Record payments, solid profit and strong returns
In the first six months of the year, PFA’s customers once again received attractive investment returns, while payments increased by DKK 4.4 billion compared with the same period last year. Payments rose from DKK 37.3 billion to DKK 41.7 billion, corresponding to growth of 11.8 per cent. Net payments (payments less payouts) increased from DKK 13.8 billion to DKK 16.2 billion. PFA has never previously recorded such high payments and net payments in a six-month period.
In the first half of 2026, PFA recorded a profit before tax and profit sharing with customers of DKK 1.23 billion, compared with DKK 1.43 billion in the first half of 2025.
The strong financial result is attributable to solid operations across PFA, low costs and the continued substantial and profitable addition of new customers in recent years, while existing customers want to remain part of the customer community.
The slightly lower profit compared with the same period last year is primarily due to lower investment returns from the health and accident insurance business and the capital base.
“The first six months of the year have been very positive for both our customers and PFA, and we have broken several records. We are particularly pleased that the customer community continues to grow so significantly. When both new and existing customers increasingly choose PFA and we are growing profitably, it benefits the entire customer community, as economies of scale result in lower costs and enable us to invest in better solutions and services for all customers,” says Ole Krogh, CEO of PFA.
“We are pleased that, once again in 2026, we are delivering competitive returns and contributing to our customers’ financial security. The strong overall performance demonstrates that we have a sound business with profitable growth,” says Ole Krogh.
PFA’s profits benefit customers through profit sharing via PFA CustomerCapital. In spring 2026, PFA paid out DKK 2.1 billion to customers, corresponding to an interest of 10 per cent on their individual CustomerCapital for 2025. Since PFA CustomerCapital was introduced in 2004, PFA has shared profits with its customers totalling DKK 30.6 billion.
Strong influx of new customers and record-high payments
In the first six months of the year, PFA saw strong growth in customer payments compared with the same period last year. Total payments increased by DKK 4.4 billion from DKK 37.3 billion to DKK 41.7 billion. This corresponds to growth of 11.8 per cent.
This double-digit growth follows a 70 per cent increase in payments to PFA from 2022 to 2025.
The growth in the first six months of the year was driven by the large number of both new and existing customers choosing PFA as their pension provider. As a result, both regular payments and single payments increased. Regular payments rose by DKK 1.5 billion from DKK 17.6 billion to DKK 19.1 billion, corresponding to an increase of 8.5 per cent. Single payments rose by DKK 2.9 billion from DKK 19.8 billion to DKK 22.7 billion, representing an increase of 14.7 per cent.
Net payments, which reflect actual growth and are calculated as payments less payouts, increased from DKK 13.8 billion to DKK 16.2 billion. This means that PFA grew by DKK 16.2 billion in the first half of the year, excluding investment returns.
The influx of new customers and strong investment results led to an increase in customer funds of DKK 109 billion, from DKK 697 billion at the end of the first half of 2025 to DKK 806 billion at the end of the first half of 2026. As at 26 August, customer funds in PFA amounted to DKK 821 billion.
From 1 January 2023 to 26 August 2026, customer funds in PFA increased by DKK 269 billion.
“We are pleased and proud that so many customers are choosing PFA as their pension provider and that both new and existing corporate and organisational customers want to be part of our customer community. The strong growth in net payments and the substantial net influx of customers demonstrate that we have a strong market position and deliver significant value and security to our 1.3 million customers through financial, health and senior solutions and the social responsibility we assume,” says Ole Krogh.
Health and accident insurance business remains in balance
Since 1 January 2022, PFA has underwritten occupational capacity insurance, among other types of insurance, in its life insurance business, while health and accident insurance underwritten before that date is included under the financial statement item ‘health and accident insurance’. Since the 2024 Annual Report, PFA has included an additional note to the financial statements showing the overall result for all health and accident insurance at PFA, which can be compared with the results of the other commercial pension companies. This statement is referred to as the ‘comparable health and accident insurance result (supplementary statement)’.
Overall, the result for all of PFA’s health and accident insurance business – the comparable health and accident insurance result – was a loss of DKK 35 million for the first half of 2026, compared with a profit of DKK 433 million for the same period last year. The comparable health and accident insurance result is still expected to break even for the full year 2026. The operating result, calculated as premium payments less claims expenses, was a loss of DKK 31 million. This is an improvement compared with the same period last year, when the operating loss was DKK 93 million. The operating result should be viewed in relation to total premium payments of DKK 2.7 billion for the six-month period. The overall result was negatively impacted by the investment result of DKK -90 million in the health and accident insurance business, representing a deterioration of DKK 407 million compared with the corresponding period last year.
The part of the comparable health and accident insurance result reported under the financial statement item ‘technical result of health and accident insurance’, which does not include occupational capacity insurance and critical illness insurance underwritten in the life insurance business since 2022, amounted to DKK 7 million for the year. This amount is included in the overall comparable health and accident insurance result.
The improvement in recent years, which has brought the health and accident insurance result into balance, is attributable to three main factors.
Firstly, PFA continues to help more customers prevent and avoid long-term illness. In the first half of the year, PFA helped approximately 103,286 children and adults through courses of treatment. This represents an increase of 11.8 per cent compared with the same period in 2025. The development was primarily driven by more customers needing help and advisory services for mental health conditions or musculoskeletal injuries and by PFA further stepping up its proactive initiatives and support for customers.
In the first six months of the year, PFA’s healthcare professionals held 160,388 consultations with customers. This was 5 per cent fewer than in the same period last year and was due to customers increasingly contacting PFA’s health insurance digitally.
As a result, customers used PFA Health Insurance digitally 75,577 times in the first half of the year, representing an increase of 48 per cent compared with the same period last year. This was due in part to improved digital claim notification options and access to online doctor, online psychologist, online physiotherapist and online coach.
PFA’s approach is to allow customers to choose whether to use the many digital options or call and speak to one of PFA’s healthcare professionals, as freedom of choice provides the best customer experience.
Secondly, PFA focuses on helping customers on long-term sick leave return to work. In the first six months of the year, 845 customers returned to the labour market, compared with 831 in the same period last year. This represents an increase of 1.7 per cent. Compared with three years ago, the number of customers returning to the labour market has increased by 14.5 per cent.
Thirdly, insurance prices have become more balanced, as PFA has now renegotiated agreements with all its corporate and organisational customers since the Executive Order on Health and Accident Insurance Business took effect on 1 January 2022.
Overall, these initiatives have had a significant financial impact and improved the result in recent years.
“We can see that our efforts to provide customers with prompt and appropriate help are having an impact. This is important because, unfortunately, we continue to see declining well-being among people in Denmark and an increase in the number of people who need help. We seek to prevent long-term illness by using data and artificial intelligence, among other measures, to proactively contact customers with a particular need for help. This means that we help more customers recover and become fit for work more quickly. Bringing the health and accident insurance business under control and into balance is important to us following several years of substantial losses. This has required significant effort in recent years, and we must remain highly focused on maintaining this position in the years ahead,” says Ole Krogh.
PFA continues to focus on developing health solutions that meet customers’ needs and is seeing positive results from its new digital solutions.
“We must continuously develop the support and solutions we provide to our customers because the health of people in Denmark unfortunately remains under pressure. In 2026, we further developed our digital health services, making it even easier for customers to receive the right help quickly, and we are pleased to see that customers are making extensive use of them. By using digital solutions and artificial intelligence, we can intervene earlier and in a more targeted manner, reducing the risk of symptoms developing into long-term illness. If a customer is already on long-term sick leave, we can help the customer return to the labour market more quickly,” says Ole Krogh.
PFA’s individual pension customers received competitive investment returns
Despite a turbulent year marked by continued geopolitical tensions and volatile financial markets, the global economy and major companies generally performed well in the first six months of the year. This provided a tailwind for the financial markets and resulted in strong and competitive investment returns for PFA’s customers.
In the first six months of the year, a typical PFA customer with a medium-risk profile and 15 years until retirement received a return of 8.3 per cent. Over the past three years, a comparable customer received a total return of 40.3 per cent, placing PFA among the leading commercial pension companies. Over ten years, a typical customer received an investment return of 107.2 per cent.
All PFA’s investment profiles generated substantial positive returns in the first six months of the year. This applies both to PFA Plus and to PFA’s more climate-focused savings solution, PFA Climate Plus, where a customer with a medium-risk profile and 15 years until retirement received a return of 11.3 per cent, placing it among the very best in the market. Over the past three years, PFA Climate Plus also delivered a market-leading return of 41.8 per cent. Approximately 160,000 PFA customers have part of their pension savings invested in PFA Climate Plus.
“We are very pleased that we have once again delivered competitive investment returns for our customers during this six-month period and that, over the past three years, we have delivered investment results among the best in the commercial pension market. In the first six months of this year alone, customers received an investment return higher than would normally be expected for a full year. This contributes to our customers’ financial security, which is one of our most important responsibilities. Our climate-focused investment solution, PFA Climate Plus, in particular, delivered very strong investment returns both in the first half of the year and over recent years,” says Ole Krogh, continuing:
“The strong returns also reflect the new investment profiles with a higher proportion of equities that we launched last year. We are pleased to see that the changes are having the intended effect and have once again boosted returns in both PFA Plus and PFA Climate Plus in 2026, benefiting our customers’ financial security.”
On 1 October 2026, PFA will launch a new lifecycle index solution for customers. From October, PFA will therefore offer the investment solutions PFA Plus, PFA Climate Plus and PFA Index Plus, while customers will also be able to invest in funds themselves through PFA You Invest.
“We look forward to giving our customers the option of choosing a lifecycle index product. This has been particularly requested by customers who want a less expensive and simpler investment solution that tracks established indices. It will therefore be a valuable addition to our more actively managed solution and our more climate-focused solution,” says Ole Krogh.
Customer satisfaction at an all-time high
High customer satisfaction is essential in a customer community such as PFA. In 2026, PFA continues to have the most satisfied individual and corporate customers among the commercial pension companies. This is shown by surveys conducted by EPSI and Aalund’s Corporate Pension Barometer respectively, both of which rank PFA first among the commercial pension companies.
“It is very important to us that our customers are satisfied with being part of our customer community. We therefore work purposefully to create value and positive customer experiences. We are pleased that both the surveys and the feedback we receive daily show that individual, corporate and organisational customers are highly satisfied, while we are also recording record-high net payments,” says Ole Krogh.
“Customer satisfaction will remain a key focus area for us in the coming years. We will continue working to provide the industry’s best solutions, advisory services and customer experiences in health, financial well-being and senior life,” he says.
New strategy to 2030 launched
In January 2026, PFA launched the strategy ‘A larger and stronger customer community’, which sets PFA’s strategic direction towards 2030.
The strategy is focused on growth, with PFA aiming to have DKK 1,100 billion in assets under management by 2030. Growth must continue to be profitable, as the ambition is also to achieve an average annual return on the capital base of at least 7 per cent towards 2030. This profitable growth will create economies of scale that customers will experience through lower prices and better, simpler solutions and services.
“Our ambition in our new strategy is to strengthen our position as Denmark’s preferred and market-leading pension company, creating the greatest possible value and security for our customers and, consequently, society through economies of scale and efficient operations,” says Ole Krogh.
“Scale and efficient operations are absolutely essential to creating the greatest possible value for customers. If we succeed in continuing the growth we are aiming for and which is already well under way, we will be able to reduce prices further while investing in even better and simpler solutions and services for our customers. A larger and stronger PFA benefits the entire customer community,” says Ole Krogh.
