A strong, intense year
AP3 had a successful 2024 with a profit of SEK 51.3 billion. This corresponds to a 10.3 per cent return after expenses. The fund capital totalled SEK 549.1 billion at year-end.

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/
Contacts
Lil Larås LindgrenAP3
Tel:+46709 517223lil.lindgren@ap3.seSubscribe to releases from AP3 Tredje AP-fonden
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Latest releases from AP3 Tredje AP-fonden
Ett starkt och intensivt år18.2.2025 08:32:45 CET | Pressmeddelande
AP3 summerar ett starkt 2024 med ett resultat som uppgick till 51,3 miljarder kronor. Det motsvarar 10,3 procent avkastning efter kostnader. Fondkapitalet uppgick per årsskiftet till 549,1 miljarder kronor.
Ägarstyrning med långsiktigt hållbart värdeskapande som mål11.9.2024 14:46:18 CEST | Pressmeddelande
I en ny rapport summerar Tredje AP-fonden (AP3) årets ägarstyrningsarbete och summerar även årets bolagsstämmosäsong 2023-2024. Hur utövar AP3 sitt ägaransvar? Hur ser AP3s påverkansdialoger ut kring fondens fokusområden Klimat, Mänskliga rättigheter, Biologisk mångfald och Bolagsstyrning? Har bolagen ökat sina ambitioner eller tvärtom?
AP3 delivered 7.1 percent return first half of the year driven by the strong performance of the global equity markets28.8.2024 10:47:50 CEST | Press Release
Staffan Hansén, CEO AP3: “I am very pleased with the returns delivered by AP3 during the first half of the year. The equity allocation was gradually increased during the period, which paid off as the results were mainly driven by the strong performance of the global equity markets. I want to express my appreciation to all AP3 employees who are doing a fantastic job and delivering across the organisation.”
AP3 levererade 7,1 procent i avkastning första halvåret drivet av starka aktiemarknader28.8.2024 10:35:19 CEST | Pressmeddelande
Staffan Hansén, VD AP3: ”Jag är mycket nöjd med avkastningen som AP3 levererade under det första halvåret. Aktieandelen ökades successivt under perioden vilket gav utdelning, då resultatet i huvudsak drevs av den starka utvecklingen på de globala aktiemarknaderna. Jag vill ge en stor eloge till alla medarbetare som gör ett fantastiskt arbete och levererar över hela linjen.”
AP3 reports stable performance – and is focusing on building for the future22.2.2024 09:07:06 CET | Press Release
AP3 reports a stable performance for, with fund capital totalling SEK 500 billion. The result was 36.2 billion, giving a return of 7.8 per cent for the year. Over five and ten years, this gives returns after costs of 9.6 and 8.7 per cent respectively.
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