annual report 2020 - Flipbook - Side 3
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
Solid results in an exceptional year
Most people will forever remember 2020 as an
extreme and unusual year full of changes and
dramatic events that no one could have ever
imagined. Throughout the world, the COVID-19
pandemic was a challenge for companies and
investors alike. The pandemic also dominated at
Industriens Pension in many ways.
Like almost all other investors, Industriens
Pension was marked by major declines in the
values of shares and other assets in February
and March 2020. However, since April,
developments have been more favourable than
most had dared to hope during the dramatic
days of March, and overall, 2020 provided
satisfactory returns for all age groups.
At Industriens Pension, we have a welldiversified and robust portfolio and it has always
provided good long-term results for members
through highly changeable market situations. It
is important to add that the COVID-19 pandemic
has not changed our expectations for continued
solid returns in the long term.
Swift transition
The COVID-19 pandemic also had a strong
impact on the other parts of the organisation in
2020. When the pandemic escalated in March,
the organisation adapted quickly, and in the
spring and at the end of the year, most
employees were working from home. With many
employees working from home, changes were
necessary in many areas, but the transitions
have been feasible, without any significant loss
of productivity. Consequently, throughout the
year, we have been able to maintain normal
operations and service our members and
companies as usual.
Furthermore, in 2020, we focussed on
improving our advisory services by developing a
chatbot - continuing our development of digital
solutions and providing even more targeted
information about the pension scheme.
SOLID RESULTS IN AN EXCEPTIONAL YEAR
Moreover, we changed our largest external
investment mandate to a mandate focussing on
particularly sustainable corporate bonds. The
investment mandate of DKK 8.9 bn. is with
PIMCO, a capital manager focusing particularly
on corporate bonds from companies that have a
relatively low environmental impact, that take
significant social responsibility, and that have a
sound governance culture. There are plans to
increase investments in the green transition
significantly in the coming years.
High degree of satisfaction
Finally, we are pleased that, again in 2020,
Industriens Pension topped the sector in leading
satisfaction surveys. In November, based on
responses from more than 5,000 Danes,
FinansWatch, a financial news media, and Wilke,
a market research firm, lauded Industriens
Pension as the company with the best reputation
in the pension sector in 2020. The survey
included a total of 69 major financial
undertakings, including the 15 largest pension
companies. We will do our utmost to live up to
the confidence we have been shown.
Investing in the green transition
2020 also saw significant investments in the
green transition. For a number of years,
Industriens Pension has focussed on investing in
renewable energy and green technology, and in
2020, we made an unprecedented investment
in solar farms in partnership with the company
Better Energy. Industriens Pension and Better
Energy have 50/50 ownership of the fully
constructed solar farms, and the investment
includes new solar farms in Denmark and
Poland, with total construction costs of up to
DKK 4 bn., making this the largest Danish solar
cell investment ever.
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