A strong, intense year

Staffan Hansén, CEO of AP3:

“The 2024 financial year was defined by geopolitics, US economic dominance and Trump’s re-election as president. AP3 navigated the year wisely and delivered strong returns to the benefit of the national pension system. In parallel, the Fund worked hard to implement its new system platform. All in all, I am very pleased with our performance in the past year.”

AP3 delivered a 10.3 per cent return after expenses and achieved an annual average return of 8.2 per cent for the last five years and 8.4 per cent for the last 10 years. Asset management costs were 0.07% (0.07), of which operating expenses were 0.06% (0.06).

Significant events in 2024:

• Intensive work to implement the new system platform to future-proof the Fund’s operational support.
• AP3 gradually returned to investing in emerging markets in line with the new global investment risk framework.
• AP3 employees underwent training to gain certification in sustainability, enhancing the Fund’s sustainability efforts.
• In December, AP3 was awarded a prize for best corporate governance and engagement at the 2024 IPE European Pension Fund Awards.

On 31 January 2025, the Government Offices of Sweden announced in a press release that the Pension Group, in which all parliamentary parties are represented, supports the proposal for the assets of the First AP Fund to be transferred in equal shares to the Third and Fourth AP Funds. The aim is for the changes to have been implemented by 1 January 2026.

Staffan Hansén, CEO of AP3:
“It is now up to AP3, in partnership with the other funds, to carry this out with the best outcome for the pension system.”

AP3 Annual Report 2024 >> (in Swedish until the middle of March)

AP3’s key ratios	31 Dec 2024	31 Dec 2023
Fund capital at year-end	549.1	499.8
Net payments to pension system, SEK bn	2.0	4.8
Net result, SEK bn	51.3	36.2
Return before expenses	10.4	7.8
Return after expenses, %	10.3	7.8
Total asset management costs, %	0.07	0.07
Asset management costs excluding commission expenses, %	0.06	0.06
Annual average return after expenses, 5 yrs, %	8.2	9.6
Annual average return after expenses, 10 yrs, %	8.4	8.7

In case of questions, please contact:

Lil Larås Lindgren, Head of Communications. lil.lindgren@ap3.se

AP3 is one of five buffer funds that manage capital on behalf of the Swedish state pension system. At 31 December 2024, the fund had SEK 549.1 billion under management and an annual return of 10,3 per cent after expenses.

The fund is tasked by the Swedish Parliament with generating the 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 Third Swedish National Pension Fund (AP3) at www.ap3.se/en/