Swedish pension company AMF returned 4.3 per cent in the first half of 2026, up from 1.1 per cent in H1 2025, according to its half-year report.

AMF’s solvency ratio also increased year-on-year, rising from 221 per cent to 231 per cent.

Equities were the primary driver of the positive return, with the pension company’s equity portfolio returning 9.5 per cent in the first half of the year.

AMF’s real estate investments returned 1.7 per cent, while its alternative investments returned 1.4 per cent and fixed income assets returned 0.7 per cent.

Premium income in H1 2026 amounted to SEK 12.6bn, up from SEK 12.4bn in the first half of 2025.

Within AMF Fonder, managed capital increased from SEK 229bn in H1 2025 to SEK 258bn in H1 2026.

The AMF Group, which consists of the parent company AMF Tjänstepension AB, AMF Fastigheter AB, and AMF Fonder AB, managed a total of SEK 907bn at the end of H1 2026, up from SEK 839bn at the end of H1 2025.

“AMF's broad portfolio and active management have once again shown their strength in an uncertain environment,” commented AMF CEO, Tomas Flodén.

“Despite the fact that the first half of 2026 was characterised by geopolitical conflicts, trade conflicts and uncertainty about the global economy, the total return amounted to 4.3 per cent.

“The result shows the value of AMF's well-diversified portfolio and risk diversification.

“At the same time, we are seeing increased discussion about valuations in certain parts of the stock market, not least among AI-related companies.

“The increased inflows to fixed income funds during the spring and summer also show that many savers are looking for safer alternatives.

“In such a situation, the strength of AMF's broad portfolio and risk diversification becomes particularly important.”

---