SWEDEN - AMF Pension's total returns were down to 0.5% in the first half of 2006 from 8.6% for the same period last year.

According to the Swedish Financial Supervisory Authority this was still better than the average of 0.3 % (7.1%) reported for the industry.
The weak performance was blamed on developments on the stock market and higher interest rates.
With AMF's earnings going up to SEK9.7bn (€1bn) the company could give its customers the industry's highest bonus rate of 12%. AMF now has SEK245bn (€26.6bn) in assets under management.
In AMF's fairly traditional portfolio consisting of equities, bonds and real estate the latter performed best generating returns of 7.3 % (3.9 %).

Swedish equities returned 3.1% (14%) and foreign equity was down to -0.1% (12.6%). In 2005 Swedish bonds, Swedish equities and foreign equities all made up around 25% of the company's portfolio followed by foreign bonds (20%) and property accounting for 5.5%.
In the first quarter of 2006, returns had been up to 3.6%, continuing the very good performance reported for the last quarter of 2005 (16%) with equities being the top performer.