Good results for KLP in the first half-year
KLP delivered good results for the first half, with a return for pension customers of 4.2 per cent so far this year. KLP's subsidiaries have also performed well.
Key figures
- KLP achieved a value-adjusted return on the pension assets in the common portfolio of 4.2 per cent so far this year.
- The total profit to customers was NOK 21.3 billion.
- Good growth from external customers choosing KLP's fund products.
- An increasing number of pension scheme members value good terms and conditions and purchase non-life insurance from KLP.
“Strong equity markets contributed to good results for KLP in the quarter, especially considering that we adjusted the value of our properties downwards because of higher interest rates,” says CEO Sverre Thornes.
New pension system provides better guidance
During the quarter, KLP made great progress in developing a new and up-to-date digital pension system adapted to the new rules for public-sector occupational pensions. In the second quarter, all old-age and early retirement (AFP) pensions were transferred to the new system. This means faster case handling and even better advice, to both employers and employees.
“For employees in the Norwegian local government and healthcare sector, this means that they can know within seconds what they will receive in pension, the effect of continuing to work full-time, and how much flexibility they have to work alongside their pension. This is important to enable everyone to make good choices about their pension, not least by showing what they gain by working more, based on both working hours and age,” says CEO Sverre Thornes.
About KLP KLP, the pension fund for Norway’s municipal employees, is the country’s biggest occupational pension fund with N0K900bn (€88bn) under management. KLP is a mutual company, owned by Norwegian municipalities, health trusts and publicly owned companies. KLP has strict self-imposed guidelines for responsible investments, climate, and sustainability, and has released one of the industry most ambitious net zero emissions roadmaps “The Road to Paris”. - https://www.klp.no/en/corporate-responsibility-and-responsible-investments/klps- roadmap-to-net-zero
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