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AP3 – Strong results in a challenging year

Press release, 19 February 2021

AP3 reported a net result of SEK 37.2 billion, representing a return of 9.7% after expenses, for the 12 months ended 31 December 2020.

2020 in brief:

  • AP3 reported a net result of SEK 37.2 billion (59.5) for 2020.
  • Return totalled 9,8% (17.7) before expenses and 9.7% (17.6) after expenses.
  • The Fund made net-payments of SEK 7,902 (6,520) to the pension system.
  • Fund capital stood at SEK 422,974 million (393,696), an increase of SEK 29,278 million from the prior year.
  • The asset management cost ratio was 0.09% (0.09), of which operating expenses were 0.06% (0.06).
  • Average annual return after expenses for the last five and ten years stands at 9.1% and 8.7% respectively.
  • The income index, which governs pension credits and indexation, has risen by an annual average of 2.7% in the last 10 years. AP3’s returns exceeded the income index by 6.0 percentage points during this period, meaning that the Fund made a positive contribution to the financial stability of the pension system.
  • AP3 has exceeded the Fund’s long-term annual real return target. Since inception in 2001, AP3’s average annual real return is 5.0 %.

AP3 CEO Kerstin Hessius commented: ”2020 was a year that brought many challenges and AP3’s extensive experience and expertise proved immensely valuable in tackling them. I am proud of our net result of SEK 37.2 billion, which represents a return of 9.7%.

”The difficult and uncertain conditions created by the pandemic made responsible ownership more important than ever. AP3 exercised active governance by voting at more than 1,000 investee company meetings, including the AGMs of more than 70 Swedish listed companies. We engaged with companies through dialogue and participated in share issues. We also developed the investment portfolio in the direction to reach our 2025 climate goals.”

 31 Dec 202031 Dec 2019
Net result, SEK bn37.259.5
Net payment to the pension system, SEK bn7.96.5
Fund capital, SEK bn423.0393.7
Return after expenses, %9.717.6
Management expense ratio, %0.090.09
Management expense ratio, excluding commissions costs, %0.060.06
Annualised return after expenses, 5 yrs, %9.18.5
Annualised return after expenses, 10 yrs, %8.78.7
Annualised income index, 5 yrs, %2.82.5
Annualised income index, 10 yrs, %2.72.4
Real return after expenses, %9.115.6
Annualised real return after expenses, 10 yrs, %7.77.4


AP3’s annual report for 2020 is available for download here>>
(only in Swedish at the time being)

AP3’s climate report for 2020 (TCFD report) is available for download here>>
(only in Swedish at the time being)


For further information, please contact:

Kerstin Hessius, CEO. Tel: +46 8 555 171 00

Lil Larås Lindgren, Head of Communications. Tel: +46 8 555 171 23,

AP3 is one of five funds that manage capital on behalf of the Swedish state pension system. As at 31 December 2020, the Fund had SEK 423.0 billion of assets under management and an annual return of 9.8%.

AP3 is tasked by Parliament with generating maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk.

Read more about AP3 at