Kommunal Landspensjonskasse – Q3 2022 Interim report KLP Group, Sustainability, KLP

Kommunal LandspensjonskasseQ3 2022

Income statementKommunal Landspensjonskasse

NOTE	NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
3	Premium income	7 552	7 529	40 633	41 163	50 161
	Income from investments in subsidiaries, associated enterprises and jointly controlled entities	1 552	1 157	8 743	3 979	6 736
	Interest income and dividends etc. on financial assets	2 663	1 936	7 889	9 501	12 587
	Value changes on investments	-10 109	4 496	-36 631	9 931	17 896
	Gains and losses realized on investments	1 978	-870	2 418	9 567	12 550
	Net income from investments in the common portfolio	-3 917	6 719	-17 581	32 978	49 770
	Net income from investments in the investment option portfolio	-19	16	-104	118	181
	Other insurance-related income	348	328	1 012	942	1 274
4	Claims	-6 086	-5 590	-22 453	-24 690	-30 438
	Changes in insurance liabilities taken to profit/loss - contractual liabilities	3 281	-5 745	2 012	-38 236	-59 440
	Changes in insurance liabilities taken to profit/loss – individual investment option portfolio	26	-5	-355	-77	-177
	Funds assigned to insurance contracts - contractual liabilities	0	0	0	0	-9 415
	Unallocated profit to insurance contracts	-413	-2 275	-963	-9 494	0
5	Insurance-related operating expenses	-309	-266	-1 057	-891	-1 372
	Other insurance-related costs	-346	-327	-1 020	-952	-1 286
	Technical profit/loss	118	384	124	861	-742
	Net income from investments in the corporate portfolio	194	413	534	1 033	1 292
	Other income	5	2	8	11	10
	Administration costs and other costs associated with the corporate portfolio	-72	-65	-206	-206	-272
	Non-technical profit/loss	127	350	336	838	1 030
	Profit/loss pre-tax	244	735	461	1 699	288
	Tax	-61	-161	-42	-276	125
	Income before other income and expenses	184	574	419	1 423	413
12	Actuarial gains and losses on defined benefits pension schemes	6	-287	47	-169	48
	Proportion of other comprehensive income on application of the equity method	3	-163	28	-97	36
	Adjustment of the insurance liabilities	-1	51	-8	30	-16
	Tax on other income and expenses that will not be reclassified to profit or loss	-1	72	-12	42	-12
	Total other income and expenses that will not be reclassified to profit or loss	7	-328	55	-194	56
	TOTAL COMPREHENSIVE INCOME	191	245	473	1 229	469

Statement of financial positionKommunal Landspensjonskasse

NOTE	NOK MILLIONS	30.09.2022	30.09.2021	31.12.2021
	ASSETS
	ASSETS IN THE CORPORATE PORTFOLIO
	Intangible assets	906	758	727
7	Investment properties	1 103	994	1 004
	Shares and holdings in property subsidiaries	3 697	3 438	3 507
	Shares and holdings in other subsidiaries, associated enterprises and jointly controlled entities	5 516	5 256	5 177
6	Financial assets valued at amortized cost	20 099	19 351	19 456
6,7	Financial assets valued at fair value	12 794	15 572	12 221
	Receivables	1 143	1 076	1 407
11	Right-of-use assets	892	1 000	973
	Other assets	924	762	796
	Total assets in the corporate portfolio	47 074	48 207	45 268
	ASSETS IN THE CUSTOMER PORTFOLIOS
	Shares and holdings in property subsidiaries	77 991	64 952	70 206
	Shares and holdings in other subsidiaries, associated enterprises and jointly controlled entities	5 817	4 923	4 958
	Receivables on and securities issued by subsidiaries, associated enterprises and jointly controlled entities	11 994	12 699	12 524
6	Financial assets valued at amortized cost	269 246	257 935	259 608
6,7	Financial assets valued at fair value	306 047	303 651	311 984
	Total investment in the common portfolio	671 095	644 160	659 281
	Shares and holdings in property subsidiaries	318	236	256
	Receivables on and securities issued by subsidiaries, associated enterprises and jointly controlled entities	63	66	63
6	Financial assets at amortized costs	941	747	753
6,7	Financial assets at fair value	1 279	1 107	1 126
	Total investments in the investment option portfolio	2 602	2 156	2 199
	Total assets in the customer portfolios	673 697	646 316	661 480
	TOTAL ASSETS	720 771	694 522	706 748

NOTE	NOK MILLIONS	30.09.2022	30.09.2021	31.12.2021
	OWNERS' EQUITY AND LIABILITIES
	Owners’ equity contributed	20 812	18 971	19 831
	Retained earnings	21 644	22 418	20 847
	Total owners’ equity	42 456	41 389	40 678
6	Subordinated loan capital etc.	4 812	4 664	4 604
	Premium reserve etc.	509 679	480 820	484 728
	Supplementary reserves	0	42 715	48 626
	Security adjustment fund	0	68 620	77 397
	Buffer fund	97 985	0	0
	Premium funds, defined contribution funds, pension regulation funds etc.	30 599	30 405	40 769
	Unallocated profit to customers	957	9 379	0
	Total insurance liabilities - contractual liabilities	639 219	631 940	651 520
	Pension capital etc.	2 000	1 548	1 549
	Supplementary reserves	0	127	186
	Buffer fund	37	0	0
	Premium funds, defined contribution funds, pension regulation funds etc.	543	413	499
	Unallocated profit to customers	6	85	0
	Total insurance liabilities - special investment portfolio	2 585	2 173	2 234
12	Pension obligations	529	755	553
	Current tax liabilities	46	210	259
	Deferred tax liabilities	493	879	444
11	Lease liabilities	943	1 034	1 012
9	Liabilities	29 605	11 404	5 261
	Accrued costs and prepaid income	81	73	182
	TOTAL OWNERS’ EQUITY AND LIABILITIES	720 771	694 522	706 748
	OFF-BALANCE SHEET ITEMS
	Contingent liabilities	31 384	27 161	26 074

Changes in owners’ equityKommunal Landspensjonskasse

2022 NOK MILLIONS	Owners’ equity contributed	Retained earnings		Total owners’ equity
		Risk equalization fund	Other retained earnings
Own funds 31 December 2021	19 831	4 370	16 476	40 678
Change recognized directly in equity		554	-229	324
Own funds 1 January 2022	19 831	4 924	16 247	41 002
Income before other income and expenses		-130	549	419
Actuarial gains and losses on defined benefits pension schemes			47	47
Proportion of other comprehensive income on application of the equity method			28	28
Adjustment of the insurance liabilities			-8	-8
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			55	55
Total comprehensive income (unallocated)		-130	604	473
Owners equity contribution recieved	982			982
Total transactions with owners	982			982
Own funds 30 September 2022	20 812	4 794	16 850	42 456

2021 NOK MILLIONS	Owners’ equity contributed	Retained earnings		Total owners’ equity
		Risk equalization fund	Other retained earnings
Own funds 1 January 2021	18 194	5 404	15 784	39 382
Income before other income and expenses		508	915	1 423
Actuarial gains and losses on defined benefits pension schemes			-169	-169
Proportion of other comprehensive income on application of the equity method			-97	-97
Adjustment of the insurance liabilities			30	30
Tax on other income and expenses that will not be reclassified to profit or loss			42	42
Total other income and expenses that will not be reclassified to profit or loss			-194	-194
Total comprehensive income (unallocated)		508	721	1 229
Owners equity contribution recieved	777			777
Total transactions with owners	777			777
Own funds 30 September 2021	18 971	5 913	16 505	41 389

2021 NOK MILLIONS	Owners’ equity contributed	Retained earnings		Total owners’ equity
		Risk equalization fund	Other retained earnings
Own funds 1 January 2021	18 194	5 404	15 784	39 382
Income before other income and expenses	811	-1 034	636	413
Actuarial gains and losses on defined benefits pension schemes			48	48
Proportion of other comprehensive income on application of the equity method			36	36
Adjustment of the insurance liabilities			-16	-16
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			56	56
Total comprehensive income	811	-1 034	692	469
Owners equity contribution recieved	826			826
Total transactions with owners	826			826
Own funds 31 December 2021	19 831	4 370	16 476	40 678

Statement of cash flowsKommunal Landspensjonskasse

NOK MILLIONS	01.01.2022 -30.09.2022	01.01.2022 -30.06.2022	01.01.2022 -31.03.2022	01.01.2021 -31.12.2021	01.01.2021 -30.09.2021
Net cashflow from operational activities	-527	809	337	-346	-424
Net cashflow from investment activities ¹	-237	-162	-78	-275	-211
Net cashflow from financing activities ²	895	-187	-28	716	695
Net changes in cash and bank deposits	131	460	231	95	61
Holdings of cash and bank deposits at start of period	755	755	755	659	659
Holdings of cash and bank deposits at end of period	885	1 215	985	755	720
¹ Payments on the purchase of tangible fixed assets.
² Net receipts of owners’ equity contribution, rising of new loans and repayment of debt.

Notes to the financial statementKommunal Landspensjonskasse

Note 1 Accounting principles- and estimates

Accounting principles

The financial statements in this interim report show the interim accounts for Kommunal Landspensjonskasse (KLP), for the period 01.01.2022 – 30.09.2022. The accounts have not been audited.

The interim financial statements have been prepared in accordance with the Regulations of 18 December 2015 No 1824 relating to annual financial statements for life insurance companies (the Financial Reporting Regulations) and IAS 34 Interim Reporting. The interim financial statements have been prepared on the same principles as the annual financial statements for 2021, unless stated otherwise.

The interim financial statements do not contain all the information required of complete annual financial statements, and this interim report should be read in conjunction with the annual financial statements for 2021. The company’s annual report is available from klp.no.

Accounting estimates

In preparing the interim financial statements, management has exercised discretion and used estimates and assumptions that affect the accounting figures. Actual figures may deviate from estimates used.

Note 2 Value-adjustment investment property

The portfolio of investment properties, including investment properties owned via subsidiaries, has been valued at 30 September 2022.

NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
Value adjustment incl. foreign exchange	813	491	6 732	1 782	3 984
Foreign exchange effect on hedging	-749	240	-912	939	1 382
Net value adjustment incl. exchange hedging	64	731	5 820	2 721	5 366

Note 3 Premium income

NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
Gross premiums due	7 552	7 529	40 248	41 163	50 161
Transfer of premium reserves from others	0	0	386	0	0
Total premium income	7 552	7 529	40 633	41 163	50 161

Note 4 Claims

NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
Claims paid	6 085	5 590	17 794	16 344	22 092
Transfers of premium reserves to others	1	0	4 658	8 346	8 346
Total claims	6 086	5 590	22 453	24 690	30 438

Note 5 Insurance-related operating expenses

NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
Personnel costs	177	146	604	518	735
Depreciation	49	48	141	147	270
Other operating expenses	84	72	312	225	366
Total insurance-related operating expenses	309	266	1 057	891	1 372

Note 6 Fair value of financial assets and liabilities

For information regarding pricing of financial assets and liabilities see note 9 Fair value of financial assets and liabilities in the consolidated financial statement.

30.09.2022 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	496	493	3 448	3 407	2	2	3 946	3 902
Accrued not due interest	14	14	95	95	0	0	108	108
Foreign hold-to-maturity bonds	6 572	6 270	15 853	15 326	38	38	22 463	21 634
Accrued not due interest	23	23	171	171	0	0	194	194
Total investments held to maturity	7 104	6 799	19 567	18 999	40	40	26 711	25 838
BONDS CLASSIFIED AS LOANS AND RECEIVABLES
Norwegian bonds	5 048	4 636	55 992	51 595	302	277	61 343	56 508
Accrued not due interest	76	76	865	865	4	4	945	945
Foreign bonds	7 789	7 245	111 824	102 928	586	541	120 199	110 715
Accrued not due interest	82	82	1 567	1 567	8	8	1 658	1 658
Total bonds classified as loans and receivables	12 995	12 039	170 248	156 955	901	831	184 144	169 825
OTHER LOANS AND RECEIVABLES
Secured loans	0	0	3 016	2 908	0	0	3 016	2 908
Lending with public sector guarantee	0	0	69 884	68 213	0	0	69 884	68 213
Loans abroad secured by mortgage and local government guarantee	0	0	6 147	6 147	0	0	6 147	6 147
Accrued not due interest	0	0	383	383	0	0	383	383
Total other loans and receivables	0	0	79 431	77 652	0	0	79 431	77 652
Total financial assets at amortized cost	20 099	18 838	269 246	253 606	941	871	290 286	273 315
ASSETS – AT FAIR VALUE
EQUITY CAPITAL INSTRUMENTS
Norwegian shares	6	6	9 816	9 816	0	0	9 822	9 822
Foreign shares	0	0	42 182	42 182	0	0	42 182	42 182
Total shares	6	6	51 998	51 998	0	0	52 004	52 004
Property funds	0	0	9 526	9 526	49	49	9 575	9 575
Norwegian equity funds	0	0	80 486	80 486	863	863	81 349	81 349
Foreign equity funds	0	0	36 885	36 885	0	0	36 885	36 885
Total equity fund units	0	0	126 897	126 897	911	911	127 809	127 809
Norwegian alternative investments	0	0	2 004	2 004	11	11	2 016	2 016
Foreign alternative investments	0	0	0	0	0	0	0	0
Total alternative investments	0	0	2 004	2 004	11	11	2 016	2 016
Total shares and units	6	6	180 899	180 899	923	923	181 828	181 828
DEBT INSTRUMENTS AT FAIR VALUE
Norwegian bonds	6 798	6 798	27 139	27 139	0	0	33 937	33 937
Foreign bonds	322	322	17 741	17 741	0	0	18 063	18 063
Accrued not due interest	36	36	335	335	0	0	371	371
Norwegian fixed-income funds	3 136	3 136	20 697	20 697	266	266	24 099	24 099
Foreign fixed-income funds	0	0	31 109	31 109	0	0	31 109	31 109
Accrued not due interest	6	6	74	74	1	1	81	81
Norwegian certificates	532	532	4 694	4 694	0	0	5 226	5 226
Foreign certificates	0	0	430	430	0	0	430	430
Accrued not due interest	3	3	14	14	0	0	17	17
Fixed income securities	10 833	10 833	102 233	102 233	268	268	113 334	113 334
Norwegian loans and receivables	865	865	5 404	5 404	41	41	6 310	6 310
Foreign loans and receivables	431	431	5 617	5 617	47	47	6 096	6 096
Total loans and receivables	1 297	1 297	11 021	11 021	88	88	12 406	12 406
DERIVATIVES
Interest rate swaps	657	657	2	2	0	0	660	660
Share options	0	0	118	118	0	0	118	118
Forward exchange contracts	0	0	204	204	0	0	204	204
Total financial derivatives classified as assets	657	657	325	325	0	0	982	982
OTHER FINANCIAL ASSETS
Other financial assets	0	0	11 569	11 569	0	0	11 570	11 570
Total financial assets valued at fair value	12 794	12 794	306 047	306 047	1 279	1 279	320 120	320 120
LIABILITIES
DERIVATIVES
Interest rate swaps	0	0	2 423	2 423	0	0	2 423	2 423
Forward exchange contracts	182	182	10 860	10 860	45	45	11 087	11 087
Total financial derivatives classified as liabilities	182	182	13 283	13 283	45	45	13 510	13 510
SUBORDINATED LOAN CAPITAL
Subordinated loan capital	3 162	3 059	0	0	0	0	3 162	3 059
Hybrid Tier 1 securities	1 650	1 393	0	0	0	0	1 650	1 393
Total subordinated loan capital etc.	4 812	4 452	0	0	0	0	4 812	4 452
LIABILITIES TO CREDIT INSTITUTIONS
Norwegian call money ¹	0	0	4	4	3	3	6	6
Foreign call money ¹	702	702	155	155	17	17	875	875
Total liabilities to credit institutions	702	702	159	159	20	20	881	881
¹ Call money is collateral for paid/received margin related to derivatives.

30.09.2021 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	639	715	4 793	5 170	25	25	5 457	5 910
Accrued not due interest	15	15	122	122	0	0	138	138
Foreign hold-to-maturity bonds	6 261	6 529	16 646	18 012	48	52	22 955	24 593
Accrued not due interest	22	22	190	190	0	0	212	212
Total investments held to maturity	6 937	7 281	21 752	23 495	74	78	28 762	30 853
BONDS CLASSIFIED AS LOANS AND RECEIVABLES
Norwegian bonds	4 605	4 698	48 018	49 421	188	194	52 811	54 313
Accrued not due interest	65	65	768	768	3	3	836	836
Foreign bonds	7 664	7 944	107 853	112 487	476	495	115 993	120 927
Accrued not due interest	80	80	1 555	1 555	7	7	1 641	1 641
Total bonds classified as loans and receivables	12 414	12 787	158 194	164 231	673	699	171 281	177 717
OTHER LOANS AND RECEIVABLES
Secured loan	0	0	3 039	3 053	0	0	3 039	3 053
Lending with public sector guarantee	0	0	66 667	67 104	0	0	66 667	67 104
Loans abroad secured by mortgage and local government guarantee	0	0	7 978	7 978	0	0	7 978	7 978
Accrued not due interest	0	0	304	304	0	0	304	304
Total other loans and receivables	0	0	77 989	78 439	0	0	77 989	78 439
Total financial assets at amortized cost	19 351	20 068	257 935	266 164	747	777	278 033	287 009
ASSETS – AT FAIR VALUE
EQUITY CAPITAL INSTRUMENTS
Norwegian shares	7	7	8 742	8 742	0	0	8 749	8 749
Foreign shares	0	0	38 215	38 215	0	0	38 215	38 215
Total shares	7	7	46 958	46 958	0	0	46 965	46 965
Property funds	0	0	4 916	4 916	0	0	4 916	4 916
Norwegian equity funds	0	0	89 390	89 390	714	714	90 104	90 104
Foreign equity funds	0	0	25 056	25 056	0	0	25 056	25 056
Total equity fund units	0	0	119 362	119 362	714	714	120 077	120 077
Norwegian alternative investments	0	0	1 862	1 862	9	9	1 870	1 870
Foreign alternative investments	0	0	0	0	0	0	0	0
Total alternative investments	0	0	1 862	1 862	9	9	1 870	1 870
Total shares and units	7	7	168 182	168 182	723	723	168 911	168 911
DEBT INSTRUMENTS AT FAIR VALUE
Norwegian bonds	6 307	6 307	29 979	29 979	0	0	36 286	36 286
Foreign bonds	693	693	18 652	18 652	0	0	19 345	19 345
Accrued not due interest	25	25	280	280	0	0	304	304
Norwegian fixed-income funds	2 852	2 852	27 027	27 027	271	271	30 151	30 151
Foreign fixed-income funds	0	0	30 382	30 382	0	0	30 382	30 382
Accrued not due interest	133	133	2 127	2 127	14	14	2 274	2 274
Norwegian certificates	340	340	7 148	7 148	0	0	7 488	7 488
Foreign certificates	0	0	953	953	0	0	953	953
Accrued not due interest	0	0	3	3	0	0	4	4
Fixed income securities	10 351	10 351	116 552	116 552	285	285	127 188	127 188
Norwegian loans and receivables	938	938	9 860	9 860	24	24	10 822	10 822
Foreign loans and receivables	575	575	5 486	5 486	68	68	6 129	6 129
Total loans and receivables	1 513	1 513	15 346	15 346	92	92	16 951	16 951
DERIVATIVES
Interest rate swaps	681	681	256	256	0	0	937	937
Share options	0	0	143	143	0	0	143	143
Forward exchange contracts	0	0	1 976	1 976	7	7	1 982	1 982
Total financial derivatives classified as assets	681	681	2 374	2 374	7	7	3 062	3 062
OTHER FINANCIAL ASSETS
Other financial assets	3 020	3 020	1 197	1 197	0	0	4 217	4 217
Total financial assets valued at fair value	15 572	15 572	303 651	303 651	1 107	1 107	320 329	320 329
LIABILITIES
DERIVATIVES
Interest rate swaps	0	0	52	52	0	0	52	52
Forward exchange contracts	6	6	765	765	2	2	773	773
Total financial derivatives classified as liabilities	6	6	817	817	2	2	825	825
SUBORDINATED LOAN CAPITAL
Subordinated loan capital	2 995	3 353	0	0	0	0	2 995	3 353
Hybrid Tier 1 securities	1 670	1 639	0	0	0	0	1 670	1 639
Total subordinated loan capital etc.	4 664	4 992	0	0	0	0	4 664	4 992
LIABILITIES TO CREDIT INSTITUTIONS
Norwegian call money ¹	0	0	165	165	3	3	168	168
Foreign call money ¹	814	814	1 268	1 268	12	12	2 095	2 095
Total liabilities to credit institutions	814	814	1 433	1 433	15	15	2 262	2 262
¹ Call money is collateral for paid/received margin related to derivatives

31.12.2021 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	488	558	3 454	3 789	2	2	3 944	4 350
Accrued not due interest	19	19	98	98	0	0	117	117
Foreign hold-to-maturity bonds	6 191	6 405	15 426	16 581	38	42	21 654	23 029
Accrued not due interest	37	37	208	208	1	1	246	246
Total investments held to maturity	6 735	7 019	19 185	20 677	41	45	25 961	27 741
BONDS CLASSIFIED AS LOANS AND RECEIVABLES
Norwegian bonds	4 830	4 879	49 370	50 187	212	216	54 412	55 282
Accrued not due interest	61	61	676	676	3	3	740	740
Foreign bonds	7 728	7 945	110 489	114 061	490	505	118 706	122 511
Accrued not due interest	103	103	1 716	1 716	8	8	1 826	1 826
Total bonds classified as loans and receivables	12 722	12 988	162 250	166 639	713	732	175 684	180 359
OTHER LOANS AND RECEIVABLES
Secured loans	0	0	2 978	2 982	0	0	2 978	2 982
Lending with public sector guarantee	0	0	68 536	68 679	0	0	68 536	68 679
Loans abroad secured by mortgage and local government guarantee	0	0	6 389	6 389	0	0	6 389	6 389
Accrued not due interest	0	0	270	270	0	0	270	270
Total other loans and receivables	0	0	78 172	78 319	0	0	78 172	78 319
Total financial assets at amortized cost	19 456	20 007	259 608	265 636	753	776	279 817	286 420
ASSETS – AT FAIR VALUE
EQUITY CAPITAL INSTRUMENTS
Norwegian shares	8	8	9 571	9 571	0	0	9 579	9 579
Foreign shares	0	0	43 771	43 771	0	0	43 771	43 771
Total shares	8	8	53 342	53 342	0	0	53 350	53 350
Property funds	0	0	7 071	7 071	0	0	7 071	7 071
Norwegian equity funds	0	0	96 227	96 227	740	740	96 967	96 967
Foreign equity funds	0	0	29 154	29 154	0	0	29 154	29 154
Total equity fund units	0	0	132 453	132 453	740	740	133 193	133 193
Norwegian alternative investments	0	0	1 884	1 884	9	9	1 892	1 892
Foreign alternative investments	0	0	0	0	0	0	0	0
Total alternative investments	0	0	1 884	1 884	9	9	1 892	1 892
Total shares and units	8	8	187 679	187 679	749	749	188 435	188 435
DEBT INSTRUMENTS AT FAIR VALUE
Norwegian bonds	6 101	6 101	28 982	28 982	0	0	35 083	35 083
Foreign bonds	691	691	17 913	17 913	0	0	18 604	18 604
Accrued not due interest	30	30	323	323	0	0	353	353
Norwegian fixed-income funds	2 983	2 983	26 888	26 888	298	298	30 169	30 169
Foreign fixed-income funds	0	0	30 858	30 858	0	0	30 858	30 858
Accrued not due interest	0	0	0	0	0	0	0	0
Norwegian certificates	475	475	3 986	3 986	0	0	4 461	4 461
Foreign certificates	0	0	405	405	0	0	405	405
Accrued not due interest	1	1	3	3	0	0	4	4
Fixed income securities	10 280	10 280	109 357	109 357	298	298	119 935	119 935
Norwegian loans and receivables	1 033	1 033	7 428	7 428	18	18	8 479	8 479
Foreign loans and receivables	254	254	4 964	4 964	56	56	5 274	5 274
Total loans and receivables	1 287	1 287	12 393	12 393	74	74	13 753	13 753
DERIVATIVES
Interest rate swaps	615	615	103	103	0	0	718	718
Share options	0	0	279	279	0	0	279	279
Forward exchange contracts	31	31	1 479	1 479	6	6	1 516	1 516
Total financial derivatives classified as assets	646	646	1 862	1 862	6	6	2 513	2 513
OTHER FINANCIAL ASSETS
Other financial assets	0	0	695	695	0	0	695	695
Total financial assets valued at fair value	12 221	12 221	311 984	311 984	1 126	1 126	325 331	325 331
LIABILITIES
DERIVATIVES
Interest rate swaps	0	0	364	364	0	0	364	364
Forward exchange contracts	0	0	1 646	1 646	4	4	1 650	1 650
Total financial derivatives classified as liabilities	0	0	2 010	2 010	4	4	2 014	2 014
SUBORDINATED LOAN CAPITAL
Subordinated loan capital	3 000	3 310	0	0	0	0	3 000	3 310
Hybrid Tier 1 securities	1 604	1 586	0	0	0	0	1 604	1 586
Total subordinated loan capital etc.	4 604	4 895	0	0	0	0	4 604	4 895
LIABILITIES TO CREDIT INSTITUTIONS
Norwegian call money ¹	0	0	85	85	3	3	87	87
Foreign call money ¹	734	734	818	818	12	12	1 564	1 564
Total liabilities to credit institutions	734	734	902	902	15	15	1 651	1 651
¹ Call money is collateral for paid/received margin related to derivatives.

Note 7 Fair value hierarchy

30.09.2022 NOK MILLIONS	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Certificates	0	535	0	535
Bonds	46	7 110	0	7 156
Fixed-income funds	3 142	0	0	3 142
Fixed-income securities	3 189	7 645	0	10 833
Loans and receivables	504	793	0	1 297
Shares	0	0	6	6
Shares and units	0	0	6	6
Financial derivatives	0	657	0	657
Other financial assets	0	0	0	0
Total corporate portfolio	3 692	9 095	6	12 794
COMMON PORTFOLIO
Certificates	2 104	3 034	0	5 139
Bonds	18 731	26 484	0	45 215
Fixed-income funds	33 318	8 988	9 573	51 879
Fixed-income securities	54 154	38 506	9 573	102 233
Loans and receivables	10 829	192	0	11 021
Shares	47 668	1 383	2 947	51 998
Equity funds	80 621	0	56	80 677
Property funds	0	2 324	7 202	9 526
Special funds	0	2 004	0	2 004
Private Equity	0	0	36 694	36 694
Shares and units	128 289	5 711	46 900	180 899
Financial derivatives	0	325	0	325
Other financial assets	0	11 569	0	11 569
Total common portfolio	193 272	56 303	56 473	306 047
INVESTMENT OPTION PORTFOLIO
Fixed-income funds	259	8	0	268
Fixed-income securities	259	8	0	268
Loans and receivables	88	0	0	88
Equity funds	863	0	0	863
Property funds	0	0	49	49
Special funds	0	11	0	11
Shares and units	863	11	49	923
Financial derivatives	0	0	0	0
Other financial assets	0	0	0	0
Total investment option portfolio	1 210	20	49	1 279
Total financial assets valued at fair value	198 174	65 418	56 528	320 120
CORPORATE PORTFOLIO
Investment property	0	0	1 103	1 103
Total investment property	0	0	1 103	1 103
FINANCIAL LIABILITIES BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Financial derivatives	0	182	0	182
Debt to credit institutions	702	0	0	702
Total corporate portfolio	702	182	0	884
COMMON PORTFOLIO
Financial derivatives	0	13 283	0	13 283
Debt to credit institutions	159	0	0	159
Total common portfolio	159	13 283	0	13 442
INVESTMENT OPTION PORTFOLIO
Financial derivatives	0	45	0	45
Debt to credit institutions	20	0	0	20
Total investment option portfolio	20	45	0	65
Total financial liabilities at fair value	881	13 510	0	14 391

30.09.2021 NOK MILLIONS	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Certificates	0	340	0	340
Bonds	0	7 025	0	7 025
Fixed-income funds	2 986	0	0	2 986
Fixed-income securities	2 986	7 365	0	10 351
Loans and receivables	629	884	0	1 513
Shares	0	0	7	7
Shares and units	0	0	7	7
Financial derivatives	0	681	0	681
Other financial assets	0	3 020	0	3 020
Total corporate portfolio	3 615	11 950	7	15 572
COMMON PORTFOLIO
Certificates	2 825	5 280	0	8 105
Bonds	21 558	27 352	0	48 910
Fixed-income funds	44 927	8 687	5 923	59 537
Fixed-income securities	69 310	41 319	5 923	116 552
Loans and receivables	15 029	317	0	15 346
Shares	43 887	375	2 696	46 958
Equity funds	90 558	0	49	90 607
Property funds	0	1 125	3 791	4 916
Special funds	0	1 862	0	1 862
Private Equity	0	0	23 839	23 839
Shares and units	134 445	3 362	30 375	168 182
Financial derivatives	0	2 374	0	2 374
Other financial assets	0	1 197	0	1 197
Total common portfolio	218 784	48 569	36 297	303 651
INVESTMENT OPTION PORTFOLIO
Fixed-income funds	278	7	0	285
Fixed-income securities	278	7	0	285
Loans and receivables	92	0	0	92
Equity funds	714	0	0	714
Special funds	0	9	0	9
Shares and units	714	9	0	723
Financial derivatives	0	7	0	7
Other financial assets	0	0	0	0
Total investment option portfolio	1 085	22	0	1 107
Total financial assets valued at fair value	223 484	60 542	36 304	320 329
CORPORATE PORTFOLIO
Investment property	0	0	994	994
Total investment property	0	0	994	994
FINANCIAL LIABILITIES BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Financial derivatives	0	6	0	6
Debt to credit institutions	814	0	0	814
Total corporate portfolio	814	6	0	820
COMMON PORTFOLIO
Financial derivatives	0	817	0	817
Debt to credit institutions	1 433	0	0	1 433
Total common portfolio	1 433	817	0	2 249
INVESTMENT OPTION PORTFOLIO
Financial derivatives	0	2	0	2
Debt to credit institutions	15	0	0	15
Total investment option portfolio	15	2	0	17
Total financial liabilities at fair value	2 262	825	0	3 087

31.12.2021 NOK MILLIONS	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Certificates	0	475	0	475
Bonds	29	6 793	0	6 822
Fixed-income funds	2 983	0	0	2 983
Fixed-income securities	3 012	7 269	0	10 280
Loans and receivables	338	949	0	1 287
Shares	0	0	8	8
Shares and units	0	0	8	8
Financial derivatives	0	646	0	646
Other financial assets	0	0	0	0
Total corporate portfolio	3 350	8 864	8	12 221
COMMON PORTFOLIO
Certificates	1 523	2 872	0	4 394
Bonds	21 634	25 583	0	47 217
Fixed-income funds	42 676	8 842	6 227	57 745
Fixed-income securities	65 833	37 296	6 227	109 357
Loans and receivables	12 076	317	0	12 393
Shares	49 694	927	2 721	53 342
Equity funds	97 369	0	50	97 419
Property funds	0	1 133	5 938	7 071
Special funds	0	1 884	0	1 884
Private Equity	0	0	27 962	27 962
Shares and units	147 064	3 944	36 671	187 679
Financial derivatives	0	1 862	0	1 862
Other financial assets	0	695	0	695
Total common portfolio	224 972	44 114	42 899	311 984
INVESTMENT OPTION PORTFOLIO
Fixed-income funds	292	7	0	298
Fixed-income securities	292	7	0	298
Loans and receivables	74	0	0	74
Equity funds	740	0	0	740
Special funds	0	9	0	9
Shares and units	740	9	0	749
Financial derivatives	0	6	0	6
Other financial assets	0	0	0	0
Total investment option portfolio	1 105	21	0	1 126
Total financial assets valued at fair value	229 427	52 998	42 906	325 331
CORPORATE PORTFOLIO
Investment property	0	0	1 004	1 004
Total investment property	0	0	1 004	1 004
FINANCIAL LIABILITIES BOOKED AT FAIR VALUE
CORPORATE PORTFOLIO
Financial derivatives	0	0	0	0
Debt to credit institutions	734	0	0	734
Total corporate portfolio	734	0	0	734
COMMON PORTFOLIO
Financial derivatives	0	2 010	0	2 010
Debt to credit institutions	902	0	0	902
Total common portfolio	902	2 010	0	2 912
INVESTMENT OPTION PORTFOLIO
Financial derivatives	0	4	0	4
Debt to credit institutions	15	0	0	15
Total investment option portfolio	15	4	0	19
Total financial liabilities at fair value	1 651	2 014	0	3 665

Changes in Level 3 shares, unlisted CORPORATE PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	8	7	7
Sold	0	0	0
Bought	0	0	0
Unrealised changes	-2	0	1
Closing balance 30.09./31.12.	6	7	8
Realised gains/losses	0	0	0

Changes in Level 3 shares, unlisted COMMON PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	2 721	2 545	2 545
Sold	-20	0	0
Bought	33	0	15
Unrealised changes	213	151	161
Closing balance 30.09./31.12.	2 947	2 696	2 721
Realised gains/losses	-13	0	0

Changes in Level 3 equity funds, unlisted COMMON PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	50	55	55
Sold	0	0	0
Bought	0	0	0
Unrealised changes	5	-6	-5
Closing balance 30.09./31.12.	55	49	50
Realised gains/losses	0	0	0

Changes in Level 3, private equity, fixed- income funds and property funds COMMON PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	40 127	23 312	23 312
Sold	-4 258	-2 984	-4 551
Bought	10 733	7 604	13 793
Unrealised changes	6 867	5 622	7 574
Closing balance 30.09./31.12.	53 470	33 553	40 127
Realised gains/losses	1 726	1 556	2 236

Changes in Level 3, property funds INVESTMENT OPTION PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	0	0	0
Sold	-1	0	0
Bought	50	0	0
Unrealised changes	0	0	0
Closing balance 30.09./31.12.	49	0	0
Realised gains/losses	0	0	0

Changes in Level 3, investment property CORPORATE PORTFOLIO	Book value 30.09.2022	Book value 30.09.2021	Book value 31.12.2021
Opening balance 01.01.	1 004	1 017	1 017
Sold	0	0	0
Bought	0	0	0
Unrealised changes	138	30	40
Other	-40	-53	-53
Closing balance 30.09./31.12.	1 103	994	1 004
Realised gains/losses	0	0	0
Total level 3	57 630	37 298	43 911

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 easily 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.

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.

Valuations related to items in the various levels are described in note 9 for the Group. For description of the pricing of investment property please see the annual financial statements.

The fair value of assets and liabilities measured at amortized cost are stated in note 6. 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 included 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 9 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 2 882 million as of 30.09.2022 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 the 3rd quarter, NOK 238 million was moved from Level 1 to Level 2, NOK 34 million was moved from level 1 to level 3 and NOK 44 million was moved from level 2 to level 1. The amounts are related to equity instruments and the movements are due to change in liquidity. There were no other movements between the different levels in KLP.

Note 8 Presentation of assets and liabilities that are subject to net settlement

30.09.2022 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 derivates	982	0	982	-207	-867	0	163
Total	982	0	982	-207	-867	0	163
PORTFOLIO ALLOCATION OF ASSETS
Total assets – common portfolio	325	0	325	-207	-149	0	118
Total assets – corporate portfolio	657	0	657	0	-702	0	45
Total assets – investment option portfolio	0	0	0	0	-16	0	0
Total	982	0	982	-207	-867	0	163
LIABILITIES
Financial derivates	13 510	0	13 510	-207	-162	-11 148	2 153
Total	13 510	0	13 510	-207	-162	-11 148	2 153
PORTFOLIO ALLOCATION OF LIABILITIES
Total liabilities – common portfolio	13 283	0	13 283	-207	-160	-11 148	1 927
Total liabilities – corporate portfolio	182	0	182	0	0	0	182
Total liabilities – investment option portfolio	45	0	45	0	-2	0	44
Total	13 510	0	13 510	-207	-162	-11 148	2 153

30.09.2021 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 derivates	3 062	0	3 062	-801	-2 096	-201	260
Total	3 062	0	3 062	-801	-2 096	-201	260
PORTFOLIO ALLOCATION OF ASSETS
Total assets – common portfolio	2 374	0	2 374	-800	-1 401	-201	253
Total assets – corporate portfolio	681	0	681	0	-689	0	0
Total assets – investment option portfolio	7	0	7	0	-5	0	6
Total	3 062	0	3 062	-801	-2 096	-201	260
LIABILITIES
Financial derivates	825	0	825	-801	-56	-93	8
Total	825	0	825	-801	-56	-93	8
PORTFOLIO ALLOCATION OF LIABILITIES
Total liabilities – common portfolio	817	0	817	-800	-51	-93	0
Total liabilities – corporate portfolio	6	0	6	0	0	0	6
Total liabilities – investment option portfolio	2	0	2	0	-4	0	2
Total	825	0	825	-801	-56	-93	8

31.12.2021 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 derivates	2 513	0	2 513	-1 485	-1 640	-79	310
Total	2 513	0	2 513	-1 485	-1 640	-79	310
PORTFOLIO ALLOCATION OF ASSETS
Total assets – common portfolio	1 862	0	1 862	-1 484	-901	-79	279
Total assets – corporate portfolio	646	0	646	0	-734	0	27
Total assets – investment option portfolio	6	0	6	-2	-5	0	4
Total	2 513	0	2 513	-1 485	-1 640	-79	310
LIABILITIES
Financial derivates	2 014	0	2 014	-1 485	-21	-330	222
Total	2 014	0	2 014	-1 485	-21	-330	222
PORTFOLIO ALLOCATION OF LIABILITIES
Total liabilities – common portfolio	2 010	0	2 010	-1 484	-18	-330	220
Total liabilities – corporate portfolio	0	0	0	0	0	0	0
Total liabilities – investment option portfolio	4	0	4	-2	-3	0	3
Total	2 014	0	2 014	-1 485	-21	-330	222

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 9 Liabilities

NOK MILLIONS	30.09.2022	30.09.2021	31.12.2021
Short-term liability securities	12 962	6 719	367
Advance tax-deduction pension scheme	478	430	491
Accounts payable	8	41	10
Derivatives	13 510	825	2 014
Debt to credit institutions	881	2 262	1 651
Liabilities related to direct insurance	1 740	1 109	699
Other liabilities	26	18	30
Total liabilities	29 605	11 404	5 261

Note 10 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. Starting 30.09.2022 the risk equalization fund will also be considered tier 2 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 341 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 341 per cent.

	30.09.2022	30.09.2021	31.12.2021
SOLVENCY II-SCR RATIO	341 %	289 %	316 %

NOK BILLIONS	30.09.2022	30.09.2021	31.12.2021
SIMPLIFIED SOLVENCY II FINANCIAL POSITION STATEMENT
Assets, book value	720	694	706
Added values - hold-to-maturity portfolio/loans and receivables	-15	9	7
Added values - other lending	-2	0	0
Other added/lesser values	0	0	0
Deferred tax asset	0	0	0
Total assets - solvency II	703	703	713

NOK BILLIONS	30.09.2022	30.09.2021	31.12.2021
SIMPLIFIED SOLVENCY II FINANCIAL POSITION STATEMENT
Best estimate	613	629	647
Risk margin	11	14	13
Hybrid Tier 1 securities/Subordinated loan capital	5	5	5
Other liabilities	31	19	11
Deferred tax liabilities	0	1	1
Total liabilities - solvency II	660	668	676
Excess of assets over liabilities	43	35	36
- Deferred tax asset	0	0	0
- Risk equalization fund (tier 2 own funds starting 30.09.2022)	-5	0	0
+ Hybrid Tier 1 securities	2	2	2
Tier 1 basic own funds	40	37	38
Total eligible tier 1 own funds	40	37	38
Subordinated loans	3	3	3
Risk equalization fund (tier 2 own funds starting 30.09.2022)	5	0	0
Tier 2 basic own funds	8	3	3
Ancillary own funds	13	12	12
Tier 2 ancillary own funds	13	12	12
Deduction for max. eligible tier 2 own funds	-14	-8	-8
Total eligible tier 2 own funds	7	8	7
Deferred tax asset	0	0	0
Total eligible tier 3 own funds	0	0	0
Solvency II total eligible own funds	46	45	45
Market risk	7	7	7
Diversification market risk	-3	-2	-2
Counterparty risk	0	0	0
Life risk	12	14	13
Diversification life risk	-2	-3	-2
Diversification general	-3	-3	-3
Operational risk	3	3	3
Loss absorbing ability deferred tax	-2	-1	-2
Solvency capital requirement (SCR)	14	15	14
Linear minimum capital requirement (MCR_linear)	4	7	5
Minimum	3	4	4
Maximum	6	7	6
Minimum capital requirement (MCR)	4	7	5
Solvency II-SCR ratio	341 %	289 %	316 %

Note 11 Leases

NOK MILLIONS	Q3 2022	Q3 2021	01.01.2022 -30.09.2022	01.01.2021 -30.09.2021	01.01.2021 -31.12.2021
NOK MILLIONS			30.09.2022	30.09.2021	31.12.2021
RIGHT-OF-USE ASSETS			Property
Opening balance 01.01.			973	1 081	1 081
Depreciation			-81	-81	-108
Closing balance			892	1 000	973
NOK MILLIONS			30.09.2022	30.09.2021	31.12.2021
LEASE LIABILITIES			Property
Opening balance 01.01.			1 012	1 099	1 099
Repayments			-69	-65	-88
Closing balance			943	1 034	1 012
	Property
Interest expense lease liabilities	6	6	18	19	26
Interest expense lease liabilities	6	6	18	19	26

Note 12 Pension obligations

NOK MILLIONS	30.09.2022	30.09.2021	31.12.2021
Capitalized net liability 01.01.	553	594	594
Capitalized pension costs	93	83	110
Capitalized financial costs	10	10	12
Actuarial gains and losses	-47	169	-48
Premiums / contributions received	-80	-101	-116
Capitalized net liability 30.09. / 31.12.	529	755	553
ASSUMPTIONS	30.09.2022	30.09.2021	31.12.2021
Discount rate	3.20 %	1.90 %	1.90 %
Salary growth	3.75 %	2.50 %	2.75 %
The National Insurance basic amount (G)	3.50 %	2.25 %	2.50 %
Pension increases	2.75 %	1.50 %	1.75 %
Social security contribution rate	14.10 %	14.10 %	14.10 %
Capital activity tax	5.00 %	5.00 %	5.00 %

The effect of changes in pension assumptions reduces the pension liability for employees with NOK 47 million as of 30.09.2022. The change is recognized in "Total other income and expenses that will not be reclassified to profit or loss".

Contact information

KLP

Kommunal Landspensjonskasse gjensidig forsikringsselskap

Pb. 400 Sentrum, 0103 Oslo
Org.nr.: 938 708 606

Visitors address

Dronning Eufemias gate 10, Oslo

klp.no

Tlf: +47 55 54 85 00

klp.no/kontakt