AMF reports a total return of 7.1 (7.8) percent for the full year 2024, and a solvency ratio of 227 (220) percent. AMF’s management cost for traditional insurance during the year was 11 (12) öre per 100 SEK in managed capital. The average annual return over the past five years has been 5.7 (6.9) percent, 6.3 (6.9) percent over the past ten years and 7.0 (7.4) percent over the past 15 years.
– It feels good that we can give our savers a return of 7.1 percent during a somewhat turbulent and chaotic year. This corresponds to a value of over SEK 40 billion. Even though interest rates have fallen and growth is about to turn around, there is still great uncertainty about the future. In this situation, traditional pension insurance is a particularly good form of savings, with good opportunities for risk diversification and with a guarantee at the bottom. During the past year, we improved the security for our savers by converting SEK 5.6 billion in existing surplus into strengthened guarantees for customers during payout, and also distributed SEK 230 million to 1.3 million pension savers within the SAF-LO Contractual Pension with traditional insurance without refund protection. At the turn of the year, we also reduced the variable fee for our savers with traditional insurance within the SAF-LO agreement area by just over 30 percent. It feels good that we have been able to continue to work purposefully to strengthen our offering and deliver the best pensions possible, says Tomas Flodén, CEO of AMF.
– All of our asset classes contributed positively to 2024’s fine return of 7.1 percent. Our equities developed the strongest, increasing by 16.3 percent, while our alternative assets grew by around 5 percent. Within the framework of our traditional insurance, we have good opportunities to invest broadly, and work actively with our allocation between assets. In 2024, we increased the proportion of equities in the portfolio, which contributed positively to the return. We also carried out several sales and purchases of properties, to continue developing this important part of our portfolio. Several of our equity and fixed income funds also had a good year. The strongest performers were AMF Aktiefond North America with a return of 29.7 percent and AMF Aktiefond Global, which returned 22.4 percent. The average return on our unit-linked insurance was 13.9 percent, says Katarina Romberg, Head of Asset Management at AMF.
During the period, the management cost for traditional insurance amounted to 0.11 (0.12) percent. Premium income for traditional insurance amounted to SEK 33 (20.0) billion. Premiums for unit-linked insurance, reported as deposits to investment contracts, amounted to SEK 2.8 (2.8) billion. The solvency ratio rose to 227 (220) percent.
Within AMF Fonder, the managed capital amounted to SEK 235 (210) billion.
The AMF Group, which consists of the parent company AMF, AMF Fastigheter AB and AMF Fonder AB, manages a total of SEK 849 (790) billion.
All figures are preliminary until the board of directors’ decision on March 25, after which the full annual report will be published.
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