Andra AP-fonden reports a total return of 0.4 per cent, after costs, for the first half of 2025. The result amounted to SEK 1.6 billion and the fund capital amounted to SEK 458 billion at the end of the first half of the year.

The first half of 2025 was volatile in the global economy and was characterized by uncertainty and geopolitical unrest. Andra AP-fonden reports a fund capital of SEK 458 billion, and a return of 0.4 per cent. Listed equities, credit bonds and bonds in emerging markets have contributed positively to the result. The strong development of the Swedish krona has weighed on the result, given the Fund’s geographically diversified investments.

“Andra AP-fonden has had a slightly positive development during the period. Equities and credit bonds in emerging markets performed strongly, while real assets had a weaker development. The Fund’s exposure to foreign currencies had a negative impact on the result, due to the strong Swedish krona,” says Eva Halvarsson, CEO of Andra AP-fonden.

“We continue to implement the Fund’s new fund management strategy, which was introduced in 2024. Through more dynamic and proactive fund management, we can better adapt to a changing environment, which will contribute to a good pension for today’s and tomorrow’s pensioners,” says Eva Halvarsson.

“Work is underway, in constructive cooperation with Sjätte AP-fonden, to implement the Swedish Parliament decision on a more efficient management of the buffer capital. The goal is to create a more appropriate and cost-effective fund management, to the greatest possible benefit to the pension system,” says Eva Halvarsson.

Read the full interim report (pdf) on the Fund’s website www.ap2.se

For further information please contact:

Eva Halvarsson, CEO of Andra AP-fonden, eva.halvarsson@ap2.se or
Åsa Mossberg, Head of Corporate Communications, asa.mossberg@ap2.se

AP2’s Female Representation Index 2025 shows that the proportion of women on the boards of Swedish listed companies has reached a new all-time high. In this year’s survey, the proportion of female board members has increased to 36.5 (35.5) per cent, the highest level since the surveys began in 2003. In large-cap companies, the proportion of women on the board has passed the 40 per cent mark for the first time – a level often defined as equal gender distribution.

Of all 361 companies in the survey, 46 per cent reach the level of 40 per cent female board members, which is a significant increase from 2024, when 41 per cent of the companies had gender-balanced boards according to this definition.

The survey shows, as in previous years, that companies with nomination committees have a higher proportion of women on the board than companies without nomination committees. Companies with nomination committees that have female representation have a full nine percentage points higher proportion of women on the board than companies without nomination committees (40 per cent and 31 per cent women on the board, respectively).

The proportion of women in the management teams of listed companies has also increased slightly in this year’s survey and now amounts to 29.2 (28.8) per cent, which is also the highest level so far since the surveys began.

Although progress is clear, there are still 14 companies that completely lack women on their boards and 53 companies without women in their management teams. Over half of the nomination committees lack female representation.

The number of female chairpersons has increased slightly to 34 (32), which corresponds to 9 per cent of the 361 companies surveyed. The number of women CEOs is decreasing, to 40 (42) and the proportion of companies with female CEOs is thus 11.1 (11.8) per cent. The development has stagnated since 2021, both in terms of female CEOs and female chairpersons.

“We see a positive trend with better gender equality in boardrooms, which can probably be partly explained by the EU directive on more equal gender distribution coming into force next year,” says Eva Halvarsson, CEO of AP2. “The development is also going in the right direction in the management teams, although at a slower pace.”

“Nomination committees have an important job in promoting the development towards gender-equal boards. We can conclude that there is a clear connection – companies with at least one woman on the nomination committee are more successful in appointing gender-equal boards,” says Eva Halvarsson.

Background to AP2’s Female Representation Index
Since 2003, AP2 has conducted an annual study to measure the proportion of women in management teams and boards of directors in listed companies. This year is the third time that AP2 has compiled the Female Index internally, based on data from the ownership service Holdings. The 2025 survey included 361 primary and secondary listed companies on Nasdaq OMX Stockholm, unless otherwise stated.

Read the full report in Swedish at www.ap2.se

For further information, please contact:
Eva Halvarsson, CEO of AP2, telephone 031-704 29 00
Åsa Mossberg, Head of Communications and Sustainability, telephone 0705-25 11 81

The First – Fourth AP Funds (AP1, AP2, AP3, AP4) performed well in 2024 and strengthened the financial position of the income pension system by a total of SEK 182 billion. The result corresponds to an average return of 9.6 per cent. At year-end, the four funds managed total assets of SEK 2,053 billion. The net payments of the AP Funds to the pension system totalled SEK 8 billion. This contributes strongly to the stability of the income pension system and its mission to maximise benefits for current and future pensioners.

The average return for the year was 9.6 per cent after costs. The average return of the AP Funds over the last five and ten years amounts to 7.0 and 7.6 per cent per year, respectively, compared with the income index’s performance of 3.4 and 3.0 per cent per year over the corresponding periods. The income index is used to calculate pensions and pension rights in the income pension system. When the returns of the AP Funds exceed the performance of the income index, the AP Funds contribute to the strength of the pension system.

At the end of 2024, the total fund assets of the AP Funds amounted to SEK 2,053 billion. During 2024, the AP Funds paid out SEK 8 billion to cover the pension system’s deficit. Since they were launched in 2001, the AP Funds have made net payments of SEK 280 billion to the pension system. At the same time, their returns have contributed to the financial strength of the pension system, and the AP Funds’ share of the pension system now accounts for more than 16* per cent of pension assets, compared with 10 per cent in 2001.

The AP Funds conduct cost-effective management that provides good returns after costs and also build confidence in the AP Funds as the authorities for and managers of public pension funds. In 2024, total management costs amounted to 0.07 per cent of assets under management. The AP Funds are cost-effective in international benchmarking.

During the year, The AP Funds have continued their work towards portfolios with net zero emissions. In 2024, greenhouse gas emissions in the portfolios (scope 1 and 2) declined by another 21 per cent.

Kristin Magnusson Bernard CEO AP1, Eva Halvarsson CEO AP2, Staffan Hansén CEO AP3 and Niklas Ekvall CEO AP4 make a joint statement:
“Our collective result for 2024 shows that all of us, with our different management strategies, navigated well in unsettled financial markets and can summarise a stable year. This means that the AP Funds have made a strong contribution to the stability of the pension system. From a 10-year perspective, the return has been high, averaging 7.6 per cent per year, compared with the average increase of 3.0 per cent per year for the income index. We are recognised internationally as a role model in sustainability and have continued to develop this important aspect via both responsible investment and responsible ownership.”

In October 2023, the Government initiated an investigation to propose measures to modernise and streamline the management of the AP Funds. On 6 February 2025, the Government submitted a legislative proposal that involves consolidating AP1 into AP3 and AP4 and transferring the assets. According to the proposal, AP6 will also be incorporated into AP2. The legislative changes are proposed to take effect on 1 January 2026.

*According to Swedish Pensions Agency Annual report 2024 (total fund capital from AP1, AP2, AP3, AP4, AP6).

More information is available in the annual reports and sustainability reports published by the AP Funds at www.ap1.se, www.ap2.se, www.ap3.se and www.ap4.se

For more information, contact:
Sara Christensen, Head of Communications, AP1, sara.christensen@ap1.se
Åsa Mossberg, Head of Communications and Sustainability, AP2, asa.mossberg@ap2.se
Lil Larås Lindgren, Head of Communications AP3, lil.lindgren@ap3.se
Karoline Hammar, Head of Communications, AP4, karoline.hammar@ap4.se

The AP Funds (AP1, AP2, AP3, AP4)
The AP Funds manage the buffer capital in the Swedish National Pension System on behalf of the Swedish Parliament and the Swedish people, for the benefit of current and future pensioners. The AP Funds are required to manage their assets in an exemplary way through responsible investments and ownership. Particular attention is paid to how sustainable development can be promoted without compromising the overall objective of maximising the benefits for the pension system. The AP Funds all have the same mission but different management strategies and are governed by the National Pension Funds Act (2000:192).

Andra AP-fonden’s (AP2) total return for 2024 was 8.2 per cent after costs, and the result was SEK 34.9 billion. The Fund capital at year-end amounted to SEK 458.9 billion. The portfolio shows a good risk-adjusted return, with a Sharpe ratio of 1.0 over the past 10 years. In 2024, the Fund continued to develop its sustainability work within its four focus areas.

“We deliver a strong result for the year with a good return, where the largest contribution comes from equities in developed markets and private equity. Within fixed-income assets, listed and unlisted credits are key drivers to the result. As the Swedish krona has weakened during the year, currency hedging has had a negative impact on the return,” says Eva Halvarsson, CEO of AP2.

”We live in a changing world, and I am therefore particularly proud that AP2 has launched a new fund management strategy in 2024 with a changed decision-making structure to manage the portfolio more effectively. The goal is to combine long-term decisions with the ability to make dynamic shorter-term allocations. The year began with a reorganisation to support the strategy, which has already led to improved collaboration between our departments,” says Eva Halvarsson.

*Reported with start 2024.

”During the year, the government has assessed the operations of the AP Funds, to review the possibilities of streamlining and modernising them. According to the upcoming bill, AP6 will be incorporated into AP2. We look forward to taking on the implementation and will do our best to ensure that the integration of AP6’s operations into AP2 will be as good as possible for the Swedish pension system,” says Eva Halvarsson.

“In AP2’s separate Sustainability Report, we describe our ambitious work within sustainability. During the year, we have made progress within our sustainability focus areas, including that we have defined climate plans towards net zero emissions for 94 per cent of the portfolio, we have co-developed a new model for analysing deforestation risk and developed a remediation process for the Fund’s investments,” concludes Eva Halvarsson.

The English versions of AP2’s Annual Report 2024 and Sustainability Report 2024 will be available at www.ap2.se in March. During spring, the Fund will also publish a Climate and Nature report in accordance with TCFD and TNFD recommendations.

For further information please contact:

Eva Halvarsson, Andra AP-fonden’s CEO, tel. +46 (0)31-704 29 00 or

Åsa Mossberg, Head of Communications and Sustainability, tel. +46 (0)705-25 11 81.

Andra AP-fonden (AP2) has appointed Anna Hammer as its new Chief Investment Officer (CIO). Anna is currently Chief Investment Officer at Länsförsäkringar Liv.

Anna previously held the position of Chief Economist at Länsförsäkringar and her prior experience includes fixed income strategy. Before that, she worked at the Ministry of Finance and the National Institute of Economic Research. Anna holds a PhD in Economics from Stockholm University.

Eva Halvarsson, CEO of AP2, comments:

“We are very pleased with the recruitment of Anna Hammer. Anna has a deep and broad knowledge experience from investment, macroeconomics and leadership. She is an appreciated and communicative leader and has a strong commitment to AP2’s important mission. I am convinced that Anna is the right person to continue the development of our asset management.”

Anna Hammer, incoming Chief Investment Officer:

“I look forward to taking on the important assignment of managing the pension funds of the Swedish people. AP2 has undergone significant changes over the past year, and I now have the privilege of continuing the implementation together with the Fund’s competent organisation.”

Anna will take up the position this spring. She succeeds Erik Kleväng Callert.

Andra AP-fonden (AP2) reported a total return of 4.9 per cent, after costs, for the first half of 2024. The result amounted to SEK 20.6 billion and the fund capital amounted to SEK 445.8 billion at the end of the period.

The global economy saw a strong first half of 2024. Growth forecasts were upgraded and risk assets performed well, with several stock indices reaching all-time highs. Meanwhile, there are concerns about how geopolitical tensions, surprisingly weak economic statistics, fiscal policy responses to higher debt levels and interest rates, and persistent inflation will impact the future development.

“The equity and fixed income markets have developed well during the first half of 2024, which contributed to AP2’s total return of 4.9 per cent for the period. AP2’s dynamic investment strategy, with continuous adjustments of the Fund’s currency exposure and allocation to equity versus fixed income assets, has contributed to this return. We also work to avoid concentrations in large companies or individual industries and place high financial and sustainability requirements on our investments,” says Eva Halvarsson, CEO of AP2.

“During the first half of 2024, we have carried out a comprehensive review of our management strategy, with significant changes in governance structure, organisation, investment beliefs, vision and values, with the goal of creating returns and balancing risks in a more dynamic and efficient way,” says Eva Halvarsson.

“We are convinced that these changes will strengthen our ability to deliver long-term sustainable returns that contribute to a good pension for today’s and tomorrow’s pensioners,” says Eva Halvarsson. “By being more dynamic and proactive in our fund management, we can better adapt to a changing environment and create greater value.”

Read the full interim report (pdf) on the Fund’s website www.ap2.se

For further information please contact:
Eva Halvarsson, CEO of AP2, tel. +46 (0)31 704 29 00 or
Åsa Mossberg, Head of Corporate Communications, tel. +46 (0)705 25 11 81.

AP2’s Female Representation Index 2024 shows that the proportion of female board members in Swedish listed companies listed on Nasdaq has decreased in the past year to 35.5 per cent, from 36.1 per cent in 2023 and on par with 2022 at 35.4. The proportion of women in listed companies’ management teams, on the other hand, increases from 26.4 per cent to 28.8 per cent, which is the highest level measured since the survey started in 2003.

During the last ten-year period, the proportion of women, both on the boards of listed companies and in the management teams, has increased by approximately one percentage point per year. During the period, the proportion of women on boards has increased by 10.8 percentage points, but the trend leveled off during the second half of the period. The proportion of women in management teams has increased by 10.4 percentage points, and it continues to increase at a steady pace even in the later years of the survey.

In 2015, the Swedish Corporate Governance Board communicated a goal of a 40 per cent combined board representation for the least represented gender. The companies have some way to go to reach this goal. Less than half of the companies, 41 per cent, live up to this level, which is a decrease from 43 per cent of the companies in 2023. The survey also shows that the percentage of women among newly elected board members is 38.3 per cent, which is a higher percentage than in existing boards. However, it is noted that the target of 40 per cent will not be reached at this rate of change.

The survey shows that companies with nomination committees have a higher proportion of women on the board than companies without a nomination committee. Companies whose nomination committees have female representation also have an average of five percentage points higher proportion of female board members compared to all-male nomination committees. At the same time, half of all nomination committees lack a female representative.

Of the 356 companies examined in AP2’s Female Representation Index 2024, the number of female board chairpersons decreased from 34 to 32, which corresponds to 9 per cent of the companies. The number of women CEOs is also decreasing, 42 (45). The proportion of companies with a female CEO thus amounts to 11.8 per cent.

“We have seen steady growth in the proportion of female board members since we introduced the Female Index in 2003. Unfortunately, the increase has leveled off in recent years and this year it is decreasing somewhat. The companies have some way to go to reach the goal of 40 per cent women on the boards,” says Eva Halvarsson, CEO of AP2.

“It is gratifying that our Female Index shows that the proportion of women in management continues to increase, which is an important factor for there to be a good recruitment base for female board members in the future,” says Eva Halvarsson.

“Diversity is an important issue for the Fund and is one of five focus areas within sustainability. The Fund’s starting point is that companies that work with diversity, equity and inclusion not only take sustainability issues very seriously but are also more competitive and thus create better value,” says Eva Halvarsson.

The largest proportion of female board members can be found this year in the Finance and Telecom & Media industries, 39.6 and 39.5 per cent, respectively. The industries Materials and Consumer discretionary are at the bottom with less than 30 per cent women. In the management groups, the proportion of women is greatest in the Real Estate, Healthcare and Services industries, while the lowest proportion is found in Telecom & Media and Energy & Environment, where only one in five people in the management groups are women.

Background to AP2’s Female Representation Index

AP2 has since 2003 conducted an annual survey to determine the proportion of women at middle management level, in executive positions and on the boards of listed companies. This year is the second time AP2 compiles the Female Representation Index internally, based on data from the ownership service Holdings. The survey for 2024 included 356 primary and secondary listed companies on Nasdaq OMX Stockholm. In addition, the survey records the proportion of women who have graduated from study programmes that constitute the traditional recruitment base for management groups and boards.

Read the report (in Swedish).

For more information, please contact:
Eva Halvarsson, CEO of AP2, phone +46 (0)31 704 29 00
Åsa Mossberg, Head of Communications, phone +46 (0)705-25 11 81
www.ap2.se

The figures refer to the 356 companies included in the survey listed on NASDAQ OMX Stockholm, unless otherwise specified.

The First-Fourth AP Funds performed well in 2023 and strengthened the financial position of the income pension system by SEK 142 billion. The result corresponds to an average return of 8.1 per cent. At year-end, the four funds managed total assets of SEK 1,880 billion. The net payments of the AP Funds to the pension system totalled SEK 19 billion. This contributes strongly to the stability of the income pension system and its mission to maximise benefits for current and future pensioners.

The average return for the year was 8.1 per cent after costs. The average return of the AP Funds over the last five and ten years amounts to 8.5 and 8.0 per cent per year, respectively, compared with the income index’s performance of 3.5 and 2.8 per cent per year over the corresponding periods. The income index is used to calculate pensions and pension rights in the income pension system. When the returns of the AP Funds exceed the performance of the income index, the AP Funds contribute to the strength of the pension system. 

At the end of 2023, the total fund assets of the AP Funds amounted to SEK 1,880 billion. During 2023, the AP Funds paid out SEK 19 billion to cover the pension system’s deficit. Since they were launched in 2001, the AP Funds have made net payments of SEK 272 billion to the pension system. At the same time, their returns have contributed to the financial strength of the pension system, and the AP Funds’ share of the pension system now accounts for almost 16* per cent of pension assets, compared with 10 per cent in 2001. 

The AP Funds conduct cost-effective management that provides good returns after costs and also builds confidence in the AP Funds as the authorities for and managers of public pension funds. In 2023, total management costs amounted to 0.08 per cent of assets under management. The AP Funds are cost-effective in international benchmarking.  

During the year, the AP Funds continued with their efforts to achieve portfolios with net zero emissions. In 2023, the carbon emissions of the portfolios were reduced by a further 8 per cent. 

Kristin Magnusson Bernard CEO AP1, Eva Halvarsson CEO AP2, Staffan Hansén CEO AP3 and Niklas Ekvall CEO AP4 make a joint statement:  

“Our collective result for 2023 shows that all of us, with our different management strategies, navigated well in unsettled financial markets and can summarise a stable year. This means that the AP Funds have made a strong contribution to the stability of the pension system. From a 10-year perspective, the return has been high, averaging 8.0 per cent per year, compared with the average increase of 2.8 per cent per year for the income index. We are recognised internationally as a role model in sustainability and have continued to develop this important aspect via both responsible investment and responsible ownership.” 

* According to Swedish Pensions Agency Annual report 2023 (total fund capital from AP1, AP2, AP3, AP4, AP6). 

More information is available in the annual reports and sustainability reports published by the AP Funds at www.ap1.se, www.ap2.se, www.ap3.se and www.ap4.se 

 
For more information, contact: 
Sara Christensen, Head of Communications, AP1, sara.christensen@ap1.se 
Ulrika Danielson, Head of Communications, AP2, ulrika.danielson@ap2.se 
Lil Larås Lindgren, Head of Communications AP3, lil.lindgren@ap3.se 
Karoline Hammar, Head of Communications, AP4, karoline.hammar@ap4.se 

The AP Funds (AP1-AP4) 
The AP Funds manage the buffer capital in the national pension system on behalf of the Swedish Parliament and the Swedish people, for the benefit of current and future pensioners. The AP Funds are required to manage their assets in an exemplary way through responsible investments and ownership. Particular attention is paid to how sustainable development can be promoted without compromising the overall objective of maximising the benefits for the pension system. The AP Funds all have the same mission but different management strategies, and are governed by the National Pension Funds Act (2000:192). 

Andra AP-fonden (AP2) reported a total return after costs of 5.9 per cent for 2023, with a result amounting to SEK 23.8 billion, which was affected by a positive development, primarily in the Swedish and foreign developed equity markets. After net payments to the national pension system of SEK -4.8 billion, Fund assets under management totalled SEK 426.0 billion. The relative return was 0.2 per cent.

“2023 was an eventful year. Inflation and interest rates peaked in the summer and then fell in the latter part of the year, which contributed to a strong finish. Our result has been affected both by a positive development of primarily Swedish and foreign developed equity markets, but also by a negative development mainly within our real-estate investments,” says Eva Halvarsson, CEO of Andra AP-fonden.

“Internally, the year was characterised by extensive work to reshape governance and organisation in order to better cope with a changing world. Naturally we have always devoted time and energy to continually improving the organisation, but in 2023 we worked alongside our employees and the Board to look at all aspects of operations. We reviewed our asset management strategy, with the aim of generating a better return using a more dynamic and efficient approach,” says Eva Halvarsson.

“One further change that affected 2023 was our efforts to cut costs. Before the start of the year, the Board decided to reduce the total cost budget by 16 per cent, which is a result of our decision to bring most of our externally managed mandates in-house, and to discontinue management of Chinese A shares. We have been able to achieve this without any additions to our internal resources. Relocating our office to new, smaller premises also means a cost reduction,” says Eva Halvarsson.

“In the past ten years, AP2 has generated a return of 92.4 per cent, equivalent to an average annual return of 6.8 per cent, says Eva Halvarsson.

“During 2023 we have continued to develop responsible ownership and responsible investments. This took place within all five focus areas prioritised by the Fund. Among other things, climate plans have been defined for additional asset classes and the Fund’s reporting has been expanded with emissions data for more asset classes and Scope 3. AP2 was also one of the financial players announced at the World Economic Forum in Davos in January 2024 as an early adopter of the new framework Taskforce on Nature-related Disclosures (TNFD), as the Fund will publish a report for 2023 in the spring, says Eva Halvarsson.

The English versions of AP2’s Annual Report 2023, the Sustainability Report 2023, the TCFD and the TNFD reports will be available at www.ap2.se during March.

For further information please contact:
Eva Halvarsson, Andra AP-fonden’s CEO, tel. (+46) (0)31 704 29 00 or
Ulrika Danielson, Head of Communications and Corporate Governance, tel. +46 (0)709 50 16 13.

Andra AP-fonden (AP2) continued to develop responsible ownership and responsible investments in 2023. This took place within all of the now five focus areas prioritised by the Fund. Among other things, climate plans have been defined for additional asset classes and the Fund’s reporting has been expanded with emissions data for more asset classes and Scope 3. The Fund was also one of the financial players announced at the World Economic Forum in Davos in January 2024 as an early adopter of the new framework Taskforce on Nature-related Disclosures (TNFD), as the Fund will publish a report for 2023 in the spring.

“At AP2, we moved forward at full speed in 2023. Among other things, we have defined climate plans for more asset classes, including a process for the Fund’s investments in Swedish equities, with a detailed analysis and follow-up on the companies’ transition to net zero emissions. We have also continued to develop the Fund’s reporting, including emission data for more asset classes and scope 3,” says Eva Halvarsson, Andra AP-fonden’s CEO.

”Within biodiversity, we have analysed the Fund’s risk exposure within several of our asset classes and we are active in several global investor partnerships to combat deforestation. A very exciting collaboration has been initiated with the think tank Climate & Company to systematically identify deforestation exposure in global portfolios. Through this collaboration, we aim to create a publicly available tool that will be tested and applied to AP2’s holdings in listed equities,” says Eva Halvarsson.

“The Fund’s total carbon emissions, which include scope 1-3 and the more than 70 per cent of the Fund’s portfolio for which we report, continue to decline and decreased in 2023 by 25 per cent compared with the previous year. From 2019, we have reduced our total measured carbon emissions by approximately 48 per cent,” says Eva Halvarsson.

“Within corporate governance, we have expanded our voting in both Swedish and foreign companies. We have also had a number of dialogues with Swedish companies regarding incentive schemes, primarily the lack of performance-related goals and sustainability goals,” says Eva Halvarsson.

The English versions of AP2’s Sustainability Report and the TCFD and TNFD Reports will be available at www.ap2.se during March.

For further information please contact:

Eva Halvarsson, Andra AP-fonden’s CEO, tel. +46 (0)31 704 29 00 or
Ulrika Danielson, Head of Communications and Corporate Governance, tel. +46 (0)709 50 16 13.