Posten’s Insurance Association (PFF) shall, in a cost-efficient way, provide employees of the Swedish companies within the Group the option of taking out personal insurance within the framework of the pension agreement ITP-P. PFF provides PostNord with comprehensive insight into its insurance activities, something that would not be possible with an external insurer.
News
2009-08-25
Summary of Interim Report, January-June 2009:
- Premium income for the first six months totalled SEK 95.7m (109.7)
- Earnings for the first six months totalled SEK 84.3m (18.1)
- Total yield on investments totalled 2.8 (-1.7) per cent
- As of 30 June, the consolidation ratio totalled 564 per cent, as compared to 366 per cent at the turn of the year
- The solvency ratio totalled 13.1, as compared to 10.1 at the turn of the year.
2009-04-01
Mats Anderson takes over as new CEO of Posten’s Insurance Association.
2008-06-04
A new ITP-P agreement is signed for PostNord’s Swedish companies. The new agreement takes effect as of 1 January 2009 and includes provisions for a transition to premium-based pensions for employees born 1981 or later.
Insurance
Posten’s Insurance Association is a benevolent society supervised by the Swedish Financial Supervisory Authority. Through the Association, Swedish companies within the PostNord Group are able to provide personal insurance for their employees. Insurance policies are linked to employment. Insurance premiums are paid by the employer.
The Association ensures PostNord’s obligations:
- to those receiving disability pensions under Posten’s pension agreement ITP-P (collective health insurance)
- in the event of the death of an employee whose salary exceeds 7.5 income base amounts (additional family pension)
Terms and conditions of the collective health insurance coverage and the additional family pension are set forth in Posten’s pension agreement ITP-P.
Insured companies
Posten’s Insurance Association insures Posten AB, Posten Meddelande AB, Posten Logistik AB, Svensk Kassaservice AB, Svensk Adressändring AB and AdressPoint AB. The Association also has certain obligations towards companies that were previously part of the PostNord Group and were insured by the Association during that time.
Activities
Please see PFF’s Annual Report and Investment Guidelines for a description of PFF’s activities, assets, liabilities, risks, investments, etc. Portions of PFF’s obligations are covered by reinsurance in order to reduce the risks associated with its insurance activities.
Organisation
Posten’s Insurance Association is a small organisation with its CEO as the sole employee. Necessary business functions are procured through agreements with subcontractors.
CEO
Mats Anderson
Ordinary board members
Kaj Nyman, Posten Economics (chair)
Angelica Björkbom, Posten Personnel
Kjell-Åke Öström, ST at Posten
Martin Andersson, Posten Finance
Maria Johnsson, SACO Posten
Per Backman, SEKO Posten
The board is appointed by authorised Association representatives, who are in turn appointed by Posten, SEKO Posten, ST at Posten and SACO Posten. The registered office of the Association is in Solna.
Partners
- The Swedish Government Employee Pensions Board (SPV) is responsible for claims adjustment (i.e., payment of insurance compensation) for employees and former employees.
- Universal Life AB (ULAB) delivers actuarial and other insurance administration services and procures reinsurance agreements.
- Pensionsrådet i Mellansverige AB (The Pension Council of Central Sweden Ltd.) delivers advisory services and internal auditing.
- Ernst & Young is Posten’s Insurance Association’s auditor.
- The Swedish Financial Supervisory Authority supervises and produces directives, guidelines and decisions on PFF’s activities.
- Posten Business Service provides accounting and payment services.
- Swedish banks are utilised for asset management.
- Posten’s Insurance Association is a member of the Occupational Pension Association.
Contact information
Posten’s Insurance Association
105 00 Stockholm
Visiting address: Terminalvägen 24, Solna
Telephon: +46 8 781 27 02
Telefax: +46 8 781 44 06
Corporate identity number: 816400-4163