KLP achieved an investment result (the return in excess of that guaranteed by the company to its customers) of NOK -20.3 (7.2) billion in the second quarter. The return on the common portfolio was -2.1 per cent year to date.
KLP’s first-quarter results were affected by weaker equity markets and higher interest rates. Good buffers built up in good times provide stability our fund management, and the rise in interest rates we are now seeing will result in higher revenues going forward. The first quarter saw large inflows into KLP’s funds, making the company the largest in Norway in sales to the retail market.
KLP has decided to exclude 16 companies with links to Israeli settlements on the West Bank. The settlements are considered to be in violation of international law. KLP held investments totalling NOK 275 million in the companies at the time of the decision.