Solid results give KLP’s owners in municipal and health Norway lower pension costs and greater financial room for maneuver.
KLP ended 2025 with very good results.
In a quarter characterized by economic uncertainty, we are particularly pleased that we have managed to combine good returns with safe management. This results in lower costs for our owners at a time when many public enterprises are experiencing pressure on their budgets, says CEO Sverre Thornes.
KLP ended 2025 with very good results.
In a quarter characterized by economic uncertainty, we are particularly pleased that we have managed to combine good returns with safe management. This results in lower costs for our owners at a time when many public enterprises are experiencing pressure on their budgets, says CEO Sverre Thornes.
In the collective portfolio, the return was 2.2 percent in the fourth quarter and 7.9 percent for the year.
The return makes it possible to add NOK 26.8 billion to customers’ premium funds. This results in lower pension costs and increased financial predictability into 2026. At the same time, customers’ buffer funds are strengthened by NOK 22.6 billion, which contributes to robustness in the face of geopolitical and economic unrest.
Strengthened market position
Of the four tender processes carried out by municipalities and counties in 2025, one municipality chose to continue with its own fund, while Lier, Nordre Follo and Østfold county councils chose KLP as their pension provider. The county council switched from its own pension fund to KLP, while Lier and Nordre Follo chose to continue with KLP as their provider.
We are pleased with the results of last year’s tender rounds. We will do what we can to live up to the trust we have received, says Thornes.
Completed digitization project
In 2025, KLP completed one of Norway’s most comprehensive pension modernizations. A new digital platform makes pension processing faster, more accurate and provides better self-service options for employers.
The platform also provides employees with better insight and more predictable guidance, including related to new rules for public occupational pensions and employers’ senior policies.
Sustainable investments yielded good returns
KLP is increasing investments in green and socially beneficial projects, including renewable energy, nature-positive initiatives and low-emission buildings.
In 2025, one of the companies we helped finance the start-up of was also sold at a significant profit, to owners who want to further develop the company in their next growth phase.
The KLP Group – which consists of Kommunal Landspensjonskasse and the subsidiaries KLP Banken, KLP Skadeforsikring, KLP Kapitalforvaltning, KLP Forsikringsservice and KLP Eiendom – had total assets of NOK 1,271 billion at the end of the fourth quarter of 2025.
The Norwegian Nurses’ Association (NSF) conducted a tender round for its members in the fall of 2025 and ended up selecting KLP Skadeforsikring and KLP Banken for banking and insurance services. The agreement with NSF is valid from 1 January 2026, and is expected to further increase customer growth for the KLP companies.
These are the quarterly figures:
- NOK 26.8 billion to customers’ premium fund
- NOK 14.9 billion in return surplus in Q4
- NOK 47.8 billion in total return surplus in 2025
- 2.2% return in the collective portfolio in the quarter
- 7.9% return for the whole of 2025
- Solvency coverage: 338%
- Added to customers’ buffer fund: NOK 22.6 billion (total NOK 144.5 billion)
