Subsidiaries and holding companies

The Arion Bank Group consists of the parent company Arion Bank and the subsidiaries Stefnir, Vörður and Leiguskjól. The sale of the payment solutions company Valitor was completed in mid-year following the approval of the Icelandic Competition Authority. The subsidiaries Vörður and Stefnir perform key roles in the Bank’s service offering and future strategy and both are based at Arion Bank’s headquarters. Together, Arion Bank and the subsidiaries offer our customers a comprehensive range of financial services via diverse and convenient service channels. The holding companies Landey, Stakksberg and Sólbjarg are owned by Arion Bank and were established around acquired assets.


Vörður tryggingar hf.

Vörður tryggingar hf. is a general insurance company offering convenient insurance solutions for individuals, families and corporate customers. Over the past couple of years operations have been affected by the Covid-19 pandemic. The retreat of the virus during the first few months of 2022 was therefore a very welcome development. Just as the global economy was finding its feet after Covid, war broke out between Russia and Ukraine, which put the brakes on the economic recovery. The financial markets fared particularly badly and in fact haven’t taken such a beating for many years. The situation has fuelled inflation to levels not seen in developed countries for decades.

Weather can have a major impact on the financial results of insurance companies. This applies in particular to the number and severity of traffic-related insurance claims, but severe weather can also result in more claims related to property, both private homes and commercial property. The first four months of the year were particularly difficult in terms of the weather. Indeed the poor first quarter set the tone for the whole year in terms of financial results. In addition, the challenging conditions on the financial markets resulted in huge losses on the company’s otherwise prudent securities portfolio. Both share prices and bond prices plummeted at the same time, a rare occurrence. This scenario resulted in the company reporting a loss in 2022 for the first time since 2008.

Sustainability and social responsibility

The company works according to a 3-year sustainability policy. There was a focus on prevention and for the first time a prevention specialist was hired by the company. A particular emphasis was placed on cooperation with larger companies on prevention and security issues. Such efforts resulted in fewer claims, thus lowering claim-related expenses and reducing inconvenience and disturbance to the companies in question. Vörður’s prevention officer wrote a number of articles in daily newspapers, covering topics such as traffic safety and ways to reduce break-ins at homes and companies.

Damage inspections are increasingly being carried out using a video cloud platform called SightCall. Software like this means that the company’s experts no longer need to visit the scene to examine and assess the damage. This both saves time and reduces the company’s carbon footprint as our employees do not need to drive from place to place to assess the damage.

We continued to issue warnings to customers when severe weather was imminent, i.e. when there was some likelihood of wind or frost damage to homes and holiday homes.

In 2022 Vörður was again awarded the Equality Scale, an initiative created by the Association of Women Business Leaders in Iceland (FKA), was named one of the top companies of the year by the union VR, designated an outstanding company by Creditinfo, and was recognized once again as a model company in corporate governance. Such accolades serve a vital role in providing an incentive for everyone at the company to continue to improve the business. Information security is increasingly important in today’s world, and the company recently had its ISO 27001 information security management certification renewed.

Operating results

Vörður experienced a difficult year in 2022. After two unusual years with low levels of claims during the Covid pandemic, the number of claims increased as tourists returned and people in Iceland got back into their normal routines. The total number of insurance claims was approximately 22,000, up by 3,000 from the previous year. At the same time claim-related expenses increased by 26%. Claims and claim-related expenses increased in most categories. The largest individual claim was due to an explosion at a company in the countryside. In addition to major damage to the property and the business itself, two people were seriously injured. The negative impact of the increased number of claims was compounded by the loss on the company’s investment activities.

The events of 2022 underline how important it is for insurance companies to be well funded at all times. After all, unexpected events can happen at any time.

On the positive side, we continued to bring on board new customers, both households and corporate, and Vörður now has more than 65,000 customers. At the same time there was strong growth in premiums, up 11% from the previous year.

Tasks ahead

We will continue to develop our business, improving services and reviewing and expanding our range of insurance policies. We will also continue to develop and launch digital solutions.  While digital solutions are vital, the company also recognizes the importance of the human touch and seeks to offer a diverse range of ways to get in contact. There remains considerable untapped potential in the partnership between Vörður and Arion Bank which can be exploited for the benefit of our customers.  


Vörður has expanded rapidly on the insurance market and the number of customers has increased each year. By using cutting-edge solutions we seek to make insurance simple and straightforward for homes and companies. There is great opportunity for growth and to enhance or services and the aim is to continue along this trajectory so that the company becomes a leading provider of services and products.

Stefnir hf. is one of Iceland’s oldest fund managers. Stefnir builds on a successful and valuable track record and has been creating value with its clients for decades. Stefnir has been a pioneer in product development on the fund management market and has created results for its clients responsibly through unity and dedicated teamwork. The company is wholly owned by Arion Bank and related companies and it is based at the Bank’s headquarters. The company has assets of approximately ISK 260 billion under management which are owned by a diverse group of investors, from private individuals to Iceland's largest institutional investors. Stefnir had 24 employees at the end of 2022.

Assets under management decreased by approximately ISK 28 billion, from approximately ISK 288 billion to approximately ISK 260 billion. This decrease is attributable to both negative returns and outflows from funds due to uncertainty on the markets. Despite the turbulence on the markets, the number of fund members at Stefnir increased by 5.5% as a result of focused market research and straightforward access to Stefnir funds via digital channels, which is where most trading in funds occurs nowadays. Assets under management are well distributed between asset classes and the company’s revenue structure is in line with the board's objectives.

Product development and milestones in 2022

One of the company’s main focuses is to develop products in response to the needs of clients. Stefnir founded four new funds during the year, two of which were for retail investors. Stefnir – Sustainable Arctic Fund focuses on sustainable equity investments in the Arctic. Stefnir – Icelandic Growth Fund Leveraged invests in domestic equity and can use leveraging and derivatives. Other funds include Stefnir – Multi Strategy Fund II which has broad investment authorizations and SÍL 2 which is an alternative fixed income fund.

Several important alternative investment milestones were reached during the year. The dissolving of SÍA I, Stefnir’s oldest private equity fund, after the sale of the fund’s remaining assets, and the sale by SÍA III of Reykjavík Edition hotel, are projects which generated excellent results for investors in the funds and Stefnir.

Responsible investment and the role of Stefnir

Stefnir’s role is to manage its clients’ assets as best serves their interests. Responsible investment, diverse investment options and thorough disclosure of information are central to the corporate social responsibility to which Stefnir is committed. By paying due attention to environmental and social issues and good corporate governance Stefnir believes it can have a positive influence on society, to the benefit of fund members and other stakeholders.

The board of directors of Stefnir adopted a policy on responsible investments and it forms an integral part of the investment process and asset allocation. The main aim of product development is to offer responsible investment options in response to our clients’ wishes.

The board of directors of Stefnir is committed to good corporate governance and has resolved to promote responsible behaviour and corporate culture within Stefnir for the benefit of all stakeholders. In 2012 Stefnir became the first Icelandic company to be named as a model company in good corporate governance and it has maintained this position ever since.


Leiguskjól ehf. is a fintech company which offers its customers rent guarantees from Arion Bank and other value-adding services and also runs the renting website Arion Bank owns a 51% stake in Leiguskjól ehf.

Leiguskjól is an excellent example of a partner selected by the Bank to support the services offered by the Bank. Leiguskjól participated in Startup Reykjavík in 2018, and the Bank invested in the company, acquiring a 6% interest. In 2019 the Bank entered into a partnership agreement with the company and increased its investment to 51%. The investment and partnership agreement with Leiguskjól clearly demonstrates the Bank’s commitment to stepping up its collaboration with fintech companies, where the aim is to utilize the Bank’s core strengths and to combine it with the focus and dynamism inherent in innovation.

Holding Companies


Sólbjarg is a holding company of the former travel group TravelCo hf. tour operator group which included Terra Nova Sól ehf., Heimsferðir ehf. and TravelCo Nordic/Bravo Tours.

In the first quarter of 2020 Sólbjarg completed the sale of Terra Nova Sól ehf., in the fourth quarter of 2021 the sale of its 59.4% share in the Danish operator Bravo Tours 1998 A/S and in the second quarter of 2022 the sale of all operations, brand, and domain of Heimsferðir ehf.

Sólbjarg is a minority shareholder in Ferðaskrifstofa Íslands ehf. through its ownership of Heimbjarg ehf. (previously Heimsferðir ehf.).


Stakksberg ehf. is a company owned by Arion Bank, which in early 2018 took over the operations of the silicon plant at Helguvík following the bankruptcy of the previous owner, United Silicon hf. Since then Stakksberg has devised a remedial action plan for the plant and has sought suitable buyers able to operate the plant in a responsible manner. After consulting the appropriate authorities, a new environmental impact assessment based on the remedial action plan was completed and the plant attracted considerable interest from investors. Arion Bank has always stipulated that prospective buyers had to be dependable companies with extensive experience of operating silicon plants.

At the beginning of 2022 the Bank entered exclusive talks with PCC which has operated a silicon plant at Bakki in northern Iceland and maintained good relations with the local community. The Bank believed that PCC possessed the necessary expertise and experience to successfully run the plant at Helguvík. Representatives of PCC and Arion Bank agreed that a prerequisite for recommencing silicon production at Helguvík was that it would be done with the consent of the authorities and residents of Reykjanesbær. After having presented its ambitious plans to various stakeholders, PCC concluded that there was no basis to continue negotiations on the acquisition by PCC of the silicon plant.

As a result, Arion Bank will now seek to sell the existing infrastructure at Helguvík, either to be transported elsewhere or to be used to for the purpose of developing other activities at the site. Discussions are being held with several prospective parties, both Icelandic and international.

Stakksberg’s main assets, the plot of land and industrial facilities at Helguvík, were transferred to Landey, Arion Bank’s property development company, at the end of the year.


Landey ehf. is a property development company owned by Arion Bank. Since it was founded in 2009 Landey has been involved in the ownership of various properties and development projects. The company’s assets currently include building lots and properties in various locations in the Greater Reykjavík area and industrial facilities at Helguvík.

The company’s objective is to increase the value of its properties through the continued development of these sites.