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Danica Pension in E255m shift to equities

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DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.

“In the first nine months of the year, Danica Pension made net investments in equities, increasing its equity holding by 1.9 billion crowns,” Danske said in its nine-month report.

The group said: “Global equity markets were characterised by considerable uncertainty and modest increases, whereas the trend
It posted a return on customer investments of 6.2% in the period – compared to 5.1% in the prior year period.

It said: “The return on bonds, including derivatives, stood at 6.1%. The return on equities was 7.2% and the return on real property was 6.6%.

Bonds account for 81% of Danica’s portfolio, while equities 10% and real property nine percent.

The division recorded core earnings of 866 million crowns, up from 825 million crowns.

Danske’s total earnings from investment portfolios halved to 726 million crowns from 1.46 billion crowns a year ago – with Danica Pension’s earnings in this category slipping to 133 million from 136 million.

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