ATP achieved an exceptionally solid return of DKK 29.7bn in the investment portfolio before expenses and tax for the full year 2017, corresponding to 29.5 per cent relative to the bonus potential.

In Q1-Q3, ATP generated a return in the investment portfolio of DKK 24.6bn before tax and expenses, equivalent to a rate of return of 24.4 per cent relative to ATP’s bonus potential. The return was achieved broadly across the portfolio, but was driven, in particular, by equity investments. For Q3 alone, the return was 8.9 per cent relative to the bonus potential. In the past five years, ATP has delivered an average return of 4.0 per cent per quarter in the investment portfolio and achieved positive returns in 18 out of 20 quarters.

In H1, ATP generated a return in the investment portfolio of DKK 14.7bn before tax and expenses, equivalent to a rate of return of 14.6 per cent relative to ATP’s bonus potential – ATP’s free reserves.

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.