Norway’s KLP reported a return of 2.3 per cent in the third quarter (Q3) of 2024, bringing its total return up to the end of Q3 7 per cent.

The latest results bring the Norwegian pension provider’s assets under management to NOK 1,128bn. Its solvency ratio stands at 289 per cent.

In addition, KLP said its climate-friendly investments have increased by NOK 14bn, of which NOK 4.5bn was achieved in Q3. At the end of Q3 climate-friendly investments accounted for 12.5 per cent of KLP's financial assets.

Commenting, KLP CEO, Sverre Thornes, said: "Good returns are the most important thing we can do to reduce our customers' pension costs. After three quarters, we have a surplus return to our customers of more than NOK 40bn. This is a very pleasing result.”

Furthermore, KLP said it has been working on new digital solutions ahead of new pension rules that come into force on 1 January 2025 for employees with public sector occupational pensions.

"KLP has been working on new digital solutions for several years so that we are ready for this introduction. Our solutions already make it possible for both employers and their employees to get good and simple information, and to make informed choices about their own pension," Thornes said.

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