In Q1, ATP generated a return before tax and expenses in the investment portfolio of DKK 7.8bn, equivalent to a return relative to ATP’s bonus potential of 7.8 per cent. The return was achieved broadly across the portfolio, but equity investments and credit investments yielded significant positive contributions. In the past five years, ATP has delivered an average return of 3.7 per cent per quarter and achieved positive returns in the investment portfolio in 18 out of 20 quarters.

In 2016, ATP achieved a return in the investment portfolio of DKK 15.3bn before tax and expenses, corresponding to 15.0 per cent relative to the bonus potential. Net results for the year totalled DKK 9.3bn before life expectancy update, but as members’ life expectancy is increasing more than expected, the ATP Supervisory Board decided at the end of H1 to transfer DKK 9.9bn from the bonus potential to the existing guarantees. The annual results thus amount to DKK (0.6)bn.

In the first three quarters of the year, the ATP Group posted a return in the investment portfolio of DKK 12.5bn, equivalent to 12.3 per cent return relative to ATP’s bonus potential.

ATPs hedging portfolio protected the pension guarantees against the significant drop in interest rates, that occurred in Q1.

ATP achieved an investment return of DKK 16.5bn in 2015, equivalent to 17.2 per cent before tax and expenses. Administration expenses were cut by 7 per cent, and pensions were raised for the third year running.