PFA scores high returns in first half-year
PFA, a Danish pension company, reported a pre-tax profit of 1.3 billion DKK for the first half of the year, compared to 347 million DKK in the same period last year, due to favorable developments in Danish and US stock markets. High equity stakes, particularly in US tech stocks, paid off, and the company reduced its stock shares anticipating market turmoil. A typical customer with 15 years until retirement saw a 9.3% return in the first six months. CEO Ole Krogh Petersen anticipates a solid overall return for 2024 despite potential uncertainties ahead, including market volatility, the US election, and global geopolitics. PFA also managed to reduce losses on health and accident insurance and expects to balance this area by 2025. The company’s total pension contributions grew by 3.3 billion DKK to 29.6 billion DKK, partly due to gaining 567 new company and organization clients.