Swedish occupational pension companies lagged behind life insurance companies in the country during the second quarter of 2024, analysis by Insurance Sweden has found.

Overall, the assets of Swedish insurance and occupational pension companies increased by just under 2 per cent in the second quarter of 2024. However, the assets of life insurance companies increased the most in percentage terms.

Commenting, Insurance Sweden economist, Jonas Söderberg, said: “In the statistics on investment assets, it is now possible to see the assets separately for life insurance and occupational pension companies. This contributes to a better understanding of the different types of companies.”

At the end of the second quarter of 2024, Swedish insurance and occupational pension companies had combined assets of SEK 7,547bn. This is SEK 131bn more than at the end of the previous quarter, which means an increase in assets of 1.8 per cent.

At the end of June, the assets of occupational pension funds amounted to SEK 3,149bn, an increase of 1.4 per cent (SEK 42bn) over the quarter. At the same time, the size of life insurance companies' assets was SEK 3,881bn, representing an increase in assets of 2.5 per cent (SEK 94bn).

“More than 65 per cent of the assets of life insurance companies come from custody and unit-linked insurance, while for occupational pension companies around 10 per cent come from unit-linked insurance. The share of equities and equity funds is higher in unit-linked and custodial insurance. The rise in the stock market during the quarter thus contributed to the largest increase in life insurance companies' assets," Söderberg added.

For non-life insurers, assets decreased by just under 1 per cent (SEK 5bn) in the second quarter of 2024.

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