Solid financial buffers protect customers

– We have built up a good solvency through several years of profit, in order to be able to shield our customers and owners from periods of weak market development. We are benefiting from this now, when global uncertainty is causing major market fluctuations," says Group CEO Sverre Thornes.  

Key figures for the first quarter, figures in brackets from Q1 2024:

• 0.0 percent return on pension assets in the common portfolio (3 per cent)
• Customer result:                             NOK -3,924 million (NOK 18,700 million)
• Corporate net profit:                      NOK 160 million (NOK 249 million)

The value of good system support 
KLP is in the process of completing a long-term programme for renewal and improvement of its pension systems, which also includes new pension regulations. This provides the basis for even better customer service and more efficient case management. A new pension calculator has also been developed which gives individual employees a correct forecast of what they will receive in pension given different choices they can make. Here, the opportunity to combine pension and work is well presented and shows the value of staying in work a little longer if one can.

–  We have a high level of pension expertise among the people who work at KLP. When we combine this with good digital systems, we get even more efficient and fast case processing. We know that our new pension calculator is already a valuable tool for our owners' employees which include the new and complicated pension rules that came into force from this year. That is something our customers value," says Thornes.

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KLP's subsidiaries generally had good results in the first quarter.

• KLP Eiendom manages property valued at NOK 98.1 billion at the end of the quarter. The return for the quarter was 1.7 percent. KLP Eiendom also entered residential property in the first quarter.
• KLP Kapitalforvaltning had net new subscriptions of NOK 5.8 billion, but achieved a negative profit before tax of NOK 8.2 million (+11.9).
• KLP Skadeforsikring shows a profit before tax and provisions of NOK 32.2 million (-117.7).