Denmark’s AP Pension delivered a total investment return of DKK 12.3bn in 2025, according to its annual report.  

It brings its assets under management to DKK 186bn at 31 December 2025, which includes both market-rate and average interest rate products, as well as special payout and salary system (SUL) provisions.

The company made an overall profit of DKK 336m in 2025, and as a result, is to return DKK 277m to its customers as part of the AP Loyalty Bonus, which has been in place since 2017. After tax and distribution of this bonus, the company’s profit in 2025 amounted to DKK 57m.

AP Pension said that 2025 was characterised by considerable uncertainty in the global economy and large fluctuations in financial markets. But despite a volatile first half of the year, AP Pension delivered “stable and competitive” returns to customers and maintained growth in total assets.

In particular, 2025 saw customers' total premium payments reach a “historically high” growth of 29 per cent, with premium payments totalling DKK 24.4bn in 2025.

AP Pension explained that this high premium growth can be attributed to both large one-off payments and a stable increase in current payments, reflecting a combination of increased new customer intakes, particularly through collaboration with local pension banks, as well as increasing payments to existing schemes.

Overall assets increased by around 8 per cent during the year, driven by the historical premium growth and solid investment returns.

The company’s customer base grew to 580,000 pension customers, meaning that over 3,000 companies now have their company pension scheme with AP Pension.

The report also revealed that at year-end, the AP Pension’s SUL surplus amounted to DKK 133m and the company’s total balance sheet was DKK 206bn.

AP Pension balanced investment risk through an active portfolio composition that, among other things, reduced exposure to US equities during periods of significant declines.

“2025 was characterised by significant volatility in the global economy, and markets fluctuated sharply throughout the year. It is precisely during such periods that the value of the customer-owned model becomes apparent,” AP Pension CEO, Bo Normann Rasmussen, commented.

“We can think long-term, stay the course and still deliver solid results. This is the reason why we can once again send a significant amount back to our owners – namely the customers.”

2025 was also a strategically important year for AP Pension, as the commissioning of the new core system in May 2025 allowed it to develop products faster, automate processes and increase the use of data for targeted advice and customer service.

The annual report also highlighted AP Pension’s progress on climate and diversity, including its commitment to having new climate targets validated by the Science Based Targets initiative (SBTi) so that targets up to 2030 reflect the latest climate science.

Additionally, the company has achieved reductions in its climate footprint since 2023, including reducing CO₂e emissions from operating properties by 19.2 per cent and decreasing emissions from listed equities and corporate bonds by 3.2 per cent per million invested (despite a slight increase in 2025).

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