During the first quarter of 2025, Nordea Liv increased its market share for self-selected pension accounts (EPK) and reported growing interest in life insurance despite an "unpredictable" global economy.

Nordea Liv delivered a pre-tax profit of NOK 356m in the first quarter, compared to NOK 431m in the same period last year, which the firm said was due to weaker risk and return results.

However, the life insurance company has overseen an increase in total AUM, from NOK 227bn in the first quarter of the previous year to NOK 245bn this year.

Indeed, Nordea Liv continued its growth and increased its market share to 28.9 per cent, up 0.9 percentage points from the previous quarter.

This resulted in an AUM for self-selected EPK of NOK 15.7bn at the end of the first quarter of 2025.

Nordea Liv CEO, Hans-Erik Lind, stressed that despite the global economy's turbulence, people's pension funds were not at risk.

"Pension savings are long-term and secure. We have experienced managers who follow the markets closely and make necessary adjustments to protect and optimise pension savings, even when the markets are turbulent and the global economy may seem uncertain," Lind said.

Throughout the first quarter, Nordea Liv also experienced increased interest in life insurance.

Personal insurance sales increased by over 75 per cent compared to last year.

"It is very positive to see that more and more people are making choices about their pension," continued Lind.

"At the same time, we see that more people are also taking the importance of personal insurance seriously."

Additionally, the life insurance company reported increased compensation costs during the first quarter as more people switched to work-related benefits after their sick leave period ended.

"Over a long period, we have seen increasing sickness absence and disability in the Norwegian labour market," Lind noted.

"This trend must be reversed, and we are working with our corporate customers to get more people back to work."

Meanwhile, in 2024, Nordea Liv began working to enrol member companies in the 'A-melding', ensuring that all employees receive the correct pension.

After the first quarter of 2025, the firm said that over 70 per cent of the company agreements in the target group would be in the new system.

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