Sverre Thornes

Very good second quarter

  • Value-adjusted return: 2.9 per cent for the quarter and 4.4 per cent for the first half-year
  • Good profit contribution from the subsidiaries

KLP achieved a return result, which is the return in excess of the average guaranteed rate of return, of NOK 7.2 billion for the first half-year. The value-adjusted return on customer funds was 4.4 per cent, while the book return was 2.6 per cent.

“We are delighted with the very good results, stable operations, and good returns on customer funds. Healthy returns in the stock market made a strong contribution to KLP’s results for the first half-year,” says Group CEO Sverre Thornes of KLP.

Key events in the second quarter

As the pension company for the Norwegian local government and healthcare sector, KLP is investing more and more of its pension money in companies at an early stage. KLP wants to contribute to the best possible development of local communities and the Norwegian business sector of tomorrow. As part of this work, the accelerator concept “KLP Trykktanken – Marine raw materials in Tromsø” was launched in April.

KLP is teaming up with an Australian asset manager, Macquarie Asset Management, to create a platform for investments in green infrastructure. KLP has therefore invested NOK 2 billion in green infrastructure through Macquarie funds.

KLP has also joined another investment partnership, Infrastructure Alliance Europe, together with the Swedish state pension fund AP4 and others. The intention is to invest in low-risk, European infrastructure with a strong sustainability profile.

Subsidiaries

KLP Skadeforsikring, KLP Banken and KLP Kapitalforvaltning all saw good development in the quarter. All of them strengthened their market positions and reported good financial results. Overall, the subsidiaries’ profit before tax for the quarter amounted to NOK 164 million, and 305 billion so far this year.

Key figures for Q2 2021

Value-adjusted return on capital: 4.4 per cent
Book return on capital: 2.6 per cent
Premium income (excluding transferred reserves): NOK 33.6 billion
Pensions and other compensation paid out (excluding transferred reserves): NOK 10.8 billion
KLP Group’s total assets: NOK 871 billion

For further information, please contact:      

Chief Executive Sverre Thornes: Tel. +47 977 44 007
Group 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