Solid result, ongoing high deposits, and good returns to customers

27 February 2024

Velliv has published the annual report for 2023.

Velliv's CEO Kim Kehlet Johansen comments on the report:

"Velliv delivers a highly satisfactory result of DKK 930 million after tax. We propose DKK 550 million in dividends, to the benefit of our customers and the society as a whole via our owner Velliv Foreningen. The result is positively affected by increased earnings based on several years of customer growth, a solid return on equity, and one-off income of approx. DKK 180 million. We continue to experience a solid flow of new customers, just as we extend our agreements with existing customers, partly due to our customers being the most loyal and satisfied corporate customers of the industry."

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Financial highlights

Financial highlights
Result before tax of DKK 1,212m (DKK 249m in 2022)
Result after tax of DKK 930m (DKK 97m in 2022)
Gross Written Premiums (GWP) of DKK 34.1bn (DKK 34.9bn in 2022)
Return on equity after tax of 22.5 per cent (2.6 per cent in 2022)
Total customer returns of DKK 23.4bn (DKK -40.0bn in 2022)
Solvency ratio of 174 after a proposed dividend of DKK 550m to Velliv Foreningen

Learn more about the result from CEO Kim Kehlet Johansen here (in danish)

Kim Kehlet Johansen, Direktor at Velliv - Portrait

Returns and responsible investments

Customers with market rate products got a return of 11.2 per cent on average in 2023. In the fourth quarter, Velliv delivered one of the highest returns among the commercial pension companies, which meant that VækstPension Index and VækstPension Aftryk ended the year at the top of the market.

In 2023, Velliv continued to deliver on the company's climate strategy. Together with the World Bank, we developed a new bond type that promotes green transition and social sustainability in developing countries. In addition, we joined the Paris-Aligned Investment Initiative (PAII) and got our climate targets approved under Science Based Targets initiative (SBTi).

Velliv’s Chief Investment Officer Anders Stensboel has summed up 2023 here (in Danish):