Nordic Region Investment and Pensions
Latest news and analysis of pensions, asset management, regulation and trends in the Nordic Region from our award-winning journalists.
Pension Funds in the Nordic Region - Country Report
Nordic Region pension funds report 2025: ATP hits back at critics on risk structure
An academic discussion in a leading business journal has spilled over into a fully fledged debate with the fund’s leadership
Alecta off the hook after ITP panel opts not to cancel major mandate
Swedish occupational pensions giant finally receives confirmation worst potential outcome of 2023 crisis avoided
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
TELA says government’s pensions reform proposal only halfway there
Finnish pensions lobby positive on shifting YEL scheme towards earnings-based system, but bemoans fiscal burden, freedom of choice model
NBIM beats benchmark in Q1, as three of SWF’s four asset classes contract
Norway’s giant SWF takes -1.9% hit on investments in the first quarter, with only unlisted real estate in positive territory at end of March
TOP NORDIC REGION PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
Denmark
- PFA Pension | 110,970,374
- Arbejdsmarkedets Tillaegspension (ATP) | 96,249,172
- Danica Pension | 73,685,503
Finland
- Keva | 70,700,000
- Varma Mutual Pension Insurance Co. | 65,364,566
- lmarinen | 64,409,516
Iceland
- Lífeyrissjóður starfsmanna ríkisins | 10,844,672
- Lífeyrissjóður verslunarmanna | 10,089,045
- Gildi lífeyrissjóður | 7,798,458
Norway
- Norway Government Pension Fund Global | 1,657,449,581
- Kommunal Landspensjonkasse (KLP) | 101,052,311
- Folketrygdfondet | 32,227,823
Sweden
- Sjunde AP-fonden (AP7) | 125,029,388
- Alecta Pensionsförsäkring | 121,161,572
- AMF | 73,990,350
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
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To build capital markets that work for people, Europe should look to Sweden
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Sweden’s stockmarket star shines for Europe
If trade wars and the decline of the dollar against the euro hadn’t already spooked them enough this year, European investment committees might be forgiven for worrying about the sector concentration of their portfolios after the equity market rally since the spring.
Alecta off the hook after ITP panel opts not to cancel major mandate
Swedish occupational pensions giant finally receives confirmation worst potential outcome of 2023 crisis avoided
Finnish pension CEOs say cuts talk is about weak state finances
Keva, Ilmarinen, Varma and Veritas reveal losses for January to March of between -0.1% and -0.5% after Iran war shook markets
TELA says government’s pensions reform proposal only halfway there
Finnish pensions lobby positive on shifting YEL scheme towards earnings-based system, but bemoans fiscal burden, freedom of choice model
NBIM beats benchmark in Q1, as three of SWF’s four asset classes contract
Norway’s giant SWF takes -1.9% hit on investments in the first quarter, with only unlisted real estate in positive territory at end of March
Swedish watchdog to probe individual occupational pensions, amid steep fees alarm
Procurement has squeezed fund fees in the premium pension and ITP schemes, but corresponding funds are costlier in individual schemes, FI warns
Danish supervisor calls out Velliv over SFDR disclosures
Finanstilsynet claims Velliv didn’t disclose likely impacts of sustainability-related risks on returns of financial products that it had designated as ‘Article 8’
Elo doubles pace of Finnish unlisted growth bets with €100m push in H1
Finnish pensions insurer posts narrowly positive Q1 return as bonds, property gains offset equities losses
Indecap expands legal objections to Swedish agency’s €18bn tender
‘This is about whether the system works as intended, not about an individual company or Indecap’s bid,’ says Mats Lagerqvist, Indecap’s CEO
LD Pensions switches to Federated Hermes EOS for engagement
Danish pensions manager also tightens up exclusion process, and improves systematic follow-up of milestones and dialogue progress
Norway’s SWF says all companies should add staff ownership schemes
Nicolai Tangen says share ownership plans ‘not about corporate social responsibility’ but ‘making good long-term financial decisions’
TOP MANAGERS: NORDIC REGION INSTITUTIONAL ASSETS
Company | Assets (€m)
- SEB | 109,623
- BlackRock | 78,898
- DNB Asset Management | 65,089*
- State Street Global Advisors | 41,457
- Nordea Asset Management | 40,819
- Nykredit Asset Management | 29,648
- Storebrand Asset Management | 28,784
- Northern Trust Asset Management | 28,421
- BNP Paribas Asset Management | 21,095
- Jyske Capital, Jyske Bank | 10,093
As at 30.9.3.24, *12.11.24
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IPE BEST PENSION FUND IN THE NORDIC REGION AWARD WINNERS
Nordic Region
- 2023 - The Swedish Fund Selection Agency
Denmark
- 2022 - Industriens Pension
- 2021 - PensionDanmark
- 2020 - PensionDanmark
- 2019 - ATP | PensionDanmark
Norway
- 2022 - KLP
Sweden
- 2022 - Alecta pension insurance, mutual
- 2021 - Fjärde AP-fonden (AP4)
- 2020 - Fjärde AP-fonden (AP4)
- 2019 - Swedish Pensions Agency
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