AMF reports a total return of 6.2 (7.1) percent for the full year 2025, and a solvency ratio of 238 (227) percent. AMF’s management cost for traditional insurance during the year was 10 (11) öre per 100 SEK in managed capital. The average annual return over the past five years has been 5.5 (5.7) percent, 6.4 (6.3) percent over the past ten years and 6.8 (7.0) percent over the past 15 years.
Global concern and uncertainty increased in 2025, and the expected economic recovery was held back, among other things, by trade policy turbulence and geopolitical tensions. Despite this, AMF was able to continue to work purposefully to ensure that our 4.4 million savers receive the best and most secure occupational pensions possible in the long term. Our active long-term management and our risk diversification create good opportunities to deliver on our mission in good as well as more challenging times. During the year, we continued to sharpen and improve our offering. Among other things, we distributed a surplus of SEK 590 million to savers with traditional insurance, strengthened the guarantees for customers during payouts and lowered fees for both customers with traditional insurance and with unit-linked insurance. We also introduced the option to pause the occupational pension for customers within the SAF-LO and AKAP-KR/KAP-KL Agreement Areas, and are now gradually rolling out this option to other customers. We also began a major effort to develop an updated pre-selection product with the goal of giving our savers higher returns during the savings period and greater security during the payout period. At the same time, it is easier to understand and compare with other products and forms of savings, says Tomas Flodén, CEO of AMF.
All asset classes contributed positively to the 2025 total return of 6.2 percent. Our shares increased by 13.1 percent – in local currency – while our fixed-income assets increased by just over 3 percent and our properties and alternative investments by just under 4 percent. At the same time, currency exposures weighed on the return by just over one percent. AMF continues to invest in new interesting companies when the opportunity arises, in 2025, for example in connection with Verisure’s listing on the Stockholm Stock Exchange in October, when AMF joined as an anchor investor. An important and pleasing piece of news for our fund operations during the year was that AMF Aktiefond Sverige was procured by the Fund Markets Board to be the new quality-assured fund market for premium pensions, says Katarina Romberg, Head of Asset Management at AMF.
During the period, the management cost for traditional insurance amounted to 0.10 (0.11) percent. Premium income for traditional insurance amounted to SEK 22.2 (33.0) billion. Premiums for unit-linked insurance, reported as deposits to investment agreements, amounted to SEK 2.5 (2.8) billion. The solvency ratio rose to 238 (227) percent.
Within AMF Fonder, the managed capital amounted to SEK 241 (235) billion. The average return on AMF’s unit-linked insurance was 4.8%.
The AMF Group, which consists of the parent company AMF, AMF Fastigheter AB and AMF Fonder AB, manages a total of SEK 872 (849) billion.
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