Folksam (FS) Q4 2024 earnings summary

Executive summary

• Total assets under management increased to SEK 920 billion, up SEK 97 billion year-over-year, reflecting strong financial standing and positive returns across business lines.

• Group-wide returns: 8.0% for Folksam Liv and Folksam Tjänstepension, 8.2% for KPA Tjänstepensionsförsäkring, and 4.5% for Folksam Sak.

• Folksam maintained its market-leading position in pensions and life insurance, with high customer satisfaction and top sustainability rankings.

• Cost reduction initiatives improved profitability, but further work remains to enhance competitiveness.

Financial highlights

• Premium income for the group rose to SEK 79,457 million from SEK 71,923 million year-over-year.

• Folksam Liv group premiums: SEK 62,161 million (up from SEK 55,964 million); assets under management: SEK 584,168 million.

• Folksam Sak group premiums: SEK 17,296 million (up 8% from SEK 15,958 million); assets under management: SEK 55,700 million.

• KPA Tjänstepensionsförsäkring premiums: SEK 31,552 million (up from SEK 28,938 million); assets under management: SEK 339,570 million.

• Folksam LO Tjänstepension premiums: SEK 12,837 million (up from SEK 9,357 million); fund assets: SEK 206,052 million.

Outlook and guidance

• Focus for 2025 is on simplifying operations, increasing profitability, and enhancing customer orientation.

• Continued cost reduction and digital transformation are expected to further improve efficiency and competitiveness.