Swedish pension provider Skandia has posted positive results for the first half of 2024, with assets under management up SEK 44bn.

Over the first six months of 2024, assets under management for the group rose from SEK 804bn to SEK 848bn.

In the life company, assets under management amounted to SEK 613bn, up from SEK 592bn at the year-end. The solvency ratio in the life company amounted to 209 per cent, compared to 201 per cent at year-end.

Total assets under management in the traditional life portfolio amounted to SEK 602bn, compared with SEK 581bn at year-end.

The total return amounted to 4.6 per cent and the five-year average amounted to 5.9 per cent. The collective funding ratio amounted to 107 per cent, compared to 104 per cent at year-end.

Commenting, Skandia president and CEO, Frans Lindelöw, said: “The first half of the year has continued to be stable for Skandia. We have had a good return, and we raised the bonus rate on customers' traditionally managed insurance capital to 6 per cent as of 1 June. A long-term investment strategy, good risk diversification and a focus on sustainable value creation create good conditions for our customers' pension capital to continue to grow.

“A strong stock market performance has contributed to a total return for Skandia Liv (traditional management) of 4.6 per cent in the first half of 2024. Public equities are the asset class in the life portfolio with the best return of 12.8 per cent in the first half of the year, followed by private equity with a return of 8.2 per cent.”

Regarding the company’s sustainability work, Lindelöw said Skandia has “high ambitions” and it will contribute to “sustainable value creation”. Skandia has made new investments in green bonds of around SEK 3bn in the first half of the year.

“As a pension company, we provide an important component of the climate transition, namely capital, and through our investments, we support the Sustainable Development Goals. In the second quarter, we updated our climate roadmap with another climate target, which focuses on influencing companies with high climate emissions to set science-based climate targets,” he said.

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