Swedish premium payments to competitive pension and life insurance plans reached nearly SEK 125bn in the first quarter (Q1) of 2025, according to Insurance Sweden's interim results.

This is an increase of SEK 7bn, or 6 per cent, compared to the same period in 2024.

The results also highlighted a "strong development" in the product area of private endowment insurance in 2024, which also continued in the first quarter of 2025.

From Q1 2024 to Q1 2025, premium payments for private endowment insurance surged by 53 per cent, reaching SEK 71bn.

"This is the highest value measured for savings in private endowment insurance for a single quarter since measurements began," Insurance Sweden analyst, Kajsa Lindell Hagelin, said.

In contrast, the report revealed a SEK 17bn decline in premium payments for occupational pension insurance.

A significant contributor to this decrease was a sharp 34 per cent drop in premiums mediated through election centres in Q1 2025, compared to the previous year.

While premiums for occupational pension insurance outside election centres also fell by 8 per cent, this decline was largely due to a restructuring that altered the way annual premiums are reported, spreading them over the year instead of being concentrated in the first quarter.

Overall, from the second quarter of 2024 to Q1 2025, total premium payments to competitive pension and life insurance policies amounted to SEK 421bn.

Of this total, nearly half (49 per cent) was allocated to private endowment insurance, while approximately 29 per cent went to occupational pension insurance through election centres, and 20 per cent was directed to occupational pension insurance outside these centres.

This indicates that the amounts paid into private endowment insurance (SEK 204bn) and occupational pension insurance (SEK 205bn) were nearly equal.

The remainder of the premiums were allocated to private pension insurance and other life insurance products, such as premium waiver insurance and group life insurance.

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