Skandia's interim report has revealed that its total return for Skandia Liv, its traditional life insurance business, in the first half of the year was 1.5 per cent - a drop of 3.1 percentage points from 4.6 per cent in H1 2024.

According to the report, the total five-year return average for Skandia Liv was 6.4 per cent.

It also showed that the total assets under management in the Skandia Liv traditional life portfolio remained unchanged from year-end 2024 at SEK 606bn.

Among the financial investment assets in the portfolio, credit was the asset class with the best return in the first half of the year, at +3.1 per cent.

The company highlighted that real estate also performed well, with a return of +2.5 per cent.

However, unlisted companies and infrastructure had a negative return during the first half of the year, falling by -8.5 per cent and -2.5 per cent, respectively.

Meanwhile, the collective consolidation rate was 105 per cent, a decrease of 1 percentage point compared with 106 per cent at year-end 2024.

In terms of figures for the Skandia Group/Liv company, the results showed that group premiums amounted to SEK 24bn at the end of H1 2025, an increase from SEK 23.3bn at the same period in the previous year.

The group’s assets under management remained unchanged from 2024 year-end at SEK 863bn.

Additionally, the results found that assets under management in unit-linked and custodian insurance decreased from SEK 205bn at year-end 2024 to SEK 199bn at the end of H1 2025.

Commenting on the results, Skandia president and CEO, Frans Lindelöw, said Skandia's Liv portfolio is composed to “stand firm in all weathers”, which has resulted in continued stability during a turbulent second quarter and first half of 2025.

“In a world characterised by greater uncertainty during the first half of the year, with geopolitical conflicts and the introduction and adjustments of trade tariffs, our investments have remained stable,” Lindelöw said.

“With a well-balanced risk diversification, we continue to focus on long-term security and sustainable returns.”

Lindelöw explained that as an asset manager and pension company, Skandia sees the importance of contributing to the climate transition and society at large, stating that investments in climate solutions “need to continue” and its ambition to contribute in line with the Paris Agreement “remains firm”.

Indeed, he said Skandia has adopted a new climate roadmap for 2030, based on the same structure as the current Climate Roadmap 2020–2025.

This aims to continue reducing the life portfolio's exposure to fossil fuels, increase climate and environment-related solution investments and influence companies to set ambitious climate targets.

“The purpose of the plan is to reduce the financial climate risk in the portfolio and at the same time direct more capital to future climate solutions that can promote both returns and transition,” he said.

In addition to its climate work, Skandia also released reports in H1, Retirement planning for the trade crisis and Live longer – more healthy years at the top, on social issues important to its customers.

Lindelöw said the first report showed that although the trade crisis and the turmoil on the world's stock markets may have a negative impact on pensions, the effects on most Swedes are limited.

Meanwhile, he explained that the second report showed that life expectancy in Sweden continues to increase and that investments in healthy work environments provide great returns, not only for the individual but also for the company and society at large in the form of lower sick leave, higher productivity and a longer working life.

“I am grateful for the commitment of all employees to continue to develop the business and create long-term value for our customers and owners,” Lindelöw added.

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