| Impairments |
Note 9. Impairments | | | | | | | | | | | | | | | | | | | Skr mn | Loans in the form of interest-bearing securities | Loans to credit institutions | Loans to the public | Off-balance | Total | | 2025 | | | | | | | Expected credit losses, stage 1 | 0 | 0 | -19 | 1 | -19 | | Expected credit losses, stage 2 | -1 | — | -292 | 0 | -293 | | Expected credit losses, stage 3 | — | — | -112 | 0 | -112 | | Established credit losses | — | — | -100 | 0 | -100 | | Reserves applied to cover established credit losses | — | — | 94 | — | 94 | | Recovered credit losses | — | — | 1 | — | 1 | Net credit losses1 | -1 | 0 | -429 | 1 | -429 | | 2024 | | | | | | | Expected credit losses, stage 1 | 17 | 2 | 83 | 14 | 116 | | Expected credit losses, stage 2 | 0 | — | -45 | 21 | -24 | | Expected credit losses, stage 3 | 147 | — | -329 | 4 | -178 | | Established credit losses | -113 | — | -288 | -3 | -404 | | Reserves applied to cover established credit losses | 113 | — | 280 | — | 393 | | Recovered credit losses | — | — | 4 | — | 4 | | Net credit losses | 164 | 2 | -295 | 36 | -93 | | 2023 | | | | | | | Expected credit losses, stage 1 | 1 | 1 | -34 | -4 | -36 | | Expected credit losses, stage 2 | 3 | 0 | -22 | -21 | -40 | | Expected credit losses, stage 3 | -260 | — | -252 | -1 | -513 | | Established credit losses | — | — | — | — | — | | Reserves applied to cover established credit losses | — | — | — | — | — | | Recovered credit losses | — | — | 4 | — | 4 | | Net credit losses | -256 | 1 | -304 | -26 | -585 | 1 The increase in net credit losses for the year was mainly attributable to increased provisions for expected credit losses in stage 2 and stage 3 related to a limited number of exposures. |
The table below shows the carrying amount of loans and nominal amounts for off-balance sheet exposures before expected credit losses for each stage as well as related loss allowance amounts, in order to place expected credit losses in relation to credit exposures. Overall, the credit portfolio has an extremely high credit quality and SEK often uses risk mitigation measures, primarily through guarantees from the Swedish Export Credit Agency (EKN) and other government export credit agencies in the OECD, which explains the low provision ratio. | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 2024 | | Skr mn | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | | Loans, before expected credit losses | | | | | | | | | | Loans in the form of interest-bearing securities | 46,131 | 1,361 | — | 47,492 | 48,665 | 67 | — | 48,732 | | Loans to credit institutions | 15,011 | — | — | 15,011 | 10,328 | — | — | 10,328 | | Loans to the public | 160,994 | 34,060 | 5,960 | 201,014 | 187,005 | 30,611 | 7,255 | 224,871 | | Total, loans, before expected credit losses | 222,137 | 35,421 | 5,960 | 263,517 | 245,998 | 30,678 | 7,255 | 283,931 | | Off balance, before expected credit losses | | | | | | | | | | Guarantees | 9,729 | 168 | — | 9,896 | 7,533 | 1,895 | — | 9,428 | | Committed undisbursed loans | 66,409 | 15,214 | — | 81,624 | 36,455 | 15,809 | 4,623 | 56,887 | | Total, off balance, before expected credit losses | 76,138 | 15,382 | — | 91,520 | 43,988 | 17,704 | 4,623 | 66,315 | | Total, before expected credit losses | 298,275 | 50,803 | 5,960 | 355,038 | 289,986 | 48,382 | 11,878 | 350,246 | | of which guaranteed (percent) | 64.4 | 91.8 | 80.7 | 68.3 | 61.9 | 94.2 | 94.3 | 67.3 | | Loss allowance, loans | | | | | | | | | | Loans in the form of interest-bearing securities | -6 | -1 | — | -7 | -6 | 0 | — | -6 | | Loans to credit institutions | 0 | 0 | — | 0 | 0 | — | — | 0 | | Loans to the public | -62 | -377 | -359 | -798 | -45 | -86 | -386 | -517 | | Total, loss allowance, loans | -68 | -378 | -359 | -805 | -51 | -86 | -386 | -523 | Loss allowance, off balance1 | | | | | | | | | | Guarantees | 0 | 0 | — | 0 | 0 | 0 | — | 0 | | Committed undisbursed loans | -1 | 0 | — | -1 | -3 | 0 | 0 | -3 | | Total, loss allowance, off balance | -2 | 0 | — | -2 | -3 | 0 | 0 | -3 | | Total, loss allowance | -69 | -378 | -359 | -807 | -54 | -86 | -386 | -526 | | Provision ratio (percent) | 0.02 | 0.74 | 6.03 | 0.23 | 0.02 | 0.18 | 3.25 | 0.15 | 1 Recognized under provision in the Consolidated Statement of Financial Position. |
Loans and off balance, before loss allowance | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 2024 | | Skr mn | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | | Opening balance | 289,986 | 48,382 | 11,878 | 350,246 | 278,263 | 54,290 | 13,953 | 346,506 | | Increase due to origination and acquisition | 113,205 | 27,153 | 53 | 140,411 | 84,871 | 4,042 | 345 | 89,258 | | Transfer to stage 1 | 1,108 | -1,105 | -11 | -8 | 3,296 | -3,938 | — | -642 | | Transfer to stage 2 | -8,711 | 4,419 | -444 | -4,737 | -423 | 328 | -94 | -189 | | Transfer to stage 3 | -566 | — | 467 | -99 | -90 | -522 | 163 | -449 | | Decrease due to derecognition | -96,749 | -28,045 | -5,982 | -130,775 | -75,931 | -5,818 | -2,489 | -84,238 | | Closing balance | 298,275 | 50,803 | 5,960 | 355,038 | 289,986 | 48,382 | 11,878 | 350,246 |
Modified loans that did not lead to derecognition For modified loans during 2025, amortized cost before modification amounted to Skr 0 million (2024: 1,040 million). Net modification gain/loss during 2025 amounted to Skr 0 million (2024: 95 million). Loss allowance | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 2024 | | Skr mn | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | | Opening balance | -54 | -86 | -386 | -526 | -167 | -61 | -567 | -795 | | Increases due to origination and acquisition | -34 | -280 | -29 | -343 | -20 | 0 | 0 | -20 | | Net remeasurement of loss allowance | 0 | 16 | -81 | -65 | 99 | 128 | -167 | 60 | | Transfer to stage 1 | 0 | 0 | — | 0 | 0 | 3 | — | 3 | | Transfer to stage 2 | 2 | -31 | 0 | -29 | 1 | -210 | 20 | -189 | | Transfer to stage 3 | 0 | — | -76 | -75 | 0 | 2 | -97 | -95 | | Decreases due to derecognition | 13 | 1 | 73 | 88 | 35 | 56 | 64 | 155 | | Decrease in allowance account due to write-offs | — | — | 94 | 94 | — | — | 393 | 393 | Exchange-rate differences1 | 3 | 1 | 45 | 50 | -2 | -4 | -32 | -38 | | Closing balance | -69 | -378 | -359 | -807 | -54 | -86 | -386 | -526 | 1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income. |
Provisions for ECLs are calculated using quantitative models based on inputs, assumptions and methods that are highly reliant on assessments. In particular, the following could heavily impact the level of provisions: the establishment of a material increase in credit risk, allowing for forward-looking macroeconomic scenarios, and the measurement of both ECLs over the next 12 months and lifetime ECLs. ECLs are based on objective assessments of what SEK expects to lose on the exposures given what was known on the reporting date and taking into account possible future events. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible scenarios and where the data taken into consideration comprises information from previous conditions, current conditions and projections of future economic conditions. SEK’s method entails three scenarios being prepared for each probability of default curve: a base scenario, a downturn scenario, and an upturn scenario, where the scenarios are expressed in a business cycle parameter. The business cycle parameter reflects the general risk of default in each geographic segment. The parameter is standard, normally distributed where zero indicates a neutral economy where the economy has been on average, historically. The business cycle parameters for the base scenario are between 0.1 and 1.1 for the various probability of default (PD) segments. The base scenarios have been weighted at between 60 percent and 80 percent, the downturn scenarios have been weighted at 20 percent, and the upturn scenarios have been weighted at between 0 percent and 20 percent between the different PD-segments. Loan credit quality, before expected credit losses, allocated by stage | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 2024 | | Skr mn | Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | | AAA | — | — | — | — | — | — | — | — | | AA+ to A- | 45,539 | — | — | 45,539 | 40,548 | — | — | 40,548 | | BBB+ to BBB- | 121,602 | 1,361 | — | 122,962 | 141,632 | 66 | — | 141,698 | | BB+ to BB- | 37,308 | 27,515 | — | 64,823 | 45,239 | 27,237 | — | 72,476 | | B+ to B- | 17,354 | 1,521 | — | 18,874 | 18,437 | 553 | — | 18,990 | | CCC to D | 334 | 5,024 | 5,960 | 11,319 | 142 | 2,822 | 7,255 | 10,219 | | Total, before expected credit losses | 222,137 | 35,421 | 5,960 | 263,517 | 245,998 | 30,678 | 7,255 | 283,931 |
More information regarding SEK’s Credit Policy is found in Note 26 and Note 29.
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