The collective portfolio of Norwegian pension funds returned 7.2 per cent in the first half of 2026, down from 7.5 per cent over the same period last year, according to the Norwegian Financial Supervisory Authority (Finanstilsynet).
Private pension funds reported an improvement in average returns, rising from 7.4 per cent in H1 2025 to 7.5 per cent in the first half of this year.
However, this was more than offset by municipal pension funds’ return falling from 7.7 per cent to 6.9 per cent over the same period.
As at 30 June 2026, pension funds’ allocation to equities was 43 per cent of the collective portfolio, around the same level as at the end of 2025.
Private pension funds allocated 44 per cent of the collective portfolio to equities, while municipal pension funds allocated 42 per cent.
“For life insurance companies, increased investment income in the first half of 2026 contributed to a higher return than in the same period in 2025,” Finanstilsynet stated.
“The return in pension funds was somewhat lower than in the first half of 2025, partly due to lower interest income.
“Non-life insurance companies had a significantly higher profit before tax, partly due to a lower combined percentage compared to the first half of 2025.”
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