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AMF Pension posts first-half returns of 5.8%

SWEDEN - AMF Pension says it made a return on investments of 5.8% in the first half of this year.

The figures compare to a –6.8% return in the prior six months. AMF Pension’s results for the January to June period grew by 2.8 billon crowns (300 million euros), compared to a decline of 15.4 million crowns before.

The rises have taken its total assets to 190 billion crowns (20.6 billion euros).

AMF’s equities portfolio rose 7.% against a –17.3% result before. Swedish equities gained 10.5% while foreign stocks were up 4.7%. Fixed income gained 5.0%, up from 2.9%.

In 2002 as a whole, AMF recorded a –10.2 return on assets. In June this year AMF named Göran Tunhammar as its new board chairman, replacing Olof Ljunggren.

Stockholm-based AMF is 50-50 owned by the Confederation of Swedish Enterprise and the Swedish Trade Union Confederation and has around 2.8 million customers. AMF has made an average return over the last five years of 7.2%. Over 10 years, returns average 12.6%, while on a 15-year timeframe they average 12.1%.

Elsewhere in Sweden, the government has named Thomas Franzén as the new chairman of the Premiepensionsmyndigheten, or Premium Pension Authority. Franzén is director general of the Swedish National Debt Office.

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