PFA exists to create financial security for our customers through good advisory services, good insurance and health solutions and by delivering competitive risk-adjusted returns on their pension savings. This requires a stable, well-functioning and competitive society. The war in Ukraine and Europe’s economic challenges and energy dependence underline the need to do more to ensure a strong and secure Europe in the future.
We want to contribute to this by focusing not only on financial security but also on societal security. For us, security is about defence and cyber security as well as Europe’s critical infrastructure, competitiveness and energy supply security.
Specifically, we will support these areas through our investments and active ownership while at the same time creating competitive returns for our 1.3 million customers. The prerequisite for our ambitions and initiatives is that they go hand in hand with the ambition of delivering competitive risk-adjusted returns to customers.
Ambitions
DKK 500 billion invested in European assets (equities, bonds, properties, etc.) by 2030
50 % of listed defence equities (Aerospace & Defence) will be sought invested in European companies
5 new You Invest funds focusing on European growth, innovation and security within different sectors launched by 2030
At least 50 companies will have been in active ownership dialogues with PFA on security, including critical infrastructure, cyber security, energy supply security and defence, towards 2030
Europe is a cornerstone of PFA’s investments. We are already heavily invested in Danish and European assets with approx. DKK 400 billion on the continent at the end of 2025. Our ambition is to reach DKK 500 billion by the end of 2030. The investments are wide-ranging – from government bonds and properties to listed companies, infrastructure and growth companies. By investing in European welfare societies and companies, people in Denmark’s pension savings help strengthen Europe’s ability to handle future challenges. In this way, we are working to ensure that our investments can contribute even more to a strong and secure Europe in future while we deliver competitive risk-adjusted returns on customers’ pension savings.
A strong defence is a prerequisite for secure and stable societies. After Russia’s invasion of Ukraine, we adjusted our investment policy so that we can increase our engagement in European defence companies. Our ambition is that 50 % of our investments in listed defence equities will be placed in European companies in 2030, provided that this can go hand in hand with competitive risk-adjusted returns.
At the same time, we have given customers new opportunities to invest more in defence. This is done through the establishment of two dedicated defence and security funds, where customers can themselves invest part of their pension savings in the sector. In line with the focused defence funds, PFA also offers funds targeted at biodiversity, the circular economy and diversity, etc.
If you wish to avoid investments in defence entirely, you can place your savings in PFA Climate Plus.
We invest in Danish and European growth companies that promote innovation and strengthen competitiveness. We focus particularly on the segment between start-ups and established companies, where there is a need for capital to scale young businesses.
Our investments are always made with an interest for creating competitive risk-adjusted returns for our customers. This is particularly important to bear in mind when we talk about growth companies, where investments are associated with higher risk. Therefore, we cooperate with skilled external managers who have the necessary experience and expertise to select the right companies, where growth, returns and the development of the next generation of winning businesses go hand in hand.
We are active in this area and constantly on the lookout for investment opportunities that can help ensure financial security and growth – both for our customers and for society as a whole.
For us, energy supply security and the green transition go hand in hand. We invest in energy companies that play a central role in the development of renewable energy and contribute to a stable energy supply in Europe. While fossil fuels are necessary to ensure increased competitiveness and energy independence during a transition period, we focus specifically on supporting solutions that reduce dependence on fossil fuels on the way towards a fossil-free society. As with the other ambitions, the investments must go hand in hand with competitive risk-adjusted returns. Although there are challenges in certain parts and geographies of the green transition, it is still possible to find attractive investments. And we believe that we can generate additional returns for our customers by focusing on companies that are part of the transition.
We work as an active owner to ensure that energy companies have credible transition plans. With significant investments in renewable energy projects and sustainable infrastructure, it is our ambition to support an energy transition that both benefits the climate and creates stability. We are also active in the Climate Partnership for the financial sector, where we regularly make recommendations for initiatives that can accelerate the transition.
Read more:
PFA’s approach to the energy transition
We know that it starts with us, also within defence and security. Therefore, as a company we are a member of InterForce, which supports the many people in Denmark who contribute to Denmark’s security through their affiliation with the Danish Armed Forces. We wish to strengthen cooperation between civil society and the Danish Armed Forces and to focus on how we can jointly create a stronger and safer society. We have therefore introduced five paid days off per year for employees affiliated with the Danish Armed Forces as reservists or as volunteers in the Danish Home Guard, the Danish Emergency Management Agency and the Coastal Rescue Service in connection with documented service. We are proud to support those who work for our common security.
