Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Investments of the pension sector have surpassed kr. 5,000 billion
The insurance companies and pension funds had investments worth of kr. 5,101 billion at the end of October 2025. It is the positive returns in 2025 that have brought the investments above kr. 5,000 billion. The total return for the year is currently kr. 228 billion. The return has been driven by foreign stocks, particularly US technology stocks, as well as gains from currency hedging of dollar investments. The dollar exchange rate has fallen throughout 2025, which has led to dollar exchange losses, but also an increased value of the financial contracts that the insurance and pension companies have entered to protect against dollar exchange losses.
The investments of insurance companies and pension funds have increased by kr. 368 billion in the past six months
Note:
All investments of insurance companies and pension funds from January 2015 to October 2025. Find the chart data here.
More than half is invested in stocks
Stocks now account for 53 per cent of the total investments of the insurance companies and pension funds. The increase has, among other things, been driven by higher returns on stocks compared to bonds, as well as reallocations from bonds to stocks. This shift toward stocks has been a long-term trend, partly linked to the transition from average rate products to market rate products. Market rate products carry varying degrees of risk and, overall, are more invested in stocks compared to average rate products, which are generally invested at lower risk. In 2025 alone, insurance companies and pension funds sold bonds worth of kr. 109 billion and purchased stocks worth of kr. 181 billion, most of which have been in foreign companies.
Stocks now account for 53 per cent of investments – in 2018 it was 35 per cent
Note:
All investments of insurance companies and pension funds from January 2018 to October 2025, broken down by stocks, bonds, and other assets. Danish investment funds have been looked-through, such that pension companies’ stock and bond investments through these funds are included. Foreign investment funds are not looked-through and are therefore classified under ‘Other’ along with derivatives and funds-of-funds. Find the chart data here.