This is KLP
KLP started out as a partnership of small municipalities across the country wanting to offer occupational pensions to their employees. We are now Norway’s largest pension provider. Our customers in Norways municipal and health care sector are the owners of KLP.
KLP’s business idea is to provide public-sector occupational pensions and financial and insurance services to public-sector customers and their employees. The services should be secure and competitive.
KLP had total assets of NOK 901 billion at the end of 2022.
KLP’s core business
KLP’s principal product is public-sector occupational pensions. We set out to provide public-sector enterprises and their employees with secure pension saving that contributes to sustainable development. As part of our service, we also offer important and necessary additional services to our customers and members, such as banking and insurance.
KLP is the pension company for the Norwegian local government and healthcare sector.
As our customers are also our owners, all wealth creation goes back to them. This sets us apart from other providers.
- At KLP, we use any surplus to boost our financial strength. This contributes to higher returns on customers’ pension capital, and lower pension costs for customers.
- Profits also go to the customers’ premium fund. This is money that they can use to pay future pension premiums.
All profits therefore go towards lower pension costs for our customers. This means that customers get more for essential services that they have to deliver. KLP’s vision is to be the best partner for the days ahead.
KLP and its subsidiaries
KLP is a mutual insurance company with five wholly-owned subsidiaries organised as limited companies. The subsidiaries contribute to increased growth and profitability by offering good prices for banking, asset management and insurance services to everyone who has a pension with KLP.
Group senior management
The senior Group management consists of managers for the various parts of the parent company Kommunal Landspensjonskasse. All are experienced managers with a broad background from the Norwegian business world.
The Group senior management until the end of 2022 consisted of:
Sverre Thornes, Group Chief Executive Officer KLP
Aage E. Schaanning, Executive Vice President/Chief Financial Officer
Marianne Sevaldsen, Executive Vice President for KLP’s Liv division (Life Division) (until 1 August 2022)
Cathrine Hellandsvik, constituted Executive Vice President for KLP’s Liv division (Life Division) (from 1 August 2022)
Håvard Gulbrandsen, Managing Director KLP Asset Management
Tore Tenold, Managing Director KLP Skadeforsikring AS
Gunnar Gjørtz, Managing Director KLP Eiendom AS
Leif Magne Andersen, Managing Director KLP Banken AS (until 1 August 2022)
Marianne Sevaldsen, Managing Director KLP Banken AS (form 1 August 2022)
Gro Myking, Executive Vice President Communication and Marketing
Kirsten Grutle, Executive Vice President HR and Internal Services
Rune Hørnes, Executive Vice President IT
Changes were made to the Group senior management in 2022. Marianne Sevaldsen went from being executive vice president for KLP’s Liv division (Life Division) to becoming Managing Director of the KLP Banken from 1 August 2022. Cathrine Hellandsvik took over as acting Executive Vice President for KLP’s Liv division (Life Division) after Marianne Sevaldsen.
From 1 January 2023, three new people have taken their place in the Group senior management. Cathrine Hellandsvik is Executive vice president for Life and Pensions, Jarl Nygaard is Executive vice president Business Development and Ida Louise Skaurum Mo is Executive vice president Business Management Division.
This is the Group senior management from 1 January 2023:
From the left: Rune Hørnes, Gro Myking, Jarl Nygaard, Ida Louise Skaurum, Sverre Thornes, Kirsten Grutle,
Aage E. Schaanning og Cathrine Hellandsvik.
Sverre ThornesGROUP CHIEF EXECUTIVE OFFICER KLP
Sverre Thornes has a BA in Business Administration from the American College in Paris. He joined KLP in 1995 as a fixed income portfolio manager and headed KLP Asset Managment from 2001 – 2006. He managed the Life Insurance Division of Kommunal Landspensjonskasse from 1. April 2006 to 3. January 2008. Since January 2008 he has been the CEO for the KLP Group.
Aage E. SchaanningEXECUTIVE VICE PRESIDENT/CHIEF FINANCIAL OFFICER
Aage Schaanning has a MBA from the University of Colorado and is an Authorised Financial Analyst. He has previously worked with raising finance, balance sheet control and asset management with BNbank and Kreditkassen before starting at KLP in 2001 as Investment Director at KLP Kapitalforvaltning. He headed KLP Kapitalforvaltning from 2006-2008.
Cathrine HellandsvikEXECUTIVE VICE PRESIDENT FOR LIFE AND PENSIONS
Cathrine Hellandsvik heads the division for Life and Pensions. She has been acting head of the life division in KLP since August. She has been director of the Customer Section from 2012. Previously, she was director of Business Policy and Analysis at KLP and also has many years of ministry experience. Cathrine Hellandsvik has a degree in social economics from the University of Oslo. Cathrine Hellandsvik also heads the division for PENSION OPERATIONS until a new manager is in place.
Gro MykingEXECUTIVE VICE PRESIDENT COMMUNICATION AND MARKETING
Gro Myking holds an MSc from NHH – the Norwegian School of Economics. Between 2007 and 2016 Ms Myking was Marketing Director of Posten Norge AS (the Norwegian postal service). She was previously Executive Vice-President Marketing at Hakon Gruppen/ICA Norge (a large Norwegian grocery retail group), and has run her own consultancy. She has served on the boards of several major Norwegian companies. Ms Myking joined KLP on 1 February 2016.
Kirsten GrutleEXECUTIVE VICE PRESIDENT PEOPLE AND ORGANIZATION
Kirsten Grutle joined KLP as HR director on 1 September 2011 and then came from the position as HR director in Accenture Norway. Since 2016, she has been part of the group management of KLP. Grutle has also previously worked at Telenor and EDB Business Partner, and has broad experience within HR and management. She has her education from the University of Bergen.
Rune HørnesEXECUTIVE VICE PRESIDENT TECHNOLOGY
Rune Hørnes holds an MSc from NHH – The Norwegian School of Economics. He has long and broad experience from working across business strategy, IT, organisational and work processes. Mr Hørnes has held the position of CIO at Storebrand, where he held various positions since 2005. Before commencing work at Storebrand, Mr Hørnes was Senior Manager at Accenture, working in banking and insurance. He joined KLP on 1 October 2016.
Jarl NygaardEXECUTIVE VICE PRESIDENT BUSINESS DEVELOPMENT
Jarl Nygaard has been appointed as Executive Vice President of Business Development from 1 January 2023 and joined KLP in 2018 as Director of Business Development in the Life Division. Before that, he was head of Business Development for the corporate area at Storebrand Life Insurance, where he has held various positions since 2005. Before Storebrand, Nygaard was a Manager at Accenture, within pensions and insurance. He has more than 25 years' experience with business development and work at the interface between business and IT, primarily within the pension and insurance area in Norway and the Nordics. Nygaard has a degree in Civil Economics from the Norwegian School of Economics in Bergen.
Ida Louise Skaurum MoEXECUTIVE VICE PRESIDENT BUSINESS MANAGEMENT DIVISION
Ida Louise Skaurum Mo is, from 1 January 2023, head of the newly established business management division in KLP. The division includes, among other things, the sections Corporate Law, Social Responsibility, Compliance, Risk Analysis and Control, and Economic Crime. Mo comes from a position as legal director and head of business management at KLP, and joined KLP as a lawyer in 2006. She has previously worked as a legal examiner in the Supreme Court, deputy judge, and deputy attorney at the law firm Thommessen. Mo has a Bachelor of Law degree from the University of Oslo and Business Economics from NHH
The Board of directors
Tine SundtoftCHAIR OF THE BOARD OF DIRECTORS
Tine Sundtoft is county chef executive in Agder. She was previously Minister of Climate and Environment in the Solberg Government (2013 –2015), and before that business policy adviser to the Conservative Party’s Storting group (1995–1996), regional director of the Confederation of Norwegian Enterprise (NHO) at Agder (1996–2005) and county councillor in Vest-Agder county municipality (2005–2013). Sundtoft has extensive board experience from Agder Energi, Statens Lånekasse and Norsk Kulturminnefond, among others. She graduated from BI Norwegian Business School.
Ingunn TrosholmenDEPUTY CHAIR
Ingunn Trosholmen has been mayor of Lillehammer since 2019. Trosholmen is a qualified teacher, as well as a social scientist from Inland Norway University of Applied Sciences. From 2008 to 2015 she was an advisor and later chief executive of the Nansen Peace Centre. Trosholmen has other political experience from deputy mayoral positions in both Øyer and Lillehammer municipalities. She also sits on the international committee of the Labour Party centrally.
Cecilie DaaeBOARD MEMBER
Cecilie Daae was CEO of Helse Nord RHF. She is qualified as a doctor at the University of Oslo specialising in general practice. Daae also has a Master’s degree in Health Administration; she has completed the Armed Forces management course and has extensive experience of the health sector both as a clinician and as a manager. Alongside her board experience, she has previously held management positions at many levels, including several positions at the Norwegian Directorate of Health (including Deputy Director-General), and as Director-General of the Directorate for Civil Protection.
Egil MatsenBOARD MEMBER
Egil Matsen is managing director of Forte Fondsforvaltning. From 2016 to 2020, Matsen was Deputy Governor of Norges Bank with special responsibility for the Government Pension Fund Global (GPFG). Matsen has previously been professor of economics and head of department at the Norwegian University of Science and Technology (NTNU). He holds a Ph. in Economics from NHH Norwegian School of Economics. Matsen has also been a member of the Executive Board of Norges Bank since 2012 and a deputy member since 2010.
Øivind BrevikBOARD MEMBER
Øivind Brevik is managing director of Samfunnsbedriftene. He has previously held positions in the Norwegian Institute for Nature Research, the Norwegian Climate and Pollution Agency (at the Norwegian Environment Agency), the City of Oslo and Romerike Avfallsforedling (waste processing). Brevik has an MSc in ecology and environmental management from the Norwegian University of Science and Technology (NTNU).
Odd Haldgeir LarsenBOARD MEMBER
Odd Haldgeir Larsen was elected as a member of the Board of KLP in May 2018. He is vice-chair of Fagforbundet (the Norwegian Union of Municipal and General Employees) and represents the employee organisation with the most members of KLP.
Erling BendiksenBOARD MEMBER
Erling Bendiksen was elected to the Board of KLP as an employee representative in April 2021. He has been employed by KLP since 1981 and works as a Customer and Sales Manager. Erling Bendiksen has many years of experience as an elected representative and is now the Chief Safety Representative at KLP. Erling has an advanced insurance degree from the Insurance Academy. He graduated from the “Rhetoric, Communication and Management” study programme at BI Norwegian Business School.
Vibeke HeldalBOARD MEMBER
Vibeke Heldal was elected to the Board of KLP as an employee representative in May 2021. She has been employed by KLP since 2003 and works as IT Business Analyst in IT Contract Administration at our office in Bergen. Vibeke Heldal has a varied professional background, and from 1989 – 1999 she worked in the oil and gas sector. Heldal has a Bachelor’s degree in Economics and Administration from BI Norwegian Business School.
Deputy members
1st deputy: Rune Simensen is regularly attending from may 2022.
2nd deputy: Hilde Rolandsen, owner-director of Helse Nord RHF, was re-elected as 2nd deputy member in April 2015.
You can read the report from the Board of Directors here
KLP´s history
The idea of a municipal pension fund was born a good 100 years ago. When KLP was established in 1949, it was the result of a long process that ended with municipalities joining forces to establish a joint pension scheme. This formed the basis for the customer-owned company that KLP is today.
You can read more about KLP’s history on our website: www.klp.no/om-klp/klps-historie