PFA: Strong growth, improved bottom line and competitive returns

In 2025, PFA once again delivered attractive investment returns to its customers, while payments increased significantly to a total of DKK 78.6 billion, compared to DKK 61.3 billion the year before. This represents a 28.1 per cent growth in payments, while net payments (payments minus payouts) reached DKK 33.0 billion, nearly doubling within a year. PFA’s overall result, which is shared with customers, also improved, and the health and accident insurance area is now in balance, marking a major milestone.

In 2025, PFA achieved a result, before tax and profit sharing with customers, of DKK 2.74 billion compared to DKK 2.47 billion in 2024.

The improvement in results is primarily driven by progress in the health and accident insurance area, strong investment performance, improved operations, and a continued significant inflow of customers in recent years.

“2025 has been a very strong year for PFA, where we have broken several records. We are particularly pleased with the significant growth of our customer community, with profitable growth in payments, meaning that both new and existing customers are increasingly choosing us. Profitable growth benefits the entire customer community, as economies of scale lead to lower costs, better solutions and improved services for all customers,” says Ole Krogh, CEO of PFA.

“We are very pleased that, once again in 2025, we delivered competitive returns to our customers despite significant global turbulence and challenges in the financial markets. At the same time, it is a major milestone for us that the health and accident insurance area is now in balance after several years of deficits. The strong overall result demonstrates that we have a healthy business with growth in both the top and bottom line,” says Ole Krogh, CEO of PFA.

PFA’s profit benefits customers through profit sharing via PFA CustomerCapital. In spring 2026, PFA expects to distribute DKK 2.1 billion to customers as interest on individual CustomerCapital for 2025. Since the introduction of PFA CustomerCapital in 2004, PFA has shared profits with its customers amounting to a total of DKK 30.6 billion.

Significant influx of new customers and record-high payments
In 2025, PFA experienced substantial growth in customer payments compared to 2024. Total payments amounted to DKK 78.6 billion, up from DKK 61.3 billion the previous year, representing an increase of 28.1 per cent. Over the past three years, PFA’s payments have grown by a total of DKK 32.4 billion, corresponding to a 70.1 per cent increase during the period. This also means that PFA continues to gain market share. 

The growth in 2025 is attributed to many new customers choosing PFA as their pension provider with increases in both regular payments and single payments. Regular payments rose to DKK 36 billion from DKK 32.6 billion, an increase of 10.4 per cent. Single payments increased to DKK 42.6 billion from DKK 28.8 billion, representing a 48.3 per cent rise. 

Net payments, which are payments minus payouts, grew to DKK 33 billion from DKK 17.4 billion, a 90 per cent increase compared to the previous year. 

The influx of new customers and strong investment results led to customer funds increasing by DKK 68 billion, from DKK 678 billion in 2024 to DKK 746 billion in 2025. As at 30 January 2026, PFA’s total funds under management amount to DKK 764 billion. 

In 2025, PFA achieved a net addition of 1,086 corporate and organisational customers corresponding to DKK 1,435 million in net annual payments from employees with these companies and organisations. This represents a 116 per cent increase compared to 2024, when the figure was DKK 664 million. In terms of individuals, there was a net addition of 22,400 customers during 2025. 

“We are proud and delighted that so many customers choose PFA as their pension provider, and that both new and existing corporate and organisational customers wish to be part of our customer community. The high growth in payments and the significant net customer influx demonstrate that we are well-positioned in the market with a strong overall value proposition. The cornerstones of our value proposition are financial security, strong health and senior solutions, and social responsibility, which are also the areas that matter most to our 1.3 million customers and, consequently, to society,” says Ole Krogh. 

“The significant and profitable growth benefits all customers through economies of scale, which contribute to lower prices, greater opportunities to invest in improved solutions and services, and a larger surplus that can be allocated to customers in the form of CustomerCapital,” he adds. 

Milestone achieved: Health and accident area in balance
Since 1 January 2022, PFA has underwritten occupational capacity insurance under the life insurance business, while health and accident insurance underwritten before this date are included under the item “Health and accident insurance.” Since the 2024 annual report, PFA has added an additional financial note for the overall result of all health and accident insurance with PFA, which can be compared to the other commercial pension companies. This is referred to as the “Comparable health and accident result (Supplementary statement).” 

Overall, the result for all health and accident insurance with PFA, the comparable health and accident result, amounted to DKK 378 million in 2025, compared to DKK -282 million in 2024. This underscores that the segment is now in balance, including the operating profit (premium payments minus claims expenses) of DKK 58 million. The result was positively impacted by investment returns and negatively by a one-off provision for an increased risk margin. 

The portion of the comparable health and accident insurance result that can be found under the financial statement item “Technical result of health and accident insurance,” and which does not include occupational capacity insurance and critical illness insurance underwritten in life insurance since 2022, amounts to DKK -44 million for the year. This has been included in the overall positive comparable health and accident insurance result.

The progress achieved in recent years, leading to the milestone of balancing the health and accident insurance accounts, is due to three main factors.

Firstly, PFA continues to assist more customers in preventing and avoiding long-term illnesses. In 2025, PFA’s healthcare professionals conducted 324,420 consultations with customers, alongside a significant increase in digital inquiries to PFA Health Insurance. This resulted in customers using PFA Health Insurance digitally 113,128 times compared to 65,600 in 2024. This development is partly due to improved digital claims options and access to online doctors, psychologists physiotherapists, and coaches.

In 2025, PFA helped approximately 154,000 children and adults through treatment programmes. This represents a 19 per cent increase compared to 2024, when the figure was 129,000. The development is primarily driven by more customers seeking help and guidance for mental health issues or musculoskeletal injuries as well as PFA intensifying its proactive efforts and support for customers.

Secondly, PFA focuses on helping individuals on long-term sick leave return to work. In 2025, 1,694 customers re-entered the labour market compared to 1,591 the previous year representing a 6 per cent increase.

Thirdly, insurance prices have become more balanced, as all corporate and organisational customers in PFA have now had their agreements renegotiated since the Danish Executive Order on Health and Accident Insurance came into effect on 1 January 2022.

Overall, these efforts have resulted in a significant financial impact and improvement in results.

“We can see that our work to provide customers with swift and proper assistance is making a difference. We aim to prevent long-term illness, among other things, by using data and artificial intelligence to proactively reach out to customers who are in particular need of help. This means we are helping more customers recover and regain their ability to work more quickly. At the same time, achieving balance within the health and accident insurance area is an important milestone for us after several years of substantial deficits. This has required significant effort over recent years, and there is still a need to maintain a strong focus on sustaining this level in the coming years, as unfortunately, we continue to see increasing mental health challenges and a growing need for assistance, especially in the mental health area,” says Ole Krogh.

PFA remains focused on developing health solutions that meet customers' needs and is seeing positive results from its new digital solutions.

“We must continuously improve the support and solutions we provide to our customers, as the health of people in Denmark remains under pressure. In 2025, we further developed our digital health offerings, making it even easier for customers to access the right help quickly, and we are pleased to see that customers are making significant use of these services. By leveraging digital solutions and artificial intelligence, we can intervene earlier and more effectively reducing the risk of symptoms developing into long-term illness. If a customer is already experiencing long-term illness, we can provide faster assistance to help them return to the labour market,” says Ole Krogh.

PFA’s pension customers achieved competitive investment returns 
Despite a turbulent year marked by ongoing geopolitical tensions, trade wars and significant currency fluctuations, the global economy performed reasonably well overall in 2025. This provided favourable conditions in the financial markets, resulting in strong returns for PFA’s customers.

A typical customer in PFA’s recommended investment profile with medium risk and 15 years to retirement achieved a return of 9.8 per cent in 2025. Over the past three years, a similar customer has received a total return of 40 per cent, placing PFA among the top commercial pension companies. Over a ten-year period, a typical customer has achieved a 96 per cent investment return.

All PFA’s investment profiles delivered positive returns in 2025, including both PFA Plus and PFA’s more climate-focused savings solution, PFA Climate Plus.

“We are very pleased that, once again in 2025, we have delivered competitive investment returns to our customers and that, over the past three years, we have produced investment results that rank among the top in the commercial market. This contributes to providing the greatest possible financial security for our customers, which is one of our most important tasks. In a year marked by significant currency fluctuations, effective dollar hedging has proven to be a crucial factor in generating strong investment returns for our customers,” says Ole Krogh.

In 2025, PFA’s new investment profiles were fully implemented for approximately 800,000 customers in the market rate environment. These profiles feature a higher proportion of equities and an adjusted risk reduction strategy. The aim is to increase expected returns while ensuring financial security and stability around and in retirement.

“Our new investment profiles have had a strong start, and our customers are already benefiting from even better investment returns. Our analyses show that, in the long term, the new investment profiles can also increase customers’ expected returns and payouts, while providing better protection as they approach or are in retirement. This supports our ambition to create financial security through strong returns,” says Ole Krogh.

Customer satisfaction and reputation among the best in the industry 
High customer satisfaction is essential in a customer community like PFA. In 2025, PFA continued to have the most satisfied individual and corporate customers among the commercial pension companies. This is reflected in surveys from EPSI and Aalund’s Corporate Pension Barometer, where PFA ranks number one among commercial pension companies.

PFA’s reputation has also developed positively. In 2025, PFA was the highest-ranked financial company in Berlingske’s Image Analysis, securing 13th place among the country’s largest companies. A 31-place improvement over three years.

“It is very important to us that customers are satisfied with being part of our customer community. That is why we work purposefully to create excellent customer experiences and maintain a strong reputation. We are pleased to see in surveys and daily feedback that individual, corporate and organisational customers are very satisfied, while we are also welcoming more customers than ever before,” says Ole Krogh.

“Customer satisfaction will remain a key focus area for us in 2026. We will continue to strive to deliver the industry’s best solutions, advisory services and customer experiences within health, finances and senior life,” he adds.

New strategy for 2030 launched 
In January 2026, PFA launched the strategy “A larger and stronger customer community,” which outlines PFA’s vision towards 2030.

The strategy is a growth strategy, with PFA aiming to manage DKK 1,100 billion by 2030. Growth must remain profitable, with an ambition to achieve an average return on equity of at least 7 per cent annually leading up to 2030. The economies of scale achieved through growth will benefit customers in the form of lower prices.

“With our new strategy, our ambition is to strengthen our position as Denmark’s preferred and market-leading pension company, which, through economies of scale and efficient operations, creates the most value and security for our customers and thereby for society,” says Ole Krogh.

“Scale is absolutely crucial for creating maximum value for our customers. If we succeed in continuing the growth we aspire to, we can further reduce prices for our customers while investing in even better and simpler solutions and services. A larger and stronger PFA benefits the entire customer community,” says Ole Krogh.