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​KLP posts 0.5% H1 loss, reveals lost €14.3m on sale of DC unit

first_imgWhile KLP posted a -0.5% first half investment return on a value-adjusted basis, in booked terms – the actual return passed on to customers – the return was a positive 1.9%.Total group assets rose to NOK786bn (€74bn) at the end of June, from NOK763bn at the end of 2019, according to the interim financial data.“Despite low returns in the financial markets, KLP is still very solid, and well equipped to face further unrest for a long time, without our customers having to worry,” Thornes said.Among individual asset classes, the pension fund’s equities holdings ended the first half with the weakest return, losing 7.0%, while short-term bonds produced a 4% return, long-term/hold-to-maturity bonds made 1.8%, and property generated 1.5%.KLP said the sale of its DC business was still awaiting approval from the Norwegian FSA (Finanstilsynet), but that it had met with a positive conclusion from the Norwegian Competition Authority. Final approval is expected during the third quarter of this year, the firm said.“With the framework for public sector pensions now resolved, given the limited DC market in the public sector – and bearing in mind the need for major investments in system upgrades to manage the revised framework conditions and give customers the best service – it is the right time to find an owner for the company who will be able to see to customers’ best interests in future,” Thornes said.KLP also reported that it repurchased €306m of its own subordinated debt in the six-month period, which resulted in NOK291m costs in its accounts, but said the move would give rise to large annual cost savings over the next five years.Looking for IPE’s latest magazine? Read the digital edition here. Norway’s largest municipal pension provider Kommunal Landspensjonskasse (KLP) revealed a 0.5% investment loss for the first half of this year, but sought to reassure local authority customers it was still solid enough to stand a long period of market turmoil.Reporting interim results, the pension fund also revealed it was taking a NOK152m (€14.3m) loss on the sale of the defined contribution (DC) corporate pensions subsidiary KLP Bedriftspensjon, which it announced in June it was selling to DNB Livsforsikring.Investment performance improved in the second quarter for KLP, with a value-adjusted return of 3.2% for the three-month period, following the 3.7% loss it reported for January to March.Sverre Thornes, KLP chief executive officer, said: “The world’s financial markets remain challenging, but we have built up our buffer capital over several years in order to ensure we are equipped for market unrest like this.”last_img read more

Heung-Min Son close to military service exemption as South Korea make final

first_img Where Ancelotti ranks with every Premier League boss for trophies won huge blow Which teams do the best on Boxing Day in the Premier League era? Latest Premier League News silverware How the Premier League table could change after the Boxing Day fixtures Tottenham v Brighton LIVE: talkSPORT commentary and team news for Boxing Day opener smart causal Boxing Day fixtures: All nine Premier League games live on talkSPORT 1 gameday REVEALED England’s most successful clubs of the past decade, according to trophies won Tottenham Hotspur star Heung-Min Son has helped South Korea to the final of the Asian Games.The forward captained his nation to a 3-1 victory over Vietnam in Cibinong, Indonesia. Tottenham Hotspur star Heung-Min Son celebrates with Lee Seung-Woo no dice Every current Premier League club’s best kit from the past decade possible standings Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury A brace from Hellas Verona winger Lee Seung-Woo and a strike from Hwang Ui-Jo were enough to get the job done for the Taegeuk Warriors, despite a late consolation goal from Minh Vuong Tran after 70 minutes.Spurs star Son got the assist for Hwang Ui-Jo’s goal, giving the Gamba Osaka striker his ninth of the competition and can now earn redemption from military service with victory in the final.The Gold Medal match is set to take place on September 1 where South Korea will meet Japan. Son ban confirmed as Tottenham fail with appeal to overturn red card gameday cracker Premier League Team of the Season so far, including Liverpool and Leicester stars shining REVEALED last_img read more