Skandia reports 3.1% total returns for H1 2023

Written by Michael Griffiths

21/07/2023

Skandia has reported total returns amounting to 3.1% for the first half of 2023, compared to -4.8% in H1 last year.

Total managed capital in the Swedish life company amounted to SEK 586bn, compared to SEK 574bn at the turn of the year.

Assets under management for the group amounted to SEK 797bn, compared to SEK 765bn at the turn of the year, while the solvency ratio in the group amounted to 213%, compared to 212% at end of 2022.

Skandia CEO, Frans Lindelöw, said that the first half of 2023 has been “characterised by rising interest rates and high inflation”, which has affected both the company and its customers.

“We have a long-term investment strategy and a good spread of risk in the life portfolio, and the return in the first half of the year has been stable,” Lindelöw said.

“Of the assets in the life portfolio, listed shares have had the best development. The weaker Swedish krona has meant that investments in mainly foreign shares have developed well. We spread the risks over many different asset classes, where we combine a good long-term return with healthy risk-taking. Skandia’s life portfolio is composed to stand firm in all weathers.”

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