Norwegian pension company KLP delivered "strong results" in Q4 2024, reporting a return of 1.8 per cent on pension assets in its collective portfolio during the period.

The group's latest results showed that the group ended 2024 with "strong results in all business areas", with a total return for the year of 9 per cent.

"The good results provide room both to add NOK 37.7bn to customers' premium funds and to strengthen customers' buffer funds by NOK 13.9bn," KLP CEO, Sverre Thornes, said.

The group suggested that the new pension rules in Norway, which affected those born in 1963 or later, have also given employees of the companies it works with greater freedom of choice to combine work and pension.

In particular, it highlighted the launch of its new pension calculator as evidence that it is investing in new technology, including artificial intelligence and cloud-based solutions, to constantly improve services, increase security and reduce costs.

The group also highlighted its climate progress, having recently had its climate targets approved by the Science Based Targets initiative (SBTi), with a goal of net-zero emissions by 2050.

"As a long-term investor, KLP has a strong interest in supporting companies that take climate challenges seriously," Thornes added.

"The approval of our climate targets is an important confirmation that our plans are ambitious and concrete, and will contribute to reducing emissions in line with the Paris Agreement."

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