Nordea Life & Pension’s (L&P) gross written premiums reached a “record high” in the first quarter (Q1) of 2024, rising from €2.3bn a year ago to €3.1bn, its interim results have revealed.

“We continued to see strong traction in our life insurance and pension business, with gross written premiums reaching a record high for the first quarter,” Nordea president and group CEO, Frank Vang-Jensen, said.

Nordea continued to implement its growth plans during Q1, with momentum in the Norwegian and Swedish pension transfer markets. In Sweden, it launched the Nordea Node (former Advinans) occupational pension offering, with customers showing strong interest. In Denmark, Nordea said its bancassurance pension sales are gaining momentum.

In addition, Nordea continued to deliver on its strategic objective to be a digital leader within savings and investments. During the quarter it launched additional new features, enabling customers to better handle their pension savings digitally. Furthermore, the Swedish Fund Selection Agency (FTN) decided to add its Nordea 1 European Stars Equity fund 2024 to its premium pension fund platform.

Overall, Nordea’s operating profit in Q1 increased by 19 per cent year on year to €1.8bn. Its return on equity reached 18.1 per cent in Q1, up from 17.1 per cent a year ago. Total income for the quarter increased by 6 per cent year on year to €3.1bn, driven by 11 per cent higher net interest income. Total costs decreased by 9 per cent due to substantially lower regulatory fees. Its cost-to-income ratio excluding regulatory fees remained stable at 40 per cent.

Commenting on the economic situation, Vang-Jensen, said: “Price inflation continued to ease across the Nordics, providing some relief to households and businesses. However, macroeconomic and geopolitical uncertainty remains high. Russia’s war in Ukraine and the conflict in the Middle East are constant reminders of the fragile state of the world today.”

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