KLP achieved a returns result, which is returns in excess of the average guaranteed rate of return, of NOK 4.7 billion in the first quarter. The value-adjusted return on the customers’ funds was 1.5 per cent, while the book return was 1.4 per cent.
“We can enjoy a good result with stable operations and good returns for our customers. Healthy returns in the stock market made a strong contribution to KLP’s result in the first quarter,” says Group CEO Sverre Thornes of KLP.
Key events in the first quarter
KLP continues to invest in start-ups in order to contribute to the best possible development of local communities and future Norwegian business. KLP has therefore established the “KLP Pressure Tank” for qualifying and developing business ideas and investment opportunities at an early stage. The first KLP Pressure Tank was launched in Bodø in March in collaboration with CoFounder and focuses on digitalisation. The goal is to find and further develop local North Norwegian companies, which can apply digital solutions to increase resource utilisation and efficiency and generate new business in the area.
For 2021, Norwegian consumers ranked KLP as the most sustainable brand in the ‘Insurance and pensions’ category. This was the pleasing result of the Sustainable Brand Index survey for 2021, which ranks brands each year according to how Norwegian consumers perceive them in terms of sustainability and environmental and social responsibility.
Subsidiaries
KLP Skadeforsikring, KLP Banken and KLP Kapitalforvaltning all saw good developments in the quarter. All strengthened their market positions and reported good financial results. Overall, the result from the subsidiaries was NOK 140 million for the quarter.
Key figures after the first quarter of 2021
Value-adjusted return on capital: 1.5 per cent
Recorded return on capital 1.4 per cent
Premium income (excluding transferred reserves) NOK 7.0 billion
Pensions and other compensation paid out (excluding transferred reserves) NOK 5.3 billion
KLP Group total assets NOK 814 billion
For further information, please contact:
Chief Executive Sverre Thornes: tel. +47 977 44 007
Chief Financial Officer/Executive Vice President, Finance Aage Schaanning: tel. +47 905 24 312
Finance Director Oliver Siem: tel. +47 934 31 820
EVP Communication Sissel Bjaanæs: tel. +47 932 56 350