Swedish pension company AMF made a loss of -1.1 per cent in the first quarter of 2026, compared to a loss of -0.6 per cent for the same period last year, following “dramatic developments” in the Middle East.

However, year-on-year the pension company has increased its solvency ratio from 227 per cent to 223 per cent, as of 31 March 2026.

Over the longer term, AMF’s average annual return has been 4.4 per cent over the past five years, down from 6.9 per cent this time last year; over 10 years the return has been 6.4 per cent, and 6.7 per cent over the past 15 years.

During the quarter, AMF’s management cost for traditional insurance amounted to SEK 0.10 per SEK 100 of managed capital during the first quarter, and premium income totalled SEK 2.8bn. Premiums for unit-linked insurance, reported as deposits to investment agreements, amounted to SEK 0.7bn.

Commenting, AMF CEO, Tomas Flodén, said: “The first quarter of the year was largely shaped by the dramatic developments in the Middle East, resulting in volatile stock markets and warnings of a looming energy crisis.

“In this environment, AMF’s traditional pension insurance once again demonstrated its ability to cushion downturns during turbulent times. This is thanks to strong diversification across many different asset classes and active management, enabling us to quickly adjust risk as market conditions change.”

He said real estate and alternative investments performed best during the quarter, while listed equities weighed on returns. He added that “significant uncertainty” remains despite equity markets having now rebounded.

However, AMF head of asset management, Katarina Romberg, explained that at the beginning of 2026, the pension company reorganised its equity management into one department for Swedish equities and another for international equities to “improve our ability to generate competitive returns”.

Flodén also highlighted AMF Fonder’s operations, as during the quarter, AMF Aktiefond Global was selected as one of 14 funds for the premium pension platform by the Swedish Fund Selection Agency (FTN).

Within AMF Fonder, assets under management totalled SEK 233bn at the end of March 2026, up from SEK 223bn for the same period last year.

The AMF Group consists of the parent company AMF, AMF Fastigheter AB and AMF Fonder AB and managed total assets of SEK 850bn, as at 31 March 2026.

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