Norway’s Oslo Pensjonsforsikring (OPF) has reported a NOK 9bn increase in its assets under management (AUM) in 2023, compared to 2022.

Publishing its annual results, the pension provider had NOK 137bn AUM at the end of 2023, up from NOK 128bn at the end of 2022. The company had a solvency capital coverage of 375 per cent at the end of 2023.

In addition, OPF’s group profit ended up at NOK 962m for 2023, compared to NOK 291m for 2022.

“OPF is one of Europe's most solid financial companies. We have maintained our financial buffer despite significant growth in funds. It is necessary at a time of continued uncertainty in the world economy,” OPF managing director, Lars Haram, said.

During 2023, OPF’s pension obligations increased significantly due to a record-breaking increase in the basic amount from national insurance and an increasing number of pensioners.

“With a good pension settlement for the pensioners and a growth in the number of pensioners of 6,571 people in 2023, we automatically acquire higher pension obligations. These are areas within our core business that we have solid buffers to withstand and good resources to handle. That's why we still ended up with a good result,” Haram added.

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