Two of Denmark’s largest pension funds have reported strong first-half results, with ATP benefitting from rising global equity prices and AP Pension posting the highest contribution growth in its 106-year history.

ATP, Denmark's statutory pension fund, achieved a 6.7 per cent return on its investment portfolio relative to the bonus potential in the first six months of 2025, despite what it described as “incredibly large fluctuations” in the global economy, marked by tariffs and geopolitical uncertainty.

The positive return lifted ATP’s bonus capacity to 19.7 per cent, up from 17.1 per cent at the start of the year.

Overall profit from investment and hedging after tax was DKK 7.3bn, while a life expectancy update worth DKK 1.4bn, reflecting slightly lower life expectancies, provided an additional boost.

At the end of H1, the bonus potential stood at DKK 115bn, a 2.6 per cent rise from the beginning of the year.

Meanwhile, together with pension liabilities of DKK 547bn and long-term
supplementary provisions of DKK 36bn, members’ net assets totalled DKK 698bn.

Although net assets declined by DKK 20bn, ATP emphasised that such fluctuations do not affect the size of members’ actual pensions.

The fund’s average annual percentage rate over the past five years stood at 0.36 per cent.

ATP chief executive, Martin Præstegaard, said the company “always has its eyes on the horizon.

“From our reserves, ATP has delivered a return of over DKK 100bn to the Danes over the past 10 years,” he continued, adding that a positive half-year result was “always a good thing” as it contributes to creating value for members.

“However, it is the long-term perspective that is important to us,” he stressed.

AP Pension also delivered a strong first half, reporting a profit after tax of DKK 257m, up from DKK 127m in the same period last year.

Premium payments increased by 22.3 per cent to a record DKK 11.3bn, driven by one-off transfers from new customers, as well as regular contributions.

In addition, customer numbers surged by 90,000 in the six months, supported by agreements with Arbejdernes Landsbank, Spar Nord and Nykredit.

As a result, the fund’s total balance sheet rose to DKK 194bn, compared with DKK 186bn a year earlier.

The company also reported progress in its health and accident (SUL) business, which achieved a profit of DKK 150m in H1, up from DKK 50m in 2024.

This was supported by its AP Care programme, designed to reduce long-term illness and expedite rehabilitation.

“We see fewer long-term illness courses, and we can document that our 360-degree healthcare offering - encompassing prevention, early intervention, treatment and rehabilitation - creates value, not only for customers, but also for companies and society,” said AP Pension CEO, Bo Normann Rasmussen.

He added that the company's growth in a competitive market demonstrated it was “hitting the right spot” with a combination of strong returns, attractive solutions, and a level of service that customers can feel in their everyday lives.

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