Swedish pension company AMF returned 7.1 per cent on investments in 2024, a value of SEK 40bn, despite a “turbulent” and “chaotic” year.

AMF converted SEK 5.6bn in existing surplus into strengthened guarantees for customers during payout and distributed SEK 230m to 1.3 million pension savers within the SAF-LO contractual pension with traditional insurance without refund protection.

Their equity funds developed the strongest, increasing by 16.3 per cent, while alternative assets grew by around 5 per cent.

The strongest performers were AMF Aktiefond North America, which returned 29.7 per cent, and AMF Aktiefond Global, which returned 22.4 per cent.

The average return on unit-linked insurance was 13.9 per cent.

During 2024, the management cost for traditional insurance amounted to 0.11 per cent, while premium income for traditional insurance amounted to SEK 33bn, and the solvency ratio rose to 227 per cent.

At the beginning of 2025, AMF also reduced the variable fee for savers with traditional insurance within the SAF-LO agreement area by just over 30 per cent.

“It feels good that we have been able to continue to work purposefully to strengthen our offering and deliver the best pensions possible,” said AMF CEO, Tomas Flodén.

"Within the framework of our traditional insurance, we have good opportunities to invest broadly, and work actively with our allocation between assets," added AMF head of asset management, Katarina Romberg.

“In 2024, we increased the proportion of equities in the portfolio, contributing positively to the return. We also carried out several sales and purchases of properties to continue developing this important part of our portfolio.”

However, Romberg warned of “great uncertainty” about the future despite falling interest rates and rising growth.

“In this situation, traditional pension insurance is a particularly good form of savings, with good opportunities for risk diversification and a guarantee at the bottom,” she added.

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