Financial results

Active asset management

Global equity markets rallied during the first half of 2024, while valuations of unlisted assets stabilised. Reduced uncertainty ahead led to a stabilisation of the valuations of unlisted assets, as expectations regarding future interest rate levels over the longer term are an important factor in the discounting of future cash flows.

Carefully balanced long-term as well as medium-term portfolio positioning combined with a steadfast focus on cost-efficiency generated a return of 5.0 per cent in the first half of 2024, which corresponds to net investment income of SEK 22.7 billion.

Read the latest report here.

Covers the deficit

In 2023, Första AP-fonden transferred SEK 4.8 billion to the income pension system.

We have once again exceeded our target of 3 per cent real return over rolling ten-year periods, as the average return over the past ten years amounts to 4.8 per cent.

Continued focus on the long term

Challenges remain but the outlook is getting clearer in 2024. Despite remaining uncertainty, we feel confident in our ability to succeed in our mandate, maximising return while ensuring balanced risk, efficiency and sustainability to help build pensions security for us all, today and for the future.