Internationally Active Insurance Groups

The classification is based on two criteria:

• International operations:
  • premiums are extrapolated in three or more jurisdictions and the percentage of gross premiums extrapolated outside the home jurisdiction is at least 10 per cent of the group's total gross income premium.
• Size (based on a three-year rolling average):
  • total assets of at least 50 billion US dollars or gross income premiums of at least 10 billion US dollars.

Nordea Liv Försäkringsgrupp (Nordea Life Holding AB) fulfils the first criterion and the first part of the second criterion and is thus classified as an Internationally Active Insurance Group (IAIG).

Supervision framework

The classification is part of a framework for supervising Internationally Active Insurance Groups that IAIS adopted in November 2019. This was done in response to the increasing globalisation of the insurance sector and was based on important lessons learned from the financial crisis.

The common framework (ComFrame) consists of a set of international standards that focus on effective group-wide supervision of Internationally Active Insurance Groups (IAIGs).

Significance for Sweden

Finansinspektionen is a member of the IAIS and has classified Nordea Liv Försäkringsgrupp as an IAIG based on the criteria set by IAIS. Among other things, Nordea Liv Försäkringsgrupp is included in a test pilot being done within the framework of methods for auditing the capital adequacy of IAIGs.