Denmark’s AP Pension achieved an overall profit of DKK 277m after costs, the best result in the group’s 104-year history, according to its full-year results.

In addition, AP Pension Group’s customer numbers increased in 2023 to 485,000, another record for the company. Customer contributions also increased over the year, with a record growth of 5.4 per cent to DKK 17bn.

Furthermore, the number of customers saving in AP Bæredygtig rose by 9,000 in 2023 from 49,000 to 58,000 customers, who saved a total of DKK 7.7bn. Assets under management grew by 40 per cent in one year.

As a result of the strong performance, AP Pension’s board of directors has chosen to allocate DKK 280m in AP loyalty bonus to customers at the end of 2023.

AP Active customers received between 10.3 and 14.1 per cent in pre-tax returns depending on the number of years until retirement, while AP Bæredygtig customers had slightly lower returns before tax, between 8.1 and 10.7 per cent, where green infrastructure investments struggled.

"2023 was another good return year for AP Pension customers, and over the past five, seven and ten years, we have delivered some of the best returns in the industry,” commented AP Pension CEO, Bo Normann Rasmussen.

“AP Bæredygtig had a difficult time in 2023 due to the challenges for green investments in general, but since the launch of AP Bæredygtig in 2019, it continues to be the market rate product among the commercial companies that has delivered the highest returns.

"2023 was a great year for AP Pension and our customers. We achieved a historically good result, and our customers benefit directly from this through the AP Loyalty Bonus, which is our model for profit sharing.

“The growth in contributions and customers also shows that despite the continued tough competition in the corporate pension market, we are still able to both retain existing and attract new customers."

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