Solid PFA return after a strong H1

The first six months of 2017 proved positive for PFA and its more than 1.2 million customers. The focus areas in the ambitious 2020 strategy are going according to plan with solid long-term returns, a continued growth in payments of 9 per cent and an operating profit of DKK 968 million, of which DKK 827 million is returned to the customers through PFA CustomerCapital.

PFA’s interim financial statements for H1 2017 demonstrate a robust PFA and reflect that the activities which result from the Group’s 2020 strategy are successful. Allan Polack, Group CEO in PFA Pension, says:

“In particular, I am very pleased with the completeness of the results generated during H1, including the positive outcomes of the activities derived from our 2020 strategy. The interim results show an overall solid PFA with strong returns, growth according to plan, expenses under control – and, again, we are able to demonstrate that the customers benefit greatly from the fact that our shareholders have waived large dividends. Of our total operating profit amounting to almost DKK 1 billion, DKK 827 million is returned directly to the customers through CustomerCapital.”

PFA generated a total return of DKK 9.5 billion and up to 6 per cent for customers with market rate plans. The expenses per insured are DKK 370, payments have increased by 9 per cent and total DKK 16.8 billion, net payments stand at DKK 6.6 billion and the total customer funds are up by DKK 14 billion to a total of DKK 453 billion. In addition, PFA has generated an operating profit of DKK 968 million.

“It is satisfactory that both premiums and contributions grow decently. Regular premiums grew by 11 per cent, however, it is particularly satisfactory that the payments significantly outweigh the payouts. Net payments total DKK 6.6 billion, which is equivalent to 39 per cent of the total payments being used for pure growth,” Allan Polack says.

At the same time, the cooperation with Letpension shows significant progress. The accumulated funds for H1 2017 total DKK 7.3 billion, which is 48 per cent more compared to H1 2016.

Solid returns and top rating of PFA Invest 

During H1, PFA generated a total return of DKK 9.5 billionfor its customers , which resulted in returns between 2.6 and 6.0 per cent incl. CustomerCapital for customers with market rate plans. These are solid returns that PFA is very pleased with.

“We are pleased to again be able to ensure our customers a significant improvement of the purchasing power of their pension funds. PFA has generated positive returns for 16 years in a row, and we are pleased to once again demonstrate high returns for H1 despite the insecurity following the election of Donald Trump and the uncertainty about the outcomes of the elections in the Netherlands, France and Great Britain,” Allan Polack says.

The investment fund PFA Invest experienced large growth during H1 2017. Statistics from the analysis institute Morningstar show that PFA Invest is the best-rated investment fund in Denmark and, at the same time, among the most inexpensive.

Stabilisation of the sickness and accident insurance operations

The sickness and accident insurance operations resulted in a loss of DKK 293 million during H1 2017 against a loss of DKK 631 million during the same period last year. This is an improvement of DKK 338 million.

“The development of the sickness and accident operations continues in the right direction. However, we know that it is a long-haul process, but we continue to take important steps. This spring, we launched a new health strategy, which introduces a new, holistic approach to health and preventive initiatives. Among other things, we launched PFA EarlyCare, which ensures help at an early stage in order to allow the individual employee to return to work as soon as possible – for the benefit of the employee, the company and PFA,” Allan Polack says.


  • The total payments stand at DKK 16.8 billion (DKK 15.5 billion)*
  • Net payments total DKK 6.6 billion (6.8)*
  • The sickness and accident insurance operations resulted in a loss of DKK 293 million (DKK -631 million)*
  • The total pre-tax insurance result amounts to DKK 968 million (DKK 714 million)*
  • PFA CustomerCapital’s share of the result amounts to DKK 827 million (DKK 599 million)* 
  • The expenses per insured stand at DKK 370 (DKK 371)*
  • The total customer founds amount to DKK 453 billion (DKK 406 billion)*/**
  • The total return on investments amounts to DKK 9.5 billion
  • Customers with a market rate plan received a return between 2.6 and 6.0 per cent incl. CustomerCapital
  • Average interest rate products generated a return of 1.7 per cent.

* Compared to the same period in 2016.
** The total customer funds have been calculated as provisions for insurance and investment contracts plus CustomerCapital.