Leadership Transition and Strategic Appointments
Tomas Flodén was appointed as the new CEO of AMF, effective November. He previously served as CEO of AMF Fonder and Head of Asset Management. Katarina Romberg succeeded Tomas Flodén as the new CEO of AMF Fonder. She was previously the Head of Alternative Investments at AMF Fonder and has been with AMF’s asset management for eight years. (Page 3, Årsredovisning och hållbarhetsredovisning 2024)
Investment Performance and Asset Allocation
AMF’s total return for the year was 7.1 percent, with managed assets reaching SEK 849 billion. The management expense ratio was 0.11 percent. (Page 4, Årsredovisning och hållbarhetsredovisning 2024) The traditional insurance portfolio, which accounts for SEK 613 billion of the total managed capital, delivered a return of 7.1 percent, equivalent to over SEK 40 billion. (Page 5, Årsredovisning och hållbarhetsredovisning 2024) The asset allocation in the traditional insurance portfolio includes 25% in Swedish equities, 20% in foreign equities, 13% in government bonds, 9% in AMF Properties, 9% in other properties, 8% in corporate bonds, 7% in infrastructure, 4% in alternative credits, 3% in other alternative investments, and 2% in unlisted equities. (Page 9, Årsredovisning och hållbarhetsredovisning 2024)
Strategic Focus on Cost Efficiency and Customer Value
AMF’s strategy for 2023–2027 emphasizes delivering high returns, maintaining the lowest fees, being a responsible company, and adapting to external changes. The goal is to be the preferred default option and competitive in the choice market. (Page 8, Årsredovisning och hållbarhetsredovisning 2024) The annual cost for SAF-LO customers in traditional insurance is capped at SEK 400, with a maximum of SEK 500 for ITP customers and SEK 600 for KAP-KL and PA16 customers. The capital management cost in traditional insurance is very low at 0.03 percent. (Page 9, Årsredovisning och hållbarhetsredovisning 2024)
Sustainability Integration in Investment Strategy
AMF’s traditional insurance promotes three specific sustainability-related characteristics: transition to lower carbon emissions in line with the Paris Agreement, conscious sustainability work by investee companies, and gender-equal boards in companies where AMF participates in nomination committees. (Page 10, Årsredovisning och hållbarhetsredovisning 2024) AMF Fonder became a member of the Net Zero Asset Managers Initiative (NZAM) in 2024, committing to net-zero emissions for managed assets by 2050. (Page 14, Årsredovisning och hållbarhetsredovisning 2024) AMF’s climate goals for the traditional life insurance portfolio aim for a 50 percent reduction in carbon intensity between 2019 and 2029. (Page 16, Årsredovisning och hållbarhetsredovisning 2024)
Real Estate Portfolio Adjustments
In the real estate portfolio, AMF divested Stigbygeln 5 for SEK 2.8 billion (transaction value) and Mentorn 1 for approximately SEK 3 billion. AMF acquired the leasehold Fastighets AB Götaark for approximately SEK 1 billion. An agreement was also made to sell an additional 16.6 percent of the Urban Escape KB holding to AP7 for SEK 3,570 million, with AMF remaining the majority owner at 50.1 percent. The sale of the Finnish real estate company Mercada was also agreed upon. (Page 35, Årsredovisning och hållbarhetsredovisning 2024)
Fund Performance and Offerings
AMF Fonder’s managed capital within fund management reached SEK 235.3 billion. Of AMF’s 14 funds, 7 outperformed their benchmark indices in 2024. The total average Morningstar rating was 3.5 out of 5 at the end of 2024. All AMF equity and mixed funds have a fee of 0.40 percent, and all bond funds have a fee of 0.10 percent. (Page 11, Årsredovisning och hållbarhetsredovisning 2024) AMF Aktiefond Europa was selected by Fondtorgsnämnden as one of the selectable funds in the ‘European equities, actively managed’ category for the new premium pension fund marketplace. (Page 3, Årsredovisning och hållbarhetsredovisning 2024)
Operational Resilience and Regulatory Compliance
AMF is implementing the Digital Operational Resilience Act (DORA), which requires financial companies to comply with new regulations by January 17, 2025. This includes reporting ICT-related incidents to the Swedish Financial Supervisory Authority and maintaining a register of ICT third-party providers. (Page 39, Årsredovisning och hållbarhetsredovisning 2024) AMF Fastigheter AB’s group will submit a sustainability report according to the Corporate Sustainable Reporting Directive (CSRD) from the 2025 financial year. (Page 38, Årsredovisning och hållbarhetsredovisning 2024)
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