Skandia, the Swedish insurance company, has reported a "stable" 2024 performance, which it said has continued to "satisfy" customers.

Over the year, the group's premiums amounted to SEK 46.4bn, with assets under management amounting to SEK 863bn.

The total capital managed by the life insurance company reached SEK 617bn, and its solvency ratio was 205 per cent.

Skandia CEO, Frans Lindelöw, credited the solid returns to a long-term investment strategy and good risk diversification, stating: "We have a life portfolio that is composed to stand firm in all weathers, where customers can feel secure with their pension savings."

The total return for Skandia Liv, its traditional management fund, was 6.8 per cent.

In 2024, they distributed SEK 27bn in bonuses to savers in this portfolio, corresponding to a bonus rate of 5.4 per cent.

Of the assets in the life portfolio, unlisted shares (Private Equity) were the asset class that, with 15.9 per cent, had the best return during the year.

Skandia's strategic business assets, which include its insurance operations and Skandiabanken, also developed well, with a return of 9.4 per cent.

Meanwhile, Lindelöw said Skandia also worked to move its insurance portfolio to a "new, modern stem" that makes it "even easier" to meet customers' needs efficiently.

As a result, Skandia had Sweden's most satisfied corporate customers for the seventh year in a row, according to the Swedish Quality Index (SKI), as well as Sweden's most satisfied private customers for the third year in a row.

The CEO also commented on the company's climate funds: "As a long-term investor, we are also well positioned to contribute to the climate transition. Our climate roadmap focuses on reducing our holdings in fossil fuels and increasing our investments in climate and the environment through 2025.

"In 2024, we continued to invest in green bonds, and at the end of the year, the value amounted to SEK 28bn, which largely finances Swedish municipalities' and climate initiatives. Within the framework of the Climate Investment Coalition initiative, we have also committed to investing an additional SEK 40bn in green assets by 2030," he added.

Private customers ranked Skandia as the most sustainable company in the insurance industry.

Overall, 2024 was a successful year with strong financial results, stable profitability and good growth in the mortgage portfolio, according to Lindelöw.

"I am grateful for the commitment and efforts of all employees, who drive us forward and ensure that we continue to be the leading pension company. Our long-term perspective makes it possible to continue creating value and security for generations," stated the CEO.

"We enter 2025 with a good financial position, a strong offering and a desire to continue developing our services," he concluded.

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