Skandia Liv reveals continued progress in 2025 interim report

Written by Callum Conway

29/10/2025

Skandia’s interim report has revealed that its total return for Skandia Liv, its traditional life insurance business, was 3.2% for the nine months to 30 September 2025, as gains in Swedish equities and property continue to offset weaker private markets.

According to the report, the average five-year return was 6%.

It also showed that group assets under management edged up to SEK 877bn from SEK 863bn at year-end, while the life company’s solvency ratio remained robust at 206% (205% at year-end).

In addition, total assets in the traditional life portfolio rose to SEK 611bn (SEK 606bn at year-end).

Meanwhile, premiums across the group totalled SEK 33.7bn in January-September, down 1% YoY.

Within this, premiums for traditional products were SEK 17.1bn, with SEK 13.5bn for fund and deposit insurance and SEK 3.1bn for health and protection, while fund and deposit insurance assets were SEK 206bn at period-end.

Skandia highlighted that Swedish listed equities delivered the most substantial contribution within the life portfolio in the period (+6.5%), with real estate also positive (+4.3%).

Private equity and infrastructure detracted by −7.9% and −3.1%, respectively.

The collective consolidation ratio was 105% on 30 September, and the bonus rate has been 5% since May 2025.

The positive returns continued from Skandia's half-year report, which showed stability during a turbulent second quarter and first half of 2025.

Skandia CEO and president, Frans Lindelöw, said the firm's life portfolio was "structured to stand firm in different weather conditions so that customers can feel secure with their pension savings."

"This meant continued stability during the third quarter of the year," he added.

Meanwhile, the group noted continued investment aligned with its 2030 climate roadmap, primarily through green bonds, infrastructure, and sustainable property management, aiming to reduce climate risk while supporting the transition.

Lindelöw said it aimed to reduce the financial climate risk in the portfolio, while contributing capital to future climate solutions that can promote both returns and transition.

The report also flagged that mortgage applications and volumes picked up late in Q3, with Riksbank’s September rate cut creating room for further recovery in Sweden’s housing market; Skandiabanken’s mortgage book stood at SEK 113bn at quarter-end.

Skandia added that an early investment in Klarna had delivered a "positive value outcome" following the company’s US listing, and reiterated that, as a customer-owned mutual, surpluses are distributed to policyholders.

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