Alecta has implemented all of the measures in its improvement programme and addressed the shortcomings identified last year, arguing that it remains a "strong and stable" company despite previous volatility.

The group's interim report confirmed that, since the beginning of 2024, Alecta has worked to implement a comprehensive improvement program to make the provider safer and stronger.

"In principle, all of the measures in the improvement program have now been implemented and we are working in line with new routines and processes," Alecta CEO, Peder Hasslev, said.

However, Hasslev clarified that a few measures are of a more comprehensive nature and have been transferred to the ongoing business.

The improvement plan was put together in response to the events of 2023, when Alecta faced several crises, beginning with a SEK 12bn loss in March 2023 on its investments in three American banks, which was followed quickly by two investigations by the Swedish Financial Supervisory Authority (FSA), into Alecta's investments - particularly its holdings in Heimstaden Bostad.

Preliminary findings from this investigation found that the pension company “violated several regulations”.

Alecta's interim report confirmed that, if the final outcome of the FSA's investigations into the investments in the American banks and Heimstaden Bostad shows that further measures need to be taken, it "will of course do so".

More broadly, Alecta's report revealed that the group delivered positive returns despite a slower start to the year amid market volatility.

According to the interim update, the return for the first half of the year was 2.6 per cent for the defined-contribution Alecta Optimal Pension (7.7 per cent in H1 2024), and 2.4 per cent for the defined-benefit insurance.

This was driven by positive returns from all asset classes, as Alecta revealed that its stock portfolio had a return of 2.8 per cent, having experienced quite large fluctuations during the first half of the year, largely due to the tariffs announced by the United States and the conflicts in the Middle East and Ukraine.

However, it said that the increased volatility in the market, partly due to concerns about increased tariffs, led to rising credit spreads during the spring, which in turn created attractive investment opportunities in the credit market.

In addition to this, it confirmed that its alternative assets, which include Alecta Fastigheter, have returned 2.3 per cent.

Unlisted holdings in private equity, as well as investments in infrastructure, also contributed positively to the return, including the listing of Apotea on the Stockholm Stock Exchange in the spring, a company in which Alecta owned approximately twenty percent of the shares at the time of listing.

And despite the scrutiny sparked by its holdings in Heimstaden Bostad, Alecta confirmed that the value of its holding in Heimstaden Bostad increased by 1.9 per cent during the period, amounting to SEK 41.5bn at the end of June.

Despite the positive returns, there was a slight dip in the firm's solvency ratio, falling from 201 per cent in H1 2024 to 197 per cent as at 30 June 2025.

However, the provider argued that, overall, Alecta remains a "very financially strong and stable company".

"During the first half of the year, Alecta has delivered good customer service, secure pensions and continued premium reductions to companies, despite a turbulent environment," Hasslev said.

"At the same time, we have continued to develop and strengthen the business."

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