Nordea Liv has delivered its “best ever” result in 2024 with a profit of NOK 1,722m, before tax, an increase of almost 40 per cent on its 2023 result.

Publishing its full-year results, Nordea Liv also revealed it has strengthened its position as a market leader with its self selected Egen Pensjonskonto (EPK), own pension account, with total assets increasing by a full 80 per cent in 2024.

“We are experiencing strong growth, and in the past year, we have had an increase in the volume of self-selected EPK of almost NOK 7bn. We work every day to ensure that our customers get more out of their pension, so it is gratifying to see that more and more people are taking action,” Nordea Liv CEO, Hans-Erik Lind, said.

By the end of the fourth quarter of 2024, Nordea Liv had the largest market share in EPK with self-selected provider, with assets under management of NOK 14.6bn and a market share of 28 per cent.

During the year, the company also experienced an increase in its customer base with 11,000 new customers, 30 per cent more than the previous year.

In addition, Nordea Liv gained nearly 13,000 new savings customers in 2024, 18 per cent more than the number of new customers in 2023.

“It is encouraging to see that more people are choosing to save in mutual funds. During the year, we have also seen that the proportion of female mutual fund savers is now greater than the proportion of male savers. I think this is an important step towards equalizing the economic differences between men and women,” Lind said.

At the same time, 4.2 billion was paid out in pension and insurance contracts to Nordea Liv's customers last year. This includes, among other things, occupational pensions, life insurance, disability insurance and accident insurance.

In addition, 2024 saw an increase in the use of the A-melding as a solution for corporate customers in Nordea Liv, which has enabled more people to receive the correct pension from their employer.

The A-melding is a monthly statement from employers to the Norwegian Labour and Welfare Administration (NAV), Statistics Norway (SSB) and the Norwegian Tax Administration concerning employee wages/salary, employment circumstances and withholding tax deductions, as well as employer’s National Insurance contributions and financial activity tax for the business.

In connection with the introduction of updates via the A-melding, Nordea Liv has compared the increase in a sample of its membership. Among this sample, Nordea Liv experienced an increase of around 3.33 per cent in June 2023. In the same period in 2024, after introducing the A-melding, the increase was almost seven times as high – at 20.24 per cent.

“We have seen a very positive increase, which emphasises that this measure has been an important step in ensuring our customers receive the correct pension. Using the A-melding means that both employees and companies can be confident that all employees receive the correct pension,” Lind said.

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