Swedish roundup: PP Pension, Länsförsäkringar, Skandia, Folksam
SWEDEN – Helen Nilsson is taking the reins temporarily at PP Pension, the media and journalist pension fund in Sweden, following the sudden resignation of Viveka Ekberg.
Nilsson was Ekberg's deputy.
PP Pension's management is now working to accommodate new collective bargaining contracts that changed the pension fund's operations framework.
The change in the framework was the reason for Ekberg's resignation.
Once management has completed its analysis of the new framework, it said it would address the decisions that needed to be made in order to adapt the pension fund to the new circumstances.
In conjunction with this, the board will also select a new permanent chief executive, it said.
In other news, third-quarter results for some of the largest Swedish pension insurance providers showed returns ranging from just under 5% to 5.6%.
Länsförsäkringar's traditional guaranteed product returned an average 4.9%, compared with 5.3% for the same period last year.
The company's solvency ratio remained stable at 111%, compared with 112% for the third quarter last year.
Rival Skandia Liv returned 5.6% over the same period, compared with 0.3% last year.
Skandia's solvency ratio remained the same as last year, at 147%.
The firm has SEK304bn (€35.5bn) in assets under management.
Folksam Liv also posted returns of 5.6% for the three quarters, compared with 2.7% for Q3 last year.
The positive return was a result of a rebound in equities, as well as narrowing gap between mortgage and government bonds.
Folksam's solvency ratio increased to 141% from 131% for the same period last year.
KPA Pension, owned by Folksam, retuned 5.5% for the third quarter, compared with 1.9% for the same period last year.
The solvency ratio increased to 144% from 140%.