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.
Listed and unlisted equity returns have diverged markedly since 2023
Danish insurance companies and pension funds had invested approximately kr. 2,800 billion in equities by the end of April 2026. Nearly two‑thirds were listed, while the remainder were unlisted, including so‑called alternatives such as investments in infrastructure and real estate. In recent years, returns on listed equities have exceeded those on unlisted equities. Since 2023, returns on listed equities have amounted to kr. 606 billion (equivalent to around 60 per cent), compared with just kr. 58 billion on unlisted equities (around 6 per cent). In the preceding years, listed and unlisted equities generated broadly similar overall returns, although listed equities exhibited greater volatility along the way. Returns on listed equities have largely been driven by investments in information technology.
More volatility, but higher returns on listed equities
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Insurance companies' and pension funds’ cumulative equity returns since 2018, broken down by listed and unlisted investments in equities and other equity holdings. Danish investment funds have been looked through so that insurance and pension companies’ equity investments via these funds are included. Find chart data here.
Insurance and pension companies primarily purchase listed equities
Since 2023, insurance companies and pension funds have purchased more listed than unlisted equities. Over this period, they acquired listed equities for kr. 340 billion, compared with kr. 49 billion for unlisted equities. Purchases of listed equities gained significant momentum in 2025, with companies in the information technology and financial sectors among the most purchased. Equity investments account for around 54 per cent of total pension assets, which stood at approximately kr. 5,230 billion at the end of April 2026.
Large purchases of listed equities in 2025
Note:
Insurance and pension companies’ cumulative purchases and sales since 2018, broken down by listed and unlisted investments in equities and other equity holdings. Danish investment funds have been looked through so that insurance and pension companies’ equity investments via these funds are included. Find chart data here.
What are unlisted equities?
Unlisted equities are defined as equities and other ownership stakes that are not traded on a stock exchange. As a result, unlisted equities are relatively illiquid. The main investments are in areas such as real estate, private equity, agriculture and infrastructure. Solar and wind energy are examples of infrastructure that are attractive to insurance companies and pension funds, partly due to their long investment horizon and expected stable cash flows.
While listed equities have observable market prices, companies themselves assess the value of unlisted equities in accordance with international standards. Valuations are based on models and assumptions regarding, for example, risk, interest rates and cash flows. It is important that the value of unlisted equities is measured accurately, for instance when customers withdraw their pension savings to switch provider or risk profile.
Further details on unlisted equities and alternatives can be found in the analysis “The road to more risky assets in the Danish pension sector” (including Box 4) published by Danmarks Nationalbank (link).