SWEDEN - The Third Swedish National Pension Fund (AP3) recorded a net profit of SEK18.3bn ($2.9bn) in 2010, returning 9% for the year.
The net balance between the fund's inflow and outflow was negative over the 12 months and the fund was forced to contribute SEK4,041m to help cover the deficit. The fund's capital stood at SEK220.8bn at the end of the year,
AP3's assets have grown by SEK86.9bn since its inception in 2001, with SEK73.6bn coming from investment returns. Since launch, the income index has increased by 3.2% per year, compared to AP3's annual return of 4.1%, said the fund.
AP3 CEO Kerstin Hessius said: "Thanks to our performance in 2009 and 2010 we have now more than recouped the losses incurred during the financial crisis of 2008. Fund capital nevertheless remains lower than it was at the start of 2008 due to the fact that we have made net payments of SEK7.9bn to the pension system since that date."
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