KLP delivers solid return on pension assets
KLP’s good results from 2023 are being maintained into 2024, and the company can show a solid return on the pension assets in the first quarter of the year.
In the first quarter of 2024, KLP delivered a return of 3.0 per cent on the pension assets in the common portfolio. The overall profit on the customer portfolio was NOK 18.7 billion after the first quarter, a significant growth which falls to KLP’s customers. At the end of the first quarter of 2024, KLP had total assets of NOK 1,066 billion.
“We are very pleased with the return we have achieved in the first quarter,” says CEO Sverre Thornes. “It provides us with a surplus and means lower pension costs for our customers.”
A milestone
System development over many years is benefitting both employers and employees. Now most people applying for a pension can find out immediately what they will receive if they retire. An improved pension guide provides useful help in understanding a very complicated regulatory framework.
- We get very good feedback from both employees and employers on the way the pension guide shows people the options they have and the financial consequences for the individual. Employers save time on advice and guidance and employees make more assured choices. Over 100,000 people used this guide in the first few months of the year, says Thornes.
Industry winner for sustainability
Through the quarter, KLP has continued its efforts to promote sustainable working conditions in the Norwegian local government and healthcare sector, and to drive a green transition.
KLP was the industry winner in the Sustainable Brand Index sustainability survey. This shows that Norwegian consumers perceive the company as the most sustainable brand in the insurance and pensions category.
“We are delighted with this endorsement of our sustainability work. It gives us motivation for our efforts going forward. We know that our sustainability work means a lot to owners and customers,” says CEO Sverre Thornes.
Key figures
- The return on the pension assets in the common portfolio was 3.0 per cent in the first quarter.
- Total profit on the customer portfolio was NOK 18.7 billion after the first quarter.