Press release 2021-11-11

Alecta hedges the pensions

Alecta’s board of Directors has decided to hedge the defined benefit pensions by 2,51 percent, to introduce a premium reduction for defined benefit retirement- and family pensions by 30 percent in relation to the current premium level, and to continue to provide premium reductions for risk insurances.

Hedged pension

Alecta has increased pension payments in the line with inflation since the advent of the ITP plan in 1960. For 2022, Alectas Board of directors has decided to increase defined benefit pensions by 2,51 percent, corresponding to inflation in the past year.

The increase affects the approximately 1.6 million customers at Alecta who are covered by the occupational pension ITP 2. The decision applies to pensions during payment and earned pensions that have not yet begun to be paid out.

Premium reductions are introduced for defined-benefit retirement- and family pensions

As a result of lower market interest rates and increased longevity, Alecta has since 2011 gradually increased the premiums in ITP 2. The most recent premium increase took place in March 2020. The premium increases have applied to new subscriptions and benefit increases and, together with good returns, have significantly strengthened Alecta’s financial position.

— It is very gratifying that our efforts to strengthen Alecta’s financial position in the long term have been successful. Alecta’s consolidation level on September 30 was 169 percent and thus exceeds by a margin the 150 percent level that according to Alecta’s consolidation policy is required to be able to provide premium reductions, says Fredrik Palm, Product Manager at Alecta.

As a result of Alecta’s strong financial position, the Board has, in accordance with Alecta’s consolidation policy, decided to introduce a premium reduction for the year 2022 of 30 percent for defined benefit retirement- and family pensions. The premium reduction is calculated in relation to the current premium level. This means that the premium reduction will be lower for the insurances taken out at older lower premium levels than those that apply today. The assessment is that the premium for an average corporate customer will decrease by approximately 16 percent because of the premium reduction.

Continued premium reduction for risk insurance

Alecta’s financial position means that Alecta can continue with premium reductions for the risk insurance in 2022. The board decided on a premium reduction for the health insurance by 90 percent and for premium exemption in the event of illness and parental leave by 70 percent. The premium for the Group Life Insurance, TGL, is left unchanged at SEK 26 per month and employee.


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