Report on operations

AP4s Fund Capital increases to SEK 348 billion

With a positive result of almost SEK 17 billion, the Fourth Swedish National Pension Fund's (AP4) fund capital increased to SEK 348 billion - a new record level. AP4's return, after costs, amounted to 5.2 percent for the first six months. AP4’s average annual return over the last ten years has increased to 6.5 percent after costs, which exceeds wage growth (income index) and AP4’s long-term return target by a wide margin.

YEAR IN BRIEF, KEY FIGURES Jan-Jun 2017 Jan-Jun 2016 Jan-Dec 2016
Fund capital, SEK bn  347.6 312.5  333.9
Net profit, SEK bn  17.3 5.6  30.5
Net disbursements to pension system, SEK bn  -3.7 -3.2  -6.6
Fund capital at January 1, 2017, SEK bn  333.9  310.0  310.0
       
Expense ratio, operating expenses %²  0.06  0.06  0.06
Expense ratio, commission fees %²  0.04  0.04  0.04
Total expense ratio, %²  0.10  0.10  0.10
       
Return after expenses, %  5.2 1.9  10.0
Real return after expenses, %³  4.5  1.1  8.3
       
Annual total return after expenses, average 5 years, %  11,8 9.7  12.0
Annual total return after expenses, average 10 years, %  6,5 6.8  6.7
       
Real annualized return after expenses, 10.0 years, %³  5,4 5.7 5.5