Kommunal Landspensjonskasse – Annual Report 2020

Kommunal LandspensjonskasseAnnual statement

Income statementKOMMUNAL LANDSPENSJONSKASSE

NOTES	NOK MILLIONS	2020	2019
	Premiums due, gross	34 252	40 224
	Reinsurance premiums ceded	0	-1
	Transfer of premium reserve and pension capital etc. from other insurance companies/pension funds	2 850	11
19	Total premium income for own account	37 102	40 234
	Income from investments in subsidiaries, associated enterprises and jointly controlled entities	6 009	2 876
	Interest income and dividends etc on financial assets	11 224	10 444
	Value changes on investments	1 240	28 591
	Gains and losses realized on investments	5 698	2 140
4	Total net income from investments in the common portfolio	24 170	44 051
	Income from investments in subsidiaries, associated enterprises and jointly controlled entities	25	16
	Interest income and dividends etc on financial assets	42	44
	Value changes on investments	-152	200
	Gains and losses realized on investments	158	-22
4	Total net income from investments in the investment option portfolio	74	238
33	Other insurance-related income	1 192	1 118
	Claims paid, gross	-20 704	-19 866
	Transfer of premiuim reserve and pension capital etc. to other insurance companies /pension funds	-7 656	-292
19	Total claims	-28 360	-20 157
	Change in premium reserve etc., gross	3 288	-28 190
	Change in supplementary reserves	-7 719	-7 949
	Change in securities adjustment fund	623	-22 322
	Changes in premium funds, defined contribution funds, and pension regulation funds etc.	-23 841	-232
19	Total changes in insurance liabilities taken to profit/loss - contractual liabilities	-27 649	-58 692
	Changes in pension capital etc.	586	-122
	Changes in premium funds, defined contribution funds and pension regulation funds etc.	-70	-6
	Change in other provisions	-30	-104
19	Total changes in insurance liabilities taken to profit/loss – individual investment option portfolio	487	-232
	Surplus on returns result	-4 111	-2 325
	Risk result assigned to insurance contracts	0	-516
19	Total funds assigned to insurance contracts - contractual liabilities	-4 111	-2 841
	Administration costs	-213	-198
24	Sales costs	-141	-143
	Insurance-related administration costs (incl. commission for reinsurance received)	-818	-789
	Total insurance-related operating expenses	-1 172	-1 129
33	Other insurance-related costs	-1 206	-1 119
19	Technical result	526	1 470
	Income from investments in subsidiaries, associated enterprises and jointly controlled entities	783	519
	Interest income and dividends etc. on financial assets	745	725
17	Net operating income from property	85	67
	Value changes on investments	325	-197
	Gains and losses realized on investments	-482	411
4	Total net income from investments in the corporate portfolio	1 457	1 525
	Other income	18	16
	Administration costs	-16	-15
	Other expenses	-696	-359
	Total administration costs and other costs associated with the corporate portfolio	-712	-374
	Non-technical profit/loss	762	1 167
	Income before tax	1 289	2 637
26	Tax	-204	-499
	Income before other income and expenses	1 085	2 138
25	Actuarial gains and losses on defined benefits pension schemes	-49	89
	Proportion of other comprehensive income on application of the equity method	-39	62
	Adjustment of the insurance liabilities	12	-16
26	Tax on other income and expenses that will not be reclassified to profit and loss	12	-22
	Total other income and expenses that will not be reclassified to profit and loss	-63	113
	TOTAL COMPREHENSIVE INCOME	1 021	2 251
	ALLOCATIONS AND TRANSFERS
	Transferreed to owners´ equity contibution	-611	-754
	Transferred to/from the risk equalization fund	136	-746
	Transferred to other retained earnings	-546	-750
	Total allocations and transfers	-1 021	-2 251

Balance sheetKOMMUNAL LANDSPENSJONSKASSE

NOTES	NOK MILLIONS	31.12.2020	31.12.2019
	ASSETS IN THE CORPORATE PORTFOLIO
18	Other intangible assets	602	358
	INVESTMENTS IN THE CORPORATE PORTFOLIO
6,17	Investment properties	1 017	955
14	Shares and holdings in property subsidiaries	3 380	3 005
14	Shares and holdings in other subsidiaries, associated enterprises and jointly controlled entities	4 910	5 084
14	Total subsidiaries, associated enterprises and jointly controlled entities	8 290	8 089
5,11	Investments held to maturity	7 149	6 880
5,11	Loans and receivables	11 863	11 617
5,11	Total financial assets valued at amortized cost	19 012	18 497
5,6,15	Shares and units	7	5
5,6,11	Fixed income securities	10 226	11 744
5,6,11	Loans and receivables	1 700	1 701
5,6,11	Financial derivatives	884	747
5,6	Total financial assets valued at fair value	12 816	14 198
	Total investments in the corporate portfolio	41 136	41 738
	Receivables related to direct business	1 731	485
30	Intra-Group receivables	81	68
	Other receivables	109	107
	Total receivables	1 922	660
	Plant and equipment	47	42
	Bank deposits	659	900
35	Right-of-use assets	1 081	204
	Contingent assets	3	0
	Total other assets	1 791	1 146
	Total assets in the corporate portfolio	45 450	43 902
	ASSETS IN THE CUSTOMER PORTFOLIOS
	INVESTMENTS IN THE COMMON PORTFOLIO
14	Shares and holdings in property subsidiaries	61 742	53 910
14	Shares and holdings in other subsidiaries, associated enterprises and jointly controlled entities	4 254	3 079
	Receivables on and securities issued by subsidiaries, associated enterprises and jointly controlled entities	13 263	14 051
	Total subsidiaries, associated enterprises and jointly controlled entities	79 259	71 040
5,11	Investments held to maturity	21 763	22 637
5,11	Loans and receivables	227 050	214 463
5,11	Total financial assets valued at amortized cost	248 813	237 100
5,6,15	Shares and units	129 128	142 817
5,6,11	Fixed income securities	118 119	105 208
5,6,11	Loans and receivables	20 977	14 124
5,6,11	Financial derivatives	5 943	3 971
5,6	Other financial assets	2 543	693
5,6	Total financial assets valued at fair value	276 710	266 813
	Total investments in the common portfolio	604 782	574 953
	INVESTMENTS IN THE INVESTMENT OPTION PORTFOLIO
14	Shares and holdings in property subsidiaries	223	266
	Receivables on and securities issued by subsidiaries, associated enterprises and jointly controlled entities	66	69
	Total subsidiaries, associated enterprises and jointly controlled entities	290	336
5,11	Investments held to maturity	50	64
5,11	Loans and receivables	671	834
5,11	Total financial assets valued at amortized cost	720	898
5,6,15	Shares and units	588	820
5,6,11	Fixed income securities	337	505
5,6,11	Loans and receivables	93	87
5,6,11	Financial derivatives	16	15
5,6	Total financial assets valued at fair value	1 034	1 428
	Total investments in the investment option portfolio	2 044	2 662
	Totalt assets in the customer portfolios	606 826	577 615
	TOTALT ASSETS	652 277	621 518

NOTES	NOK MILLIONS	31.12.2020	31.12.2019
	OWNERS' EQUITY AND LIABILITIES
	Other owners' equity contributed	18 194	16 540
	Total owners' equity contributed	18 194	16 540
	Risk equalization fund	5 404	5 540
	Other retained earnings	15 784	15 238
	Total retained earnings	21 188	20 778
21	Other subordinated loan capital	3 135	6 012
20,21	Hybrid Tier 1 securities	1 764	1 738
5,21	Total subordinated loan capital etc.	4 898	7 750
	Premium reserve etc.	456 055	459 343
	Supplementary reserves	43 325	36 070
16	Securities adjustment fund	55 137	55 761
	Premium funds, defined contribution funds, pension regulation funds etc.	38 124	12 359
19	Total insurance liabilities - contractual liabilities	592 642	563 532
	Pension capital etc.	1 478	2 064
	Supplementary reserves	135	140
	Premium funds, defined contribution funds, pension regulation funds etc.	464	495
19	Total insurance liabilities - special investment portfolio	2 077	2 698
25	Pension obligations etc.	594	508
26	Current tax liabilities	1 155	948
26	Deferred tax liabilities	614	546
	Total provision for liabilities	2 363	2 002
	Liabilities related to direct insurance	576	867
5,6	Liabilities to credit institutions	5 859	3 990
5,6,12	Financial derivatives	327	599
35	Lease liabilities	1 099	210
31	Other liabilities	2 743	2 332
	Total liabilities	10 605	7 999
	Other accrued costs and pre-paid income	309	219
	Total accrued costs and pre-paid income	309	219
	TOTAL EQUITY AND LIABILITIES	652 277	621 518
	OFF-BALANCE-SHEET ITEMS
34	Contingent liabilities	26 011	21 227

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Changes in Owners’ equityKOMMUNAL LANDSPENSJONSKASSE

2020 NOK MILLIONS	Owners’ equity contributed	Retained earnings		Total owners’ equity
		Risk equalization fund	Other retained earnings
Own funds 1 January 2020	16 540	5 540	15 238	37 318
Income before other income and expenses	611	-136	609	1 085
Actuarial gains and losses on defined benefits pension schemes			-49	-49
Proportion of other comprehensive income on application of the equity method			-39	-39
Adjustment of the insurance liabilities			12	12
Tax on other income and expenses that will not be reclassified to profit or loss			12	12
Total other income and expenses that will not be reclassified to profit or loss			-63	-63
Total comprehensive income	611	-136	546	1 021
Owners equity contribution recieved	1 043			1 043
Total transactions with owners	1 043			1 043
Own funds 31 December 2020	18 194	5 404	15 784	39 382

2019 NOK MILLIONS	Owners’ equity contributed	Retained earnings		Total owners’ equity
		Risk equalization fund	Other retained earnings
Own funds 1 January 2019	14 554	4 793	14 488	33 835
Income before other income and expenses	754	746	638	2 138
Actuarial gains and losses on defined benefits pension schemes			89	89
Proportion of other comprehensive income on application of the equity method			62	62
Adjustment of the insurance liabilities			-16	-16
Tax on other income and expenses that will not be reclassified to profit or loss			-22	-22
Total other income and expenses that will not be reclassified to profit or loss			113	113
Total comprehensive income	754	746	750	2 251
Owners equity contribution recieved	1 232			1 232
Total transactions with owners	1 232			1 232
Own funds 31 December 2019	16 540	5 540	15 238	37 318

Statement of cash flowsKOMMUNAL LANDSPENSJONSKASSE

NOK MILLIONS	2020	2019
CASH FLOWS FROM OPERATIONAL ACTIVITIES
Direct insurance premiums received	30 258	36 278
Reinsurance premiums paid	0	-1
Direct insurance claims and benefits paid	-20 276	-19 339
Payments received on transfer	2 850	3
Payments made on transfer	-7 593	-289
Payments to other suppliers for products and services	-1 227	-638
Payments to staff, pension schemes, employer's social security contribution etc.	-613	-629
Interest paid	-534	-888
Interest received	9 289	9 114
Dividend and group contribution received	3 089	3 712
Tax and public charges paid	-39	-19
Receipts to the property business	23	36
Net receipts/payments of loans to customers etc.	-4 798	-8 122
Receipts on the sale of shares	50 381	31 638
Payments on the purchase of shares	-34 942	-42 518
Net cash flow from receivables on subsidiaries	750	750
Receipts on the sale of bonds and certificates	52 198	58 309
Payments on the purchase of bonds and certificates	-70 894	-59 997
Net cash flow from purchase/sale of other short-term securities	-5 039	-8 298
Net cash flows from operating activities	2 885	-899
CASH FLOWS FROM INVESTMENT ACTIVITIES
Payments on the purchase of tangible fixed assets etc.	-324	-280
Net cash flows from investment activities	-324	-280
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on repayments of subordinated loan capital	-3 737	0
Receipts of owners’ equity contributions	1 285	1 241
Payments on repayment of owners’ equity contributions	-241	-9
Payments lease liabilities	-108	-107
Net cash flows from financing activities	-2 802	1 125
Net changes in cash and bank deposits	-241	-54
Holdings of cash and bank deposits at start of period	900	954
Holdings of cash and bank deposits at end of period	659	900

Notes

Note 1 General information

Kommunal Landspensjonskasse gjensidig forsikringsselskap (the Company) provides pension and insurance services to municipalities and county administrations, health enterprises in the public sector.

The largest product area is group pensions insurance. Within pension insurance, the Company offers local government occupational pensions.

Kommunal Landspensjonskasse (KLP) is a mutual insurance company registered and domiciled in Norway. The Company has its head office in Dronning Eufemiasgate 10, Oslo.

The Company has subordinated loans listed on the London Stock Exchange.

The annual financial statements for Kommunal Landspensjonskasse gjensidig forsikringsselskap are available at klp.no.

The Company's annual financial statements for 2020 were adopted by the Companys' Board of Directors on the 18th of March 2021.

Note 2 Summary of the most important accounting principles

For a description of accounting principles, with the exception of matters mentioned below, see note 2 for the Group.

2.1 FUNDAMENTAL PRINCIPLES

The annual financial statements are presented in accordance with Regulation No. 1824 of 18 December 2015: "Regulations for annual accounts for insurance companies" (Annual Accounts Regulations). This means that the Company's annual financial statements have been prepared in accordance with international accounting standards (EU–approved IFRS/IAS) with those additions resulting from the Norwegian Annual Accounts Regulations.

The annual financial statements have been prepared based on the principle of historic cost, with the following exceptions:

• Investment properties valued at fair value through profit and loss.

• Financial assets and liabilities (including derviatives) are value at fair value through profit and loss.

• Ownership interest in subsidiaries and associated companies valued in accordance with the owners' equity method.

• Financial assets and liabilities are valued in accordance with the rules on fair value hedging.

In preparing the annual financial statements management must make accounting estimates and discretionary evaluations. This will affect the value of the Company's assets and liabilities, income and expenses recognized in the financial statements. Actual figures may deviate from estimates used. Areas in which discretionary valuations and estimates of material significance for the Company have been shown are described in Note 3.

All sums are presented in NOK millions without decimals unless otherwise stated.

The financial statements have been prepared in accordance with the going concern assumption.

2.1.1 Changes in accounting principles and disclosures

(a) New and changed standards adopted by the Company Changes have been made to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies with regard to accounting estimates and errors, to ensure that materiality is defined consistently in standards and policies. The changes clarify when information is considered material and further guidance is included in IAS 1 concerning immaterial information. In particular, the changes clarify:

that the concept of obscuring material information relates to situations in which the effect corresponds to the information having been omitted or misleading and that the entity must consider materiality in relation to the accounts as a whole, and
the primary users of general-purpose financial statements, at whom the financial statements should be aimed, by defining these users as current and potential investors, lenders and other creditors who need to use general-purpose financial statements as supporting documentation for large parts of the financial information they require.

The IASB has published a revised conceptual framework that will be used to set standards with immediate effect. Key changes include:

• greater emphasis on the responsibilities of management with regard to the objectives of financial reporting

• reintroducing the idea of caution as a subset of neutrality

• defining a reporting entity, which may be a legal entity or part of an entity

• updating the definitions of assets and liabilities

(b) Standards, changes and interpretations of existing standards that have not come into effect and where the Group has not chosen advanced application.

There are changes to standards and interpretations that will have an effect on financial statements beginning after 1 January 2020 which have not been applied to these financial statements. Details of the most important of these that KLP has chosen not to apply early are provided below.

A limited change was made in IAS 1 Presentation of Financial Statements, specifying that debt must be classified as short-term or long-term debt based on the rights that exist at the end of the reporting period. The classification is unaffected by expectations for the entity or events after the balance sheet date (e.g. breach of borrowing terms). The changes also specify what IAS 1 means when it refers to the ‘settlement’ of a commitment. It also specifies that breach of borrowing terms once the period has ended must be taken into account, even though no measurement is performed at this time. The changes may affect the classification of debt, particularly for entities that previously considered management’s intentions in determining the classification, as well as for certain debt items that can be converted to equity. The change must be applied retroactively in accordance with the main rule of IAS 8 Accounting Policies and will enter into force from 1 January 2023.

Based on the amended regulations to the Annual Accounting Regulations for life insurance companies of 20 December 2018, Norwegian life insurance companies were not allowed to implement the international accounting standard for financial instruments, IFRS 9. As a result, KLP uses IAS 39 for the recognition and rating of financial instruments.

In June 2020, changes to IFRS 4 on the extension of the temporary exemption to apply IFRS 9 were published. IFRS 9 will be introduced for all life insurance companies on 1 January 2023.

The new standard for insurance contracts, IFRS 17, was published by the IASB in 2017, but has not yet been approved by the EU. The standard will replace the current standard for insurance contracts, IFRS 4, and will be implemented from 1th of January 2023. The definition of what constitutes an insurance contract has not changed, although some clarifications have been made limiting what is considered to be a qualifying contract that is to be treated in accordance with IFRS 17. Unlike IFRS 4, IFRS 17 also contains rules on how insurance contracts are to be valued and presented. The standard describes a valuation model where the insurance liability is based on the expected present value of future cash flows, plus a risk margin and a profit margin. There are also simplified models available that can be used under certain conditions. The present value can be calculated by identifying the expected cash flows of the contract at a market rate. The risk margin must reflect non-financial risk that makes the insurer indifferent to entering into the contract. Any positive profit margin is capitalised and recognised through ordinary profit and loss as the entity is released from insurance risk. A negative profit margin (loss) is recognised in profit and loss immediately.

The standard assumes that insurance contracts that have approximately equal risk and are managed collectively as a portfolio are grouped according to whether they are profitable, loss-making or profitable with a risk of becoming loss-making. The maximum permitted difference in the issuance of the contracts included in a group is 12 months.

The standard requires retrospective application but allows certain simplifications where full retrospective application is practically impossible. There will be a high threshold for the use of simplifications.

In June 2020, an updated version of the standard was introduced, where what is important for KLP is that the mandatory implementation date has been changed to the 1th of January. There is still uncertainty about when the EU will approve the standard for use within the EU/EEA. It is also unclear whether the standard will be permitted to be used, compulsory or prohibited from implementation in the company accounts of life assurance companies in Norway.

Since the company is part of an IFRS reporting group, KLP's insurance contracts will nevertheless have to be valued in accordance with IFRS 17, although it is unclear whether it will be allowed / required in the company accounts. The company therefore participates in the Group's implementation project of IFRS 17 and takes into account that the standard is also introduced in the company accounts. A preliminary survey of the company's insurance contracts has been carried out with a view to whether they are within the standard or not, which valuation model the various qualifying contracts belong to and how they should be grouped. The conclusions are working hypotheses that are being further worked on. It is thus not clear how the standard will affect the company's equity if it is implemented in the company accounts.

Otherwise there are no other IFRSs or IFRIC interpretations not yet in force that are expected to have a significant impact on the financial statements.

2.1.2 Changes in financial statements in comparison with previous periods

No changes have been made to the financial statements compared to previous periods.

2.2 RIGHT-OF-USE ASSETS/LEASE LIABILITIES

On entering into a contract, the Company assesses whether the contract constitutes a lease. A contract contains a lease if it transfers control over the use of an identified asset for a period in exchange for a consideration. At the date of implementation, the Company recognizes a right-of-use asset and a lease liability, and these are presented on separate lines in the accounts.

The lease liability is measured on initial recognition at the present value of lease payments not yet paid at the reporting date. The discount rate used is the Company/Group's marginal loan rate. Subsequent measurements measure the lease liability at amortized cost by the effective interest method. The lease liability is re-measured when there is a change in future lease payments arising from a change in an index or if the Company changes its decision whether to exercise extension or termination options. When the lease liability is re-measured in this way, a corresponding adjustment is made to the recognized value of the right of use or is taken to profit/loss if the recognized value of the right of use is reduced to zero.

On initial recognition, the right of use is measured at acquisition cost, i.e. the lease liability (present value of the lease payments) plus advance lease payments and any direct acquisition costs. In subsequent periods, the right of use is measured using an acquisition model.

The interest costs related to the lease liability is shown under the account “Other expenses” in the financial statement.

2.3 SUBSIDIARIES

All entities in which the Company has deciding influence/control are considered subsidiaries. Deciding influence is normally achieved through ownership of more than half of the voting capital. The effect of potential voting rights that can be exercised or converted at the end of the reporting period is included in the assessment of control. Subsidiaries have been consolidated in accordance with the equity capital method. This means that the Company's share of profit or loss in subsidiaries is taken to profit/loss and is added to the financial position statement value together with owners' equity changes not taken to profit/loss. The Company does not take a share of the loss to profit/loss if this involves the financial position statement value of the investment becoming negative unless the Company has assumed liabilities on behalf of the subsidiary.

Purchase of subsidiaries is recognized in accordance with the purchase method. Acquisition cost is set at the same as fair value of assets provided by way of consideration for the purchase, equity instruments issued and liabilities assumed on transfer of control. The identifiable assets and liabilities of the acquired company are valued at fair value. If cost of acquisition exceeds fair value of identifiable net assets in the subsidiary, the excess is capitalized as goodwill. If the cost of acquisition is lower, the difference is taken to profit/loss on the date of acquisition.

The Company's financial statements are presented in NOK and those of subsidiaries in foreign currency are converted to NOK at the exchange rate at the end of the reporting period.

2.4 CONSOLIDATED FINANCIAL STATEMENTS

KLP reports the group financial statements in accordance with the international accounting standards IFRS/IAS. The consolidated financial statements are shown for themselves in a separate presentation and a full set of notes has been prepared for the Group including description of accounting principles used.

Note 3 Important accounting estimates and valuations

The Company prepares estimates and assumptions on future circumstances. These are continuously evaluated and are based on historic data and expectations concerning probable future events considered on the basis of data available at the time of presentation of the financial statements.

It must be expected that the estimates will deviate from the final outcome and the areas where there is significant risk of substantial changes in capitalized values in future periods are discussed below.

3.1 INSURANCE CONTRACTS

The largest insurance risk for KLP is the risk of incorrect estimation of life expectancy. In determining the premium tariffs, KLP uses its own analyses of its policy-holders and analyses of the entire Norwegian population. Uncertainty over future life expectancy, which is based on estimates far ahead in time, provides a similar risk of a charge against equity capital because of the need for higher provisions, to cover payment over a longer period of time.

There will also be insurance risk linked to disability, but this risk is considerably lower. Uncertainty in calculating probabilities of disability may, as with increased longevity, result in decreased profit for owners, but here there is more scope for adjusting premiums, given that disability pensions have a shorter time horizon for the payments.

Insurance risks linked to mortality are considerably lower and must be seen in relation to insurance risks related to longevity. Increased mortality will result in a negative risk result for the risk of death, but will be counterbalanced by a positive risk result for longevity. The insurance benefits for spouse and child pensions, which make up the risk result for death, are also considerably lower than the benefits for old-age pensions (longevity risk).

In calculating technical provisions in the public sector group pension sector, assumptions on disability risk are based on KLP's disability data for the period 2015- 2019. For the other risk elements, including longevity risk, the assumptions from the K2013 calculation base are used with the contingency margins set by the FSA of N. For men, KLP uses its own life expectancy assumptions, which assume a stronger life expectancy improvement than K2013. Disability- and morality- risks are checked towards the tariffs every year to intercept changes in the risk picture.

In calculating technical provisions in the public sector occupational pensions, provisions are made for claims incurred but not finally settled. The provisions are set using statistical models.

For sensitivity analysis regarding insurance contracts, see note 7 section 7.1.4.

We are currently in a special situation related to corona. At present, there is no excess mortality in the population as a result of the pandemic. If the pandemic should lead to lasting increased mortality, this will give higher risk results. At the same time, there are factors related to the pandemic situation that could affect withdrawals of disability pensions in 2021 and the next few years, such as:

Layoffs and recessions
Home office (physically and mentally)
Extra work in health enterprises
Lack of capacity of health workers in general
After-effects of disease

No extraordinary provisions have been made in the accounts regarding the pandemic but the development, especially regarding disability, is being closely monitored.

3.2 FAIR VALUE OF FINANCIAL ASSETS

The majority of the KLP’s assets recognised at fair value through profit and loss are assets traded on an active market, so the market value can be determined with a high degree of confidence.

In the case of the Group’s pricing of unlisted securities, there will be uncertainty in this regard. This is especially true of securities which are priced on the basis of non-observable assumptions. Different valuation techniques are used to determine the fair value of these investments. Unlisted fixed-income securities are priced on the basis of a yield curve with a risk supplement that represents the market’s pricing of the issuer’s industry-specific risk. External prices for a significant proportion of these unlisted securities are collected regularly to test our own valuation models.

The pricing methods and accounting figures are discussed in more detail in notes 5 and 6.

3.3 LOSS ON FINANCIAL ASSETS

For financial assets that are not rated at fair value, an assessment is made on the balance sheet date whether objective indications exist as to whether a financial asset or a group of financial assets has declined in value. A certain degree of discretion is assigned to this assessment, as well as factors related to credit, market and liquidity risk.

For the company's portfolio of long-term bonds, including long-term bonds held to maturity, impairment is assessed on an individual basis each quarter. Impairment is calculated as the value of the originally expected cash flow and the new expected cash flow. There will be uncertainty attached to the calculation of a new expected cash flow. Following the outbreak of Covid19 and strong measures to limit the spread of the virus, the economic activity in the bond market has slowed down. This has led to a number of downgrades of companies. Despite this, no factors or events have been found that would indicate impairment due to a predominant risk of loss in the company's portfolio of long-term bonds.

3.4 SHARES AND HOLDINGS IN PROPERTY SUBSIDIARIES

The underlying values in shares and holdings in property subsidiaries are related to investments in property. See the Groups note 3 section 3.2 for more information of principles for valuation and sensitivity regarding property.

Note 4 Net income from financial instruments

2020 NOK MILLIONS	Corporate portfolio	Common portfolio	Investment option portfolio	Total
Write-up/-down shares and units	352	3 658	15	4 026
Profit/loss subsidiaries	431	2 500	10	2 940
Profit/loss associated enterprises and jointly controlled entities	0	-148	0	-148
Total income from investments in subsidiaries, associated enterprises and joint ventures	783	6 009	25	6 818
Interest banking	4	22	0	26
Interest financial derivatives	32	243	0	274
Interest bonds and other fixed-income securities	244	2 857	14	3 116
Total interest income financial instruments at fair value	280	3 122	14	3 416
Interest bonds amortized cost	462	5 899	27	6 388
Interest lending	0	1 654	0	1 654
Total interest income financial instruments at amortized cost	462	7 553	27	8 042
Dividend/interest shares and units	0	761	0	761
Other income and expenses	3	-213	1	-209
Total net interest income and dividend etc. on financial assets	745	11 224	42	12 010
Value adjustment property	44	0	0	44
Rental income property	41	0	0	41
Total net income from investment property	85	0	0	85
Value changes shares and units	-14	-2 218	-151	-2 383
Value change bonds and other fixed-income securities	45	224	0	269
Value change financial derivatives	134	2 766	0	2 900
Value change loans and receivables	16	18	-1	33
Total value change financial instruments at fair value	182	790	-152	820
Value change lending	0	450	0	450
Total value change financial instruments at amortized cost	0	450	0	450
Value change on subordinated loans and hybrid funds	144	0	0	144
Total value changes on investments	325	1 240	-152	1 413
Realized shares and units	0	10 386	167	10 553
Realized bonds and other fixed-income securities	56	1 776	20	1 851
Realized financial derivatives	50	-6 040	-28	-6 018
Realized loans and receivables	-24	-139	-2	-165
Total realized financial instruments at fair value	82	5 982	157	6 221
Realized bonds at amortized cost ¹	365	-260	1	106
Realized loans at amortized cost ¹	0	0	0	0
Total realized financial instruments at amortized cost	365	-260	1	106
Other financial costs and income	-928	-25	0	-953
Total realized gains and losses on investments	-482	5 698	158	5 374
Total net income from investments	1 457	24 170	74	25 700
¹ Realized values on bonds at amortized cost come from realized added/reduced values on foreign exchange.

2019 NOK MILLIONS	Corporate portfolio	Common portfolio	Investment option portfolio	Total
Write-up/-down shares and units	178	929	5	1 111
Profit/loss subsidiaries	341	2 303	11	2 655
Profit/loss associated enterprises and jointly controlled entities	0	-356	0	-356
Total income from investments in subsidiaries, associated enterprises and joint ventures	519	2 876	16	3 410
Interest banking	11	91	0	102
Interest financial derivatives	22	439	0	462
Interest bonds and other fixed-income securities	220	1 948	10	2 178
Total interest income financial instruments at fair value	253	2 479	10	2 742
Interest bonds amortized cost	458	5 577	33	6 068
Interest lending	0	1 627	0	1 627
Total interest income financial instruments at amortized cost	458	7 204	33	7 695
Dividend/interest shares and units	14	1 355	0	1 369
Other income and expenses	0	-593	1	-592
Total net interest income and dividend etc. on financial assets	725	10 444	44	11 214
Value adjustment property	32	0	0	32
Rental income property	35	0	0	35
Total net income from investment property	67	0	0	67
Value changes shares and units	-222	22 847	176	22 801
Value change bonds and other fixed-income securities	12	-287	0	-274
Value change financial derivatives	99	5 904	24	6 026
Value change loans and receivables	-31	15	0	-16
Total value change financial instruments at fair value	-142	28 479	200	28 537
Value change lending	0	112	0	112
Total value change financial instruments at amortized cost	0	112	0	112
Value change on subordinated loans and hybrid funds	-55	0	0	-55
Total value changes on investments	-197	28 591	200	28 593
Realized shares and units	403	4 582	5	4 990
Realized bonds and other fixed-income securities	-11	3 694	5	3 688
Realized financial derivatives	0	-6 360	-31	-6 390
Realized loans and receivables	31	73	0	103
Total realized financial instruments at fair value	423	1 989	-21	2 391
Realized bonds at amortized cost ¹	-12	133	0	121
Realized loans at amortized cost ¹	0	0	0	0
Total realized financial instruments at amortized cost	-12	133	0	121
Other financial costs and income	0	17	0	17
Total realized gains and losses on investments	411	2 140	-22	2 529
Total net income from investments	1 525	44 051	238	45 814
¹ Realized values on bonds at amortized cost come from realized added/reduced values on foreign exchange.

Note 5 Fair value of financial assets and liabilities

For information regarding pricing of financial assets and liabilities see note 6 Fair value of financial assets and liabilities in the consolidated financial statement.

31.12.2020 NOK MILLION	Corporate portfolio		Common portfolio		Investment option portfolio		Total
	Book value	Fair value	Book value	Fair value	Book value	Fair value	Book value	Fair value
ASSETS – AT AMORTIZED COST
INVESTMENTS HELD TO MATURITY
Norwegian hold-to-maturity bonds	543	644	4 445	5 000	11	11	5 000	5 655
Accrued not due interest	19	19	101	101	0	0	120	120
Foreign hold-to-maturity bonds	6 547	6 923	16 993	18 918	38	44	23 578	25 884
Accrued not due interest	41	41	223	223	1	1	264	264
Total investments held to maturity	7 149	7 626	21 763	24 242	50	56	28 962	31 924
BONDS CLASSIFIED AS LOANS AND RECEIVABLES
Norwegian bonds	4 337	4 567	46 054	49 088	191	204	50 582	53 860
Accrued not due interest	60	60	725	725	3	3	788	788
Foreign bonds	7 366	7 880	101 144	109 202	468	503	108 979	117 585
Accrued not due interest	100	100	1 702	1 702	8	8	1 810	1 810
Total bonds classified as loans and receivables	11 863	12 607	149 626	160 718	671	719	162 159	174 043
OTHER LOANS AND RECEIVABLES
Secured loans	0	0	3 191	3 243	0	0	3 191	3 243
Lending with public sector guarantee	0	0	64 088	65 304	0	0	64 088	65 304
Loans abroad secured by mortgage and local government guarantee	0	0	9 864	9 864	0	0	9 864	9 864
Accrued not due interest	0	0	280	280	0	0	280	280
Total other loans and receivables	0	0	77 424	78 691	0	0	77 424	78 691
Total financial assets at amortized cost	19 012	20 233	248 813	263 650	720	775	268 546	284 658
ASSETS – AT FAIR VALUE
EQUITY CAPITAL INSTRUMENTS
Norwegian shares	7	7	6 581	6 581	0	0	6 588	6 588
Foreign shares	0	0	26 548	26 548	0	0	26 548	26 548
Total shares	7	7	33 129	33 129	0	0	33 136	33 136
Property funds	0	0	4 031	4 031	0	0	4 031	4 031
Norwegian equity funds	0	0	72 440	72 440	580	580	73 021	73 021
Foreign equity funds	0	0	17 818	17 818	0	0	17 818	17 818
Total equity fund units	0	0	94 290	94 290	580	580	94 870	94 870
Norwegian alternative investments	0	0	1 709	1 709	8	8	1 717	1 717
Foreign alternative investments	0	0	0	0	0	0	0	0
Total alternative investments	0	0	1 710	1 710	8	8	1 718	1 718
Total shares and units	7	7	129 128	129 128	588	588	129 724	129 724
DEBT INSTRUMENTS AT FAIR VALUE
Norwegian bonds	6 604	6 604	30 995	30 995	0	0	37 600	37 600
Foreign bonds	429	429	18 703	18 703	0	0	19 131	19 131
Accrued not due interest	28	28	368	368	0	0	396	396
Norwegian fixed-income funds	2 632	2 632	36 415	36 415	337	337	39 384	39 384
Foreign fixed-income funds	0	0	28 828	28 828	0	0	28 828	28 828
Norwegian certificates	530	530	2 255	2 255	0	0	2 785	2 785
Foreign certificates	0	0	549	549	0	0	549	549
Accrued not due interest	2	2	5	5	0	0	7	7
Fixed income securities	10 226	10 226	118 119	118 119	337	337	128 681	128 681
Norwegian loans and receivables	570	570	15 446	15 446	27	27	16 043	16 043
Foreign loans and receivables	1 129	1 129	5 530	5 530	67	67	6 726	6 726
Total loans and receivables	1 700	1 700	20 977	20 977	93	93	22 770	22 770
DERIVATIVES
Interest rate swaps	775	775	1 018	1 018	0	0	1 792	1 792
Share options	0	0	219	219	0	0	219	219
Forward exchange contracts	109	109	4 706	4 706	16	16	4 831	4 831
Total financial derivatives classified as assets	884	884	5 943	5 943	16	16	6 843	6 843
OTHER FINANCIAL ASSETS
Other financial assets	0	0	2 543	2 543	0	0	2 543	2 543
Total financial assets valued at fair value	12 816	12 816	276 710	276 710	1 034	1 034	290 560	290 560
LIABILITIES
DERIVATIVES
Interest rate swaps	0	0	0	0	0	0	0	0
Forward exchange contracts	0	0	326	326	1	1	327	327
Total financial derivatives classified as liabilities	0	0	326	326	1	1	327	327
SUBORDINATED LOAN CAPITAL
Subordinated loan capital	3 135	3 561	0	0	0	0	3 135	3 561
Hybrid Tier 1 securities	1 764	1 592	0	0	0	0	1 764	1 592
Total subordinated loan capital etc.	4 898	5 152	0	0	0	0	4 898	5 152
LIABILITIES TO CREDIT INSTITUTIONS
Norwegian call money ¹	0	0	2 504	2 504	3	3	2 507	2 507
Foreign call money ¹	923	923	2 412	2 412	17	17	3 352	3 352
Total liabilities to credit institutions	923	923	4 917	4 917	19	19	5 859	5 859
¹ Call money is collateral for paid/received margin related to derivatives

31.12.2019 NOK MILLIONS	Corporate portfolio		Common portfolio		Investment option portfolio		Total
	Book value	Fair value	Book value	Fair value	Book value	Fair value	Book value	Fair value
ASSETS – AT AMORTIZED COST
INVESTMENTS HELD TO MATURITY
Norwegian hold-to-maturity bonds	535	612	4 442	4 845	15	15	4 993	5 472
Accrued not due interest	19	19	101	101	0	0	120	120
Foreign hold-to-maturity bonds	6 286	6 569	17 859	19 018	48	53	24 192	25 640
Accrued not due interest	41	41	235	235	1	1	276	276
Total investments held to maturity	6 880	7 240	22 637	24 199	64	70	29 581	31 508
BONDS CLASSIFIED AS LOANS AND RECEIVABLES
Norwegian bonds	4 151	4 217	43 343	44 884	219	229	47 714	49 330
Accrued not due interest	59	59	745	745	4	4	808	808
Foreign bonds	7 308	7 504	97 383	101 128	601	623	105 292	109 256
Accrued not due interest	98	98	1 601	1 601	11	11	1 709	1 709
Total bonds classified as loans and receivables	11 617	11 878	143 072	148 357	834	867	155 523	161 102
OTHER LOANS AND RECEIVABLES
Secured loans	0	0	3 391	3 393	0	0	3 391	3 393
Lending with public sector guarantee	0	0	56 964	57 170	0	0	56 964	57 170
Loans abroad secured by mortgage and local government guarantee	0	0	10 699	10 727	0	0	10 699	10 727
Accrued not due interest	0	0	337	337	0	0	337	337
Total other loans and receivables	0	0	71 391	71 627	0	0	71 391	71 627
Total financial assets at amortized cost	18 497	19 118	237 100	244 183	898	937	256 495	264 238
ASSETS – AT FAIR VALUE
EQUITY CAPITAL INSTRUMENTS
Norwegian shares	5	5	7 138	7 138	0	0	7 144	7 144
Foreign shares	0	0	33 178	33 178	0	0	33 178	33 178
Total shares	5	5	40 317	40 317	0	0	40 322	40 322
Property funds	0	0	2 524	2 524	0	0	2 524	2 524
Norwegian equity funds	0	0	81 512	81 512	804	804	82 316	82 316
Foreign equity funds	0	0	13 719	13 719	0	0	13 719	13 719
Total equity fund units	0	0	97 755	97 755	804	804	98 559	98 559
Norwegian alternative investments	0	0	2 740	2 740	17	17	2 757	2 757
Foreign alternative investments	0	0	2 005	2 005	0	0	2 005	2 005
Total alternative investments	0	0	4 746	4 746	17	17	4 762	4 762
Total shares and units	5	5	142 817	142 817	820	820	143 643	143 643
DEBT INSTRUMENTS AT FAIR VALUE
Norwegian bonds	7 912	7 912	27 892	27 892	0	0	35 804	35 804
Foreign bonds	228	228	17 256	17 256	0	0	17 484	17 484
Accrued not due interest	42	42	325	325	0	0	367	367
Norwegian fixed-income funds	2 859	2 859	41 292	41 292	505	505	44 656	44 656
Foreign fixed-income funds	0	0	14 895	14 895	0	0	14 895	14 895
Norwegian certificates	700	700	3 542	3 542	0	0	4 241	4 241
Accrued not due interest	3	3	6	6	0	0	9	9
Fixed income securities	11 744	11 744	105 208	105 208	505	505	117 456	117 456
Norwegian loans and receivables	1 482	1 482	9 485	9 485	47	47	11 014	11 014
Foreign loans and receivables	219	219	4 639	4 639	40	40	4 899	4 899
Total loans and receivables	1 701	1 701	14 124	14 124	87	87	15 913	15 913
DERIVATIVES
Interest rate swaps	747	747	886	886	0	0	1 633	1 633
Forward exchange contracts	0	0	3 084	3 084	15	15	3 100	3 100
Total financial derivatives classified as assets	747	747	3 971	3 971	15	15	4 733	4 733
OTHER FINANCIAL ASSETS
Other financial assets	0	0	693	693	0	0	693	693
Total financial assets valued at fair value	14 198	14 198	266 813	266 813	1 428	1 428	282 438	282 438
LIABILITIES
DERIVATIVES
Interest rate swaps	0	0	0	0	0	0	0	0
Forward exchange contracts	0	0	597	597	2	2	599	599
Total financial derivatives classified as liabilities	0	0	598	598	2	2	599	599
SUBORDINATED LOAN CAPITAL
Subordinated loan capital	6 012	6 928	0	0	0	0	6 012	6 928
Hybrid Tier 1 securities	1 738	1 672	0	0	0	0	1 738	1 672
Total subordinated loan capital etc.	7 750	8 599	0	0	0	0	7 750	8 599
LIABILITIES TO CREDIT INSTITUTIONS
Norwegian call money ¹	0	0	1 397	1 397	3	3	1 400	1 400
Foreign call money ¹	762	762	1 822	1 822	7	7	2 591	2 591
Total liabilities to credit institutions	762	762	3 219	3 219	9	9	3 990	3 990
¹ Call money is collateral for paid/received margin related to derivatives

Note 6 Fair value hierarchy

31.12.2020 NOK MILLIONS	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Fixed-income securities	2 632	7 594	0	10 226
Certificates	0	533	0	533
Bonds	0	7 061	0	7 061
Fixed-income funds	2 632	0	0	2 632
Loans and receivables	1 464	236	0	1 700
Shares and units	0	0	7	7
Shares	0	0	7	7
Financial derivatives	0	884	0	884
Other financial assets	0	0	0	0
Total corporate portfolio	4 096	8 713	7	12 816
COMMON PORTFOLIO
Fixed-income securities	69 047	44 822	4 250	118 119
Certificates	549	2 260	0	2 809
Bonds	16 038	34 028	0	50 066
Fixed-income funds	52 460	8 534	4 250	65 243
Loans and receivables	20 662	315	0	20 977
Shares and units	104 274	3 193	21 662	129 128
Shares	30 258	326	2 545	33 129
Equity funds	74 016	0	55	74 070
Property funds	0	1 157	2 874	4 031
Special funds	0	1 710	0	1 710
Private Equity	0	0	16 188	16 188
Financial derivatives	0	5 943	0	5 943
Other financial assets	0	2 543	0	2 543
Total common portfolio	193 983	56 816	25 911	276 710
INVESTMENT OPTION PORTFOLIO
Fixed-income securities	330	7	0	337
Fixed-income funds	330	7	0	337
Loans and receivables	93	0	0	93
Shares and units	580	8	0	588
Equity funds	580	0	0	580
Special funds	0	8	0	8
Financial derivatives	0	16	0	16
Other financial assets	0	0	0	0
Total investment option portfolio	1 004	30	0	1 034
Total financial assets valued at fair value	199 083	65 559	25 918	290 560
CORPORATE PORTFOLIO
Investment property	0	0	1 017	1 017
Total investment property	0	0	1 017	1 017
FINANCIAL LIABILITIES BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Financial derivatives	0	0	0	0
Debt to credit institutions	923	0	0	923
Total corporate portfolio	923	0	0	923
COMMON PORTFOLIO
Financial derivatives	0	326	0	326
Debt to credit institutions	4 917	0	0	4 917
Total common portfolio	4 917	326	0	5 242
INVESTMENT OPTION PORTFOLIO
Financial derivatives	0	1	0	1
Debt to credit institutions	19	0	0	19
Total investment option portfolio	19	1	0	21
Total financial liabilities at fair value	5 859	327	0	6 186

31.12.2019 NOK MILLIONS	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Fixed-income securities	2 905	8 839	0	11 744
Certificates	0	703	0	703
Bonds	46	8 136	0	8 182
Fixed-income funds	2 859	0	0	2 859
Loans and receivables	575	1 126	0	1 701
Shares and units	0	0	5	5
Shares	0	0	5	5
Financial derivatives	0	747	0	747
Other financial assets	0	0	0	0
Total corporate portfolio	3 480	10 713	5	14 198
COMMON PORTFOLIO
Fixed-income securities	73 777	31 431	0	105 208
Certificates	1 927	1 621	0	3 548
Bonds	15 662	29 810	0	45 472
Fixed-income funds	56 188	0	0	56 188
Loans and receivables	13 709	416	0	14 124
Shares and units	120 300	5 406	17 111	142 817
Shares	37 518	629	2 170	40 317
Equity funds	82 781	0	54	82 835
Property funds	0	32	2 492	2 524
Special funds	0	4 746	0	4 746
Private Equity	0	0	12 396	12 396
Financial derivatives	0	3 971	0	3 971
Other financial assets	0	693	0	693
Total common portfolio	207 785	41 917	17 111	266 813
INVESTMENT OPTION PORTFOLIO
Fixed-income securities	505	0	0	505
Fixed-income funds	505	0	0	505
Loans and receivables	87	0	0	87
Shares and units	804	17	0	820
Equity funds	804	0	0	804
Special funds	0	17	0	17
Financial derivatives	0	15	0	15
Other financial assets	0	0	0	0
Total investment option portfolio	1 396	32	0	1 428
Total financial assets valued at fair value	212 661	52 662	17 116	282 438
CORPORATE PORTFOLIO
Investment property	0	0	955	955
Total investment property	0	0	955	955
FINANCIAL LIABILITIES BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Financial derivatives	0	0	0	0
Debt to credit institutions	762	0	0	762
Total corporate portfolio	762	0	0	762
COMMON PORTFOLIO
Financial derivatives	0	598	0	598
Debt to credit institutions	3 219	0	0	3 219
Total common portfolio	3 219	598	0	3 817
INVESTMENT OPTION PORTFOLIO
Financial derivatives	0	2	0	2
Debt to credit institutions	9	0	0	9
Total investment option portfolio	9	2	0	11
Total financial liabilities at fair value	3 990	599	0	4 590

CHANGES IN LEVEL 3 SHARES, UNLISTED CORPORATE PORTFOLIO	Book value 31.12.2020	Book value 31.12.2019
Opening balance 01.01.	5	4
Sold	0	0
Bought	0	2
Unrealised changes	1	-1
Closing balance 31.12.	7	5
Realised gains/losses	0	0

CHANGES IN LEVEL 3 SHARES, UNLISTED COMMON PORTFOLIO	Book value 31.12.2020	Book value 31.12.2019
Opening balance 01.01.	2 170	2 481
Sold	-23	-1 419
Bought	377	764
Unrealised changes	22	343
Closing balance 31.12.	2 545	2 170
Realised gains/losses	0	318

CHANGES IN LEVEL 3 EQUITY FUNDS, UNLISTED COMMON PORTFOLIO	Book value 31.12.2020	Book value 31.12.2019
Opening balance 01.01.	52	61
Sold	0	-9
Bought	0	0
Unrealised changes	3	2
Closing balance 31.12.	55	54
Realised gains/losses	0	0

CHANGES IN LEVEL 3, PRIVATE EQUITY AND PROPERTY FUNDS COMMON PORTFOLIO	Book value 31.12.2020	Book value 31.12.2019
Opening balance 01.01.	14 888	12 664
Sold	-1 740	-2 400
Bought	8 341	2 882
Unrealised changes	302	1 742
Closing balance 31.12.	23 312	14 888
Realised gains/losses	636	878

CHANGES IN LEVEL 3, INVESTMENT PROPERTY CORPORATE PORTFOLIO	Book value 31.12.2020	Book value 31.12.2019
Opening balance 01.01.	955	924
Sold	0	0
Bought	0	0
Unrealised changes	85	67
Other	-23	-36
Closing balance 31.12.	1 017	955
Realised gains/losses	0	0
Total Level 3	26 935	18 071

Unrealised changes are reflected in the line «Value changes on investments» in the different portfolios in the income statement.

The amounts in the level distribution can in turn be found in the financial position statement under various portfolios’ allocation of financial instruments at fair value and investment property.

Fair value shall be a representative price based on what a corresponding asset or liability would have been traded for on normal market terms and conditions. Highest quality in regard to fair value is based on listed prices in an active market. A financial instrument is considered as noted in an active market if noted prices are simply and regularly available from a stock market, dealer, broker, industry grouping, price setting service or regulatory authority, and these prices represent actual and regularly occurring transactions at arm’s length.

Level 1:

Instruments at this level obtain fair value from listed prices in an active market for identical assets or liabilities that the entity has access to at the reporting date. Examples of instruments at Level 1 are stock market listed securities.

Level 2:

Instruments at this level obtain fair value from observable market data. This includes prices based on identical instruments, but where the instrument does not maintain a high enough trading frequency and is therefore not considered to be traded in an active market, as well as prices based on corresponding assets and price-leading indicators that can be confirmed from market information. Example instruments at Level 2 are fixed income securities priced on the basis of interest rate paths. For more information regarding the pricing of level 2 instruments, see note 6 for the group.

Level 3:

Instruments at Level 3 contain no observable market data or are traded in markets considered to be inactive. The price is based generally on discrete calculations where the actual fair value may deviate if the instrument were to be traded. The instruments covered at Level 3 in the company include unlisted shares and Private Equity. For more information regarding the pricing of level 3 instruments, see note 6 for the group.

Valuations related to items in the various levels are described in note 6 for the Group. For description of the pricing of investment property, see note 3 for the group.

The fair value of assets and liabilities measured at amortized cost are stated in note 5. Level based classification of these items will be as follows; assets classified as held to maturity are included in level 1, lending and loans and receivables are included in level 2. Liabilities, measured at amortized cost, will be categorized as follows: subordinated loans are included in both level 1 and 2, hybrid tier 1 securities are inlcuded in level 2 and debt to credit institutions are included in level 1. Information regarding pricing of these interest bearing instruments are available in note 6 for the Group.

No sensitivity analysis has been carried out on securities included in Level 3. A change in the variables of the pricing is considered of little significance on the securities. A sensitivity analysis for investment property is available in the annual report. On a general basis, a 5 percent change in the pricing would produce a change of NOK 1 347 million as of 31.12.2020 on the assets in level 3.

With regard to transferring securities between the levels, a limit is set for the number of trading days and the amount of trading for shares by separating Level 1 and Level 2. The general principles related to the distribution between levels basically concern whether the asset or liability is listed or not and whether the listing can be stated to be in an active market. As regards shares, there is a further distinction between trading days and amount of trading which separates out listed securities that do not form part of an active market. The values at the end of the reporting period provide the basis for any movement between the levels.

During 2020, NOK 18 million have been moved from Level 1 to Level 2 and NOK 44 million have been moved from Level 2 to Level 1. The amounts are related to equity instruments and are due to change in liquidity. There has been no other movements between the different levels in KLP.

Note 7 Risk Management

Through its activity, KLP is exposed to both insurance risk and financial risk. For the Company overall risk management aims to handle financial risk in such a way that the Company can at all times meet the liabilities the insurance contracts place on the business. The Board of Directors sets the overarching risk strategies that are put into practice at the senior management level.

Risk strategy is implemented and monitored by the line organization, with periodic reporting. Any breaches in risk lines and limits are reported as they occur, with a description of measures taken to regularize the situation. Entities outside the line organization monitor that the risk-taking is carried out within the authorizations the line has.

7.1 INSURANCE RISK

An insurance contract ia according to IFRS 4 defined as "A contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder". The uncertainty at the portfolio level is additionally affected by factors such as changes in law and court decisions. Insurance results will be more stable and predictable the more contracts there are in the portfolio.

The Company's insurance business is in the group pension sector. As described in Note 3, the weightiest risks in group pension are disability risk and longevity risk, whereas mortality/whole life risk is somewhat less weighty.

Insurance risk in the group pension sector is generally managed through close monitoring of the risk incidence and if appropriate subsequent change in the tariffs.

7.1.1 Insurance provisions

The insurance provisions are set at the right level of expectation, with the addition of safety margins. KLP can add up to half a year's positive risk results to a risk equalisation fund. This fund can be used to meet unexpected fluctuations in risk results.

For disability risks in the collective pension sector, assumptions are used based on the company's disability experience in the period 2015 - 2019. For other risk elements in the collective pension sector, the assumptions from the calculation basis K2013 are used, with safety margins, according to the minimum standard set by the Financial Supervisory Authority of Norway in 2013. For men, KLP uses its own life expectancy assumptions that assume a greater life expectancy improvement than K2013. In the Pension Scheme for Nurses, the same formulas and parameters are used but with an enhanced safety margin due to significantly longer life spans in these schemes. For the Pension Scheme for Hospital Doctors, K2013 is used with an enhanced safety margin for both genders.

- Layoffs and recessions

- Home office (physically and mentally)

- Extra work in health enterprises

- Lack of capacity of health workers in general

- After-effects of disease

7.1.2 Premium determination

The development of the company's insurance risk is monitored on an ongoing basis. Risk results and future expectations for the development of insured risks are based on observations from the holdings and forecasts from Statistics Norway. These form the basis for the pricing of the risk element of the premium. Premiums are determined annually.

7.1.3 Reinsurance and reinsurance programs

KLP currently only has collective products without the possibility to choose the scope of the insurance cover for the individual insured. Based on this limitation, the size of the company and resulting large risk-bearing ability, the overall assessment is that the need to have reinsurance in KLP is small. KLP currently has no reinsurance agreements.

7.1.4 Sensitivity calculations in group pension

The effect of an immediate 20 per cent increase in the incidence of disability would, with current numbers, involve a negative effect of NOK 345 million on the risk result for the year. The effect on the premium reserve of a corresponding permanent change in the incidence of disability would be an increase of NOK 703 million.

An immediate 10 per cent reduction in mortality would, with current numbers, mean a negative effect of NOK 228 million on the risk result for the year. The effect on the premium reserve of a corresponding permanent change in mortality would be an increase of NOK 10,070 million.

The Company's large numbers within group public sector pensions help to stabilize the insurance risk and the claim estimates. Deviations are related primarily to non-insurable magnitudes that do not affect the result.

7.2 FINANCIAL RISK

The Company's financial goal is to achieve a competitive and stable return, at the same time as the Company's solvency satisfies external and internal requirements. The Company has a long-term investment strategy in which risk-taking is at all times matched to the Company's ability to bear risk. The focus in asset management is cost effectiveness, a long-term perspective and broadly diversified portfolios with the goal of achieving competitive and stable returns for our customers and owners over time.

KLP's financial risk comprises liquidity risk, market risk and credit risk.

7.2.1 Liquidity risk

Liquidity risk is the risk that the Company does not have adequate liquidity to cover short-term debt/residual liabilities not called in and current operations without substantial extra costs arising in the form of price falls on assets that have to be realized. The liquidity strategy contains various requirements and limits in order to comply with the desired liquidity risk profile. In addition division of responsibilities and contingency planning are covered. The liquidity strategy is operated at the senior management level and the liquidity is managed internally in accordance with mandates.

The need for liquidity in KLP is first and foremost associated with payments to pensioners and meeting current operating costs. Liquidity is also required for providing security in connection with currency and derivative trades. The KLP liquidity need is primarily satisfied by contractual receipts from customers. At all times the Company has a liquidity holding sufficient to meet current costs, including pension payments. In the event of liquidity needs beyond the current liquidity holdings, liquidity can normally be released through the sale of liquid financial assets.

KLP's aims to have liquidity buffers corresponding to 3 months' liquidity needs. This is measured through the following ratio:

Liquid assets/short-term liquidity requirement

Liquid assets are defined as liquidity holdings and expected receipts (to the liquidity portfolio) for the next three months, whilst short-term liquidity requirements are defined as liabilities falling due within three months and other unknown requirements for liquidity within three months.

Not-called-in residual obligations of NOK 26,009 million comprise committed, not paid in sums against private equity and property funds and approved lending that has not been paid out. In addition, KLP has given a NOK 2 million guarantee to a associated enterprise. The total is specified in detail in Note 34 Contingent liabilities.

7.2.2 Market risk

Market risk is the risk of losses as a result of changes in market prices of various assets such as shares, bonds, property and other securities. The market risk depends on how large an exposure there is to the various assets and on the volatility in the market prices. Developments in the Norwegian and international securities markets generally have major significance for KLP's results.

Risk of a fall in the value of various assets is the biggest financial risk in the short term. Of the risk in regard to assets, equity exposure is the largest financial risk factor, but also the market risk associated with interest, credit (spread) and property has a significant loss potential. KLP's interest rate risk associated with a prolonged low interest rate level is however limited. With the current formulation of the rules, technical provisions are not affected by changes in market interest rates. On the future transition to market value for the liabilities, annual pricing of the interest guarantee will mean the customers bear the risk of the interest rate level being lower than the basic interest rate. Since KLP provides pension schemes exclusively to the public sector, KLP will price the return guarantee right up until the insured dies, which means the return guarantee arising from the insurance obligations is limited.

KLP exchange-rate hedges the majority of international exposure. Financial hedging of currency exposure is done through derivatives. In principle all of KLP's fixed-income investments and property investments in foreign currency are hedged back to NOK. For equity investments in foreign currency the hedge ratio in 2020 has been between 50-70 per cent.

All equity and interest rate exposures are included in a risk measurement system that enables simulation and monitoring of equity and interest rate risk across the portfolios. Active risk is managed through defined benchmarks relative to the index for each portfolio.

To reduce the risk of negative results from asset management the Company uses CPPI rules for customer portfolios for daily monitoring the market risk. This strategy helps to ensure that the risk is adjusted to the Company's risk capacity. The CPPI rules gives a return profilewich fits the overall target to protect owners' equity and preserve the risk capacity over time.In addition KLP has a high proportion of long-term (hold-to-maturity) bonds and fixed-interest lending that contributes to stability in returns.

In KLP's asset management, derivatives are principally used for risk reduction for cost and time-effective implementation of changes in risk and for currency hedging.

Calculation of solvency margin (SCR ratio)

The European rules for calculation of solvency margin, SCR ratio, main target is to protect and ensure the interest of the insurance customers. KLP performs quarterly calculations of the SCR ratio.

At the end of 2020 about 24 per cent of KLP's assets were placed in equities (measured by exposure) and 13 per cent placed in property. Other assets were placed in fixed-income current and fixed assets, including lending.

According to the standard calculation method, KLP has a SCR ratio of 286 per cent, which is 8 per cent higher than the end of 2019. The ratio is well over the Company's target of at least 150 percent. The minimum target set by the authorities is 100 per cent.

The Company's' total eligible tier 1 capital is 43 billion. The solvency capital requirement, as described in note 32, is NOK 15.0 billion. The SCR ratio in 2020 was 286 per cent.

Several sensitivity analyses linked to solvency capital coverage have been carried out. Interest rate sensitivity is calculated at 10 percentage points in capital coverage per 50 basis points interest rate increase and 10 percentage points in capital coverage per 50 basis points interest rate decrease. This may be considered low, at least compared to private occupational pensions, and is mainly due to the fact that public-sector occupation pensions avoid the problem of paid-up policies. A 25 per cent fall in the stock market reduces capital adequacy by something over 50 percentage points when the rules are taken into account. This is a significant drop, but the level of capital adequacy will still be above the level at which action has to be considered.

Previous calculations has shown that with the reserve margins within the Company's tariffs and by the level of todays risk equalization fund, the solvency capital is marginal influenced by changes in longevity risk and mortality/whole life risk.

7.2.3 Credit- and concentration risk

Emphasis is placed on diversification of credit exposure to avoid concentration of credit risk against individual debtors. To monitor credit risk in lending and investments a special credit committee has been established, meeting regularly. The limits for credit risk against the individual debtor are set by the committee. Changes in debtors' credit assessments are monitored and followed up.

KLP has good balance between Norwegian bonds and international bonds and has a portfolio of exclusively good credit notes. Of the total credit exposure, 43 per cent are rated AA- or higher. KLP has a separate international government bonds portfolio that represented about 18 per cent of the portfolio of short-term bonds at the end of the year.

KLP has a lending portfolio of high quality, with limited credit risk and historically very low losses. In the main KLP provides loans secured on housing with a mortgage level of less than 80 per cent, loans to local authorities and loans with local authority guarantees. Lending secured through mortgages on housing amounts to about NOK 3.3 billion. The value of the mortgages represents a greater value than the lending since a large part of the mortgages were established earlier in time and the price rise in housing in recent years has been substantial.

KLP has limited concentration risk. Because no exposures exceed the threshold values defined in the Solvency II regulations, KLP has no capital requirements for concentration risk under the standard method. The way in which the fixed interest and equity portfolios are managed will generally help to limit concentration risk through extensive use of index management. KLP sets explicit limits for lending which restrict concentration on specific individuals and groups. Sector concentration is monitored via monthly and quarterly reporting.

Although the KLP’s investments are well diversified, there is a clear preponderance of investments in Norway. This is a deliberate and a natural consequence of dealing mainly with public-sector occupational pensions.

7.3 TOTAL MAXIMUM EXPOSURE TO CREDIT RISK

The Company's total maximum exposure to credit risk comprises book values. The book classes of securities are specified in detail in Note 5 Fair value of financial assets and liabilities.

Note 8 Liquidity risk

The table below specifies the Company’s financial liabilities classified according to maturity structure. The amounts in the table are non-discounted contractual cash flows.

2020 NOK MILLIONS	Within 1 month	1-12 months	1-5 years	5-10 years	Over 10 years	Total
Subordinated loans ¹	0	131	592	687	5 073	6 484
Hybrid tier 1 securities ²	0	62	249	312	1 452	2 075
Accounts payable	4	0	0	0	0	4
Liabilities to credit institutions	65	0	0	0	0	65
Contingent liabilities	26 011	0	0	0	0	26 011
Total	26 079	193	842	999	6 525	34 638
FINANCIAL DERIVATIVES
Financial derivatives gross settlement
Inflows	0	0	0	0	0	0
Outflows	0	0	0	0	0	0
Financial derivatives net settlement	2 342	2 342	-53	-71	-295	4 265
Total financial derivatives	2 342	2 342	-53	-71	-295	4 265
Total	28 420	2 535	789	928	6 230	38 903
¹ The cash flows in this category may deviate from previous reports due to changes in maturity date in the calculation.
² In regards to the loans that are perpetual, estimated cash streams are up to expected maturity at the interest adjustment date.

2019 NOK MILLIONS	Within 1 month	1-12 months	1-5 years	5-10 years	Over 10 years	Total
Subordinated loans	0	252	1 006	6 170	0	7 427
Hybrid tier 1 securities ²	0	64	256	320	1 490	2 130
Accounts payable	6	0	0	0	0	6
Liabilities to credit institutions	18	0	0	0	0	18
Contingent liabilities	21 227	0	0	0	0	21 227
Total	21 251	316	1 262	6 490	1 490	30 808
FINANCIAL DERIVATIVES
Financial derivatives gross settlement
Inflows	0	0	0	0	0	0
Outflows	0	0	0	0	0	0
Financial derivatives net settlement	2 214	2 246	35	-143	-306	4 046
Total financial derivatives	2 214	2 246	35	-143	-306	4 046
Total	23 465	2 562	1 297	6 347	1 184	34 854
² In regards to the loans that are perpetual, estimated cash streams are up to expected maturity at the interest adjustment date.

The table above shows financial liabilities KLP has grouped by interest payments and repayment of principal, based on the date payment is due.

The risk that KLP would not have adequate liquidity to cover current liabilities and current operations is very small since a major part of the Company’s assets is liquid. KLP has significant funds invested in the money market, bonds and shares that can be sold in the event of a liquidity requirement. KLP’s liquidity strategy involves the Company always having adequate liquid assets to meet KLP’s liabilities as they fall due without accruing significant costs associated with releasing assets.

Asset composition in KLP’s portfolios should be adequately liquid to be able to cover other liquidity needs that may arise. KLP Kapitalforvaltning has the routine responsibility to report on the Company’s liquidity. Internal parameters have been established for the size of the liquidity holding. KLP’s risk management unit monitors and reports developments in the liquidity holding continuously. The Board determines an asset management and liquidity strategy for KLP annually. The liquidity strategy includes parameters, responsibilities, risk measurement and an emergency plan for liquidity management.

EXPECTED PAYMENT PROFILE PENSION OBLIGATIONS

Year	1 year	2-5 years	6-10 years	11-20 years	21-30 years	31-40 years	41-50 years	51-80 years	Total
2020 NOK MILLIONS
Amount	19 987	83 031	128 718	299 427	308 752	270 813	192 520	167 167	1 470 415

Year	1 year	2-5 years	6-10 years	11-20 years	21-30 years	31-40 years	41-50 years	51-80 years	Total
2019 NOK MILLIONS
Amount	17 303	74 347	120 319	305 757	348 473	320 602	222 169	165 966	1 574 936

The payment profile shows anticipated payment dates for KLP’s future pension obligations and is based on non-discounted values.

The insurance liabilities in the accounts are discounted and show the present value at the end of the reporting period.

Note 9 Interest rate risk

2020 NOK MILLIONS	Up to 3 months	3 months to 12 months	1 year to 5 years	5 years to 10 years	Over 10 years	Change in cash flows	Total
ASSETS
Equity fund units ¹	0	0	0	0	0	10	10
Alternative investments	-7	0	0	0	0	14	6
Financial derivatives classified as assets	9	0	8	-66	-180	-8	-236
Debt instruments classified as loans and receivables – at amortized cost	0	0	0	0	0	6	6
Bonds and other fixed-income securities	-27	-28	-561	-716	-843	206	-1 970
Fixed-income fund units	-3 709	0	0	0	0	35	-3 674
Loans and receivables	0	-1	0	0	0	167	166
Cash and deposit	0	0	0	0	0	2	2
Lending	0	0	0	0	0	453	453
Contingent liabilities ²	0	0	0	0	0	35	35
Total assets	-3 734	-29	-553	-783	-1 023	920	-5 201
LIABILITIES
Financial derivatives classified as liabilities	7	1	0	-1	0	-8	-1
Hybrid Tier 1 securities, subordinated loans	0	0	0	51	93	0	143
Liabilities to credit institutions	0	0	0	0	0	-53	-53
Total liabilities	7	1	0	50	93	-61	90
Total before taxes	-3 727	-27	-553	-733	-930	859	-5 111
Total after taxes	-2 795	-21	-414	-550	-698	644	-3 833
¹ Equity fund units covers that part of the fund that is not shares, but that comprises assets covered by interest rate risk: surplus liquidity in the form of bank accounts and derivatives used for hedging purposes.
² Contingent liabilities in this context are accepted, not paid out lending.

2019 NOK MILLIONS	Up to 3 months	3 months to 12 months	1 year to 5 years	5 years to 10 years	Over 10 years	Change in cash flows	Total
ASSETS
Equity fund units ¹	1	0	0	0	0	10	11
Alternative investments	-8	0	0	0	0	8	0
Financial derivatives classified as assets	-5	2	5	-70	-185	-12	-266
Debt instruments classified as loans and receivables – at amortized cost	0	0	0	0	0	0	0
Bonds and other fixed-income securities	-32	-27	-458	-504	-791	238	-1 575
Fixed-income fund units	-3 425	0	0	0	0	26	-3 399
Loans and receivables	-1	-1	0	0	0	78	76
Cash and deposit	0	0	0	0	0	9	9
Lending	0	0	0	0	0	400	400
Contingent liabilities ²	0	0	0	0	0	72	72
Total assets	-3 470	-27	-454	-574	-976	828	-4 673
LIABILITIES
Financial derivatives classified as liabilities	0	0	3	0	0	-2	1
Hybrid Tier 1 securities, subordinated loans	0	0	0	53	93	0	147
Liabilities to credit institutions	0	0	0	0	0	-29	-29
Total liabilities	0	0	3	53	93	-31	119
Total before taxes	-3 470	-27	-451	-520	-883	797	-4 554
Total after taxes	-2 602	-20	-338	-390	-662	598	-3 415
¹ Equity fund units covers that part of the fund that is not shares, but that comprises assets covered by interest rate risk: surplus liquidity in the form of bank accounts and derivatives used for hedging purposes.
² Contingent liabilities in this context are accepted, not paid out lending.

The note shows the effect on income of an increase in market interest rate of 1 per cent, for fair value risk and variable interest rate risk.

Change in fair value (fair value risk) is shown in the five first columns and is calculated on the change in fair value of interest-bearing instruments if the interest rate had been 1 per cent higher at the end of the period. The column «Change in cash flows» (variable interest rate risk) shows the change in cash flows had the interest rate been 1 per cent higher throughout the year being reported on. The total of these reflects the total impact on profits that the scenario of one per cent higher interest rate would have had on the Company during the period being reported on. Fair value risk applies to fixed interest rate securities where the market value of the security fluctuates conversely to the market interest rate. Variable interest rate risk applies to securities at variable interest rates, where the market value remains stable, but where change in the market interest rate is reflected in changed current incomes.

The following fixed-income securities are covered by this Note; securities at fair value through profit or loss (variable and fixed interest rate terms), investments held to maturity (only those with variable interest rate terms) and loans and receivables (only those with variable interest rate terms). The Company has no fixed-income securities classified as available for sale. Fixed rate assets, recognized at amortized cost, do not cause any effects in the income statement when the market rate changes. The same goes for issued debt with a fixed rate, measured at amortized cost.

Insurance contracts with a guaranteed return does not change the accounting value when interest rates change. Changes in interest rate has no impact on the guaranteed return, but will have an impact on the achieved returns to cover the return guarantee. This is because insurance funds partly invests in debt instruments whose cash flows contribute to cover the customers return guarantee.

Note 10 Currency risk

31.12.2020	Fin.l pos. statement items excl. currency derivatives		Currency derivatives		Translation rate	Total		Net position
NOK MILLION/ FOREIGN CURRENCY ¹	Assets	Liabilities	Assets	Liabilities	Currency/NOK	Assets	Liabilities	NOK
US dollar	10 354	-64	7 374	-14 658	8,56	17 728	-14 722	25 734
Euro	4 251	-693	2 266	-5 209	10,48	6 517	-5 902	6 445
Japanese yen	113 644	-257	78 124	-159 132	0,08	191 768	-159 390	2 685
British Pound	1 196	0	1 213	-2 227	11,70	2 409	-2 227	2 126
Canadian dollar	674	0	377	-844	6,72	1 051	-844	1 391
Hong Kong dollar	2 115	0	1 100	-2 171	1,10	3 215	-2 171	1 154
Swiss franc	251	0	148	-295	9,69	400	-295	1 014
Danish kroner	8 727	-62	7 748	-15 833	1,41	16 475	-15 894	817
Australian dollar	372	0	431	-683	6,61	803	-683	788
Swedish krone	17 007	0	16 990	-33 255	1,04	33 997	-33 255	774
Indian rupi	5 508	0	0	0	0,12	5 508	0	645
Other currencies								3 877
Total short-term foreign currency positions								47 449
US dollar	3 080	-92	0	-2 815	8,56	3 080	-2 906	1 488
Japanese yen	16 254	-11 779	0	0	0,08	16 254	-11 779	371
British Pound	189	0	3	-184	11,70	192	-184	98
Danish kroner	12	0	0	0	1,41	12	0	16
Euro	904	-301	2	-604	10,48	906	-905	16
Swedish krone	1 674	0	0	-1 664	1,04	1 674	-1 664	11
Korean won	487	0	0	0	0,01	487	0	4
Australian dollar	8	0	89	-97	6,61	97	-97	1
Swiss franc	0	0	0	0	9,69	0	0	0
Canadian dollar	0	0	0	0	6,72	0	0	0
Total long-term foreign currency positions								2 004
Total pre-tax currency positions								49 453
Total currency positions after tax								37 090
¹ The table shows total financial position statement items for each individual currency, divided between short and long-term positions. The net position shows the currency risk in NOK at the end of the period while other figures are shown in their local currency. The hedge efficiency of currency is 87 per cent and 87 per cent for 2020 and 2019. "Other currencies" include short-term net positions of less than NOK 500 million.

31.12.2019	Fin.l pos. statement items excl. currency derivatives		Currency derivatives		Translation rate	Total		Net position
NOK MILLION/ FOREIGN CURRENCY ¹	Assets	Liabilities	Assets	Liabilities	Currency/NOK	Assets	Liabilities	NOK
US dollar	10 435	-54	7 645	-15 463	8,79	18 080	-15 517	22 527
Euro	3 698	-536	1 902	-4 452	9,86	5 600	-4 988	6 036
Japanese yen	116 421	-385	76 266	-154 845	0,08	192 687	-155 230	3 029
British Pound	1 329	0	1 102	-2 223	11,64	2 431	-2 223	2 423
Canadian dollar	948	0	508	-1 136	6,78	1 455	-1 136	2 166
Hong Kong dollar	2 546	0	1 504	-3 011	1,13	4 050	-3 011	1 173
Swiss franc	283	0	169	-339	9,07	452	-339	1 027
Swedish krone	16 397	0	16 105	-31 481	0,94	32 502	-31 481	959
Danish kroner	8 396	-17	10 795	-18 482	1,32	19 191	-18 499	914
Australian dollar	481	0	366	-700	6,18	847	-700	912
Indian rupi	7 135	0	0	0	0,12	7 135	0	878
Brazilian real	337	0	0	0	2,18	337	0	737
Taiwan new dollar	4 505	0	0	-2 530	0,29	4 505	-2 530	579
Korean won	166 781	0	0	-93 550	0,01	166 781	-93 550	556
South African rand	882	0	0	0	0,63	882	0	554
Other currencies								2 707
Total short-term foreign currency positions								47 177
US dollar	2 677	-91	0	-2 483	8,79	2 677	-2 574	911
Japanese yen	16 282	-11 587	0	-37	0,08	16 282	-11 624	377
British Pound	192	0	0	-187	11,64	192	-187	52
Swedish krone	1 641	-60	46	-1 590	0,94	1 687	-1 650	35
Danish kroner	19	0	0	-4	1,32	19	-4	20
Australian dollar	3	0	0	-3	6,18	3	-3	1
Korean won	27	0	0	0	0,01	27	0	0
Swiss franc	0	0	0	0	9,07	0	0	0
Canadian dollar	0	0	0	0	6,78	0	0	0
Euro	866	-615	0	-260	9,86	866	-875	-87
Total long-term foreign currency positions								1 308
Total pre-tax currency positions								48 485
Total currency positions after tax								36 364
¹ The table shows total financial position statement items for each individual currency, divided between short and long-term positions. The net position shows the currency risk in NOK at the end of the period while other figures are shown in their local currency. The hedge efficiency of currency is 87 per cent and 87 per cent for 2020 and 2019. "Other currencies" include short-term net positions of less than NOK 500 million.

KLP currency-hedges the majority of investments made in foreign currency. Financial hedging of currency exposure is done through derivatives. In principle all of the KLP's fixed-income investments and property investments in foreign currency are hedged back to NOK with the objective of 100 per cent hedging. At 31 December 2020, the hedging ratio for equities in developed markets and the most liquid currencies in emerging markets was 60 per cent with possible fluctuations between 50-70 percent. Other currencies, ie, less liquid currencies in developed markets and currencies in emerging markets with the exception of the most liquid currencies, are not currency hedged. The reason for this is that these currencies do not have a large enough market and / or liquidity that it is appropriate to hedge currency. This reduction in the hedging of shares, as well as unsecured foreign equity funds, increases the net positions in foreign currencies.

If all currency positions change by 1 per cent at the same time and in the same direction this would affect the pre-tax result by NOK 495 million. For 2019 the corresponding effect on income was NOK 485 million.

Note 11 Credit risk

31.12.2020 NOK MILLIONS	Investment grade AAA to BBB	Lower rating	Public sector guarantee	Banking and finance	¹ Mortgage < 80%	¹ Mortgage > 80%	Other	Total
Debt instruments held to maturity at amortized cost	27 530	35	0	0	0	0	1 397	28 962
Debt instruments classified as loans and receivables at amortized cost	138 894	194	377	0	0	0	22 694	162 159
Debt instruments at fair value - fixed-return securities	45 269	773	2 080	4 787	0	0	7 561	60 469
Fixed-income funds short-term	0	0	1 272	0	0	0	66 941	68 212
Loans and receivables	22 589	0	0	181	0	0	0	22 770
Financial derivatives classified as assets	6 843	0	0	0	0	0	0	6 843
Cash and deposits	659	0	0	0	0	0	0	659
Lending	0	0	71 387		2 989	205	2 842	77 424
Total	241 784	1 003	75 116	4 968	2 989	205	101 434	427 499
¹ These two columns provide information on the proportion of mortgage loans with mortgage security within 80 % of base value and mortgage loans that exceed 80% mortgage of base value.

SPECIFICATION OF INVESTMENT GRADE	AAA	AA	A	BBB	Total Investment grade
Debt instruments held to maturity at amortized cost	12 018	4 049	9 063	2 400	27 530
Debt instruments classified as loans and receivables at amortized cost	22 421	19 902	63 725	32 846	138 894
Debt instruments at fair value - fixed-return securities	23 634	5 006	11 618	5 011	45 269
Fixed-income funds short-term	0	0	0	0	0
Loans and receivables	0	14 701	7 467	421	22 589
Financial derivatives classified as assets	0	2 389	4 454	0	6 843
Cash and deposits	0	659	0	0	659
Lending	0	0	0	0	0
Total	58 073	46 706	96 327	40 678	241 784

31.12.2019 NOK MILLIONS	Investment grade AAA to BBB	Lower rating	Public sector guarantee	Banking and finance	¹ Mortgage < 80%	¹ Mortgage > 80%	Other	Total
Debt instruments held to maturity at amortized cost	28 149	36	0	0	0	0	1 396	29 581
Debt instruments classified as loans and receivables at amortized cost	131 504	65	856	876	0	0	22 222	155 523
Debt instruments at fair value - fixed-return securities	37 128	21	2 567	8 699	0	0	9 491	57 905
Fixed-income funds short-term ²	0	0	6 927	0	0	0	53 995	60 922
Loans and receivables	15 834	0	0	79	0	0	0	15 913
Financial derivatives classified as assets	4 733	0	0	0	0	0	0	4 733
Cash and deposits	900	0	0	0	0	0	0	900
Lending	0	0	56 002		3 091	305	11 993	71 391
Total	218 248	123	66 351	9 654	3 091	305	99 098	396 869
¹ These two columns provide information on the proportion of mortgage loans with mortgage security within 80 % of base value and mortgage loans that exceed 80% mortgage of base value.
² In the column "other", we have included an additional investment that is exposed to credit risk but is not reconcilable against the line "fixed-income securities" in the balance sheet. The value of the investment is NOK 1 371 million per 31.12.2019

SPECIFICATION OF INVESTMENT GRADE	AAA	AA	A	BBB	Total Investment grade
Debt instruments held to maturity at amortized cost	11 742	4 068	9 757	2 582	28 149
Debt instruments classified as loans and receivables at amortized cost	24 584	19 989	60 241	26 689	131 504
Debt instruments at fair value - fixed-return securities	22 293	4 871	7 701	2 263	37 128
Fixed-income funds short-term	0	0	0	0	0
Loans and receivables	0	5 783	10 048	3	15 834
Financial derivatives classified as assets	0	1 261	3 473	0	4 733
Cash and deposits	0	0	900	0	900
Lending	0	0	0	0	0
Total	58 618	35 973	92 119	31 537	218 248

Credit risk means the risk that a counterparty may not be able to meet its obligations to KLP. In this table the credit risk is measured using rating agencies’ estimates of the level of credit worthiness of the various issuers of fixed-income securities. Assets that are not rated are placed in other categories that describe credit risk, for example sector and guarantees.

Emphasis is placed on diversification of credit exposure to avoid concentration of credit risk against individual debtors. To monitor credit risk in lending and investments a special credit committee has been established, meeting regularly. The limits for credit risk against the individual debtor are set by the committee. Changes in debtors’ credit assessments are monitored and followed up by KLP Kapitalforvaltning AS.

KLP has good balance between Norwegian bonds and international bonds and has a portfolio of exclusively good credit notes. KLP has a high concentration of debt instruments directed at the Norwegian public sector.

Only ratings from Standard and Poor’s have been used in the note grouping. KLP also uses ratings from Moody’s Investor Services, Fitch Ratings, Scope Rating and Nordic Credit Rating and all five are considered equal as a basis for investments in fixed-income securities. The table shows exposure against the rating categories that S&P uses, where AAA is linked to securities with the highest creditworthiness. That which is classified as “Other” is mainly securities issued by power companies and other corporate bonds: this amounted to NOK 101 billion on 31 December 2020. KLP has strict guidelines for investments in fixed-income securities, which also apply to investments falling into the «Other» category.

The lines in the note coincide with the financial position statement layout. The exceptions are debt instruments at fair value, which are divided into three categories in the Note, and lending, which is shown combined in the Note, but is shown in two lines in the financial position statement (fair value and amortized cost).

NOK MILLIONS	31.12.2020	31.12.2019
TEN LARGEST COUNTERPARTIES
Counterparty 1	13 421	10 340
Counterparty 2	7 073	6 745
Counterparty 3	6 902	6 535
Counterparty 4	6 147	5 841
Counterparty 5	6 052	5 575
Counterparty 6	5 622	5 359
Counterparty 7	4 836	4 739
Counterparty 8	4 698	4 698
Counterparty 9	4 391	3 598
Counterparty 10	3 846	3 526
Total	62 988	56 957

The table above shows the ten largest counterparties to which KLP has exposure. The amounts stated are book value. The majority of the ten largest counterparties are either finance institutions or counterparties covered by a public sector guarantee (central or local government guarantee).

PREMIUM RECEIVABLES AND RECEIVABLES IN CONNECTION WITH REINSURANCE

NOK MILLIONS	31.12.2020	31.12.2019
Premium receivables	1 731	485
Write-downs of premium receivables	1	0
Total	1 732	485

KLP’s premium receivables are primarily in regard to the public sector and the credit risk is considered low. In addition the main group pension/public sector industry is linked to the “Transfer agreement for the public sector”. This transfer agreement has a security scheme intended to help to secure pension rights accrued with employers who cease to exist or do not pay premiums when due in accorance with detailed rules. The Company may thus apply for cover for unpaid demands in this industry from the security arrangement if the demand falls within the security arrangement’ s regulations.

CHANGE IN FAIR VALUE AS A RESULT OF CHANGE IN CREDIT RISK

NOK MILLIONS	31.12.2020
Change in fair value as a result of change in credit risk	254
Change in fair value as a result of change in credit risk	254

This is not an accurate calculation, but our best estimate. Actual change in fair value depends on both changes in risk-free interest rates and credit spreads. This estimate is an attempt to isolate the change in fair value due to the fact that the credit spread on the bonds has changed during the year. The estimate is calculated by looking at the change in credit spread for each individual bond throughout the year and the bond's cash flow weights remaining maturity (duration) for the bond at the time of reporting. There are many reasons why the credit spread changes,like for example that the credit spread becomes lower when the bond matures, that an issuer is considered more or less risky or that the market demands a higher or lower risk premium for credit bonds in general. If the change in fair value is positive (negative), it indicates that the duration- and value-weighted credit spread has decreased (increased).

The calculation is based on owned assets per 31.12.20, and is made for bonds and index bonds that are valued at fair value. Government funds and government portfolios have been removed from the calculation basis and fund units are not decomposed.

Note 12 Presentation of assets and liabilities that are subject to net settlement

31.12.2020 NOK MILLIONS				Related amounts not presented net
	Gross financial assets/ liabilities	Gross assets/liabilities presented net	Book value	Financial instruments	Security in cash	Security in securities	Net amount
ASSETS
Financial derivatives	6 843	0	6 843	-326	-5 795	0	1 089
Total	6 843	0	6 843	-326	-5 795	0	1 089
PORTFOLIO ALLOCATION OF ASSETS
Total assets – common portfolio	5 943	0	5 943	-326	-4 860	0	970
Total assets – corporate portfolio	884	0	884	0	-923	0	106
Total assets – investment option portfolio	16	0	16	0	-12	0	12
Total	6 843	0	6 843	-326	-5 795	0	1 089
LIABILITIES
Financial derivatives	327	0	327	-326	-3	0	0
Total	327	0	327	-326	-3	0	0
PORTFOLIO ALLOCATION OF LIABILITIES
Total liabilities – common portfolio	326	0	326	-326	0	0	0
Total liabilities – corporate portfolio	0	0	0	0	0	0	0
Total liabilities – investment option portfolio	1	0	1	0	-3	0	0
Total	327	0	327	-326	-3	0	0

31.12.2019 NOK MILLIONS				Related amounts not presented net
	Gross financial assets/ liabilities	Gross assets/liabilities presented net	Book value	Financial instruments	Security in cash	Security in securities	Net amount
ASSETS
Financial derivatives	4 733	0	4 733	-598	-3 981	0	169
Total	4 733	0	4 733	-598	-3 981	0	169
PORTFOLIO ALLOCATION OF ASSETS
Total assets – common portfolio	3 971	0	3 971	-597	-3 219	0	154
Total assets – corporate portfolio	747	0	747	0	-762	0	0
Total assets – investment option portfolio	15	0	15	-1	0	0	14
Total	4 733	0	4 733	-598	-3 981	0	169
LIABILITIES
Financial derivatives	599	0	599	-598	-11	0	0
Total	599	0	599	-598	-11	0	0
PORTFOLIO ALLOCATION OF LIABILITIES
Total liabilities – common portfolio	598	0	598	-597	-3	0	0
Total liabilities – corporate portfolio	0	0	0	0	0	0	0
Total liabilities – investment option portfolio	2	0	2	-1	-8	0	0
Total	599	0	599	-598	-11	0	0

The purpose of this note is to show the potential effect of netting agreements at KLP; what possibilities KLP has to net bilateral agreements against other counterparties should the latter go bankrupt and the remaining amount if all such netting agreements are materialized. The note shows derivative positions in the financial position statement, and one additional table with information on the different portfolios in the company.

Note 13 Mortgage loans and other lending

NOK MILLIONS	Local government administration	State and local authority owned enterprises ¹	Employees, pensioners and similar	Private organizations and enterprises	Total 31.12.2020	Total 31.12.2019
Agder	3 230	171	6	90	3 497	2 821
Innlandet	6 102	160	173	181	6 616	5 893
Møre og Romsdal	4 644	76	175	142	5 038	4 200
Nordland	4 597	135	48	137	4 917	4 458
Oslo	24	0	1 613	300	1 936	2 011
Rogaland	2 497	163	97	240	2 997	2 683
Svalbard	86	0	0	1	86	6 506
Troms og Finnmark	3 953	638	266	196	5 053	3 810
Trøndelag	7 081	200	192	211	7 684	227
Vestfold og Telemark	3 008	245	128	266	3 647	3 992
Vestland	7 388	1 005	184	331	8 908	7 344
Viken	14 699	921	185	1 083	16 887	16 404
Foreign	0	0	9 923	0	9 923	10 766
Not allocated	0	0	0	12	12	6
Accrued interest	194	6	18	3	222	270
Total	57 500	3 721	13 009	3 194	77 424	71 391
¹ This category covers local authority business operations, as well as enterprises owned by central and local government

KLP has a lending portfolio of high-quality, with limited credit risk and historically very low losses. In the main KLP provides loans secured on housing with a loan-to-value ratio less than 80 per cent, loans to local authorities and loans with government (central/local) guarantees. Lending secured through mortgages on housing amounts to NOK 3.2 billion. The sector diversification of KLP lending is very small, since a very high proportion of the loans are to the public sector. The concentration risk this suggests is however hardly realistic since the loans are covered by public sector guarantee, which involves an extremely low counterparty risk.

In addition, KLP have a NOK 13 billion intra-group loan that is included in “Receivables on and securities issued by subsidiaries, associated enterprises and jointly controlled entities”.

NOK MILLIONS	2020	2019
INDIVIDUAL WRITE-DOWNS ON LOANS AT AMORTIZED COST
Number of loans	1	1
Total principal before write-downs	0.50	0.77
Write-downs	0.50	0.32
Total principal after write-downs	0.00	0.45
INDIVIDUAL WRITE-DOWNS
Write-down on individual loans 01.01.	0.30	0.29
Known losses for the period where individual write-down has been carried out previously	0.00	0.00
Write-down on individual loans for the period	0.20	0.03
Reversal of write-down on individual loans for the period	0.00	0.00
Write-down on individual loans	0.00	0.32
GROUP WRITE-DOWNS
Write-down on group of loans 01.01.	0.10	0.05
Write-down on group of loans for the period	0.00	0.02
Write-down on group of loans 31.12.	0.10	0.07

LOANS OVERDUE

NOK MILLIONS	2020 Remaining debt	2019 Remaining debt
LOANS OVERDUE
30-90 days	7	8
over 90 days	6	10
Total overdue loans	13	18

The numbers are absolute figures, the amounts are given in NOK million. Defaulted loans are loans measured at amortized cost. All write-downs are in regard to housing mortgage lending.

Note 14 Shares and holdings in subsidiaries, associated enterprises and jointly controlled entities

NOK MILLIONS	Organization number	Holding %	OE on first acquisition	Acquisition cost	Book value 31.12.19	Additions/ disposals	Value adjustment	Profit/ loss share	Equity transaction¹	Dividend	Book value 31.12.20
SHARES IN THE CORPORATE PORTFOLIO PROPERTY SUBSIDIARIES
KLP Huset AS
Dronning Eufemiasgate 10	889828382	100.0 %	0.00	0.10	2 176.10	0.00	343.22	70.02	-53.87	0.00	2 535.48
0191 Oslo
KLP Zander Kaaes gt. 7 AS
Abels gate 9	999659527	100.0 %	0.00	790.22	828.52	0.00	9.21	35.26	-27.98	0.00	845.02
7030 Trondheim
Total shares and units in property subsidiaries in the corporate portfolio			0.00	790.32	3 004.63	0.00	352.44	105.28	-81.85	0.00	3 380.50
SHARES IN THE CORPORATE PORTFOLIO
SUBSIDIARIES (EXCL. PROPERTY)
KLP Skadeforsikring AS
Dronning Eufemiasgate 10	970896856	100.0 %	58.67	78.67	1 940.52	0.00	0.00	170.36	0.00	0.00	2 110.88
0191 Oslo
KLP Bedriftspensjon AS
Dronning Eufemiasgate 10	990329389	100.0 %	50.00	50.00	591.11	-591.11	0.00	0.00	0.00	0.00	0.00
0191 Oslo
KLP Kapitalforvaltning AS
Dronning Eufemiasgate 10	968437666	100.0 %	6.55	14.00	318.07	0.00	0.00	23.48	-6.99	0.00	334.57
0191 Oslo
KLP Forsikringsservice AS
Dronning Eufemiasgate 10	967696676	100.0 %	0.05	0.10	4.72	0.00	0.00	-0.17	-0.16	0.00	4.38
0191 Oslo
KLP Bankholding AS
Dronning Eufemiasgate 10	993749532	100.0 %	15.10	15.10	2 228.01	0.00	0.00	129.85	100.00	0.00	2 457.86
0191 Oslo
Total shares and units in subsidiaries (excl. property) in the corporate portfolio			130.37	157.87	5 082.42	-591.11	0.00	323.52	92.85	0.00	4 907.68
ASSOCIATED ENTERPRISES IN THE CORPORATE PORTFOLIO
Norsk Pensjon AS
Hansteens gate 2	890050212	25.0 %	5.00	2.50	1.77	0.00	0.00	0.00	0.00	0.00	1.77
0253 Oslo
Fylkeshuset AS
Fylkeshuset	930591114	48.0 %	0.05	0.05	0.05	0.00	0.00	0.00	0.00	0.00	0.05
6404 Molde
Total shares and units in associated enterprises in the corporate portfolio			5.05	2.55	1.82	0.00	0.00	0.00	0.00	0.00	1.82
Total shares and units in other subsidiaries, associated enterprises and jointly controlled entities in the corporate portfolio			135.42	160.41	5 084.24	-591.11	0.00	323.52	92.85	0.00	4 909.50
Total subsidiaries, associated enterprises and jointly controlled entities			135.42	950.74	8 088.87	-591.11	352.44	428.80	11.00	0.00	8 290.00
PROPERTY SUBSIDIARIES
SHARES IN THE COMMON AND INVESTMENT OPTION PORTFOLIOS
KLP Eiendom AS
Dronning Eufemiasgate 10	988394750	100.0 %	0.10	0.14	54 176.29	0.00	3 511.40	2 519.91	1 757.81	0.00	61 965.40
0191 Oslo
Total shares and units in property subsidiaries in the common and investment option portfolios			0.10	0.14	54 176.29	0.00	3 511.40	2 519.91	1 757.81	0.00	61 965.40
SUBSIDIARIES IN THE COMMON PORTFOLIO
Copenhagen Infrastructure Partners III GP APS
Nørregade 21		100.0 %	0.06	13.51	5.54	5.69	0.00	2.81	0.00	0.00	14.04
1165 København K.
Denmark
Copenhagen Infrastructure Partners II GP APS
Nørregade 21		100.0 %	8.88	16.30	14.01	1.80	0.00	-13.60	0.00	0.00	2.21
1165 København K.
Denmark
Total shares and units in subsidiaries in the common portfolio			8.94	29.81	19.55	7.49	0.00	-10.79	0.00	0.00	16.25
JOINTLY CONTROLLED ENTITIES IN THE COMMON PORTFOLIO
KLP Norfund Investments IS
Fridtjof Nansens plass 4	999548636	49.0 %	0.05	613.51	614.97	50.91	0.00	44.71	0.00	0.00	710.59
0160 OSLO
Total shares and units in jointly controlled entities in the common portfolio			0.05	613.51	614.97	50.91	0.00	44.71	0.00	0.00	710.59
ASSOCIATED ENTERPRISES IN THE COMMON PORTFOLIO
Norfinance AS
Fridtjof Nansens plass 4	912764729	46.5 %	92.30	443.49	538.10	12.37	0.00	-44.37	0.00	-4.65	501.45
0160 OSLO
Tensio AS
Kjøpmannsgata 7A	922828172	20.0 %	1 652.60	1 502.60	1 246.08	-150.00	0.00	63.46	0.00	-57.20	1 102.33
7500 STJØRDAL
Neas AS
Industriveien 1	960684737	33.3 %	356.50	356.50	0.00	356.50	0.00	-41.58	0.00	0.00	314.92
6517 Kristiansund N
Runde Holdco AS
Vestre Strømkaien 7	923101284	20.6 %	400.00	400.00	0.00	400.00	0.00	-1.43	0.00	0.00	398.57
5008 Bergen
Odal Vindkraftverk AS
Pausvegen 6	924824905	41.5 %	329.75	278.53	0.00	278.53	0.00	-1.67	0.00	0.00	276.86
1927 Rånåsfoss
Copenhagen Infrastructure III GP APS
Nørregade 21		33.3 %	0.02	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.02
1165 København K.
Denmark
Stena Renewable AB
Rosenlundsg.3 Box 7123		30.0 %	600.17	784.43	660.75	126.52	0.00	71.47	0.00	0.00	858.74
402 33 Göteborg
Sweden
Skaftåsen Bidco AB
BOX 16285		23.2 %	85.70	85.70	0.00	85.70	0.00	-11.16	0.00	0.00	74.54
103 25 Stockholm
Sweden
Total shares and units in associated enterprises in the common portfolio			3 517.04	3 851.27	2 444.95	1 109.63	0.00	34.72	0.00	-61.85	3 527.45
Total shares and units in other subsidiaries, associated enterprises and jointly controlled entities in the common portfolio			3 526.03	4 494.59	3 079.47	1 168.03	0.00	68.63	0.00	-61.85	4 254.28
¹ The column equity transaction include group contribution
All shares and other holdings have equal voting proportions.

Note 15 Shares and equity fund units

Norwegian shares and equity fund units are disclosed with business registered number.

Market value is stated in millions of kroner. This means that if the market value is lower than NOK 0.5 million, it will be reported as 0.

NOK MILLIONS	Organisation number	Volume	Market value
NORWAY
NMI GP IV AS	922100209	1 331 815	13
NORDIC CREDIT RATING AS	911721287	29 970	5
SOLGAARDEN SA	965585850	137	2
TOPCO AS (OSLOFJORD VARME)		180	242
TOTAL, UNSPECIFIED			261
EUROPRIS ASA		478 686	24
KONGSBERG AUTOMOTIVE ASA		1 034 451	0
SATS ASA		171 766	4
XXL ASA		403 399	8
TOTAL, CONSUMER DISCRETIONARY			37
GRIEG SEAFOOD ASA	946598038	132 605	11
KALERA AS		958 123	31
LEROY SEAFOOD GROUP ASA		859 512	52
MARINE HARVEST	964118191	1 373 349	262
ORKLA	910747711	2 343 290	204
SALMAR ASA		162 993	82
TOTAL, CONSUMER STAPLES			643
2VK INVEST AS	986977376	2 690 000	2
AKER BP ASA	989795848	311 441	67
AKER SOLUTIONS HOLDING ASA	913748174	431 778	7
DNO ASA	921526121	1 689 532	12
EQUINOR ASA	923609016	3 391 901	492
PETROLEUM GEO-SERVICES	916235291	1 117 790	6
READ WELL SERVICES HOLDING (a-aksje) AS	995280221	113 939	0
READ WELL SERVICES HOLDING (b-aksje) AS	995280221	990 546	3
TGS NOPEC GEOPHYSICAL CO ASA		337 455	45
TOTAL, ENERGY			633
ABG SUNDAL COLLIER HOLDING ASA		1 082 638	7
AKER ASA-A SHARES	886581432	75 040	42
AXACTOR	921896328	374 641	4
B2 HOLDING ASA	992249986	946 717	7
DNB ASA		2 761 084	463
GJENSIDIGE FORSIKRING ASA	995568217	569 322	109
NORDIC MICROFINANCE INITIATIVE	917763399	6 124 367	12
NORWEGIAN FINANCE HOLDING AS		431 162	32
NORWEGIAN MICROFINANCE INITIATIVE	917763399	8 118 127	14
SPAREBANK 1 SR BANK ASA	937895321	529 006	48
STOREBRAND ASA	916300484	1 347 766	87
TOTAL, FINANCIAL			824
BERGENBIO ASA		137 141	4
MEDI-STIM		35 673	9
NORDIC NANOVECTOR ASA		181 396	3
PCI BIOTECH HOLDING ASA		107 579	3
PHOTOCURE		69 166	7
REDCORD AS	960304977	7 100	0
TOTAL, HEALTHCARE			27
AF GRUPPEN ASA		212 349	37
AMERICAN SHIPPING COMPANY AS		96 180	3
HIDDN SOLUTIONS ASA		2 195	0
BONHEUR ASA	830357432	62 621	15
FJORD1 ASA	983472583	40 372	2
HEXAGON COMPOSITES ASA	938992185	339 957	19
HEXAGON PURUS HOLDING AS		473	0
KONGSBERG GRUPPEN ASA	943753709	258 319	45
MPC CONTAINER SHIPS AS		171 046	1
NEL ASA		3 824 817	111
NORWEGIAN AIR SHUTTLE AS	965920358	4 721	0
OTOVO AS - A SHARES		238 806	36
OTOVO AS - PREF SHARES		42 000	6
TOMRA SYSTEMS ASA	927124238	319 397	135
VEIDEKKE ASA	917103801	293 238	32
WALLENIUS WILHELMSEN LOGISTI	995216604	304 779	7
TOTAL, INDUSTRY			450
ATEA ASA		238 104	29
BOUVET ASA		26 630	19
CRAYON GROUP HOLDING AS	997602234	99 355	12
IDEX ASA		2 072 697	6
KITRON ASA		517 038	9
NORDIC SEMICONDUCTOR ASA		509 682	70
Q-FREE ASA	935487242	4 350 635	24
TOTAL, IT			170
ELKEM ASA	911382008	755 158	21
NORSK HYDRO ASA	914778271	4 273 504	170
YARA INTERNATIONAL	986228608	515 461	184
TOTAL, RAW MATERIALS			375
ENTRA ASA	999296432	499 197	97
OLAV THON EIENDO	914594685	76 943	14
TOTAL, PROPERTY			111
Adevinta ASA	921796226	698 865	101
SCHIBSTED	933739384	6 774	2
SCHIBSTED ASA-B SHS	933739384	556 074	178
TELENOR		2 093 643	305
TOTAL, TELECOM			586
FJORDKRAFT HOLDING ASA		250 000	21
ISTAD AS		13 000	135
LOFOTKRAFT AS	986347801	10 290	135
RINGERIKS-KRAFT AS	976957628	150	218
SCATEC SOLAR ASA	990918546	301 101	103
TRONDERENERGI AS	980417824	1 652 744	1 199
TUSSA KRAFT AS		454	565
TOTAL, DISTRIBUTION			2 376
TOTAL NORWAY			6 493
FOREIGN
BGP HOLDINGS		1 374 296	0
TOPICUS.COM INC		2 417	0
ABC-MART INC		2 200	1
ACCOR		9 185	3
ADIDAS		13 801	43
ADVANCE AUTO PARTS		4 200	6
AISIN SEIKI CO		12 600	3
AMAZON.COM		26 179	730
DELPHI AUTOMOTIVE PLC		15 009	17
ARAMARK		20 000	7
AUTOLIV INC		5 700	4
AUTOZONE		1 455	15
NAMCO BANDAI HOLDINGS		12 900	10
BARRATT DEVELOPMENTS		60 722	5
BMW STAMM		25 902	20
BMW VORZUG		3 485	2
BERKELEY GROUP HOLDINGS		7 056	4
BEST BUY CO		14 184	12
PRICELINE.COM		2 511	48
BORGWARNER INC		14 300	5
BRIDGESTONE CORP		33 800	9
BURBERRY GROUP		22 754	5
BURLINGTON STORES INC		3 800	9
CANADIAN TIRE CORP A		4 900	5
CARMAX		10 100	8
CARNIVAL CORP		103	0
CARNIVAL PLC(P AND O PRINCES		43 357	7
CARVANA CO		3 700	8
COMPASS GROUP		129 059	21
CONTINENTAL		8 526	11
DAIMLERCHRYSLER		64 387	39
DARDEN RESTAURANTS		7 300	7
DELIVERY HERO AG		10 135	13
DENSO CORP		30 300	15
DOLLAR GENERAL CORP		15 862	29
DOLLAR TREE INC		15 251	14
DOLLARAMA INC		16 900	6
DOMINO'S PIZZA INC		2 270	7
D.R. HORTON		23 900	14
EBAY		46 474	20
ELECTROLUX B		16 302	3
ESSILOR INTERNATIONAL		20 233	27
ETSY INC		8 200	12
EXPEDIA		7 350	8
FAST RETAILING CO		3 700	28
FAURECIA		7 344	3
FERRARI NV		9 433	19
FIAT CHRYSLER AUTOMOBILES NV		71 467	11
FORD MOTOR CO		226 908	17
GARMIN		8 200	8
GENERAL MOTORS CO		79 089	28
GENUINE PARTS CO		8 575	7
GILDAN ACTIVEWEAR		15 100	4
HASBRO		8 800	7
HELLOFRESH SE		10 417	7
HENNES & MAURITZ B		60 218	11
HERMES INTERNATIONAL		2 501	23
HIKARI TSUSHIN INC		1 900	4
HILTON WORLDWIDE HOLDINGS IN		17 233	16
HOME DEPOT		66 728	152
HONDA MOTOR CO		105 600	25
HUSQVARNA B		33 815	4
IIDA GROUP HOLDINGS CO LTD		10 500	2
INDITEX		86 144	23
INTERCONTINENTAL HOTELS		11 150	6
ISUZU MOTORS		39 500	3
JD SPORTS FASHION PLC		32 829	3
TAKEAWAY.COM NV		10 497	10
PPR		5 859	36
KINGFISHER		151 621	5
KOITO MFG		6 800	4
LEAR CORP		2 900	4
LENNAR CORP-A		19 100	12
LKQ CORP		16 100	5
LOWE'S COS		47 199	65
LULULEMON ATHLETICA INC		6 900	21
MAGNA INTERNATIONAL A		17 488	11
MARRIOTT INT'L A		16 710	19
MARUI GROUP CO LTD		13 400	2
MAZDA MOTOR CORP		49 700	3
MCDONALD'S CORP		45 049	83
MCDONALD'S HOLDINGS CO JAPAN		4 500	2
MERCADOLIBRE INC		2 600	37
MERCARI INC		5 400	2
MICHELIN		12 663	14
MOHAWK INDUSTRIES		2 900	3
MONCLER SPA		17 546	9
NEWELL RUBBERMAID		17 518	3
NEXT		8 177	7
NGK SPARK PLUG CO		11 300	2
NIKE B		76 272	92
NISSAN MOTOR CO		137 400	6
NITORI CO		4 800	9
NVR INC		230	8
OCADO GROUP PLC		36 462	10
O'REILLY AUTOMOTIVE INC		4 606	18
ORIENTAL LAND CO		12 300	17
DON QUIJOTE CO LTD		23 400	5
PANASONIC CORP		148 200	15
PANDORA A/S		7 688	7
PELOTON INTERACTIVE INC-A		13 400	17
PERSIMMON PLC		26 919	9
PEUGEOT SA		39 423	9
POOL CORP		2 700	9
PORSCHE AUTOMOBIL HOLDING SE		9 503	6
PROSUS NV		36 750	34
PULTE GROUP INC		15 866	6
PUMA		6 869	7
RAKUTEN		42 900	4
RENAULT		14 782	6
RESTAURANT BRANDS INTERN		17 448	9
RINNAI CORP		1 900	2
ROSS STORES		22 227	23
ROYAL CARIBBEAN CRUISES		8 908	6
RYOHIN KEIKAKU CO LTD		23 000	4
SEB SA		1 800	3
SEKISUI CHEMICAL CO		16 300	3
SEKISUI HOUSE		37 200	6
SHARP CORP		6 700	1
SHIMAMURA CO		1 500	1
SHIMANO		4 400	9
SODEXHO ALLIANCE		5 606	4
SONY CORP		82 100	70
STANLEY ELECTRIC CO		8 400	2
STARBUCKS CORP		72 601	66
FUJI HEAVY INDUSTRIES		38 000	6
SUMITOMO ELECTRIC IND		41 800	5
SUZUKI MOTOR CORP		23 100	9
SWATCH GROUP INH		2 000	5
SWATCH GROUP NAM		3 670	2
TARGET CORP		31 211	47
TAYLOR WIMPEY		205 409	4
TESLA MOTORS INC		44 500	269
TIFFANY & CO		6 600	7
TJX COS		74 422	44
TOYODA GOSEI CO		6 200	2
TOYOTA INDUSTRIES CORP		8 400	6
TOYOTA MOTOR CORP		135 991	90
TRACTOR SUPPLY COMPANY		8 500	10
ULTA BEAUTY INC		3 700	9
USS CO		15 900	3
VAIL RESORTS INC		2 500	6
VALEO SA		18 960	6
VF CORP		21 600	16
VOLKSWAGEN STAMM		1 778	3
VOLKSWAGEN VORZUG		14 642	23
WAYFAIR INC- CLASS A		5 000	10
WESFARMERS		72 221	24
WHIRLPOOL CORP		3 240	5
WHITBREAD		17 391	6
YAMADA DENKI CO		38 500	2
YAMAHA CORP		7 500	4
YAMAHA MOTOR CO		28 600	5
YUM BRANDS		17 882	17
ZALANDO SE		10 677	10
START TODAY CO LTD		4 100	1
TOTAL, CONSUMER DISCRETIONARY			3 214
A2 MILK CO LTD		47 347	4
AEON CO		45 500	13
AJINOMOTO CO		33 000	6
ALIMENTATION COUCHE-T. B		59 934	17
ARCHER-DANIELS-MIDLAND		37 221	16
ASSOCIATED BRITISH FOODS		28 099	7
BARRY CALLEBAUT AG-REG		169	3
BEIERSDORF		9 419	9
BUNGE		10 000	6
CALBEE INC		5 400	1
CAMPBELL SOUP CO (US)		12 448	5
CARREFOUR		52 708	8
LINDT & SPRUENGLI PART		90	8
LINDT AND SPRUENGLI NAMEN		9	8
CHURCH & DWIGHT CO INC		18 000	13
CLOROX CO		8 418	15
COCA-COLA WEST COMPANY LIMITED		14 000	2
COCA-COLA CO		279 666	131
COCA-COLA EUROPEAN PARTNERS		20 100	9
COCA-COLA HBC AG-CDI		14 949	4
COLES GROUP LTD		92 176	11
COLGATE-PALMOLIVE		57 159	42
COLRUYT		5 739	3
CONAGRA FOODS INC		27 239	8
COSMOS PHARMACEUTICAL CORP		800	1
COSTCO WHOLESALE CORP		30 306	98
DANONE		52 947	30
EMPIRE CO LTD 'A'		12 900	3
ESSITY AKTIEBOLAG-B		50 010	14
ESTEE LAUDER COS A		15 628	36
GENERAL MILLS		42 430	21
HENKEL AG & CO KGAA		8 701	7
HENKEL AG & CO KGAA		14 105	14
HERSHEY CO (THE)		10 000	13
HORMEL FOODS CORP		18 800	8
ICA GRUPPEN AB		4 791	2
ITO EN		4 400	2
JDE PEET'S NV		7 375	3
JERONIMO MARTINS SGPS		20 713	3
J.M.SMUCKER		7 200	7
KAO CORP		37 000	24
KELLOGG CO		15 100	8
KERRY GROUP A		13 102	16
KESKO B		22 053	5
DR PEPPER SNAPPLE GROUP-W/I		25 200	7
KIKKOMAN CORP		11 200	7
KIMBERLY-CLARK CORP		24 023	28
KOBAYASHI PHARMACEUTICAL CO		3 600	4
KOBE BUSSAN CO LTD		10 200	3
AHOLD (KON.)		94 377	23
KOSE CORP		2 300	3
KRAFT HEINZ CO/THE		43 296	13
KROGER CO		50 476	14
LAMB WESTON HOLDINGS INC		10 300	7
LAWSON		1 900	1
LION CORP		17 000	4
LOBLAW COMPANIES LTD		12 537	5
LOREAL		21 533	70
MCCORMICK & CO NV		18 642	15
MEIJI HOLDINGS CO LTD		7 600	5
METRO A		17 407	7
KRAFT FOODS A		101 049	51
MONSTER BEVERAGE CORP		27 987	22
NESTLE		247 188	250
NIPPON MEAT PACKERS		7 600	3
NISSHIN SEIFUN GROUP		20 105	3
NISSIN FOODS HOLDINGS CO LTD		5 900	4
BAKKAFROST P/F		162 065	99
PEPSICO		95 841	122
PIGEON CORP		10 100	4
POLA ORBIS HOLDINGS INC		6 000	1
PROCTER & GAMBLE CO		171 535	204
RECKITT BENCKISER GROUP PLC		60 828	47
SAINSBURY (J)		174 012	5
SAPUTO		12 466	3
SEVEN AND I HOLDINGS CO		57 540	17
SHISEIDO CO		30 100	18
SUNDRUG CO LTD		4 400	2
SUNTORY BEVERAGE & FOOD LTD		7 200	2
SYSCO CORP		33 167	21
TESCO		839 727	23
TOYO SUISAN KAISHA		5 800	2
TSURUHA HOLDINGS INC		2 400	3
TYSON FOODS A		16 600	9
UNI-CHARM CORP		33 000	13
UNILEVER PLC		236 316	121
WALGREEN CO		53 232	18
WAL-MART STORES INC		97 700	121
WELCIA HOLDINGS CO LTD		3 800	1
WESTON (GEORGE)		3 799	2
WH GROUP LTD		816 000	6
WILMAR INTERNATIONAL		144 900	4
MORRISON WM SUPERMARKETS		245 621	5
WOOLWORTHS LTD		96 959	25
YAKULT HONSHA CO		8 300	4
YAMAZAKI BAKING CO		10 000	1
TOTAL, CONSUMER STAPLES			2 114
CALTEX AUSTRALIA		19 661	4
ATLANTICA TENDER DRILLING LT		4 548 536	3
AVANCE GAS HOLDING LTD		137 822	6
BAKER HUGHES A GE CO		49 481	9
BP		1 222 384	36
BW LPG LTD		220 090	13
BW OFFSHORE LTD		262 022	10
CABOT OIL & GAS CORP		28 300	4
CAMECO CORP		29 400	3
CHENIERE ENERGY INC		15 700	8
CHEVRON CORP		141 500	102
CONCHO RESOURCES INC		13 700	7
CONOCOPHILLIPS		81 887	28
JX HOLDINGS INC		225 155	7
ENI		142 124	13
EOG RESOURCES		42 000	18
EXXON MOBIL CORP		316 263	112
FRONTLINE LTD		247 740	13
GALP ENERGIA SGPS SA-B SHRS		22 889	2
HALLIBURTON CO		59 900	10
HESS		19 000	9
IDEMITSU KOSAN CO		8 863	2
INDEPENDENT TANKERS CORP LTD		1 539 877	0
INPEX CORPORATION		55 800	3
INTER PIPELINE LTD		39 156	3
KEYERA CORP		11 522	2
KINDER MORGAN INC		152 141	18
LUNDIN PETROLEUM		14 040	3
NESTE OIL		23 195	14
OCCIDENTAL PETROLEUM		58 784	9
OCCIDENTAL PETROLEUM-CW27		7 348	0
OIL SEARCH		149 935	4
OMV AG		10 350	4
ONEOK INC		32 100	11
PARKLAND FUEL CORP		12 358	3
PEMBINA PIPELINE CORP		40 909	8
PIONEER NATURAL RES.		11 800	11
REPSOL YPF		100 055	9
REPSOL SA-RTS		100 055	0
ROYAL DUTCH SHELL PLC-A SHS		9 251	1
ROYAL DUTCH SHELL B		483 384	71
SANTOS		114 065	5
SCHLUMBERGER		101 346	19
SUBSEA 7 SA		686 392	60
TRANSCANADA CORP		69 732	24
TENARIS SA		34 366	2
TOTAL		148 154	55
VALERO ENERGY CORP		29 735	14
VOPAK		5 938	3
WILLIAMS COS		86 743	15
WOODSIDE PETROLEUM		65 384	10
TOTAL, ENERGY			799
3I GROUP PLC		57 675	8
ABN AMRO GROUP NV-CVA		10 836	1
ACOM CO		18 600	1
ADMIRAL GROUP PLC		12 955	4
AEGON		150 990	5
AFLAC		41 944	16
AGEAS		14 188	6
AGNC INVESTMENT CORP		27 400	4
AIA GROUP LTD		729 460	77
ALLEGHANY CORP		700	4
ALLIANZ		25 158	53
ALLSTATE CORP		19 309	18
ALLY FINANCIAL INC		29 600	9
AMERICAN EXPRESS		41 874	43
AMERICAN FINANCIAL GROUP INC		5 000	4
AMERICAN INT'L GROUP		50 747	16
AMERIPRISE FINANCIAL		7 870	13
AMP LTD		229 635	2
AMUNDI SA		2 236	2
ANNALY CAPITAL MANAGEMENT IN		76 200	6
AON PLC-CLASS A		14 073	25
APOLLO GLOBAL MANAGEMENT INC		10 100	4
ARCH CAPITAL GROUP		24 400	8
ARTHUR J GALLAGHER & CO		11 300	12
ASSICURAZIONI GENERALI		68 251	10
ASSURANT		4 400	5
ASX		10 616	5
ATHENE HOLDING LTD-CLASS A		10 100	4
ANZ BANKING GROUP		170 943	26
AVIVA		255 036	10
AXA SA		116 563	24
BALOISE-HOLDING AG		2 727	4
BANCO BILBAO VIZCAYA ARGENTA		382 399	16
BANCO ESPIRITO SANTO		190 970	0
BSCH BCO SANTANDER CENTR		1 045 740	28
BANK HAPOALIM BM		51 556	3
BANK LEUMI LE-ISRAEL		87 201	4
BANK OF AMERICA CORP		469 510	122
BANK EAST ASIA		77 706	1
BANK KYOTO		5 200	2
BANK MONTREAL		38 552	25
BANK NEW YORK MELLON		49 281	18
BANK NOVA SCOTIA		73 501	34
BANQUE CANTONALE VAUDOIS-REG		2 090	2
BARCLAYS		986 421	17
BERKSHIRE HATHAWAY B		82 651	164
BLACKROCK INC		9 108	56
BLACKSTONE GROUP INC/THE-A		39 500	22
BNP PARIBAS		67 833	31
BOC HONG KONG HOLDINGS		223 200	6
BROOKFIELD ASSET MAN A		80 443	28
BROWN & BROWN INC		12 200	5
CAIXABANK		200 711	4
CANADIAN IMPERIAL BANK		26 308	19
CAPITAL ONE FINANCIAL		28 088	24
CARLYLE GROUP INC/THE		8 600	2
CBOE HOLDINGS INC		6 500	5
CHIBA BANK		45 000	2
ACE		27 316	36
CI FINANCIAL INCOME FUND		15 500	2
CINCINNATI FINL CORP		9 300	7
CITIGROUP		124 526	66
CITIZENS FINANCIAL GROUP		25 000	8
CHICAGO MERCANTILE EXCH		21 620	34
CNP ASSURANCES		11 687	2
COMMERZBANK		87 323	5
COMMONWEALTH BANK		106 756	58
BANK YOKOHAMA		74 000	2
CREDIT AGRICOLE		61 911	7
CREDIT SUISSE		142 911	16
DAI-ICHI LIFE INSURANCE		59 900	8
DAIWA SECURITIES GROUP		109 000	4
DANSKE BANK		33 048	5
DBS GROUP HOLDINGS		105 169	17
DEUTSCHE BANK NAMEN		102 058	10
DEUTSCHE BOERSE AG		11 063	16
DIRECT LINE INSURANCE GROUP		87 441	3
DISCOVER FINANCIAL SERVICES		17 844	14
EQT AB		16 198	4
AXA EQUITABLE HOLDINGS INC		22 200	5
ERIE INDEMNITY COMPANY-CL A		1 900	4
ERSTE GROUP BANK AG		16 658	4
EURAZEO		2 723	2
EVEREST RE GROUP		2 900	6
EXOR NV		6 673	5
FACTSET RESEARCH SYSTEMS INC		2 600	7
FAIRFAX FINANCIAL HLDGS		1 632	5
FIDELITY NAT'L FINANCIAL		14 100	5
FIFTH THIRD BANCORP		42 005	10
FINECOBANK SPA		37 469	5
FIRST REPUBLIC BANK/CA		11 200	14
FRANKLIN RESOURCES		18 104	4
FUKUOKA FINANCIAL GROUP		8 400	1
TORCHMARK CORP		5 300	4
GOLDMAN SACHS GROUP		19 174	43
GREAT WEST LIFECO		19 848	4
GROUPE BRUXELLES LAMBERT		7 202	6
GROUPE BRUXELLES LAMBERT SA		2 577	2
HANG SENG BANK		46 700	7
HANNOVER RUECKVERSICH.		3 517	5
HARGREAVES LANSDOWN PLC		20 856	4
HARTFORD FINANCIAL SVCS		21 811	9
HONG KONG EXCH.&CLEARING		72 181	34
HSBC HOLDINGS (GB)		1 191 511	53
HUNTINGTON BANCSHARES INC		56 000	6
IA FINANCIAL CORP INC		8 676	3
IGM FINANCIAL		7 300	2
INDUSTRIVARDEN A		9 161	3
INDUSTRIVARDEN C		10 187	3
ING GROEP		223 133	18
INSURANCE AUSTRALIA GRP.		162 917	5
INTACT FINANCIAL CORP		7 800	8
INTERCONTINENTAL		33 595	33
INTESA SANPAOLO ORD		1 003 793	20
INVESCO LTD		28 858	4
INVESTOR B		25 316	16
ISRAEL DISCOUNT BANK-A		85 200	3
JAPAN EXCHANGE GROUP INC		32 500	7
JAPAN POST BANK CO LTD		25 500	2
JAPAN POST HOLDINGS CO LTD		95 000	6
JAPAN POST INSURANCE CO LTD		19 000	3
JPMORGAN CHASE & CO		180 215	196
JULIUS BAER GROUP LTD		12 701	6
KBC GROUPE		14 306	9
KEYCORP		60 600	9
Kinnevik AB ser. B		9 499	4
KKR & CO INC -A		27 700	10
LEGAL & GENERAL GROUP		385 800	12
LINCOLN NATIONAL CORP		9 082	4
LLOYDS BANKING GROUP PLC		4 224 078	18
LOEWS CORP		16 900	7
LONDON STOCK EXCHANGE		18 512	20
LUNDBERGFORETAGEN AB, L E SER. B		2 470	1
M & T BANK CORP		7 416	8
M&G PLC		189 065	4
MACQUARIE BANK		19 848	18
MAGELLAN FINANCIAL GROUP LTD		9 041	3
MANULIFE FINANCIAL CORP		115 114	18
MARKEL CORP		850	8
MARKETAXESS HOLDINGS INC		2 200	11
MARSH AND MCLENNAN COS		30 454	31
MEDIBANK PRIVATE LTD		176 403	3
MEDIOBANCA		40 060	3
METLIFE		45 598	18
MITSUBISHI UFJ FIN GRP		741 798	28
MITSUBISHI UFJ LEASE FIN		37 700	2
MIZRAHI TEFAHOT BANK LTD		10 489	2
MIZUHO FINANCIAL GROUP		140 941	15
MOODYS CORP		10 276	26
MORGAN STANLEY		80 687	47
MS&AD INSURANCE GROUP HOLDINGS		26 120	7
MSCI INC		4 900	19
MUENCHENER RUECKVERSICH.		8 524	22
NASDAQ OMX GROUP/THE		7 100	8
NATIONAL AUSTRALIA BANK		205 544	31
NATIONAL BANK OF CANADA		20 192	10
NATIXIS		60 903	2
ROYAL BANK OF SCOTLAND		251 441	5
NN GROUP NV		16 215	6
NOMURA HOLDINGS		200 100	9
NORDEA BANK ABP		209 007	15
NORTHERN TRUST CORP		10 950	9
ONEX CORPORATION		5 400	3
ORIX CORP		82 900	11
OCBC BANK		191 514	12
PARTNERS GROUP HOLDING AG		1 005	10
PHOENIX GROUP HOLDINGS PLC		28 601	2
PNC FINL SERVICES GROUP		26 428	34
POSTE ITALIANE SPA		30 561	3
POWER CORP OF CANADA		32 083	6
PRINCIPAL FINANCIAL GRP		15 400	7
PROGRESSIVE CORP		35 252	30
PRUDENTIAL FINANCIAL		22 802	15
PRUDENTIAL		153 992	24
QBE INSURANCE GROUP		97 333	5
RAIFFEISEN BANK INTERNATIONAL		9 818	2
RAYMOND JAMES FINANCIAL INC		6 640	5
REGIONS FINANCIAL (NEW)		51 541	7
REINSURANCE GROUP OF AMERICA		3 900	4
RENAISSANCERE HOLDINGS		2 800	4
RESONA HOLDINGS		109 642	3
ROYAL BANK OF CANADA		86 642	61
RSA INSURANCE GROUP PLC		64 641	5
S&P GLOBAL INC		14 739	41
SAMPO OYJ-A SHS		29 669	11
SBI HOLDINGS		14 070	3
SCHRODERS		8 983	4
SCHWAB (CHARLES) CORP		84 368	38
SCOR		9 679	3
SEI INVESTMENTS COMPANY		9 500	5
SHINSEI BANK		10 900	1
SHIZUOKA BANK		34 000	2
SINGAPORE EXCHANGE		48 400	3
SKAND.ENSKILDA BANKEN A		91 358	8
SOCIETE GENERALE		42 455	8
SOFINA		1 044	3
NKSJ HOLDINGS INC		20 700	7
ST JAMES'S PLACE PLC		24 619	3
STANDARD CHARTERED		171 176	9
STANDARD LIFE		132 111	4
STATE STREET CORP		22 643	14
SUMITOMO MITSUI FINL GRP		78 571	21
SUMITOMO MITSUI TRUST HOLDINGS		19 776	5
SUN LIFE FINANCIAL		33 327	13
SUNCORP GROUP LTD		68 134	4
SVB FINANCIAL GROUP		3 700	12
SVENSKA HANDELSBANKEN-A SHS		104 094	9
SWEDBANK		48 935	7
SWISS LIFE HOLDING		1 843	7
SWISS RE LTD		18 994	15
SYNCHRONY FINANCIAL		35 110	10
PRICE (T. ROWE) GROUP		13 223	17
T&D HOLDINGS		38 100	4
TMX GROUP LTD		3 400	3
TOKIO MARINE HOLDINGS INC		37 679	17
TOKYO CENTURY CORP		3 200	2
TORONTO-DOMINION BANK		110 687	53
TRADEWEB MARKETS INC-CLASS A		4 700	3
TRAVELERS COS		15 310	18
BB&T CORP		80 902	33
TRYG A/S		8 165	2
UBS NAMEN		232 725	28
UNICREDIT SPA		108 679	9
UNITED OVERSEAS BANK		69 623	10
US BANCORP		79 532	32
ING US INC		7 100	4
WELLS FARGO & CO		242 962	63
WENDEL		2 001	2
WESTPAC BANKING		218 590	28
WILLIS GROUP HOLDINGS PLC		8 168	15
BERKLEY (W.R.) CORP		8 450	5
ZURICH FINL SERVICES		9 022	33
TOTAL, FINANCIAL			3 365
10X GENOMICS INC-CLASS A		4 200	5
ABBOTT LABORATORIES		107 000	100
ABBVIE INC		106 636	98
ABIOMED INC		3 000	8
AGILENT TECHNOLOGIES		17 021	17
ALCON INC		25 574	15
ALEXION PHARMACEUTICALS INC		14 000	19
ALFRESA HOLDINGS		10 700	2
ALIGN TECHNOLOGY INC		4 700	21
ALNYLAM PHARMACEUTICALS INC		6 300	7
AMBU A/S-B		10 544	4
AMERISOURCEBERGEN		8 184	7
AMGEN		35 923	71
AMPLIFON SPA		7 430	3
ANTHEM INC		15 296	42
ARGENX SE		2 470	6
ASAHI INTECC CO LTD		16 200	5
ASTELLAS PHARMA		111 820	15
ASTRAZENECA		78 997	68
AVANTOR INC		25 900	6
VALEANT PHARMACEUTICALS INTERN		12 215	2
BAXTER INTERNATIONAL		29 317	20
BAYER		59 246	30
BECTON DICKINSON		16 481	35
BIOGEN IDEC		10 894	23
BIOMARIN PHARMACEUTICAL INC		11 200	8
BIOMERIEUX		2 486	3
BIO-RAD LABORATORIES-A		1 500	7
BOSTON SCIENTIFIC CORP		84 227	26
BRISTOL-MYERS SQUIBB CO		134 378	71
CARDINAL HEALTH		17 633	8
CARL ZEISS MEDITEC AG - BR		2 900	3
CATALENT INC		9 200	8
CENTENE CORP		35 320	18
CERNER CORP		19 200	13
CHUGAI PHARMACEUTICAL CO		44 400	20
CIGNA CORP		22 508	40
COCHLEAR		3 558	4
COLOPLAST B		7 354	10
COOPER COS INC/THE		3 000	9
CSL LIMITED		27 371	51
CVS/CAREMARK		78 677	46
DAIICHI SANKYO CO		101 925	30
DANAHER CORP		37 823	72
DAVITA		6 200	6
WILLIAM DEMANT HOLDING		8 840	3
DENTSPLY SIRONA INC		12 900	6
DEXCOM INC		5 700	18
DIASORIN SPA		1 527	3
EDWARDS LIFESCIENCES CORP		37 800	30
EISAI CO		15 900	10
ELANCO ANIMAL HEALTH INC		21 263	6
LILLY (ELI) AND CO		52 223	75
EUROFINS SCIENTIFIC		7 000	5
EXACT SCIENCES CORP		7 100	8
FISHER & PAYKEL HEALTHCARE C		31 220	6
FRESENIUS MED. CARE ST		12 448	9
FRESENIUS SE & CO KGAA		27 910	11
GALAPAGOS NV		3 275	3
GENMAB		3 570	12
GILEAD SCIENCES		76 450	38
GLAXOSMITHKLINE		304 562	48
GN STORE NORD A/S		7 789	5
GRIFOLS SA - B		30 000	5
HCA HOLDINGS INC		16 200	23
HENRY SCHEIN INC		7 000	4
HIKMA PHARMACEUTICALS PLC		8 869	3
HISAMITSU PHARMACEUTICAL		1 000	1
HOLOGIC INC		16 500	10
HORIZON PHARMA PLC		12 900	8
HOYA CORP		22 500	27
HUMANA		8 000	28
IDEXX LABORATORIES INC		4 900	21
ILLUMINA INC		8 900	28
INCYTE CORP		11 700	9
INSULET CORP		3 200	7
INTUITIVE SURGICAL		7 000	49
IONIS PHARMACEUTICALS INC		9 600	5
IPSEN		2 500	2
QUINTILES TRANSNATIONAL HOLD		11 032	17
JAZZ PHARMACEUTICALS PLC		4 100	6
JOHNSON & JOHNSON		159 179	214
PHILIPS ELECTRS (KON.)		55 267	25
KYOWA HAKKO KIRIN CO LTD		12 700	3
LABORATORY CORP OF AMER		7 300	13
LONZA GROUP		4 367	24
H LUNDBECK A/S		5 000	1
M3 INC		26 700	22
MASIMO CORP		3 000	7
MCKESSON CORP		9 782	15
MEDIPAL HOLDINGS CORP		14 300	2
MEDTRONIC		80 804	81
MERCK AND CO		153 190	107
MERCK KGAA STAMM		7 097	10
METTLER-TOLEDO INTERNATIONAL		1 353	13
MODERNA INC		16 700	15
MOLINA HEALTHCARE INC		3 800	7
NEUROCRINE BIOSCIENCES INC		4 000	3
NIPPON SHINYAKU CO LTD		3 700	2
NMC HEALTH PLC		7 700	0
NOVARTIS		132 567	107
NOVO NORDISK A/S-B		106 541	64
NOVOCURE LTD		5 100	8
OLYMPUS CORP		72 700	14
ONO PHARMACEUTICAL CO		18 200	5
ORION-YHTYMAE B		7 047	3
ORPEA		3 387	4
OTSUKA HOLDINGS CO LTD		23 400	9
PEPTIDREAM INC		6 800	3
PERKINELMER INC		7 900	10
PERRIGO CO PLC		9 364	4
PFIZER		333 405	105
PPD INC		8 800	3
QIAGEN N.V.		11 519	5
QUEST DIAGNOSTICS		8 948	9
RAMSAY HEALTH CARE LTD		6 957	3
RECORDATI SPA		3 846	2
REGENERON PHARMACEUTICALS		6 017	25
RESMED INC		8 100	15
ROCHE HOLDING GENUSS		42 140	126
ROYALTY PHARMA PLC- CL A		7 200	3
RYMAN HEALTHCARE LTD		25 579	2
SANOFI		68 083	56
SANTEN PHARMACEUTICAL CO		23 100	3
SAREPTA THERAPEUTICS INC		3 300	5
SARTORIUS AG-VORZUG		2 600	9
SARTORIUS STEDIM BIOTECH		1 381	4
SEATTLE GENETICS INC		6 900	10
SHIONOGI & CO		14 900	7
SIEMENS HEALTHINEERS AG		7 421	3
SMITH & NEPHEW		56 040	10
SONIC HEALTHCARE		25 041	5
SONOVA HOLDING		3 389	8
STERIS PLC		4 600	7
STRAUMANN HOLDING		626	6
STRYKER CORP		20 399	43
DAINIPPON SUMITOMO PHARM		11 200	1
SUZUKEN CO		4 150	1
SYSMEX CORP		9 300	10
TAISHO PHARMACEUTICAL CO		2 600	1
TAKEDA PHARMACEUTICAL		98 084	31
TELADOC INC		4 200	7
TELEFLEX INC		3 000	11
TERUMO CORP		39 600	14
TEVA PHARMACEUTICAL-SP ADR		60 964	5
THERMO FISHER SCIENTIFIC		24 250	97
UCB (GROUPE)		8 462	7
UNITEDHEALTH GROUP		57 793	173
UNIVERSAL HEALTH SERVICES-B		5 783	7
VARIAN MEDICAL SYSTEMS		5 500	8
VEEVA SYSTEMS INC-CLASS A		8 300	19
VERTEX PHARMACEUTICALS		15 572	31
VIATRIS INC		77 377	12
GALENICA AG-REG		3 180	4
WATERS CORP		3 853	8
WEST PHARMACEUTICAL SERVICES		3 900	9
ZIMMER HOLDINGS		11 659	15
ZOETIS INC		28 778	41
TOTAL, HEALTHCARE			3 415
3M CO		41 033	61
AP MOLLER MAERSK A		624	11
AP MOLLER MAERSK B		38	1
ABB LTD		129 144	31
ACS ACTIV. CONST. Y SVCS		24 773	7
ADECCO		8 554	5
ADP		1 372	2
AENA SA		3 776	6
ASAHI GLASS CO		8 060	2
AIR CANADA		11 500	2
ALFA LAVAL		13 055	3
ALLEGION PLC		5 900	6
ALSTOM		19 223	9
AMADA CO		31 300	3
AMERCO		200	1
AMETEK INC		16 650	17
ALL NIPPON AIRWAYS CO		8 700	2
ASHTEAD GROUP PLC		35 424	14
ASSA ABLOY AB-B		71 960	15
ATLANTIA		27 131	4
ATLAS COPCO A		45 542	20
ATLAS COPCO AB-B SHS		26 751	10
AUCKLAND INT'L AIRPORT		37 023	2
QR NATIONAL LTD		139 065	4
BOUYGUES ORD		14 824	5
BRAMBLES		90 763	6
BRENNTAG AG		13 243	9
BUNZL		24 080	7
BUREAU VERITAS SA		19 575	4
CH ROBINSON WORLDWIDE		10 400	8
CAE		18 324	4
CANADIAN NAT'L RAILWAY		50 616	47
CP RAILWAY		10 540	31
CARRIER GLOBAL CORP		58 874	19
CATERPILLAR		37 328	58
CENTRAL JAPAN RAILWAY CO		8 200	10
CINTAS CORP		5 897	18
CK HUTCHISON HOLDINGS LTD		156 917	9
CNH INDUSTRIAL NV		66 564	7
SAINT-GOBAIN		34 776	14
COPART INC		14 900	16
COSTAR GROUP INC		2 600	21
CSX CORP		53 126	41
CUMMINS		10 900	21
DAI NIPPON PRINTING CO		18 500	3
DAIFUKU CO LTD		6 900	7
DAIKIN INDUSTRIES		15 300	29
DASSAULT AVIATION SA		172	2
DCC PLC		4 486	3
DEERE & CO		20 334	47
DELTA AIR LINES		12 370	4
LUFTHANSA		15 302	2
DEUTSCHE POST		67 969	29
DOVER CORP		11 077	12
DSV DE SAMMENSLUT VOGN		14 068	20
EAST JAPAN RAILWAY CO		17 002	10
EATON CORP		29 116	30
EIFFAGE		3 807	3
EMERSON ELECTRIC CO		42 239	29
EPIROC AB-A		37 443	6
EPIROC AB-B		35 802	5
EQUIFAX		8 500	14
EXPEDITORS INTL WASH.		12 400	10
EXPERIAN PLC		62 559	20
FANUC CORP		11 900	25
FASTENAL CO		42 600	18
FEDEX CORP		17 383	39
FERGUSON PLC		13 032	14
FERROVIAL SA		37 206	9
FORTIVE CORP		21 098	13
FORTUNE BRANDS HOME & SECURI		9 900	7
FUJI ELECTRIC CO LTD		9 200	3
GEA GROUP		7 628	2
GEBERIT		2 702	15
GENERAC HOLDINGS INC		4 100	8
GENERAL DYNAMICS CORP		17 300	22
GENERAL ELECTRIC CO		615 824	57
GROUPE EUROTUNNEL SA - REGR		24 997	4
GFL ENVIRONMENTAL INC-SUB VT		10 600	3
GOLDEN OCEAN GROUP LTD		216 386	9
HANKYU HANSHIN HLDG		11 400	3
HARMONIC DRIVE SYSTEMS INC		3 700	3
HEICO CORP		3 300	4
HEICO CORP-CLASS A		5 500	6
HINO MOTORS		18 700	1
HITACHI CONSTR. MACHINE.		9 200	2
HOCHTIEF		1 382	1
HOSHIZAKI ELECTRIC CO LTD		2 500	2
ARCONIC INC		30 550	7
HUNT (J.B.) TRANSPORT		6 700	8
IDEX CORP		5 500	9
IHS MARKIT LTD		25 704	20
ILLINOIS TOOL WORKS		21 750	38
GARDNER DENVER HOLDINGS INC		23 868	9
INTERTEK GROUP		11 310	7
ITOCHU CORP		81 800	20
JAPAN AIRLINES CO LTD		6 700	1
JAPAN AIRPORT TERMINAL		3 300	2
JOHNSON CONTROLS INTERNATION		55 315	22
KAJIMA CORP		16 400	2
KANSAS CITY SOUTHERN		7 400	13
KEIHAN ELECTRIC RAILWAY CO		6 600	3
KEIKYU CORP		14 000	2
KEIO CORP		6 600	4
KEISEI ELECTRIC RAILWAY		6 600	2
KEPPEL CORP LTD		72 760	3
KINGSPAN GROUP PLC		9 362	6
KINTETSU CORP		10 490	4
KION GROUP AG		7 362	5
KNIGHT-SWIFT TRANSPORTATION		11 800	4
KNORR-BREMSE AG		3 500	4
KOMATSU		60 400	14
KONE B		24 439	17
KUBOTA CORP		65 800	12
KUEHNE & NAGEL INT'L		3 152	6
KURITA WATER INDUSTRIES		10 100	3
KYUSHU RAILWAY COMPANY		10 000	2
HARRIS CORP		15 950	26
INVESTMENT AB LATOUR-B SHS		11 251	2
LEGRAND		18 921	14
LENNOX INTERNATIONAL INC		2 500	6
JS GROUP CORP		21 100	4
MAKITA CORP		10 800	5
MARUBENI CORP		105 600	6
MASCO CORP		16 401	8
MELROSE INDUSTRIES PLC		356 264	7
MINEBEA CO		15 400	3
MISUMI GROUP INC		14 300	4
MITSUBISHI CORP		83 300	18
MITSUBISHI ELECTRIC CORP		106 800	14
MITSUBISHI HEAVY IND		16 009	4
MIURA CO LTD		5 800	3
MONOTARO CO LTD		4 800	2
MTR CORP		91 547	4
MTU AERO ENGINES AG		3 135	7
NABTESCO CORP		10 900	4
NAGOYA RAILROAD CO LTD		9 299	2
NGK INSULATORS		21 000	3
NIBE INDUSTRIER AB-B SHS		21 889	6
NIDEC CORP		26 800	29
NIHON M&A CENTER INC		10 100	6
NIPPON EXPRESS CO		5 200	3
NIPPON YUSEN K.K		10 300	2
NORDSON CORP		4 100	7
NORFOLK SOUTHERN CORP		17 746	36
NSK		36 900	3
OBAYASHI CORP		51 000	4
ODAKYU ELECTRIC RAILWAY		20 900	6
OLD DOMINION FREIGHT LINE		6 900	12
OTIS WORLDWIDE CORP		29 437	17
OWENS CORNING		6 000	4
PACCAR		23 286	17
PARKER HANNIFIN CORP		9 389	22
PENTAIR		8 533	4
PERSOL HOLDINGS CO LTD		18 500	3
PRYSMIAN SPA		11 873	4
QANTAS AIRWAYS LTD		66 687	2
RANDSTAD HOLDING		5 593	3
RATIONAL AG		326	3
UNITED TECHNOLOGIES CORP		106 036	65
RECRUIT HOLDINGS CO LTD		84 700	30
REED ELSEVIER (GB)		135 855	29
RENTOKIL INITIAL PLC		130 908	8
REPUBLIC SERVICES		16 495	14
RITCHIE BROS. AUCTIONEER		8 200	5
ROBERT HALF INT'L		7 100	4
ROCKWELL AUTOMATION		8 500	18
ROCKWOOL INTL A/S-B SHS		1 000	3
ROLLINS INC		15 900	5
ROLLS-ROYCE GROUP		479 093	6
ROPER INDUSTRIES		7 300	27
SANDVIK		85 884	18
SCHINDLER NAMEN		1 057	2
SCHINDLER PART		3 174	7
SCHNEIDER ELECTRIC		38 744	48
SECOM CO		13 700	11
SECURITAS B		8 837	1
SEIBU HOLDINGS INC		3 600	0
SENSATA TECHNOLOGIES HOLDING		12 400	6
SG HOLDINGS CO LTD		14 200	3
SGS		403	10
SHIMIZU CORP		46 000	3
SIEMENS		53 608	66
SIEMENS ENERGY AG		26 804	8
GAMESA CORP TECNOLOGICA		20 000	7
SINGAPORE AIRLINES		82 500	2
SINGAPORE TECH ENGR.		66 600	2
SKANSKA B		30 101	7
SKF B		31 433	7
SMC CORP		3 300	17
SMITH (A.O.) CORP		9 300	4
SMITHS GROUP		26 703	5
SNAP-ON INC		3 900	6
SOHGO SECURITY SERVICES CO		4 000	2
SOUTHWEST AIRLINES CO		8 200	3
SPIRAX-SARCO ENGINEERING PLC		4 376	6
STANLEY BLACK & DECKER INC		10 854	17
STOLT-NIELSEN LTD		54 079	6
SUMITOMO CORP		73 900	8
SUNRUN INC		7 900	5
SYDNEY AIRPORT		33 502	1
TAISEI CORP		10 300	3
TECHTRONIC INDUSTRIES CO		83 500	10
TELEDYNE TECHNOLOGIES INC		2 800	9
TELEPERFORMANCE		3 919	11
THALES		6 952	5
THK CO		8 900	2
THOMSON REUTERS CORP		15 117	11
TOBU RAILWAY CO		12 800	3
TOKYU CORP		36 600	4
TOPPAN PRINTING CO		17 850	2
TOROMONT INDUSTRIES LTD		4 200	3
TOSHIBA CORP		27 370	7
TOTO		5 400	3
TOYOTA TSUSHO		11 800	4
INGERSOLL-RAND PLC		16 849	21
TRANSDIGM GROUP INC		3 600	19
TRANSUNION		13 300	11
TRANSURBAN GROUP		162 476	15
UBER TECHNOLOGIES INC		67 900	30
UNION PACIFIC CORP		47 255	84
UNITED PARCEL SERVICE B		49 636	71
UNITED RENTALS INC		5 500	11
VERISK ANALYTICS INC-CLASS A		10 900	19
VESTAS WIND SYSTEMS		12 081	24
VINCI		36 623	31
VOLVO B		110 318	22
WABTEC CORP		13 814	9
WARTSILA B		24 626	2
WASTE CONNECTIONS INC		18 600	16
WASTE MANAGEMENT		30 358	31
WEST JAPAN RAILWAY CO		10 300	5
WOLTERS KLUWER		17 777	13
WSP GLOBAL INC		6 400	5
GRAINGER (WW)		3 300	12
XINYI GLASS HOLDINGS LTD		134 000	3
XPO LOGISTICS INC		5 600	6
XYLEM INC		13 810	12
YAMATO HOLDINGS CO		23 200	5
YASKAWA ELECTRIC CORP		16 600	7
TOTAL, INDUSTRY			2 798
ACCENTURE PLC		38 229	85
ADOBE SYSTEMS		29 291	125
ADVANCED MICRO DEVICES		70 000	55
ADVANTEST CORP		9 300	6
ADYEN NV		1 107	22
AFTERPAY TOUCH GROUP LTD		12 983	10
AKAMAI TECHNOLOGIES		8 600	8
AMADEUS IT HOLDING SA-A SHS		24 792	15
AMPHENOL CORP		17 122	19
ANALOG DEVICES		22 202	28
ANSYS INC		4 700	15
APPLE		1 030 812	1 170
APPLIED MATERIALS		55 740	41
ARISTA NETWORKS INC		2 700	7
ARROW ELECTRONICS		5 900	5
ASETEK A/S		67 895	7
ASM PACIFIC TECHNOLOGY		3 700	0
ASML HLDG		25 603	107
ATOS ORIGIN		7 598	6
AUTODESK		13 200	35
AUTOMATIC DATA PROCESS		26 134	39
AVALARA INC		4 600	6
AVEVA GROUP PLC		9 946	4
AZBIL CORP		6 500	3
BECHTLE AG		1 000	2
BLACK KNIGHT INC		7 600	6
RESEARCH IN MOTION		34 500	2
BOOZ ALLEN HAMILTON HOLDINGS		8 700	6
BROADCOM LTD		23 851	89
BROADRIDGE FINANCIAL SOLUTIO		6 900	9
BROTHER INDUSTRIES		17 800	3
CADENCE DESIGN SYS INC		18 000	21
CANON INC		56 250	9
CAP GEMINI SA		8 514	11
CDW CORP/DE		8 200	9
CERIDIAN HCM HOLDING INC		9 200	8
CGI GROUP A		14 100	10
CHECK POINT SOFTWARE TECH		7 100	8
CISCO SYSTEMS		255 511	98
CITRIX SYSTEMS		7 800	9
CLOUDFLARE INC - CLASS A		8 500	6
COGNEX CORP		12 000	8
COGNIZANT TECH SOLUTIONS		32 454	23
COMPUTERSHARE		27 865	3
CONSTELLATION SOFTWARE INC		1 300	14
CORNING		44 048	14
COUPA SOFTWARE INC		4 100	12
CROWDSTRIKE HOLDINGS INC - A		8 200	15
CYBERARK SOFTWARE LTD/ISRAEL		2 700	4
DASSAULT SYSTEMES		7 663	13
DATADOG INC - CLASS A		72 234	61
DELL TECHNOLOGIES INC-CL V		14 800	9
DISCO CORP		2 000	6
DOCUSIGN INC		10 400	20
DROPBOX INC-CLASS A		13 900	3
DYNATRACE INC		8 100	3
EDENRED		15 433	8
ENPHASE ENERGY INC		6 400	10
EPAM SYSTEMS INC		3 500	11
ERICSSON (LM) B		173 145	18
F5 NETWORKS		2 700	4
FAIR ISAAC CORP		1 800	8
FIDELITY NAT'L INFO SVCS		36 981	45
FISERV		34 877	34
FLEETCOR TECHNOLOGIES INC		4 920	11
FORTINET INC		8 300	11
FUJI FILM HOLDINGS CO		22 900	10
FUJITSU		11 720	14
GARTNER INC		5 500	8
GLOBAL PAYMENTS INC		18 046	33
GMO PAYMENT GATEWAY INC		3 000	3
GODADDY INC - CLASS A		10 000	7
GUIDEWIRE SOFTWARE INC		3 900	4
HALMA PLC		18 580	5
HAMAMATSU PHOTONICS KK		10 600	5
HEWLETT PACKARD ENTERPRIS		70 965	7
HEXAGON AB SER. B		15 050	12
HIROSE ELECTRIC CO		1 984	3
HITACHI		56 800	19
HP INC		86 565	18
HUBSPOT INC		2 300	8
IBIDEN CO		6 300	3
INFINEON TECHNOLOGIES		81 955	27
INTEL CORP		255 355	109
INTL BUSINESS MACHINES CORP		53 436	58
INTUIT		15 718	51
IPG PHOTONICS CORP		1 500	3
ITOCHU TECHNO-SOLUTIONS		7 000	2
JACK HENRY & ASSOCIATES INC		4 900	7
JUNIPER NETWORKS		23 500	5
KEYENCE CORP		11 000	53
KEYSIGHT TECHNOLOGIES IN		11 500	13
KLA TENCOR CORP		8 800	20
KYOCERA CORP		19 800	10
LAM RESEARCH CORP		8 750	35
LASERTEC CORP		4 400	4
SAIC INC		7 400	7
LOGITECH NAMEN		10 233	9
MARVELL TECHNOLOGY GROUP		37 400	15
MASTERCARD A		53 907	164
MAXIM INTEGRATED PRODUCTS		17 200	13
MICROCHIP TECHNOLOGY		15 100	18
MICRON TECHNOLOGY		66 700	43
MICROSOFT CORP		433 519	825
MONGODB INC		2 800	9
MONOLITHIC POWER SYSTEMS INC		2 900	9
MOTOROLA SOLUTIONS INC		10 063	15
MURATA MANUFACTURING CO		33 800	26
NEC CORP		15 140	7
NEMETSCHEK SE		3 775	2
NETWORK APPLIANCE		14 039	8
NEXI SPA		23 409	4
NICE SYSTEMS LTD		3 841	9
NOKIA CORP		377 496	12
NOMURA RESEARCH INST		24 321	7
SYMANTEC CORP		35 800	6
NTT DATA CORP		33 300	4
NVIDIA		37 709	169
NXP SEMICONDUCTORS NV		16 512	22
OBIC CO		3 800	7
OKTA INC		6 900	15
OMRON CORP		11 700	9
ON SEMICONDUCTOR CORP		31 700	9
OPEN TEXT CORP		16 600	6
ORACLE CORP		118 598	66
ORACLE CORP JAPAN		2 300	3
OTSUKA CORP		7 800	4
PALO ALTO NETWORKS INC		5 900	18
PAYCHEX		18 457	15
PAYCOM SOFTWARE INC		3 100	12
PAYPAL HOLDINGS INC		69 020	138
PTC INC		5 500	6
QORVO INC		7 100	10
QUALCOMM		68 900	90
NEC ELECTRONICS CORP		70 200	6
RICOH CO		44 900	3
RINGCENTRAL INC-CLASS A		4 300	14
ROHM CO		4 000	3
SAGE GROUP (THE)		75 587	5
SALESFORCE.COM		53 915	103
SAP STAMM		62 393	70
SCSK CORP		3 600	2
SEAGATE TECHNOLOGY		15 219	8
SEIKO EPSON CORPORATION		18 100	2
SERVICENOW INC		11 446	54
SHIMADZU CORP		16 000	5
SHOPIFY INC - CLASS A		6 600	64
SKYWORKS SOLUTIONS INC		9 928	13
SLACK TECHNOLOGIES INC- CL A		29 100	11
SNOWFLAKE INC-CLASS A		1 700	4
SOLAREDGE TECHNOLOGIES INC		3 200	9
SPLUNK INC		10 000	15
SQUARE INC - A		23 600	44
SS&C TECHNOLOGIES HOLDINGS		12 700	8
STMICROELECTRONICS NV		41 184	13
SUMCO		6 900	1
SYNOPSYS		8 400	19
TDK CORP		7 300	9
TE CONNECTIVITY LTD		18 350	19
TEAMVIEWER AG		8 303	4
TEMENOS GROUP AG-REG		4 500	5
TERADYNE INC		10 100	10
TEXAS INSTRUMENTS		56 605	80
TIETOEVRY OYJ		17 365	5
TIS INC		12 900	2
TOKYO ELECTRON		9 300	30
TRADE DESK INC/THE -CLASS A		2 500	17
TREND MICRO		6 100	3
TRIMBLE NAVIGATION LTD		14 600	8
TWILIO INC - A		8 300	24
TYLER TECHNOLOGIES INC		2 100	8
VENTURE CORP LTD		20 300	3
VERISIGN		5 900	11
VISA INC-CLASS A SHARES		102 790	192
VMWARE INC-CLASS A		4 200	5
VONTIER CORP		8 439	2
WESTERN DIGITAL		19 194	9
WESTERN UNION		24 794	5
WISETECH GLOBAL LTD		17 765	4
WIX.COM LTD		3 900	8
WORKDAY INC-CLASS A		9 789	20
WORLDLINE SA		13 604	11
XERO LTD		6 024	6
XILINX		15 173	18
YOKOGAWA ELECTRIC CORP		14 000	2
ZEBRA TECHNOLOGIES CORP-CL A		3 400	11
ZENDESK INC		6 600	8
ZOOM VIDEO COMMUNICATIONS-A		10 700	31
ZSCALER INC		3 500	6
TOTAL, IT			5 909
AGNICO-EAGLE MINES		14 168	9
AIR LIQUIDE		34 848	49
AIR PRODUCTS & CHEMICALS		14 000	33
AIR WATER INC		12 000	2
AKZO NOBEL		13 175	12
ALBEMARLE CORP		6 900	9
AMCOR PLC-CDI		127 636	13
ANTOFAGASTA		31 496	5
ARCELOR-MITTAL A		39 445	8
ARKEMA		3 442	3
ASAHI KASEI CORP		97 300	9
AVERY DENNISON CORP		4 511	6
AXALTA COATING SYSTEMS LTD		17 700	4
B2GOLD CORP		72 000	3
BALL CORP		21 490	17
BASF		67 664	46
BLUESCOPE STEEL		39 521	5
BOLIDEN		20 847	6
CCL INDUSTRIES INC - CL B		7 900	3
CELANESE CORP		7 700	9
CF INDUSTRIES HOLDINGS INC		16 500	5
CHRISTIAN HANSEN HOLDING A/S		6 464	6
CLARIANT AG-REG		9 417	2
CORTEVA INC		47 653	16
COVESTRO AG		10 147	5
CRH		56 171	20
CRODA INTERNATIONAL PLC		8 325	6
CROWN HOLDINGS INC		10 200	9
DOW INC		49 253	23
DOWDUPONT INC		46 653	28
EASTMAN CHEMICAL CO		8 800	8
ECOLAB		16 523	31
EMS-CHEMIE HOLDING AG-REG		435	4
EVOLUTION MINING LTD		124 354	4
EVONIK INDUSTRIES AG		14 811	4
EVRAZ PLC		37 000	2
FIRST QUANTUM MINERALS		52 636	8
FMC CORP		8 570	8
FORTESCUE METALS GROUP		129 511	20
FRANCO-NEVADA CORP		11 728	13
FRESNILLO PLC		20 405	3
FUCHS PETROLUB AG -PREF		4 529	2
GIVAUDAN		680	25
HITACHI METALS		7 500	1
ISRAEL CHEMICALS LTD		40 032	2
INT'L PAPER CO		23 753	10
INT'L FLAVORS FRAGRANCES		6 522	6
JAMES HARDIE INDUSTRIES SE		36 093	9
JFE HOLDINGS		34 000	3
JOHNSON MATTHEY		9 684	3
JSR CORP		14 800	4
KANSAI PAINT CO		19 000	5
KINROSS GOLD CORP		55 400	3
KIRKLAND LAKE GOLD LTD		15 300	5
KONINKLIJKE DSM		12 985	19
KURARAY CO		22 800	2
HOLCIM		34 265	16
LANXESS AG		7 476	5
LINDE PLC		34 191	77
LUNDIN MINING CORP		60 200	5
LYONDELLBASELL INDU-CL A		17 332	14
MARTIN MARIETTA MATRLS		4 500	11
MITSUBISHI CHEMICAL HLDG		92 350	5
MITSUBISHI GAS CHEMICAL		20 100	4
MITSUI CHEMICALS		19 120	5
MONDI PLC		36 433	7
MOSAIC CO (THE)		28 800	6
NEWCREST MINING		62 458	11
NEWMONT MINING HLDG		52 257	27
NIPPON PAINT CO LTD		10 954	10
TAIYO NIPPON SANSO CORP		13 000	2
NIPPON STEEL CORP		66 072	7
NISSAN CHEMICAL IND		7 100	4
NITTO DENKO CORP		14 800	11
NORTHERN STAR RESOURCES LTD		60 013	5
NOVOZYMES B		15 512	8
NUCOR CORP		19 364	9
NUTRIEN LTD		32 400	13
OJI PAPER CO		61 300	3
ORICA		27 493	3
PACKAGING CORP OF AMERICA		5 400	6
PAN AMERICAN SILVER CORP		13 900	4
PPG INDUSTRIES		14 452	18
RIO TINTO PLC		115 704	74
RPM INTERNATIONAL INC		8 700	7
SEALED AIR CORP		6 800	3
SHERWIN-WILLIAMS CO		5 300	33
SHIN-ETSU CHEMICAL CO		28 400	42
SIKA INHABER		9 912	23
SMURFIT KAPPA GROUP PLC		14 213	6
SOLVAY		3 685	4
SSR MINING INC		16 400	3
STEEL DYNAMICS INC		12 100	4
STORA ENSO R		31 394	5
SUMITOMO CHEMICAL CO		107 900	4
SUMITOMO METAL MINING CO		21 050	8
SVENSKA CELLULOSA AB SCA-B		44 763	7
SYMRISE AG		9 422	11
TAIHEIYO CEMENT CORP		7 700	2
TECK RESOURCES LTD-CLS B		40 400	6
TEIJIN		11 299	2
TORAY INDUSTRIES		106 400	5
TOSOH CORP		20 000	3
UMICORE		12 949	5
UPM-KYMMENE		35 352	11
VOESTALPINE		7 772	2
VULCAN MATERIALS CO		8 085	10
WESTROCK CO		19 144	7
SILVER WHEATON CORP		26 424	9
YAMANA GOLD		67 500	3
TOTAL, RAW MATERIALS			1 168
AEON MALL CO		9 520	1
ALEXANDRIA REAL ESTATE EQUIT		7 050	11
AMERICAN TOWER CORP A		27 108	52
AROUNDTOWN SA		69 255	4
AROUNDTOWN SA - CASH OPT		69 255	0
ASCENDAS REAL ESTATE INV		131 342	3
AVALONBAY COMMUNITIES		8 335	11
AZRIELI GROUP		2 982	2
BOSTON PROPERTIES		8 383	7
BRITISH LAND CO		68 884	4
CAMDEN PROPERTY TRUST		6 000	5
CAN APARTMENT PROP REAL ESTA		2 381	1
CAPITAMALL TRUST		236 000	3
CAPITALAND		156 900	3
CBRE GROUP INC		17 900	10
CITY DEVELOPMENTS		23 700	1
CHEUNG KONG PROPERTY HOLDING		145 417	6
FONCIERE DES REGIONS		1 913	2
CROWN CASTLE INT'L CORP		26 913	37
DAITO TRUST CONSTRUCTION		4 800	4
DAIWA HOUSE IND CO		36 700	9
DAIWA HOUSE RESIDENTIAL INV		80	2
DEUTSCHE WOHNEN AG-BR		18 489	8
DEXUS PROPERTY GROUP		58 209	4
DIGITAL REALTY TRUST INC		16 100	19
DUKE REALTY CORP		20 300	7
EQUINIX INC		5 252	32
EQUITY LIFESTYLE PROPERTIES		11 100	6
EQUITY RESIDENTIAL		23 401	12
ESR CAYMAN LTD		93 200	3
ESSEX PROPERTY TRUST INC		3 800	8
EXTRA SPACE STORAGE INC		7 800	8
FASTIGHETS AB BALDER-B SHRS		5 656	3
FIRSTSERVICE CORP		2 200	3
GECINA		1 870	2
GLP J-REIT		237	3
GOODMAN GROUP		110 133	14
GPT GROUP		96 946	3
HANG LUNG PROPERTIES		140 500	3
HEALTH CARE PPTY INVEST		28 400	7
HENDERSON LAND DEV.		109 700	4
HONGKONG LAND HOLDINGS LTD		85 800	3
HOST HOTELS AND RESORTS		42 496	5
SHOEI CO LTD/CHIYODA-KU		14 200	1
INVITATION HOMES INC		30 600	8
IRON MOUNTAIN		17 908	5
JAPAN REAL ESTATE INV		75	4
JAPAN RETAIL FUND INVT		96	1
KLEPIERRE		16 648	3
LAND SECURITIES GROUP		40 819	3
LEG IMMOBILIEN AG		4 464	6
LEND LEASE GROUP		36 373	3
LINK REIT		118 753	9
MAPLETREE COMMERCIAL TRUST		188 400	3
MAPLETREE LOGISTICS TRUST		184 133	2
MEDICAL PROPERTIES TRUST INC		27 000	5
MID-AMERICA APARTMENT COMM		5 900	6
MIRVAC GROUP		183 744	3
MITSUBISHI ESTATE CO		81 779	11
MITSUI FUDOSAN CO		58 300	10
NEW WORLD DEVELOPMENT		78 741	3
NIPPON BUILDING FUND		74	4
NIPPON PROLOGIS REIT INC		111	3
NOMURA REAL ESTATE HLD		6 700	1
NOMURA REAL ESTATE MASTER FU		320	4
OMEGA HEALTHCARE INVESTORS		16 600	5
ORIX JREIT INC		127	2
PACIFIC CENTURY PREMIUM DEVE		31 649	0
PROLOGIS INC		44 986	38
PUBLIC STORAGE		9 600	19
REALTY INCOME CORP		20 600	11
REGENCY CENTERS CORP		10 000	4
RIOCAN REIT		8 396	1
SBA COMMUNICATIONS CORP-CL A		6 854	17
WESTFIELD RETAIL TRUST		377 045	7
SEGRO		61 984	7
SIMON PROPERTY GROUP		18 396	13
SINO LAND		228 030	3
STOCKLAND		165 127	5
SUMITOMO REALTY & DEV CO		18 400	5
SUN COMMUNITIES INC		6 000	8
SUN HUNG KAI PROPERTIES		102 164	11
SUNTEC REIT		184 100	2
SWIRE PACIFIC A		40 600	2
SWIRE PROPERTIES LTD		87 200	2
SWISS PRIME SITE-REG		4 709	4
TOKYU LAND CORP		30 400	1
UDR INC		17 900	6
UNIBAIL GROUP STAPLED		8 018	5
UNITED URBAN INVESTMENT CORP		186	2
UNITED OVERSEAS LAND		34 787	2
VENTAS		23 411	10
AMERICAN REALTY CAPITAL PROP		13 240	4
CENTRO RETAIL AUSTRALIA		233 070	2
DEUTSCHE ANNINGTON IMMOBILIE		33 404	21
VORNADO REALTY TRUST		12 539	4
WELLTOWER INC		25 415	14
WEYERHAEUSER CO		46 964	13
WHARF REAL ESTATE INVESTMENT		129 000	6
WP CAREY INC		10 200	6
TOTAL, PROPERTY			696
ACTIVISION BLIZZARD INC		46 400	37
ALPHABET INC-CL A		18 060	271
ALPHABET INC-CL C		18 304	274
ALTICE NV - A		56 724	3
ALTICE USA INC- A		12 700	4
AT&T		438 411	108
AUTO TRADER GROUP PLC		47 582	3
BCE INC		8 280	3
BOLLORE		57 936	2
BT GROUP		504 626	8
CABLE ONE INC		300	6
CAPCOM CO LTD		10 800	6
CELLNEX TELECOM SAU		16 673	9
CENTURYLINK INC		53 916	4
CHARTER COMMUNICATIONS INC-A		9 012	51
COMCAST CORP A (NEW)		273 916	123
CYBERAGENT INC		7 500	4
DENTSU		7 800	2
DEUTSCHE TELEKOM		201 001	31
DISCOVERY COMMUNICATIONS-A		9 300	2
DISCOVERY COMMUNICATIONS-C		18 862	4
DISH NETWORK CORP		9 901	3
ELECTRONIC ARTS		17 260	21
ELISA OYJ		8 631	4
FACEBOOK INC-A		144 550	338
FOX CORP - CLASS A - W/I		19 800	5
FOX CORP- CLASS B - W/I		5 800	1
HAKUHODO DY HOLDINGS		13 200	2
HKT TRUST AND HKT LTD		196 880	2
IAC/INTERACTIVECORP		5 200	8
ILIAD		468	1
INFORMA PLC		60 341	4
INFRASTRUTTURE WIRELESS ITAL		16 896	2
INTERPUBLIC GROUP OF COS		27 400	6
KAKAKU.COM INC		10 139	2
KDDI		106 500	27
KPN (KON.)		175 496	5
LIBERTY BROADBAND-A		1 700	2
LIBERTY BROADBAND-C		6 000	8
LIBERTY GLOBAL C		24 332	5
LIBERTY GLOBAL A		15 535	3
LIBERTY MEDIA CORP-LIBERTY-C		9 000	3
LIBERTY SIRIUSXM GROUP		6 000	2
LIBERTY MEDIA COR-SIRIUSXM C		8 878	3
LIVE NATION ENTERTAINMENT IN		7 800	5
MATCH GROUP INC		16 081	21
NETFLIX INC		26 496	123
NEWS CORP - CLASS A		24 545	4
NEXON CO LTD		25 700	7
NINTENDO CO		6 800	37
NTT CORP		76 232	17
OMNICOM GROUP		13 116	7
FRANCE TELECOM		112 233	11
PCCW		293 049	2
PEARSON		54 518	4
PINTEREST INC- CLASS A		24 000	14
PROXIMUS		9 645	2
PUBLICIS GROUPE		18 267	8
QUEBECOR INC -CL B		13 100	3
REA GROUP LTD		3 640	4
ROGERS COMMUNICATIONS B		19 778	8
ROKU INC		5 300	15
SCOUT24 AG		6 304	4
SEEK LTD		23 372	4
SES A-FDR		30 445	2
SHAW COMMUNICATIONS B		22 588	3
SINGAPORE TELECOM		519 680	8
SIRIUS XM RADIO INC		95 000	5
SNAP INC - A		48 400	21
SOFTBANK CORP		168 200	18
SOFTBANK CORP		94 500	63
TELECOM CORP NEW ZEALAND		109 332	3
SQUARE ENIX HOLDINGS CO LTD		6 500	3
SWISSCOM		1 414	7
TAKE-TWO INTERACTIVE SOFTWRE		7 500	13
TELE2 B		25 427	3
TELECOM ITALIA ORD		824 953	3
TELECOM ITALIA RNC		394 837	2
TELEFONICA DEUTSCHLAND HOLDI		37 149	1
TELEFONICA		295 961	10
TELIASONERA		131 909	5
TELSTRA CORP		222 981	4
TELUS CORP		25 948	4
T-MOBILE US INC		32 454	37
TOHO CO		8 100	3
TPG TELECOM LTD		16 167	1
TWITTER INC		42 000	19
UBISOFT ENTERTAINMENT		6 266	5
UNITED INTERNET		7 491	3
VERIZON COMMUNICATIONS		248 198	125
CBS CORP B		33 933	11
VIVENDI		45 571	13
VODAFONE GROUP		1 614 305	23
DISNEY (WALT)		108 554	168
WPP PLC		67 348	6
YAHOO JAPAN CORP		145 500	8
ZILLOW GROUP INC - A		2 700	3
ZILLOW GROUP INC - C		7 600	8
TOTAL, TELECOM & MEDIA			2 325
ALGONQUIN POWER & UTILITIES		68 685	10
ALTAGAS LTD		33 357	4
AMERICAN WATER WORKS CO INC		23 200	30
APA GROUP		139 696	9
DONG ENERGY A/S		14 741	26
ATCO LTD -CLASS I		8 000	2
ATMOS ENERGY CORP		17 000	14
AUSNET SERVICES		277 704	3
BROOKFIELD RENEWABLE COR-A		16 800	8
CANADIAN UTILITIES A		14 031	3
CENTERPOINT ENERGY		72 100	13
CK INFRASTRUCTURE HOLDINGS L		74 500	3
CONSOLIDATED EDISON		45 810	28
E. ON		182 525	17
EDF		51 228	7
EDISON INTERNATIONAL		51 589	28
ELIA SYSTEM OPERATOR SA/NV		2 621	3
ENAGAS		22 997	4
GDF SUEZ		148 349	19
AQUA AMERICA INC		28 900	12
NORTHEAST UTILITIES		46 722	35
EXELON CORP		126 263	46
FORTUM OYJ		37 481	8
HONGKONG CHINA GAS		1 262 816	16
HYDRO ONE LTD		50 400	10
IBERDROLA		506 850	62
MERCURY NZ LTD		107 826	4
MERIDIAN ENER-PARTLY PAID SH		141 879	6
NATIONAL GRID		286 586	29
GAS NATURAL SDG		17 525	3
NEXTERA ENERGY INC		257 200	170
NORTHLAND POWER INC		25 600	8
OSAKA GAS CO		47 600	8
PG&E CORP		153 900	16
HONGKONG ELECTRIC HLDGS		150 500	7
PUBLIC SV ENTERPRISE CO		66 615	33
RED ELECTRICA CORPORACION SA		35 205	6
SEMPRA ENERGY		37 008	40
SEVERN TRENT		19 989	5
SNAM SPA		167 094	8
SSE PLC		81 181	14
SUEZ ENVIRONNEMENT SA		32 639	6
TERNA		140 063	9
TOHO GAS CO		11 300	6
TOKYO GAS CO		47 920	9
UGI CORP		29 200	9
UNITED UTILITIES GROUP PLC		47 249	5
VEOLIA ENVIRONNEMENT		45 332	9
VERBUND OESTERR ELEK A		6 692	5
TOTAL, DISTRIBUTION			839
TOTAL FOREIGN			26 643
TOTAL SHARES			33 136
TOTAL PROPERTY			807
TOTAL ENERGY			1 432
TOTAL FINANCIAL			4 189
TOTAL CONSUMER DISCRETIONARY			3 251
TOTAL DISTRIBUTION			3 215
TOTAL HEALTHCARE			3 441
TOTAL INDUSTRY			3 248
TOTAL IT			6 079
TOTAL CONSUMER STAPLES			2 757
TOTAL RAY MATERIALS			1 543
TOTAL TELECOM			2 912
TOTAL UNSPECIFIED			261
TOTAL SHARES			33 136
EQUITY FUNDS
ABERDEEN INDIRECT PARTNERS EUROPA		29 586	5
ABERDEEN INDIRECT PROPERTY PARTNERS ASIA		222 903	0
JPMORGAN EUROPEAN PROPERTY FUND		157	5
KLP AKSJE FREMVOKSENDE MARKEDER FLERFAKTOR	920 672 159	1 775 228	2 083
KLP AKSJE FREMVOKSENDE MARKEDER INDEKS I	996 715 426	2 282 747	5 798
KLP AKSJEASIA INDEKS I	990 122 571	222 770	483
KLP AKSJEASIA INDEKS II	990 140 847	131 851	182
KLP AKSJEASIA INDEKS III	916 909 381	200 000	319
KLP AKSJEASIA INDEKS IV	816 909 422	42 311	61
KLP AKSJEEUROPA INDEKS I	990 122 555	795 305	1 671
KLP AKSJEGLOBAL FLERFAKTOR I	912 651 037	8 020 135	17 867
KLP AKSJEGLOBAL INDEKS I	987 570 113	3 331 450	14 690
KLP AKSJEGLOBAL MER SAMFUNNSANSVAR	920 672 183	467 737	698
KLP AKSJEGLOBAL MER SAMFUNNSANSVAR II	923 251 626	14 102	17
KLP AKSJEGLOBAL SMALL CAP FLERFAKTOR	920 672 094	2 224 120	2 680
KLP AKSJEGLOBAL SMALL CAP INDEKS I	919 174 501	1 741 000	2 353
KLP AKSJEGLOBAL SMALL CAP INDEKS II	919 175 451	3 557 433	4 793
KLP AKSJENORDEN INDEKS	980 854 043	34 550	215
KLP AKSJENORDEN MER SAMFUNNSANSVAR	923 251 642	488 113	657
KLP AKSJENORGE	880 854 062	718 976	5 594
KLP AKSJENORGE INDEKS	988 425 958	1 768 511	5 327
KLP AKSJENORGE INDEKS II	992 966 092	332 132	863
KLP AKSJEUSA INDEKS II	990 140 790	27 450	81
KLP AKSJEUSA INDEKS III	917 232 164	967 724	1 894
KLP AKSJEUSA INDEKS IV	817 232 582	210 896	363
KLP AKSJEUSA INDEKS USD	986 332 650	96 059	3 472
KLP FRAMTID MER SAMFUNNSANSVAR	925 057 436	33 000	35
KLP LANG HORISONT MER SAMFUNNSANSVAR	925 057 517	150 000	157
LaSalle Encore Plus		115 236 821	1 148
NMI FRONTIER FUND KS		8 975 000	36
NMI GLOBAL FUND KS		3 853 750	19
PARETO EIENDOMSFELLESSKAP II AS		1 880 485	26
SSGA EMERGING MARKETS SRI ENHANCED EQUITY FUND		16 862 167	2 245
TOTAL EQUITY FUNDS			75 835
PRIVATE EQUITY
21 CENTRALE PARTNERS IV		35 000 000	109
ABINGWORTH BIOVENTURES V		8 000 000	14
ABRIS CEE MID-MARKET FUND III L.P.		30 000 000	198
Accel Leaders III		35 000 000	0
ADVENT GLOBAL TECHNOLOGY I		25 000 000	92
ALLIANCE VENTURE DELTA		18 028 012	1
ALLIANCE VENTURE DELTA SIDE CAR		72 112 048	3
ALTOR 2003 FUND		2 000 000	0
ALTOR FUND IV		7 000 000	61
ALTOR FUND V (NO.2) AB		25 000 000	9
ASTORG V		45 000 000	249
ASTORG VI		50 000 000	445
ASTORG VII		16 950 000	56
AUCTUS IV		21 125 000	104
AVEDON CAPITAL IV		45 000 000	0
AXA RESIDENTIAL EUROPE		100 000 000	224
CAPMAN BUYOUT VIII		9 840 500	4
CHEQUERS CAPITAL XVII		10 000 000	26
CIO CONSTRUCTION EQUITY FUND(CLIMATE INVESTOR)		50 000 000	222
COFOUNDER AS		3 500 028	4
COFOUNDER II AS		106 499 972	44
CONSILIUM PRIVATE EQUITY FUND III		20 000 000	185
CONTANGO VENTURES II		27 950 000	10
COOPERATIVE H2 EQUITY PARTNERS FUND V U.A.		15 000 000	200
Creandum Select Fund I		14 000 000	0
CREANDUM V		11 000 000	40
DEUTSCHE PRIVATE EQUITY IV		50 000 000	0
EGERIA PRIVATE EQUITY FUND IV		30 000 000	238
EGERIA PRIVATE EQUITY FUND V SCSP		20 000 000	15
ENDLESS FUND IV A LP		7 500 000	67
ENERGY VENTURES II B IS		31 213 670	1
ENERGY VENTURES II KS		50 000 000	1
ENERGY VENTURES III LP		75 000 000	21
ENERGY VENTURES IV LP		30 000 000	77
FORBION CAPITAL FUND I CO-INVESTMENT FUND I		7 000 000	51
FORBION CAPITAL FUND I CO-INVESTMENT FUND II		5 300 000	61
FORBION CAPITAL FUND II		15 000 000	131
FORBION CAPITAL FUND II CO-INVEST I C.V.		7 000 000	4
FORBION CAPITAL FUND III		20 000 000	262
FORBION CAPITAL FUND IV		10 000 000	66
FORBION V		10 000 000	0
FRANCE SPECIAL SITUATIONS FUND II		30 000 000	235
FSN CAPITAL II		13 000 000	0
FSN CAPITAL IV		232 000 000	102
GENSTAR CAPITAL PARTNERS IX		30 000 000	115
GERMAN EQUITY PARTNERS IV		15 000 000	59
HADEAN CAPITAL I		5 000 000	20
HERKULES PRIVATE EQUITY III		120 000 000	0
HGCAPITAL 6		43 127 840	40
HgCapital Genesis IX		20 000 000	0
HGCAPITAL MERCURY		14 783 081	113
HGCAPITAL MERCURY III		5 000 000	0
HGCAPITAL SATURN II		35 000 000	22
HITECVISION ASSET SOLUTIONS		35 000 000	92
HITECVISION IV LP		13 000 000	28
HITECVISION V LP		35 000 000	94
HITECVISION VI LP		70 000 000	531
HITECVISION VII LP		70 000 000	505
IDEKAPITAL 2 AS		120 000 000	5
INDEX VENTURES GROWTH II		20 000 000	184
INDEX VENTURES GROWTH III		21 000 000	482
INDEX VENTURES GROWTH IV		29 000 000	242
INDEX VENTURES GROWTH V		30 000 000	43
INDEX VENTURES IX		18 000 000	138
INDEX VENTURES VI		10 000 000	619
INDEX VENTURES VII		13 000 000	275
INDEX VENTURES VIII		16 000 000	181
INDEX VENTURES X		20 000 000	57
INNKAP 4 PARTNERS L.P.		5 000 000	15
INSIGHT PARTNERS XI		30 000 000	138
LITORINA FUND V		300 000 000	79
LIVINGBRIDGE 6 LP		25 000 000	257
LIVINGBRIDGE ENTERPRISE 2 LP		13 000 000	119
LIVINGBRIDGE ENTERPRISE 3 LP		15 000 000	22
LIVINGBRIDGE VII		4 000 000	0
MB EQUITY FUND V		35 000 000	215
MEDICXI GROWTH I LP		12 000 000	73
MEDICXI III		14 000 000	15
MIURA FUND III		30 000 000	71
MONTEFIORE CO-INVESTMENT V		15 000 000	2
MONTEFIORE INVESTMENT V		25 000 000	18
NAUTA TECH INVEST 2		500 000	0
NAUTA TECH INVEST 3		1 980 000	15
NAZCA CAPITAL III		22 500 000	47
NORTHZONE CONVICTION I		15 000 000	105
NORTHZONE IX		12 000 000	57
NORTHZONE V		5 000 000	0
NORTHZONE VI		5 000 000	22
NORTHZONE VII		12 000 000	52
NORTHZONE VIII		12 000 000	168
NORVESTOR IV		10 000 000	0
NORVESTOR V		17 000 000	21
NORVESTOR VI		156 000 000	89
NORVESTOR VII		116 000 000	145
NORWEGIAN MICROFINANCE INITIATIVE FUND III KS	993 147 044	79 925 084	70
NORWEGIAN MICROFINANCE INITIATIVE FUND IV KS	993 147 044	120 793 848	46
PARAGON FUND II		20 000 000	227
Pareto Eiendomsfellesskap II IS		1 980 000 000	2 623
PARTNERS GROUP SECONDARY 2008		40 000 000	33
PERUSA PARTNERS FUND 2		18 000 000	57
PLATINUM EQUITY SMALL CAP FUND		5 000 000	15
PLATINUM FUND V		50 000 000	58
PRIVEQ INVESTMENT FUND IV		225 000 000	52
PRIVEQ INVESTMENTS V		282 000 000	231
PROA CAPITAL IBERIAN FUND II		33 000 000	376
PROA CAPITAL IBERIAN FUND III		20 000 000	53
PROLOGIS EUROPEAN LOGISTIC FUNDS		100 000 000	0
QUADRIGA CAPITAL PRIVATE EQUITY FUND IV		25 000 000	183
Saga IV EUR-B KS		20 000 000	74
Saga V EUR-B KS		8 770 936	37
Saga V New EUR-B KS		6 229 064	47
Sarsia Seed Fond II AS		58 700 000	18
SINTEF VENTURE V		75 000 000	15
SK CATALYST I		10 000 000	18
SKAGERAK MATURO V		31 181 818	5
SNO TRUE NORTH		15 000 000	11
SOFINNOVA CAPITAL VII		10 000 000	81
SOFINNOVA CAPITAL VIII		12 000 000	104
SPECIAL SITUATIONS VENTURE PARTNERS III		14 500 000	16
SUMMA EQUITY FUND II		170 000 000	79
SVB Capital Partners IV		17 500 000	116
SVB Sprout Endurance Partner		25 000 000	188
SVB Strategic Investor Fund X		25 000 000	23
SVB STRATEGIC INVESTORS FUND IX L.P		10 000 000	48
SVB STRATEGIC INVESTORS FUND VIII L.P		10 000 000	121
Synova Capital Fund IV LP		15 000 000	10
TDR CAPITAL III B		30 000 000	363
TENZING PRIVATE EQUITY FUND I LP		15 000 000	96
Tenzing Private Equity Fund II		31 300 000	0
THOMA BRAVO DISCOVERY III		15 000 000	0
THOMA BRAVO XIII		30 000 000	225
THOMA BRAVO XIV		50 000 000	0
TRITON FUND III		30 000 000	113
VENDIS CAPITAL III		30 000 000	50
VEP SPECIAL SITUATIONS FUND 2		9 000 000	56
VEP SPECIAL SITUATIONS FUND 3		12 000 000	54
VERDANE CAPITAL VI KS		50 000 000	13
VERDANE CAPITAL VII KS		140 000 000	1
WATERLAND PRIVATE EQUITY FUND VII		50 000 000	198
WATERLAND PRIVATE EQUITY FUND VIII		65 000 000	0
WYNNCHURCH CAPITAL PARTNERS V		30 000 000	29
XENON Private Equity VI		11 500 000	79
TOTAL PRIVATE EQUITY			15 532
ALTERNATIVE INVESTMENTS IN SHARES
KLP ALFA GLOBAL ENERGI	996 415 406	1 158 951	1 717
TOTAL ALTERNATIVE INVESTMENTS IN SHARES			1 717
INFRASTRUCTURE FUNDS
COPENHAGEN INFRASTRUCTURE NEW MARKETS FUND I K/S		100 000 000	34
COPENHAGEN INFRASTRUCTURE II US AIV NON-QFPF K/S		331 802 972	520
COPENHAGEN INFRASTRUCTURE PARTNERS II K/S (non-US)		1 157 752 526	989
COPENHAGEN INFRASTUCTURE PARTNERS III K/S		1 549 593 390	1 643
NEXTPOWER III LP		70 000 000	317
TOTAL INFRASTRUCTURE FUNDS			3 504
TOTAL INVESTMENTS			129 723

SHARES AND UNITS DISTRIBUTION BY PORTFOLIO	Common portfolio	Investment option portfolio	Corporate portfolio	Total
SHARES	30 635	0	0	30 635
LONG TERM SHARES	2 494	0	7	2 501
EQUITY FUND UNITS	75 254	580	0	75 835
PRIVATE EQUITY	15 532	0	0	15 532
ALTERNATIVE INVESTMENTS	1 710	7	0	1 717
INFRASTRUCTURE FUNDS	3 504	0	0	3 504
TOTAL	129 128	588	7	129 723

PERCENTAGE UNITS STOCK MARKET LISTED
SHARES NORWAY	56.9 %
SHARES FOREIGN	100 %
EQUITY FUND UNITS	0.0 %
ALTERNATIVE INVESTMENTS	0.0 %

Note 16 Securities adjustment fund

NOK MILLIONS	Acquisition cost 31.12.2020	Fair value 31.12.2020	Valuation reserves 31.12.2020	Valuation reserves 31.12.2019
Valuation reserves shares	77 835	120 944	43 109	45 991
Valuation reserves share derivatives	0	2 523	57	0
Valuation reserves fixed interest investments	21 385	33 261	11 877	9 743
Valuation reserves interest rate derivatives	0	999	34	28
Variation margin daily settlement futures			61	-1
Total valuation reserves on short term financial assets			55 137	55 761
Securities adjustment fund			55 137	55 761

The securities adjustment fund comprises positive unrealized gains on the the short-term financial assets linked to the common portfolio.

If net valuation reserves are negative, the securities adjustment fund is set at zero. Changes in the securities adjustment fund are taken through profit or loss. Unrealized securities valuation reserves associated with short-term financial assets in foreign currency that can be ascribed to foreign exchange rate changes are not allocated to the securities adjustment fund if the investment is hedged against exchange rate changes. Foreign exchange rate changes linked to the hedging instrument are thus not allocated to the securities adjustment fund either but are taken directly to profit or loss.

Note 17 Investment properties

NOK MILLIONS	2020	2019
Rental income	42	38
Operating expenses	-2	-3
Value adjustment	44	32
Net financial income	0	0
Net income from investment properties	85	67

NOK MILLIONS	2020	2019
Book value 01.01	955	924
Profit for the year	85	67
Transfers to KLP	-23	-37
Book value 31.12	1 017	955

Fair value on properties per. 31.12.2020 are NOK 977 millions.

Note 18 Intangible assets

NOK MILLIONS	2020	2019
Book value 01.01.	358	173
Acquisition cost 01.01.	1 439	1 170
Total additions	310	269
of which internally developed	3	3
of which bought	306	266
Disposals	0	0
Acquisition cost 31.12. ¹	1 748	1 439
Accumulated depreciation and write-dows prev.years	-1 081	-996
Ordinary depreciation for the year	-66	-56
Impairment ²	0	-28
Accumulated depreciation and write-dows 31.12.	-1 146	-1 081
Book value 31.12.	602	358
Depreciation period	1 to 20 years	1 to 20 years
¹ Intangible assets contains IT-systems
² At the end of 2019 there were identified several IT-systems where the book value exceeded the estimated recoverable amount. Estimated recoverable amount is calculated by estimating future earnings with book value. Essentially, some of the investments have no longer value. There are several reasons for this. Among other things, linking it to the outdated functionality due to rule changes and/or technological developments. This resulted in the following assessment:

NOK MILLIONS	2020	2019
Book value before impairment	0	53
Recoverable amount	0	25
Impairment	0	28

The write-downs are included as a part of insurance related administration costs in the income statement.

Note 19 Technical matters

Insurance liabilities distributed by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans	Group life	31.12.2020	31.12.2019	Change 2020	Change 2019
Premium reserve	457 514	18	457 533	461 406	-3 874	28 312
Supplementary reserves	43 460		43 460	36 209	7 251	7 903
Securities adjustment fund	55 137		55 137	55 761	-623	22 322
Premium fund	38 588		38 588	12 854	25 734	93
Total insurance liabilities	594 700	18	594 718	566 230	28 488	58 630

Insurance liabilities per subsegment of group pension insurance for municipalities, including institutions with similar pension plans - group life insurance does not have any subsegments

NOK MILLIONS	Occupational pension schemes without investment options	Occupational pensions schemes with investment options	31.12.2020	31.12.2019	Change 2020	Change 2019
Premium reserve	456 036	1 478	457 514	461 390	-3 876	28 311
Supplementary reserves	43 325	135	43 460	36 209	7 251	7 903
Securities adjustment fund	55 137		55 137	55 761	-623	22 322
Premium fund	38 124	464	38 588	12 854	25 734	93
Total insurance liabilities	592 623	2 077	594 700	566 214	28 486	58 629

Changes to insurance liabilities during the period in question for coverage of the undertaking's liabilities under contracts with contractual obligations

NOK MILLIONS	Premium reserve	Supplementary reserves	Securities adjustment fund	Premium fund	Total 2020	Total 2019
Insurance liabilities 01.01	459 343	36 070	55 761	12 359	563 532	505 182
Net reserves taken to profit/loss	19 809	-490	-623	701	19 396	50 727
Surplus on returns result	0	8 209	0	4 111	12 320	10 203
Risk result assigned to insurance contracts	0	0	0	0	0	513
Release of premium reserves related to new public pension	-23 096	0	0	23 140	44	0
Total changes taken to profit/loss	-3 287	7 719	-623	27 952	31 760	61 443
Transfers between funds/allocated to premium payment	-1	-8	0	-2 670	-2 678	-3 081
Receipts/payments on transfer	0	-455	0	470	14	-12
Total changes not taken to profit/loss	-1	-463	0	-2 187	-2 650	-3 093
Total changes in insurance liabilities	-3 288	7 256	-623	25 766	29 110	58 350
Insurance liabilities 31.12	456 055	43 325	55 137	38 124	592 642	563 532

Changes to insurance liabilities during the period in question for coverage of the undertaking's liabilities related to the value of a particular portfolio of investment options

NOK MILLIONS	Premium reserve	Supplementary reserves	Premium fund	Total 2020	Total 2019
Insurance liabilities 01.01	2 064	140	495	2 698	2 419
Net reserves taken to profit/loss	-479	0	7	-472	198
Surplus on returns result	0	30	0	30	122
Risk result assigned to insurance contracts	0	0	0	0	3
Other assignment of surplus	-107	0	63	-44	0
Total changes taken to profit/loss	-586	30	70	-487	322
Transfers between funds/allocated to premium payment	0	0	-87	-87	-44
Receipts/payments on transfer	0	-34	-13	-48	1
Total changes not taken to profit/loss	0	-34	-101	-135	-43
Total changes in insurance liabilities	-586	-5	-31	-622	279
Insurance liabilities 31.12	1 478	135	464	2 077	2 698

Amendments have been made to the occupational pension scheme for employees in the public sector through amendments to the Government Pension Fund Act, the Coordination Act and certain other acts. For the municipal tariff area, the legislative amendments have been incorporated in a new central general special agreement (SGS) 2020 Pension schemes. A new public service pension came into force on 1 January 2020. From the same time, a new industry agreement on calculated national insurance in public service pensions adopted by Finans Norge applies.

The rules on new public service pensions basically affect old-age pension earnings for employees in the public sector from 1 January 2020. For employees born in 1963 or later, old-age pension earnings according to the regulations applicable before 1 January 2020 (gross scheme) will cease. These have received a deferred pension right from the gross scheme from 1 January 2020, and they will further after this date earn old-age pension in public service pension according to a new model.

The changes in force from 1 January 2020 have meant that the deduction for benefits from the National Insurance Scheme will deviate from what has previously been used as a basis in the calculation basis for the pension scheme. For some parts of KLP's portfolio, this has led to a need for a net strengthening of the premium reserve of NOK 1 059 million. The increase in reserves is taken into account in the premium reserve, which is accounted for in the annual accounts for 2020. A premium income has also been accrued to finance the increase in the premium reserve. For the majority of KLP's stock, however, this entails the release of premium reserves that are added to the premium fund. This amounts to NOK 23 203 million, and the transfer has taken place as a profit and loss account between a change in premium reserve and a change in premium fund in the annual accounts for 2020.

Technical accounts by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans		Group life		Total
	2020	2019	2020	2019	2020	2019
Premium income	37 099	40 231	2	3	37 102	40 234
Net income common portfolio	24 169	44 050	1	1	24 170	44 051
Net income investment option portfolio	74	238			74	238
Other insurance-related income	1 192	1 118			1 192	1 118
Life insurance claims	-28 357	-20 154	-4	-3	-28 360	-20 157
Change insurance liabilities - contractual	-27 647	-58 692	-2	0	-27 649	-58 692
Change insurance liabilities - investment option	487	-232			487	-232
Funds assigned to insurance contracts	-4 111	-2 841			-4 111	-2 841
Insurance-related operating expenses	-1 171	-1 128	-1	-1	-1 172	-1 129
Other insurance-related costs	-1 206	-1 119			-1 206	-1 119
Technical result	530	1 470	-3	-1	526	1 470

Technical accounts by sub-sectors - main sector group life has no sub-sectors.

Subsegments of group pension insurance for municipalities, including institutions with similar pension plans

NOK MILLIONS	Occupational pension schemes without investment options		Occupational pension schemes with investment options		Total
	2020	2019	2020	2019	2020	2019
Premium income	37 525	40 033	-426	198	37 099	40 231
Net income common portfolio	24 169	44 050			24 169	44 050
Net income investment option portfolio			74	238	74	238
Other insurance-related income	1 190	1 113	2	5	1 192	1 118
Life insurance claims	-28 276	-20 059	-81	-96	-28 357	-20 154
Change insurance liabilities - contractual	-27 647	-58 692			-27 647	-58 692
Change insurance liabilities - investment option			487	-232	487	-232
Funds assigned to insurance contracts	-4 111	-2 752	0	-89	-4 111	-2 841
Insurance-related operating expenses	-1 165	-1 123	-5	-5	-1 171	-1 128
Other insurance-related costs	-1 204	-1 113	-2	-6	-1 206	-1 119
Technical result	482	1 457	48	12	530	1 470

Result analysis by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans		Group life		Total
	2020	2019	2020	2019	2020	2019
Returns result after supplementary provisions	12 610	10 623	0	0	12 610	10 623
Risk result	-395	1 031	-2	0	-398	1 031
Administration result	172	248	-1	-1	171	248
Consideration for interest guarantee	494	476	0	0	494	476
Total result elements before allocation to customers	12 881	12 379	-3	-1	12 877	12 379
Returns result allocated to supplementary resreves	-8 238	-8 068	0	0	-8 238	-8 068
Returns result and risk result alloc. to premium fund	-4 111	-2 841	0	0	-4 111	-2 841
Rebooking from equity	0	0	0	0	0	0
Return to premium reserve	0	0	0	0	0	0
Technical result	530	1 470	-3	-1	526	1 470

Result analysis by sub-sectors - main sector group life has no sub-sectors

Subsegments of group pension insurance for municipalities, including institutions with similar pension plans

NOK MILLIONS	Occupational pension schemes without investment options		Occupational pension schemes with investment options		Total
	2020	2019	2020	2019	2020	2019
Returns result after supplementary provisions	12 580	10 432	30	191	12 610	10 623
Risk result	-395	1 026	0	6	-395	1 031
Administration result	170	246	1	1	171	248
Consideration for interest guarantee	491	472	4	4	494	476
Balancing of released premium reserves relateted to new public pension	-44	0	44	0	0	0
Total result elements before allocation to customers	12 802	12 176	78	202	12 880	12 379
Returns result allocated to supplementary resreves	-8 208	-7 964	-30	-122	-8 238	-8 068
Returns result and risk result alloc. to premium fund	-4 111	-2 755	0	-86	-4 111	-2 841
Rebooking from equity	0	0	0	0	0	0
Return to premium reserve	0	0	0	0	0	0
Technical result	482	1 457	48	12	530	1 470

Claims by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans		Group life		Total
	2020	2019	2020	2019	2020	2019
Claims paid in accordance with insurance agreements	-20 701	-19 863	-4	-3	-20 704	-19 866
Total	-20 701	-19 863	-4	-3	-20 704	-19 866

TRANSFER AND NEW SUBSCRIPTION

Transfer by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans		Group life		Total
	2020	2019	2020	2019	2020	2019
FUNDS TRANSFERRED IN
Premium reserve	2 850	11	0	0	2 850	11
Strengthening reserves	0	0	0	0	0	0
Funds received taken through profit or loss	2 850	11	0	0	2 850	11
Premium fund	561	3	0	0	561	3
Supplementary reserves to fund	0	0	0	0	0	0
Total funds received	3 411	14	0	0	3 411	14
Number of contracts	10	1	0	0	10	1
FUNDS TRANSFERRED OUT
Premium reserve	6 408	258	0	0	6 408	258
Supplementary reserves	490	15	0	0	490	15
Valuation reserves	758	18	0	0	758	18
Funds paid out taken through profit or loss	7 656	292	0	0	7 656	292
Premium fund	78	15	0	0	78	15
Total funds paid out	7 734	306	0	0	7 734	306
Number of contracts	53	33	0	0	53	33

New subscription by main sectors

NOK MILLIONS	Group pension insurance for municipalities, including institutions with similar pension plans		Group life		Total
	2020	2019	2020	2019	2020	2019
New subscription	25	25	0	0	25	25
Number of contracts	45	46	0	0	45	46

Note 20 Hedge accounting

31.12.2020 NOK MILLIONS	Nominal value	Changed value in hedged risk	Book value
HEDGED OBJECT
Hybrid tier 1 securities	-984	-780	-1 764
HEDGING INSTRUMENT
Combined interest rate and currency swap (CIRCUS)	984	779	779
Hedge effectiveness as at 31.12.2020		100 %
Hedge effectiveness thorugh the year		100 %

31.12.2019 NOK MILLIONS	Nominal value	Changed value in hedged risk	Book value
HEDGED OBJECT
Hybrid tier 1 securities	-984	-755	-1 738
HEDGING INSTRUMENT
Combined interest rate and currency swap (CIRCUS)	984	754	754
Hedge effectiveness as at 31.12.2019		100 %
Hedge effectiveness thorugh the year		100 %

The hybrid Tier 1 securities loan is hedged against changes in interest rates and exchange rates through purchase of a combined interest rate and currency swap (CIRCUS). The hedging is recognized in accordance with the rules on fair value hedging. This means that the hedging is carried out by an external party, that a formal earmarking and documentation of the hedge relationship is entered into, as well is that it is expected to be very effective and that this is continuously reviewed, as well as that the recognition decided is carried out as described below. In practice the hedging involves a swap of currency terms (JPY 15 billion JPY against NOK 0.984 billion) and interest terms (fixed interest at 5.07 per cent against NIBOR +2.65 per cent) on the borrowing and the combined interest and currency swap respectively. The hedge effectiveness is measured by looking at the change in fair value of the hedged object and the hedging instrument. The hedge effectiveness equals 100 per cent.

The hedge effectiveness is valued retrospectively each month and is then considered effective if the change in fair value between hedged object and hedging instrument lies within the bracket 80 per cent to 125 per cent.

Fair value hedging means that the hedged value development of the hedged object is recognized through profit or loss. Correspondingly the value change on the hedging instrument is recognized through profit or loss.The aim of the hedging arrangement above is to hedge the hedged object with a hedging instrument in which the hedging instrument’s terms give negative correlation in relation to the hedged object: this significantly reduces or eliminates the effect on income. If the hedging ratio is 100 per cent the net effect on income of the hedged object and the hedging instrument will be 0.

KLP uses hedging widely but the majority of instances are ordinary financial hedging. The above item is the only one in which hedge accounting is used. The aim of financial hedging is the same, i.e. to reduce or eliminate the effect on income the hedged part of the hedge relationship represents.

Since the value change on the hedged object and the hedging instrument has a high negative correlation, the profit/loss effect will be relatively low. See also Note 2 for the Group for a detailed description of the hedge accounting in the accounts.

Note 21 Subordinated loan capital and hybrid Tier 1 securities

2020 NOK MILLIONS	Loan amount currency ²	Loan amount NOK	Book value 31.12.2020	Due date
BORROWINGS ¹
June 2015:	EUR 294	2 530	3 135	2045
Total subordinated loan capital		2 530	3 135
April 2004:	JPY 15 000	984	1 764	Perpetual
Total hybrid tier 1 securites		984	1 764
Total subordinated loan capital and hybrid Tier 1 securities		3 513	4 898

2019 NOK MILLIONS	Loan amount currency ²	Loan amount NOK	Book value 31.12.2019	Due date
BORROWINGS ¹
June 2015:	EUR 600	5 163	6 012	2045
Total subordinated loan capital		5 163	6 012
April 2004:	JPY 15 000	984	1 738	Perpetual
Total hybrid tier 1 securites		984	1 738
Total subordinated loan capital and hybrid Tier 1 securities		6 146	7 750
¹ Interest costs on the two subordinated loans were NOK 555 million (NOK 254 million) and NOK 67 million (NOK 64 million) for the hybrid tier 1 securities in 2020. Figures in brackets are 2019 figures. ² Amount in local currency (millions).

EUR 294:

The interest on the loan is fixed at 4.25 per cent p.a. The loans was issued the 10th of June 2015 and is due in 2045. The loan can be redeemed by KLP after 10 years, and at every interest payment date that follows. The loan is currency hedged with EUR denominated bonds as shown in the table below. This arrangement is not subject to hedge accounting. In 2020, KLP bought back EUR 306 million of the original subordinated loan capital of EUR 600 million.

JPY 15 000:

The interest on the loan is fixed USD interest of 5.07 per cent p.a. The loan is perpetual but the Group has the right to redeem the loan on 28 April 2034. If KLP does not exercise its redemption right in 2034, the loan will switch to variable interest. The credit margin then increases by 1 percentage point to 6-month JPY LIBOR-interest + a margin of 3.30 per cent p.a. To hedge the interest and exchange risk associated with the loan a combined interest rate and currency swap has been agreed in which KLP pays 3-month NIBOR-interest + a margin of 2.65 per cent p.a. and receives USD-interest of 5.07 per cent p.a. This hedging arrangement is shown in Note 20.

2020 NOK MILLIONS	Nominal currency ²	Acquisition cost NOK	Accrued interest	Unrealized currency	Book value 31.12.2020	Due date
Bonds³	EUR 292	2 524	16	524	3 065	2025
Total hedging transactions		2 524	16	524	3 065

2019 NOK MILLIONS	Nominal currency ²	Acquisition cost NOK	Accrued interest	Unrealized currency	Book value 31.12.2019	Due date
Bonds	EUR 596	5 152	31	700	5 883	2025
Total hedging transactions		5 152	31	700	5 883

¹ Interest costs on the two subordinated loans were NOK 555 million (NOK 254 million) and NOK 67 million (NOK 64 million) for the hybrid tier 1 securities in 2020. Figures in brackets are 2019 figures.

² Amount in local currency (millions)

³ The currency hedge has been adjusted down in 2020 after KLP repurchased parts of its subordinated loan.

Note 22 Transferred assets with restrictions

TRANSFERRED ASSETS THAT ARE NOT DEDUCTED, AND RELATED LIABILITIES

All assets transferred are recognised in the financial position statement if KLP is still exposed to changes in the fair value of the assets.This applies to repurchase agreements and agreements concerning securities lending. Repurchase agreements are a form of borrowing with collateral whereby KLP sells securities with an agreement to repurchase those securities at a predetermined price. Cash received is recognised as a deposit (debt). Securities transferred in connection with repurchase agreements are not deducted in the financial position statement.

Agreements concerning securities lending are transactions whereby KLP lends securities to a counterparty and receives a commision for it. Since both repurchase agreements and securities lending result in the securities being returned to KLP, the risk of value changes rests with KLP. However, the securities are not available to KLP while being transferred. The securities still reported in the financial position statement, and related debt, are assessed at fair value.

ASSETS TRANSFERRED THAT ARE STILL CAPITALISED

NOK MILLIONS	31.12.2020	31.12.2019
REPURCHASE AGREEMENTS
Certificates and bonds	0	0
SECURITIES LENDING
Shares	1 947	1 773
Total assets transferred that are still capitalised	1 947	1 773

LIABILITIES RELATED TO THE ASSETS

NOK MILLIONS	31.12.2020	31.12.2019
REPURCHASE AGREEMENTS
Paid-in by credit institutions	0	0
SECURITIES LENDING
Paid-in by credit institutions	0	0
Certificates and bonds	1 547	1 363
Shares	546	505
Total liabilities	2 094	1 868

All the assets in the table above are subject to resale or collateral with the counterparty.

ASSETS TRANSFERRED THAT ARE NOT DEDUCTED, AND RELATED LIABILITIES

KLP receives collateral under reverse repurchase agreements and agreements concerning securities borrowing, which it is permitted to sell or pledge under the agreements. The transactions are carried out in accordance with standard agreements employed by the parties in the financial market.

In general, the agreements require additional security to be put up if the value of the securities fall below a predetermined level. According to the agreements, the recipient of the collateral has the unlimited right to sell or pledge the collateral in return for providing corresponding collateral on the date of settlement.

SECURITIES RECEIVED THAT ARE PERMITTED TO BE SOLD OR PLEDGED

NOK MILLIONS	31.12.2020	31.12.2019
REVERSE REPURCHASE AGREEMENTS
Certificates and bonds	1 755	0
Of which sold or pledged	1 755	0
SECURITIES BORROWING
Shares	0	0
Of which sold or pledged	0	0
Total assets transferred and still capitalised	1 755	0

Note 23 Return on capital

PER CENT	2020	2019	2018	2017	2016
CUSTOMER PORTFOLIOS
TOTAL OF COMMON PORTFOLIO
Return I	4.9	4.5	3.5	3.9	4.4
Return II	4.2	8.5	1.5	6.7	5.8
Return III	5.5	8.8	0.5	6.7	5.4
TOTAL - INVESTMENT OPTION PORTFOLIO	4.2	9.9	0.6	7.5	6.2

Return I = Book return

Return II = Value-adjusted return. This is the book return +/- unrealized value changes charged to the securities adjustment fund

Return III = Value-adjusted returns including value changes on assets are recognized at amortized cost. These value changes are not included in the accounting income for the year

PER CENT	2020		2019		2018		2017		2016
	Return I	Return II	Return I	Return II	Return I	Return II	Return I	Return II	Return I	Return II
THE COMMON PORTFOLIO’S SUB-PORTFOLIOS HAVE HAD THE FOLLOWING RETURNS:
Balanced portfolio 1	4.8	4.2	4.5	8.6	3.5	1.4	3.9	6.7	4.5	5.8
Balanced portfolio 2	4.7	4.2	4.4	8.5	3.5	1.5	4.0	6.8	4.4	5.8
Moderate portfolio¹	NA	NA	NA	NA	3.8	1.7	3.1	6.0	4.2	5.5
¹ LKM was discontinued 30.06.2019. LKM was incorporated in LKB1 from 01.07.2019.

PER CENT	2020	2019	2018	2017	2016
CORPORATE PORTFOLIO
Return on financial investments in the corporate portfolio	3.1	4.3	4.2	4.0	4.7

For the corporate portfolio there is no difference in return I and II since no special provisions are made for any unrealized added value.

Note 24 Sales costs

NOK MILLIONS	2020	2019
Personnel costs	81	81
Commission	0	0
Other costs	60	61
Total sales costs	141	143

Note 25 Pensions obligations, own employees

The majority of the pension obligation is covered through KLP’s joint pension scheme for local authorities and enterprises (“Fellesordningen”).

The Company also offers a pension scheme in addition to Fellesordningen. This obligation is covered through operation. Fellesordningen is a defined-benefits-based pension scheme that satisfies the requirements for mandatory occupational pensions (“obligatorisk tjenestepension”, or OTP). The Company has a contractual early retirement (AFP) scheme.

The accounting treatment of pension obligations is described in more detail in Note 2 for the Group.

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
PENSION COSTS
Present value of accumulation for the year	73	5	78	74	6	80
Administration cost	2	0	2	2	0	2
Planchanges	0	0	0	6	0	6
Social security contributions - pension costs	10	1	11	12	1	12
Capital activity tax - pension tax	4	0	4	4	0	4
Pension costs taken to profit/loss incl. social security, capital activity tax and admin.	89	6	95	98	7	105
NET FINANCIAL COSTS
Interest cost	32	3	35	35	4	38
Interest income	-24	0	-24	-25	0	-25
Management costs	1	0	1	1	0	1
Net interest cost	9	3	12	11	4	15
Social security contributions - net interest cost	1	0	2	2	1	2
Capital activity tax - net interest cost	0	0	1	1	0	1
Net interest cost including social security contributions and capital activity tax	11	4	15	13	4	18
ESTIMATE DEVIATION PENSIONS
Actuarial gains (losses)	25	16	41	-71	-3	-74
Social security contributions	3	2	6	-10	0	-10
Capital activity tax	1	1	2	-4	0	-4
Actuarial gains (losses) including social security contributions and capital activity tax	29	19	49	-85	-4	-89
Total pension costs including interest costs and estimate deviation	129	29	158	26	8	34

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
PENSION OBLIGATIONS
Gross accrued pension obligations	1 530	161	1 691	1 310	141	1 451
Pension assets	1 192	0	1 192	1 025	0	1 025
Net liability before social security costs and capital activity tax	338	161	499	285	141	426
Social security contributions	48	23	70	40	20	60
Capital activity tax	17	8	25	14	7	21
Gross accrued obligations incl. social security costs and capital activity tax	1 595	191	1 786	1 365	168	1 533
Net liability incl. social security costs and capital activity tax	403	191	594	340	168	508

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
RECONCILIATION PENSION OBLIGATIONS
Capitalized net liability/(assets) 01.01.	340	168	508	399	166	565
Pension costs taken to profit/loss	89	6	95	98	7	105
Financial costs taken to profit/loss	11	4	15	13	4	18
Actuarial gains and losses included social security contributions and capital activity tax	29	19	49	-85	-4	-89
Social security contributions paid in premiums/supplement	-7	-1	-8	-10	-1	-11
Capital activity tax paid in premiums/supplement	-3	0	-3	-4	0	-4
Premium/supplement paid-in including admin	-55	-5	-60	-72	-5	-77
Capitalized net liability/(assets) 31.12. this year	403	191	594	340	168	508

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
CHANGE IN PENSION OBLIGATIONS
Gross pension assets 01.01. before planchanges	1 365	168	1 533	1 323	166	1 488
Planchanges	0	0	0	7	0	7
Gross pension assets 01.01. after planchanges	1 365	168	1 533	1 330	166	1 496
Present value of accumulation for the year	73	5	78	74	6	80
Interest cost	32	3	35	35	4	38
Actuarial losses (gains) gross pension obligation	143	19	162	-55	-4	-58
Social security contributions - pension costs	10	1	11	11	1	12
Social security contributions - net interest cost	1	0	2	2	1	2
Social security contributions paid in premiums/supplement	-7	-1	-8	-10	-1	-11
Capital activity tax - pension costs	4	0	4	4	0	4
Capital activity tax - net interest cost	0	0	1	1	0	1
Capital activity tax paid in premiums/supplement	-3	0	-3	-4	0	-4
Payments	-22	-5	-27	-22	-5	-27
Gross pension obligation 31.12.	1 595	191	1 786	1 365	168	1 533

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
CHANGE IN PENSION ASSETS
Pension assets 01.01	1 025	0	1 025	923	0	923
Interest income	24	0	24	25	0	25
Actuarial (loss) gain on pension assets	113	0	113	30	0	30
Administration cost	-2	0	-2	-2	0	-2
Financing cost	-1	0	-1	-1	0	-1
Premium/supplement paid-in including admin	55	5	60	72	5	77
Payments	-22	-5	-27	-22	-5	-27
Pension assets 31.12	1 192	0	1 192	1 025	0	1 025

NOK MILLIONS	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
PENSIONS SCHEME'S OVER-/UNDER-FINANCING
Present value of the defined benefits pension obligation	1 595	191	1 786	1 365	168	1 533
Fair value of the pension assets	1 192	0	1 192	1 025	0	1 025
Net pensions liability	403	191	594	340	168	508

PER CENT	31.12.2020	31.12.2019
FINANCIAL ASSUMPTIONS (COMMON TO ALL PENSION SCHEMES)
Discount rate	1.70 %	2.30 %
Salary growth	2.25 %	2.25 %
The National Insurance basic amount (G)	2.00 %	2.00 %
Pension increases	1.24 %	1.24 %
Social security contribution	14.10 %	14.10 %
Capital activity tax	5.00 %	5.00 %

The assumptions as at 31 December 2019 have been applied to measurement of the cost of pension for 2020, whilst for calculation of the pension obligation on 31 December 2020, the assumptions and membership numbers as at 31 December 2019 have been applied.

The assumptions are based on the market situation as at 31 December 2020 and are in accordance with the recommendations of the Norwegian Accounting Standards Board (NASB).

ACTUARIAL ASSUMPTIONS

KLP’s JOINT PENSION SCHEME FOR LOCAL AUTHORITIES AND ENTERPRISES ("FELLESORDNINGEN):

An important part of the basis of pension costs and pension obligations is how mortality and disability develop amongst the members of the pension scheme.

KLP has used the K2013BE mortality table based on Finance Norway’s analyses of mortality in life insurance populations in Norway and Statistics Norway’s extrapolations.

KLP uses own disability table for actuarial assumptions related to disability, a table based on changes in disability figures in KLPs customer base.

Withdrawal of contractual early retirement (AFP) (per cent in relation to remaining employees):

The costs of AFP depend on how many in each year-group take AFP. On reaching 62 years there are 42.5 per cent who retire with an AFP pension.

It is only those who are employed and working right up to retirement who are entitled to AFP. This is taken into account in the calculation of the AFP obligation.

Age (in years)	<24	24-29	30-39	40-49	50-55	>55
VOLUNTARY TERMINATION FOR "FELLESORDNINGEN" (IN %)
Turnover	25%	15%	7.5%	5%	3%	0 %

PENSIONS VIA OPERATIONS

AFP/early retirement is not relevant to this scheme. In regard to mortality the same variant of K2013BE has been used as for “Fellesordningen”.

NUMBER	Joint scheme	Via operation	2020	Joint scheme	Via operation	2019
MEMBERSHIP STATUS
Number active	586	25	611	578	25	603
Number deferred (previous employees with deferred entitlements)	447	11	458	441	12	453
Number of pensioners	219	49	268	206	48	254

	2020	2019
COMPOSITION OF THE PENSION ASSETS:
Property	13.3 %	12.4 %
Lending	12.9 %	12.5 %
Shares	24.2 %	25.9 %
Long-term/HTM bonds	28.9 %	29.1 %
Short-term bonds	16.9 %	15.0 %
Liquidity/money market	3.9 %	5.2 %
Total	100.0 %	100.0 %

The pension funds are based on KLP’s financial funds in the common portfolio. The table shows percentage placing of the pension funds administered by KLP at the end of the year. Value-adjusted return on the assets was 4.23 per cent in 2020 and 8.55 per cent in 2019.

Expected payment into benefits plans after cessation of employment for the period 1 January 2021 – 31 December 2021 is NOK 105 million.

The discount rate is reduced by 0.5 %	Increase
SENSITIVITY ANALYSIS AS AT 31 DECEMBER 2020
Gross pension obligation	10.6 %
Accumulation for the year	16.7 %
Salary growth increases by 0.25%	Increase
Gross pension obligation	1.1 %
Accumulation for the year	2.2 %
Mortality is strengthened by 10 %	Increase
Gross pension obligation	2.5 %
Accumulation for the year	1.9 %

The sensitivity analysis above is based on all other assumptions being unchanged. In practice that is an unlikely scenario and changes in some assumptions are correlated. The calculation of gross pension obligation and accumulation for the year in the sensitivity analysis has been done using the same method as in calculating gross pension obligation in the financial position statement.

The duration in the Joint scheme is estimated at 17.8 years.

Note 26 Tax

NOK MILLIONS	2020	2019
Accounting income before tax	1 289	2 637
Items of other comprehensive income before tax	-76	135
DIFFERENSCES BETWEEN ACCOUNTING AND TAX INCOME
Reversal of value reduction, financial assets	16	327
Reversal of value increase, financial assets	-1 307	-736
Book gain on realization of shares and other securities	183	-403
Tax gain on realization of shares and other securities	0	-82
Other permanent differences	0	-13
Change in differences affecting relationship between book and taxable income	282	-68
Taxable income	388	1 796
Group contribution received with tax effect	419	271
Surplus/deficit for the year is transferred to carryforward deficit	807	2 068
RECONCILIATION OF BASIS FOR DEFERRED TAX
TAX-INCREASING TEMPORARY DIFFERENCES
Gains and losses account	2	2
Risk equilization fund	4 154	4 154
Financial instruments	2 131	1 579
Technical result (2018)	673	842
Total tax-increasing temporary differences	6 961	6 576
Difference not included in the basis for deferred taxes	-4 154	-4 154
Total tax-increasing temporary differences	2 807	2 422
TAX-REDUCING TEMPORARY DIFFERENCES
Long-term liabilities	-1 272	-1 389
Adjusted for 20% of transition regulation 01.01.2018	-230	-288
Total tax-reducing temporary differences	-1 503	-1 677
Net temporary differences	1 304	745
Transition regulation 01.01.2018	1 152	1 439
Basis for deferred tax assets	2 456	2 185
25% deferred tax assets	614	546
Deferred tax in the balance sheet	-614	-546
Capitalized liability for tax settlement	-1 155	-948
Tax on group contributions directly charged to the balance sheet	-105	-72
Change in deffered tax taken to profit/loss	-68	-65
SUMMARY OF TAC EXPENCE FOR THE YEAR
Change in deferred tax taken to profit/loss	-68	-65
Tax payable of wealth	-27	-11
Tax payable taken to profit/loss	-97	-445
Total tax taken to profit/loss	-192	-521
TAX TAKEN TO PROFIT/LOSS
Tax	-204	-499
Tax on other comprehensive income	12	-22
Total tax taken to profit/loss	-192	-521
RECONCILIATION OF COST OF TAXES AGAINST ORDINARY PROFIT BEFORE TAX
Accounting income before tax	1 213	2 772
Expected tax in accordance with nominal rate (25%)	-303	-693
Tax effect of:
Permanent differences	139	179
Total tax taken to profit/loss	-165	-514
Effective tax rate	14 %	19 %
WEALTH TAX
Taxable value assets	548 426	527 102
Taxable value liabilites	-538 369	-523 256
Net wealth	10 057	3 846
Base amount wealth tax	10 057	3 846
Wealth tax (0,15%)	15	6

KLP is in dialogue with the tax authorities regarding the consequences of the transitional rule introduction in connection with the new tax rules for life insurance companies that entered into force on January 1, 2018. the outcome of the dialouqe in uncertain, but this may involce a signifiacant deviation from the accounting tax expense in 2018.

Note 27 Salary and obligations towards senior management etc.

The KLP Board of Directors has laid down principles and guidelines for remuneration that apply for the entire Group and set up a remuneration committee as a subcommittee of the Board. The committee reports on and carries out checks that the remuneration schemes in the Group are in line with the Board's principles and guidelines.

Senior employees are defined as the Group CEO and Executive Vice Presidents employed in the parent company KLP and forming part of the Group senior management.

Senior employees who were members of the Group senior management before 1 May 2013, are pensionable at the age of 65, but may choose to canage this to aged 70. None of those senior management have chosen to avail themselves of the opportunity to change the retirement age as of 31.12.2020. Persons who were appointed to Group senior management as of 1 May 2013, are pensionable at the age of 70.

All employees of the KLP Group in Norway are registered in KLP's pension scheme for municipalities and companies. The employees earn pension rights in this scheme for salaries up to 12G.

Employees in the KLP Group with salaries above 12 G and for employees with lower retirement age than 67 years, also earn pension benefits for salaries above 12G. Full retirement pension in this additional cover amounts to 66 % of salary above 12G, and is achieved after at least 30 years of earnings in the scheme. Employees with a special agreement for a lower pension age than 67 years are ensured an old-age pension corresponding to 66 % of all pensionable salary up to 67 years. This add-on was closed May 2, 2013 and does not apply to employees who started after that date. Nor does the scheme apply to employees who were employed at this time in KLP, but who only receive salary above 12G after this date.

The Group CEO has severance pay corresponding to one year's salary including supplementary benefits in the event of termination of employment. There are no obligations to provide the Chairman of the Board special consideration or other benefits on termination or change of the appointment. KLP pays directors' liability insurance for members of its Board of Directors.

The KLP Group offers loans for various purposes. There are seperate loan terms for employees, and no senior executeves have terms that deviate from this. Loans to external members of the Board of Directors and external members of the Corporate Assembly are only granted under ordinary loan terms.

Fees to Board members are determined by the Corporate Assembly. Fees to deputies and observers are not stated.

All benefits are shown without the addition of social security contributions and capital activity tax.

For Board members elected by and among the employees stated that only about compensation and loans that can be linked to their directorship.

Attention is drawn otherwise to the description of the main principles on determination of remuneration in the KLP Group that may be found at klp.no.

2020 NOK THOUSANDS	Paid from the Company						Paid from another comany in the same group
	Salary, fees etc.	Other benefits	Annual pension accumulation	Loan	Interest rate as at 31.12.2020	Payment plan ¹	Salary, fees etc.	Other benefits	Annual pension accumulation	Loan	Interest rate as at 31.12.2020	Payment plan ¹
SENIOR EMPLOYEES
Sverre Thornes, Group CEO	4 240	291	1 433	-	-	-	-	-	-	11 120	1.0	A45
Marianne Sevaldsen	2 848	209	1 120	-	-	-	-	-	-	4 187	1.0	A43
Aage E. Schaanning	3 659	209	1 222	-	-	-	-	-	-	5 179	1.0	HC
Rune Hørnes	2 692	165	384	-	-	-	-	-	-	-	-	-
Gro Myking	2 619	204	470	-	-	-	-	-	-	6 088	1.0	A30
Kirsten Grutle	726	44	519	-	-	-	-	-	-	-	-	-
Mona Refsdal	1 061	122	329	-	-	-	-	-	-	2 632	1.0	HC/A42
THE BOARD OF DIRECTORS ²
Egil Johansen, Chair (12 of 12)	391	-	-	-	-	-	-	-	-	-	-	-
Jenny Følling (12 of 12)	288	-	-	-	-	-	-	-	-	-	-	-
Odd Haldgeir Larsen (12 of 12)	233	-	-	-	-	-	-	-	-	2 072	1.7	A35
Karianne Melleby (12 of 12)	313	-	-	-	-	-	-	-	-	-	-	-
Øyvind Brevik (12 of 12)	289	-	-	-	-	-
Cathrine M. Lofthus (11 of 12)	289	-	-	-	-	-
Susanne Torp-Hansen, elected by and from the employees (12 of 12)	233	-	-	-	-	-	-	-	-	-	-	-
Freddy Larsen, elected by and from the employees (12 of 12)	289	-	-	-	-	-	-	-	-	-	-	-
CORPORATE ASSEMBLY
Total Corporate Assembly, including employee representatives	725	-	-	4 502	-	-	-	-	-	36 275	-	-
EMPLOYEES
Loans to employees of KLP to subsidized interest rate	-	-	-	91 473	-	-	-	-	-	994 954	-	-
Loans to employees of KLP to ordinary terms and conditions	-	-	-	4 411	-	-	-	-	-	29 381	-	-

2019 NOK THOUSANDS	Paid from the Company						Paid from another comany in the same group
	Salary, fees etc.	Other benefits	Annual pension accumulation	Loan	Interest rate as at 31.12.2019	Payment plan ¹	Salary, fees etc.	Other benefits	Annual pension accumulation	Loan	Interest rate as at 31.12.2019	Payment plan ¹
SENIOR EMPLOYEES
Sverre Thornes, Group CEO	4 155	221	1 530	-	-	-	-	-	-	11 550	2.0	A45
Marianne Sevaldsen	2 802	173	1 178	-	-	-	-	-	-	4 343	2.0	A43
Aage E. Schaanning	3 599	168	1 282	-	-	-	-	-	-	5 397	2.0	HC
Rune Hørnes	2 610	159	395	-	-	-	-	-	-	-	-	-
Gro Myking	2 383	159	330	-	-	-	-	-	-	-	-	-
Kirsten Grutle	1 769	157	536	-	-	-	-	-	-	-	-	-
Mona Refsdal	1 030	113	333	-	-	-	-	-	-	2 755	2.0	HC/A44
THE BOARD OF DIRECTORS ²
Egil Johansen, Chair (10 of 10)	377	-	-	-	-	-	-	-	-	-	-	-
Lars Vorland (2 of 4)	137	-	-	-	-	-	-	-	-	-	-	-
Marit Torgersen (4 of 4)	148	-	-	-	-	-	-	-	-	-	-	-
Jenny Følling (9 of 10)	294	-	-	-	-	-	-	-	-	-	-	-
Odd Haldgeir Larsen (9 of 10)	233	-	-	-	-	-	-	-	-	2 107	2.95	A38
Karianne Melleby (10 of 10)	291	-	-	-	-	-	-	-	-	-	-	-
Øyvind Brevik (6 of 6)	142	-	-	-	-	-
Cathrine M. Lofthus (6 of 6)	142	-	-	-	-	-
Susanne Torp-Hansen, elected by and from the employees (9 of 10)	241	-	-	-	-	-	-	-	-	-	-	-
Freddy Larsen, elected by and from the employees (10 of 10)	279	-	-	-	-	-	-	-	-	-	-	-
CORPORATE ASSEMBLY
Total Corporate Assembly, including employee representatives	587	-	-	2 697	-	-	-	-	-	28 233	-	-
EMPLOYEES
Loans to employees of KLP to subsidized interest rate	-	-	-	117 016	-	-	-	-	-	779 309	-	-
Loans to employees of KLP to ordinary terms and conditions	-	-	-	10 228	-	-	-	-	-	17 515	-	-
¹ A=Annuity loan, last payment, HC = Housing Credit
² The numbers in brackets represents the number of meetings attended by the total number of meetings held during the period in which the person has been on the board.

NOK THOUSANDS	2020	2019
The period costs related to lending terms and conditions for employees.	9 513	5 947

Note 28 Number of employees

	2020	2019
Number of permanent employees 31.12.	569	563
Number of temporary employees 31.12.	15	25
Total number of employees 31.12.	584	588
Number of full time equivalents permanent employees	555	552
Number of full time equivalents temporary employees	14	13
Total number of full time equivalents	569	565

Note 29 Auditor’s fee

NOK MILLIONS	2020	2019
Ordinary audit	2.1	2.0
Certification services	0.2	0.2
Tax advisory services	0.1	0.1
Non-audit services	0.0	0.0
Total auditor’s fee	2.5	2.3

The audit fee is expensed according to received invoice. The amounts above include VAT.

Note 30 Transactions with related parties

All transactions with related parties are carried out on market terms and conditions. The exception is administrative services used across the Group. Costs for administrative services are allocated at actual cost in accordance with actual usage. All related parties are 100 percent owned subsidiaries.

NOK MILLIONS	2020	2019
INCOME STATEMENT ITEMS
Purchase of asset management services from KLP Kapitalforvaltning AS	-114	-112
Purchase of asset management services from KLP Banken AS	-59	-59
Lease of office premises from KLP Huset AS	27	22
Sale of pension insurance/group life to subsidiaries	94	106
Net repayment administrative services	364	360
Total	310	319

NOK MILLIONS	31.12.2020	31.12.2019
BALANCE SHEET ITEMS ¹
Net outstanding accounts to:
KLP Skadeforsikring AS	63	31
KLP Bedriftspensjon AS	0	5
KLP Forsikringsservice AS	1	0
KLP Kapitalforvaltning AS	20	4
KLP Eiendom AS	-30	1
KLP Bank konsern	27	27
Total intercompany	81	68
KLP Huset AS, classified in the accounts as “Shares and holdings in property subsidiaries” (corporate portfolio)	164	138
KLP Eiendom AS, classified in the accounts as “Shares and holdings in property subsidiaries” (common portfolio)	6 950	4 314
KLP Eiendom AS, classified in the accounts as “Shares and holdings in property subsidiaries” (investment option portfolio)	33	23
Total intercompany receivables	7 228	4 543
¹ Net internal outstanding accounts include Group contribution items at the various companies.

Note 31 Other liabilities

NOK MILLIONS	31.12.2020	31.12.2019
Accounts payable	4	6
VAT and tax deductions due	478	457
Non-settled securities trade	2 261	1 870
Total other liabilities	2 743	2 332

Note 32 SCR ratio

The Solvency II balance sheet includes assets and liabilities at fair value. For assets that have a different value in the accounts change in balance value are added. There are no observable market values for KLP’s insurance liabilities, which are thus calculated by way of a best estimate based on actuarial assumptions. In addition there is a risk margin that is to reflect a third party’s capital costs by taking over these liabilities.

Tier 1 capital appears from the Solvency II balance sheet and Hybrid Tier 1 securities. Tier 2 capital consist of subordinated loans and ancillary own funds. The Financial Supervisory Authority of Norway has accepted that KLP’s right to call in further member contribution if necessary, which is laid down in the Company’s articles of association, can be counted as ancillary own funds, the amount corresponding to 2.5 per cent of the Company’s premium reserve. Capital that may be included in Tier 2 capital is limited upwards to 50 per cent of SCR.

Without the use of the transitional measure on technical provisions the Company’s SCR ratio is 286 per cent, which is well over the Company’s target of at least 150 per cent. With the transitional measure on technical provisions the SCR ratio is 362 per cent.

	31.12.2020	31.12.2019
SOLVENCY II - SCR RATIO	286 %	278 %

NOK BILLIONS	31.12.2020	31.12.2019
SIMPLIFIED SOLVENCY II FINANCIAL POSITION STATEMENT
Assets, book value	652	621
Added values - hold-to-maturity portfolio/loans and receivables	16	8
Added values - other lending	0	0
Other added/lesser values	0	0
Deferred tax asset	0	0
Total assets - solvency II	668	629

NOK BILLIONS	31.12.2020	31.12.2019
SIMPLIFIED SOLVENCY II FINANCIAL POSITION STATEMENT
Best estimate	596	560
Risk margin	14	13
Hybrid Tier 1 securities/Subordinated loan capital	5	8
Other liabilities ¹	18	15
Deferred tax liabilities	1	1
Total liabilities - solvency II	634	597
Excess of assets over liabilities	34	32
- Deferred tax asset	0	0
+ Hybrid Tier 1 securities	2	2
Tier 1 basic own funds	36	33
Total eligible tier 1 own funds	36	33
Subordinated loans	4	7
Tier 2 basic own funds	4	7
Ancillary own funds	11	12
Tier 2 ancillary own funds	11	12
Deduction for max. eligible tier 2 own funds	-7	-12
Total eligible tier 2 own funds	8	7
Deferred tax asset	0	0
Total eligible tier 3 own funds	0	0
Solvency II total eligible own funds	43	41
Market risk	7	6
Diversification market risk	-2	-2
Counterparty risk	0	0
Life risk	14	14
Diversification life risk	-3	-3
Diversification general	-3	-3
Operational risk	3	3
Loss absorbing ability deferred tax	-1	-1
Solvency capital requirement (SCR)	15	15
Linear minimum capital requirement (MCR_linear)	8	7
Minimum	4	4
Maximum	7	7
Minimum capital requirement (MCR)	7	7
Solvency II- SCR ratio	286 %	278 %

Note 33 Other insurance-related income and costs

NOK MILLIONS	2020	2019
OTHER INSURANCE-RELATED INCOME
Contribution service pension/contractual early retirement (AFP)	1 189	1 115
Miscellaneous interest income	3	3
Total other insurance-related income	1 192	1 118
OTHER INSURANCE-RELATED COSTS
Payments service pension/contractual early retirement (AFP)	1 189	1 115
Other interest costs	17	4
Total other insurance-related costs	1 206	1 119

Note 34 Contingent liabilities

NOK MILLIONS	31.12.2020	31.12.2019
Guarantee liability	2	2
Committed, not subscribed investment in private equity and property funds	22 365	14 007
Approved, not paid out KLP loan pledge	3 643	7 219
Total contingent liabilities	26 011	21 227

Note 35 Leases

NOK MILLIONS	31.12.2020	31.12.2019
RIGHT-OF-USE ASSETS	Property
Opening balance 01.01.	204	305
Addition	981	0
Depreciation	-104	-101
Closing balance 31.12.	1 081	204

NOK MILLIONS	31.12.2020	31.12.2019
LEASE LIABILITIES	Property
Opening balance 01.01.	210	305
Addition	981	0
Repayments	-92	-96
Closing balance 31.12.	1 099	210

NOK MILLIONS	01.01.2020 -31.12.2020	01.01.2019 -31.12.2019
	Property
Interest expense lease liabilities	17	8
Interest expense lease liabilities	17	8

Note 36 Change in liabilities from financing activities

NOK MILLIONS	31.12.2019	Cash flow from financing activities	Non-cash changes¹	31.12.2020
Other subordinated loan capital	6 012	-2 641	-237	3 135
Hybrid Tier 1 securities	1 738	0	25	1 764
Total liabilities from financing activities	7 750	-2 641	-211	4 898
¹ Non-cash flow changes are mainly unrealized currency

Note 37 Change in fair value IFRS 9

31.12.2020 NOK MILLIONS	Financial assets at amortized cost¹ Passed SPPI
Fair value 31.12.2019	192 611
Bought	12 157
Sold	-1 557
Redemption at maturity	-4 663
Change in fair value	7 419
Fair value 31.12.2020	205 967
¹ Investments held to maturity and bonds classified as loans and receivables

31.12.2020 NOK MILLIONS	Financial assets valued at fair value
Fair value 31.12.2019	282 438
Bought	148 626
Sold	-167 630
Change in fair value	27 125
Fair value 31.12.2020	290 560

31.12.2020 NOK MILLIONS	Other loans and receivables at amortized cost Passed SPPI	Other loans and receivables at amortized cost Not passed SPPI	Other loans and receivables at amortized cost Total
Fair value 31.12.2019	71 321	306	71 627
New loans	16 788	1 092	17 880
Repayment on-/ redemption of loans	-13 013	0	-13 013
Change in fair value	2 202	-5	2 197
Fair value 31.12.2020	77 298	1 393	78 691

In accordance with the notes requirements, the entity has conducted an SPPI test on the portfolio at amortizied cost. Based on the preliminary assessment all investments except two loans passes the test. Also refers to note 5 Fair value of financial assets and liabilities and note 11 Credit risk.

Note 38 Sale of subsidiary

Kommunal Landspensjonskasse gjensidig forsikringsselskap (KLP) has sold the shares of the wholly owned subsidiary KLP Bedriftspensjon AS. The sale was completed in the third quarter, but with accounting effect from 1 April 2020.

The subsidiary that has been sold, offers defined contribution and occupational pensions, including the management of pension capital certificates and paid-up policies, for public and private sector enterprises. The company was established in 2006 and has had an office in Oslo with 9 employees. KLP Bedriftspensjon AS had 3.091 corporate clients in its defined contribution and company pension scheme at 31 March 2020, which encompasses a total of 69.232 active members and owners of pension capital certificates and paid-up policies. Total assets amounted NOK 6.984 million, of which insurance liabilities amount to NOK 6.372 million. Pre-tax profit by 31 March 2020 amounted to NOK -13.7 million.

The book value of shares in the subsidiary that has been sold is NOK 573 million as of 31 March 2020. A loss in connection with the sale of NOK 183.4 million has been recognized in KLP's income statement, under the line “Net income from investments in the corporate portfolio”. The loss is calculated based on the fair value of the assets adjusted for selling expenses

Independent Auditor´s Report

Contact information

KLP

Kommunal Landspensjonskasse

Pb. 400 Sentrum, 0103 Oslo

Org.nr.: 938 708 606

Visitors address

Dronning Eufemias gate 10, Oslo

klp.no

Tlf: 55 54 85 00

klp.no/kontakt