DENMARK - PensionDanmark's full-year performance figures for 2009 showed the firm generated record returns of DKK10.5bn (€1.41bn) - a slight increase on the DKK10.4bn first published in preliminary numbers in February.

The return for traditional old-age pension savings was 14.2%, and market-return pensions generated gains on investments of between 11% and 17%, depending on risk levels.

Fixed income contributed to the numbers in particular, returning 37% on investments while listed equities delivered 32%. Aside from record returns, premium payments also rose to an all-time-high of DKK10.3bn.

Torben Möger Pedersen, chief executive of PensionDanmark, said the company had a good year in 2009 and argued the normalisation of spreads in the credit market benefited investments, as did equities in the portfolio.

PensionDanmark's returns follow those of Danish pension providers PFA, AP Pension and PKA, which all had a good year in 2009 as a result of the rebound in equity markets. The funds returned 6.6%, 8.3% and 12.3% respectively. (See earlier IPE story: Equity rally in 2009 saves Danish pension fund returns)

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