Fair value through profit or loss designated
51
12
24
203
290
Total
314
16,155
61,689
12,021
589
75,746
166,515
Accrued interest
943
TOTAL
23,030
19,731
68,812
36,665
28,014
88,238
265,433
1) Eligible papers are considered as such only if they, according to national legislation, are accepted by the Central bank in the country in which SEB is located.
Parent company, 2021
Debt securities by issuers
Swedish 
­government
Swedish 
­municipalities
Swedish mortgage 
institutions
 Other Swedish 
 issuers
Foreign 
­government
Other ­foreign 
issuers
Total
Eligible debt securities1)
Held for trading
6,480
63
4,172
3,028
13,743
Fair value through profit or loss mandatorily
4,214
3,097
45,874
4,454
3,073
60,712
Total
10,694
3,161
45,874
8,626
6,101
74,455
Other debt securities
Held for trading
11,784
9,518
18,222
39,524
Fair value through profit or loss mandatorily
11,695
2,581
5,637
34,022
53,935
Amortised cost
1,400
8,544
9,943
Total
23,479
13,499
5,637
60,787
103,402
Accrued interest
583
TOTAL
10,694
3,161
23,479
59,373
14,262
66,889
178,441
Parent company, 2020
Eligible debt securities1)
Held for trading
14,286
225
5,925
7,338
27,774
Fair value through profit or loss mandatorily
5,749
3,352
24,544
5,389
2,785
41,819
Amortised cost
3,350
3,020
6,370
Total
20,035
3,576
27,894
14,334
10,123
75,963
Other debt securities
Held for trading
9,244
42,525
6,740
28,697
87,207
Fair value through profit or loss mandatorily
6,911
18,193
3,971
37,716
66,791
Amortised cost
9,101
9,101
Total
16,155
60,719
10,711
75,514
163,099
Accrued interest
866
TOTAL
20,035
19,731
60,719
38,606
14,334
85,637
239,928
1) Eligible papers are considered as such only if they, according to national legislation, are accepted by the Central bank in the country in which SEB is located.

SEB Annual and Sustainability Report 2021 — 155
20  Equity instruments
Group
Parent company
2021
2020
2021
2020
Fair value through profit or loss held for trading
89,284
58,448
89,284
58,448
Fair value through profit or loss mandatorily
31,458
23,792
6,865
5,377
TOTAL
120,742
82,240
96,149
63,825
21  Derivatives and hedge accounting
Group
Parent company
2021
2020
2021
2020
Interest-related
57,983
89,152
53,157
84,079
Currency-related
36,180
58,217
36,281
57,762
Equity-related
4,283
3,497
4,283
3,497
Other
27,605
14,043
27,605
14,043
Positive replacement values
126,051
164,909
121,326
159,380
Interest-related
49,910
66,288
45,596
62,357
Currency-related
26,902
71,530
26,541
71,429
Equity-related
8,085
8,957
8,085
8,957
Other
33,276
14,786
33,276
14,786
Negative replacement values
118,173
161,561
113,497
157,529
Group, 2021
Positive replacement values
Negative replacement values
Nominal amount
Book value
Nominal amount
Book value
Options
176,634
1,082
159,785
1,588
Futures
2,278,354
190
1,967,964
107
Swaps
7,609,998
56,712
7,784,997
48,216
Interest-related
10,064,986
57,983
9,912,747
49,910
of which exchange traded
64,056
30
53,116
38
Options
64,129
586
56,244
566
Futures
532,990
10,283
490,216
7,026
Swaps
1,933,495
25,311
1,842,751
19,309
Currency-related
2,530,614
36,180
2,389,211
26,902
of which exchange traded
2
2
Options
29,165
1,603
20,994
3,605
Futures
10,930
215
12,744
246
Swaps
43,320
2,465
55,685
4,234
Equity-related
83,415
4,283
89,423
8,085
of which exchange traded
34,082
898
22,862
2,934
Options
44,194
4,403
47,381
4,181
Futures
130,995
22,563
128,414
28,511
Swaps
18,832
639
25,545
584
Other
194,022
27,605
201,340
33,276
of which exchange traded
70,813
3,006
35,745
3,674
TOTAL
12,873,037
126,051
12,592,721
118,173
of which exchange traded
168,951
3,936
111,722
6,647
Group, 2020
Options
124,401
1,528
118,026
2,026
Futures
3,975,887
51
7,635,281
89
Swaps
6,563,615
87,573
6,202,231
64,172
Interest-related
10,663,903
89,152
13,955,539
66,288
of which exchange traded
2,649,309
15
6,104,201
12
Options
131,638
827
67,607
824
Futures
381,732
19,569
526,060
23,666
Swaps
1,356,850
37,820
1,526,853
47,040
Currency-related
1,870,219
58,217
2,120,521
71,530
of which exchange traded
3
3
Options
5,466
787
5,278
2,926
Futures
10,919
1,698
10,772
1,555
Swaps
21,381
1,013
45,530
4,477
Equity-related
37,766
3,497
61,581
8,957
of which exchange traded
8,642
900
2,485
2,724
Options
40,216
4,411
43,121
4,323
Futures
120,978
9,073
119,594
9,133
Swaps
19,710
559
28,998
1,330
Other
180,904
14,043
191,712
14,786
of which exchange traded
65,038
1,190
33,364
1,800
TOTAL
12,752,792
164,909
16,329,353
161,561
of which exchange traded
2,722,989
2,109
6,140,050
4,539

Financial statements  —  Notes
156 — SEB Annual and Sustainability Report 2021
Note 21 continued  Derivatives and hedge accounting 
Parent company, 2021
Positive replacement values
Negative replacement values
Nominal amount
Book value
Nominal amount
Book value
Options
186,371
1,108
162,785
1,636
Futures
2,278,354
190
1,967,005
107
Swaps
7,607,498
51,859
7,546,097
43,853
Interest-related
10,072,223
53,157
9,675,887
45,596
of which exchange traded
64,056
30
53,116
38
Options
64,089
540
56,195
529
Futures
533,086
10,272
490,193
6,690
Swaps
1,939,458
25,470
1,843,472
19,321
Currency-related
2,536,633
36,281
2,389,861
26,541
of which exchange traded
2
2
Options
29,165
1,603
20,994
3,605
Futures
10,930
215
12,744
246
Swaps
43,320
2,465
55,685
4,234
Equity-related
83,415
4,283
89,423
8,085
of which exchange traded
34,082
898
22,862
2,934
Options
44,210
4,403
47,381
4,181
Futures
130,995
22,563
128,414
28,511
Swaps
18,832
639
25,545
584
Other
194,037
27,605
201,340
33,276
of which exchange traded
70,813
3,006
35,745
3,674
TOTAL
12,886,308
121,326
12,356,510
113,497
of which exchange traded
168,951
3,906
111,722
6,610
Parent company, 2020
Options
124,394
1,528
118,033
2,026
Futures
3,975,887
51
7,635,281
89
Swaps
6,506,783
82,500
6,076,600
60,242
Interest-related
10,607,063
84,079
13,829,915
62,357
of which exchange traded
2,649,309
15
6,104,201
12
Options
131,628
783
67,710
786
Futures
380,607
19,533
525,903
23,688
Swaps
1,359,785
37,445
1,529,220
46,956
Currency-related
1,872,020
57,762
2,122,833
71,429
of which exchange traded
3
3
Options
5,466
786
5,278
2,925
Futures
10,919
1,698
10,772
1,555
Swaps
21,381
1,013
45,530
4,477
Equity-related
37,766
3,497
61,581
8,957
of which exchange traded
8,642
900
2,485
2,724
Options
40,231
4,411
43,121
4,323
Futures
120,978
9,073
119,594
9,133
Swaps
19,710
559
28,998
1,330
Other
180,919
14,043
191,712
14,786
of which exchange traded
65,038
1,190
33,364
1,800
TOTAL
12,697,768
159,380
16,206,041
157,529
of which exchange traded
2,722,989
2,109
6,140,050
4,539
Hedge accounting
Accounting policy
As the International Accounting Standards Board issued the new accounting 
standard IFRS 9 they provided entities with an accounting policy choice 
between applying the hedge accounting requirements in IFRS 9 or continuing  
to apply the existing hedge accounting requirements in IAS 39 for all hedge 
accounting. SEB has decided to continue to apply hedge accounting require-
ments in IAS 39. 
IBOR Reform (Interest Rate Benchmark Reform)
The group elected to early adopt the Amendments to IFRS 9, IAS 39 and IFRS 7 
Interest Rate Benchmark Reform (IBOR) – Phase 1 as at 2019. The amendments 
provide temporary relief from applying specific hedge accounting requirements 
to hedging relationships directly affected by the IBOR reform. The reliefs have 
the effect that the IBOR reform should not generally cause hedge accounting to 
terminate. However, any hedge ineffectiveness should continue to be recorded 
in the income statement.
SEB’s hedged accounting risk exposure is affected by the interest rate bench-
mark reform in USD LIBOR. The group has analysed market expectations when 
determining the fair value of the hedging instrument and present value of esti-
mated cash flows of the hedged item.

SEB Annual and Sustainability Report 2021 — 157
The table below indicates the nominal amount and interest rate risk of hedging 
items that will be affected by the IBOR reform. Risk figures are expressed as 
one basis point’s parallel shift of the interest rate curve. 
Fair value hedges of ­ 
interest rate risk
Notional
Asset
Liability
USD LIBOR
USD 4.8bn
USD 1.5m
For more information about the group’s project to lead the transition to alterna-
tive benchmark rates and the Interest Rate Benchmark Reform (IBOR) – Phase 
2, see note 40g.
Risk management strategy
The Board of Directors defines how much market risk is acceptable by setting 
the overall market risk limits and general instructions. The market risk tolerance 
and limits are defined for the trading book, banking book and defined benefit 
plans. The Group Risk Committee delegates the market risk mandate to the 
divisions and the treasury function, which in turn further allocate the limits 
internally. The treasury function has overall responsibility for managing these 
risks, which are consolidated centrally.
Risk category and designated risk exposure
Interest rate risk is the designated risk exposure for fair value and cash flow 
hedge accounting. Interest rate risk in the banking book arises from changes in 
market interest rates as a result of mismatches in interest terms and interest 
rate periods on the balance sheet. 
Fair value hedges and portfolio hedges
The group holds a portfolio of long-term fixed rate mortgages and long-term 
fixed rate issued debt securities of which are exposed to fluctuations in fair 
value due to movements in market interest rates. The interest rate risk compo-
nent is determined as the change in fair value of the long-term fixed rate mort-
gages and issued debt securities arising solely from changes in discounting 
rates such as applicable IBOR rates. The group hedges a portion of its existing 
interest rate risk from these financial assets and financial liabilities against 
changes in fair value. For this purpose the group are entering pay fixed/receive 
floating interest rate swaps for hedging of long-term fixed rate mortgages and 
receive fixed/pay floating interest swaps for hedging of long-term fixed rate 
issued debt securities thus resulting in fixed interest rates on the hedged item 
being swapped to floating interest rates. The hedges are executed item by  
item for long-term fixed rate issued debt securities and by aggregation of  
items grouped by maturity for long-term fixed rate mortgages.
Sources of hedge ineffectiveness
The effectiveness of the hedge strategy is assessed by the degree to which 
changes in fair value of the hedged item that are attributable to the changes in 
benchmark rate used for discounting are offset by changes in fair value of the 
hedging instrument. Possible sources of hedge ineffectiveness are as follows:
   (i) the discounted cash flow from floating rate payments from the hedging instru-
ment does not have an equivalent cash flow from the long-term fixed mort-
gages or issued debt securities thus give rise to hedge inefficiencies;
 (ii) deviations in critical factors between the hedged item and the fixed rate leg in 
the hedging instrument (‘proxy bond’) will give rise to hedge inefficiencies;
(iii) different benchmark rates used for discounting of the hedged item and the 
hedging instrument. For example the use of either secured or unsecured bench-
mark rate depending on the collaterialised characteristics of hedging instru-
ment while unsecured benchmark rates are applied for the hedged item;
(iv) funding value adjustments which impacts the fair value of hedging instru-
ments for which central counterparty clearing is not applied. Equivalent fair 
value adjustment is not applicable for the hedged item;
(v)  the effects of the forthcoming reform to USD LIBOR, because it might take 
effect at a different time and have a different impact on the hedged item and 
the hedging instrument. Further details of these reforms are set out in 
note 40g.
Cash flow hedges
The group holds a portfolio of lending and deposits with floating interest rates 
of which are exposed to fluctuations in cash flow due to movements in market 
interest rates. The interest rate risk component is determined as the variability 
in cash flows from floating rate lending and floating rate deposits arising solely 
from changes in applicable benchmark rates. The group hedges a portion of its 
existing exposure from these financial assets and financial liabilities against 
variability in cash flows. For this purpose the group are entering interest rate 
swaps where the net exposures of lending and deposits with floating rates are 
swapped to fixed interest. Group either pays or receives the fixed leg of the 
interest rate swap depending on whether volumes on floating rate lending out-
weighs floating rate deposits or vice versa. Interest flows from deposits and 
lending with floating interest rates are expected to be amortised to profit or 
loss during the period 2021 to 2037.
Sources of hedge ineffectiveness
The effectiveness of the hedge strategy is assessed by the degree to which 
changes in present value of the hedged expected future cash flows that are 
attributable to the changes in benchmark rate used for estimating future cash 
flows are offset by changes in fair value of the hedging instrument. Possible 
sources of hedge ineffectiveness are as follows:
  (i) deviations in critical factors between the hedged item (‘hypothetical deriva-
tive’) and the floating rate leg in the hedging instrument will give rise to hedge 
inefficiencies;
 (ii) funding value adjustments which impacts the fair value of hedging instruments 
for which central counterparty clearing is not applied. Equivalent fair value 
adjustment is not applicable for the hedged item. 
Net investment hedges
The group hedges the currency translation risk of net investments in foreign 
operations through currency borrowings. Borrowing in foreign currency at an 
amount of SEK 51,496m (44,918) were designated as hedges of net invest-
ments in foreign operations. Ineffectiveness in the hedges has been reported  
in Net financial income (note 6).

Financial statements  —  Notes
158 — SEB Annual and Sustainability Report 2021
Note 21 continued  Derivatives and hedge accounting 
Hedging instruments
Group, 2021
Positive replacement values
Negative replacement values
Nominal amount
Book value
Change in value 
Nominal amount
Book value
Change in value 
Derivatives
172,736
633
–1,834
227,068
124
–5,029
Fair value hedges of interest rate risk
172,736
633
–1,834
227,068
124
–5,029
Derivatives
248,600
108
190
0
0
1,007
Portfolio fair value hedges of interest rate risk
248,600
108
190
0
0
1,007
Derivatives
6,305
232
39
3,619
325
–4
Portfolio cash flow hedges of interest rate risk
6,305
232
39
3,619
325
–4
TOTAL
427,642
973
–1,605
230,687
449
–4,026
Group, 2020
Derivatives
226,507
2,958
1,713
219,129
13
871
Fair value hedges of interest rate risk
226,507
2,958
1,713
219,129
13
871
Derivatives
208,000
29
–139
14,500
1
–797
Portfolio fair value hedges of interest rate risk
208,000
29
–139
14,500
1
–797
Derivatives
7,485
356
–73
6,139
731
4
Portfolio cash flow hedges of interest rate risk
7,485
356
–73
6,139
731
4
TOTAL
441,992
3,343
1,500
239,768
745
78
Fair value hedges of interest rate risk
Group, 2021
Book value 
hedged item
The accumulated amount of fair value 
hedge adjustments on the hedged 
item included in the carrying amount
The change in value of the hedged 
item used as the basis for recognizing 
hedge ineffectiveness for the period
Hedge ­ineffectiveness 
­recognized in 
profit or loss
Income Statement
Net other Income
–22
Balance sheet
Debt securities issued
395,575
1,244
6,841
Fair value hedges of interest rate risk
395,575
1,244
6,841
–22
Income Statement
Net other Income
–1
Balance sheet
Loans to the public
370,524
Fair value changes of hedged items  
in a portfolio hedge
–702
–1,198
Portfolio fair value hedges of interest rate risk
370,524
–702
–1,198
–1
TOTAL
766,099
542
5,643
–23
Group, 2020
Income Statement
Net other Income
–11
Balance sheet
Debt securities issued
457,131
7,142
–2,594
Fair value hedges of interest rate risk
457,131
7,142
–2,594
–11
Income Statement
Net other Income
–19
Balance sheet
Loans to the public
320,618
Fair value changes of hedged items  
in a portfolio hedge
496
917
Portfolio fair value hedges of interest rate risk
320,618
496
917
–19
TOTAL
777,749
7,639
–1,678
–30

SEB Annual and Sustainability Report 2021 — 159
Note 21 continued  Derivatives and hedge accounting 
Portfolio cash flow hedges of interest rate risk
Group, 2021
The change in value  
of the hedged item  
used as the basis for 
recognizing hedge 
ineffectiveness  
for the period
The balances  
in the cash flow reserve 
Hedging 
gains/losses of the 
reporting period 
that were recognized 
in other comprehen-
sive income
Hedge 
­ineffectiveness 
recognized in 
profit or loss
The amount 
reclassified from  
cash flow reserve  
for which hedge 
accounting had 
previously been used
Continuing 
hedges
Discontinued 
hedges
Income Statement
Net other Income
–1
1
Statement of comprehensive income
Cash flow hedges
36
Balance sheet
Loans to the public and deposits and borrowing 
from the public
–36
Equity 
Cash flow hedges
129
–110
TOTAL
–36
129
–110
36
–1
1
Group, 2020
Income Statement
Net other Income
3
17
Statement of comprehensive income
Cash flow hedges
–72
Balance sheet
Loans to the public and deposits and borrowing 
from the public
72
Equity 
Cash flow hedges
156
–109
TOTAL
72
156
–109
–72
3
17
Hedging instruments
Parent company, 2021
Positive replacement values
Negative replacement values
Nominal amount
Book value
Change in value 
Nominal amount
Book value
Change in value 
Derivatives
172,736
633
–1,834
227,068
124
–5,029
Fair value hedges of interest rate risk
172,736
633
–1,834
227,068
124
–5,029
Derivatives
248,600
108
190
1,007
Portfolio fair value hedges of interest rate risk
248,600
108
190
0
0
1,007
Derivatives
6,305
232
39
3,619
325
–4
Portfolio cash flow hedges of interest rate risk
6,305
232
39
3,619
325
–4
TOTAL
427,642
973
–1,605
230,687
449
–4,026
Parent company, 2020
Derivatives
226,507
2,958
1,713
219,129
13
871
Fair value hedges of interest rate risk
226,507
2,958
1,713
219,129
13
871
Derivatives
208,000
29
–139
14,500
1
–797
Portfolio fair value hedges of interest rate risk
208,000
29
–139
14,500
1
–797
Derivatives
7,485
356
–73
6,139
731
4
Portfolio cash flow hedges of interest rate risk
7,485
356
–73
6,139
731
4
TOTAL
441,992
3,343
1,500
239,768
745
78

Financial statements  —  Notes
160 — SEB Annual and Sustainability Report 2021
Note 21 continued  Derivatives and hedge accounting 
Fair value hedges of interest rate risk
Parent company, 2021
Book value
The accumulated amount of 
fair value hedge adjustments  
on the hedged item included  
in the carrying amount
The change in value of  
the hedged item used as the 
basis for recognizing hedge 
ineffectiveness for the period
Hedge  
­ineffec­tiveness 
­recognized in 
profit or loss
Income Statement
Net other Income
–22
Balance sheet
Debt securities issued
395,575
1,244
6,841
Fair value hedges of interest rate risk
395,575
1,244
6,841
–22
Income Statement
Net other Income
–1
Balance sheet
Loans to the public
370,524
Fair value changes of hedged items in a portfolio hedge 
–702
–1,198
Portfolio fair value hedges of interest rate risk
370,524
–702
–1,198
–1
TOTAL
766,099
542
5,643
–23
Parent company, 2020
Income Statement
Net other Income
–11
Balance sheet
Debt securities issued
457,131
7,142
–2,594
Fair value hedges of interest rate risk
457,131
7,142
–2,594
–11
Income Statement
Net other Income
–19
Balance sheet
Loans to the public
320,618
Fair value changes of hedged items in a portfolio hedge 
496
917
Portfolio fair value hedges of interest rate risk
320,618
496
917
–19
TOTAL
777,749
7,639
–1,678
–30
Portfolio cash flow hedges of interest rate risk
Parent company, 2021
The change in value  
of the hedged item  
used as the basis for 
recog­nizing hedge 
­ineffectiveness 
for the period
The balances  
in the cash flow reserve 
Hedging gains/losses  
of the reporting period 
that were recognized 
in other comprehen-
sive income
Hedge 
­ineffectiveness 
recognized in 
profit or loss
The amount 
reclassified from cash 
flow reserve for which 
hedge accounting had 
previously been used
Continuing 
hedges
Discontinued 
hedges
Income Statement
Net other Income
–1
1
Statement of comprehensive income
Cash flow hedges
36
Balance sheet
Loans to the public and deposits and borrowing 
from the public
–36
Equity 
Cash flow hedges
129
–110
TOTAL
–36
129
–110
36
–1
1
Parent company, 2020
Income Statement
Net other Income
3
17
Statement of comprehensive income
Cash flow hedges
–72
Balance sheet
Loans to the public and deposits and borrowing 
from the public
72
Equity 
Cash flow hedges
156
–109
TOTAL
72
156
–109
–72
3
17

SEB Annual and Sustainability Report 2021 — 161
22  Investments in subsidiaries, associates and joint ventures
Group
Parent company
2021
2020
2021
2020
Shares in Swedish subsidiaries
14,641
14,641
Shares in foreign subsidiaries1) 
139
137
35,425
31,715
Investments in associates and joint ventures, strategic investments
669
548
463
343
Investments in associates, venture capital holdings
702
586
702
544
TOTAL
1,510
1,272
51,231
47,243
of which holdings in credit institutions
34,153
30,627
1) Some dormant subsidiaries in the group are consolidated using the equity method. 
During 2021 the parent company recognised an impairment of SEK 1,911m for the investment in the subsidiary DSK Hyp AG.
Swedish subsidiaries
Country
2021
2020
Book value
Dividend
Ownership, %
Book value
Dividend Ownership, %
Aktiv Placering AB, Stockholm
Sweden
38
100
38
100
Enskilda Kapitalförvaltning SEB AB, Stockholm 
Sweden
0
100
0
100
Försäkringsaktiebolaget Skandinaviska Enskilda ­Captive, 
Stockholm
Sweden
100
100
100
100
IFA DBB AB, Stockholm
Sweden
330
100
330
100
Parkeringshuset Lasarettet HGB KB, Stockholm
Sweden
0
99
0
99
Repono Holding AB, Stockholm
Sweden
3,227
100
3,227
100
SEB Förvaltnings AB, Stockholm
Sweden
5
100
5
100
SEB Internal Supplier AB, Stockholm
Sweden
12
100
12
100
SEB Investment Management AB, Stockholm
Sweden
541
100
541
400
100
SEB Kort Bank AB, Stockholm
Sweden
3,760
277
100
3,760
602
100
SEB Life and Pension Holding AB, Stockholm
Sweden
6,424
600
100
6,424
1,000
100
SEB Strategic Investments AB, Stockholm
Sweden
204
100
204
100
Skandinaviska Kreditaktiebolaget, Stockholm
Sweden
0
100
0
100
TOTAL
14,641
877
14,641
2,002
Foreign subsidiaries
DSK Hyp AG, (former SEB AG), Frankfurt am Main
Germany
18,246
100
15,533
100
SEB Bank JSC, St Petersburg 
Russia
829
100
458
100
SEB Banka, AS, Riga
Latvia
1,833
199
100
1,753
100
SEB bankas, AB, Vilnius
Lithuania
6,731
477
100
6,560
100
SEB Corporate Bank, PJSC, Kiev
Ukraine
138
100
138
100
SEB do Brasil Representacões LTDA, Sao Paulo
Brazil
0
1
100
0
1
100
SEB Leasing Oy, Helsinki
Finland
4,540
61
100
4,423
100
SEB Njord AS, Oslo
Norway
0
100
0
100
SEB Pank, AS, Tallinn
Estonia
2,617
788
100
2,425
1,010
100
SEB Securities Inc, New York
USA
46
100
30
100
Skandinaviska Enskilda Ltd, London
Great Britain
446
100
395
78
100
TOTAL
35,425
1,526
31,715
1,089
Information about the corporate registration numbers and numbers of shares of the subsidiaries is available upon request.
For more information on subsidiaries, directly owned or indirectly owned (via subsidiaries) by Skandinaviska Enskilda Banken AB (publ), during the financial year 
and/or at end of the financial year, see Sustainability notes pages 220–221.
Significant restrictions on the ability to use assets and settle  
liabilities of the group
Skandinaviska Enskilda Banken AB (Publ) can obtain distributions of capital, 
use assets and settle liabilities of members of the group within the limitation of 
some regulatory, statutory and contractual restrictions. These restrictions are:
Regulatory requirements
Regulated subsidiaries are subject to prudential regulatory capital require-
ments in the countries in which they are regulated. These subsidiaries are 
required to maintain a certain level of own funds in relation to their exposures, 
restricting their ability to distribute cash or other assets to the parent company.
To meet these requirements the subsidiaries hold capital instruments and 
other forms of subordinated ­liabilities. 
Statutory requirements
Subsidiaries are required to have a certain level of solvency and are restricted 
to make distributions of capital and profits leading to a solvency below that 
level. 
Contractual requirements
The group pledges some of its financial assets as collateral for financing and 
liquidity purposes. Encumbered assets can’t be transferred within the group. 
Such assets are described further in the note 47 Pledged assets.

Financial statements  —  Notes
162 — SEB Annual and Sustainability Report 2021
Note 22 continued  Investments in subsidiaries, associates and joint ventures
Investments in associates and joint ventures – Strategic ­investments
Assets1)
Liabilities1)
Revenues1)
Profit or loss1)
Book value
Ownership, %
Bankomat AB, Stockholm
3,314
2,900
623
5
66
20
BGC Holding AB, Stockholm
964
144
955
125
104
33
Cinder Invest AB, Stockholm
47
6
0
–21
79
18
Finansiell ID-Teknik BID AB, Stockholm
105
34
274
23
7
18
Getswish AB, Stockholm
114
28
189
0
19
20
Invidem AB (former Nordic KYC Utility AB), Stockholm
94
30
1
–168
73
17
P27 Nordic Payments AB
400
31
0
–162
113
17
USE Intressenter AB, Stockholm
1
0
0
0
0
28
Parent company holdings
463
Holdings of subsidiaries
119
Group adjustments
87
GROUP HOLDINGS
669
1) Retrieved from respective Annual report 2020.
Investments in associates – Venture capital holdings
2021
2020
Book value
Ownership, %
Book value
Ownership, %
Airsonett AB, Ängelholm
45
30
29
33
Apica AB, Stockholm
138
30
83
31
Avidicare Holding AB, Ängelholm
14
33
19
33
Cparta Cyber Defense AB, Stockholm
97
49
42
49
C-Green Technologies AB, Solna
20
0
Corpower Ocean AB, Stockholm
20
3
Enginzyme AB, Solna
10
3
InDex Pharmaceuticals Holding AB, Stockholm
23
2
60
15
Leasify AB, Stockholm
6
22
14
21
Now Interact Nordic AB, Stockholm
8
11
8
11
NuEvolution AB, Stockholm
0
20
0
20
OssDsign AB, Uppsala
57
12
44
12
Scandinova Systems AB, Uppsala
65
22
65
22
Scibase Holding AB, Stockholm
0
4
0
4
Senion AB, Linköping
24
39
TSS Holding AB, Stockholm
198
42
198
42
Parent company holdings
702
586
GROUP HOLDINGS
702
586
Information about the corporate registration numbers and numbers of shares of the associates is available upon request.
Strategic investments in associates in the group are accounted for using  
the ­equity method.
Investments in associates held by the venture capital organisation of  
the group have, in accordance with IAS 28, been designated as at fair value 
through profit and loss. 
Some entities, in which the bank have an ownership of less than 20 per cent, 
has been classified as investments in associates. The reason is that the bank  
is represented in the board of directors and participates in the policy making 
processes of those entities.
All financial assets within the group’s venture capital business are managed  
and its performance is evaluated on a fair value basis in accordance with 
­documented risk management and investment strategies.
Fair values for investments listed in an active market are based on quoted 
market prices. If the market for a financial instrument is not active, fair value  
is established by using valuation techniques based on discounted cash flow 
analysis, valuation with reference to financial instruments that is substantially 
the same, and valuation with reference to observable market transactions in 
the same financial instrument.

SEB Annual and Sustainability Report 2021 — 163
23  Intangible assets
2021
Group
Parent company
Goodwill1)
Deferred 
­acquisition 
costs
Internally 
­developed 
IT-systems
Other 
intangible 
assets
Total
Goodwill1)
Internally 
­developed 
IT-systems
Other 
intangible 
assets
Total
Opening balance
4,699
6,022
6,035
2,875
19,631
1,377
5,420
862
7,659
Additions from acquisitions and capitalisations
98
582
4
684
505
0
505
Reclassifications
–2
–2
Retirements and disposals
–179
–89
–283
–551
–84
–90
–174
Change in exchange rates
62
54
10
6
132
3
2
5
Acquisition value
4,582
6,174
6,538
2,600
19,894
1,377
5,843
775
7,995
Opening balance
–5,157
–4,106
–2,559
–11,823
–1,377
–3,737
–769
–5,883
Current year’s amortisations
–231
–581
–101
–912
–506
–43
–550
Reclassifications
1
1
Retirements and disposals
80
272
352
77
79
157
Change in exchange rates
–40
–5
–1
–46
–2
–2
–4
Accumulated depreciations
–5,427
–4,612
–2,389
–12,428
–1,377
–4,168
–735
–6,280
TOTAL
4,582
747
1,926
212
7,466
0
1,675
40
1,714
1) Goodwill has an indefinite useful life. All other intangible assets have a definite useful life. Amortisation methods are described in note 1.
2020
Opening balance
4,792
6,042
5,551
3,316
19,701
1,377
5,029
846
7,252
Additions from acquisitions and capitalisations
74
612
5
690
509
509
Reclassifications and mergers
6
–6
20
20
Retirements and disposals
–115
–380
–495
–115
–115
Change in exchange rates
–93
–94
–20
–59
–266
–4
–4
–8
Acquisition value
4,699
6,022
6,035
2,875
19,631
1,377
5,420
862
7,659
Opening balance
–4,991
–3,653
–2,872
–11,515
–1,377
–3,308
–692
–5,377
Current year’s amortisations
–236
–502
–110
–849
–452
–48
–500
Impairments reversed
25
25
Reclassifications and mergers
6
–6
8
–32
–23
Retirements and disposals
9
380
389
11
11
Change in exchange rates
69
9
49
127
4
3
7
Accumulated depreciations
–5,157
–4,106
–2,559
–11,823
–1,377
–3,737
–769
–5,883
TOTAL
4,699
865
1,929
316
7,808
0
1,683
93
1,776
Goodwill
The Cash Generating Units (CGU) structure is aligned with the business unit (BU) combined with geography to reflect the importance of steering and measuring the 
customer-oriented organisation. 
CGUs
Acquisition  
year
Opening 
­balance 2020
Change in 
exchange rates
Closing ­ 
balance 2020
Change in 
exchange rates
Impairment
Closing ­ 
balance 2021
Card, Norway & Denmark1)
2002/2004
945
–93
852
62
–179
735
Life Sweden
1996/1997
2,343
2,343
2,343
Investment Management Sweden
1997/1998
1,504
1,504
1,504
TOTAL
4,792
4,699
4,582
1) The CGU:s are presented together since both acquisitions are related to the Eurocard business.
Impairment test 2021
Result of impairment test
The yearly impairment test for 2021 was performed in the fourth quarter. The 
impairment test did not result in any indication of impairment for the CGUs Card 
Denmark, Life Sweden and Investment Management Sweden. For the CGU Card 
Norway, the recoverable amount was SEK 1,396m which was less than the car-
rying amount SEK 1,575m. Hence an impairment loss of SEK 179m has been rec-
ognised in segment Corporate & Private Customers and allocated as a reduction 
of the carrying amount of the goodwill. After the reduction, the carrying amount 
of the goodwill for this CGU is SEK 489m. Earnings before amortisations has 
decreased compared to previous estimates. The main explanatory factor was 
the delayed recovery of corporate card fees in the wake of the Covid-19 pan-
demic. The earnings before amortisation is deemed to recover by the mid of the 
new projection period.
Estimates and assumptions used: future cash flows
The impairment test on goodwill is based on value in use and builds on the busi-
ness plan for 2022–2024 and projected cash flows for 2025-2026. The long-
term growth is based on expectation on inflation 1.5 per cent. The allocated 
capital is derived from the group’s internal capital allocation model that has 
been aligned with the regulatory capital requirements including the manage-
ment buffer. The cash flows in the business plan start with the assumptions 
from the most recent Nordic Outlook published. The main assumptions are; GDP 
change in Sweden from 4.6 per cent to 2.4 per cent over three years and other 
Nordic countries excluding Sweden from 3.8 per cent to 2.2 per cent; inflation 
in Sweden 2.3 per cent to 1.5 per cent and in Other Nordic countries from 1.8 
per cent to 1.7 per cent. The Swedish repo rate is assumed to be 0.25 per cent 
at the end of 2023.
Estimates and assumptions used: Cost of Equity (CoE) – discount rate
The discount rate used is 9.5 per cent post-tax for SEB Group and is determined 
based on information from external sources and applied to all CGUs.
Sensitivities
An increase of one percentage of the discount rate (CoE), a decrease of the 
average growth rates by one percentage point for earnings before amortisa-
tions during the projection period and a decrease of one percentage point of the 
long term growth was applied in the sensitivity analysis. The sensitivity analysis 
carried out did not result in any indication of impairment for the CGUs Card Den-
mark, Life Sweden and Investment Management Sweden.

Financial statements  —  Notes
164 — SEB Annual and Sustainability Report 2021
Note 23 continued  Intangible assets
Impairment test 2020
Result of impairment test
The yearly impairment test for 2020 was performed in the fourth quarter. The 
impairment test did not result in any indication of impairment.
Estimates and assumptions used: future cash flows
The impairment test on goodwill is based on value in use and builds on the busi-
ness plan for 2021–2023 and projected cash flows for 2024–2025. The long-
term growth is based on expectations on inflation 1.5 per cent. The allocated 
capital is derived from the group’s internal capital allocation model that has 
been aligned with the regulatory capital requirements including the manage-
ment buffer. The cash flows in the business plan starts with the assumptions 
from the most recent Nordic Outlook published. The main assumptions are;  
GDP growth in Sweden from –3.1 per cent to 2.8 per cent over three years and 
other Nordic countries excluding Sweden from –3.4 per cent to 2.8 per cent; 
inflation in Sweden 0.5 per cent to 1.8 per cent and in Other Nordic countries 
from 0.7 per cent to 1.8 per cent. The repo rate in Sweden is assumed to be  
0.00 per cent end of 2022.
Estimates and assumptions used: Cost of Equity (CoE) – discount rate
The discount rate used is 10.0 per cent post-tax for SEB Group and is deter-
mined based on information from external sources and applied on all CGUs.
Sensitivities
An increase of one percentage of the discount rate (CoE), a decrease of the 
average growth rates by one percentage point for earnings before amortisa-
tions during the projection period and a decrease of one percentage point of the 
long term growth was applied in the sensitivity analysis. With these changes in 
key assumptions, the carrying amount for the CGU Card Norway would exceed 
the recoverable amount. Earnings before amortisations in the beginning of the 
projection period has decreased compared to previous estimates. The main 
explanatory factor was card fees which decreased significantly with the lower 
customer activity levels in the wake of the Covid-19 pandemic. The caution 
among customers is expected to ease after vaccine rollout why the earnings 
before amortisation is deemed to recover by the mid of the projection period. 
The recoverable amount for the CGU Card Norway exceeds the carrying 
amount by SEK 261m. The recoverable amount would be equal to the carrying 
amount should the discount rate (CoE) applied be 10.9 per cent or the annual 
growth rate applied be –9 per cent.
24  Properties and equipment
2021
Group
Parent company
Equipment
Properties 
for own 
­operations
Total
Equipment
Equipment 
leased to 
­clients1)
Properties 
for own 
­operations
Total
Opening balance
3,036
22
3,059
2,296
42,180
2
44,479
Additions from acquisitions and capitalisations
304
1
305
237
6,237
–1
6,473
Reclassifications
–12
0
–12
Retirements and disposals
–186
0
–187
–58
–8,755
–8,813
Change in exchange rates
48
2
50
50
0
50
Acquisition value
3,189
26
3,215
2,525
39,662
2
42,190
Opening balance
–1,765
–9
–1,773
–1,250
–15,183
0
–16,434
Current year’s depreciations
–377
0
–378
–293
–4,783
–5,076
Current year’s impairments
0
0
Reclassifications
0
0
0
Retirements and disposals
179
0
179
53
5,105
5,158
Change in exchange rates
–30
–1
–31
–36
325
0
288
Accumulated depreciations
–1,993
–10
–2,003
–1,527
–14,537
0
–16,064
TOTAL
1,196
16
1,212
999
25,125
2
26,126
2020
Opening balance
3,042
30
3,072
2,029
44,910
2
46,941
Additions from acquisitions and capitalisations
341
1
342
183
5,042
1
5,226
Reclassifications and mergers
–20
0
–20
169
169
Retirements and disposals
–224
–1
–225
–13
–7,772
–7,785
Change in exchange rates
–104
–7
–111
–72
0
–72
Acquisition value
3,036
22
3,059
2,296
42,180
2
44,479
Opening balance
–1,692
–12
–1,704
–981
–15,736
–16,717
Current year’s depreciations
–352
–1
–354
–265
–4,814
–5,079
Reclassifications and mergers
1
0
1
–63
–63
Retirements and disposals
207
1
208
9
5,947
5,956
Change in exchange rates
72
3
75
50
–580
–530
Accumulated depreciations
–1,765
–9
–1,773
–1,250
–15,183
–16,434
TOTAL
1,272
14
1,286
1,046
26,997
2
28,045
1) Equipment leased to clients are recognised as financial leases and presented as loans in the group. See note 49.
25  Other assets
Group
Parent company
2021
2020
2021
2020
Trade receivables
1,838
1,342
1,289
1,409
Client receivables
12,105
9,764
11,432
9,204
Other assets
7,057
5,388
7,859
5,806
TOTAL
21,001
16,494
20,580
16,418

SEB Annual and Sustainability Report 2021 — 165
26  Prepaid expenses and accrued income
Group
Parent company
2021
2020
2021
2020
Prepaid expenses
2,193
1,764
2,168
1,925
Accrued income
492
462
364
336
Other
29
16
286
266
TOTAL
2,714
2,242
2,818
2,527
27  Deposits
Group
Parent company
2021
2020
2021
2020
Deposits
14,399
47,134
14,398
47,134
Deposits from central banks
14,399
47,135
14,398
47,134
Deposits
57,545
48,290
68,759
85,707
Margins of safety
1,439
14,225
1,341
13,386
Repos
1,824
1,604
778
1,604
Registered bonds1)
56
Deposits from credit institutions
60,808
64,174
70,878
100,697
General governments
20,276
16,976
10,996
8,014
Financial corporations
368,304
284,796
374,576
290,241
Non-financial corporations
672,616
604,743
597,941
535,887
Households
439,281
382,852
325,425
286,121
Margins of safety
87,854
71,281
87,839
71,297
Repos
7,713
7,272
7,713
7,272
Registered bonds1)
1,406
3,307
Deposits and borrowings from the public
1,597,449
1,371,227
1,404,490
1,198,833
TOTAL
1,672,655
1,482,536
1,489,766
1,346,663
1) Of which SEK 1,406m (3,362) at Fair Value Through Profit or Loss Designated (FVDPL) for the group. The group’s contractual liability is SEK 1,250m (2,922). Difference between 
carrying amount and the amount the company is contractually obligated to pay to holders of registered bonds at maturity are, for the group SEK 156m (441). The accumulated impact 
from reflecting the group’s own credit standing in the fair value measurement amounts to SEK –11m (162), of which SEK –173m (–8) relates to 2021.
For registered bonds at Fair Value Through Profit or Loss Designated (FVDPL) 
change in fair value attributable to change in credit risk is determined, by first 
determining the changes due to market conditions which give rise to market 
risk, and then deducting those changes from the total change in fair value of  
the registered bonds. Market conditions which give rise to market risk include 
changes in the benchmark interest rate.
The company believes that this approach most faithfully represents the amount 
of change in fair value due to own credit risk, as the changes in factors contrib-
uting to the fair value of the registered bonds other than changes in the bench-
mark interest rate are not deemed to be significant.
28  Liabilities to policyholders
Financial liabilities for which the customers bear the investment risk,  
investment contracts1)
Group
2021
2020
Opening balance
332,392
317,574
Change in investment contract provisions2)
89,016
16,692
Change in exchange rates
2,818
–1,874
TOTAL
424,226
332,392
1) Insurance provisions where the policyholders are carrying the risk. The liabilities and the underlying assets are reported at fair value 
mandatory through profit or loss.
2) The net of premiums received during the year, return on investment funds less payments to the policyholders and deduction of fees and 
policyholders’ tax.
Liabilities to policyholders, insurance contracts
Group
2021
2020
Opening balance
29,624
26,547
Change in other insurance contract provisions1)
4,959
3,168
Change in exchange rates
39
–90
TOTAL
34,623
29,624
1) The net of premiums received during the year, allocated return on investment funds less payments to the policyholders and deduction of 
fees and policyholders’ tax.

Financial statements  —  Notes
166 — SEB Annual and Sustainability Report 2021
29  Debt securities issued
Group
Parent company
2021
2020
2021
2020
Senior bonds1)
120,516
151,118
120,439
151,042
Senior non-preferred bonds
30,250
20,500
30,250
20,500
Covered bonds
291,478
333,756
291,478
333,756
Commercial Papers/Certificates of Deposits
287,861
244,128
287,861
244,117
TOTAL
730,106
749,502
730,028
749,415
1) Of which SEK 10,453m (13,618) at Fair Value Through Profit or Loss Designated (FVDPL) for the group and 10,376m (13,542) at Fair Value Through Profit or Loss Designated (FVDPL) 
for the parent company. The group’s contractual liability is SEK 9,946m (13,848) and for the parent company SEK 9,870m (13,773). Difference between carrying amount and the 
amount the company is contractually obligated to pay to holders of issued securities at maturity are, for the group SEK 506m (–231) and for the parent company SEK 506m (–232). The 
accumulated impact from reflecting the group’s own credit standing in the fair value measurement amounts to SEK 80m (110), of which SEK –30m relates to 2021 (97). The correspon-
ding amount for the parent company is SEK 80m (110), of which SEK –30m relates to 2021 (97).
For issued securities at Fair Value Through Profit or Loss Designated (FVDPL) 
change in fair value attributable to change in credit risk is determined, by first 
determining the changes due to market conditions which give rise to market 
risk, and then deducting those changes from the total change in fair value of  
the issued securities. Market conditions which give rise to market risk include 
changes in the benchmark interest rate. Fair value movements on the embed-
ded derivatives are excluded from the assessment of market risk fair value 
changes.
The company believes that this approach most faithfully represents the 
amount of change in fair value due to own credit risk, as the changes in factors 
contributing to the fair value of the issued securities other than changes in the 
benchmark interest rate are not deemed to be significant.
30  Short positions
Group
Parent company
2021
2020
2021
2020
Equity instruments
14,405
10,873
14,405
10,873
Debt securities
20,164
19,536
20,164
19,536
TOTAL
34,569
30,409
34,569
30,409
31  Other liabilities
Group
Parent company
2021
2020
2021
2020
Trade payables
1,944
1,530
970
870
Client payables
6,701
11,599
5,119
10,488
Lease liabilities
5,527
5,639
Other liabilities
28,714
15,848
19,521
12,244
TOTAL
42,886
34,616
25,610
23,601
32  Accrued expenses and prepaid income
Group
Parent company
2021
2020
2021
2020
Accrued expenses
5,048
4,289
3,792
3,232
Prepaid income
774
884
129
137
Other
25
35
21
30
TOTAL
5,848
5,208
3,941
3,399

SEB Annual and Sustainability Report 2021 — 167
33  Provisions
Group
Parent company
2021
2020
2021
2020
Other restructuring and redundancy reserves
53
124
48
59
Provisions for Financial guarantees and Loan commitments (note 18)
640
653
529
525
Other provisions
68
213
59
56
TOTAL
761
990
636
640
Other restructuring and redundancy reserves
Opening balance
124
142
59
37
Additions
10
51
10
51
Unused amounts reversed 
–18
Other movements
–63
–67
–21
–29
Change in exchange rates
1
–2
TOTAL
53
124
48
59
The main part of the reserve will cover redundancy costs to be used within three years.
Other provisions
Opening balance
213
499
56
Additions
5
8
Amounts used
–3
–2
Unused amounts reversed 
–147
–294
Other movements
–1
2
4
56
Change in exchange rates
1
TOTAL
68
213
59
56
Other provisions mainly consist of costs for re-organisation within the group to be used within four years and unsettled claims covering all operating segments.
34  Subordinated liabilities
Group
Parent company
2021
2020
2021
2020
Debenture loans
14,726
19,056
13,826
18,606
Debenture loans, perpetual
13,555
12,279
13,555
12,279
Change in the value due to hedge accounting at fair value
145
695
145
695
Accrued interest
123
257
123
257
TOTAL
28,549
32,287
27,649
31,837
Debenture loans
Currency
Original nom. 
amount
Book value
Rate of 
interest, %
2014/2026
EUR
1,000
5,121
2.500
2016/2028
EUR
850
8,705
0.750
Total parent company
13,826
Debenture loans issued by other subsidiaries
900
TOTAL
14,726
Debenture loans, perpetual
Currency
Original nom. 
amount
Book value
Rate of 
interest, %
2017
USD
600
5,422
5.625
2019
USD
900
8,133
5.125
TOTAL
13,555

Financial statements  —  Notes
168 — SEB Annual and Sustainability Report 2021
35  Untaxed reserves 1)
Parent company
2021
2020
Depreciation in excess of plan on office equipment/leased assets
17,100
18,590
TOTAL
17,100
18,590
1) In the balance sheet of the group untaxed reserves are reclassified partly as deferred tax liability and partly as restricted equity.
Parent company
Excess 
­depreciation
Total
Opening balance
19,875
19,875
Reversals
–1,285
–1,285
Closing balance 2020
18,590
18,590
Reversals
–1,490
–1,490
Closing balance 2021
17,100
17,100
36  Fair value measurement of assets and liabilities
2021
Assets
Group
Parent company
Quoted 
prices in 
active 
­markets 
(Level 1)
Valuation 
­tech­nique ­using 
observ­able 
­inputs (Level 2)
Valuation 
­technique ­using 
non-­observable 
­inputs (Level 3)
Total
Quoted 
prices in 
active 
­markets 
(Level 1)
Valuation 
­tech­nique ­using 
­observ­able 
­inputs (Level 2)
Valuation 
­technique ­using 
non-­observable 
­inputs (Level 3)
Total
Loans
85,032
70
85,102
85,032
70
85,102
Debt securities 
95,783
101,575
49
197,407
69,627
98,821
49
168,497
Equity instruments 
100,548
558
19,635
120,742
90,372
448
5,329
96,149
Financial assets for which the customers  
bear the investment risk
404,178
10,545
7,774
422,497
Derivatives – Interest related
189
56,518
303
57,010
189
51,692
303
52,184
Derivatives – Equity related
896
3,385
2
4,283
896
3,385
2
4,283
Derivatives – Currency related
29
36,151
36,180
30
36,251
36,281
Derivatives – Credit related
639
639
639
639
Derivatives – Commodities related
26,966
26,966
26,966
26,966
Derivatives – Hedge accounting
973
973
973
973
Investment in associates1)
80
622
702
80
622
702
TOTAL
601,704
322,341
28,456
952,501
161,194
304,207
6,375
471,775
Liabilities
Deposits
10,169
10,169
8,491
8,491
Financial liabilities for which the customers 
bear the investment risk
405,907
10,545
7,774
424,226
Liabilities to policyholders
33,634
988
34,623
Debt securities issued
10,453
10,453
10,376
10,376
Short positions debt securities
499
19,665
20,164
499
19,665
20,164
Short positions equity instruments
14,388
18
14,405
14,388
18
14,405
Derivatives – Interest related
106
49,027
329
49,461
105
44,713
329
45,147
Derivatives – Equity related
728
7,357
8,085
728
7,357
8,085
Derivatives – Currency related
38
26,864
26,902
39
26,501
26,541
Derivatives – Credit related
584
584
584
584
Derivatives – Commodities related
32,692
32,692
32,692
32,692
Derivatives – Hedge accounting
449
449
449
449
Other financial liabilities
4
5,717
5,721
4
5,717
5,721
TOTAL
455,304
174,527
8,103
637,934
15,763
156,562
329
172,653
1) Venture capital activities designated at fair value through profit and loss.

SEB Annual and Sustainability Report 2021 — 169
Note 36 continued  Fair value measurement of assets and liabilities
2020
Assets
Group
Parent company
Quoted 
prices in 
active 
­markets 
(Level 1)
Valuation 
­tech­nique ­using 
observ­able 
­inputs (Level 2)
Valuation 
­technique ­using 
non-­observable 
­inputs (Level 3)
Total
Quoted 
prices in 
active 
­markets 
(Level 1)
Valuation 
­tech­nique ­using 
­observ­able 
­inputs (Level 2)
Valuation 
­technique ­using 
non-­observable 
­inputs (Level 3)
Total
Loans
120,124
120,124
120,124
120,124
Debt securities 
100,088
153,154
253,242
74,205
150,182
224,387
Equity instruments 
65,762
3,117
13,360
82,240
58,120
2,930
2,775
63,825
Financial assets for which the customers  
bear the investment risk
324,650
5,835
465
330,950
Derivatives – Interest related
47
85,337
425
85,810
47
80,293
425
80,765
Derivatives – Equity related
900
2,597
3,497
899
2,597
3,496
Derivatives – Currency related
56
58,161
58,217
56
57,705
57,761
Derivatives – Credit related
558
558
558
558
Derivatives – Commodities related
13,485
13,485
13,485
13,485
Derivatives – Hedge accounting
3,343
3,343
3,326
3,326
Investment in associates1)
60
526
586
60
526
586
TOTAL
491,563
445,711
14,776
952,051
133,387
431,200
3,726
568,313
Liabilities
Deposits
12,238
12,238
8,876
8,876
Financial liabilities for which the customers 
bear the investment risk
326,166
5,773
453
332,392
Liabilities to policyholders
28,511
1,113
29,624
Debt securities issued
13,618
13,618
13,542
13,542
Short positions debt securities
13,300
6,236
19,536
13,300
6,236
19,536
Short positions equity instruments
10,873
10,873
10,873
10,873
Derivatives – Interest related
84
65,052
406
65,543
84
61,124
406
61,614
Derivatives – Equity related
673
8,284
8,957
672
8,283
8,955
Derivatives – Currency related
49
71,481
71,530
51
71,379
71,430
Derivatives – Credit related
1,328
1,328
1,328
1,328
Derivatives – Commodities related
13,458
13,458
13,458
13,458
Derivatives – Hedge accounting
745
745
744
744
Other financial liabilities
123
621
744
123
621
744
TOTAL
379,779
199,949
859
580,586
25,103
185,591
406
211,100
1) Venture capital activities designated at fair value through profit and loss.
Fair value measurement 
The objective of the fair value measurement is to arrive at the price at which an 
orderly transaction would take place between market participants at the meas-
urement date under current market conditions.
The group has an established control environment for the determination of 
fair values of financial instruments that includes a review, independent from the 
business, of valuation models and prices. If the validation principles are not 
adhered to, the Head of Group Finance shall be informed. Exceptions of material 
and principal importance require approval from the GRMC (Group Risk Meas-
urement Committee) and the ARC (Accounting Reporting Committee).
In order to arrive at the fair value of a financial instrument SEB uses different 
methods; quoted prices in active markets, valuation techniques incorporating 
observable data and valuation techniques based on internal models. For disclo-
sure purposes, financial instruments carried at fair value are classified in a fair 
value hierarchy according to the level of market observability of the inputs. 
Group Risk classifies and continuously reviews the classification of financial 
instruments in the fair value hierarchy. The valuation process is the same for 
financial instruments in all levels.
An active market is one in which transactions occur with sufficient volume 
and frequency to provide pricing information on an ongoing basis. The objective 
is to arrive at a price at which a transaction without modification or repackaging 
would occur in the principal market for the instrument to which SEB has immedi-
ate access.
Fair value is generally measured for individual financial instruments, in addi-
tion portfolio adjustments are made to cover the credit risk. To reflect counter-
party risk and own credit risk in OTC derivatives, adjustments are made based 
on the net exposure towards each counterpart. These adjustments are calcu-
lated on a counterparty level based on estimates of exposure at default, proba-
bility of default and recovery rates. Probability of default and recovery rate 
information is generally sourced from the CDS markets. For counterparties 
where this information is not available, or considered unreliable due to the 
nature of the exposure, alternative approaches are taken where the probability 
of default is based on generic credit indices for specific industry and/or rating. 
The impact from these adjustments are shown in note 6.
When valuing financial liabilities at fair value own credit standing is reflected. 
Fair values of financial assets and liabilities by class can be found in note 37. 
In order to arrive at the fair value of investment properties a market partici-
pant’s ability to generate economic benefit by using the asset in its highest and 
best use are taken into account. The highest and best use takes into account the 
use of the asset that is physically possible, legally permissible and financially 
feasible. The current use of the investment properties in SEB is in accordance 
with the highest and best use. The valuation of investment properties is 
described in the accounting policies in note 1. The valuation of the investment 
properties is performed semi-annually, they are presented and approved by the 
board in each real estate company. The valuation principles used in all entities 
are in accordance with regulations provided by the local Financial Supervisory 
Authorities (FSA) which is in accordance with international valuation principles 
and in accordance with IFRS.
The fair value of the unit linked financial liabilities is determined using the fair 
value of the financial assets linked to the financial liabilities attributed to the 
policyholder on the balance sheet date. However, if the liability is subject to a 
surrender option, the fair value of the financial liability is never less than the 
amount payable on surrender. Any differences between assets and liabilities 
are due to premiums paid that have not yet been invested in funds. Changes 
in the value of unit linked insurance does not affect SEB as they belong to 
the ­policyholders.

Financial statements  —  Notes
170 — SEB Annual and Sustainability Report 2021
Note 36 continued  Fair value measurement of assets and liabilities
Level 1: Quoted market prices
Valuations in Level 1 are determined by reference to unadjusted quoted market 
prices for identical instruments in active markets where the quoted prices are 
readily available and the prices represent actual and regularly occurring mar-
ket transactions on an arm’s length basis.
Examples of Level 1 financial instruments are listed equity securities, debt 
securities, and exchange-traded derivatives. Instruments traded in an active 
market for which one or more market participants provide a binding price quo-
tation on the balance sheet date are also examples of Level 1 financial instru-
ments.
Level 2: Valuation techniques with observable inputs 
In Level 2 valuation techniques, all significant inputs to the valuation models are 
observable either directly or indirectly. Level 2 valuation techniques include 
using discounted cash flows, option pricing models, recent transactions and the 
price of another instrument that is substantially the same.
Examples of observable inputs are foreign currency exchange rates, binding 
securities price quotations, market interest rates (STIBOR, LIBOR, etc.), volatili-
ties implied from observable option prices for the same term and actual trans-
actions with one or more external counterparts executed by SEB. An input can 
transfer from being observable to being unobservable during the holding period 
due to e.g. illiquidity of the instrument. 
Examples of Level 2 financial instruments are most OTC derivatives such  
as options and interest rate swaps based on the LIBOR swap rate or a foreign-
denominated yield curve. Other examples are instruments for which SEB 
recently entered into transactions with third parties and instruments for which 
SEB interpolates between observable variables.
Level 3: Valuation techniques with significant unobservable inputs
Level 3 valuation techniques incorporate significant inputs that are unobserva-
ble. These techniques are generally based on extrapolating from observable 
inputs for similar instruments, analysing historical data or other analytical tech-
niques. 
Examples of Level 3 financial instruments are more complex OTC deriva-
tives, long term options for which the volatility is extrapolated or derivatives 
that depend on an unobservable correlation. Other examples are instruments 
for which there is currently no active market or binding quotes, such as unlisted 
equity instruments and private equity holdings.
If the fair value of financial instruments includes more than one unobserva-
ble input, the unobservable inputs are aggregated in order to determine the 
classification of the entire instrument. The level in the fair value hierarchy 
within which a financial instrument is classified is determined on the basis of  
the lowest level of input that is significant to the fair value in its entirety.
Significant transfers and reclassifications between levels
Transfers between levels may occur when there are indications that market 
conditions have changed, e.g. a change in liquidity. The Valuation/Pricing com-
mittee of each relevant division decides on material shifts between levels. At 
the end of Q4 some improvements in the classification methodology was imple-
mented and lead to a transfer within Equity instruments from Level 1 and Level 2 
into Level 3 in the amount of SEK 6.3bn. The largest open market risk within 
Level 3 financial instruments remains in the traditional life insurance invest-
ment portfolios within the insurance business. 
Changes in level 3
Group, 2021
Assets
Opening 
balance 
Gain/loss 
in Income 
statement 1) 2)
Purchases
Sales
Settlements
Transfers  
into 
Level 3
Transfers  
out of 
Level 3
Change in 
exchange  
rates
Closing 
balance
Loans
–23
92
1
70
Debt securities 
0
10
39
49
Equity instruments 
13,360
3,797
3,994
–2,096
498
–19
101
19,635
Financial assets for which  
the customers bear the investment risk
465
–60
4,215
–28
6,373
–3,267
76
7,774
Derivatives – Interest related
425
–56
45
–111
303
Derivatives – Equity related
2
2
Investment in associates1)
526
67
120
–91
622
TOTAL
14,776
3,725
8,478
–2,215
–111
6,910
–3,286
179
28,456
Liabilities
Financial liabilities for which  
the customers bear the investment risk
453
–58
4,208
–25
6,384
–3,265
77
7,774
Derivatives – Interest related
406
–13
45
–110
1
329
TOTAL
859
–71
4,208
20
–110
6,384
–3,265
78
8,103
Group, 2020
Assets
Opening 
balance 
Gain/loss 
in Income 
 statement1) 2)
Purchases
Sales
Settlements
Transfers  
into 
Level 3
Transfers  
out of 
Level 3
Change in 
exchange  
rates
Closing 
balance
Debt securities 
5
–5
0
Equity instruments 
13,050
–912
3,128
–1,782
–7
–116
13,360
Financial assets for which  
the customers bear the investment risk
631
–153
7
–10
165
–158
–17
465
Derivatives – Interest related
478
–250
65
132
425
Investment in associates1)
381
67
78
526
TOTAL
14,544
–1,248
3,278
–1,797
132
165
–165
–133
14,776
Liabilities
Financial liabilities for which  
the customers bear the investment risk
625
–154
–8
165
–158
–17
453
Short positions equity instruments
41
–53
11
1
0
Derivatives – Interest related
342
102
–104
69
–3
406
TOTAL
1,008
–105
–104
72
–3
165
–158
–16
859
1) Fair value gains and losses recognised in the income statement are included in Net financial income and Net other income. 
2) Gains/losses recognised in the income statement relating to instruments held as at 31 December are SEK 3,723m (1,044).

SEB Annual and Sustainability Report 2021 — 171
Note 36 continued  Fair value measurement of assets and liabilities
Changes in level 3
Parent company, 2021
Assets
Opening 
balance 
Gain/loss 
in Income 
statement1) 2)
Purchases
Sales
Settlements
Transfers  
into 
Level 3
Transfers  
out of 
Level 3
Change in 
exchange  
rates
Closing 
balance
Loans
–23
92
1
70
Debt securities 
10
39
49
Equity instruments 
2,762
1,040
869
–84
643
99
5,329
Derivatives – Interest related
425
–56
45
–111
303
Derivatives – Equity related
2
2
Investment in associates1)
526
67
120
–91
622
TOTAL
3,713
1,028
1,138
–175
–111
682
0
100
6,375
Liabilities
Derivatives – Interest related
406
–13
45
–109
329
TOTAL
406
–13
45
–109
329
Parent company, 2020
Assets
Opening 
balance 
Gain/loss 
 in Income 
statement1) 2)
Purchases
Sales
Settlements
Transfers  
into 
Level 3
Transfers  
out of 
Level 3
Change in 
exchange  
rates
Closing 
balance
Equity instruments 
2,806
–9
152
–72
–7
–108
2,762
Derivatives – Interest related
478
–250
65
132
425
Investment in associates1)
381
67
78
526
TOTAL
3,665
–192
295
–72
132
–7
–108
3,713
Liabilities
Short positions equity instruments
41
–52
11
0
Derivatives – Interest related
342
102
–104
69
–3
406
TOTAL
383
50
–104
80
–3
406
1) Fair value gains and losses recognised in the income statement are included in Net financial income and Net other income. 
2) Gains/losses recognised in the income statement relating to instruments held as at 31 December are SEK 968m (–142). 
Sensitivity of Level 3 financial instruments to unobservable inputs 
The table below illustrates the potential Profit or Loss impact of the relative 
uncertainty in the fair value of assets and liabilities that for their valuation are 
dependent on unobservable inputs. The sensitivity to unobservable inputs is 
assessed by altering the assumptions to the valuation techniques, illustrated 
below by changes in index-linked swap spreads, implied volatilities, credit 
spreads or comparator multiples. It is unlikely that all unobservable inputs 
would be simultaneously at the extremes of their ranges of reasonably possible 
alternatives. There have been no significant changes during 2021. The largest 
open market risk within Level 3 financial instruments is found within the insur-
ance business.
Group
2021
2020
Assets
Liabilities
Net
Sensitivity
Assets
Liabilities
Net
Sensitivity
Derivative instruments1) 4)
303
–325
–22
36
427
–406
21
55
Debt instrument3)
119
119
6
Equity instruments2) 5) 6)
4,137
4,137
680
2,251
2,251
419
Investments in associates 2)
1,814
1,814
363
1,034
1,034
207
Insurance holdings – Financial instruments3) 4) 6) 7)
14,176
14,176
1,847
10,367
10,367
1,230
1) Volatility valuation inputs for Bermudan swaptions are unobservable. Volatilities used for ordinary swaptions are adjusted further in order to reflect the additional uncertainty associa-
ted with the valuation of Bermudan style swaptions. The sensitivity is calculated from shift in implied volatilities and aggregated from each currency and maturity bucket.
2) Valuation is estimated in a range of reasonable outcomes. Sensitivity analysis is based on 20 per cent shift in market values.
3) Sensitivity for debt securities is generally quantified as shift in market values of 5 per cent except for credit opportunity 10 per cent and for distressed debt and structured credits  
15 per cent.
4) Shift in implied volatility by 10 per cent.
5) Sensitivity analysis is based on a shift in market values of hedge funds 5 per cent, private equity of 20 per cent, structured credits 15 per cent.
6) Sensitivity from a shift of investment properties/real estate funds market values of 10 per cent and infrastructure/infrastructure funds market values of 20 per cent.
7) The sensitivity show changes in the value of the insurance holdings which do not at all times affect the P/L of the group since any surplus in the traditional life portfolios are consumed first.

Financial statements  —  Notes
172 — SEB Annual and Sustainability Report 2021
37  Financial assets and liabilities by class
Group, 2021
Assets
Book value
Fair value
FVHFT
FVMPL
FVDPL
Hedge 
instru-
ments
AmC
Total
Quoted 
prices in 
active 
markets 
(Level 1)
Valuation 
technique 
using 
observable 
inputs 
(Level 2)
Valuation 
technique 
using 
non-observa-
ble inputs 
(Level 3)
Total
Loans1)
82,643
2,459
2,262,909
2,348,011
24,663
91,611
2,230,006
2,346,280
Debt securities
53,687
135,513
8,207
8,543
205,950
95,783
109,217
920
205,919
Equity instruments
89,284
31,458
120,742
100,548
558
19,635
120,742
Financial assets for  
which the customers  
bear the investment risk
422,497
422,497
404,178
10,545
7,774
422,497
Derivatives
125,078
973
126,051
1,115
124,632
305
126,051
Other
16,282
16,282
2,157
14,126
16,282
Financial assets
350,692
591,927
8,207
973
2,287,735
3,239,534
628,443
336,563
2,272,766
3,237,772
Other assets (non-financial)
64,696
TOTAL
350,692
591,927
8,207
973
2,287,735
3,304,230
Liabilities
Deposits
8,491
1,678
1,662,486
1,672,655
310
16,554
1,656,239
1,673,103
Financial liabilities for which  
the customers ­bear the instru-
ments investment risk
424,226
424,226
405,907
10,545
7,774
424,226
Debt securities issued
10,453
748,202
758,655
764,955
900
765,856
Short positions debt ­securities
20,164
20,164
499
19,665
20,164
Short positions equity instruments
14,405
14,405
14,388
18
14,405
Derivatives
117,724
449
118,173
872
116,973
329
118,173
Other
5,721
702
14,539
20,961
194
5,823
14,946
20,962
Financial liabilities
166,505
437,059
449
2,425,227
3,029,240
422,170
934,532
1,680,188
3,036,890
Liabilities to policyholders
34,623
Other liabilities (non-financial)
47,140
Total equity
193,228
TOTAL
166,505
437,059
449
2,425,227
3,304,230
1) Includes Cash balances at central banks SEK 437,187m. 
Group, 2020
Assets
Book value
Fair value
FVHFT
FVMPL
FVDPL
Hedge 
instru-
ments
AmC
Total
Quoted 
prices in 
active 
markets 
(Level 1)
Valuation 
technique 
using 
observable 
inputs 
(Level 2)
Valuation 
technique 
using 
non-observa-
ble inputs 
(Level 3)
Total
Loans1)
119,997
127
2,026,082
2,146,206
17,280
127,740
2,012,705
2,157,725
Debt securities
115,522
129,880
7,840
12,191
265,433
100,607
164,648
0
265,254
Equity instruments
58,448
23,792
82,240
65,762
3,117
13,360
82,240
Financial assets for  
which the customers  
bear the investment risk
330,950
330,950
324,650
5,835
465
330,950
Derivatives
161,566
3,343
164,909
1,003
163,481
425
164,909
Other
496
13,479
13,975
2,155
11,820
13,975
Financial assets
455,533
484,749
8,336
3,343
2,051,751
3,003,712
511,457
464,821
2,038,775
3,015,052
Other assets (non-financial)
36,720
TOTAL
455,533
484,749
8,336
3,343
2,051,751
3,040,432
Liabilities
Deposits
8,876
3,362
1,470,297
1,482,536
410
20,352
1,462,539
1,483,301
Financial liabilities for which  
the customers ­bear the instru-
ments investment risk
332,392
332,392
326,166
5,773
453
332,392
Debt securities issued
0
13,618
768,172
781,789
0
794,016
461
794,477
Short positions debt ­securities
19,536
19,536
13,300
6,236
0
19,536
Short positions equity instruments
10,873
10,873
10,873
0
0
10,873
Derivatives
160,816
745
161,561
806
160,349
406
161,561
Other
744
19,084
19,828
204
782
18,889
19,875
Financial liabilities
200,845
349,372
745
2,257,553
2,808,515
351,759
987,509
1,482,748
2,822,015
Liabilities to policyholders
29,624
Other liabilities (non-financial)
30,349
Total equity
171,943
TOTAL
200,845
349,372
745
2,257,553
3,040,432
1) Includes Cash balances at central banks SEK 321,621m.

SEB Annual and Sustainability Report 2021 — 173
Note 37 continued  Financial assets and liabilities by class
Parent company, 2021 
Assets
Book value
FVHFT
FVMPL
FVDPL
Hedge 
 instruments
AmC
Total
Loans1)
82,643
2,459
2,002,028
2,087,130
Debt securities
53,527
114,970
9,944
178,441
Equity instruments
89,284
6,865
50,066
146,215
Derivatives
120,353
973
121,326
Other
13,904
13,904
Financial assets
345,806
124,294
973
2,075,942
2,547,015
Other assets (non-financial)
40,818
TOTAL
345,806
124,294
973
2,075,942
2,587,834
Liabilities
Deposits
8,491
1,481,275
1,489,766
Debt securities issued
10,376
747,301
757,677
Derivatives
113,048
449
113,497
Other
40,290
7,142
47,432
Financial liabilities
161,829
10,376
449
2,235,718
2,408,371
Other liabilities (non-financial)
24,549
Total equity and untaxed reserves
154,913
TOTAL
161,829
10,376
449
2,235,718
2,587,834
1) Includes Cash balances at central banks SEK 371,465m.
Parent company, 2020 
Assets
Book value
FVHFT
FVMPL
FVDPL
Hedge 
 instruments
AmC
Total
Loans1)
119,997
127
1,814,593
1,934,717
Debt securities
115,411
108,976
15,541
239,928
Equity instruments
58,448
5,377
46,356
110,181
Derivatives
156,037
3,343
159,380
Other
12,049
12,049
Financial assets
449,893
114,480
3,343
1,888,539
2,456,255
Other assets (non-financial)
40,854
TOTAL
449,893
114,480
3,343
1,888,539
2,497,110
Liabilities
Deposits
8,876
1,337,788
1,346,664
Debt securities issued
13,542
767,710
781,252
Derivatives
156,784
745
157,529
Other
31,153
11,589
42,742
Financial liabilities
196,813
13,542
745
2,117,087
2,328,187
Other liabilities (non-financial)
16,427
Total equity and untaxed reserves
152,496
TOTAL
196,813
13,542
745
2,117,087
2,497,110
1) Includes Cash balances at central banks SEK 294,380m.
SEB has classified its financial instruments by class taking into account the 
­characteristics of the instruments:
Loans and deposits includes financial assets and liabilities with fixed or 
determinable payments that are not quoted in an active market. Loans are 
­further specified in note 18 and 40 f.
Equity instruments includes shares, rights issues and similar contractual 
rights of other entities.
Debt instruments includes contractual rights to receive or obligations to 
deliver cash on a predetermined date. These are further specified in note 19  
and 40 f.
Derivatives includes options, futures, swaps and other derived products held 
for trading and hedging purposes. These are further specified in note 21.
Investment contracts include those assets and liabilities in the Life insurance 
operations where the policyholder is carrying the risk of the contractual agree-
ment (is not qualified as an insurance contract under IFRS 4). The Life insurance 
operations are further specified in note 42.
Insurance contracts includes those assets and liabilities in the Life insurance 
operations where SEB is carrying the insurance risk of a contractual agreement 
(is qualified as an insurance contract under IFRS 4). The Life insurance opera-
tions are further specified in note 42.
Other includes other financial assets and liabilities recognised in accordance 
with IFRS 9, i.e. Trade and client receivables and payables.

Financial statements  —  Notes
174 — SEB Annual and Sustainability Report 2021
38  Assets and liabilities distributed by main currencies
Group, 2021
SEK
EUR
USD
GBP
DKK
NOK
Other
Total
Cash and cash balances and loans to central banks
196,067
149,112
85,308
1,517
2,396
2,847
6,550
443,798
Loans to credit institutions
7,053
14,596
25,560
1,209
1,074
1,140
9,377
60,009
Loans to the public
1,093,327
395,385
148,026
43,181
83,785
64,038
18,620
1,846,362
Other financial assets
602,696
108,254
96,253
35,863
13,283
29,399
3,618
889,366
Other assets
19,994
40,275
2,386
305
1,103
295
339
64,696
TOTAL ASSETS
1,919,137
707,623
357,533
82,074
101,642
97,719
38,502
3,304,230
Deposits from central banks
16
2,750
6,529
5,103
14,399
Deposits from credit institutions
21,867
12,238
11,691
221
7,925
3,415
3,452
60,808
Deposits and borrowing from the public
791,024
408,979
223,630
54,551
24,780
69,416
25,069
1,597,449
Other financial liabilities
738,501
226,670
336,757
72,438
9,953
6,465
424
1,391,208
Other liabilities
14,794
12,628
4,980
4,348
2,795
6,550
1,045
47,140
Total equity
193,228
193,228
TOTAL LIABILITIES AND EQUITY
1,759,430
663,265
583,587
131,558
45,451
85,846
35,093
3,304,230
Group, 2020
Cash and cash balances and loans to central banks
124,990
150,428
38,839
158
981
5,436
6,578
327,409
Loans to credit institutions
5,389
8,948
18,483
1,788
761
1,758
13,664
50,791
Loans to the public
1,035,355
400,450
130,015
30,436
82,110
72,222
19,572
1,770,161
Other financial assets
575,781
104,405
78,415
24,417
27,017
41,134
4,182
855,351
Other assets
1,644
30,920
2,150
294
1,073
286
353
36,720
TOTAL ASSETS
1,743,159
695,152
267,902
57,093
111,943
120,836
44,348
3,040,432
Deposits from central banks
35,010
215
7,181
4,729
47,135
Deposits from credit institutions
17,182
12,650
8,695
78
9,307
14,495
1,767
64,174
Deposits and borrowing from the public
705,202
361,933
156,297
48,652
34,575
37,624
26,943
1,371,227
Other financial liabilities
677,198
270,450
315,430
25,493
16,270
13,074
2,425
1,320,341
Other liabilities
41,166
16,271
2,332
815
2,625
1,123
1,280
65,612
Total equity
171,943
171,943
TOTAL LIABILITIES AND EQUITY
1,647,701
661,519
489,935
75,039
62,778
66,317
37,144
3,040,432
Parent company, 2021
SEK
EUR
USD
GBP
DKK
NOK
Other
Total
Cash and cash balances at central banks
196,058
81,147
85,279
1,257
2,384
2,337
3,004
371,466
Loans to credit institutions
12,490
20,726
25,102
1,117
3,339
4,506
7,053
74,334
Loans to the public
1,068,408
225,807
147,521
43,108
81,060
58,385
17,042
1,641,332
Other financial assets
198,657
83,163
95,708
36,186
13,284
29,397
3,491
459,885
Other assets
6,432
27,693
2,368
248
1,002
2,626
447
40,817
TOTAL ASSETS
1,482,045
438,536
355,977
81,917
101,070
97,251
31,038
2,587,834
Deposits from central banks
16
2,750
6,529
5,103
14,398
Deposits from credit institutions
24,774
13,825
16,870
444
8,112
3,712
3,142
70,878
Deposits and borrowing from the public
800,121
217,452
218,374
54,750
24,710
69,246
19,836
1,404,490
Other financial liabilities
316,104
177,839
336,410
72,097
9,648
6,231
276
918,606
Other liabilities
6,905
3,117
4,891
173
2,316
6,138
1,010
24,549
Shareholders’ equity and untaxed reserves
154,913
154,913
TOTAL LIABILITIES AND EQUITY
1,302,833
414,983
583,075
127,464
44,786
85,327
29,367
2,587,834
Parent company, 2020
Cash and cash balances at central banks
124,967
121,632
38,801
967
2,179
5,846
294,391
Loans to credit institutions
9,050
25,571
17,954
1,258
2,384
7,429
7,380
71,027
Loans to the public
1,009,456
234,629
129,334
30,392
79,860
67,108
18,532
1,569,310
Other financial assets
266,466
80,256
77,584
24,810
27,012
41,135
4,267
521,530
Other assets
11,206
23,145
2,281
421
961
2,435
404
40,852
TOTAL ASSETS
1,421,144
485,232
265,954
56,881
111,184
120,285
36,429
2,497,110
Deposits from central banks
35,010
214
7,181
4,729
47,134
Deposits from credit institutions
19,605
41,125
12,779
808
9,402
14,823
2,153
100,697
Deposits and borrowing from the public
713,942
194,462
150,807
48,720
34,491
37,313
19,098
1,198,833
Other financial liabilities
378,402
230,522
315,398
25,471
16,273
13,064
2,394
981,523
Other liabilities
8,365
2,507
2,197
618
1,847
550
344
16,427
Shareholders’ equity and untaxed reserves
152,496
152,496
TOTAL LIABILITIES AND EQUITY
1,307,820
468,830
488,361
75,617
62,013
65,750
28,719
2,497,110

SEB Annual and Sustainability Report 2021 — 175
39  Current and non-current assets and liabilities
Group
Assets
2021
2020
Current ­ 
assets
Non-current  
assets
Total
Current ­ 
assets
Non-current  
assets
Total
Cash and cash balances at central banks
439,344
439,344
323,776
323,776
Loans to central banks
4,454
4,454
3,633
3,633
Loans to credit institutions
55,031
4,977
60,009
46,213
4,579
50,791
Loans to the public
616,003
1,230,359
1,846,362
618,518
1,151,643
1,770,161
Debt securities
205,950
205,950
265,433
265,433
Equity instruments
120,742
120,742
82,240
82,240
Financial assets for which the customers bear the investment risk
422,497
422,497
330,950
330,950
Derivatives
126,051
126,051
164,909
164,909
Fair value changes of hedged items in a portfolio hedge of interest 
rate risk
496
496
Investments in subsidiaries, associates and joint ventures
1,510
1,510
1,272
1,272
Intangible assets
912
6,554
7,466
849
6,960
7,808
Properties and equipment
378
834
1,212
354
932
1,286
Right-of-use assets
844
4,235
5,079
5,141
5,141
Current tax assets
15,359
15,359
6,070
6,070
Deferred tax assets
675
675
444
444
Retirement benefit assets
23,804
23,804
7,287
7,287
Other assets
21,001
21,001
16,494
16,494
Prepaid expenses and accrued income
2,714
2,714
2,242
2,242
TOTAL
2,055,085
1,249,145
3,304,230
1,874,603
1,165,829
3,040,432
Liabilities
2021
2020
Current 
­liabilities
Non-current
liabilities
Total
Current 
­liabilities
Non-current
liabilities
Total
Deposits from central banks and credit institutions
73,119
2,087
75,206
73,699
37,610
111,309
Deposits and borrowing from the public
1,591,808
5,641
1,597,449
1,361,872
9,355
1,371,227
Financial liabilities for which the customers bear the investment risk
19,343
404,883
424,226
16,812
315,580
332,392
Liabilities to policyholders
2,598
32,025
34,623
2,127
27,497
29,624
Debt securities issued
399,882
330,224
730,106
381,744
367,758
749,502
Short positions
34,569
34,569
30,409
30,409
Derivatives
118,173
118,173
161,561
161,561
Other financial liabilities
5,721
5,721
744
744
Fair value changes of hedged items in a portfolio hedge
702
702
Current tax liabilities
1,384
1,384
993
993
Deferred tax liabilities
10,354
10,354
7,212
7,212
Other liabilities
38,297
4,589
42,886
34,616
34,616
Accrued expenses and prepaid income
5,848
5,848
5,208
5,208
Provisions
761
761
990
990
Retirement benefit liabilities
445
445
414
414
Subordinated liabilities
5,500
23,048
28,549
10,375
21,912
32,287
TOTAL
2,296,944
814,059
3,111,002
2,080,160
788,329
2,868,489
Assets and liabilities are classified as current assets and current liabilities when 
they are cash or cash equivalents, are hold for trading purposes, are expected 
to be sold, ­settled or consumed in normal business, and are expected to be 
realised within twelve months. All other assets and liabilities are classified as 
non-current.
40  Risk disclosures
SEB defines risk as the possibility of a negative deviation from an expected 
financial outcome. SEB’s profitability is directly dependent upon its ability to 
assess, manage and price the risks encountered, while maintaining an adequate 
capital and liquidity position to meet unforeseen events. The Board of Directors 
is responsible for setting the maximum acceptable levels of risks to be taken by 
the bank. The risk tolerance statements of the Board convey the direction and 
level of risk, funding structure, and necessary liquidity and capital buffers. 
SEB’s main risk is credit risk. Other risks that the group is exposed to include 
market risk, non-financial risks, business risk, insurance and pension risk, and 
liquidity risk. In order to cover the risks, SEB holds a capital buffer and liquidity 
reserves in case of unforeseen events. SEB strives to continuously identify and 
manage risks in its operations, both existing and emerging risks, in a designated 
risk management process. The aggregate risk profile of SEB is regularly moni-
tored and reported to the Group Risk Committee (GRC) and the Board. In the 
annual capital adequacy process, the capital need of the group is evaluated 
based on the risk profile and future business strategy, taking into consideration 
the financial stability requirements of the regulators, debt investors, business 
counterparties and shareholders’ required rate of return. 
	
Further information about SEB’s risk, liquidity and capital management is 
available on pages 86–91, notes 18 and 41 and in SEB’s report under 
­Pillar 3: Capital Adequacy and Risk Management Report (available on 
). For more information about climate-related matters 
related to risk, see Sustainability report pages 42–69.

Financial statements  —  Notes
176 — SEB Annual and Sustainability Report 2021
40 a  Credit risk
Definition
Credit risk is the risk of loss due to the failure of an obligor to fulfil its obligations 
towards SEB. The definition also comprises counterparty risk derived from the 
trading operations, country risk, settlement risk, and credit concentration risk.
Credit risk is the main risk in SEB and arises in the lending and commitments to 
customers, including corporates, financial institutions, public sector entities, and 
private individuals. This is referred to as the credit portfolio. SEB’s total credit 
exposure consists of the credit portfolio as well as debt instruments.
Risk management
Credit policies and approval process
The main principle in SEB’s general credit policy is that all lending is based on 
credit analysis and is proportionate to the customer’s cash flow and ability to 
repay. The customer shall be known to the bank and the purpose of the loan 
shall be fully understood. The business units take full responsibility of the credit 
risk until repayment.
A credit approval is based on an evaluation of the customer’s creditworthi-
ness and the type of credit. Relevant factors include the customer’s current and 
anticipated financial position and protection provided by covenants and collat-
eral. A credit approval takes the proposed transaction into account as well as 
the customer’s total business with the bank. The credit decision also includes a 
risk classification of the customer based on this analysis. The process differs 
depending on the type of customer (e.g., retail, corporate or institutional), risk 
level, as well as size and type of transaction. For larger corporate customers, 
independent and professional credit analysis is particularly important, and the 
decisions are mostly taken by a credit committee. For private individuals and 
small businesses, the credit approval is often based on credit scoring models. 
Every credit decision of significance requires approval from an independent 
credit officers, one with chairman status. Credit decision-making is based on a 
hierarchical structure, with the Group Risk Committee (GRC) being the highest 
credit granting body, subject to limited exceptions. Below the GRC, there are 
divisional credit committees and, in turn, local credit committees depending on 
the location of the customer, with small approval authorities for certain bank 
officers. The approval mandates for each level are set on a risk-adjusted basis 
using both quantitative and qualitative criteria.
SEB’s credit policies reflect the group’s approach to sustainability as 
described in the Corporate Sustainability Policy, the Environmental Policy, the 
Human Rights Policy, and the Credit Policy on Corporate Sustainability. Position 
statements on climate change, child labour, and access to fresh water, as well 
as a number of industry sector policies, including Forestry, Fossil fuel, Mining 
and metals, Renewable energy and Shipping, are considered in the credit grant-
ing process and are also used in customer dialogues. Environmental, social and 
governance risks (so-called ESG risks) shall be considered in the credit analysis.
Risk mitigation 
In order to reduce the credit risk, a number of credit risk mitigation techniques 
are used. The method used depends on its suitability for the product and the 
customer in question, its legal enforceability, and on SEB’s experience and 
capacity to manage and control the particular technique. The most important 
credit risk mitigation techniques are collateral pledges, guarantees, and netting 
agreements. The most common types of pledges are real estate, floating 
charges, and financial securities. For large corporate customers, credit risk is 
often mitigated using covenants. In the trading operations, daily margin 
arrangements are frequently used to mitigate net open counterparty exposures 
at any point in time.
 
Limits and monitoring 
To manage the credit risk for individual customers or customer groups, a limit is 
established that reflects the maximum exposure that SEB is willing to accept. 
Limits are also established for total exposure in countries in certain risk classes, 
certain customer segments and for settlement risks in the trading operations.
SEB continuously reviews the quality of its credit exposures. All limits and 
risk classes are reviewed at least annually by a credit approval body (a credit 
committee consisting of at least two bank officers as authorised by the group’s 
Credit Instruction, adopted by the Board).
Weak or impaired exposures are subject to more frequent reviews. The 
objective is to identify credit exposures with an elevated risk of loss at an early 
stage and to work together with the customer towards a solution that enables 
the customer to meet its financial obligations and SEB to avoid or limit credit 
losses. In its core markets, SEB maintains local restructuring teams that are 
engaged in problem exposures. These are supported by a global restructuring 
function with overall responsibility for managing problem exposures.
Allowances are made for expected credit losses of financial assets in scope 
of the accounting standard IFRS 9 Financial Instruments. The guiding principle 
of the expected credit loss model is to reflect the general pattern of deteriora-
tion or improvement in the credit quality of the assets.
	
For a description of the methodology to estimate the expected credit loss 
allowance, refer to note 1 and note 18. 
Loans where the contractual terms have been amended in favour of the cus-
tomer due to financial difficulties are referred to as forborne loans. Forbear-
ance measures range from amortisation holidays (the most common measure) 
to refinancing with new terms and debt forgiveness. If changes in contractual 
terms are significant, the loan is also considered impaired.
A relevant credit approval body shall approve the forbearance measures as 
well as the classification of the loan as being forborne or not.
Credit portfolio analysis and stress tests 
The risk organisation regularly reviews and assesses the aggregate credit port-
folio based on industry, geography, risk class, product type, size, and other 
parameters. Risk concentrations in geographic and industry sectors as well as 
in large single names are thoroughly analysed, both in respect of direct and indi-
rect exposures and in the form of collateral, guarantees, and credit derivatives. 
As at year-end, the 20 largest corporate exposures (including real estate man-
agement) corresponded to 100 per cent of the capital base (93). Stress tests of 
the credit portfolio, including reverse stress tests, are performed regularly as a 
part of SEB’s annual internal capital adequacy assessment process. Specific 
analyses and stress tests of certain sectors or sub-portfolios are performed as 
required.
Risk measurement
Credit risk is measured for all exposures, both in the banking book and the trad-
ing book. An internal ratings-based (IRB) risk classification system approved by 
the regulator is used for the majority of the bank’s portfolios and reflects the 
risk of default on payment obligations. As at 31 December 2021, 92 per cent of 
the credit risk-weighted exposure amount was covered by the IRB approach.
For significant corporate portfolios, the risk classification system contains 
specific rating tools and PD (probability of default) scales. Larger and mid-sized 
counterparties are measured on a risk class scale of 1–16, while small- and 
medium-sized enterprises (SMEs) are measured on a scale of 1–12. Defaulted 
counterparties are given the highest risk class, and the three risk classes prior 
to default are defined as “watch list”. For each risk class scale, SEB makes indi-
vidual one-year through-the-cycle probability of default estimates, which are 
based on more than 20 years of internal and external data.
For private individuals and small businesses, SEB uses credit scoring systems 
to estimate PD for the customer. To achieve greater accuracy, SEB uses differ-
ent credit scoring models for different regions and product segments, as both 
data accessibility and customer characteristics normally vary by country and 
product.
The exposure weighted PD of the total credit portfolio was 0.50 per cent at 
year-end (0.50).
	
The risk distribution of the non-retail and ­household portfolios is shown on 
page 177. 
Counterparty credit risk in derivative contracts 
SEB enters into derivative contracts primarily to support customers in the man-
agement of their financial exposures. SEB also uses derivatives to protect cash 
flows and fair values of financial assets and liabilities in its own book from mar-
ket fluctuations.
Counterparty credit risk in derivative contracts is the risk of a counterparty 
not living up to its contractual obligations where SEB has a claim on the counter-
party. The claim on the counterparty corresponds to a net positive exposure in 
favour of SEB. Since the market value of a derivative fluctuates during the term 
to maturity, the uncertainty of future market conditions must be taken into 
account. The potential future exposure (PFE) is calculated by applying an add-
on to current market value. The add-on is generated either through simulation 
(internal model method) or by applying a standard add-on which is set by a fixed 
value depending on product type and time to maturity which reflects potential 
market movements for the specific contract (standardised method).
SEB’s simulation-based approach for calculating potential future exposure 
(internal model method) is approved by the Swedish FSA for external capital 
reporting of counterparty credit risk of repos, interest rate derivatives and FX 
derivatives in the parent company.
Counterparty credit risk in derivative contracts is reduced through the use of 
close-out netting agreements where all positive and negative market values 
under an agreement can be netted at the counterparty level and through collat-
eral arrangements.
Counterparty credit risk in derivative contracts affects the profit and loss 
through credit/debit valuation adjustments (CVA/DVA) reflecting the credit risk 
associated with derivative positions. These adjustments depend on market risk 
factors such as interest rate, foreign exchange rates and credit spreads. There is 
also a regulatory capital requirement for credit valuation adjustments under 
Basel III.

SEB Annual and Sustainability Report 2021 — 177
Note 40 a continued  Credit risk 
Credit exposure by industry
Total credit exposure comprises the group’s credit portfolio (lending, contingent 
liabilities and counterparty risks arising from derivative, repo and collateral 
margin contracts) and debt instruments. Counterparty risks are reported based 
on exposure-at-default calculations. Exposures are presented before allow-
ances. Debt instruments comprise all interest-bearing instruments at nominal 
amounts. Debt instruments in the Life and Investment Management divisions 
are excluded.
Group
Lending
Contingent liabilities
Derivatives, repos and 
­collateral margins
Total
2021
2020
2021
2020
2021
2020
2021
2020
Banks
25,218
23,813
27,628
22,762
49,582
38,474
102,428
85,049
Finance and insurance
122,150
98,381
76,612
59,502
39,951
39,043
238,712
196,925
Wholesale and retail
81,025
72,671
54,982
70,331
1,876
2,335
137,882
145,337
Transportation
32,923
32,795
41,084
22,588
1,858
3,868
75,865
59,251
Shipping
49,722
47,208
11,826
9,925
1,324
2,247
62,872
59,379
Business and household services
160,882
138,906
163,545
112,480
4,820
5,414
329,247
256,799
Construction
12,366
11,894
24,307
22,669
517
551
37,190
35,113
Manufacturing
104,413
91,875
177,434
190,238
9,936
6,993
291,783
289,106
Agriculture, forestry and fishing
29,275
24,469
9,511
9,322
282
106
39,067
33,896
Mining, oil and gas extraction
14,784
23,627
31,675
24,359
3,119
1,458
49,578
49,444
Electricity, gas and water supply
64,594
54,909
62,727
56,297
33,449
17,737
160,771
128,943
Other
24,222
29,113
25,029
23,965
501
963
49,752
54,041
Corporates
696,355
625,846
678,732
601,676
97,633
80,713
1,472,720
1,308,236
Commercial real estate management
156,405
163,234
28,844
26,846
2,524
5,495
187,774
195,575
Residential real estate management
135,792
127,391
12,972
9,977
2,794
5,695
151,557
143,063
Real Estate Management
292,197
290,625
41,816
36,824
5,318
11,190
339,330
338,638
Housing co-operative associations
68,419
62,490
5,903
3,380
0
1
74,323
65,870
Public Administration
15,053
15,939
24,744
24,141
43,663
41,864
83,460
81,943
Household mortgage
618,756
576,383
51,499
52,575
670,255
628,958
Other
43,350
41,683
42,419
40,850
24
63
85,794
82,596
Households
662,106
618,066
93,918
93,426
24
63
756,049
711,554
Credit portfolio
1,759,347
1,636,777
872,742
782,208
196,220
172,304
2,828,309
2,591,289
Debt instruments
176,703
240,898
TOTAL
3,005,012
2,832,187
Credit portfolio by industry and geography
The total credit portfolio comprises the group’s lending, contingent liabilities 
and counterparty risks arising from derivatives, repos and collateral margin 
contracts. Counterparty risks are reported based on exposure-at-default calcu-
lations. Exposures are presented before allowances.
Group, 2021
Sweden 
 Other Nordic 
countries
Baltic countries
Germany, UK
Other
Total
Banks
75,747
12,511
878
3,652
9,641
102,428
Finance and insurance
168,377
21,131
800
40,302
8,102
238,712
Wholesale and retail
48,839
38,271
24,287
19,729
6,756
137,882
Transportation
20,228
36,984
10,268
7,923
462
75,865
Shipping
11,306
25,242
887
17,284
8,154
62,872
Business and household services
185,546
52,988
7,934
76,149
6,630
329,247
Construction
20,183
4,177
4,160
5,494
3,176
37,190
Manufacturing
115,383
89,088
14,963
57,135
15,214
291,783
Agriculture, forestry and fishing
24,593
6,248
7,882
92
252
39,067
Mining, oil and gas extraction
7,459
40,681
337
822
280
49,578
Electricity, gas and water supply
51,218
63,420
12,984
32,895
253
160,771
Other
30,635
1,383
721
16,515
499
49,752
Corporates
683,767
379,613
85,223
274,341
49,777
1,472,720
Commercial real estate management
120,954
39,012
23,950
3,814
43
187,774
Residential real estate management
147,466
1,698
2,310
83
151,557
Real Estate Management
268,419
40,710
23,950
6,124
127
339,330
Housing co-operative ­associations
74,170
152
74,323
Public Administration
68,506
4,581
5,400
2,017
2,955
83,460
Household mortgage
594,206
786
69,682
5,580
670,255
Other
48,121
25,270
9,150
3,252
85,794
Households
642,328
26,057
78,832
8,832
756,049
TOTAL
1,812,937
463,623
194,283
286,134
71,332
2,828,309

Financial statements  —  Notes
178 — SEB Annual and Sustainability Report 2021
Note 40 a continued  Credit risk 
Group, 2020
Sweden 
 Other Nordic 
countries
Baltic countries
Germany, UK
Other
Total
Banks
56,582
12,906
1,904
5,491
8,165
85,049
Finance and insurance
143,207
18,064
685
27,398
7,571
196,925
Wholesale and retail
53,384
32,249
23,690
28,398
7,616
145,337
Transportation
20,134
18,539
10,524
9,642
411
59,251
Shipping
13,882
21,113
964
17,904
5,516
59,379
Business and household services
121,525
57,989
8,168
62,155
6,964
256,799
Construction
19,588
3,964
3,675
5,004
2,883
35,113
Manufacturing
107,312
94,036
13,936
57,423
16,399
289,106
Agriculture, forestry and fishing
21,766
3,795
7,807
92
436
33,896
Mining, oil and gas extraction
5,905
40,106
677
2,581
176
49,444
Electricity, gas and water supply
31,912
55,144
14,356
27,262
269
128,943
Other
34,308
1,013
717
17,204
799
54,041
Corporates
572,922
346,012
85,199
255,063
49,041
1,308,236
Commercial real estate management
123,052
38,595
24,055
8,841
1,032
195,575
Residential real estate management
138,168
2,092
2,742
61
143,063
Real Estate Management
261,220
40,687
24,055
11,584
1,092
338,638
Housing co-operative ­associations
65,721
150
65,870
Public Administration
66,015
5,880
4,320
2,817
2,912
81,943
Household mortgage
560,197
877
63,291
4,593
628,958
Other
46,431
24,617
8,762
2,786
82,596
Households
606,628
25,494
72,054
7,378
711,554
TOTAL
1,629,087
431,129
187,532
274,954
68,588
2,591,289
Credit portfolio by PD range
Group, 2021
Category
Probability of 
­Default (PD) range
S&P/Moody’s1)
Total, excluding households
Households
Banks
Corporates
Real estate 
management
Housing 
Co-ops
Public 
­Admin.
Total
Households2) 
PD range
Investment grade
0 < 0.01%
AAA/Aaa
6.8%
0.7%
0.1%
0.0%
78.5%
4.2%
0.01 < 0.03%
AA/Aa
55.2%
10.4%
4.8%
0.1%
14.5%
11.1%
0 < 0.2%
65.7%
0.03 < 0.12%
A/A
25.8%
31.6%
7.3%
9.7%
5.4%
24.8%
0.2 < 0.4%
20.4%
0.12 < 0.46%
BBB/Baa
7.1%
37.3%
55.7%
84.5%
1.0%
39.7%
0.4 < 0.6%
0.3%
Standard 
­monitoring
0.46 < 1.74%
BB/Ba
1.5%
14.8%
30.3%
5.6%
0.6%
16.1%
0.6 < 1%
7.1%
1.74 < 7%
B/B
1.0%
3.8%
1.6%
0.1%
0.1%
2.9%
1 < 5%
4.8%
Watch list
7 < 9%
B/B
2.0%
0.2%
0.1%
0.0%
0.0%
0.3%
5 < 10%
0.6%
9 < 22%
CCC/Caa
0.7%
0.5%
0.1%
0.0%
0.0%
0.4%
10 < 30%
0.2%
22 < 100%
C/C
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
30 < 50%
0.2%
Default
100%
D
0.0%
0.7%
0.1%
0.0%
0.0%
0.5%
50 < 100%
0.7%
TOTAL
100%
100%
100%
100%
100%
100%
TOTAL
100%
Group, 2020 
Investment grade
0 < 0.01%
AAA/Aaa
3.9%
0.6%
0.1%
0.0%
78.9%
4.1%
0.01 < 0.03%
AA/Aa
44.3%
10.1%
6.0%
0.1%
13.3%
10.5%
0 < 0.2%
64.0%
0.03 < 0.12%
A/A
32.9%
33.1%
8.8%
8.1%
6.9%
26.6%
0.2 < 0.4%
21.2%
0.12 < 0.46%
BBB/Baa
8.3%
34.7%
53.8%
87.0%
0.4%
37.5%
0.4 < 0.6%
0.3%
Standard 
­monitoring
0.46 < 1.74%
BB/Ba
5.7%
15.8%
29.5%
4.7%
0.5%
16.8%
0.6 < 1%
7.3%
1.74 < 7%
B/B
2.0%
3.8%
1.5%
0.0%
0.1%
3.0%
1 < 5%
5.3%
Watch list
7 < 9%
B/B
1.5%
0.4%
0.1%
0.0%
0.0%
0.4%
5 < 10%
0.8%
9 < 22%
CCC/Caa
1.6%
0.3%
0.1%
0.0%
0.0%
0.3%
10 < 30%
0.6%
22 < 100%
C/C
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
30 < 50%
0.3%
Default
100%
D
0.0%
1.0%
0.1%
0.0%
0.0%
0.7%
50 < 100%
0.3%
TOTAL
100%
100%
100%
100%
100%
100%
TOTAL
100%
1) Estimated link between internal PDs and external ratings based on comparison of historical default outcomes.
2) Household exposure based on the internal ratings based (IRB) method reported as exposure in the event of a default (EAD – exposure at default).

SEB Annual and Sustainability Report 2021 — 179
Note 40 a continued  Credit risk
Credit portfolio protected by guarantees, credit derivatives and collaterals 1)
2021
Group
Parent company
Credit 
­portfolio
Protection via 
guarantees 
and credit 
­derivatives
Protection 
via pledged 
collaterals
Of which, 
­financial 
­collaterals
Credit 
­portfolio
Protection via 
guarantees 
and credit 
­derivatives
Protection 
via pledged 
collaterals
Of which, 
­financial 
­collaterals
Banks
102,428
1,934
11,242
5,256
100,587
1,934
11,240
5,255
Corporates, Real estate management  
and Housing co-operative associations
1,886,373
25,252
476,725
35,451
1,739,226
24,559
426,295
34,839
Public Administration
83,460
1,437
0
75,363
505
Households
756,049
23
605,884
11,568
629,915
537,098
11,401
TOTAL
2,828,309
27,209
1,095,288
52,275
2,545,091
26,493
975,138
51,495
2020
Banks
85,049
1,726
7,974
2,503
81,149
1,726
7,972
2,502
Corporates, Real estate management  
and Housing co-operative associations
1,712,744
23,872
431,462
26,218
1,566,791
22,660
378,842
25,671
Public Administration
81,943
1,042
1
74,997
589
Households
711,554
18
555,497
11,197
592,977
492,475
11,014
TOTAL
2,591,289
25,616
995,974
39,919
2,315,914
24,386
879,879
39,187
1) Only risk mitigation arrangements eligible in capital adequacy reporting are represented in the tables above.
Debt instruments
At year-end 2021, SEB’s credit exposure in the bond portfolio amounted to SEK 177bn (241). The exposure comprises all interest-bearing instruments at nominal 
amounts including certain credit derivatives and futures. 
Distribution by geography
Central & local 
­governments
Corporates
Covered bonds
Asset-backed 
­securities
Financials
Total
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Sweden
38.4%
26.7%
0.3%
0.4%
10.8%
20.7%
0.0%
0.1%
49.6%
47.8%
Germany
8.1%
10.2%
0.0%
0.0%
0.2%
0.1%
0.2%
0.0%
8.4%
10.3%
Luxembourg
3.4%
3.0%
4.8%
3.8%
8.3%
6.8%
Denmark
1.2%
3.0%
0.1%
0.0%
6.6%
6.8%
0.1%
0.0%
7.9%
9.8%
Norway
3.2%
2.5%
0.2%
0.4%
2.9%
3.5%
0.5%
1.2%
6.8%
7.6%
Finland
2.6%
1.7%
0.0%
0.0%
2.9%
6.8%
0.2%
0.1%
5.7%
8.6%
US
4.3%
3.8%
0.0%
0.1%
4.4%
3.8%
Baltics
2.4%
1.1%
2.4%
1.1%
Europe. other
1.9%
1.7%
1.9%
1.7%
Rest of world
3.9%
2.3%
0.0%
0.0%
0.7%
0.2%
4.5%
2.4%
TOTAL
69.5%
55.9%
0.6%
0.8%
23.3%
37.9%
4.8%
3.8%
1.8%
1.6%
100.0%
100.0%
Distribution by rating
AAA
55.3%
43.8%
0.0%
0.0%
22.8%
37.8%
4.1%
3.1%
0.3%
0.0%
82.5%
84.7%
AA
7.6%
5.9%
0.0%
0.0%
0.6%
0.4%
8.2%
6.3%
A
2.4%
1.1%
0.0%
0.1%
0.8%
0.7%
0.1%
0.1%
3.3%
2.0%
BBB
0.2%
0.2%
0.2%
0.0%
0.3%
0.2%
BB/B
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
CCC/CC
No issue rating1)
4.1%
5.1%
0.4%
0.5%
0.4%
0.1%
0.6%
1.0%
5.6%
6.8%
TOTAL
69.5%
55.9%
0.6%
0.8%
23.3%
37.9%
4.8%
3.8%
1.8%
1.6%
100.0%
100.0%
1) Mainly German local governments (Bundesländer).

Financial statements  —  Notes
180 — SEB Annual and Sustainability Report 2021
40 b  Market risk
Definition
Market risk is the risk of losses in balance sheet positions and obligations, aris-
ing from adverse movements in market prices. Market risk can arise from 
changes in interest rates, foreign exchange rates, credit spreads, CVA, commod-
ity and equity prices, implied volatilities, inflation and market liquidity. A clear 
distinction is made between market risks related to trading activities, i.e. trad-
ing book risks, and structural market and net interest income risks, i.e. banking 
book risks. Whereas positions in the trading book are held with a trading intent 
and under a daily mark-to-market regime, positions in the banking book do not 
have a trading intent and are typically held at amortised cost.
Risk management 
Market risk in the trading book arises from SEB’s customer-driven trading activi-
ties. The trading activities are carried out by the Large Corporates & Financial 
Institutions division in its capacity as market maker in foreign exchange, equity 
and debt capital markets.
Market risk also arises in the form of interest rate risk in the banking book as 
a result of balance sheet mismatches in currencies, interest terms and interest 
rate periods. The treasury function has the overall responsibility for managing 
these risks, which are consolidated centrally. The treasury function also man 
ages a liquidity portfolio which is part of SEB’s liquidity reserve. Market risk in 
the liquidity portfolio arises from credit spread risk and interest rate risk in 
pledgeable and highly liquid bonds. For capital adequacy purposes, the assets 
in this portfolio are, as at 1 January 2018, categorised as assets in the banking 
book. However, from a risk management perspective, they are monitored 
together with trading-related market risk.
Market risk also arises in the group’s traditional life insurance operations and 
the defined benefit plans for employees due to mismatches between the mar-
ket value of assets and liabilities. Market risk in the pension obligations and the 
life insurance business are not included in the market risk figures below.
	
Refer to note 40 e for information on market risk in the life ­insurance 
­business. 
 
The Board of Directors defines the level of accepted market risk by setting the 
overall market risk limits. Limits are established for the trading book, banking 
book and the defined benefit plans. The Group Risk Committee (GRC) delegates 
the market risk mandate to the divisions and the treasury function, which in turn 
further allocate the limits internally. The trading book risks are managed at the 
different trading locations within a comprehensive set of limits including VaR, 
stop- loss, different sensitivities and stress tests.
The risk organisation measures the market risk taken by the various units 
within the group on a daily basis. Moreover, the risk organisation independently 
verifies the valuation of positions held at fair value and calculates the capital 
buffer for prudent valuation. The risk control function is present in the trading 
rooms and monitors limit compliance and market prices at closing as well as val-
uation standards and the introduction of new products. Market risks are 
reported to the GRC and the Board’s Risk and Capital Committee (RCC) at least 
on a monthly basis.
SEB is exposed to the following market risk types:
Risk type
Defined as the risk of loss or reduced income due to
Source
Interest rate risk
Changes in interest rates
Inherent in all banking business
Credit spread risk
A change in the creditworthiness of an issuer of,  
for instance, a bond or a credit derivative
Primarily present in the bank’s bond holdings
Foreign exchange risk
Variations in the exchange rates
Foreign exchange trading and the bank’s operations in various markets
Equity price risk
Variations in equity prices
Market making and customer activity in equities and equity derivatives
Commodity price risk
Variations in commodity prices
Customer-driven activities in commodities
Volatility risk
Changes in implied volatility
Market making and customer activity of options across all asset classes
Inflation risk 
Change in inflation
Bond holdings, value of assets on balance sheet
Market liquidity risk 
Bid-ask spread widenings
Sale of assets or closing of positions
Credit value adjustment1)
Variations in the counterparty credit risk based  
on the expected future exposure
OTC derivative contracts
1) Credit value adjustment is fundamentally credit risk, but the exposure is calculated using market risk drivers (interest rate, currency, etc.).
Risk measurement
When assessing the market risk exposure, SEB uses measures that capture 
losses under both normal and stressed market conditions. Market risks under 
normal market circumstances are measured using Value at Risk (VaR) and 
Expected Shortfall (ES) as well as specific measures that are relevant for the 
various risk types. These measures are complemented by stress tests and sce-
nario analyses, in which potential losses under extreme market conditions are 
estimated. Since no method can cover all risks at all times, several approaches 
are used where the results are assessed based on judgment and experience.
Value at Risk and Stressed Value at Risk
VaR expresses the maximum potential loss that could arise during a certain 
time period with a given degree of probability. SEB uses a historical simulation 
VaR model with a ten-day time horizon and 99 per cent confidence interval to 
measure, limit and report VaR. The model aggregates market risk exposure for 
all risk types and covers a wide range of risk factors in all asset classes. SEB 
also uses a stressed VaR measure, where VaR is calculated for the current port-
folio using market data from a historic, turbulent time period covering the 
Lehman Brothers’ default. The VaR model is validated using so-called back-test-
ing analysis.
A limitation of SEB’s VaR model is that it uses historical data to estimate 
potential market changes. As such, it may not predict all outcomes, especially in 
a rapidly changing market. In addition, VaR does not take into account any 
actions to reduce risk as the model assumes that the portfolio is unchanged.
SEB’s VaR and stressed VaR models have been approved by the Swedish FSA 
for calculation of regulatory capital requirements for all the general market 
risks in the bank’s trading book in the parent bank.
Value at Risk
Trading Book (99%, ten days)
2021
31 Dec 2021
Average 2021
Average 2020
Min
Max
Commodities risk
36
173
67
57
34
Credit spread risk
27
214
27
80
76
Equity price risk
7
87
12
25
23
Foreign exchange rate risk
4
150
11
20
45
Interest rate risk
45
281
121
102
196
Volatilities risk
7
28
15
14
26
Diversification
–338
–77
–146
–137
–191
TOTAL
66
480
106
160
210
Banking Book (99%, ten days)
Credit spread risk
3
77
3
21
160
Equity price risk
31
82
39
45
96
Foreign exchange rate risk
0
45
1
8
1
Interest rate risk
72
246
139
116
259
Diversification
–113
1
–51
–46
–71
TOTAL
85
316
131
144
444

SEB Annual and Sustainability Report 2021 — 181
Note 40 b continued  Market risk
Expected Shortfall
Expected Shortfall (ES) is the expected loss given a pre-defined time horizon, 
conditional that the loss is greater than the VaR for a specific confidence level. 
Thus, while VaR only shows the loss at a specific confidence level, ES takes the 
whole loss distribution into account and calculates the expected loss of all of 
the worst outcomes. SEB currently uses ES to calculate economic capital for 
market risk in the trading book.
Scenario analyses and stress tests
Scenario analyses and stress tests are a key part of the risk management 
framework, complementing the VaR measure. In particular, they test portfolios 
using scenarios other than those available in the VaR simulation window and 
cover longer time horizons. SEB stresses its portfolios by applying extreme 
movements in market factors that have been observed in the past (historical 
scenarios) as well as extreme movements that could potentially happen in the 
future (hypothetical or forward-looking scenarios). Reverse stress tests are 
also applied on the total trading portfolio as well as for individual divisions and 
business units, to identify scenarios that would lead to a given significant loss, 
for instance, the breach of a stop-loss limit. This type of analysis provides man-
agement with a view on the potential impact that large market movements in 
individual risk factors, as well as broader market scenarios, could have on a 
port­folio. The risk tolerance framework includes limits on different stress test 
­scenarios.
Specific risk measures
VaR and stress tests are complemented by specific risk measures including 
Delta 1% for interest risk, and Single and Aggregated FX for currency risk.
In addition, all units that manage risk for financial instruments valued at mar-
ket are limited by a stop-loss limit. The stop-loss limit indicates the maximum 
loss a unit can incur before mitigating actions are taken.
CVA/DVA sensitivities
The credit and debit valuation adjustments (CVA/DVA) are sensitive to market 
movements, in particular to movements in interest rates, credit spreads and for-
eign exchange rates.
In order to monitor this sensitivity, SEB stresses these asset classes on a reg-
ular basis and calculates the impact on the valuation adjustments. This is done 
by comparing the original CVA/DVA numbers with the stressed CVA/DVA num-
bers where the current rates and credit spreads have been moved up 100 basis 
points and where SEK has appreciated 5 per cent to all other currencies com-
pared with the current level.
2021
CVA
DVA
Total
Interest rates + 100bp
146
81
228
Credit spreads + 100bp
–964
752
–212
SEK + 5%
17
–9
8
2020
Interest rates + 100bp
281
60
341
Credit spreads + 100bp
–1,088
551
–536
SEK + 5%
16
–7
9
Interest rate risk
Interest rate risk refers to the risk that the value of the group’s assets, liabilities 
and interest-related derivatives will be negatively affected by changes in inter-
est rates or other relevant risk factors.
The majority of the group’s interest rate risks is structural and arise within 
the banking operations when there is a mismatch between the interest fixing 
periods of assets and liabilities, including derivatives.
The table below shows the sensitivity to a +100 basis point change in the inter-
est rates on the banking and trading book by currency and in different buckets 
of maturity. This is calculated as the value change for a shift of 1 basis point and 
then scaled up to reflect a 100 basis point move.
Interest rate sensitivity in trading book per time buckets
2021
< 3 months
3–12 
months
1–2 years
2–5 years
5–10 years
>10 years
Total
EUR
54
–174
247
–78
105
1
154
SEK
–32
399
–684
–260
99
–35
–514
USD
–71
–49
79
–28
0
11
–58
Other
–43
457
–794
234
–323
351
–118
TOTAL
–93
633
–1 152
–131
–119
327
–535
2020
EUR
10
23
–294
1,252
–344
–414
233
SEK
20
154
–415
–154
–627
100
–922
USD
–48
–47
78
–60
–29
2
–103
Other
–41
25
121
–1,183
458
356
–264
TOTAL
–59
155
–510
–144
–542
44
–1,056
Interest rate sensitivity in banking book per time buckets1)
2021
< 3 months
3–12 
months
1–2 years
2–5 years
5–10 years
>10 years
Total
EUR
–11
–297
–191
–107
–17
0
–623
SEK
–302
–357
–553
–188
–190
9
–1,582
USD
–26
360
–6
2
99
42
471
Other
–26
–169
–24
–28
–2
1
–248
TOTAL
–366
–463
–775
–321
–110
52
–1,982
2020
EUR
–8
–331
–101
–125
2
–1
–565
SEK
–289
–649
–301
–209
–208
29
–1,627
USD
–33
283
32
8
77
74
440
Other
–10
–56
–13
–22
–2
0
–103
TOTAL
–340
–753
–384
–348
–131
101
–1,855
1) By currency SEK m/100 basis points.

Financial statements  —  Notes
182 — SEB Annual and Sustainability Report 2021
40 c  Non-financial risk
Definition
Operational risk is the risk of loss resulting from inadequate or failed internal 
processes, people and systems (e.g. breakdown of IT systems, mistakes, fraud, 
other deficiencies in internal control) or from external events (natural disasters, 
external crime, etc.). The definition includes conduct, compliance, legal and 
financial reporting, information-, cyber- and physical security, and venture 
­execution risks, but excludes strategic and reputational risk.
Risk management 
Non-financial risk – also referred to as operational risk – is inherent in all of the 
group’s operations. The responsibility to manage non-financial risks rests with 
all managers throughout the group. Through an effective internal control envi-
ronment and by ensuring structured and consistent usage of risk mitigating 
tools and processes, SEB aims at maintaining a sound risk culture with low non-
financial risks and low loss levels.
All employees are required to escalate and register risk-related events or inci-
dents so that risks can be properly identified, managed, monitored and reported. 
SEB uses a group-wide IT application to capture risk events, loss levels and other 
non-financial risk data for analysis and benchmarking against peers.
SEB regularly conducts training and education in key areas, including manda-
tory training for all staff in information security, fraud prevention, anti-money 
laundering, know-your-customer procedures, GDPR and SEB’s Code of Conduct. 
In addition, SEB has a formal external whistle-blower procedure that encourages 
employees to report improprieties and unethical or illegal conduct.
All new or changed products, processes and/or systems as well as reorganisa-
tions are evaluated in a group-common New Product Approval process (NPA) 
with the aim of identifying potential non-financial risks, and to ensure that proac-
tive measures are taken to protect SEB from entering into unintended risk-taking.
All business units with significant risks embedded in their operations shall 
regularly complete Risk and Control Self-Assessments (RCSA) according to  
a group-wide methodology. Such assessments are designed to identify and 
manage significant non-financial risks embedded in SEB’s various business  
and support processes, from an end-to-end perspective. The business units’ 
participation in the RCSAs is comprehensive throughout the organisation.  
The RCSA framework is used to analyse SEB’s non-financial risk profile and  
to achieve non-financial excellence and high performance.
Global connectivity, increased usage of cloud services, third party vendors 
and outsourcing are megatrends in the banking industry that at the same time 
increase the risk of cybercrime. SEB proactively works with threat scenarios, 
threat intelligence and risk management to minimise this risk. To protect SEB’s 
intellectual property, customer data and other sensitive information from unau-
thorized access by cyber criminals, activities to identify, protect against, detect, 
respond to, and recover from cybercrime are developed continuously. Security 
updates, system upgrades and security tests are performed on a regular basis.
Using zero-trust and least privilege access principles along with technical 
safeguards provide additional protection and the visibility needed to manage 
and monitor every device, user, applications and network. Just as important is 
to foster a sound risk culture and to raise security awareness, not only among 
the employees, but also among SEB’s customers. This is done through trainings, 
information, and regular communication. In addition, SEB has adopted a cyber 
risk policy.
SEB has implemented a model risk framework to capture risks embedded in 
models and processes across the bank.
In order to ensure that the bank can continue to provide its services to soci-
ety throughout periods of major disruption, SEB has a structured process for 
identifying critical activities, and for maintaining updated, annually tested and 
communicated business continuity plans throughout the group.
The risk organisation – second line of defense – is responsible for ensuring 
that SEB’s non-financial risks are identified, managed, monitored, and reported 
and for making sure that these risks are addressed in accordance with external 
and internal regulations. Significant incidents and the group’s overall non-finan-
cial risk exposure, both at group and at divisional or site level, are analysed and 
reported monthly to the Group Executive Committee (GEC), the Group Risk 
Committee (GRC) and the Board’s Risk and Capital Committee (RCC), as well as 
to local/divisional management. In 2021, net losses from non-financial incidents 
amounted to SEK 219m (1,235).
Risk measurement
SEB uses the Advanced Measurement Approach (AMA) to calculate the regula-
tory capital requirement for operational risk. 
40 d  Business risk
Definition
Business risk is the risk of lower revenues due to reduced volumes, price pres-
sure or competition. Business risk includes venture decision risk related to 
undertakings such as acquisitions, large IT projects, transformations, outsourc-
ing, etc. Strategic risk is close in nature to business risk however with the focus 
on large- scale or structural risk factors. Reputational risk is the risk arising from 
negative perception of SEB, or the industry in general.
Risk management
Business, strategic -and reputational risks are inherent in doing business. The 
regulatory framework for banking and financial institutions is extensive and in 
constant development, hence significantly impacting the industry. At the same 
time, the digitalisation of the banking industry is accelerating and new types of 
competitors are emerging. In addition to this, corporate sustainability is becom-
ing an even more important part of a company’s reputation. SEB carries out dif-
ferent activities to mitigate, measure, and control these risks, e.g. though regu-
larly performed strategic business reviews, conduction of proactive cost man-
agement, execution of an agile step-by-step IT development approach, 
establishment of an ambitious corporate sustainability agenda and continuous 
active dialogues regarding regulatory matters. 
40 e  Insurance risk
Definition
Insurance risk in SEB consists of all risks related to the group’s insurance opera-
tions. SEB’s main life insurance operations consist of unit-linked insurance and 
traditional life insurance. The key risks include market risk and underwriting risk.
Market risk in the insurance business is the risk of losses on traditional life 
insurance policies with guaranteed benefits due to changes in fair value of 
assets and liabilities. Such changes in fair value can be caused by changes in  
for example interest rates, credit spreads, equity prices, exchange rates and 
implied volatilities.
Underwriting risk pertains to the risk of loss or of negative changes in the 
value of insurance liabilities (technical provisions) due to inadequate pricing 
and/or provisioning assumptions. It includes factors such as average mortality, 
longevity, disability/morbidity (including risks that result from fluctuation in the 
timing and amount of claim settlements), catastrophe risk (e.g., extreme or 
irregular events), expense risk and lapse risk (i.e., policyholder behaviour risk).
Risk management and measurement
In unit-linked insurance, the market risk is borne by the policyholder, while the 
underwriting risk is limited. However, there is an indirect exposure to market 
risk through the policyholders’ investments since a significant part of the future 
income stream of the life insurance business is based on assets under manage-
ment. The profitability for existing and new business is closely monitored.
Market risk in the traditional life insurance products with guaranteed returns 
is mitigated through standard market risk hedging schemes and monitored 
through asset/liability management (ALM) risk measures and stress tests. This 
is supplemented by market risk tools such as VaR and scenario analysis. In the 
traditional products, the difference between asset values and the guaranteed 
obligations constitutes a buffer which is intended to cover SEB’s market risk.
Underwriting risks are controlled through the use of actuarial analysis and 
stress tests of the existing insurance portfolio. Mortality and disability/morbid-
ity risks are reinsured for large individual claims or for several claims attributa-
ble to the same event. Underwriting risk parameters are validated annually. Pol-
icyholders within certain traditional life insurance products are free to transfer 
their policies from SEB. The utilisation of this option has been very low histori-
cally. Nevertheless, to safeguard against unplanned cash outflows, sufficient 
liquid investments are maintained. Regular cash flow analysis is conducted to 
mitigate this risk.
The risk organisation is responsible for measuring and controlling the risks 
inherent in SEB’s life insurance operations. Measurement and monitoring of 
ALM risk measures, VaR, scenario analysis and stress tests are performed on a 
regular basis for each insurance company. In addition, the risk organisation has 
the role of an independent risk management function in the respective insur-
ance companies from a Solvency II perspective. Key risks are reported regularly 
to the Group Risk Committee, the Board’s Risk and Capital Committee and to the 
boards of each insurance company.
Solvency II, effective as at 1 January 2016, is a harmonised regulatory frame-
work with respect to governance, internal control and capital requirements 
across insurance companies in the EU. Solvency II calculations are performed at 
least monthly, and the required reporting is submitted to the financial supervi-
sors on a quarterly basis. Calculations show that SEB’s life companies are ade-
quately capitalised and resilient to different stressed scenarios.

SEB Annual and Sustainability Report 2021 — 183
40 f  Liquidity risk 
Definition
Liquidity risk is the risk that the group is unable to refinance its existing assets 
or is unable to meet the demand for additional liquidity. Liquidity risk also 
entails the risk that the group is forced to borrow at unfavourable rates or is 
forced to sell assets at a loss in order to meet its payment commitments.
Liquidity management and risk measurement
The Board of Directors has established a comprehensive framework for manag-
ing the bank’s liquidity requirements both in the short- and long-term. The aim  
of SEB’s liquidity risk management is to ensure that the group has a controlled 
liquidity risk situation, with adequate volumes of liquid assets in all relevant cur-
rencies to timely meet its liquidity requirements in all foreseeable circum-
stances, without incurring substantial cost.
The liquidity risk is managed through the limits set by the Board and further 
allocated by the Group Risk Committee. Liquidity limits are set for the group, 
branches and specific legal entities, as well as for exposures in certain curren-
cies. The treasury function has the overall responsibility for liquidity manage-
ment and funding, supported by local treasury centers in the group’s major mar-
kets. The risk function regularly measures and reports limit utilisation based on 
different market conditions and liquidity stress tests to the Group Risk Commit-
tee and the Board’s Risk and Capital Committee. While liquidity management is 
an ongoing process, an internal evaluation of the liquidity need is performed 
annually to identify potential gaps relative to SEB’s long-term liquidity targets 
and to ensure that liquidity management is sufficient.
Liquidity management and the structuring of the balance sheet from a liquid-
ity point of view are built on three basic perspectives: 
  (i) the structural liquidity perspective, in which stable funding is put in relation 
to illiquid assets; 
 (ii) the bank’s tolerance for short-term stress in the form of a shutdown of ­ 
the wholesale and interbank funding markets (wholesale funding depend-
ence); and, 
(iii) the bank’s tolerance to a severe stress scenario where, in addition to a 
­shutdown of the funding market, the bank experiences a severe outflow  
of deposits.
Structural liquidity risk
In order to maintain a sound structural liquidity position, the structure of the lia-
bility side should be based on the composition of assets. The more long-term 
lending and other illiquid assets, the more stable funding is required. This risk is 
measured by the regulatory defined Net Stable Funding Ratio (NSFR). In this 
ratio, the amount of available stable funding is put in relation to the amount of 
required stable funding. In SEB, the same risk is measured as the Core Gap ratio, 
i.e. a ratio between stable funding (over 1 year maturity) and illiquid assets 
(over 1 year maturity). The difference between NSFR and the internal Core Gap 
ratio is that the Core Gap ratio is calculated on a more detailed level based on 
internal statistics, resulting in different weightings of available and required 
stable funding. 
Wholesale funding dependence
One way of measuring tolerance for deteriorating market conditions is to assess 
the time that SEB’s liquid assets would last if the wholesale and interbank fund-
ing markets were closed. This measure, the maturing funding ratio, captures the 
bank’s liquid assets in relation to wholesale funding and net interbank borrow-
ings that come to maturity over the coming months, or as the number of months 
it would take to deplete the liquid assets in a scenario where all maturing funding 
must be repaid from liquid assets. Wholesale funding dependence is also meas-
ured as the loan to deposit ratio, excluding repos.
Stressed survival horizon
Severe stress can be modelled by combining assumptions of a wholesale fund-
ing market shutdown with assumptions of deposit outflows and drawdowns on 
commitments, etc. The outcome is captured by the regulatory defined Liquidity 
Coverage Ratio (LCR) where, in a stressed scenario, modelled net outflows 
­during a 30-day period are related to the amount of total liquid assets. As at  
1 January 2018, the EU’s definition of LCR is used. SEB also measures the time it 
would take for the liquid assets to be depleted in a severely stressed scenario, 
expressed as the stressed survival horizon (SSH). The same scenario is also 
used for monitoring of the outcome in the currency dimension, this in order to 
discover potential mismatches and dependencies towards the FX-swap market. 
In addition, SEB monitors various rating agencies’ survival metrics.
Internal liquidity adequacy assessment process 
Liquidity risk is not primarily mitigated by capital. However, there are strong 
links between a bank’s capital and liquidity position. Hence, an internal liquidity 
adequacy assessment process (ILAAP) complements the Internal Capital Ade-
quacy Assessment Process (ICAAP). The ILAAP is designed to identify potential 
gaps against SEB’s long-term desired level of liquidity adequacy, taking into 
account that effective liquidity management is an ongoing improvement pro-
cess.
Liquid assets1)
2021
2020
SEK
EUR
USD
Other
Total
SEK
EUR
USD
Other
Total
Cash and balances with central banks
196,066 143,190
84,041
11,676
434,973
124,989 146,567
37,856
7,988
317,399
Securities issued or guaranteed by ­ 
sovereigns, central banks, MDBs and 
­international organisations
62,221
18,712
33,472
22,940
137,345
58,340
20,001
37,111
37,791
153,242
Securities issued by municipalities and PSEs
3,206
679
4,894
10,694
19,473
3,619
2,624
5,703
9,807
21,753
Extremely high quality covered bonds
25,375
46
277
35,174
60,872
49,042
268
256
38,371
87,937
Level 1 assets
286,868 162,627 122,685
80,483
652,663
235,990 169,460
80,925
93,956
580,331
Securities issued or guaranteed by sover-
eigns, central banks, municipalities and PSEs
20
752
437
1,209
1,620
364
1,984
High quality covered bonds
2,106
595
140
8,179
11,021
16,091
1,713
9,736
27,540
Corporate debt securities  
(lowest rating AA–)
84
85
1
0
1
Level 2A assets
2,106
616
976
8,617
12,315
16,091
1
3,333
10,100
29,525
Asset-backed securities
6,341
6,341
6,801
24
6,825
High quality covered bonds
21
21
Corporate debt securities (rated A+ to BBB–)
194
49
243
49
411
1
1
462
Level 2B assets
6,535
49
21
6,605
49
7,211
1
26
7,287
Level 2 assets
2,106
7,151
1,025
8,637
18,919
16,140
7,213
3,334
10,126
36,812
TOTAL LIQUID ASSETS
288,974 169,777 123,710
89,121
671,582
252,129 176,672
84,259 104,082
617,143
1) All definitions are in accordance with the Liquidity Coverage Ratio in the CRR. 
Liquidity risk management measures
2021
2020
Net Stable Funding ratio (NSFR)1)
111%
Loan to deposit ratio
111%
122%
Liquidity Coverage Ratio
145%
163%
1) The NSFR is disclosed for the first time, hence no comparison figure is available for 2020.

Financial statements  —  Notes
184 — SEB Annual and Sustainability Report 2021
Note 40 f continued 
Liquidity risk
Contractual maturities
The following tables present cash flows by remaining contractual maturities at 
the balance sheet date and applies the earliest date on which the group can be 
required to pay regardless of probability assumptions. The cash flows are not 
discounted. Derivatives are reported at fair value. Obligations such as loan 
­commitments are reported as when the obligation matures.
Group, 2021
Balance sheet 
(contractual maturity dates)
Payable on 
demand
< 3 
months1)
3–12 
months
1–5 years
>5 years
Not 
­distributed
Subtotal
Discount 
­effect
Total
Cash and cash balances at central banks
439,344
439,344
439,344
Loans to central banks
3,390
807
256
0
4,454
4,454
Loans to credit institutions
10,362
38,732
5,925
4,811
156
59,986
23
60,009
of which repos
5,905
5,905
1
5,906
General governments
53
9,048
4,219
7,597
4,588
25,506
–873
24,633
Households
8,251
13,301
30,499
56,104
667,814
775,969
–72,439
703,530
Corporates
65,275
280,879
210,066
505,562
89,780
1,151,562
–33,363
1,118,199
Loans to the public
73,579
303,229
244,784
569,263
762,182
1,953,037 –106,675
1,846,362
of which repos
81,613
81,613
–339
81,274
Debt securities
59,387
32,937
94,844
21,827
208,995
–3,045
205,950
of which eligible debt securities
56,463
6,217
31,578
6,744
101,002
–1,030
99,972
of which other debt securities
2,552
26,451
63,258
15,083
107,344
–2,015
105,329
Equity instruments
120,742
120,742
120,742
Derivatives
126,051
126,051
126,051
Financial assets for which  
the customers bear the investment risk
422,497
422,497
422,497
Financial assets at fair value
59,387
32,937
94,844
21,827
669,290
878,286
–3,045
875,241
Other assets
11,838
1,238
73
508
65,160
78,816
6
78,822
of which other financial assets
11,790
1,225
7
500
1
13,522
6
13,528
Total assets
526,675
413,994
285,140
668,991
784,673
734,450
3,413,921 –109,691
3,304,230
of which accrued interest loans
1,735
1,735
1,735
of which accrued interest debt ­securities
649
649
649
Deposits from central banks  
and credit institutions
47,243
21,014
4,871
698
1,399
75,225
–19
75,206
of which repos
1,824
1,824
1,824
General governments
14,949
2,954
923
119
1,333
20,278
–1
20,277
Households
413,262
19,884
5,412
643
80
439,283
–2
439,281
Corporates
1,010,436
117,908
6,601
2,801
151
1,137,897
–6
1,137,891
Deposits and borrowings from the public
1,438,647
140,746
12,937
3,563
1,564
1,597,457
–9
1,597,448
of which deposits
1,308,477
118,851
10,433
2,582
1,398
1,441,741
–7
1,441,734
of which borrowing
8,007
4
58
10
8,079
8,079
of which repos
7,713
7,713
7,713
Financial liabilities for which  
the customers bear the investment risk
424,226
424,226
424,226
Liabilities to policyholders
690
1,908
8,143
23,852
30
34,623
34,623
Certificates
113,122
175,639
0
288,761
–900
287,861
Covered bonds
1,158
68,890
207,396
17,887
295,331
–3,853
291,478
Other bonds
17,868
24,525
78,657
32,158
153,208
–2,441
150,767
Debt securities issued
132,148
269,054
286,053
50,045
737,300
–7,194
730,106
Debt securities
21
409
10,022
11,601
22,053
–1,889
20,164
Equity instruments
14,405
14,405
14,405
Derivatives
118,173
118,173
118,173
Other liabilities
172
5,144
405
702
6,423
–1
6,422
Financial liabilities at fair value
193
5,553
10,427
11,601
133,280
161,055
–1,890
159,165
Other liabilities
6,664
2,439
2,726
3,318
46,541
61,689
–10
61,679
of which other financial liabilities
6,102
1,558
291
1,025
56
9,032
–10
9,022
of which lease liabilities
331
664
2,237
1,991
5,223
304
5,527
Subordinated liabilities
5,639
24,014
1,112
30,765
–2,216
28,549
Equity
193,228
193,228
193,228
Total Liabilities and Equity
1,485,890
301,455
302,401
335,625
92,891
797,306
3,315,568
–11,338
3,304,230
of which accrued interest ­deposits  
and borrowing
476
476
476
of which accrued interest issued ­securities
1,075
1,075
1,075
Off balance sheet items
Loan commitments
799
287,857
130,408
348,422
46,450
813,936
813,936
Acceptances and other financial facilities
127,401
11,099
7,693
14,101
160,294
160,294
Total liabilities, equity and  
off balance sheet items
1,486,689
716,713
443,908
691,740
153,442
797,306
4,289,798
–11,338
4,278,460
1) Includes items available overnight.

SEB Annual and Sustainability Report 2021 — 185
Note 40 f continued  Liquidity risk
Group, 2020
Balance sheet 
(contractual maturity dates)
Payable on 
demand
<3 months1)
3–12 
months
1–5 years
>5 years
Not 
­distributed
Subtotal
Discount 
­effect
Total
Cash and cash balances at central banks
323,776
323,776
323,776
Loans to central banks
74
3,453
107
0
3,633
3,633
Loans to credit institutions
9,789
31,133
5,290
4,445
133
50,789
2
50,791
of which repos
10,253
10,253
10,253
General governments
704
8,310
1,864
7,336
6,101
24,315
–1,081
23,234
Households
8,036
13,174
30,198
50,399
628,770
730,577
–74,400
656,177
Corporates
49,627
300,078
212,874
473,173
90,381
1,126,133
–35,383
1,090,750
Loans to the public
58,367
321,562
244,936
530,908
725,252
1,881,025 –110,864
1,770,161
of which repos
112,425
112,425
–515
111,910
Debt securities
42,852
52,483
151,340
25,095
271,770
–6,337
265,433
of which eligible debt securities
37,505
22,323
33,622
6,139
99,589
–1,613
97,976
of which other debt securities
4,949
29,622
117,713
18,955
171,239
–4,724
166,515
Equity instruments
82,240
82,240
82,240
Derivatives
164,909
164,909
164,909
Financial assets for which  
the customers bear the investment risk
330,950
330,950
330,950
Financial assets at fair value
42,852
52,483
151,340
25,095
578,098
849,868
–6,337
843,531
Other assets
10,718
398
84
581
36,758
48,539
48,539
of which other financial assets
10,613
1
6
569
628
11,817
11,817
Total assets
392,005
409,718
303,214
686,776
751,061
614,856
3,157,631 –117,199
3,040,432
of which accrued interest loans
1,654
1,654
1,654
of which accrued interest debt ­securities
943
943
943
Deposits from central banks  
and credit institutions
33,233
35,506
5,003
36,611
1,334
111,687
–378
111,309
of which repos
1,604
1,604
–1
1,603
General governments
14,190
1,281
23
112
1,380
16,986
–9
16,977
Households
355,391
20,521
5,878
903
169
382,864
–12
382,852
Corporates
866,250
96,530
1,831
5,993
836
971,440
–42
971,398
Deposits and borrowings from the public
1,235,831
118,333
7,732
7,008
2,385
1,371,290
–63
1,371,227
of which deposits
1,125,323
94,514
4,574
4,527
1,459
1,230,397
–44
1,230,353
of which borrowing
7,598
2
58
34
7,692
–2
7,690
of which repos
7,274
7,274
–2
7,272
Financial liabilities for which  
the customers bear the investment risk
332,392
332,392
332,392
Liabilities to policyholders
537
1,553
6,380
21,118
36
29,624
29,624
Certificates
88,024
155,952
1,645
245,621
–1,493
244,128
Covered bonds
16,258
64,258
228,694
33,209
342,419
–8,663
333,756
Other bonds
24,345
35,244
93,473
22,848
175,910
–4,292
171,618
Debt securities issued
128,627
255,454
323,812
56,057
763,950
–14,448
749,502
Debt securities
778
14,722
6,105
21,605
–2,069
19,536
Equity instruments
10,873
10,873
10,873
Derivatives
161,561
161,561
161,561
Other liabilities
242
491
11
744
744
Financial liabilities at fair value
242
1,269
14,733
6,105
172,434
194,783
–2,069
192,714
Other liabilities
13,079
2,036
2,976
3,374
28,001
49,466
–33
49,433
of which other financial liabilities
10,959
273
258
921
40
12,451
–33
12,418
of which lease liabilities
324
639
2,215
2,122
5,300
339
5,639
Subordinated liabilities
10,645
23,319
559
34,523
–2,236
32,287
Equity
171,943
171,943
171,943
Total Liabilities and Equity
1,269,064
296,324
283,693
414,839
90,932
704,807
3,059,659
–19,227
3,040,432
of which accrued interest ­deposits  
and borrowing
435
435
435
of which accrued interest issued ­securities
1,961
1,961
1,961
Off balance sheet items
Loan commitments
534
296,675
86,800
305,360
35,564
724,933
724,933
Acceptances and other financial facilities
117,577
6,657
4,778
8,328
137,340
137,340
Total liabilities, equity and  
off balance sheet items
1,269,598
710,576
377,150
724,977
134,824
704,807
3,921,932
–19,227
3,902,705
1) Includes items available overnight.

Financial statements  —  Notes
186 — SEB Annual and Sustainability Report 2021
Note 40 f continued  Liquidity risk
Parent company, 2021
Balance sheet  
(contractual maturity dates)
Payable on 
demand
<3 months1)
3–12 
months
1–5 years
>5 years
Not 
­distributed
Subtotal
Discount 
­effect
Total
Cash and cash balances at central banks
371,466
371,466
371,466
Loans to credit institutions
31,138
33,218
5,269
4,683
0
74,309
25
74,334
of which repos
1,368
1,368
1,368
General governments
33
8,452
3,198
2,771
41
14,496
–177
14,319
Households
7,876
8,303
23,058
31,191
604,773
675,201
–60,464
614,737
Corporates
62,405
268,455
191,304
448,856
67,787
1,038,806
–26,531
1,012,275
Loans to the public
70,314
285,210
217,560
482,818
672,602
1,728,504
–87,172
1,641,332
of which repos
81,588
81,588
–314
81,274
Debt securities
55,821
29,173
74,865
21,432
181,291
–2,850
178,441
of which eligible debt securities
53,668
3,509
12,948
6,444
76,570
–714
75,856
of which other debt securities
2,153
25,664
61,917
14,988
104,721
–2,136
102,585
Equity instruments
147,380
147,380
147,380
Derivatives
121,326
121,326
121,326
Financial assets at fair value
55,821
29,173
74,865
21,432
268,705
449,996
–2,850
447,146
Other assets
13,585
6,002
13,112
5,159
15,693
53,552
4
53,556
of which other financial assets
11,507
1,224
0
3
12,735
4
12,739
Total assets
472,918
387,834
258,004
575,479
699,193
284,398
2,677,827
–89,993
2,587,834
of which accrued interest loans
1,412
1,412
of which accrued interest debt securities
583
583
Deposits by credit institutions
57,613
19,864
4,751
1,822
1,219
85,269
7
85,276
of which repos
778
778
778
General governments
3,986
4,723
922
62
1,307
11,000
–3
10,997
Households
314,740
7,757
2,420
445
66
325,427
–2
325,425
Corporates
947,014
112,945
6,170
1,951
0
1,068,080
–12
1,068,068
Deposits and borrowings  
from the public
1,265,740
125,425
9,512
2,457
1,373
1,404,507
–17
1,404,490
of which deposits
1,265,740
117,407
9,510
2,455
1,370
1,396,482
1
1,396,483
of which borrowing
8,007
8,007
8,007
of which repos
7,713
7,713
7,713
Certificates
113,121
175,639
0
288,761
–900
287,861
Covered bonds
1,158
68,890
207,396
17,888
295,331
–3,853
291,478
Other bonds
17,868
24,449
78,656
32,157
153,131
–2,441
150,690
Issued securities
132,148
268,977
286,052
50,045
737,222
–7,194
730,028
Debt securities
19
404
9,688
10,592
20,703
–539
20,164
Equity instruments
14,405
14,405
14,405
Derivatives
113,497
113,497
113,497
Other liabilities
6,422
6,422
6,422
Financial liabilities at fair value
19
404
9,688
10,592
134,324
155,027
–539
154,488
Other liabilities
5,283
1,450
148
90
24,020
30,991
–2
30,989
of which other financial liabilities
5,138
1,302
2
0
6,442
–2
6,440
Subordinated liabilities
5,645
24,087
29,733
–2,084
27,649
Untaxed reserves
17,137
17,137
17,137
Equity
137,776
137,776
137,776
Total Liabilities and Equity
282,739
290,740
324,255
63,319
296,121
2,597,663
–9,829
2,587,834
of which accrued interest deposits  
and ­borrowing
446
446
446
of which accrued interest issued securities
1,035
1,035
1,035
Off balance sheet items
Loan commitments
74,322
112,098
332,998
8,728
528,146
528,146
Acceptances and other financial facilities
24,053
42,426
38,580
54,386
159,445
159,445
Operating lease commitments
239
540
1,934
2,199
4,913
–214
4,699
Total liabilities, equity and  
off balance sheet items
381,354
445,804
697,767
128,631
296,121
3,290,166
–10,043
3,280,123
1) Includes items available overnight.

SEB Annual and Sustainability Report 2021 — 187
Note 40 f continued  Liquidity risk
Parent company, 2020
Balance sheet  
(contractual maturity dates)
Payable on 
demand
< 3 months1)
3–12 
months
1–5 years
>5 years
Not 
­distributed
Subtotal
Discount 
­effect
Total
Cash and cash balances at central banks
294,391
294,391
294,391
Loans to credit institutions
9,571
35,048
7,319
19,074
0
71,013
14
71,027
of which repos
8,087
8,087
8,087
General governments
475
7,961
183
3,049
1,423
13,091
–315
12,776
Households
8,036
8,191
23,106
27,090
570,353
636,775
–62,706
574,069
Corporates
45,266
290,189
194,435
408,577
72,324
1,010,791
–28,326
982,465
Loans to the public
53,776
306,340
217,724
438,715
644,101
1,660,657
–91,347
1,569,310
of which repos
112,391
112,391
–481
111,910
Debt securities
41,098
46,538
133,064
25,479
246,178
–6,250
239,928
of which eligible debt securities
36,607
17,664
15,888
7,053
77,212
–1,249
75,963
of which other debt securities
4,491
28,874
117,176
18,426
168,966
–5,001
163,965
Equity instruments
111,110
111,110
111,110
Derivatives
159,380
159,380
159,380
Financial assets at fair value
41,098
46,538
133,064
25,479
270,490
516,669
–6,250
510,419
Other assets
12,867
4,691
14,606
5,554
14,244
51,962
1
51,963
of which other financial assets
10,451
0
163
0
10,614
1
10,615
Total assets
357,738
395,353
276,273
605,459
675,134
284,735
2,594,692
–97,582
2,497,110
of which accrued interest loans
1,354
1,354
of which accrued interest debt securities
866
866
Deposits by credit institutions
33,497
68,632
7,430
37,536
1,159
148,254
–423
147,831
of which repos
659
659
–1
658
General governments
5,396
1,224
15
60
1,352
8,049
–34
8,015
Households
273,859
9,058
2,654
457
115
286,143
–22
286,121
Corporates
810,811
89,223
1,305
3,466
904,805
–108
904,697
Deposits and borrowings  
from the public
1,090,066
99,506
3,975
3,983
1,467
1,198,997
–164
1,198,833
of which deposits
1,090,066
91,842
3,967
3,956
1,439
1,191,270
–33
1,191,237
of which borrowing
7,597
7,597
–1
7,596
of which repos
7,273
7,273
–1
7,272
Certificates
88,013
155,952
1,645
245,610
–1,493
244,117
Covered bonds
16,258
64,259
228,694
33,209
342,419
–8,663
333,756
Other bonds
24,344
35,244
93,395
22,848
175,832
–4,290
171,542
Issued securities
128,615
255,455
323,734
56,057
763,861
–14,446
749,415
Debt securities
0
767
14,074
5,434
20,274
–738
19,536
Equity instruments
10,873
10,873
10,873
Derivatives
157,529
157,529
157,529
Other liabilities
242
491
11
744
744
Financial liabilities at fair value
242
1,258
14,084
5,434
168,402
189,420
–738
188,682
Other liabilities
11,794
61
270
103
15,790
28,018
–2
28,016
of which other financial liabilities
11,527
6
45
13
0
11,591
–2
11,589
Subordinated liabilities
10,648
23,341
33,989
–2,152
31,837
Untaxed reserves
18,628
18,628
18,628
Equity
133,868
133,868
133,868
Total Liabilities and Equity
308,789
278,827
402,948
64,219
318,060
2,515,035
–17,925
2,497,110
of which accrued interest deposits  
and ­borrowing
471
471
471
of which accrued interest issued securities
1,886
1,886
1,886
Off balance sheet items
Loan commitments
163,667
74,487
195,850
32,478
466,481
466,481
Acceptances and other financial facilities
22,953
40,084
39,286
39,446
141,769
141,769
Operating lease commitments
225
507
1,931
2,371
5,034
–253
4,781
Total liabilities, equity and  
off balance sheet items
495,634
393,904
640,015
138,514
318,060
3,128,319
–18,178
3,110,141
1) Includes items available overnight.
Average remaining maturity (years)
Group
Parent company
2021
2020
2021
2020
Loans to credit institutions
0.41
0.43
0.29
0.93
Loans to the public
4.69
4.60
4.65
4.58
Deposits from credit institutions
0.29
1.16
0.27
0.92
Deposits from the public
0.03
0.03
0.03
0.03
Borrowing from the public
0.16
0.19
0.13
0.13
Certificates
0.43
0.46
0.43
0.46
Covered bonds
2.84
3.06
2.84
3.06
Other bonds
3.71
2.98
3.71
2.98

Financial statements  —  Notes
188 — SEB Annual and Sustainability Report 2021
40 g  IBOR Reform (Interest Rate Benchmark Reform)
Overview
Interbank Offered Rates (IBORs) are widely used benchmarks interest rates. 
They are referenced in financial products such as derivatives, bonds, loans, 
structured products, and mortgages and form the basis on which interests pay-
ments under those products are calculated. Following the financial crisis, and a 
slowdown in the interbank market together with a decline in the IBORs rele-
vancy and credibility, global regulators called for reform of IBORs. The exact 
timing of the transition will vary by currency and product. 
All LIBORs, except for certain USD LIBOR settings, will cease to exist by the 
end of 2021 and will be replaced by alternative reference rates. USD LIBOR 1m, 
3m and 6m will cease to exist after 30 June 2023. Nordic IBORs such as 
­STIBOR, CIBOR and NIBOR as well as EURIBOR are expected to continue to 
exist. 
The adoption rate of alternative reference rates has improved considerably 
in 2021, notably in Sterling Overnight Index (SONIA) replacing GBP LIBOR and 
Secured Overnight Finance Rate (SOFR) replacing USD LIBOR. There are key 
differences between IBORs and their preferred alternative reference rates 
(ARR), IBORs are term rate benchmarks across multiple tenors and they are 
forward-looking as they are published in the beginning of the interest period. 
ARRs, e.g. SOFR and SONIA are transaction based backward-looking overnight 
rates published at the end of the interest period, with no term element. Further-
more, IBORs include a credit spread over the risk-free rate, which SOFR and 
SONIA do not. In order to migrate existing contracts and agreements that refer-
ence USD LIBOR to SOFR and GBP LIBOR to SONIA, adjustments for term differ-
ences and credit differences might need to be applied to SOFR and SONIA,  
to enable the benchmark rates to be economically equivalent on transition.
SEB Group’s IBOR transition
The group-wide IBOR transition programme is governed by a steering commit-
tee and a working group, across SEB’s divisions that coordinates the implemen-
tation of needed changes to systems, processes, risk- and valuation models, as 
well as manages related tax and accounting implications. 
The group continuously monitors and participates in market discussions to 
further prepare for and deliver on a smooth transition in line with the market 
development and authorities guidance. As from April 2021, SEB does no longer 
enter into deals certain LIBORs in accordance with the market milestones. 
To assist in an orderly transition to alternative benchmarks, active customer 
engagement and communication has been the strategy.
SEB has adhered to the ISDA IBOR 2020 Fallbacks Protocol. Furthermore, 
the group has engaged with customers to amend collateral rates in Credit 
­Support Annexes.
Exposure overview
The table below summarises the significant LIBOR exposures in scope for 
benchmark rate migration as per 31 December 2021. There are no remaining 
EUR Eonia balances.
Product/currency
GBP LIBOR 
CHF LIBOR
JPY LIBOR
USD LIBOR
Derivatives
26,626
214
895
1,689,363
Non-derivative assets (lending, mortgages, stocks etc.)
21,880
238
106,530
Non-derivative liabilities
240
NOTIONAL EXPOSURE AMOUNT PER CURRENCY
Out of the volumes in the table above, significant portions have been contractu-
ally renegotiated during 2021 and are set for transition at the first interest rate 
fixing in 2022. All of JPY has been transitioned and the majority of GBP and 
CHF. The group’s objective is to, by mid-2022 have finalised the transition of 
remaining exposures to ceased benchmarks. The group also aims to have 
agreed the transition of remaining legacy USD exposures prior to the cessation 
of USD LIBOR, June 2023.
Interest Rate Benchmark Reform (IBOR) – Phase 2
Interest Rate Benchmark Reform (IBOR) – Phase 2 is applicable for 2021. The 
amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 address issues that 
might affect financial reporting as a result of the IBOR reform, including the 
effects of changes to contractual cash flows or hedging relationships arising 
from the replacement of an interest rate benchmark with an alternative bench-
mark rate. In accordance with the amendments, changes made to a financial 
instrument that relate directly to the interest rate benchmark reform and that 
are economically equivalent, do not result in the derecognition or a change in 
the carrying amount of the financial instrument, but instead require the effec-
tive interest rate to be updated to reflect the change in the interest rate bench-
mark without adjusting the carrying amount. In addition, hedge accounting will 
not be discontinued solely because of the replacement of the interest rate 
benchmark if the hedge meets other hedge accounting criteria.
	 For more information about Interest Rate Benchmark Reform (IBOR) – 
Phase 1, se note 21.

SEB Annual and Sustainability Report 2021— 189
41  Capital adequacy
Capital management
SEB takes various types of risks in line with the bank’s strategy and business 
plan. In order to manage these risks and to guarantee SEB’s long-term survival, 
the bank must maintain satisfactory capital strength. At the same time, SEB 
must balance the trade-off between financial reward and overall risk tolerance. 
In particular, SEB’s capital management balances the following dimensions:
 1.  regulatory: the capital requirements established by the EU regulation and 
directives through Swedish law on capital adequacy, and by the bank’s 
supervisory authorities,
2.  access to debt investors: the capitalisation level required to support a cer-
tain rating level in order to reach a debt investor base necessary for con-
ducting SEB’s business activities,
3.  access to financial products: the capital level required by corporate clients 
and other counterparties to facilitate the bank’s activity in the capital mar-
kets, including derivatives and foreign exchange, and
4.  optimal return on equity: the balance between the shareholders’ expected 
return on capital and risks taken.
To meet the expectations of the shareholders, supervisors and market partici-
pants, SEB’s capitalisation is based on an assessment of all risks incurred in 
SEB’s business, and forward-looking, aligned with long- and short-term business 
plans and with expected macroeconomic developments. Furthermore, the capi-
talisation is stress-tested to identify the potential effect of adverse changes to 
SEB’s financial situation.
Internal capital adequacy assessment process
The internal capital adequacy assessment process (ICAAP) encompasses SEB’s 
internal views on material risks and their development as well as risk measure-
ment models, risk governance and risk mitigants. It is linked to overall business 
planning and establishes a strategy for maintaining appropriate capital levels. 
Together with continuous monitoring and reporting of the capital adequacy to 
the Board, this ensures that the relationship between shareholders’ equity, eco-
nomic capital, regulatory and rating-based requirements are managed so that 
the bank’s survival is not jeopardised. Thus, the ICAAP is integrated with SEB’s 
business planning, internal governance framework and internal control systems.
SEB’s capital plan covers the strategic planning horizon and projects eco-
nomic and legal capital requirements, as well as available capital resources and 
relevant ratios. It is forward-looking, taking into account current and planned 
business volumes as well as strategic initiatives. The capital plan is stress tested 
to potential down-turns in the macroeconomic environment, to strategic risk fac-
tors identified in the business planning, and to other relevant scenarios. The capi-
tal plan is established annually and updated as needs arise during the year.
Economic capital constitutes an important part of capital adequacy assess-
ment. It is an internal measurement of risk, similar to the rules for capital ade-
quacy in that many of the underlying risk components are the same. The eco­­
nomic capital calculation is based on a confidence level of 99.97 per cent, 
which is equivalent to the capital requirement for a very high rating. The eco- 
nomic capital, or internally assessed capital requirement for SEB including 
insurance risk, amounted to SEK 102bn (84).
SEB employs an internal capital allocation framework for measuring return 
on risk, named business equity. It is similar to regulatory capital models includ-
ing Pillar 2 requirements and is calibrated with SEB’s capital targets.
The regulatory supervisors annually assess SEB and its ICAAP in accordance 
with the parameters of the Supervisory Review and Evaluation Process (SREP). 
The assessment covers SEB’s capital adequacy, risk measurement models and 
risk governance, among other things, and in the SREP 2020 it was concluded 
that SEB is sufficiently capitalised and adequately measures and manages risks.
Regulatory capital requirements
On 29 December 2020, new capital requirements started to apply for Swedish 
banks, as the EU Banking package was transposed into Swedish law. Capital 
requirements are built up of four main parts:
	 i)	 a Pillar 1 minimum requirements of 8 per cent, 
	ii)	 a Pillar 2 requirements (P2R), 
	iii)	 a combined buffer requirement, and 
	iv)	a Pillar 2 guidance (P2G). 
As at year-end 2021, SEB’s applicable CET1 capital requirement was approxi-
mately 13.8 per cent (12.6), whereof the Pillar 2 requirement was 3.3 (2.3) 
per cent. During 2021, the remaining parts of the Banking package has been 
implemented. As part of the 2021 Supervisory Review and Evaluation Process 
(SREP) the Swedish FSA introduced a Pillar 2 Guidance (P2G) of 1.5 per cent 
for the group.
SEB Consolidated situation – Prudential requirements (explicit or implicit) Dec 2021
CET1
AT1
Tier 2
Total
Pillar 1
4.5%
1.5%
2.0%
8.0%
Pillar 2 requirement
Corporate exposures – Commercial real estate RW-floor 
0.6%
0.0%
0.2%
0.8%
Credit concentration risk
0.3%
0.1%
0.1%
0.5%
Interest rate risk in the banking book
0.3%
0.1%
0.1%
0.6%
Total Pillar 2 requirement 
1.2%
0.2%
0.4%
1.8%
Total SREP capital requirement (TSCR)
5.7%
1.7%
2.4%
9.8%
Institution specific buffer requirement
Capital conservation buffer
2.5%
2.5%
Systemic risk buffer
3.0%
3.0%
Other Systemically Important Institution buffer (O-SII)
1.0%
1.0%
Countercyclical capital buffer
0.1%
0.1%
Combined buffer requirement (CBR)
6.6%
6.6%
Overall capital requirement (TSCR+CBR)
12.3%
1.7%
2.4%
16.4%
Pillar 2 Guidance (P2G)
1.5%
1.5%
Overall capital requirement and P2G
13.8%
1.7%
2.4%
17.9%

Financial statements  —  Notes
190 — SEB Annual and Sustainability Report 2021
Note 41 continued  Capital adequacy
Capital adequacy analysis
Consolidated situation
Parent company
2021
2020
2021
2020
Own funds 
Common Equity Tier 1 capital
154,821
152,124
131,207
134,055
Tier 1 capital
168,375
164,403
144,761
146,334
Total own funds
181,737
181,835
157,935
163,646
Own funds requirement
Risk exposure amount
787,490
725,560
712,916
659,989
Expressed as own funds requirement
62,999
58,045
57,033
52,799
Common Equity Tier 1 capital ratio
19.7%
21.0%
18.4%
20.3%
Tier 1 capital ratio
21.4%
22.7%
20.3%
22.2%
Total capital ratio
23.1%
25.1%
22.2%
24.8%
Own funds in relation to own funds requirement
2.88
3.13
2.77
3.10
Regulatory Common Equity Tier 1 capital requirement including buffer
11.1%
11.1%
7.1%
7.1%
of which capital conservation buffer requirement
2.5%
2.5%
2.5%
2.5%
of which systemic risk buffer requirement
3.0%
3.0%
of which other systemically important institution buffer requirement (O-SII)
1.0%
1.0%
of which countercyclical capital buffer requirement
0.1%
0.1%
0.1%
0.1%
Common Equity Tier 1 capital available to meet buffer1)
13.2%
14.8%
12.3%
14.3
Leverage ratio
Exposure measure for leverage ratio calculation
3,352,452
3,226,866
3,065,713
3,025,643
of which on balance sheet items
2,981,244
2,678,521
2,709,501
2,487,526
of which off balance sheet items
371,209
548,345
356,212
538,118
Leverage ratio 
5.0%
5.1%
4.7%
4.8%
1) Year-end 2020 recalculated as if Pillar 2 requirements were formally decided. 
Own funds
Consolidated situation
Parent company
2021
2020
2021
2020
Total equity according to balance sheet1)
193,228
171,943
151,353
148,628
Accrued dividend
–12,938
–8,864
–12,938
–8,864
Deconsolidation of insurance companies and other foreseeable charges2)
1,397
–988
1,397
21
Common Equity Tier 1 capital before regulatory adjustments 
181,687
162,091
139,812
139,786
Additional value adjustments
–1,133
–894
–1,113
–874
Goodwill
–4,261
–4,378
–3,358
–3,358
Intangible assets
–1,327
–1,557
–1,196
–1,217
Deferred tax assets that rely on future profitability
–7
–11
Fair value reserves related to gains or losses on cash flow hedges
18
47
18
47
Gains or losses on liabilities valued at fair value resulting from changes in  
own credit standing
–194
3
–205
–159
Defined-benefit pension fund assets
–17,211
–3,008
Direct and indirect holdings of own CET1 instruments
–2,752
–169
–2,752
–169
Total regulatory adjustments to Common Equity Tier 1
–26,866
–9,967
–8,606
–5,731
Common Equity Tier 1 capital
154,821
152,124
131,207
134,055
Additional Tier I instruments
13,555
12,279
13,555
12,279
Tier 1 capital
168,375
164,403
144,761
146,334
Tier 2 instruments3)
13,826
18,606
13,826
18,606
Net provisioning amount for IRB-reported exposures
736
476
548
355
Holdings of Tier 2 instruments in financial sector entities
–1,200
–1,650
–1,200
–1,650
Tier 2 capital
13,362
17,432
13,174
17,311
TOTAL
181,737
181,835
157,935
163,646
1) For the parent company, Total equity includes Untaxed reserves net of tax.
2) Starting from the second quarter 2021 and forward this item is solely attributable to reversal of direct and indirect holdings of own CET1 instrument.
3) Following an approval from the Swedish Financial Supervisory Authority to call a Tier 2 instrument of EUR 1.0 bn issued in 2014, the instrument was excluded from the bank’s own 
funds as at Q1 2021. The instrument was redeemed in Q2 2021. A new Tier 2 instrument of EUR 0.5 bn was issued during Q4 2021.

SEB Annual and Sustainability Report 2021— 191
Note 41 continued  Capital adequacy
Risk exposure amount 
Credit risk IRB approach
Consolidated situation
Parent company
2021
2020
2021
2020
Risk 
exposure 
amount
Own funds 
­requirement1)
Risk 
exposure 
amount
Own funds 
­requirement1)
Risk 
exposure 
amount
Own funds 
­requirement1)
Risk 
exposure 
amount
Own funds 
­requirement1)
Exposures to central governments or  
central banks
18,374
1,470
13,893
1,111
10,362
829
8,221
658
Exposures to institutions
52,833
4,227
46,522
3,722
52,349
4,188
45,136
3,611
Exposures to corporates
371,928
29,754
342,199
27,376
308,939
24,715
281,603
22,528
Retail exposures
66,879
5,350
63,740
5,099
44,205
3,536
42,131
3,371
of which secured by immovable property
43,718
3,497
40,817
3,265
34,274
2,742
32,283
2,583
of which retail SME
5,621
450
5,278
422
2,187
175
of which other retail exposures
17,540
1,403
17,644
1,412
7,744
619
9,848
788
Securitisation positions
1,976
158
1,973
158
1,976
158
1,973
158
Total IRB approach
511,989
40,959
468,326
37,466
417,831
33,426
379,064
30,325
Credit risk standardised approach
Exposures to central governments or  
central banks
949
76
966
77
Exposures to institutions
937
75
909
73
11,628
930
18,339
1,467
Exposures to corporates
6,635
531
4,905
392
3,319
266
3,024
242
Retail exposures
15,278
1,222
13,528
1,082
9,001
720
8,206
656
Exposures secured by mortgages on  
immovable ­property
2,016
161
1,935
155
2,012
161
1,931
155
Exposures in default
45
4
52
4
24
2
26
2
Exposures associated with particularly high risk
845
68
1,043
83
845
68
1,043
83
Exposures in the form of collective investment 
­undertakings (CIU)
57
5
Equity exposures
8,459
677
4,139
331
44,992
3,599
37,286
2,983
Other items
10,180
814
10,327
826
3,098
248
2,807
225
Total standardised approach
45,344
3,628
37,860
3,029
74,920
5,994
72,662
5,813
Market risk
Trading book exposures where  
internal models are applied
26,756
2,140
28,088
2,247
26,756
2,140
28,088
2,247
Trading book exposures applying  
standardised ­approaches
5,021
402
8,742
699
4,975
398
8,675
694
Foreign exchange rate risk
4,153
332
3,377
270
Total market risk
31,778
2,542
36,830
2,946
35,883
2,871
40,140
3,211
Other own funds requirements
Operational risk advanced measurement 
­approach
49,897
3,992
50,483
4,039
39,185
3,135
39,928
3,194
Settlement risk
13
1
3
0
13
1
3
0
Credit value adjustment
9,493
759
7,336
587
9,485
759
7,336
587
Investment in insurance business
22,527
1,802
16,633
1,331
22,527
1,802
16,633
1,331
Other exposures
3,898
312
5,237
419
528
42
1,377
110
Additional risk exposure amount2)
112,551
9,004
102,851
8,228
112,544
9,004
102,845
8,228
Total other own funds requirements
198,379
15,870
182,544
14,604
184,282
14,743
168,122
13,450
TOTAL
787,490
62,999
725,560
58,045
712,916
57,033
659,989
52,799
1) Own funds requirement 8 per cent of risk exposure amount according to Regulation (EU) No 575/2013 (CRR).
2) Additional risk exposure amount according to Article 458, Regulation (EU) No 575/2013 (CRR), for risk-weight floors in the Swedish mortgage portfolio and as from Q3 2021 for risk-
weight floors in the Norwegian mortgage portfolio as well as for Norwegian corporate exposures collateralized by immovable property.
Average risk-weight
Consolidated situation
Parent company
2021
2020
2021
2020
Exposures to central governments or central banks
2.9%
2.9%
1.9%
1.9%
Exposures to institutions
23.5%
21.7%
23.5%
21.7%
Exposures to corporates
27.6%
27.5%
25.0%
24.7%
Retail exposures
9.2%
9.4%
7.3%
7.4%
of which secured by immovable property
6.7%
6.7%
5.9%
5.9%
of which retail SME
50.3%
49.6%
33.8%
34.6%
of which other retail exposures
28.5%
29.6%
38.5%
40.1%
Securitisation positions
16.9%
16.4%
16.9%
16.4%
The consolidated SEB Group must also comply with capital requirements con-
cerning combined banking and insurance groups, i.e. financial conglomerates. 
The combined capital requirement for the SEB financial conglomerate was  
SEK 186.3bn (157.6) while the Own funds amounted to SEK 235.2bn (224.6). 
In these total figures, SEB Life and Pension Holding AB has contributed with 
­Solvency II figures from September 30, 2021.

Financial statements  —  Notes
192 — SEB Annual and Sustainability Report 2021
42  Life insurance operations
Income statement
Group
2021
2020
Premium income, net
5,025
4,688
Income investment contracts
– Own fees including risk gain/loss
1,383
1,310
– Commissions from fund companies
2,122
1,801
3,505
3,110
Net investment income
2,889
898
Other operating income
417
334
Total income, gross
11,836
9,031
Claims paid, net
–2,094
–1,727
Change in insurance contract provisions
–4,956
–3,407
Total income, net
4,786
3,897
Of which fees net from other entities within the SEB Group
1,712
1,413
Direct acquisition costs investment and insurance contracts
–765
–705
Change in deferred acquisition costs
–201
–233
–967
–937
Commissions received and profit share from ceded reinsurance
99
128
Other expenses
–1,573
–1,621
Total expenses
–2,440
–2,430
Net expected credit losses
0
1
OPERATING PROFIT
2,346
1,468
Change in surplus values in division Life
Present value of new sales1)
1,280
955
Return on existing policies
1,179
1,184
Realised surplus value in existing policies
–2,501
–2,485
Actual outcome compared to assumptions2)
1,288
43
Change in surplus values from ongoing business, gross
1,246
–303
Capitalisation of acquisition costs
–98
–74
Amortisation of capitalised acquisition costs
299
307
Change in deferred front end fees
–19
–19
Change in surplus values from ongoing business, net3)
1,428
–90
Financial effects due to short-term market fluctuations4)
3,170
133
Change in assumptions5)
677
176
TOTAL CHANGE IN SURPLUS VALUES6)
5,276
219
Calculations of surplus value in the life insurance operations are based on assumptions of the future development of existing insurance contracts and a risk-
adjusted discount rate. The most important assumptions (Swedish unit-linked – which represent 86 per cent (85) of the total surplus value).
2021
2020
Discount rate
6.5%
6.5%
Growth in fund units, gross before fees and taxes
4.65%
4.65%
Transfer rate
3.73%
3.73%
Lapse rate of regular premiums unit-linked
7.8%
8.3%
Surrender of endowment insurance contracts: contracts signed within 1 year / 1–4 years / 5 years / 6 years / thereafter
1% / 6% / 9% / 8% / 6% 1% / 5% / 11% / 9% / 7%
Inflation CPI / Inflation expenses
2% / 3%
2% / 3%
Mortality
The group's experience
The group's experience
1) Sales defined as new contracts and extra premiums in existing contracts.
2) The calculated deviation between the actual outcome from existing contracts and the assumed outcome based on previous assumptions. In 2021 there was a large positive effect 
­related to a new distribution model.
3) Acquisition costs are capitalised and amortised according to plan. Certain front end fees are also recorded on the balance sheet and recognized as revenue in the income statement 
during several years. The reported change in surplus values is adjusted by the net effect of changes in deferred acquisition costs and front end fees during the period.
4) Assumed investment return (growth in fund values) is 4.65 per cent (4.65) gross before fees and taxes. Actual returns results in positive or negative financial effects.
5) Positive effect in 2021 from change in annuity term, deferral of vesting, lower surrender rate and expenses. Negative effect from assumed higher transfers out. Positive effect in 2020 
mainly from lower assumed surrenders, lower transfers out, lower loss ratio and lower mortality which were reduced by higher assumed expenses. 
6) The calculated surplus value is not included in the SEB Group’s consolidated accounts. The surplus value is net of capitalised acquisition costs and deferred front end fees.
Summarised financial information for Gamla Livförsäkringsaktiebolaget SEB Trygg Liv1)
Income statement, condensed
2021
2020
Life insurance technical result
33,778
2,419
Other costs and appropriations
–15
–2
Taxes
–170
–235
NET RESULT
33,594
2,182
Balance sheet, condensed
TOTAL ASSETS
195,183
175,870
Total liabilities
77,055
84,228
Consolidation fund / equity
118,016
91,545
Untaxed reserves
112
97
TOTAL LIABILITIES AND EQUITY
195,183
175,870
1) SEB owns all shares of Gamla Livförsäkringsaktiebolaget SEB Trygg Liv except for a golden share owned by Trygg-Stiftelsen. Gamla Livförsäkringsaktiebolaget SEB Trygg Liv is not 
consolidated as subsidiary of the group, since the ownership of SEB in Gamla Livförsäkringsaktiebolaget SEB Trygg Liv does not result in control. Current year figures are unaudited.

SEB Annual and Sustainability Report 2021— 193
43  Assets in unit-linked operations
Within the unit-linked business SEB holds, for its customers’ account, a share of 
more than 50 per cent in 16 (25) funds, where SEB is the investment manager. 
The total value of those funds amounted to SEK 153,299m (130,879) of which 
SEB, for its customers’ account, holds SEK 110,290m (92,727).
44  Interest in unconsolidated structured entities
Assets, 2021
Group
Parent company
Special purpose 
entities
Asset 
­management1)
Total
Special purpose 
entities
Asset 
­management1)
Total
Loans to the public
10,355
10,355
10,355
10,355
Financial assets
1
380,621
380,622
1
44
45
of which derivatives
1
1
1
1
TOTAL
10,356
380,621
390,977
10,356
44
10,400
Liabilities
Deposits and borrowings from the public
461
0
461
461
461
Financial liabilities
13
13
13
13
of which derivatives
13
13
13
13
TOTAL
474
0
474
474
474
Obligations
1,145
1,145
1,145
1,145
The group’s maximum exposure to loss
11,501
23,026
34,527
11,501
44
11,545
1) Investments in SEB- and non-SEB managed funds
Assets, 2020
Loans to the public
10,549
10,549
10,549
10,549
Financial assets
16
311,770
311,786
16
1,540
1,556
of which derivatives
16
16
16
16
TOTAL
10,565
311,770
322,335
10,565
1,540
12,105
Liabilities
Deposits and borrowings from the public
423
1
424
423
1
424
Financial liabilities
0
0
of which derivatives
0
0
TOTAL
423
1
424
423
1
424
Obligations
669
669
669
669
The group’s maximum exposure to loss
11,234
18,550
29,784
11,234
1,540
12,775
1) Investments in SEB- and non-SEB managed funds
Interests in unconsolidated structured entities refers to cases when the group 
has interests in structured entities which it does not control. A structured entity 
is an entity that is designed so that voting or similar rights are not the dominant 
factor in deciding who controls the entity, such as when any voting rights relate 
to administrative tasks only and the relevant activities are directed by means of 
contractual arrangements.
The group enters into transactions with structured entities in the normal 
cause of business for various reasons. Depending on the type of structured 
­entity the ­purpose is to support customer transactions, to engage in specific­ 
­investment oppor­tunities and to facilitate the start-up of certain entities. 
The group has interests in the following types of structured entities:
Interests in funds 
The group establishes and manages funds to provide customers with invest-
ment opportunities, SEB is considered to be the sponsor of those funds. Total 
assets under management represent the size of a fund. Total assets under man-
agement of funds managed by SEB are SEK 831bn (672). The total assets of 
non-SEB managed funds are not publicly available and not considered meaning-
ful for understanding related risks, and have therefore not been presented. In 
some cases the group facilitates the start-up of funds by holding units and it 
may hold units in funds managed by the group or by a third party for investment 
purposes within the life business. The funds managed by the group generate 
income in the form of management fees and performance fees based on the 
assets under management. The income from asset management is presented in 
note 5. The maximum exposure to loss is limited to the carrying amount of units 
held by the group. This amount does not reflect the probable loss. 
Interests in other structured entities
The group has had a role in establishing structured entities to support customer 
transactions. The purpose of these entities is to provide alternative ­funding and 
liquidity improvement to the sellers and investment opportunities to investors 
by purchasing assets and obtain funding for the purchases with the assets as 
collateral. The group provides senior revolving credit facilities and administra-
tive services to the entities and earn fee and interest income on market based 
conditions. 
The group holds the most senior investments in debt instruments issued by 
banks, through securitisation vehicles (SPV) whose purpose is to provide alter-
native funding to the issuers and investment opportunities to investors. The 
SPVs purchase pools of asset from the originating banks balance sheet, e.g. 
credit card loans, residential mortgage loans, loans to small and medium sized 
enterprises and fund these purchases by issuing debt securities with the assets 
as collateral. The securities have multiple tranches of subordination. 
The maximum exposure to loss regarding investments in other structured 
­entities is limited to the carrying amount of the investments and may occur only 
after losses by creditors with junior exposures. The maximum exposure to loss 
does not reflect the probability of loss and hedging or collateral arrangements 
are not considered. The total assets for these entities are not considered mean-
ingful information for the purpose of understanding the related risks and there-
fore have not been presented.

Financial statements  —  Notes
194 — SEB Annual and Sustainability Report 2021
45  Related parties
Group, 2021
Group
Associated companies
Key management
Other related parties
Assets/­
Liabilities
Interest
Assets/ 
­Liabilities
Interest
Assets/ 
­Liabilities
Interest
Loans to the public
1,557
15
218
3
62
1
Notional amount of derivatives
1,373
Deposits and borrowings from the public
473
9
45
1,313
1
Group, 2020
Loans to the public
1,198
14
211
3
71
1
Notional amount of derivatives
1,877
Deposits and borrowings from the public
39
0
29
1,723
0
Parent company, 2021
Parent company
Associated companies
Group companies
Assets/ 
­Liabilities
Interest
Assets/ 
­Liabilities
Interest
Loans to credit institutions
21,495
64
Loans to the public
1,557
15
12,963
6
Interest-bearing securities
1,401
25
Positive replacement values of derivatives
380
Other assets
0
1,184
0
TOTAL
1,557
15
37,423
96
Deposits from credit institutions
12,630
59
Deposits and borrowings from the public
462
9
13,777
13
Negative replacement values of derivatives
456
Other liabilities
0
66
–4
TOTAL
462
9
26,929
68
Parent company, 2020
Loans to credit institutions
29,491
117
Loans to the public
1,199
14
8,355
8
Interest-bearing securities
3,350
36
Positive replacement values of derivatives
533
Other assets
6
1,512
0
TOTAL
1,205
14
43,241
161
Deposits from credit institutions
38,849
–143
Deposits and borrowings from the public
39
–2
13,634
4
Negative replacement values of derivatives
994
Other liabilities
0
188
–3
TOTAL
39
–2
53,665
–142
Key management above refers to the Board of Directors and the Group Execu-
tive Committee. Entities with significant influence or significantly influenced by 
key management in the group, and post-employment benefit plans are pre-
sented as other related parties. Investor AB and the pension foundation SEB-
stiftelsen are within this category as well as close family members to key man-
agement. In addition the group has insurance administration and asset manage-
ment agreements with Gamla Livförsäkringsaktiebolaget SEB Trygg Liv based 
on conditions on the market. SEB has received SEK 115m (118) under the insur-
ance administration agreement and SEK 402m (256) under the asset manage-
ment agreement. For more information on Gamla Livförsäkringsaktiebolaget 
SEB Trygg Liv, see note 42. 
The parent company is a related party to its subsidiaries and associates.  
See note 22, Investments in subsidiaries, associates and joint ventures, for 
­disclosures of investments.

SEB Annual and Sustainability Report 2021— 195
46  Financial assets and liabilities subject to offsetting or netting arrangements
Group, 2021
Financial assets and liabilities subject to offsetting or netting arrangements
Other instruments 
in balance sheet not 
subject to netting 
­arrangements
Total in  
balance sheet
Gross 
amounts
Offset
Net amounts in 
balance sheet
Related arrangements
Net 
amounts
Master ­netting 
­arrangements
Collaterals 
­received/ 
pledged
Derivatives
149,013
–22,956
126,057
–81,580
–43,553
923
–6
126,051
Reversed repo receivables
190,909
–108,261
82,649
–8,491
–74,158
5,018
87,667
Securities borrowing
26,059
26,059
–25,639
419
180
26,239
Client receivables
12,105
12,105
ASSETS
365,981
–131,216
234,764
–90,071
–143,351
1,342
17,298
252,062
Derivatives
141,118
–22,956
118,163
–81,580
–34,653
1,930
10
118,173
Repo payables
117,024
–108,261
8,763
–8,491
273
773
9,537
Securities lending
33,254
33,254
–33,033
221
35
33,289
Client payables
6,701
6,701
LIABILITIES
291,397
–131,216
160,180
–90,071
–67,686
2,423
7,520
167,700
Group, 2020
Derivatives
166,111
–1,323
164,787
–87,837
–53,700
23,251
121
164,909
Reversed repo receivables
153,867
–33,878
119,989
–8,876
–111,113
5,395
125,384
Securities borrowing
12,413
12,413
–11,908
505
307
12,719
Client receivables
1
–1
9,764
9,764
ASSETS
332,391
–35,203
297,189
–96,712
–176,721
23,755
15,587
312,776
Derivatives
162,624
–1,323
161,300
–87,837
–52,410
21,054
261
161,561
Repo payables
42,754
–33,878
8,876
–8,876
8,876
Securities lending
19,513
19,513
–18,408
1,105
1
19,514
Client payables
1
–1
11,599
11,599
LIABILITIES
224,892
–35,203
189,689
–96,712
–70,817
22,159
11,861
201,550
Parent company, 2021
Financial assets and liabilities subject to offsetting or netting arrangements
Other instruments 
in balance sheet not 
subject to netting 
­arrangements
Total in  
balance  
sheet
Gross 
amounts
Offset
Net amounts in 
balance sheet
Related arrangements
Net 
amounts
Master ­netting 
­arrangements
Collaterals 
­received/ 
pledged
Derivatives
143,777
–22,451
121,326
–77,709
–43,617
121,326
Reversed repo receivables
190,903
–108,261
82,643
–8,491
–74,158
82,643
Securities borrowing
25,639
25,639
–25,639
25,639
Client receivables
0
0
11,432
11,432
ASSETS
360,319
–130,712
229,608
–86,199
–143,414
11,432
241,040
Derivatives
135,948
–22,451
113,497
–77,709
–35,108
680
113,497
Repo payables
116,751
–108,261
8,491
–8,491
8,491
Securities lending
33,033
33,033
–33,033
33,033
Client payables
5,119
5,119
LIABILITIES
285,733
–130,712
155,021
–86,199
–68,142
680
5,119
160,140
Parent company, 2020
Derivatives
159,380
159,380
–84,448
–52,959
21,973
159,380
Reversed repo receivables
153,867
–33,878
119,989
–8,876
–111,113
119,989
Securities borrowing
11,908
11,908
–11,908
11,908
Client receivables
1
–1
9,204
9,204
ASSETS
325,156
–33,880
291,277
–93,324
–175,980
21,973
9,204
300,481
Derivatives
157,529
157,529
–84,448
–52,410
20,671
157,529
Repo payables
42,754
–33,878
8,876
–8,876
8,876
Securities lending
18,408
18,408
–18,408
18,408
Client payables
1
–1
10,488
10,488
LIABILITIES
218,693
–33,880
184,813
–93,324
–70,817
20,671
10,488
195,301
The table shows financial assets and liabilities that are presented net in the 
­balance sheet or with potential rights to off-set associated with enforceable 
master netting arrangements or similar arrangements, together with related 
collateral. 
Financial assets and liabilities are presented net in the balance sheet when 
SEB has legally enforceable rights to set-off, in the ordinary cause of business 
and in the case of bankruptcy, and intends to settle on a net basis or to realize 
the assets and settle the liabilities simultaneously. Repos with central counter-
party clearing houses that SEB has agreements with and client receivables and 
client payables are examples of instruments that are presented net in the bal-
ance sheet. 
Financial assets and liabilities subject to enforceable master netting arrange-
ments or similar arrangements that are not presented net in the­ ­balance sheet 
are arrangements that are usually enforceable in the case of bankruptcy or 
default but not in the ordinary course of business or arrangements where SEB 
does not have the intention to settle the instruments simultaneously. 
Assets and liabilities that are not subject to offsetting or netting arrange-
ments, i.e those that are only subject to collateral agreements, are presented  
as Other instruments in balance sheet not subject to ­netting arrangements.

Financial statements  —  Notes
196 — SEB Annual and Sustainability Report 2021
47  Pledged assets 
Group
Parent company
2021
2020
2021
2020
Pledged assets and comparable securities for own liabilities
541,308
493,629
539,115
490,032
Pledged assets for own liabilities to insurance policyholders
458,849
362,016
Other pledged assets and comparable securities
66,226
108,336
65,329
106,252
TOTAL
1,066,382
963,981
604,443
596,284
Pledged assets and comparable securities for own liabilities1)
Repos
32,543
47,425
32,270
47,425
Assets collateralised for issued mortgage covered bonds
293,858
332,821
292,874
331,128
Assets collateralised for issued public covered bonds
673
Other collateral
214,906
112,710
213,970
111,479
TOTAL
541,308
493,629
539,115
490,032
1) Transfers that do not qualify for derecognition.
Pledged assets for own liabilities to insurance policyholders
Assets pledged for insurance contracts
34,623
29,624
Assets pledged for investment contracts1)
424,226
332,392
TOTAL
458,849
362,016
1) Shares in funds.
Other pledged assets and comparable collateral
Bonds1)
33,424
80,735
33,424
80,735
Securities lending
897
2,083
Other
31,904
25,517
31,904
25,517
TOTAL
66,226
108,336
65,329
106,252
1) Pledged but unencumbered bonds.
Transferred financial assets entirely recognized1)
Group, 2021
Transferred assets
Associated liabilities
Associated  
collateral ­received2)
Securities 
lending
Repurchase 
agreements
Other3)
Total
Securities 
lending
Repurchase 
agreements
Other3)
Total
Securities lending
Equity instruments
44,309
1,339
45,648
7,970
7,970
29,535
Debt securities
22,548
4,737
55
27,340
3,242
4,737
7,979
15,888
Financial assets held for trading
66,857
4,737
1,394
72,989
11,212
4,737
15,950
45,423
Group, 2020
Equity instruments
24,344
135
24,480
4,645
4,645
17,103
Debt securities
34,370
1,832
2,408
38,610
2,660
1,832
2,000
6,491
28,119
Financial assets held for trading
58,715
1,832
2,543
63,090
7,304
1,832
2,000
11,136
45,221
Parent company, 2021
Transferred assets
Associated liabilities
Associated  
collateral ­received2)
Securities 
lending
Repurchase 
agreements
Other3)
Total
Securities 
lending
Repurchase 
agreements
Other3)
Total
Securities lending
Equity instruments
44,194
44,194
7,907
7,907
29,477
Debt securities
22,548
4,737
55
27,340
3,228
4,737
7,966
15,895
Financial assets held for trading
66,742
4,737
55
71,534
11,135
4,737
15,873
45,372
Parent company, 2020
Equity instruments
24,344
24,344
4,603
4,603
17,103
Debt securities
34,370
1,832
2,408
38,610
2,636
1,832
2,000
6,467
28,119
Financial assets held for trading
58,715
1,832
2,408
62,954
7,238
1,832
2,000
11,070
45,221
1) Carrying amount and fair value are the same.
2) Other than cash collateral.
3) Assets provided as collateral for derivatives trading, clearing etc.
Pledged assets
Assets are transferred for repurchase agreements and securities lending 
agreements. The counterpart has the right to sell or repledge the assets. Other 
transferred assets refer to assets provided as collateral for derivatives trading, 
clearing etc., where the title to the instrument has been transferred to the coun-
terparty. The assets continue to be recognised on SEB’s balance sheet since SEB 
is still exposed to changes in the fair value of the assets. The carrying value and 
fair value of the assets transferred as collateral for liabilities or contingent lia-
bilities are shown in the table above.
	
SEB issues covered bonds secured by mortgage loans pledged as security 
­according to the local legislation. The pledged securities are mainly residential 
mortgages in single family homes, tenant owned homes or other residential 
apartment buildings. The loan-to-value ratio does not exceed 75 per cent. In the 
event of SEB’s insolvency, the holders of the covered bonds have priority to the 
assets registered as collateral.
Obtained collateral
SEB obtains collateral under reverse repurchase agreements and securities 
borrowing agreements. Under the terms of standard financial market agree-
ments SEB has the right to sell or repledge the collateral, subject to returning 
equivalent securities on settlement of the transactions.
More information about the accounting of repurchase agreements and secu-
rities lending can be found in the accounting principles.

SEB Annual and Sustainability Report 2021— 197
48  Obligations
Group
Parent company
2021
2020
2021
2020
Contingent liabilities
160,294
137,341
159,445
141,769
Commitments
813,936
724,933
754,551
667,824
TOTAL
974,231
862,274
913,996
809,592
Contingent liabilities
Own acceptances
2,190
1,521
2,079
1,427
Financial guarantees given1)
10,281
8,573
17,998
21,045
of which group internal
7,750
12,532
Other guarantees given
147,824
127,247
139,367
119,296
of which group internal
994
918
Guarantees given
158,105
135,820
157,366
140,341
TOTAL
160,294
137,341
159,445
141,769
1) SEB does not regularly securitise its assets and has no outstanding own issues.
Other contingent liabilities
The parent company has a contingent liability to provide capital to DSK Hyp AG’s 
(former SEB AG) for annual net losses unless the losses could be covered by 
other reserves. 
The parent company has issued a deposit guarantee for DSK Hyp AG (former 
SEB AG) in Germany to the Bundesverband deutscher Banken e.V.
The parent company has issued an irrevocable standby letter of credit in 
favor of MasterCard in the amount of USD 215m related to card business in  
the subsidiaries.
Legal proceedings
Within the ordinary course of business SEB is engaged in various legal proceed-
ings, both in Sweden and in other jurisdictions. SEB does not expect these cur-
rent legal proceedings to have a significant adverse effect on the financial posi-
tion of the group. 
Re-assessment of credited withholding tax in Germany
SEB and its subsidiaries are continuously subject to tax field audits where local 
tax authorities review previous years’ tax returns. The German tax authorities 
have in relation to SEB’s wholly owned German subsidiary, DSK Hyp AG (“DSK”) 
re-assessed DSK’s crediting of withholding tax in its securities finance business 
for the years 2008–2014 and claimed the repayment by DSK of EUR 936m, 
plus interest. DSK has over the years 2008–2015 claimed and credited approx-
imately EUR 1,500m in withholding tax against its corporate income tax.
SEB and DSK are of the opinion that the securities finance business of DSK 
under review by the German tax authorities was conducted in accordance with 
market practice, law and administrative guidance applicable at the time. SEB 
and DSK, as supported by its external legal advisor, are of the view that it is 
more likely than not that it will be ultimately confirmed in a fiscal court proceed-
ing that the withholding tax has been claimed and credited correctly by DSK. 
Hence, to date and in accordance with current accounting rules, no provisions 
have been made on a group level.
The legal proceedings are estimated to take several years as it is expected 
that the matter will be appealed to the highest fiscal court. It cannot be ruled 
out that the re-assessment by the German tax authorities of DSK’s crediting of 
withholding tax may lead to negative financial effects for the SEB Group.
Investigation of alleged tax evasion
The public prosecutor in Cologne, Germany, is investigating whether former  
and current employees of DSK and SEB have been involved in alleged tax eva-
sion of a severe nature. DSK and SEB are cooperating with the prosecutor in the 
investigation. As far as SEB and DSK are aware, no indictments have been filed 
against any of the aforementioned employees. 
It is unclear what impact this investigation may have on the re-assessment 
by the German tax authorities of DSK’s crediting of withholding tax referred to 
above. It cannot be ruled out that the investigation or potential indictments may 
lead to negative financial effects for the SEB Group. 
Commitments
Group
Parent company
2021
2020
2021
2020
Granted undrawn credit facilities
544,344
482,380
528,146
466,481
of which group internal
0
23
Unutilised part of overdraft facilities
143,745
139,149
107,943
104,046
of which group internal
13,526
17,754
Repledged collaterals
101,737
80,260
101,737
80,282
of which group internal
0
22
Other commitments given
24,111
23,144
16,725
17,014
TOTAL
813,936
724,933
754,551
667,824
Discretionary managed assets
Discretionary managed assets in the parent company amounted to SEK 509bn (416).

Financial statements  —  Notes
198 — SEB Annual and Sustainability Report 2021
49  Leases
Lessee
Group
2021
2020
Income statement
Interest expense on lease liabilities (Net interest income)
78
86
Expenses relating to short-term leases (Other expenses)
12
26
Expenses relating to leases of low-value assets (Other expenses)
97
96
Depreciation expense of right-of-use assets (Depreciation, amortisation)1)
844
848
TOTAL
1,032
1,056
Balance sheet
Right-of-use assets – additions
328
325
Right-of-use assets – closing balance2)
5,079
5,141
Lease liabilities (Other liabilities)
5,527
5,639
1) Of which Property leases SEK 818m (818) and Other (mainly IT equipment) SEK 26m (30).
2) Of which Property leases SEK 5,049m (5,102) and Other (mainly IT equipment) SEK 30m (39).
Lessor
Finance lease
Group
2021
2020
Undiscounted lease payments expected after reporting date and within
year 1
10,415
9,978
year 2
9,586
10,247
year 3
9,564
9,786
year 4
5,442
6,619
year 5
5,262
4,998
year 6 and later
25,229
20,404
Total undiscounted lease payments receivable
65,499
62,031
Unearned finance income
–2,898
–2,800
NET INVESTMENT LEASES
62,601
59,232
Finance income (interest income) on the net investment
1,028
1,098
Lessor portfolio mainly includes transport vehicles, machinery and facilities. Residual value risk is not significant, because of  
the existence of a secondary market.
50  Events after the balance sheet date
Jeanette Almberg, currently Head of Group Human Resources and a member  
of the bank’s Group Executive Committee (GEC), has been appointed as new 
Head of Business Support & Operations and a member of GEC. Robert Celsing, 
currently Head of FICC Markets at SEB, has been appointed new Head of Group 
Human Resources and a member of GEC. Nina Korfu-Pedersen, currently  
Head of Business Support & Operations, has been appointed Chief Transfor­
mation Officer for Control & Staff Functions. The changes are effective as at  
1 February 2022.

SEB Annual and Sustainability Report 2021 — 199
Five-year summary  —  The SEB Group
The SEB Group
Income Statement
SEK m
2021
2020
2019
2018
20171)
Net interest income
26,321
25,143
22,950
21,022
19,893
Net fee and commission income
21,142
18,063
18,709
18,364
17,677
Net financial income
6,992
6,275
7,617
6,079
6,880
Net other income
159
236
858
402
1,112
Total operating income
54,614
49,717
50,134
45,868
45,561
Staff costs
–15,372
–14,976
–14,660
–14,004
–14,025
Other expenses
–5,763
–5,864
–6,623
–7,201
–6,947
Depreciation, amortisation and impairment  
of tangible and intangible assets
–2,110
–1,906
–1,662
–735
–964
Total operating expenses
–23,245
–22,747
–22,945
–21,940
–21,936
Gains less losses on disposals of tangible and intangible assets
5
–7
–2
18
–162
Net expected credit losses2)
–510
–6,118
–2,294
–1,166
–808
Operating profit before items affecting comparability
30,864
20,846
24,894
22,779
22,655
Items affecting comparability3)
–1,000
4,506
–1,896
Operating profit
30,864
19,846
24,894
27,285
20,759
Income tax expense
–5,441
–4,100
–4,717
–4,152
–4,562
NET PROFIT
25,423
15,746
20,177
23,134
16,197
Attributable to shareholders
25,423
15,746
20,177
23,134
16,197
1) The 2017 income statement has been restated for the transition to IFRS 15. 
2) 2018–2021: IFRS 9 expected loss model. 2017: IAS 39 incurred loss model.
3) 2020 is administrative fine. 
Balance sheet
SEK m
2021
2020
2019
2018
20171) 
Cash and cash balances and loans to central banks
443,798
327,409
151,186
242,408
190,000
Loans to central banks and credit institutions
60,009
50,791
46,995
44,287
38,717
Loans to the public
1,846,362
1,770,161
1,837,605
1,644,825
1,486,765
Other financial assets
889,366
855,351
787,341
606,584
629,907
Other assets
64,696
36,720
33,521
29,412
211,520
TOTAL ASSETS
3,304,230
3,040,432
2,856,648
2,567,516
2,556,908
Deposits from central banks and credit institutions
75,206
111,309
88,041
135,719
95,489
Deposits and borrowing from the public
1,597,449
1,371,227
1,161,485
1,111,390
1,032,048
Other financial liabilities
1,391,207
1,355,604
1,414,917
1,120,487
1,059,241
Other liabilities
47,140
30,349
36,505
51,131
228,892
Total equity
193,228
171,943
155,700
148,789
141,237
TOTAL LIABILITIES AND EQUITY
3,304,230
3,040,432
2,856,648
2,567,516
2,556,908
1) 2017 have been restated for changes in the presentation of the balance sheet and for the transition to IFRS 15.
Key figures
2021
2020
2019
2018
20173)
Return on equity, %
13.9
9.7
13.7
16.3
11.7
Return on equity excluding items affecting comparability, %
13.9
10.3
13.8
13.4
12.9
Basic earnings per share, SEK
11.75
7.28
9.33
10.69
7.47
Cost/Income ratio
0.43
0.46
0.46
0.48
0.48
Net ECL level1), %
0.02
0.26
0.10
0.06
0.05
Common Equity Tier 1 capital ratio2), %
19.7
21.0
17.6
17.6
19.4
Tier 1 capital ratio2), %
21.4
22.7
20.8
19.7
21.6
Total capital ratio2), %
23.1
25.1
23.3
22.2
24.2
1) 2018–2021: Net ECL level based on IFRS 9 expected loss model. 2017: Credit loss level based on IAS 39 incurred loss model.
2) Basel III.
3) 2017 has been restated for the transition to IFRS 15.

200 — SEB Annual and Sustainability Report 2021
Five-year summary  —  Parent company
Parent company
Income Statement
SEK m
2021
2020
2019
2018
2017
Net interest income
27,247
25,707
23,402
21,860
20,017
Net fee and commission income
12,343
10,698
10,461
10,064
9,557
Net financial income
4,882
5,297
5,838
4,574
4,493
Other income
3,926
3,532
6,930
10,900
8,323
Total operating income
48,397
45,234
46,631
47,398
42,390
Administrative expenses
–16,207
–17,372
–16,345
–15,263
–14,252
Depreciation, amortisation and impairment  
of tangible and intangible assets
–5,644
–5,683
–5,749
–5,512
–6,377
Total operating costs
–21,851
–23,055
–22,094
–20,775
–20,629
Profit before credit losses
26,547
22,179
24,537
26,623
21,761
Net expected credit losses
–744
–5,550
–2,044
–1,020
Net credit losses
–749
Impairment of financial assets
–1,911
–220
–741
–2,928
–1,497
Operating profit
23,892
16,409
21,752
22,675
19,515
Appropriations including pension compensation
3,839
2,390
2,694
2,716
1,885
Taxes
–4,980
–4,185
–4,140
–3,671
–3,590
NET PROFIT
22,751
14,614
20,305
21,720
17,811
Balance sheet
SEK m
2021
2020
2019
2018
20171)
Cash and cash balances at central banks
371,466
294,391
110,104
164,081
97,741
Loans to central banks and credit institutions
74,334
71,027
92,450
120,333
198,781
Loans to the public
1,641,332
1,569,310
1,601,243
1,410,687
1,205,906
Other financial assets
459,885
521,530
472,945
334,801
343,890
Other assets
40,817
40,852
41,930
48,373
45,845
TOTAL ASSETS
2,587,834
2,497,110
2,318,672
2,078,275
1,892,163
Deposits from central banks and credit institutions
85,276
147,831
126,891
160,022
134,561
Deposits and borrowing from the public
1,404,490
1,198,833
973,834
927,224
849,479
Other financial liabilities
918,606
981,523
1,059,727
846,685
770,333
Other liabilities
24,549
16,427
19,810
10,794
11,599
Total equity and untaxed reserves
154,913
152,496
138,410
133,550
126,191
TOTAL LIABILITIES, UNTAXED RESERVES AND EQUITY
2,587,834
2,497,110
2,318,672
2,078,275
1,892,163
1) 2017 have been restated for changes in the presentation of the balance sheet.
Key figures
2021
2020
2019
2018
2017
Return on equity, %
15.0
 10.4
15.9
18.1
16.3
Cost/Income ratio
0.45
 0.51
0.47
 0.44
0.49
Net ECL level1), %
0.03
 0.26
 0.10
 0.07
0.05
Common Equity Tier 1 capital ratio2), %
18.4
20.3
16.9
16.9
19.8
Tier 1 capital ratio2), %
20.3
22.2
20.6
19.3
22.5
Total capital ratio2), %
22.2
24.8
23.2
22.2
25.5
1) 2018–2021: Net ECL level based on IFRS 9 expected loss model. 2017: Credit loss level based on IAS 39 incurred loss model.
2) Basel III.

SEB Annual and Sustainability Report 2021 — 201
Proposal for the distribution of profit
Proposal for the distribution of profit
Standing at the disposal of the Annual 
General Meeting in accordance with the 
balance sheet of Skandinaviska Enskilda 
Banken AB:

SEK
Fair value fund
–353,483,074
Retained earnings
79,611,939,934
Net profit for the year
22,750,797,057
Total1)
102,009,253,917 
The Board proposes that, following  
approval of the balance sheet of 
­Skandinaviska Enskilda Banken AB for the 
financial year 2021, the Annual General 
Meeting should distribute the earnings as 
follows:

SEK
Dividend to shareholders:
– SEK 6 per Class A share
13,020,115,764
– SEK 6 per Class C share
144,915,048
To be carried forward to:	
– retained earnings
88,844,223,105
Total
102,009,253,917 
It is the assessment of the Board of 
­Directors that the proposed dividend is 
justifiable considering the demands which 
are imposed by the nature, scope, and 
risks associated with the business and 
the size of the parent company’s and the 
group’s equity and need for consolidation, 
liquidity and financial position in general.
1) The parent company’s equity would have been  
SEK 9,306m lower if assets and liabilities had not been 
measured at fair value in accordance with Chapter 4, 
Section 14 of the Swedish Annual Accounts Act.

202 — SEB Annual and Sustainability Report 2021
Signatures of the Board of Directors and the President
Signatures of the Board of Directors  
and the President
The Board of Directors and the President declare that the consol-
idated financial statements have been prepared in accordance 
with IFRS as adopted by the EU and give a relevant and faithful 
representation of the group’s financial position and results of 
operations.
The financial statements of the parent company have been 
prepared in accordance with generally accepted accounting 
principles in Sweden and give a true and fair view of the parent 
company’s financial position and results of operations. 
The Report of the Directors for the group and the parent com-
pany provides a fair review of the development of the group’s 
and the parent company’s operations, financial position and re-
sults of operations and describes material risks and uncertainties 
facing the parent company and companies included in the group.
Stockholm 21 February 2022
Marcus Wallenberg
Chair
Signhild Arnegård Hansen
Director 
Anne-Catherine Berner
Director
Winnie Fok
Director
Sven Nyman
Vice chair 
Jesper Ovesen
Vice chair 
Lars Ottersgård
Director
Helena Saxon
Director
Anna-Karin Glimström
Director
Appointed by the employees
Charlotta Lindholm
Director
Appointed by the employees
Johan Torgeby
President and Chief Executive Officer
Director
Hamish Mabon
Authorized Public Accountant
Our audit report was issued on 28 February 2022
Ernst & Young AB

SEB Annual and Sustainability Report 2021 — 203
Auditor’s report
Auditor’s report
This is a translation from the Swedish original.
Report on the annual accounts and  
consolidated accounts
Opinions
We have audited the annual accounts and consolidated ac-
counts of Skandinaviska Enskilda Banken AB (publ) (“SEB”) for 
the year 2021 except for the corporate governance statement 
on pages 92–107. The annual accounts and consolidated ac-
counts of the company are included on pages 70–202 in this 
document.
In our opinion, the annual accounts have been prepared in ac-
cordance with the Annual Accounts Act for Credit Institutions 
and Securities Companies and present fairly, in all material re-
spects, the financial position of the parent company as at  
31 December 2021 and its financial performance and cash flow 
for the year then ended in accordance with the Annual Accounts 
Act for Credit Institutions and Securities Companies. The con-
solidated accounts have been prepared in accordance with the 
Annual Accounts Act for Credit Institutions and Securities Com-
panies and present fairly, in all material respects, the financial 
position of the group as at 31 December 2021 and their financial 
performance and cash flow for the year then ended in accord-
ance with International Financial Reporting Standards (IFRS), as 
adopted by the EU, and the Annual Accounts Act for Credit Insti-
tutions and Securities Companies. Our opinions do not cover the 
corporate governance statement on pages 92–107. The statu-
tory administration report is consistent with the other parts of 
the annual accounts and consolidated accounts. 
We therefore recommend that the general meeting of share-
holders adopts the income statement and balance sheet for the 
parent company and the group.
Our opinions in this report on the annual accounts and consoli-
dated accounts are consistent with the content of the additional 
report that has been submitted to the parent company’s audit 
committee in accordance with the Audit Regulation (537/2014) 
Article 11.
Basis for Opinions
We conducted our audit in accordance with International 
Standards on Auditing (ISA) and generally accepted auditing 
standards in Sweden. Our responsibilities under those standards 
are further described in the Auditor’s Responsibilities section. 
We are independent of the parent company and the group in 
accordance with professional ethics for accountants in Swe-
den and have otherwise fulfilled our ethical responsibilities in 
accordance with these requirements. This includes that, based 
on the best of our knowledge and belief, no prohibited services 
referred to in the Audit Regulation (537/2014) Article 5.1 have 
been provided to the audited company or, where applicable, its 
parent company or its controlled companies within the EU.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our 
professional judgment, were of most significance in our audit of 
the annual accounts and consolidated accounts of the current 
period. These matters were addressed in the context of our 
audit of, and in forming our opinion thereon, the annual accounts 
and consolidated accounts as a whole, but we do not provide a 
separate opinion on these matters. For each matter below, our 
description of how our audit addressed the matter is provided in 
that context. 
We have fulfilled the responsibilities described in the Auditor’s 
responsibilities for the audit of the financial statements section 
of our report, including in relation to these matters. Accordingly, 
our audit included the performance of procedures designed to 
respond to our assessment of the risks of material misstatement 
of the financial statements. The results of our audit procedures, 
including the procedures performed to address the matters be-
low, provide the basis for our audit opinion on the accompanying 
financial statements.
To the general meeting of the shareholders of Skandinaviska Enskilda Banken AB (publ),  
corporate identity number 502032-9081

Auditor’s report
204 — SEB Annual and Sustainability Report 2021
Provision for Expected Credit Losses (“ECL”) 
Description
As at 31 December 2021, loans amount to SEK 1,910,824m for 
the group, which represents 58 per cent of the group’s total 
assets. The total credit risk exposure, including off-balance com-
mitments, amounts SEK 2,699,923m for the group. The provision 
for expected credit losses amounts to SEK 8,786m for the group. 
In order to provide for expected credit losses, SEB uses both 
models and credit expert judgement to consider factors not cap-
tured by the models. 
Expected credit losses shall be measured in a way that re-
flects an unbiased and probability weighted amount that is 
determined by evaluating a range of possible outcomes and is 
based on past events, current conditions and forecasts of future 
economic conditions. 
The provision for expected credit losses requires SEB to 
make assessments of the key model assumptions. For example, 
assessments are made of the criteria to identify a significant 
increase in credit risk, current and forward-looking information 
such as the effect of the prolonged COVID-19 pandemic and the 
impact of development in specific industries on the ECL. Due 
to the use of judgement in applying the expected credit loss 
measurement criteria, the materiality of the credit risk exposure, 
the complexity of the calculation, and the effect on the ECL, pro-
visioning for expected credit losses has been considered a key 
audit matter.
How our audit addressed this key audit matter
We have tested the design and operating effectiveness of key 
controls in the credit process, including credit approval, credit 
review, rating classification as well as identifying and determin-
ing loans in default. We have also tested controls relating to 
input data to models and the general IT-controls including the 
handling of authorizations within the relevant systems. 
We have assessed the models including the assumptions and 
input parameters as well as assessed how the models calculate. 
Our assessment of input parameters includes probability of de-
fault, loss given default, exposure at default and staging criteria 
parameters determining a significant increase in credit risk at 
engagement level in accordance with IFRS 9. For engagements 
subject to individual assessment by SEB, we have assessed col-
lateral valuation in the audit procedures, including in the assess-
ment of model overlays and SEB’s expert credit judgment.
We have on a sample basis assessed SEB’s initial and current 
engagement risk rating. We have tested that data used from 
supporting systems used in the models, are complete and ac-
curate. We have also assessed the model validations which have 
been performed and reviewed the reasonableness of the mac-
roeconomic data used in the models. We have also assessed the 
reasonableness of the credit expert judgement made by SEB.
In our audit we have used our internal model specialists when 
performing our audit procedures.
We have assessed the disclosures in the annual accounts re-
lated to ECL. Such information is found in the annual accounts in 
notes 1 and 18.
Valuation of financial instruments at fair value
Description
SEB holds financial instruments where unadjusted quoted 
market prices are not readily available. For such instruments fair 
value is determined either using valuation techniques based on 
observable market parameters (categorized as level 2 under 
IFRS fair value hierarchy) or using valuation techniques with 
significant unobservable inputs (categorized as level 3 under 
IFRS fair value hierarchy).
The group has financial assets and financial liabilities in level 
2 of SEK 322,341m and SEK 174,527m and financial assets and 
liabilities in level 3 of SEK 28,456m and SEK 8,103m respec-
tively. The main part of the financial instruments in level 2 are 
comprised of loans, deposits, debt securities and derivative 
contracts. Financial instruments in level 3 primarily consist of 
unlisted equity securities and Financial assets for which the cus-
tomers bear the investment risk. 
Due to the complexity in the calculation of fair value, the ma-
teriality of the financial instruments, as well as the need for SEB 
to make judgements with respect to valuation parameters, the 
valuation of financial instruments with no readily available un-
adjusted quoted market prices, has been considered a key audit 
matter. Financial assets for which the customers bear the in-
vestment risk has not been considered a key audit matter since 
the corresponding liability is recorded in the balance sheet.
How our audit addressed this key audit matter
We have tested the key controls in the valuation process, includ-
ing SEB’s assessment and approval of assumptions and methods 
used in model-based calculations, control of data input as well 
as the handling of changes in internal valuation models. We have 
also tested the general IT-controls including the handling of 
authorizations with respect to relevant IT-systems for the valua-
tion process.
We have assessed SEB method for valuing financial instru-
ments with no readily available quoted market prices, including 
the classification in the valuation hierarchy in accordance with 
IFRS 13. 
Furthermore, we have assessed the assumptions made by 
SEB when valuating financial instruments with no readily avail-
able quoted market prices. We have compared the valuation 
models to valuing guidelines and industry practice. We have 
compared input parameters to appropriate reference sources 
when available and examined any significant deviations. 
We have also tested the mathematical accuracy of the valua-
tions through sample tests and performed our own independent 
valuations.
In our audit we have engaged our internal valuation specialists 
when performing our audit procedures.
We have assessed the disclosures in the annual accounts 
related to Valuation of financial instruments at fair value. Disclo-
sures on the financial instruments at fair value are found in the 
annual accounts in notes 1 and 36.

SEB Annual and Sustainability Report 2021 — 205
Uncertain tax positions
Description
SEB is subject to taxation in many jurisdictions and in many cas-
es the final tax treatment is not determined until resolved with 
the relevant tax authority. Consequently, SEB makes judgements 
about the probability and amount of tax liabilities which are 
subject to assessments by tax authorities and potentially asso-
ciated with legal processes. Given the complexity of the assess-
ments, the expected time to resolutions that may be years into 
the future, and the wide range of possible outcomes, uncertain 
tax positions has been considered a key audit matter.
How our audit addressed this key audit matter
We have assessed whether SEB’s method for assessing uncer-
tain tax positions is in accordance with IFRS, including SEB’s 
assessment of the probability thresholds in key cases. We have 
substantively tested the process for uncertain taxes and related 
tax assessments and tax liability estimates. In performing these 
procedures, we have used our specialists to examine potential 
implications of ongoing tax audits and similar processes. We 
have obtained correspondence with tax authorities and opinions 
SEB has received from its external legal advisers. 
We have also independently assessed matters in dispute and 
the accounting treatment.
We have assessed of the disclosures in the annual accounts 
related to uncertain tax positions. Disclosures on the uncertain 
tax positions are found in the annual accounts in note 1 and 48.
Other Information than the annual accounts  
and consolidated accounts
This document also contains other information than the annual 
accounts and consolidated accounts and is found on pages 1–69 
and 208–235. The Board of Directors and the Managing Director 
are responsible for this other information. 
Our opinion on the annual accounts and consolidated ac-
counts does not cover this other information and we do not 
express any form of assurance conclusion regarding this other 
information.
In connection with our audit of the annual accounts and con-
solidated accounts, our responsibility is to read the information 
identified above and consider whether the information is mate-
rially inconsistent with the annual accounts and consolidated 
accounts. In this procedure we also take into account our knowl-
edge otherwise obtained in the audit and assess whether the 
information otherwise appears to be materially misstated.
If we, based on the work performed concerning this informa-
tion, conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing 
to report in this regard.
Responsibilities of the Board of Directors  
and the Managing Director
The Board of Directors and the Managing Director are responsi-
ble for the preparation of the annual accounts and consolidated 
accounts and that they give a fair presentation in accordance 
with the Annual Accounts Act for Credit Institutions and Securi-
ties Companies and, concerning the consolidated accounts, 
in accordance with IFRS as adopted by the EU. The Board of 
Directors and the Managing Director are also responsible for 
such internal control as they determine is necessary to enable 
the preparation of annual accounts and consolidated accounts 
that are free from material misstatement, whether due to fraud 
or error.
In preparing the annual accounts and consolidated accounts, 
The Board of Directors and the Managing Director are responsi-
ble for the assessment of the company’s and the group’s ability 
to continue as a going concern. They disclose, as applicable, 
matters related to going concern and using the going concern 
basis of accounting. The going concern basis of accounting is 
however not applied if the Board of Directors and the Managing 
Director intends to liquidate the company, to cease operations, 
or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board 
of Director’s responsibilities and tasks in general, among other 
things oversee the company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about wheth-
er the annual accounts and consolidated accounts as a whole 
are free from material misstatement, whether due to fraud or 
error, and to issue an auditor’s report that includes our opinions. 
Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with ISAs and 
generally accepted auditing standards in Sweden will always 
detect a material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered material if, indi-
vidually or in the aggregate, they could reasonably be expected 
to influence the economic decisions of users taken on the basis 
of these annual accounts and consolidated accounts.
A further description of our responsibilities for the audit of 
the annual accounts and the consolidated accounts is located at 
Revisorsinspektionen’s (the Swedish Inspectorate of Auditors) 
website at: 
. This description 
forms part of our auditor’s report.

Auditor’s report
206 — SEB Annual and Sustainability Report 2021
Report on other legal and regulatory requirements 
Report on the audit of the administration and the pro-
posed appropriations of the company’s profit or loss 
Opinions
In addition to our audit of the annual accounts and consoli-
dated accounts, we have also audited the administration of the 
Board of Directors and the Managing Director of Skandinaviska 
Enskilda Banken AB (publ) for the year 2021 and the proposed 
appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that 
the profit be appropriated in accordance with the proposal in 
the statutory administration report and that the members of 
the Board of Directors and the Managing Director be discharged 
from liability for the financial year.
Basis for opinions
We conducted the audit in accordance with generally accepted 
auditing standards in Sweden. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities 
section. We are independent of the parent company and the 
group in accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical responsibilities 
in accordance with these requirements.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors  
and the Managing Director
The Board of Directors is responsible for the proposal for ap-
propriations of the company’s profit or loss. At the proposal of a 
dividend, this includes an assessment of whether the dividend 
is justifiable considering the requirements which the company’s 
and the group’s type of operations, size and risks place on the 
size of the parent company’s and the group’s equity, consolida-
tion requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s or-
ganization and the administration of the company’s affairs. This 
includes among other things continuous assessment of the com-
pany’s and the group’s financial situation and ensuring that the 
company’s organization is designed so that the accounting, man-
agement of assets and the company’s financial affairs otherwise 
are controlled in a reassuring manner. The Managing Director 
shall manage the ongoing administration according to the Board 
of Directors’ guidelines and instructions and among other mat-
ters take measures that are necessary to fulfill the company’s 
accounting in accordance with law and handle the management 
of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and 
thereby our opinion about discharge from liability, is to obtain 
audit evidence to assess with a reasonable degree of assurance 
whether any member of the Board of Directors or the Managing 
Director in any material respect:
	• has undertaken any action or been guilty of any omission 
which can give rise to liability to the company, or
	• in any other way has acted in contravention of the Compa-
nies Act, the Banking and Financing Business Act, the Annual 
­Accounts Act for Credit Institutions and Securities Companies 
or the Articles of Association.
Our objective concerning the audit of the proposed appropria-
tions of the company’s profit or loss, and thereby our opinion 
about this, is to assess with reasonable degree of assurance 
whether the proposal is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with generally 
accepted auditing standards in Sweden will always detect ac-
tions or omissions that can give rise to liability to the company, 
or that the proposed appropriations of the company’s profit or 
loss are not in accordance with the Companies Act.
A further description of our responsibilities for the audit of the 
administration is located at Revisorsinspektionen’s (the Swedish 
Inspectorate of Auditors) website at: 
. This description forms part of our auditor’s report.
The auditor’s examination of the Esef report
Opinion
In addition to our audit of the annual accounts and consolidated 
accounts, we have also examined that the Board of Directors  
and the Managing Director have prepared the annual accounts 
and consolidated accounts in a format that enables uniform 
electronic reporting (the Esef report) pursuant to Chapter 16, 
Section 4 a of the Swedish Securities Market Act (2007:528)  
for Skandinaviska Enskilda Banken AB (publ) for the financial 
year 2021.
Our examination and our opinion relate only to the statutory 
requirements.
In our opinion, the Esef report #[checksum] has been pre-
pared in a format that, in all material respects, enables uniform 
electronic reporting.
Basis for the opinion
We have performed the examination in accordance with FAR’s 
recommendation RevR 18 Examination of the ESEF report. Our 
responsibility under this recommendation is described in more 
detail in the Auditors’ responsibility section. We are independ-
ent of Skandinaviska Enskilda Banken AB (publ) in accordance 
with professional ethics for accountants in Sweden and have 
otherwise fulfilled our ethical responsibilities in accordance with 
these requirements.
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors  
and the Managing Director
The Board of Directors and the Managing Director are respon-
sible for the preparation of the Esef report in accordance with 
the Chapter 16, Section 4 (a) of the Swedish Securities Market 
Act (2007:528), and for such internal control that the Board of 
Directors and the Managing Director determine is necessary 
to prepare the Esef report without material misstatements, 
whether due to fraud or error.
Auditor’s responsibilities
Our responsibility is to obtain reasonable assurance whether 
the Esef report is in all material respects prepared in a format 
that meets the requirements of Chapter 16, Section 4(a) of the 
Swedish Securities Market Act (2007:528), based on the proce-
dures performed.
RevR 18 requires us to plan and execute procedures to

SEB Annual and Sustainability Report 2021 — 207
achieve reasonable assurance that the Esef report is prepared 
in a format that meets these requirements.
Reasonable assurance is a high level of assurance, but it is 
not a guarantee that an engagement carried out according to 
RevR 18 and generally accepted auditing standards in Sweden 
will always detect a material misstatement when it exists. Mis-
statements can arise from fraud or error and are considered 
material if, individually or in aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on 
the basis of the Esef report.
The audit firm applies ISQC 1 Quality Control for Firms that 
Perform Audits and Reviews of Financial Statements, and other 
Assurance and Related Services Engagements and accordingly 
maintains a comprehensive system of quality control, including 
documented policies and procedures regarding compliance with 
professional ethical requirements, professional standards and 
legal and regulatory requirements.
The examination involves obtaining evidence, through various 
procedures, that the Esef report has been prepared in a format 
that enables uniform electronic reporting of the annual accounts 
and consolidated accounts. The procedures selected depend 
on the auditor’s judgment, including the assessment of the risks 
of material misstatement in the report, whether due to fraud or 
error. In carrying out this risk assessment, and in order to design 
audit procedures that are appropriate in the circumstances, the 
auditor considers those elements of internal control that are 
relevant to the preparation of the Esef report by the Board of 
Directors and the Managing Director, but not for the purpose 
of expressing an opinion on the effectiveness of those internal 
controls. The examination also includes an evaluation of the 
­appropriateness and reasonableness of assumptions made  
by the Board of Directors and the Managing Director.
The procedures mainly include a technical validation of the 
Esef report, i.e., if the file containing the Esef report meets the 
technical specification set out in the Commission’s Delegated 
Regulation (EU) 2019/815 and a reconciliation of the Esef report 
with the audited annual accounts and consolidated accounts.
The auditor’s examination of the corporate  
governance statement
The Board of Directors is responsible for that the corporate 
governance statement on pages 92–107 has been prepared in 
accordance with the Annual Accounts Act.
Our examination of the corporate governance statement is 
conducted in accordance with FAR´s auditing standard RevU 16 
The auditor´s examination of the corporate governance state-
ment. This means that our examination of the corporate govern-
ance statement is different and substantially less in scope than 
an audit conducted in accordance with International Standards 
on Auditing and generally accepted auditing standards in Swe-
den. We believe that the examination has provided us with suf-
ficient basis for our opinions.
A corporate governance statement has been prepared. Dis-
closures in accordance with chapter 6 section 6 the second 
paragraph points 2–6 of the Annual Accounts Act and chapter 
7 section 31 the second paragraph the same law are consistent 
with the other parts of the annual accounts and consolidated ac-
counts and are in accordance with the Annual Accounts Act for 
Credit Institutions and Securities Companies.
Ernst & Young AB was appointed auditor of Skandinaviska 
Enskilda Banken AB (publ) by the general meeting of the share-
holders on the 30 of March 2021 and has been the company’s 
auditor since the 26 of March 2019.
Stockholm 28 February 2022 
Ernst & Young AB
Hamish Mabon
Authorized Public Accountant

Sustainability notes and GRI Index
Page
Sustainability notes
Financial strength and resilience
209
Taxonomy – voluntary report
209
Sustainable financing
210
Sustainable investments
210
Business ethics and conduct
212
Our people
214
Community engagement and sponsorship
217
Innovation and entrepreneurship
217
Environment
218
Procurement
219
Country-by-country reporting – companies by country
220
Country-by-country reporting – company income tax by country
221
SEB’s approach to tax
221
GRI Index
GRI 101: Foundation
222
GRI 102: General disclosures
222
GRI 103: Management approach
224
GRI 200: Economic topics
225
GRI 300: Environmental topics
226
GRI 400: Social topics
226
Other disclosures
227
Principles for Responsible Banking
SEB and the Principles for Responsible Banking
228
Contents
Sustainability notes
208 — SEB Annual and Sustainability Report 2021

Sustainability notes
Financial strength and resilience
Direct economic value created by SEB1
2021
2020
2019
Gross income (SEK m)
66,505
67,022
74,374
Total operating income (SEK m)
54,614
49,717
50,134
Total operating expenses (SEK m)
23,245
22,747
22,945
Interest expenses (SEK m)2
5,540
11,187
16,643
Fee and commission expense (SEK m)
4,987
4,870
5,467
Other expenses (SEK m)
5,763
5,864
6,623
Staff costs (SEK m)3
15,372
14,976
14,660
Regulatory fees including resolution and  
deposit guarantee fees (SEK m)2
1,364
1,248
2,129
Income tax expense (SEK m)
5,441
4,100
4,717
Dividends, to shareholders (SEK m)4
13,165
17,740
-
Net profit (SEK m)
25,423
15,746
20,177
Financial assistance received from government (SEK m)
-
-
-
Economic contribution to community investments (SEK m)
42.4
42.9
46.6
This year’s profit that is reinvested into the bank (SEK m)4
12,258
– 1,994
20,177
1)	 Direct economic value generated and distributed is presented in accordance with the outline in SEB’s annual report.
2) Interest expense, excluding Regulatory fee.
3)	Staff cost details, see financial note 8.
4)	The proposed dividend for a financial year is paid out to the shareholders the following year (dependent AGM  
resolution). Dividend is not distributed for shares in own holding as per record date. Final dividend payment is taken into 
account in the table the following year. 
Voluntary EU Taxonomy report
Assets
Assets, SEKm
2021-12-31
Share of covered 
assets, %
2021-12-31
Share of total 
assets, %
2021-12-31
Exposures to Taxonomy-eligible economic activities
1,319,219
54
40
of which, NFRD undertakings
120,116
5
4
of which, households
618,756
25
19
of which, non-NFRD undertakings
580,347
24
18
Exposures to Taxonomy non-eligible economic activities
862,453
35
26
of which, NFRD undertakings
140,941
6
4
of which, households
43,350
2
1
of which, non-NFRD undertakings
678,162
28
21
Exposures not yet assessed whether taxonomy eligible/
non-eligible
207,358
8
6
Covered assets, included in both numerator  
and denominator
2,389,031
97
72
Derivatives (hedge accounting)
973
0
0
On demand interbank loans
6,745
0
0
Other assets
64,696
3
2
Covered assets, excluded from numerator
72,414
3
2
Total covered assets
2,461,445
100
74
Central governments, central banks, supranationals
492,093
15
Trading portfolio (incl derivatives excl hedge accounting)
350,692
11
Assets not covered by calculation
842,785
26
TOTAL ASSETS
3,304,230
100
General information about EU Taxonomy Regulation and SEB Group mandatory Taxonomy report is presented in the 
­Sustainability report (see p. 58). Both the mandatory and the voluntary Taxonomy report covers the SEB Group. 
In SEB Group voluntary Taxonomy report assets have been classified based on assessment of the underlying 
undertakings’ economic activities. 
Assessment, of whether exposure relate to NFRD- or non-NFRD undertaking, is based on number of employees (>500) 
and whether each entity is a Public Interest Entity (PIE). Taxonomy eligibility assessment is based on underlying 
undertakings’ NACE-codes, in relevant cases adjusted for knowledge of the economic activities on group/company level.
Financial investments have been assessed based on taxonomy information provided by third party ESG information 
providers, where available. Fund holding assessments have been weighted, where the economic activities of the underlying 
investments and access to information has been taken into account. 
Household mortgage loans are classified as taxonomy eligible, due to real estate collateral, regardless of geographical 
location (EU/non-EU). Car loans, granted from the date of application of the Taxonomy disclosure requirements (1 January 
2022), will be taken into account for assessment in 2022. Derivatives have been allocated to Derivatives (hedge 
accounting) and the Trading portfolio respectively. Supranational issuers have been identified based on ECB definition.
SEB Annual and Sustainability Report 2021 — 209

Sustainable financing
Green loans
2021
2020
2019
Green loans (SEK bn)1
29.4
24.7
19.0
Green mortgages (SEK bn)
7.9
4.0
1.5
Green bonds
2021
2020
2019
Aggregated
Green bonds underwritten by SEB since inception,  
excluding self-led (USD bn)
40.5
34.4
29.6
Green bonds underwritten by SEB since inception,  
global share (%)
3.2
4.1
5.2
Current year
Green bonds issued globally current year (USD bn)2
474.0
303.2
262.5
Green bonds underwritten by SEB current year,  
excluding self-led (USD bn) 
6.2
4.7
7.0
Green bonds underwritten by SEB current year,  
global share (%)
1.3
1.6
3.8
Green bonds underwritten by SEB current year,  
Nordic share (%)3
18.0
20.2
32.3
Equator Principles
2021
2020
2019
Project finance transactions
of which, Category A transactions approved (number)
0
0
0
of which, Category B transactions approved (number)
4
3
3
of which, Category C transactions approved (number)
4
1
0
Project related corporate loans
of which, Category A transactions approved (number)
0
1
0
of which, Category B transactions approved (number)
0
0
0
of which, Category C transactions approved (number)
0
0
0
1)	 Green loans includes loans and leases to customers that promote the transition to low-carbon and climate-resilient 
development as well as environmental and ecosystem improvements. The green loans include project financing within 
the EU, UK and Nordic region, which fulfil the sustainability criteria in the SEB Green Bond framework.
2)	The source for Green Bond data is Bloomberg, Green Bond League table. For “Green Bonds issued globally current year” 
BloombergNEF was the source in 2020.
3)	SEB’s share of global transactions, all currencies, by Nordic banks.
Sustainable investments
Assets under management
2021
2020
2019
Assets under management, AuM, SEB total (SEK bn)
2,682
2,106
2,041
Assets under management, AuM, managed by SEB’s fund  
company (SEK bn)
831
672
685
Principles for Responsible Investments (PRI)
2021
2020
2019
SEB’s fund company’s AuM, evaluated according to PRI,  
share of SEB total AuM (%)
31
32
32
SEB’s fund company’s AuM evaluated according to PRI,  
share of SEB’s fund company’s total AuM(%)1
100
100
100
SEB’s external fund managers that have signed the PRI, share (%)
100
100
100
Carbon emission (CO2) measurements
2021
2020
2019
SEB’s fund company’s equity funds where carbon emissions are  
measured and have an official benchmark (%)
93
95
94
1)	 Share of AuM 2019 does not include “SEB Sverige Indexfond”.
Sustainability notes
210 — SEB Annual and Sustainability Report 2021

Sustainability approach2
2021
2020
2019
SEB’s fund company’s AuM assessed with sustainability criteria  
(SEK bn)
-
304
256
SEB’s fund company’s AuM, Articles 8 and 9 under SFDR (SEK bn)3
678
-
-
SEB’s fund company’s AuM assessed with sustainability criteria,  
as share of SEB’s fund company’s total AuM (%)
-
45
37
SEB’s fund company’s AuM, Articles 8 and 9 under SFDR,  
as share of SEB’s fund company’s total AuM (%)3
81.6
-
-
SEB’s AuM assessed with sustainability criteria,  
as share of SEB’s total AuM (%)
-
14
13
SEB’s AuM, Articles 8 and 9, as share of SEB’s total AuM (%)3
27.2
-
-
Human rights assessment
2021
2020
2019
SEB funds assessed with human rights criteria, as share of  
SEB’s fund company’s total AuM (%) 
100
100
100
SEB funds assessed with human rights criteria, as share of  
SEB’s total AuM (%)
31
32
32
Influence and engagement4
2021
2020
2019
Total engagement dialogues with portfolio companies (number)
3,200
2,089
1,564
Share of engagement dialogues with Nordic portfolio companies (%)
9
3
1
Share of of engagement dialogues in  
collaboration with external parties (%)
91
97
97
Companies excluded from the investment portfolio in  
accordance with SEB’s ethical investment guidelines (number)
3,780
1,540
1,062
Participation in nomination committees (number)
35
33
33
Engagement themes4,5
2021
2020
2019
Human rights (number)
20
20
20
Palm oil (number)
-
25
25
Environment (number)
167
160
161
Water disclosure (number)
149
965
515
SEB impact and thematic funds
Total value
2021
2020
2019
Microfinance funds, Impact Opportunity Fund, Green 
Bond Fund and Lyxor SEB Impact Fund (SEK bn)
13.0
12.2
11.2
Microfinance funds, incl. SEB Impact Opportunity Fund6
2021
2020
2019
Assets under Management (SEK bn)
7.1
8.1
8.6
Assets under Management (USD m)
781
965
970
Number of microfinance funds
7
7
7
Number of countries
55
60
59
Number of customers reached via  
microfinance institutions (MFI’s)
19,897,967
22,269,236
25,384,944
Green Bond Fund
2021
2020
2019
Assets under Management (SEK bn)
2.5
2.0
1.2
Lyxor SEB Impact Fund
2021
2020
2019
Assets under Management (SEK bn)
3.4
2.1
1.4
2)	Read more about SEB sustainable investments on 
 “Sustainability > Supporting our customers > 
Sustainable investments” and “Sustainability in SEB’s fund company” describing SEB fund company sustainability approach.
3)	AuM defined as Article 8 or 9 under SFDR, Sustainable Finance Disclosure Regulation (from 10 March 2021).
4)	Information pertains to SEB’s fund Company (SEB IM AB).
5)	SEB’s fund company engages on several topics both direct and through collaborations. Common topics include the: 
environment, good governance and workers’ rights. The dialogues we have in collaboration with Federated Hermes are 
proactive and thereby cover a wide range of topics. Our engagements through the CDP are mainly focused on water 
disclosure and Climate Action 100+ for the companies with the highest carbon emissions.
6)	All data concerning microfinance funds also includes the SEB Impact Opportunity Fund. The Impact Opportunity Fund 
invests mainly in microfinance institutions but has a broader mandate, e.g. solar energy and education. Similar to the 
microfinance fund’s this fund invests in emerging and frontier markets.
SEB Annual and Sustainability Report 2021 — 211

Business ethics and conduct
Crime prevention
Whistleblowing
2021
2020
2019
Number of whistleblowing cases1
31
31
23
Reported suspicious activities
2021
2020
2019
Number of suspicious orders and ­transactions reported to  
Finansinspektionen (Market Abuse)
13
9
33
Share of Market Abuse reports consisting of manual tips from  
employees or external sources (%) 
0
3
6
Share of Market Abuse reports pertaining to insider dealing (%)
38
8
79
Number of suspicious AML activity reports  
reported to Finanspolisen2
2,225
1,810
1,224
Share of AML reports consisting of manual tips from  
employees or external sources (%)
65
68
63
Competence and awareness
Employees who have completed mandatory training  
(sorted by employee category)3
2021
2020
2019
All employees4
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
95.1
93.2
86.0
Fraud prevention (%) 
97.3
86.9
87.8
Cyber security (%) 
94.5
88.0
88.8
Code of Conduct (%) 
97.0
87.0
88.2
General Data Protection Regulation/GDPR (%)4
94.2
70.5
87.9
Sustainability training on climate change (%)4
95.5
59.6
-
Sexual harassment – bystander intervention strategies (%)4
93.0
-
-
 Group Executive Committee
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
90.5
78.6
83.3
Fraud prevention (%) 
85.7
50.0
83.3
Cyber security (%) 
76.2
64.3
83.3
Code of Conduct (%) 
85.7
50.0
83.3
General Data Protection Regulation/GDPR (%)4
85.7
35.7
75.0
Sustainability training on climate change (%)4
76.2
35.7
-
Sexual harassment – bystander intervention strategies (%)4
71.4
-
-
All managers
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
94.6
98.4
97.6
Fraud prevention (%) 
98.0
90.6
83.9
Cyber security (%) 
95.2
93.3
98.1
Code of Conduct (%) 
97.5
90.0
82.5
General Data Protection Regulation/GDPR (%)4
94.3
74.5
97.6
Sustainability training on climate change (%)4
95.9
63.8
-
Sexual harassment – bystander intervention strategies (%)4
93.8
-
-
Sustainability notes
212 — SEB Annual and Sustainability Report 2021

Employees who have completed mandatory training (sorted by region)3
2021
2020
2019
Sweden
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
93.0
91.5
83.3
Fraud prevention (%) 
96.0
84.7
84.4
Cyber security (%) 
92.2
85.7
85.5
Code of Conduct (%) 
95.5
84.8
84.5
General Data Protection Regulation/GDPR (%)4
92.4
67.2
84.5
Sustainability training on climate change (%)4
93.3
57.1
-
Sexual harassment – bystander intervention strategies (%)4
89.9
-
-
Other Nordic countries
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
95.4
95.0
74.9
Fraud prevention (%) 
97.9
86.9
92.1
Cyber security (%) 
95.7
89.8
92.4
Code of Conduct (%) 
98.1
88.1
92.0
General Data Protection Regulation/GDPR (%)4
94.5
74.3
89.7
Sustainability training on climate change (%)4
97.2
63.6
-
Sexual harassment – bystander intervention strategies (%)4
95.7
-
-
Baltic countries
Anti-money laundering and combating financing of terrorism – AML/
CFT (%)
97.9
97.0
93.3
Fraud prevention (%) 
99.1
91.6
92.9
Cyber security (%) 
97.6
92.2
93.9
Code of Conduct (%) 
99.0
91.3
93.9
General Data Protection Regulation/GDPR (%)4
96.9
75.1
93.8
Sustainability training on climate change (%)4
98.5
62.8
-
Sexual harassment – bystander intervention strategies (%)4
97.0
-
-
Rest of the world
Anti-money laundering and combating financing of terrorism – AML/
CFT (%) 
96.3
88.2
85.2
Fraud prevention (%) 
97.5
82.3
87.8
Cyber security (%) 
95.9
85.5
88.2
Code of Conduct (%) 
97.3
83.3
88.0
General Data Protection Regulation/GDPR (%)4
95.0
71.7
86.1
Sustainability training on climate change (%)4
95.7
62.1
-
Sexual harassment – bystander intervention strategies (%)4
94.4
-
-
1)	 The external whistleblowing function has been in use since January 2018. The reported complaints cover different 
areas, such as breaches of the Code of Conduct, fraud, harassment and money laundering.
2)	The number of filed SARs continues to increase. Manual alerts still form the basis for the major part of reports in 
Sweden. Various types of fraud account for a substantial part of them.
3)	The trainings are mandatory to perform either every year or every three years for all SEB employees, including 
consultants. Employees who were on leave of absence during the entire year have been excluded. Anti-corruption is 
included in the Code of Conduct training.
4)	An updated GDPR training was released in August 2020, and a new training on climate change was released in 
November 2020 (due in March 2021), which resulted in lower completion rates in 2020 compared to previous years. 
The sexual harassment training was introduced in 2021, and thus no data is available for previous years.
SEB Annual and Sustainability Report 2021 — 213

Our people
Employee information
Average number of employees
2021
2020
2019
Total (number)1
16,347
16,007
15,691
Men (%)
44.4
44.2
43.8
Women (%)
55.6
55.8
56.2
Employees by age group
2021
2020
2019
Total employees
<30 years (%)
18.0
18.2
18.1
30–50 years (%)
55.0
55.2
57.9
>50 years (%)
26.9
26.6
24.0
All managers
<30 years (%)
2
2
2
30–50 years (%)
64
64
68
>50 years (%)
33
34
30
Gender by management type (men/women)
2021
2020
2019
Board of Directors (%)2
56/44
56/44
64/36
Group Executive Committee (%)3
67/33
64/36
69/31
Top Senior Management (%)4
56/44
56/44
-
All managers (%)
52/48
52/48
54/46
Employees by employment contract/type
2021
2020
2019
Permanent (%)
96
95
95
Temporary (%)
4
5
5
Employees working full-time (%)
95
95
94
Employees working part-time (%)
5
5
6
By gender and employment contract/type (men/women)
2021
2020
2019
Permanent (%)
44/56
44/56
44/56
Temporary (%)
47/53
48/52
45/55
Employees working full-time (%)
46/54
46/54
45/55
Employees working part-time (%)
22/78
19/81
20/80
By region 
2021
2020
2019
Sweden
Permanent (%)
96.0
95.4
94.4
Temporary (%)
4.0
4.6
5.6
Other Nordic countries
Permanent (%)
97.7
97.5
96.5
Temporary (%)
2.3
2.5
3.5
Baltic countries
Permanent (%)
96.3
96.4
95.6
Temporary (%)
3.7
3.6
4.4
Rest of the world
Permanent (%)
93.9
92.1
93.3
Temporary (%)
6.1
7.9
6.7
1)	 Reference financial note 8e “Number of employees”.
2)	Deputy directors and directors appointed by the employees are not included. See p 96 for full overview of the Board.
3)	Group Executive Committee as per 31/12/2021. Co-opted members are not included.
4)	Top Senior Management are GEC and GEC-1. New group measured starting from 2020, and thus no data was reported 
in 2019.
Sustainability notes
214 — SEB Annual and Sustainability Report 2021

Parental leave (Sweden)
2021
2020
2019
Total (days)
82,400
79,900
84,600
Men (%)
33
31
29
Women (%)
67
69
71
New employee hires
2021
2020
2019
Total (number)
2,338
1,921
1,998
Men (%)
49
49.0
48.6
Women (%)
51
51.0
51.4
By age group
<29 years (%)
50
52
50
30–39 years (%)
33
31
32
40–49 years (%)
12
11
13
50> years (%)
4
6
5
By region
Sweden (%) 
41
49
35
Estonia (%) 
5
5
6
Latvia (%) 
17
16
16
Lithuania (%) 
26
22
29
Nordic countries, excl. Sweden (%) 
3
2
4
Germany (%) 
1
1
4
Rest of the world (%) 
7
4
6
Employee turnover
2021
2020
2019
Total (%)
11.0
8.6
12.1
Men (%)
11.9
8.3
12.6
Women (%)
10.3
9.0
11.8
Voluntary turnover (%)5
9.9
7.1
10.8
By age group 
<29 years (%)
19
14
22
30–39 years (%)
13
9
13
40–49 years (%)
8
6
9
50> years (%)
7
9
7
By country-region
Sweden (%)
8.6
6.0
9.3
Estonia (%)
8.7
8.1
10.1
Latvia (%)
12.2
11.4
17
Lithuania (%)
17.6
13.0
16
Nordic countries, excl. Sweden (%) 
9.7
9.1
6.8
Germany (%) 
11.8
22.9
32.9
Rest of the world (%) 
14.8
7.9
17.6
Labour management
2021
2020
2019
Percentage of total employees covered by  
collective bargaining agreements (%)6
75
59
59
Percentage of total employees represented and covered by EWC, 
Employees within EU/EEA (%)
100
100
100
5)	Total number of employees leaving SEB in relation to the average number of employees during the year  
(excluding employees leaving due to sold operations, retirements and redundancies).
6)	Increase in 2021 as Lithuania signed collective agreement.
SEB Annual and Sustainability Report 2021 — 215

Health and workplace
Absence
2021
2020
2019
Absentee rate, share of ordinary working hours (%)7
3.2
3.8
3.3
Sick-leave rate, share of ordinary working hours Sweden (%)
2.7
3.3
2.9
Men (%)
1.7
2.1
1.8
Women (%)
3.8
4.5
4.0
Health and work environment
2021
2020
2019
Share of documented annual work environment reviews (%)8
81
71
80
Share of employees covered by Health & Safety management 
system or similar (%) 
100
100
100
Share of employees represented in formal Health and safety 
committees (%)9
100
100
100
Learning and engagement
Learning and development
2021
2020
2019
Average hours of training10
Per employee (hours) 
23
15
16
Men/women (hours)
20/24
13/16
13/18
All managers (hours)
23
14
20
Money invested in learning and development per  
employee (SEK)10,11
16,670
11,825
14,794
Employees participating in leadership/talent development 
programmes (number)10, 12
1,493
1,444
1,896
By application men/women (number)
533/842
571/781 1,012/770
By nomination men/women (number)
61/56
43/49
66/48
Global talent review
2021
2020
2019
Total (number)10, 13
1,942
1,639
1,785
Men (%)
57
56
56
Women (%)
43
44
44
Engagement
2021
2020
2019
Employee survey, Glint
Employee participation rate in employee survey (%)
90
91
92
How happy are you working at SEB (%)
79
80
80
I would recommend SEB as a great place to work (%)
79
80
79
SEB’s commitment to sustainability is genuine (%)
78
79
79
I have good opportunities to learn and grow at SEB (%)
78
78
78
Regardless of background everyone at SEB has equal opportunity  
to succeed (%)
75
75
74
People at SEB live the company values (%)
75
74
74
7)	Only Sweden. Absentee rate includes employee sick leave and employees taking care of sick children.
8)	Only Sweden. In addition, all legal entities within the EU must conduct continuous risk assessments.
9)	100 per cent within the EU. SEB follows local laws and regulations in all countries where we are present.
10) Consultants and other temporary workforce employed on contractual basis have not been included.
11) The amount for money invested in learning and development in 2020 has been adjusted related to recategorisation of 
suppliers and spend. Amount is now aligned with 2021 data.
12) Programmes with application: Lead with Impact, Learn 4 Growth, SEB Trainees, Tech, Boost Your Service, IMD, Leading 
Digital Acceleration, Change Management for Leaders, Develop your Team – Making it Last, Leadership Foundation, 
Starting a New Team – Get to Know Each Other, Starting a New Team – Start working together. Programmes with 
nomination: Wallenberg Institute, Internal Business Seminar, Artex, Advanced Specialist Programme.
13) A global talent review is performed annually within SEB.
Sustainability notes
216 — SEB Annual and Sustainability Report 2021

Community engagement and sponsorship
Economic contributions to community engagement and sponsorship
2021
2020
2019
Total (SEK m)
42.4
42.9
46.6
By focus area1
Entrepreneurship (SEK m)
13.5
12.7
16.1
Inclusion & Diversity (SEK m)
7.3
5.8
5.8
Equality, incl. Financial literacy (SEK m)
10.3
10.4
4.0
Environment, incl. Climate change (SEK m)
3.5
1.4
0.4
Sports and culture (SEK m)
7.1
10.3
19.4
Other community investments SEK m)
0.6
2.3
6.5
Number of people coached in entrepreneurship (number)1
44,666
31,274
-
Number of people trained in Inclusion & Diversity,  
and/or Equality (number)1
20,944
5,114
-
Number of people engaged in an environmental activity (number)1
21,345
7,132
-
By country
Sweden (SEK m)
32.1
33.3
37.2
Estonia (SEK m)
2.9
3.2
3.1
Latvia (SEK m)
2.4
1.7
2.0
Lithuania (SEK m)
3.2
3.2
2.7
Denmark (SEK m)
0.0
0.0
2.0
Norway (SEK m)
0.6
0.4
0.9
Finland (SEK m)
0.9
0.7
0.8
Other sites (SEK m)
0.3
0.4
3.3
By type of engagement
Employee volunteering (hours)2
19,932
22,289
17,826
1)	 In 2020 a new strategy and focus areas were initiated and implemented. Due to the coronavirus pandemic, some planned 
activities were cancelled, while the digital activities and meetings made it possible to reach a high number of participants.
2)	Employee volunteer hours consist of total employee hours reported for each engagement. 2019 employee volunteer 
hours were based on total employee hours reported for each engagement, however partly estimated to get annual figures. 
Innovation and entrepreneurship
Startups
2021
2020
2019
Number of greentech investments1
4
0
0
Number of venture debt investments2
4
1
0
Number of fintech investments3
13
12
8
Number of startups4
18,778
17,399
16,628
Greenhouse concept5
2021
2020
2019
Number of clients participating in Scaleup Summit (event)
1,875
718
500
Number of clients participating in Scaleup Club (event)
900
5,000
600
Number of companies participating in Scaleup Lab  
(10 week programme)6
1
-
13
Number of clients participating in Sustainability  
business programme
10
8
-
1)	 Innovative technologies and/or companies primarily dedicated to: a) reducing GHG (green-house gas) emissions, and/or 
b) enabling a sustainable economy within the Planetary Boundaries (as defined by Stockholm Resiliance Center). 
2)	SEB venture debt refers to debt investments in start up / scale-up companies in SEB’s home markets.
3)	The purpose of the investment mandate is to make investments in companies in the financial technology (fintech) sector 
and other related sectors of the financial industry.
4)	Startup is defined as a company that has no previous organisational number or activity registered, but is classified as a 
payment customer.
5)	The Greenhouse concept is a solution for growing companies with sales of around SEK 10m or more. SEB offers services 
and carefully selected partners to help develop the business.
6)	Previous programme format transferred for individual partner-offering. (“Greenhouse Ignite”) – due to the coronavirus 
pandemic this has been delayed and started in Q4 2021.
SEB Annual and Sustainability Report 2021 — 217

Environment
General indicators
2021
2020
2019
Net internal m2 area of offices covered1
347,352
335,564
329,761
Energy
2021
2020
2019
Total energy consumption in buildings (MWh)1
72,083
64,705
67,478
Electricity total (MWh) 1
42,904
43,481
47,609
Heating/cooling (MWh)1,2
29,179
21,225
19,869
Change in total electricity consumption compared to  
previous year (MWh)1
– 577
–4,128 
–9,159
Data centres, share of electricity consumption (%)1
34
37
32
Change in total electricity consumption compared to  
previous year (%)1
– 1
–9
–16
Renewable electricity of total electricity consumption (%)1
91
91
87
Total energy consumption (MWh/ m2)1
0.21
0.19
0.20
Total energy consumption (MWh/employee)3
4.4
4.0
4.3
Emissions4
2021
2020
2019
Total carbon emissions (tonnes)1
9,389
9,734
21,774
Scope 1 (tonnes)
1
1
4
Scope 2 (tonnes)
2,852
1,619
1,807
Scope 3 (tonnes)
6,536
8,114
19,963
of which, carbon emissions from energy consumption in  
buildings (tonnes)1 ,5
3,352
3,505
4,968
of which, carbon emissions from business travel (tonnes)
1,050
2,471
12,426
of which, carbon emissions from paper consumption (tonnes)
882
1,160
1,361
of which, carbon emissions from company cars (tonnes)1
908
978
1,208
of which, carbon emissions from waste (tonnes)6
344
Total carbon emissions (tonnes/employee)1,3
0.57
0.61
1.39
Change in carbon emissions from baseline 2015 (tonnes)1
– 13,946
–13,600
–2
Change in carbon emissions, change from baseline 2015 (%)1
–59.8
–58.3
 –6.7
Effluents and waste
2021
2020
2019
Paper
Total paper consumption (tonnes)
602
792
929
Environmentally labelled paper consumption (%)
80
61
61
Waste
Waste generation (tonnes)
806
1,160
1,895
Waste reused or recycled (%)
57
64
68
Waste generation after reuse or recycling (tonnes/employee)
0.021
0.026
0.039
Water
Total water consumption in buildings (m3)
89,307
127,202
166,249
Total water consumption (m3/employee)
5.46
7.95
10.6
1)	 The reported values for 2019 have been updated to reflect new information known past the reporting period.
2)	Heating MWh increase due to multiple offices in the Baltics during a transition phase.
3)	Reference to note 8e “Number of employees”. 
4) SEB reports according to the Greenhouse Gas Protocol. SEB has chosen to report according to the GHG Protocol’s 
financial control approach. Whether SEB owns, has financial leased or operational leased facilities and vehicles impact 
whether emissions are disclosed in Scope 1, Scope 2 or Scope 3. The emissions that are covered are energy consumption 
in facilities, business travel (air travel, train travel, car travel), paper consumption and leakage of refrigerants. Well 
established emissions factors are used for the emissions calculations, with sources as IEA, IVL, AIB, Swedish EPA and 
Swedish Energy Agency. 
5)	Scope 3 energy emissions adjusted for 2019 and 2020 as breakdown from 2021 only contain Scope 3 emissions.
6)	CO2 emissions from waste reported from 2021. 
Sustainability notes
218 — SEB Annual and Sustainability Report 2021

Procurement
Suppliers
2021
2020
2019
Number of suppliers
8,313
8,915
11,300
Total spent on procurement (SEK bn)
 10.1 
10.4
10.7
Total number of suppliers screened and rated by  
EcoVadis (since 2014)
232
226
224
Number of suppliers screened and rated by  
EcoVadis, current year
6
2
11
Rating of suppliers screened by EcoVadis1
2021
2020
2019
Outstanding rating 85–100p (%)
0
0
0
Advanced rating 65–85p (%)
19
15
14
Confirmed rating 45–64p (%)
57
60
60
Partial rating 25–44p (%)
24
25
26
No rating 0–24p (%)
0
0
0
1)	 To identify sustainability risks among our suppliers, we perform, when applicable, an initial assessment of suppliers 
using an internal risk model that takes country, industry sector and business criticality into account. The suppliers that 
are identified in the internal risk assessment as having an increased risk level will also go through EcoVadis’ screening. 
These suppliers cover around 44 per cent of total supplier costs, i.e. around 200 of the total number of suppliers. The 
EcoVadis assessment focuses on four themes: Environment, Labour Practices & Human Rights, Fair Business Practices 
and Sustainable Procurement. The issues assessed and their relative weight vary based on the company’s activities, 
size, and geographic location.
Business travel & company car fleet
2021
2020
2019
Total business travel (million km)
6.6
14.8
72.6
Total business travel (km/employee)
405
923
4,625
Total air travel (million km)
5.7
13.2
67.0
Train travel Sweden (million km)
1.0
1.6
5.5
Environmentally certified company cars, share of company  
car fleet (%)1,7
-
62
57
Environmentally certified company cars, share of company  
car fleet (%)8
43
-
-
Environmental compliance
2021
2020
2019
Number of reported environmental ­prosecutions 
0
0
0
Monetary value of significant fines due to non-compliance with  
environmental laws and regulations (SEK m)
0
0
0
1)	 The reported values for 2019 have been updated to reflect new information known past the reporting period.
7)	Old definition, defined as cars that emit less than 130 g CO2e/km.
8)	New definition, defined as cars that emit less than 50 g CO2e/km.
SEB Annual and Sustainability Report 2021 — 219

Country-by-country reporting – companies by country
Companies1) within SEB Group, by country2)
Sweden
Aktiv Placering AB
Enskilda Kapitalförvaltning SEB AB
Försäkrings AB Suecia
Försäkringsaktiebolaget Skandinaviska Enskilda Captive
IFA DBB AB
Onyx Leasing AB
Parkeringshuset Lasarettet HGB KB
Repono Consulting AB
Repono Holding AB 
SEB Förvaltnings AB
SEB Internal Supplier AB
SEB Investment Management AB 
SEB Kort Bank AB
SEB Life and Pension Holding AB
SEB Pension och Försäkring AB
SEB Portföljförvaltnings AB
SEB Strategic Investments AB 
Skandinaviska Enskilda Banken AB (publ)
Skandinaviska Kreditaktiebolaget
Suecia Insurance Management AB
Norway
Skandinaviska Enskilda Banken AB (publ), branch in Norway (P.E.)
SEB Kort Bank AB, branch in Norway (P.E.)
SEB Njord AS
Denmark
Skandinaviska Enskilda Banken AB (publ), branch in Denmark (P.E.)
SEB Kort Bank AB, branch in Denmark (P.E.)
SEB Investment Management AB, branch in Denmark (P.E.)
Finland
Skandinaviska Enskilda Banken AB (publ), branch in Finland (P.E.)
SEB Kort Bank AB, branch in Finland (P.E.)
SEB Leasing Oy
SEB Life International Assurance Company Designated Activity Company, 
branch in Finland (P.E.)
SEB Investment Management AB, branch in Finland (P.E.)
Estonia
SEB Life and Pension Baltic SE, branch in Estonia (P.E.)
Aktsiaselts SEB Liising
Aktiaselts SEB Varahaldus
AS Rentacar
AS SEB Pank 
Latvia
Skandinaviska Enskilda Banken AB (publ), branch in Latvia (P.E.)
SEB atklātais pensiju fonds, AS 
SEB banka, AS 
SEB Life and Pension Baltic SE
SEB līzings, SIA
IP AS SEB Investment Management
Lithuania
AB SEB Bankas
Skandinaviska Enskilda Banken AB (publ), branch in Lithuania (P.E.)
SEB Life and Pension Baltic SE, branch in Lithuania (P.E.)
UAB SEB investiciju valdymas 
Germany
FVH Frankfurter Vermögens-Holding GmbH
Skandinaviska Enskilda Banken AB (publ), branch in Germany (P.E.)
DSK Hyp AG
SEB Immowert Beteiligungs GmbH
SEB Leasing GmbH
SEB Stiftung GmbH
United Kingdom
Skandinaviska Enskilda Banken AB (publ), branch in the United Kingdom (P.E.)
SEB UK Pension Trustees Limited
Skandinaviska Enskilda Limited
Suecia Re & Marine Insurance Co Limited
EFL Futures Limited 
Enskilda Securities Limited
Scandinavian Bank Limited
USA
Skandinaviska Enskilda Banken AB (publ), branch in the  
United States of America (P.E.)
SEB Securities Inc.
Suecia Holding Corporation
Suecia Insurance Company
Ireland
Eskimo (ABC) Holdings Limited
SEB Life International Assurance Company Designated Activity Company
Luxembourg
Skandinaviska Enskilda Banken AB (publ), branch in Luxembourg (P.E.)
SEB Life International Assurance Company Designated Activity Company, 
branch in Luxembourg (P.E.)
SEB Investment Management AB, branch in Luxembourg (P.E.)
SEB Private Equity Opportunity Management S.A.
China
Skandinaviska Enskilda Banken AB (publ), branch in China (P.E.)
Singapore
Skandinaviska Enskilda Banken AB (publ), branch in Singapore (P.E.)
Russia
SEB Bank JSC
Poland
Skandinaviska Enskilda Banken AB (publ), branch in Poland (P.E.)
SEB Commercial Finance sp. z o.o. 
Hong Kong
Skandinaviska Enskilda Banken AB (publ), branch in Hong Kong (P.E.)
Ukraine
PJCS SEB Corporate Bank
Cayman Islands
Skandinaviska Enskilda Banken AB (publ), branch in Cayman Islands (P.E.)
Brazil
SEB do Brasil Representações
Canada
Suecia Reinsurance Company
1)	 Country refers to the tax jurisdiction where the entities are resident for tax purposes.
2)	Company refers to company, branch office or any other entity type being a tax subject in a tax jurisdiction. 
Sustainability notes
220 — SEB Annual and Sustainability Report 2021

Country-by-country reporting – company income tax by country
Company income tax, by country
Country1
Number of 
employees
Tangible 
assets2
Gross  
income, 
third-party3
Gross  
income, 
group4
Operating  
profit5
Calculated 
company  
income tax6
Tax effect relating to 
not tax deductible 
expenses / non-taxable 
income, net
Tax effect relating to a 
previously recognised / 
unrecognised tax loss / 
tax credit, net
Current year 
company  
income 
tax7
Company  
income 
tax, 
paid 8
Sweden
8,440
670
53,582
–7,850
19,289
–3,978
677
–550
–3,850
–3,169
Norway
369
40
1,877
2,177
1,699
–447
31
–416
–36
Denmark
327
4
1,060
1,634
1,405
–310
–21
–3
–334
–312
Finland
272
37
414
1,206
1,311
–254
–2
20
–236
–172
Estonia
1,138
102
2,020
108
1,250
–146
–48
–194
–129
Latvia
1,832
63
1,203
236
738
–7
3
–15
–19
22
Lithuania
2,935
200
2,601
66
1,554
–305
21
–10
–294
–259
Germany
241
3
638
1,724
1,546
–474
28
–446
–358
United Kingdom
99
48
769
1,320
939
–252
3
–249
–233
United States9
32
3
444
518
262
–83
53
–30
–17
Ireland
95
2
574
20
243
–21
–4
–25
–20
Luxembourg
159
6
779
316
234
–46
2
–44
–99
China
40
4
430
1
101
–26
–16
–42
–68
Singapore
90
2
229
292
138
–24
–3
–27
–29
Russia
87
21
353
21
93
–26
–26
–25
Poland
120
7
56
64
46
–9
–1
–10
–6
Hong Kong
19
1
31
83
6
–1
–9
–11
–14
Ukraine
52
1
63
–7
10
–3
0
–3
–3
Brazil
Canada
Group eliminations
–618
–1,930
1
TOTAL
16,347
1,212
66,506
0
30,864
–6,413
715
–558
–6,255
–4,927
The primary activities in the group entities, regardless of country, are finance and insurance activities.
The above information covers the reporting period 2021. Additional information, compared to financial note 3, is based on GRI 207-4 reporting requirements.
1)	 Country refers to the tax jurisdiction, where the SEB Group entities are resident for tax purposes.
2)	Tangible assets other than cash and cash equivalents (i.e. properties and equipment).
3)	Gross income, third party, refers to transactions with group external parties. Gross income is defined as the sum of interst income, fee and commission income, net financial income and 
net other income according to IFRS. The basis for the income allocation is SEB’s presence in each country, with the exception of when the local companies / branches serve as sales 
offices and receive commission payments and the transaction is booked in the central unit.
4)	Gross income, group, refers to transactions with group units in other tax jurisdictions.
5)	Operating profit before tax.
6)	Calculated corporate income tax at statutory rate in respective tax jurisdiction.
7)	Corporate income tax refers to corporate current income tax, excluding deferred tax, reported during reporting period. For more information about taxes see note 15.
8)	Income tax paid refers to corporate current income tax, excluding deferred tax, paid during the year.
SEB’s approach to taxes
Operating in more than 20 countries, SEB acknowledges the changing land-
scape around tax from both regulators and society and puts strong efforts into 
ensuring compliance with applicable tax laws and regulations in all countries 
where SEB operates. SEB strives to have high standards for tax governance, 
monitoring risks and ensuring tax compliance.
SEB’s approach to tax is described in the SEB Group Code of Conduct and SEB 
Group Tax Policy (see sebgroup.com), SEB’s United Kingdom Tax Strategy, 
Transfer Pricing Policy and additional policies and instructions established for 
significant areas such as VAT, FATCA and CRS.
The SEB Group Tax Policy is adopted by the Board of Directors and is 
reviewed annually. The CFO is responsible for financial control, including the 
control environment and governance in the SEB Group, which includes tax activ-
ities. A Tax and Accounting Committee, including the CFO and the Head of Group 
Tax, analyses important tax issues for SEB raised by the Board of Directors, the 
CFO, Group Tax, business areas or external parties, on a quarterly basis.
In line with SEB’s efforts to have high tax standards, SEB has implemented sev-
eral controls within SEB’s ICFR (Internal Control over Financial Reporting) frame-
work, which is overseen by the Audit and Compliance Committee of the SEB Board. 
This means that controls over the data that underlies financial and tax reporting, 
and controls over reporting processes, are regularly reviewed. Identified weak-
nesses are prioritised and fed back into a process of continuous improvement.
SEB’s risk management processes include a New Product Approval Process 
focussed on identifying and managing risks related to new or amended prod-
ucts. The tax department is represented in this process. The range of issues 
considered includes taxation matters in order to ensure tax compliance. The 
level of acceptable tax risk in SEB is low. Significant potential tax risks are 
reported to the Tax and Accounting Committee.
Products and services offered by SEB impact the tax situation for SEB and its 
customers and must always have business rationale. SEB operates in accordance 
with applicable tax laws and regulations. SEB must not use, encourage or facili-
tate products or services in conflict with tax legislation or anti-tax avoidance law. 
SEB must not co-operate with external parties to facilitate products or services 
in conflict with tax legislation or anti-tax avoidance law. SEB works actively with 
risk assessments, frameworks and controls in order to ensure compliance.
Wherever SEB operates, SEB seeks to establish and maintain good relation-
ships with local tax authorities and other governmental bodies. SEB undertakes all 
dealings with them in a professional, transparent and timely manner, both when it 
comes to SEB’s own tax matters and in reporting obligations regarding customers.
If tax regulations differ between countries/localities, SEB transparently 
seeks a globally acceptable solution in dialogue with the governments and tax 
authorities of each country. SEB also encourages the development of an inter-
national framework for taxation in order to avoid double taxation.
SEB is committed to meet the heightened expectations on transparency in 
respect of its tax management, and continuously works to improve the scope of 
its communication around tax. Guidance from national tax authorities and inter-
national organisations like the OECD is important. 
SEB is also committed to fulfil its reporting obligations to tax authorities, relat-
ing to both corporate and customer information. This covers local reporting and 
adherence to third party requests as well as international exchange of informa-
tion according to multilateral Convention on Mutual Administrative Assistance in 
Tax Matters, CRS (Common Reporting Standard), FATCA (Foreign Accounts Tax 
Compliance Act) and DAC6 (Directive on Administrative Cooperation).
If an employee discovers possible unethical or unlawful behaviour, this can be 
reported anonymously through SEB’s digital whistleblowing service WhistleB. 
Alternatively, Group Compliance or Internal Audit can be contacted directly.
SEB is a member of the Swedish Bankers’ Association, which represents 
banks and financial institutions established in Sweden. One part of this associa-
tion’s work is to ensure good quality in proposed tax legislation, but also to advo-
cate in public for reasonable tax treatment of banks and financial institutions. 
SEB Annual and Sustainability Report 2021 — 221

GRI Index
GRI 101: Foundation 2016
The report has been prepared in accordance with the Global Reporting Initiative, GRI Standards, Core option. EY has been engaged to undertake  
a limited assurance on SEB’s Sustainability report, prepared in accordance with the Annual Accounts Act and the GRI reporting criteria.  
Page references are abbreviated as follows:
FC – Front cover of SEB Annual & Sustainability Report 2021
BC – Back cover of SEB Annual & Sustainability Report 2021
GRI 102: General Disclosures 2016
Disclosure
Description
Page reference/URL
Organizational profile
102-1
Name of the organisation
Skandinaviska Enskilda Banken AB (publ)
102-2
Activities, brands, products and services
SEB offers advisory-driven commercial and investment bank-
ing services, acting as intermediary between Nordic and 
global financial markets for our large corporate customers 
and financial institutions. SEB provides bank services for 
small and medium sized companies, the public sectors and to 
private individuals as well as private banking services with 
global reach. The group also provides asset management and 
life insurance services. For examples of products and services 
offered to our customers, p. 30–31, our division offerings p. 
80–82. For examples of more sustainability-related products, 
p. 48–51.
102-3
Location of headquarters
Stockholm, Sweden, p. 118.
102-4
Location of operations
P. 118, 220.
102-5
Ownership and legal form
The parent company is a Swedish limited liability company,  
p. 118.
102-6
Markets served 
P. 3.
102-7
Scale of the organisation
Total number of employees: p. 142, 214. Total number of 
operations: p. 127–128 (Operating segments), p. 129 
(Geographical information). Net sales: p. 109 (Income state-
ment), p. 130–133 Net interest - / Net fee and commission - / 
Net financial - / Net other income. Total capitalization: p. 115 
(Balance sheet total), p. 74–77 (Financial structure). Exam-
ples of products and services: p. 30–31, 80–82.
102-8
Information on employees
Sustainability Notes p. 214–216 (Our people). The data has 
been compiled through our internal HR system.
102-9
Supply chain
P. 59 (Working with suppliers), Sustainability Notes p. 219.
102-10
Significant changes to the organisation and its supply chain
No significant changes.
102-11
Precautionary principle or approach
P. 86–91 (Risk, liquidity and capital management).
102-12
External initiatives, standards and principles
Sustainability Report p. 45, 49, 57.
102-13
Membership of associations 
Some examples of memberships are UNEPFI, Swedish Bank-
ers´ Association, Swedish Securities Market Association, ICC, 
Institute of International Banking Law & Practice, Bankers´ 
association for Finance and Trade, Swedish Leadership for 
Sustainable Development, Swedish Investors for Sustainable 
Development, Swedish Insurance Society, Swedish Invest-
ment Fund Association, IIF and European Banking Federation.
Sustainability notes
222 — SEB Annual and Sustainability Report 2021

GRI 102: General Disclosures 2016
Disclosure
Description
Page reference/URL
Strategy
102-14
Statement from senior decisionmaker
Statement from the Chair and statement from the  
President p. 6–9.
102-15
Key impacts, risks and opportunities
P. 64–68 (Sustainability Report) and p. 86–91  
(Risk, liquidity and capital management).
Ethics and integrity
102-16
Company values, principles, standards and norms of behaviour;  
SEB Code of Conduct
Core values: p. 35. Risk culture: p. 89. Norms of behaviour: 
SEB Code of Conduct p. 54(Sustainability report).
Governance
102-18
Governance structure
Corporate governance p. 92–104, Sustainability governance, 
including steering documents for sustainability p. 56.
Stakeholder engagement
102-40
List of stakeholder groups
Customers, employees, shareholders and society at large,  
see front cover of SEB Annual and Sustainability Report,  
and p. 24–25.
102-41
Collective bargaining agreements
Sustainability Notes p. 215 (Labour management).  
European works council representatives p. 53.
102-42
Identifying and selecting stakeholders
P. 59 (Engaging with stakeholders).
102-43
Approach to stakeholder engagement 
P. 59 (Engaging with stakeholders).
102-44
Key topics and concerns raised
P. 59 (Engaging with stakeholders).
Reporting practice
102-45
Entities included in the consolidated financial statements
The report cover all entities included in the SEB Group, p. 220.
102-46
Defining report content and topic Boundaries
The report content comprises SEB Group if nothing else is 
stated, see p. 69, 220. No significant changes in scope and 
boundaries since previous report.
102-47
List of material topics
P. 44, 224 (Material topics and its boundaries).
102-48
Restatements of information
Restatements are described in conjunction with each adjustment.
102-49
Changes in reporting
GRI 207 Tax has been added to the sustainable notes. 
102-50
Reporting period 
The reporting period corresponds to the reporting period of 
the annual report.
102-51
Date of most recent report
The previous report was published in March 2021.
102-52
Reporting cycle 
P. 69 (About this report).
102-53
Contact point for questions regarding the report 
P. 69 (About this report).
102-54
Claims of reporting in accordance with the GRI Standards
P. 69 (About this report).
102-55
GRI content index
P. 222–227.
102-56
External assurance
P. 69 (About this report).
SEB Annual and Sustainability Report 2021 — 223

GRI 103: Management Approach 2016
Disclosure
Description
103-1
Explanation  
of the material 
topic and its 
boundaries
The integration of economic, social and environmental aspects in SEB’s business is fundamental. The sustainability topics of impor-
tance for SEB, as identified in previously performed materiality analyses and through continuous interaction with stakeholders, 
remains valid, p. 59.
The material topics are areas where we, through our core business, have the best opportunities to impact. The areas are climate and 
environment, human rights, social relations and anti-corruption. 
Through our business we strive to reorient capital flow to support sustainable purposes, in line with the bank’s vision and strategy and 
with the UN SDGs and Paris Agreement as guiding principles, p. 45–47.
Read more about the material topics and fundamental aspects which enables the business to create positive impact on sustainability:
Sustainable financing (p. 47, 48–49, 210)
Sustainable investments (p. 47, 50–51, 210)
Innovation and entrepreneurship (p. 22–23, 40–41, 47, 217)
People and Competence (p. 26, 34–35, 47, 52–53, 214–216)
Environment (p. 47, 55, 60–69, 218–219)
Financial strength and resilience (p. 25, 27, 90–91, 209)
Risk management (p. 60–68, 86–90)
Business ethics and conducts (p. 25, 35, 54, 89–90, 92, 100)
Crime prevention (p. 14, 23, 54, 59, 92, 100, 182, 212–213)
SEB considers environment to be a material topic, especially with regards to the environmental impact from our products and 
services, i.e. with regards to sustainable finance and sustainable investments. See p. 48–69.
Our own direct environmental impact may not be of major impact but is nevertheless considered to be material to some extent. See p. 
47, 218, 219.
SEB has a direct and indirect impact on stakeholders, p. 59. Most of the impact is indirect from our financing – investment – and advi-
sory products and services, but some impact is direct, such as our people, p. 34–35. We continuously enhance processes and ways of 
working, defining and integrating sustainability risks and strategies. We strive to avoid causing, contributing or being directly linked to 
negative impacts on people and environment for our activities, products and services.
In 2021 SEB’s impact assessment work has focused on climate issues, primarily indirect climate impact related to financing and 
investments, in geographies where SEB is operating. The impact analysis will be extended to include also social and governance 
issues.
103-2
The management 
approach and its 
components
All material topics are managed in the same way as all of SEB’s activities, i.e. through management, control and follow-up accord-
ing to our corporate governance structure (p. 92–95). SEB has further strengthened the sustainability organisation and govern-
ance structure (p. 56) for a comprehensive approach and focused progress from a strategic and business perspective. The 
sustainability material topics and aspects are managed by integrating the material aspects into our business activities. The 
purpose of the management approach, i.e. managing the material topics and impacts, is our ambition to support our customers in 
the transition to a low-carbon economy, whereby contributing to a climate-resilient economy and society.
Several steering documents, which covers the material topics, provides guidelines for best practice as well as for international 
conventions and standards. They are part of our work to strengthen operations and align with international and national require-
ments and which we encourage companies to follow. See p. 45, 49, 57–58, 63–65 (policy framework, position statements, sector 
policies, international agreements and commitments).
SEB Corporate Sustainability Policy describes our sustainability organisation and governance model with established responsibili-
ties (p. 56). Sustainability is integrated in SEB´s core business, with sustainability competence, related procedures and controls 
implemented to ensure adherence to sustainability objectives, strategy and policies. Commitments and targets for SEB Group are 
followed up on a regular basis. For baseline and expected result, see p. 47. 
Grievance mechanisms are implemented through a whistleblowing process, see p. 54 (Business ethics and conduct) and p. 90 
(Risk, liquidity and capital management).
For examples of specific actions that have been taken during the year, see the following pages for relevant material topics:
An updated sustainability strategy was communicated and new ambitions and goals was defined, p. 46. 
Establishment of the Next Awards in recognition of sustainable entrepreneurship, p. 40.
A new crime prevention function was established to further strengthen the work to prevent financial crime, p. 14.
Further development of advisory-, classification tools and products to support sustainable investments and transition for our 
clients, p, 48, 63, 66–68. 
SEB Investment management launched a sustainability rating model for potential investments, p. 50.
Launch of new green and thematic funds, p. 51. 
A sustainability training for advisors was launched, p. 52.
New policies on Customer Data Ethics and Anti-Corruption was adopted, p. 54. 
Improved measuring of SEBs direct environmental impacts, p. 55. 
Review and update of sector polices, p. 57.
Strengthening the supplier screening in Group technology, p. 59. 
103-3
Evaluation of the 
management 
approach
The responsibilities for managing risks and ensuring satisfactory internal controls related to the sustainability material topics and 
aspects are the same as for all SEB activities, see Corporate Governance p 80–95, and Sustainability Governance structure p. 45. 
The Corporate Sustainability Policy and Corporate Sustainability Governance instruction outlines the framework and governance 
model for the sustainability work in SEB. The responsibilities of the board and the president can be found on p. 92–104 Corporate 
Governance) p. 56 (Sustainability Governance).
Management at all levels within the divisions, the Group’s business support and staff functions represent the first line of defence 
for risks in the organisation. 
The Group Risk organisation and Group Compliance form the second line of defence for ensuring that the Board’s intent regarding 
risk management and risk controls are applied. 
Group Internal Audit provides independent assurance and is the third line of defence.
The performance against SEB goals and targets related to the material topics are disclosed in the Sustainability report (p. 47). 
Measurement of indicators related to fundamental aspects are disclosed in Sustainability notes, p. 208–221.
Sustainability notes
224 — SEB Annual and Sustainability Report 2021

GRI 200: Economic topics
Disclosure
Description
Material topic
Page reference/URL
GRI 201: Economic performance 2016
201-1
Direct economic  
value generated
Financial strength 
and resilience
P. 209 (Financial strength and resilience).
201-2
Financial implications and  
other risks and opportunities  
due to climate change
Risk management
P. 60–69 (Sustainability report, climate risk, climate impact).
GRI 205: Anti-Corruption 2016
205-2
Communication and training  
about anti-corruption policies  
and procedures
Crime prevention
P. 14, 23, 54, 59, 92, 100, 182, 212–213.
GRI 207: Tax 2019
207-1
Approach to tax
Financial strength 
and resilience
SEB’s approach to tax, p. 221.
207-2
Tax governance, control and  
risk management
SEB’s approach to tax, p. 221.
207-3
Stakeholder engagement and 
management of concerns
SEB’s approach to tax, p. 221.
207-4
Country-by-country reporting
Country-by-country reporting – companies by country p. 220. 
Country-by-country reporting – corporate income tax by country p. 221.
SEB Annual and Sustainability Report 2021 — 225

GRI 400: Social topics
Disclosure
Description
Material topic
Page reference/URL
GRI 401: Employment 2016
401-1
New employee hires and employee turnover Our People
Sustainability notes p. 215 (New employee hires, Employee turnover).
401-3
Parental leave
Our People
Sustainability notes p. 215 (Number of days split by men/women).
GRI 402: Labour/Management Relations 2016
402-1
Minimum notice periods regarding  
operational changes
Our People
Consultation procedures are outlined in both local collective agreements and 
the Swedish Co-Determination Act. Consultations with local trade unions shall 
be conducted prior any significant changes of operations.
GRI 403: Occupational health and safety 2016
403-4
Workers participation, consultation and 
communication on occupational health  
and safety
Our People
Sustainability notes p. 216 (Health and work environment).
GRI 404: Training and Education 2016
404-1
Average hours of training per year  
per employee
Our People
Sustainability notes p. 216 (Learning and engagement). 
GRI 405: Diversity and Equal opportunity 2016
405-1
Diversity of governance bodies  
and employees
Our People
Sustainability notes p. 214 (Employee information), p. 34 (Diversity for innova-
tion and growth), p. 47 (Goals and outcome). 
GRI 414: Supplier Social Assessment 2016
414-1
New suppliers that are screened using 
social criteria
Procurement
New suppliers that are identified with increased risk level are screened by  
EcoVadis. Sutainability notes p. 219 (Procurement).
GRI 415: Public Policy 2016
415-1
Political contributions
Financial strength 
and resilience
SEB does not support political parties through donations or otherwise,  
see Code of Conduct p. 7 at sebgroup.com.
GRI 418: Customer Privacy 2016
418-1
Substantiated complaints concerning 
breaches of customer privacy and  
losses of customer data
Crime prevention
During 2021
No substantiated complaints from regulatory bodies or customers regarding 
breaches of customer privacy or losses of customer data. The total numbers of 
identified breaches in the whole group reported to the Supervising Authorities 
was 30. 
During 2020
SEB did not receive any substantiated complaints from regulatory bodies 
regarding breaches of customer privacy and losses of customer data. SEB 
received no complaints from customers regarding breaches of customer privacy 
and the total number of identified breaches reported to the Supervising Authori-
ties was 56. Included in the total number of breaches are incidents reported to 
Baltic Authorities that, due to stricter regulatory requirements, may not be 
breaches of GDPR.
During 2019
No substantiated complaints from regulatory bodies, two customer complaints 
on breach of customer privacy, and 56 identified breaches of customer data.
GRI 300: Environmental topics
Disclosure
Description
Material topic
Page reference/URL
GRI 302: Energy 2016
302-1
Energy consumption within  
the organisation
Direct Environment
Sustainability notes p. 218–219 (Environment).
GRI 305: Emissions 2016
305-1
Scope 1
Sustainability notes p. 218.
305-2
Scope 2
Sustainability notes p. 218.
305-3
Scope 3
Sustainability notes p. 218.
305-4
GHG emissions intensity
Sustainability notes p. 218.
305-5
Reduction of GHG emissions
Direct environment
Sustainability notes p. 218–219 (Environment), p. 47 (Goals and outcome)  
The decrease in CO2 emissions continued during 2021, still impacted by the 
coronavirus pandemic. 
GRI 306: Effluents and Waste 2016
306-2
Waste by type and disposal method
Direct environment
Sustainability notes p. 218 (Environment).
GRI 307: Environmental Compliance 2016
307-1
Non-compliance with environmental  
laws and regulations
Direct/Indirect  
environment
Sustainability notes p. 219 (Environment).
Sustainability notes
226 — SEB Annual and Sustainability Report 2021

Other disclosures
Disclosure
Description
Material topic
Page reference/URL
G4 – Product portfolio
Scope Product portfolio
G4-FS8
Monetary value of products and  
services designed to deliver a specific  
environmental benefit for each business 
line broken down by purpose (excluding 
asset management)
Sustainable finance
P. 47 (Goals and outcome), p. 48–49 (Sustainable financing),  
p. 210 (Sustainable financing).
G4- Active Ownership
Scope Active Ownership
G4-FS10
Number of companies held in the  
institution’s portfolio with which the  
reporting organisation has interacted  
on environmental or social issues
Sustainable  
investments
P. 211 (Influence and engagement).
G4- Active Ownership
Scope Active Ownership
G4- FS11
Percentage of assets subject to positive 
and negative environmental or social 
screening 
Sustainable  
investments
P. 50–51 (Sustainable investments), p. 211 (Sustainability 
approach, Human Rights assessment).
SEB’s own disclosure 1
Scope 1
Percentage of SEB funds assessed 
 with sustainability criteria
Sustainable  
investments
P. 211 (Sustainability approach).
SEB’s own disclosure 2
Scope 2
Contribution to entrepreneurial  
and innovation partnerships
Innovation and 
entrepreneurship
P. 23 (Strategic change, Strategic partnerships), p. 40 (Sustainable 
entrepreneurship, p. 217 (Innovation and entrepreneurship, Commu-
nity engagement and sponsorship).
SEB’s own disclosure 3
Scope 3
Measurement of customer experience  
and satisfaction 
Responsible and 
proactive advice
P. 26, 30–33 (Customers).
SEB Annual and Sustainability Report 2021 — 227

Principles for Responsible Banking Reporting and  
Self-Assessment Template
The table below is SEB’s second report as a signatory to the Principles for Responsible Banking. In the report we provide our self-assessment in relation to the 
principles, and provide references to our existing reporting in the SEB Annual and Sustainability Report 2021. The information provided in the PRB report is included 
in the GRI report, which is covered by the limited review performed by SEB’s auditor EY.
Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Principle 1: Alignment
SEB will align its business strategy to be consistent with, and contribute to corporates’ and individuals’ needs and society’s goals,  
as expressed in the Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
1.1 Description of  
business model
Being part of the financial backbone of society, providing support, advice and 
capital to businesses and private individuals.
SEB is a northern European financial institution, providing infrastructure for 
payments and transactions, financing and savings solutions, wealth manage-
ment, financial advice and life insurance. 
SEB serves large corporations and financial institutions in its home markets in 
Sweden, the Nordic and Baltic countries, Germany, and UK, but also through our 
international presence. We provide advisory-driven commercial and investment 
banking services, investment opportunities for pension funds and other inves-
tors, and life insurance solutions, across a broad spectrum of industries. 
69 per cent of SEB’s non-bank credit portfolio pertains to corporate customers; 
by segment approximately 49 per cent large corporations and financial institu-
tions, 20 per cent SMEs, or by geography 53 per cent in Sweden and other 
Nordic countries, 10 per cent in Germany and UK, 6 per cent in the Baltics and 
other countries.
SEB will expand its business for large customers to the Netherlands, Austria and 
Switzerland.
SEB also serves private individuals and small- and medium size companies in 
Sweden. The Nordic and the Baltic countries are served with universal banking 
services, life insurance solutions, asset management/investment products and 
card, private banking and advisory services. 
28 per cent of SEB’s non-bank credit portfolio pertains to households, mainly 
mortgages: by geography 54 per cent in Sweden and other Nordic countries,  
3 per cent in the Baltics. The remaining part, 3 per cent, pertains to public 
administration, mainly in Sweden. 
	
See SEB Annual and  
Sustainability Report 2021: 
p. 12–13 (A strategy of embracing change) 
p. 24–25 (Long-term value creation) 
p. 29–31 (Our four customer segments) 
p. 165 (Credit portfolio distributed on 
sectors)
 
1.2 Description of the  
business strategy
SEB is committed to aligning its strategy to international goals such as the UN 
Sustainable Development Goals (SDGs) and the Paris Agreement. In 2021 SEB 
presented and updated its sustainability strategy, outlining the bank’s role in the 
transition towards a sustainable society. The strategy is integrated in the busi-
ness plan 2022–2024 and is a cornerstone of SEB’s 2030 Strategy.
SEB as a financial institution, providing financing and investment opportunities, 
has identified that its main contribution to the SDGs is by supporting customers in 
their transition. Through our business in sustainable financing and investments, 
advisory services, innovation and people, we serve our customers and strive to 
reorient capital flows to support sustainable purposes, in line with the SEB’s 
vision and strategy and with the UN SDGs, Paris Agreement and EU Action Plan 
as guiding principles and frameworks. 
SEB’s sustainability strategy sets out the areas where we believe we can create 
sustainable short- medium- and long-term value for our stakeholders by aligning 
financing and investment with the UN SDGs and the Paris Agreement. These 
areas include climate and environment, human rights, social relations and anti-
corruption. 
From an SEB Group perspective we prioritise five of the SDGs that are clearly 
linked to our business strategy and our sustainability ambitions: SDG 13 Climate 
action, SDG 8 Decent work and economic growth, SDG 9 Industry, innovation and 
infrastructure, SDG 16 Peace, justice and strong institutions, SDG 5 Gender 
equality. These are tightly linked to our business strategy and sustainability work.
	
Read also on p. 45 and the PRB Impact Analysis 2.1
SEB’s climate change approach is integrated in the bank’s overall business strat-
egy and is articulated around three areas: support our customers on their transi-
tion journeys toward a low-carbon economy, manage the bank’s climate impact 
(direct and indirect), and manage climate-related risks. As a long-term financial 
partner to many of the large corporations and institutions in the Nordic region 
and a major asset manager, SEB is uniquely positioned to contribute to the transi-
tion towards a low-carbon society. 
	
See SEB Annual and  
Sustainability Report 2021: 
p. 34–35, 52–53 (Working at SEB and  
People and community) 
p. 40–41 (SEB in society) 
p. 44–45 (Sustainability at SEB) 
p. 46–47 (Sustainability strategy  
and goals) 
p. 48–49 (Sustainable financing) 
p. 50–51 (Sustainable investments)  
p. 54–55 (Business ethics and conduct) 
p. 55, 60–68 (Environment/climate)
Sustainability notes
228 — SEB Annual and Sustainability Report 2021

Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Principle 2: Impact and Target Setting
SEB will work continuously to increase our positive impacts while reducing the negative impacts on, and managing the risks to, people and environment  
resulting from our activities, products and services. To this end, we will set and publish targets where we can have the most significant impacts.
2.1. Impact Analysis
In 2021 SEB conducted an impact analysis in line with our commitments to the  
Principles for Responsible Banking, identifying the SDGs we impact the most.  
The analysis was performed of our credit portfolio, cross geographies, and sectors.
The exposures in our credit portfolio were proportionately combined with respective 
sector impacts, positive and negative, on the SDGs. Based on this approach, and consid-
ering that SEB’s major activities lie within northern Europe, the analysis showed that the 
areas where SEB’s exposure has a potential negative impact are climate change (SDG 
13), biodiversity (SDG 14 and SDG 15) and fresh water (SDG 6). In these areas SEB’s 
commitments and engagements are particularly relevant. 
The areas with the most significant positive impact were for example, Decent work and 
economic growth (SDG 8), and Industry, innovation and infrastructure (SDG 9).
Our corporate credit portfolio, in our home markets has large exposure sectors such as 
real estate 22 per cent, capital goods 9 per cent, transportation 8 per cent, automotive 
4 per cent, conventional/mixed power generation 5 per cent and oil & gas 3 per cent. 
Among the products that SEB offers are green bonds, social bonds, sustainable bonds, 
sustainability-linked bonds, green loans and sustainability-linked loans. We experienced 
an increased demand for these products and services from our corporate customers 
during 2021.
	
See more details in the Clients and customers section 3.1 and 3.2.
Green mortgages are offered to private customers with homes that meet specific 
energy or environmental classification. The same criteria apply when financing 
construction of residential and commercial properties (green construction loans). 
SEB also offers green loans for the purpose of financing and/or refinancing projects 
promoting the transition to low-carbon and climate-friendly development, as well as 
improvements to the environment and eco-systems.
SEB’s goal is to reduce the fossil credit exposure within the bank’s energy portfolio, 
which includes power generation and distribution.
	
See more details in the Target Setting section 2.2.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 44–45 (Sustainability at SEB) 
p. 46–47 (Strategy and goals) 
p. 48–49 (Sustainable financing) 
p. 55 (Environment) 
p. 60–68 (Environment/climate) 
p. 61 (Break-down of SEB’s 
corporate and real estate credit 
portfolio reflecting the sector’s 
carbon footprint)
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Impact Analysis.
In 2021, SEB conducted an impact analysis in line with our commitments to the Principles for Responsible Banking  
on which SDGs we impact the most through our exposure in the credit portfolio.
2.2. Target Setting
In 2021 SEB presented an updated sustainability strategy, outlining the bank’s role in 
the transition towards a sustainable society. Key elements in the sustainability strategy, 
are the new goals: Carbon Exposure Index (The Brown), Sustainability Activity Index 
(The Green) and the Transition Ratio (The Future). These goals will allow us to measure 
SEB’s positive impacts both short- and long-term, and our negative impacts through our 
credit portfolio.
Carbon Exposure Index – The Brown (SDG 13): SEB’s goal is to reduce the fossil fuel 
credit exposure in the bank’s energy portfolio, which includes power generation and 
distribution (by >30 per cent), oil and gas exploration and production (by >70 per cent) 
and refining and distribution (by >30 percent ), for combined reduction of 45–60 per 
cent by 2030 compared with a 2019 baseline.
Sustainability Activity Index – The Green (SDGs 13 and 8): This index is a volume-based 
metric that captures our sustainability activity in sustainable financing, sustainable 
finance advisory, greentech venture capital investments, and investment products 
(AuM) classified according to EU Sustainable Finance Disclosure Regulation Article 9. 
The goal is to increase the average volume-based activity 6–8 times by 2030.
Transition Ratio – The Future (SDG 13): We will transition together with our customers 
as reflected in a Transition Ratio, which is a ratio based on our internal Customer 
Sustainability Classification Model, CSC model (see 2.3). This means that we are 
assessing our customers’ climate impact and alignment towards the goals set out in the 
Paris Agreement, by classifying our credit portfolio. Baseline will be defined in 2022.
	
See more details around the CSC Model in the Plans for target implementation 
and monitoring section 2.3.
SEB became a founding signatory of the Net-Zero Banking Alliance in 2021, and we are 
in the process of defining targets for carbon emissions reduction accordingly. These 
targets will be developed during 2022.
SEB’s direct CO2 emissions target (SDG 13): SEB’s goal is to reduce the bank’s direct 
climate impact by limiting emissions to 17,000 tonnes ±5 percent by 2025. We aim to 
reduce absolute emissions of greenhouse gases from energy consumption, use of 
paper, company cars and business travel to almost zero by 2045. These targets will 
drive alignment of our portfolio with SDG 13 (Climate Action). 
Gender equality (SDG 5): SEB’s goal is to have gender balance in senior management 
teams and to reach 50/50 ±10 per cent. 
Business ethics and conduct (SDG 16): SEB has seven mandatory trainings in place  
for employees and consultants. The goal is to increase completed trainings towards 
100 per cent.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 45 (SEB and the UN Sustainability 
Development Goals)  
p. 46–47 (Strategy and goals) 
p. 48–49 (Sustainable financing) 
p. 60–68 (Environment/climate)
SEB Annual and Sustainability Report 2021 — 229

Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Target Setting.
SEB publicly communicated new measurable climate goals during 2021. The previous communicated goals on environment, direct impact, gender equality and 
business ethics and conduct are still valid. The goals established are continuously monitored by the GESC (Group Executive Sustainability Committee). 
2.3. Plans for Target  
Implementation 
and Monitoring
In line with SEB’s goal for the Carbon Exposure Index (The Brown): the goal is to 
reduce the fossil credit exposure within the energy portfolio with 45–60 per 
cent by 2030 compared with a 2019 baseline. Divisions monitor fossil-related 
transactions’ effects on the Carbon Exposure Index in order to gradually 
decrease the exposure. As stated in SEB’s Policy on Fossil Fuels, published in 
February 2021, we will phase out thermal coal mining exposures from all busi-
ness relationships by 2025. Coal-fired power generation will be phased out by 
2030 among companies where coal-fired revenues is above 5per cent. 
Sustainability Activity Index (The Green): SEB will continuously develop and 
increase its customer offerings in sustainable financing, sustainable finance 
advisory, greentech venture capital investments and Article 9 investment prod-
ucts (in line with the EU’s Sustainable Finance Disclosure Regulation, SFDR).
Transition Ratio (The Future): Understanding and assessing customers’ climate 
impact requires tools specifically designed for such tasks. SEB has developed a 
Customer Sustainability Classification Model that constitutes the foundation 
for assessing, classifying and measuring how SEB’s corporate and real estate 
customers, in the credit portfolio, impact the planet and people from a sustain-
ability perspective. 
The two-step classification model considers both sector breakdown and 
customer-specific information such as transition strategies, actual climate 
impact based on technology used, and mitigation activities. The result enables 
SEB to assess to what extent customers’ business activities are in line with the 
Paris Agreement.
The methodology is based on definitions, targets and transition indicators set in 
the EU Taxonomy, the Paris Agreement, and EU or country-specific regulations 
or initiatives. To perform the assessment, SEB collects information about each 
customer’s current emission reductions compared to a baseline year as well as 
its short-term (<5 years), medium-term (5–10 years) and long-term (>10 
years) reduction targets. This results in four data points that reflect the 
customer’s transition journey.
When fully implemented, this model will be a key component of both business 
strategy and risk management and will support SEB’s ambition to gradually 
shift its credit portfolio towards more sustainable financing, including social 
and governance aspects. This is monitored and reported to Group Executive 
Sustainability Committee, GESC. 
SEB’s direct CO2 emissions target: To reach these targets SEB will work to; 
improve energy efficiency of operations and buildings, use renewable energy in 
buildings owned or rented, reduce business travel by using alternative tech-
niques for meetings, reduce travel-related emissions by choosing bio fuel 
where possible, and move to an electrified fleet of company cars.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 46 (Strategy and goals) 
p. 61–63 (Measuring the climate impact 
of our credit portfolio) 
p. 55 (SEB’s direct environmental impact)
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Plans for Target Implementation and Monitoring.
SEB is integrating recently set targets in business processes and related monitoring and reporting systems. We are also developing methodologies  
and tools to support our dialogues with customers and stakeholders to further support the transition towards a low-carbon society.
2.4. Progress on  
Implementing Targets
Carbon Exposure Index (The Brown): SEB introduced the goal in 2021 and will 
start measuring and reporting in 2022.
Sustainability Activity Index (The Green): SEB introduced the goal in 2021 and 
will start measuring and reporting in 2022.
Transition Ratio (The Future): SEB introduced the goal in 2021. Measurement of 
the goal is dependent on the ongoing work with classifying the credit portfolio 
according to the CSC model, which will be finalised during 2022. A baseline and 
target will be defined in connection with this.
Gender equality: SEB’s goal is to increase gender balance in senior management 
teams, to reach 50/50 ±10 per cent. SEB met this goal in 2021 for Top senior 
managers.
Business ethics and conduct: SEB has seven mandatory trainings in place for 
employees and consultants. The goal is to increase completed trainings 
towards 100 per cent. SEB reached 95 per cent in 2021.
SEB’s direct CO2 emissions target: SEB’s direct carbon emissions are measured 
on an annual basis and are communicated in the Annual and Sustainability 
Report. SEB’s total CO2 emissions amounted to 9 387 tonnes.
	
See SEB Annual and  
Sustainability Report 2021:  
p. 61–63 (Measuring the climate impact 
of our credit portfolio) 
p. 55 (SEB’s direct environmental impact) 
p. 47 (Strategy and goals)
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Progress on Implementing Targets.
SEB will measure, and publicly communicate, the outcome of the goals stated in section 2.2 regularly.  
Outcomes on targets as set in 2021 have been reported as per above.
Sustainability notes
230 — SEB Annual and Sustainability Report 2021

Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Principle 3: Clients and Customers
SEB will work responsibly with its clients and our customers to encourage sustainable practices  
and enable economic activities that create shared prosperity for current and future generations.
3.1. Policies and practices
SEB’s sustainability policy framework covers the Corporate Sustainability 
Policy, thematic policies and sector policies. The framework provides guide-
lines on best practice and on the international conventions and standards that 
the bank encourages companies to follow. 
The Corporate Sustainability Policy defines the framework for sustainability in 
SEB and provides a governing platform for our sustainability work for all busi-
ness decisions, including investment and credit decisions. SEB’s thematic and 
sector policies primarily take a risk-based approach to address sustainability in 
financing and investment activities. The framework is reviewed annually in 
order to strengthen the business and in line with regulatory, technological and 
industry specific development. 
Thematic policies: Environment Policy and Human Rights Policy.
Sector policies: Arms and Defence, Forestry, Fossil Fuels, Mining and Metals, 
Renewable Energy, Shipping, Transportation, Tobacco and Gambling.
In 2021 the internal document, the Sustainability Policy Implementation 
Instruction, was decided on which guides the business in how policies should be 
implemented in a coherent and consistent manner.
In late 2021 and early 2022 SEB conducted a major review of the Environmen-
tal Policy, covering climate change, freshwater and biodiversity, aimed to be 
adopted in spring 2022. 
In February 2022 updates were made in the policies for Forestry, Renewable 
Energy and Shipping. Moreover, SEB published its first Sector Policy on Trans-
portation.
Other important sustainability-related documents and policies in place are the 
Code of Conduct, the Code of Conduct for Suppliers, the Inclusion and Diversity 
Policy and the Tax Policy.
In addition to policies, and in order to emphasise SEB’s commitment to the Paris 
Agreement, one of the principles in the bank’s Customer Acceptance Standards 
(CAS), established in 2020, is that “customers in industries with a high negative 
climate impact and without a credible plan to manage the transition to a low-
carbon economy in line with the Paris Agreement shall be avoided”. To manage its 
credit exposure to customer segments with a material carbon footprint, the 
bank defines risk strategies for these sub-portfolios. The strategies are 
reviewed annually.
	
See SEB Annual and  
Sustainability Report 2021 
p. 57 (Sustainability policy framework)
3.2 Encourage sustainable  
practices and activities
We engage in constructive and concrete dialogues about our customers’ needs 
in relation to sustainability challenges and opportunities. The CSC model (see 
2.3) is a hands-on tool for SEB’s client teams that enables us to deepen our 
relationships and mutual understanding of our corporate customers’ decarbon-
isation journeys. We strive to proactively offer solutions that we identify as 
relevant for them, based on a structured analysis. The model constitutes the 
foundation for assessing, classifying and measuring how SEB’s corporate and 
real estate customers, in the credit portfolio, impact the planet and people from 
a sustainability perspective. 
To support our customers to further understand their investment portfolios’ 
impact on sustainability aspects, SEB has developed the Impact Metric Tool. The 
tool consists of modules that allow measurement of environmental, social and 
governance (ESG) aspects of portfolio company operations at a portfolio level. 
SEB also provides a methodology for ESG assessment within equity research 
(SEAM), which analyses how these factors will have a material impact on 
companies’ financial performance. 
	
See SEB Annual and  
Sustainability Report 2021 
SEB Annual and Sustainability Report 2021 — 231

Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Principle 4: Stakeholders
SEB proactively and responsibly consult, engage and partner with relevant stakeholders to achieve society’s goals.
4.1 Stakeholder engagement 
and partnerships
We engage stakeholders to ensure that we prioritise the most important issues. 
Among all our stakeholder groups, strong focus is on sustainability, especially on 
climate change.
Customers: We are convinced that we can make the greatest positive impact by 
being engaged in our customers’ transition journeys. A proof that our customers 
appreciate our advisory services are the Prospera surveys, published in 2021 and 
2022, focusing on banks’ sustainability advice. SEB was two years in a row ranked 
number one by companies as well as institutions in the Nordic region. Private 
customers in Sweden are highly engaged in sustainability. More than 7,000 custom-
ers responded to SEB’s annual sustainability survey. They highlighted climate 
change, clean water and sanitation and biodiversity as topics they want SEB’s fund 
company to prioritise in its engagement work.
Employees: SEB’s annual employee survey shows that the bank’s employees 
continue to be highly engaged with strong key performance indicators (KPI) 
compared to the financial sector. The survey also shows that our employees share a 
strong belief in SEB’s future and confidence in SEB’s management, and that they 
feel they have opportunities to develop and contribute to change. The results form a 
strong foundation for the bank’s continued work with its long-term strategy.
Society: In connection to the development of the Environmental Policy, SEB organ-
ised an external stakeholder meeting with actively engaged civil society organisa-
tions to get technical input and insights on the relevant challenges and priorities 
that are identified in the PRB Impact Analysis. 
Through its participation in various mentoring programmes, the bank’s employees 
reach thousands of young people throughout the country every year. We have 
dialogues with non-governmental organisations (NGOs), consumer advocate 
groups and the media through direct dialogues, local engagements, round table 
discussions and press conferences. 
SEB is one of two European commercial banks represented in the EU Platform of 
Sustainable Finance, an expert group with the mandate to advise the EU Commission 
on development and application of the EU Taxonomy. SEB works actively with the 
Nordic and Baltic banking associations and their members to share the latest public 
information about progress and gather views regarding development of the Taxonomy.
	
See SEB Annual and  
Sustainability Report 2021 
p. 59 (Engaging with stakeholders) 
Principle 5: Governance & Culture
SEB will implement its commitment to these Principles through effective governance and a culture of responsible banking.
5.1 Governance structure
SEB strengthened its sustainability organisation in 2020, to accelerate the pace of 
the transformation, set a clear and forcible structure for responsibility distribution, 
and to ensure that SEB’s sustainability efforts address relevant issues and secure 
implementation across the entire company. The Board of Directors is responsible for 
the establishment of a strategy for corporate sustainability and an organisation to 
execute this strategy. 
The President and CEO is responsible for execution of the corporate sustainability 
strategy and implementation of the governance structure. The President and CEO 
has established a Group Executive Sustainability Committee (GESC) to manage 
execution of the corporate sustainability strategy. GESC is a decision-making body 
that is chaired by the President and CEO and is responsible for overseeing imple-
mentation of the principles. 
Sustainable Banking is a first-line, operational body that is responsible for coordi-
nating and driving the overall corporate sustainability agenda in close collaboration 
with the Divisions and Group Staff and Support functions. The Chief Sustainability 
Officer heads the Sustainable Banking and is a member of GESC. 
SEB’s group policies, sector policies and position statements provide guidelines on 
best practice as well as on the international conventions and standards that we 
encourage companies to follow. 
	
See SEB Annual and  
Sustainability Report 2021: 
p. 56 (Sustainability governance) 
p. 57 (Sustainability policy framework)
5.2 Initiatives and measures
We have strong focus on strengthening sustainability competence among employ-
ees. In 2021 we also introduced a sustainability training for employees working 
with private and medium-sized corporate customers.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 52 (People and community)
5.3 Governance Structure 
for Implementation of 
the Principles
SEB sees the importance of aligning incentive structures with its sustainability 
ambitions. The bank has group-wide as well as specific goals for the various divi-
sions and units, targeting environmental, social and governance areas, for example 
carbon emissions, diversity and regulatory compliance. 
Sustainability KPIs are integrated in the allocation process of long-term incentive 
structures for members of SEB’s Group Executive Committee (GEC), for managers 
who report to the GEC as well as other applicable positions. Going forward SEB aims 
to integrate the bank’s updated ambitions and goals into the evaluation among 
SEB’s senior managers.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 52 (People and community)
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Governance Structure for Implementation of the Principles.
SEB’s governance structure ensures the establishment, execution and monitoring of implementation of the sustainability strategy, thereby ensuring that the 
Principles are implemented effectively.
Sustainability notes
232 — SEB Annual and Sustainability Report 2021

Reporting and Self-Assessment 
Requirements
High-level summary of the bank’s response  
(limited assurance required for responses to highlighted items)
Reference(s)/link(s) to the bank’s full  
response/relevant information
Principle 6: Transparency & Accountability
SEB will periodically review its individual and collective implementation of these Principles and be transparent  
about and accountable for our positive and negative impacts and our contribution to society’s goals.
6.1 Progress on  
Implementing the 
Principles for  
Responsible Banking
During 2021 SEB strengthened its sustainability policy framework in multiple ways. 
A major revision of the Fossil Fuel Policy was performed, and updates were made in 
the Mining and Metals Policies. Updates will be made of the Shipping, Forestry, 
Renewable Energy and Transportation Policies in early 2022. The Environment 
Policy is also being revised during spring 2022.
An internal instruction, the Sustainability Policy Implementation Instruction, started 
to be implemented during 2021.
SEB became a signatory of the Net-Zero Banking Alliance (NZBA) in 2021, and the 
first reporting in accordance with that framework will take place in 2022. The Net 
Zero Asset Managers initiative was signed in late 2020, committing to support the 
goal of net zero greenhouse gas emissions by 2050.
In 2021 SEB publicly announced an updated sustainability strategy, and in 
connection with this new ambitions and goals were communicated, which included 
laying out a path for the reduction of our fossil credit exposure and at the same time 
setting growth ambitions for our sustainable products, advisory services and 
investments. Our goals and ambitions are expressed as measurable indexes.
As a credit institution SEB is obligated to report in accordance with the 
requirements of the EU Taxonomy Regulation by year-end of 2021. In addition to 
the mandatory taxonomy reporting, SEB has chosen to disclose voluntary taxonomy 
reporting for transparency reasons.
In 2021 SEB improved its CDP score from D to B, a result of our sustainability efforts.
SEB monitors regulatory compliance within the sustainability area on a continuous 
basis. During 2022 we will proceed with implementation of the Taxonomy 
Regulation and monitor progress around development of sustainability reporting 
standards, both on EU and international levels.
	
See SEB Annual and  
Sustainability Report 2021: 
p. 52 (People and community) 
p. 56 (Sustainability governance) 
p. 57 (Sustainability policy framework)
p. 197 (Sustainability notes, Taxonomy)
Please provide your bank’s conclusion/statement if it has fulfilled the requirements regarding Progress on Implementing the Principles for Responsible Banking.
In 2021 SEB has taken important steps in implementing the Principles for Responsible Banking, and the work will continue in 2022.
SEB Annual and Sustainability Report 2021 — 233

Auditor’s Limited Assurance Report on Skandinaviska 
Enskilda Banken AB’s Sustainability Report and statement 
regarding the Statutory Sustainability Report
Introduction
We have been engaged by the Board of Directors of Skandinaviska  
Enskilda Banken AB to undertake a limited assurance engage-
ment of Skandinaviska Enskilda Banken AB’s Sustainability 
Report for the year 2021. Skandinaviska Enskilda Banken 
AB has defined the scope of the Sustainability Report to the 
pages 42–69 and 208–233 in this document and the Statutory 
­Sustainability Report to the pages 44–69.
Responsibilities of the Board of Directors and the 
Executive Management 
The Board of Directors and the Executive Management are 
­responsible for the preparation of the Sustainability Report 
including the Statutory Sustainability Report in accordance 
with applicable criteria and the Annual Accounts Act respec-
tively. The criteria are defined on page 69 in the Sustainability 
Report, and are part of the Sustainability Reporting Guidelines 
published by GRI (The Global Reporting Initiative), that are 
­applicable to the Sustainability Report, as well as the accounting 
and calculation principles that the Company has developed. This 
responsibility also includes the internal control relevant to the 
preparation of a Sustainability Report that is free from material 
misstatements, whether due to fraud or error. 
Auditor’s responsibility
Our responsibility is to express a conclusion on the Sustainability  
Report based on the limited assurance procedures we have 
performed and to express an opinion regarding the Statutory 
Sustainability Report. Our review is limited to the information in 
this document and to the historical information and does there-
fore not include future oriented information.
We conducted our limited assurance engagement in accord­
ance with ISAE 3000 Assurance engagements other than 
audits or reviews of financial information. A limited assurance 
­engagement consists of making inquiries, primarily of persons 
responsible for the preparation of the Sustainability Report, 
and applying analytical and other limited assurance procedures. 
Our examination regarding the Statutory Sustainability Report 
has been conducted in accordance with FAR’s accounting 
standard RevR 12 The auditor’s opinion regarding the statutory 
sustainability report. A limited assurance engagement and an 
examination according to RevR 12 is different and substantially 
less in scope than an audit conducted in accordance with Inter-
national Standards on Auditing and generally accepted auditing 
standards in Sweden. 
The firm applies ISQC 1 (International Standard on Quality 
Control) and accordingly maintains a comprehensive system of 
quality control including documented policies and procedures 
regarding compliance with ethical requirements, professional 
standards and applicable legal and regulatory requirements. 
We are independent of Skandinaviska Enskilda Banken AB in 
accordance with professional ethics for accountants in ­Sweden 
and have otherwise fulfilled our ethical responsibilities in 
­accordance with these requirements.
The limited assurance procedures performed and the examina-
tion according to RevR 12 do not enable us to obtain assurance 
that we would become aware of all significant matters that 
might be identified in an audit. The conclusion based on a limited 
assurance engagement and an examination according to RevR 
12 does not provide the same level of assurance as a conclusion 
based on an audit.
Our procedures are based on the criteria defined by the Board 
of Directors and Executive Management as described above. 
We consider these criteria suitable for the preparation of the 
Sustainability Report. 
We believe that the evidence obtained is sufficient and 
­appropriate to provide a basis for our conclusions below. 
Conclusions
Based on the limited review performed, nothing has come to 
our attention that causes us to believe that the Sustainability 
Report is not prepared, in all material respects, in accord-
ance with the criteria defined by the Board of Directors and 
Executive Management. 
A Statutory Sustainability Report has been prepared. 
Stockholm 28 February 2022
Ernst & Young AB
Hamish Mabon	
Charlotte Söderlund
Authorized Public Accountant	
Authorized Public Accountant
This is the translation of the auditor’s report in Swedish.  
To Skandinaviska Enskilda Banken AB (publ), Corp Id 502032-9081
234 — SEB Annual and Sustainability Report 2021
Auditor’s Limited Assurance Report

Other information
SEB Annual and Sustainability Report 2021 — 235
Definitions
INCLUDING ALTERNATIVE  
PERFORMANCE MEASURES1)
Items affecting comparability 
To facilitate the comparison of operating profit 
between current and previous periods, items with 
significant impact that management considers 
affect the comparability or are relevant for the 
understanding of the financial result, are identified 
and presented separately, for example impair-
ment of goodwill, restructuring, gains and losses 
from divestments and other income or costs that 
are not recurring.
Operating profit 
Total profit before tax.
Operating profit before items  
affecting comparability 
Total profit before items affecting comparability 
and tax.
Net profit 
Total profit after tax.
Return on equity 
Net profit attributable to shareholders in relation 
to average2) shareholders’ equity.
Return on equity excluding items  
affecting comparability  
Net profit attributable to shareholders, excluding 
items affecting comparability and their related tax 
effect, in relation to average2) shareholders’ equity. 
Return on business equity 
Operating profit by division, reduced by a standard 
tax rate, in relation to the divisions’ average2) 
­business equity (allocated capital).
Return on total assets 
Net profit attributable to shareholders, in relation 
to average2) total assets.
Return on risk exposure amount 
Net profit attributable to shareholders in relation 
to average2) risk exposure amount.
Cost/income ratio 
Total operating expenses in relation to total 
­operating income.
Basic earnings per share 
Net profit attributable to shareholders in relation 
to the weighted average3) number of shares 
­outstanding before dilution.
Diluted earnings per share 
Net profit attributable to shareholders in relation 
to the weighted average3) diluted number of 
shares. The calculated dilution is based on the 
­estimated economic value of the long-term 
­equity-based programmes. 
Net worth per share 
The total of shareholders’ equity, the equity 
­portion of any surplus values in the holdings of 
debt securities and the surplus value in life 
­insurance operations in relation to the number of 
shares outstanding.
Equity per share 
Shareholders’ equity in relation to the number of 
shares outstanding.
Expected credit losses, ECL 
Probability-weighted credit losses with the 
respective risk of a default.
ECL allowances 
The allowance for expected credit losses on 
­financial assets, contract assets, loan commit-
ments and financial guarantee contracts.
Net ECL level 
Net expected credit losses in relation to the open-
ing balance of the year of debt securities, loans to 
the public and loans to credit institutions meas-
ured at amortised cost, financial guarantees and 
loan commitments, net of ECL allowances.
ECL coverage ratio 
ECL allowances in relation to underlying gross 
­carrying amounts for loans and debt securities as 
well as nominal amounts of financial guarantees 
and loan commitments.
Stage 3 loans / Total loans, gross 
Gross carrying amount for stage 3 loans 
­(credit-impaired loans) in relation to gross 
­carrying amount for total loans measured at 
­amortised cost (including trade and client 
­receivables presented as other assets).
Stage 3 loans / Total loans, net 
Carrying amount for stage 3 loans (credit-impaired  
loans) in relation to carrying amounts for total 
loans measured at amortised cost (including trade 
and client receivables presented as other assets).
The excel file Alternative Performance Measures, 
available on sebgroup.com/ir, provides information 
on how the measures are calculated.
DEFINITIONS
According to the EU Capital Requirements 
Regulation no 575/2013 (CRR):
Risk exposure amount 
Total assets and off-balance sheet items, risk-
weighted in accordance with capital adequacy 
regulations for credit risk and market risk. The 
operational risks are measured and added as risk 
exposure amount. Risk exposure amounts are only 
defined for the consolidated situation, excluding 
insurance entities and exposures deducted from 
own funds.
Common Equity Tier 1 capital (CET) 
Shareholders’ equity excluding dividend, deferred 
tax assets, intangible assets and certain other 
­regulatory adjustments defined in EU Regulation 
no 575/2013 (CRR). 
Tier 1 capital 
Common Equity Tier 1 capital plus qualifying  
forms of subordinated loans liabilities, so-called 
additional tier 1 instruments. 
Tier 2 capital 
Mainly subordinated loans liabilities not qualifying 
as Tier 1 capital contribution.
Own funds 
The sum of Tier 1 and Tier 2 capital.
Common Equity Tier 1 capital ratio 
Common Equity Tier 1 capital as a percentage of 
risk exposure amount.
Tier 1 capital ratio 
Tier 1 capital as a percentage of risk  
exposure amount.
Total capital ratio 
Total own funds as a percentage of risk  
exposure amount.
Liquidity Coverage Ratio (LCR) 
High-quality liquid assets in relation to the 
­estimated net liquidity outflow over the next  
30 calendar days.
According to the EU Capital Requirements 
Regulation no 876/2019 (CRR2):
Leverage ratio 
Tier 1 capital as a percentage of the exposure 
value of assets, derivatives and off-balance  
sheet items. 
Net stable funding ratio (NSFR) 
Available stable funding in relation to the amount 
of required stable funding. 
1)	 Alternative Performance Measures, APMs, are financial measures of historical or future financial performance, financial position, or cash flows, other than those defined in the applicable 
financial reporting framework (IFRS) or in the EU Capital Requirements Regulation and Directive CRR/CRD IV. APMs are used by SEB when relevant to assess and describe SEB’s financial 
situation and provide additional relevant information and tools to enable analysis of SEB’s performance. APMs on basic earnings per share, diluted earnings per share, net worth per 
share, equity per share, return on equity, return on tangible equity, return on total assets and return on risk exposure amount provide relevant information on the performance in relation 
to different investment measurements. The cost/income ratio provides information on SEB’s cost efficiency. APMs related to lending provide information on provisions in relation to credit 
risk. All these measures may not be comparable to similarly titled measures used by other companies. 
2)	Average year-to-date, calculated on month-end figures.
3)	Average, calculated on a daily basis.
Abbreviations
IFRS 9 abbreviations
FVTPL	
Fair Value Through Profit or Loss
FVHFT	 Fair Value Through Profit or Loss  
Held for Trading
FVMPL	 Fair Value Through Profit or  
Loss Mandatorily
FVDPL	 Fair Value Through Profit or  
Loss Designated
AmC 	
Amortised Cost

Other information
236 — SEB Annual and Sustainability Report 2021
Financial information and publications
Order printed copies of the Annual and Sustainability Report on  
 sebgroup.com/ir.  
Subscribe to digital versions of the quarterly reports (pdf) and the Fact Book (pdf) on  
 sebgroup.com/press
Digital Annual and  
Sustainability Report 
A digital introduction to the Annual 
and Sustainability Report 
	sebgroup.com/annualreport
SEB corporate website 
Financial information,  
publications and other information 
regarding SEB is available at   
	sebgroup.com
Annual and Sustainability Report 
– ESEF 
The Annual and Sustainability report,  
machine readable in accordance 
with ESEF requirements.
Annual and  
Sustainability Report
Information on SEB’s business, 
financial performance and position, 
as well as the sustainability work.
Capital Adequacy & Risk 
Management Report (Pillar 3) 
Disclosure on capital adequacy and 
risk management in accordance 
with regulatory requirements.
SEB Green Bond  
Investor Report
Overview of SEB’s green loan  
portfolio and the green bond  
that was issued in 2017.
Interim Reports and Fact Books
Quarterly reports on SEB’s financial position and results.  
Detailed information in Fact Books.

Annual and Sustainability Report 2021
1 March 2022
Annual General Meeting
22 March 2022
Quarterly report January–March
27 April 2022
Quarterly report April–June
14 July 2022
Quarterly report July–September
26 October 2022
Calendar
The Annual General Meeting will be held on 22 March 2022 at 1 pm (CET) at 
Stockholm Concert Hall, Hötorget, Stockholm, Sweden. A notice convening the 
Annual General Meeting, including an agenda, is available on sebgroup.com. 
 
Shareholders who wish to attend the meeting room in person or through  
a representative shall:
	
• both be listed as a shareholder in the share register produced by  
Euroclear Sweden AB on 14 March 2022,
	
• and no later than 16 March 2022 register for the meeting.
 
Registration must be made on telephone no. 0771 23 18 18 (+46 771 23 18 18 
outside Sweden) weekdays between 09.00 - 16.30 or via the internet on SEB’s 
website sebgroup.com, or in writing at the address Skandinaviska Enskilda 
Banken AB (publ), c/o Euroclear Sweden, Box 191, 101 23 Stockholm. When 
registering, the shareholder must state his name, personal or registration  
number, telephone number and any assistants.
 
Shareholders who wish to participate in the meeting by postal vote shall:
	
• both be listed as a shareholder in the share register produced by Euroclear 
Sweden AB on 14 March 2022,
	
• and no later than 16 March 2022 register by casting their postal vote. 
Completed and signed postal voting form can be sent by post to 
­Skandinaviska Enskilda Banken AB (publ), c/o Euroclear Sweden, Box 191, 
101 23 Stockholm or by e-mail to GeneralMeetingService
euroclear.com. 
The completed form must be received by SEB, c/o Euroclear, no later than 
16 March 2022.
Annual General Meeting
The Board proposes a dividend of SEK 6.00 per share for 2021. 24 March 
2022 is proposed as record date for the dividend payments. If the Annual 
General Meeting resolves in accordance with the proposal, the share will be 
traded ex-dividend on 23 March 2022 and dividend payments are expected 
to be distributed by Euroclear Sweden AB on 29 March 2022.
Dividend
Please  
recycle me!
Production: SEB and Narva • Printing: Elanders Sverige AB, 2022 
Photos: Superstudio, Joel Sherwood, Niklas Munter and others.
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Skandinaviska Enskilda Banken AB (publ) — Corporate registration number 502032-9081
Head office
Postal address:	
SEB, SE-106 40 Stockholm, Sweden
Visiting address:	 Kungsträdgårdsgatan 8, Stockholm, Sweden
Telephone:	
+46 771 62 10 00
Contacts
Peter Kessiakoff
Acting Chief Financial Officer
Telephone: +46 771 62 10 00
E-mail: peter.kessiakoff
seb.se
Pawel Wyszynski 
Head of Investor Relations
Telephone: +46 70 462 21 11
E-mail: pawel.wyszynski
seb.se
Malin Schenkenberg
Financial Information Officer
Telephone: +46 70 763 95 31
E-mail: malin.schenkenberg
seb.se
Ulrika Areskog Lilja
Head of Group Marketing and Communication
Telephone: ­+46 771 62 10 00
E-mail: ulrika.areskoglilja
seb.se
Frank Hojem
Head of Corporate Communication
Telephone: +46 70 763 99 47
E-mail: frank.hojem
seb.se