Good result for Oslo Pensjonsforsikring (OPF) in 2020

15 February 2021

Despite the corona pandemic, OPF’s customers received a return of 7.9 per cent in 2020. – High solvency and a strong buffer capital have been a great advantage in 2020, says OPF’s CEO, Åmund T. Lunde.

Lunde is satisfied with the good return to OPF’s customers.

The customers are Oslo Municipality, Ruter, Sporveien Oslo, Oslo Nye Teater, Oslo University Hospital and several other municipal companies and health trusts.

– The customers have shown us confidence through the fact that for many years they have given us the opportunity to build up a strong buffer capital. This meant that we came out well from 2020. A solid buffer means that in periods of sharp falls in the stock market, we can keep our positions and catch up afterwards, says Lunde.

The return in the fourth quarter of 2020 was 4.2 percent.

– In 2020, we experienced the weakest and the two best quarterly results over the last fifteen years, says Lunde.

The return for the year was 7.9 per cent, which amounts to NOK 7,276 million in total financial income for OPF’s customers. In 2019, the return was 10.3 percent.

Group result and solvency

The group profit before tax was NOK 1,128 million in 2020, compared with NOK 1,019 million in 2019.

Total assets were NOK 112 billion.

The group still has very good solvency. The capital adequacy ratio for the group was 471 per cent as of 31 December 2020, compared with 394 per cent the year before. The capital adequacy is calculated without transitional rules.

Source: Oslo Pensjonsforsikring
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