Satisfying half year results for PensionDanmark
Increased prosperity and employment in the Danish economy affected the report for 1st half year 2017. Premiums paid by employees in the 24.700 companies whose employees have their pension plan with PensionDanmark reached an all-time high of DKK 6.8 billion – driven by a 7 pct. increase in running premiums. The number of members is now 705.000.
PensionDanmark yielded investment returns of DKK 8 billion before tax in the first half year. This ensures a 40-year old member a return of 5 pct. and a 65-year old member a return of 3.3 pct.
Administrative costs amounted to DKK 114 million before taxes. In proportion to total savings it amounted to 0.06 pct. which is on level with 1st half year 2016.
The accumulated balance reached DKK 224 billion from DKK 189 billion in 1st half year 2016.
The profit for the year came to DKK 267 million and is positively affected by a case won in the spring by PensionDanmark in the Danish National Tax Tribunal regarding the interpretation of the rules for offsetting of foreign withholding taxes in the Danish PAL tax. The ruling entails the Danish Customs and Tax Administration reimburse PensionDanmark DKK 218 million.
”Overall, the achieved results in the first six months are very satisfying with a growth in premiums and members, a good return on investment and some of the lowest costs in the industry. New initiatives such as our new Pension bus and new digital services – which has generated an all-time high activity on our website – has been well received by our members,” says CEO, Torben Möger Pedersen, PensionDanmark.
|Key Figures||1st half year 2017||1st half year 2016|
|Premiums, bn DKK||6.8||6.4|
|Return on investment assets, before tax, bn DKK||8.0||3.8|
|Benefits paid, bn DKK||3.9||3.4|
|Balance, bn DKK||224.1||188.7|
|Costs pr. ensured, DKK||150||142|
|Number of members, end of half year||705,281||685,596|
|Return on savings (before tax), pct. age 40||5.0||1.3|
|Return on savings (before tax), pct. age 65||3.3||3.2|