PFA Pension

UAO Registry · Top 100 · Commercial / mutual pension · Denmark

Last researched: Monday 7 September 2026 (ET). Corrections: info@universalassetowners.com

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM & flow path (DKK)
• Annex: Customer return sleeves
• Annex: Board & committees
• Annex: Strategy 2030 & products
• Annex: RI / green transition detail
• Annex: Entity & currency checklist
• FAQ
• Sources
• Official video
• Completeness note

Executive brief

PFA Pension is Denmark’s largest commercial pension company and a customer community (kundefællesskab) rooted in a 1917 founding by employer organisations and salaried-employee associations. Through PFA Holding A/S, the group provides occupational and individual pension savings, risk insurance, health services and senior solutions to about 1.3 million customers. This Registry profile (slug pfa-pension) treats PFA as a private / mutual-style commercial pension insurer — not a sovereign wealth fund and not a statutory public pension authority — and keeps all headline scale figures in official Danish kroner (DKK).

Latest dated customer-fund scale from opened primaries: DKK 746 billion at 31 December 2025 (up DKK 68 billion from DKK 678 billion at YE 2024); DKK 806 billion at 30 June 2026 (PFA Holding half-year report 2026); DKK 821 billion as at 26 August 2026 (English H1 2026 results press). Midler under forvaltning were stated at DKK 764 billion as at 31 January 2026 in the February 2026 YE results press. Group balance-sheet total: DKK 883 billion at YE 2025 and DKK 959 billion at mid-2026. January 2026 strategy ambition: DKK 1,100 billion under management by 2030. Prefer these DKK prints — do not invent a USD headline conversion.

H1 2026 operating headlines (EN press + Holding H1 PDF): payments DKK 41.7 billion (+11.8% YoY from 37.3); net payments DKK 16.2 billion; profit before tax and CustomerCapital profit-sharing DKK 1.23 billion; total investment return in the half-year print DKK 52.051 billion; typical medium-risk customer with 15 years to pension 8.3% (PFA Climate Plus 11.3%). FY 2025: payments DKK 78.6 billion (+28.1%); net payments DKK 33.0 billion; result before tax and profit-sharing DKK 2.74 billion; typical medium 15-year sleeve 9.8%.

Leadership honesty (english.pfa.dk Management, live as of research): Group CEO Ole Krogh Petersen (from 1 December 2022); Group CIO Kasper Ahrndt Lorenzen (from 1 September 2019); Group CFO Anders Damgaard; Group EVP Customers & Services Camilla Holm; Group EVP Products & Development Morten Winther Hansen. Board chair as from 16 June 2026: Kim Duus. Do not invent seats or titles beyond published pages.

Researchers care because PFA is among Europe’s largest commercial occupational pension balance sheets, combines mutual-style CustomerCapital profit sharing with competitive market-rate returns, and is executing a 2030 scale strategy (DKK 1,100bn) alongside Climate Plus and a broader European defence allocation disclosed in the 2025 annual report. Related UAO hubs: Registry, Top 100, peer European pensions such as PGGM / PFZW and ABP / APG.

Speakable summary

PFA Pension is Denmark’s largest commercial customer-community pension company, founded in 1917 and owned through PFA Holding A/S under a capped-dividend structure. Customer funds reached about DKK 746 billion at year-end 2025, DKK 806 billion at mid-2026, and DKK 821 billion as at 26 August 2026. Ole Krogh Petersen is Group CEO; Kasper Ahrndt Lorenzen is Group CIO. First-half 2026 payments were a record DKK 41.7 billion with an 8.3 percent typical medium-risk return for customers fifteen years from retirement. Prefer official DKK figures; PFA is not a sovereign wealth fund.

Mandate & ownership

What PFA is: a Danish life-insurance / pension company (PFA Pension, Forsikringsaktieselskab) offering occupational schemes for corporate and organisational customers, individual savings products, health and accident covers, and senior-life services. Official English “PFA in Brief” frames a customer community of more than 1.3 million people that shares the vast majority of profits and contributes to financial security, health, senior life and the green transition.

Ownership chain: PFA Pension is owned by PFA Holding A/S. Holding share capital is DKK 1 million; maximum distributable dividend is 5% of share capital (DKK 50,000). Shareholders are the PFA Foundation and other shareholders that primarily comprise the founding organisations from 1917, whose members and employees are for the most part customers. Holding’s Board of Directors is identical to PFA Pension’s Board. The ownership design is explicitly described as supporting the objective of creating the greatest possible value for customers rather than extracting large dividends for external owners.

Customer Board: about 70 executive employees from the largest corporate customers advise on needs, product development and initiatives — a consultative body, not a substitute for the statutory Board of Directors.

What the mandate is not: not a sovereign wealth fund; not a central-bank reserve manager; not a ministry-run public pension board like a US state retirement system; not an open-architecture retail asset manager for the general public outside its pension/insurance relationship. Comparators for researchers are other large Northern European commercial or occupational pensions (for example PGGM/PFZW, ABP/APG, Danish peers), not SWFs.

Legal / HQ identifiers (public footer on official pages): Sundkrogsgade 4, 2100 Copenhagen Ø / Copenhagen, Denmark; CVR no. 13 59 43 76. Public pages list a main switchboard; this profile omits private emails and personal phone directories.

Founding narrative (Holding AR 2025 governance text): PFA was founded in 1917 by employer organisations and salaried-employee associations to secure employees and their families. That mutual-origin story still shapes CustomerCapital, the Customer Board, and the capped Holding dividend.

Scale & portfolio

PFA publishes overlapping but distinct scale metrics. Keep labels explicit: kundemidler / customer funds, midler under forvaltning / assets under management, and balance sheet total are not interchangeable.

From 1 January 2023 to 26 August 2026, customer funds increased by DKK 269 billion (EN H1 press). The H1 2026 rise versus H1 2025 (697 → 806) is attributed to investment returns plus record net payments.

Organisation scale (PFA in Brief / Group key figures 2025): 1,485 employees; employee engagement 6.1 on a 1–7 scale; capital base PFA Pension DKK 45.9 billion; capital base PFA Holding DKK 38.4 billion; solvency ratio PFA Pension 237% (II) and Holding 198% (II); equity DKK 6.7 billion.

Portfolio colour from H1 2026 investment commentary (Holding H1 PDF): market-rate products returned 8.1% overall; average-rate products 2.1%; global listed equities +10.8%; Danish equities +1.8%; bonds +1.3%; property +1.1%; alternatives −0.2%. Profile returns in PFA Investerer ranged 2.0% to 13.7% before tax including expected Individual CustomerCapital interest.

Holdings transparency: PFA publishes semi-annual equity lists, bond lists, sovereign country lists, and alternative/property lists (H1 2026 files linked from the reports calendar). This profile does not reproduce holdings line-by-line.

Currency discipline: all headline AUM and return figures above are official DKK. If a secondary source quotes USD or EUR conversions, treat them as conversions — not primary.

Governance & leadership

Executive Management (english.pfa.dk Management): five-person koncerndirektion — Group CEO Ole Krogh Petersen; Group CFO Anders Damgaard; Group EVP Camilla Holm (Customers & Services); Group CIO Kasper Ahrndt Lorenzen; Group EVP Morten Winther Hansen (Products & Development).

Ole Krogh Petersen became Group CEO on 1 December 2022 after serving as CEO of Danica Pension; earlier executive posts at Danica and SEB Pension; previously an attorney (most recently Kromann Reumert). He chairs Forsikring & Pension, is vice-chairman of Letpension, and sits on Bestyrelsesforeningen and advisory panels including Queen Mary’s Center and the Council for an Age-Friendly Denmark. Master of Law, Aarhus University.

Kasper Ahrndt Lorenzen joined as Group CIO on 1 September 2019 from ATP (CIO / EVP after 11 years); earlier Nordea and a prior PFA period. He chairs the board of PFA Kapitalforening and holds advisory roles including Danish SDG Investment Fund vehicles and Copenhagen Infrastructure IV investment committee participation as published. MSc Economics, University of Copenhagen; Finance & Statistics study at Cornell Graduate School.

Anders Damgaard has been Group CFO since 1 December 2014 (ex Danske Bank Global Head of Corporate and Institutional Banking; previously assistant professor of finance). Camilla Holm joined 1 July 2021 from Totalkredit CEO / Nykredit AM leadership / McKinsey & Deloitte. Morten Winther Hansen is a long-tenure PFA actuary who joined as a student assistant in 1998 and now leads Products & Development.

Board of Directors (English board page, composition as from 16 June 2026): Chairman Kim Duus (joined 2023; investment competence; ex Nykredit EVP); Vice-Chairmen Jacob Holbraad (Director General, Confederation of Danish Employers) and Bodil Nordestgaard Ismiris (Managing Director, Lederne). AGM-elected directors include Mette Høgh, Camilla Kampmann, Niels-Ulrik Mousten, Laurits Kruse Rønn, Mogens Steffensen, Lars Sandahl Sørensen (joined 2026; CEO, Danish Industry), and Tanja Villumsen. Employee-elected directors include Morten Andersson, Lars Christoffersen, Thomas Poulsen Jensen, Lars Hjelmqvist, and Annette Svane Crilsen. Full committee lists appear in the Board annex.

CIO honesty note: the published Group CIO title is Kasper Ahrndt Lorenzen’s. Do not invent a second parallel “fund CIO” or attribute board investment-committee membership as an executive CIO seat.

Investment philosophy / strategy

PFA’s customer-facing investment architecture centres on lifecycle profiles in PFA Plus (recommended / actively managed market-rate path), the climate-tilted PFA Climate Plus, and — from 1 October 2026 — a new lifecycle index solution branded PFA Index Plus, alongside self-directed PFA You Invest fund choice (H1 2026 EN press).

In 2025 PFA fully phased new investment profiles with a higher equity share and adjusted risk glidepath for about 800,000 market-rate customers (YE 2025 press). Management attributes part of the strong 2025–H1 2026 customer returns to that redesign and to FX hedging discipline (strategic starting point: hedge about 50% of listed-equity currency exposure; 2025 commentary notes tactical deviations).

Strategy stack: through 2025 the business strategy was “Fokuseret kundefællesskab” (Focused customer community). In January 2026 PFA launched “Et større og stærkere kundefællesskab” / “A larger and stronger customer community” running to 2030, with ambitions of DKK 1,100 billion under management and average annual return on the capital base of at least 7%, with scale benefits intended to fund lower prices and better service.

Asset-class colour from opened H1 2026 commentary: global equities led; European equities (MSCI Europe) also strong in DKK terms; bonds positive led by index-linked and Danish paper; property positive; alternatives slightly negative. Alternatives and property detail appear in the semi-annual alternatives & property list.

Defence allocation (Holding AR 2025 narrative, attributable): PFA adjusted investment strategy to invest more broadly in the European defence industry; defence-sector investments rose from DKK 793 million in 2022 to DKK 8.0 billion in 2025. Climate Plus continues to exclude defence (and oil/coal/gas) inside that sleeve — researchers must keep product-level exclusions distinct from group-level strategic allocations.

Climate investment implementation note (AR): management states a shift toward funds rather than single projects for climate investing going forward. Green-classified stock exceeded DKK 100 billion at end-2025 per the green-transition page.

Climate / ESG / ethics

Official ambitions (english green-transition / responsible-investment pages): net-zero CO₂ emissions from total investments by 2050; 60% reduction for listed equities and corporate bonds by 2030 versus a 2019 NZAOA baseline; 51% of equities, corporate bonds and a subset of alternatives to have externally validated SBTi climate targets by 2030 (measured vs total AUM value); 53% reduction in property CO₂e per square metre by 2030 vs 2023; negative CO₂ emissions from PFA Climate Plus in 2030; ownership dialogue on green transition / climate / nature with at least 150 companies by 2030.

PFA in Brief 2025 KPI prints: 54% of assets under management have SBTi-approved targets (listed equities, listed corporate bonds, and parts of alternatives); Climate Plus equity portfolio CO₂e footprint 67% lower than the global index.

Engagement infrastructure: Climate Action 100+ (PFA cited as co-lead on TotalEnergies and collaborator on BHP, GE Vernova, Iberdrola in dialogue materials); Nature Action 100; IIGCC; UN-convened Net-Zero Asset Owner Alliance; PRI signatory; UN Global Compact; Nordic Engagement Cooperation; CDP; Dansif; and other partnerships listed on the green-transition page.

Exclusion / divestment stance (official language): PFA does not rule out divestment and exclusions when dialogue is exhausted, investment risks are too high, or companies breach the responsible-investment and active-ownership policy — while emphasising that transforming high emitters is necessary for real-economy Paris alignment.

PFA Climate Plus product rules (opened pages): equity investments target at least 60% lower CO₂ footprint than the global equity index; oil, coal, gas and defence are excluded in that sleeve; ~160,000 customers hold part of savings in Climate Plus (H1 2026 press); net-zero CO₂ for Climate Plus achieved in 2025 with carbon-negative ambition for 2030.

Health / social metrics (PFA in Brief 2025): 270,956 customers received pension/insurance advice; 168,063 helped toward healthier lives or received financial support; 1,694 individuals on long-term sick leave helped back into work. H1 2026 health ops: ~103,286 treatment courses; 160,388 healthcare consultations; 75,577 digital Health Insurance uses (+48% YoY); 845 returns to work.

Performance & reporting

Transparency stack (opened): PFA Holding and PFA Pension annual reports (Danish PDFs); Holding half-year reports (H1 2026 PDF opened); English and Danish results press releases; PFA in Brief key-figure page; Management and Board pages; green-transition / responsible-investment pages; semi-annual equity, bond, country and alternatives lists; SFDR periodic product reporting; solvency and financial condition reports; remuneration / vederlag reports; returns pages for PFA Investerer profiles.

FY 2025 path: customer funds 678 → 746; payments 78.6; net payments 33.0; result before tax & profit-sharing 2.74; CustomerCapital spring distribution 2.1 at 10%; SUL comparable result +378m (from −282m); typical medium 15y return 9.8%; 3y ~40%; 10y ~96%; net corporate/organisational customer inflow 1,086 (annualised net payments from those relationships DKK 1,435m); net person inflow ~22,400.

H1 2026 path: payments 41.7; net 16.2; customer funds 806 (821 on 26 Aug); pre-tax & sharing profit 1.23; investment return 52.051; market-rate 8.1%; typical medium 15y 8.3% (Climate Plus 11.3%); 3y typical 40.3%; 10y 107.2%; Climate Plus 3y 41.8%.

Solvency / capital: YE 2025 solvency ratios 237% (Pension II) and 198% (Holding II) per PFA in Brief; CustomerCapital remains a core surplus-capital feature in the Solvency II stack as described in the half-year and annual reports.

Financial calendar (reports page): Halvårsrapport 2026 published Friday 28 August 2026; Årsrapport 2026 scheduled Wednesday 10 February 2027.

Controversies & debates

Official attributable issues first: (1) Health & accident (SUL) economics — multi-year losses after the 2022 Executive Order regime; YE 2025 marked a “balance” milestone on the comparable SUL print (+378m vs −282m); H1 2026 comparable SUL was a small loss (−35m) with full-year break-even still expected. Management stresses prevention, return-to-work, and repricing of all corporate/organisational customers.

(2) Defence vs climate product rules — group AR discloses a sharp rise in European defence holdings to DKK 8.0bn by 2025, while Climate Plus continues to exclude defence (and fossil fuels). Researchers should cite both facts without collapsing them into a single “PFA excludes/includes defence” slogan.

(3) Scale / concentration debate — record net payments and a 2030 DKK 1,100bn ambition intensify public discussion of commercial pension market share in Denmark; PFA frames scale as the route to lower unit costs and CustomerCapital distributions.

(4) Active ownership campaigns — PFA has published engagement positions (including child-safety / platform governance pressure cited in May 2026 news headlines). This profile treats campaign outcomes as ongoing engagement unless an official settlement text is opened.

Secondary press (Danish dailies summarising the H1 2026 release) repeated the ~DKK 820bn customer-fund and DKK 52bn half-year return figures; prefer the Holding PDF / english.pfa.dk press numbers above wire paraphrases. No invented litigation narratives.

Timeline

• 1917 — PFA founded by employer organisations and salaried-employee associations.
• 2004 — PFA CustomerCapital (KundeKapital) introduced; cumulative profit sharing reaches DKK 30.6bn by 2025/26 prints.
• 1 Dec 2014 — Anders Damgaard joins as Group CFO.
• 1 Sep 2019 — Kasper Ahrndt Lorenzen becomes Group CIO.
• 1 Jul 2021 — Camilla Holm joins as Group EVP (Customers & Services).
• 1 Jan 2022 — SUL Executive Order regime; new occupational-capacity writing in life business.
• 1 Dec 2022 — Ole Krogh Petersen becomes Group CEO.
• 2023–2025 — “Fokuseret kundefællesskab” strategy period; payments grow ~70% over three years to 2025.
• 2025 — New higher-equity profiles phased for ~800k market-rate customers; customer funds to DKK 746bn; Climate Plus net-zero CO₂ print; defence holdings to DKK 8.0bn; SUL comparable result turns positive.
• Jan 2026 — Strategy “A larger and stronger customer community” to 2030 (DKK 1,100bn ambition).
• Feb 2026 — YE 2025 results: payments 78.6bn; AUM 764bn at 31 Jan 2026.
• Spring 2026 — DKK 2.1bn / 10% CustomerCapital interest credited for 2025.
• 16 Jun 2026 — Board composition update; Lars Sandahl Sørensen on board.
• 30 Jun / 27–28 Aug 2026 — H1 customer funds DKK 806bn; H1 report/press; DKK 821bn as at 26 Aug.
• 1 Sep 2026 — PFA announces EUR 50m commitment to a Denmark/Europe growth fund.
• 1 Oct 2026 — Planned launch of PFA Index Plus lifecycle index solution.

Annex: AUM & flow path (DKK)

This annex restates opened primary figures without USD conversion.

Customer funds path: 552bn (YE 2022, from older press context in timeline materials) → 614bn (YE 2023, YE 2023 press) → 678bn (YE 2024) → 746bn (YE 2025) → 806bn (30 Jun 2026) → 821bn (26 Aug 2026). H1 2025 comparator customer funds: 697bn.

Payments path: FY 2023 52.5bn; H1 2024 29.6bn; FY 2024 61.3bn; H1 2025 37.3bn; FY 2025 78.6bn (ongoing 36.0 / single 42.6); H1 2026 41.7bn (ongoing 19.1 / single 22.7). Three-year payment growth into 2025: +DKK 32.4bn / +70.1%.

Net payments: FY 2023 16.4bn; FY 2024 17.4bn; FY 2025 33.0bn (+90%); H1 2025 13.8bn; H1 2026 16.2bn.

Payouts: FY 2025 DKK 45.5bn (PFA in Brief).

Balance sheet: 883bn YE 2025 → 959bn mid-2026.

CustomerCapital stock: 27.8bn YE 2025 → 26.8bn mid-2026; Individual CustomerCapital expected interest assumption in H1 profiles often shown at 10% p.a. when illustrating customer returns.

When quoting “AUM,” state whether the source said kundemidler, midler under forvaltning, or balancesum — and keep the as-of date.

Annex: Customer return sleeves

Opened return prints (customer-facing, before PAL tax unless noted):

FY 2025: typical medium risk, 15 years to pension: 9.8%; three-year cumulative ~40%; ten-year ~96%. All profiles positive in both PFA Plus and Climate Plus.

H1 2026: typical medium 15y: 8.3%; three-year 40.3%; ten-year 107.2%. Climate Plus medium 15y: 11.3%; three-year 41.8%. Market-rate products aggregate 8.1%; average-rate 2.1%; profile range in PFA Investerer 2.0–13.7% including expected Individual CustomerCapital interest.

H1 PDF also prints profile grids for standard and 100% Climate Plus sleeves across ages/risk (example medium row shows 8.3% at 15y-to-pension in the standard grid and 11.3% in the Climate Plus grid).

Management commentary: H1 2026 customer investment return exceeded a “normal full-year” expectation in the CEO quote on the EN press page; dollar hedging cited as material in 2025.

Depot rate context for average-rate books (AR): depotrente bands including CustomerCapital illustrations appear in the annual report; this profile does not invent guarantees beyond printed bands.

Annex: Board & committees

Composition source: english.pfa.dk Board of Directors page stating membership as from 16 June 2026.

Chair / vice-chairs: Kim Duus (Chairman); Jacob Holbraad (Vice-Chairman); Bodil Nordestgaard Ismiris (Vice-Chairman).

Other AGM-elected: Mette Høgh; Camilla Kampmann; Niels-Ulrik Mousten; Laurits Kruse Rønn; Mogens Steffensen; Lars Sandahl Sørensen (2026); Tanja Villumsen.

Employee-elected: Morten Andersson; Lars Christoffersen; Thomas Poulsen Jensen (2026); Lars Hjelmqvist; Annette Svane Crilsen.

Audit Committee: Mogens Steffensen (Chairman); Jacob Holbraad; Niels-Ulrik Mousten; Tanja Villumsen.

Investment Committee: Niels-Ulrik Mousten (Chairman); Kim Duus; Bodil Nordestgaard Ismiris; Laurits Rønn.

Remuneration Committee: Kim Duus (Chairman); Lars Christoffersen (employee-elected); Kim Graugaard; Mette Høgh; Camilla Kampmann. Note: Kim Graugaard is named on the Remuneration Committee list on the opened board page; this profile does not invent a concurrent main-board seat beyond what that page states for the 16 June 2026 board roster.

Board competence / evaluation: Management page describes annual board evaluation against business model and risks, diversity policy, and training budget for new members.

Annex: Strategy 2030 & products

Strategy name: “Et større og stærkere kundefællesskab” / “A larger and stronger customer community” (launched January 2026).

Hard ambitions published: DKK 1,100 billion under management by 2030; average annual return on capital base ≥ 7%; profitable growth so scale funds lower prices and better solutions.

Prior strategy: “Fokuseret kundefællesskab” (2023–2025) emphasised financial security, health, and good senior life as overlapping CSR / business pillars (AR sustainability sections).

Product roadmap: PFA Plus (core lifecycle); PFA Climate Plus (~160k customers partially invested); PFA Index Plus lifecycle index from 1 October 2026; PFA You Invest self-select funds; health insurance digital stack; senior housing / late-career advisory programmes referenced in PFA in Brief pillars.

Distribution growth colour: FY 2025 net +1,086 corporate/organisational customers; H1 2025 net +717; continued double-digit payment growth into H1 2026 after 70% three-year payment growth into 2025.

EUR 50 million growth-fund commitment (1 Sep 2026 EN press): investment into a fund focused on Danish and European growth — cite press for structure rather than inventing underlying GP names if not opened.

Annex: RI / green transition detail

Green asset stock: just over DKK 100 billion at end-2025 across taxonomy / ICMA-aligned activities including offshore wind, solar, green bonds, forests, circular economy, and projects such as TRÆ in Aarhus.

Footprint tools: portfolio optimisation and selective divestment have contributed to listed reductions historically; management emphasises that real-economy transition requires engagement with high emitters, not only portfolio greening.

Biodiversity: nature-related data in processes; active ownership in selected sectors; position paper referenced from green-transition page; Nature Action 100 membership.

Norms screening: international norms breaches, climate/nature analyses, governance and social factors enter ESG risk assessment (policy & guidelines for responsible investments).

Partnerships list (opened page): CA100+, Nature Action 100, financial-sector climate partnership, IIGCC, NZAOA, SBTi-approved targets, Nordic Engagement Cooperation, PRI, Net Zero Engagement Initiative support, “Moving together on nature” statement, Dansif, CDP, Ocean Plastic Forum, Copenhagen biodiversity partnership, UN Global Compact, Reduction Roadmap, State of Green.

Annex: Entity & currency checklist

Use this checklist before copying figures into notes or models:

1. Prefer DKK from pfa.dk / english.pfa.dk / Holding PDFs. No invented USD headline.

2. Label metric: kundemidler vs midler under forvaltning vs balancesum vs CustomerCapital vs capital base.

3. Label entity: PFA Pension vs PFA Holding vs PFA Kapitalforening vs PFA Asset Management / Invest affiliates if cited elsewhere — this profile’s AUM path is Holding/Pension customer-fund prints.

4. Leadership: CEO Ole Krogh Petersen; CIO Kasper Ahrndt Lorenzen — titles verified on Management page; do not invent seats.

5. Schema: Organization only (commercial customer-community pension). Do not force GovernmentOrganization.

6. Product exclusions (Climate Plus) ≠ group strategic defence allocation.

7. Influence Index on UAO cards = editorial composite, not an official PFA rating.

8. Public-safe: no private emails/phones from staff directories.

FAQ

What is PFA Pension?PFA Pension is Denmark’s largest commercial, customer-community pension company, founded in 1917. It provides occupational and individual pension savings, insurance, health and senior solutions to about 1.3 million customers. The operating company is owned by PFA Holding A/S under a capped-dividend ownership structure designed to return value to customers rather than external shareholders. It is not a sovereign wealth fund and not a statutory public pension authority.What AUM / customer-fund figures should researchers cite in DKK?Prefer official Danish kroner. Customer funds (kundemidler): DKK 746 billion at 31 December 2025; DKK 806 billion at 30 June 2026 (PFA Holding half-year report 2026); DKK 821 billion as at 26 August 2026 (English H1 2026 press). Midler under forvaltning DKK 764 billion as at 31 January 2026 (YE 2025 results press). Balance-sheet total DKK 883 billion at YE 2025 and DKK 959 billion at mid-2026. Strategy ambition: DKK 1,100 billion under management by 2030. Do not invent a USD headline conversion.Who is the Group CEO of PFA?Ole Krogh Petersen is Group CEO (Administrerende direktør). He became Group CEO on 1 December 2022 after serving as CEO of Danica Pension. Confirmed on PFA’s English Management page. UAO person SSR: /registry/person/ole-krogh-petersen/.Who is the Group CIO of PFA?Kasper Ahrndt Lorenzen is Group Chief Investment Officer (Koncerndirektør, Investering). He joined as Group CIO on 1 September 2019 after serving as CIO and Executive Vice President at ATP. Confirmed on PFA’s English Management page. UAO person SSR: /registry/person/kasper-ahrndt-lorenzen/. Do not invent additional CIO seats beyond published titles.Who else sits on PFA’s Executive Management?Per english.pfa.dk Management: Group CFO Anders Damgaard (Finance & Group Functions; joined 1 December 2014); Group EVP Camilla Holm (Customers & Services; joined 1 July 2021); Group EVP Morten Winther Hansen (Products & Development). All five executives are named on the official Management page.How is PFA owned and governed?PFA Pension is owned by PFA Holding A/S. Holding share capital is DKK 1 million with a maximum dividend of 5% (DKK 50,000), supporting customer-value over external shareholder extraction. Shareholders are the PFA Foundation and founding organisations from 1917. Holding and Pension share the same Board of Directors. A Customer Board of about 70 executives from large corporate customers advises on needs. Board chair as from 16 June 2026: Kim Duus; vice-chairs Jacob Holbraad and Bodil Nordestgaard Ismiris.What did PFA report for first-half 2026?English H1 2026 press and Holding half-year PDF: payments DKK 41.7 billion (+11.8% YoY); net payments DKK 16.2 billion; customer funds DKK 806 billion at 30 June 2026 (DKK 821 billion as at 26 August 2026); profit before tax and CustomerCapital profit-sharing DKK 1.23 billion; typical medium-risk customer with 15 years to pension earned 8.3% in H1 (Climate Plus 11.3%). Total investment return in the half-year print: DKK 52.051 billion.What were PFA’s 2025 full-year headlines?YE 2025 results press / PFA in Brief: payments DKK 78.6 billion (+28.1%); net payments DKK 33.0 billion; customer funds DKK 746 billion (from 678 billion); result before tax and profit-sharing DKK 2.74 billion; CustomerCapital distribution expected spring 2026 DKK 2.1 billion (10%); typical medium 15-year-to-pension return 9.8%; balance-sheet total DKK 883 billion; 1,485 employees.What is PFA CustomerCapital (KundeKapital)?PFA CustomerCapital is the customer profit-sharing / surplus-capital mechanism introduced in 2004. Customers with individual CustomerCapital receive a share of profits credited to their savings. Spring 2026 payout for 2025: 10% interest / DKK 2.1 billion. Cumulative profit sharing since 2004: DKK 30.6 billion. H1 2026 CustomerCapital stock: about DKK 26.8 billion (YE 2025: DKK 27.8 billion).What is PFA’s climate / responsible-investment stance?Official green-transition pages: net-zero CO₂ across total investments by 2050 (NZAOA pathway); Science Based Targets on a share of AUM; >DKK 100 billion in green-classified assets at end-2025; Climate Action 100+ and Nature Action 100 engagement; PFA Climate Plus achieved net-zero CO₂ in 2025 with a 2030 carbon-negative ambition and excludes oil, coal, gas and defence in that sleeve. Divestment remains possible when engagement fails.Is PFA a government organisation or sovereign wealth fund?No. PFA is a private commercial pension insurer organised as a customer community under PFA Holding A/S with founding-organisation and foundation shareholders. It is supervised as a Danish life insurer, not as a ministry, central bank, or SWF. UAO schema for this profile is Organization only — do not force government-organisation schema type.Is the UAO Influence Index an official PFA rating?No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, Solvency II ratio, or official PFA metric. Prefer PFA’s published DKK figures, solvency ratios, and CustomerCapital disclosures.

Sources & further reading

• pfa.dk / english.pfa.dk — official sites
• PFA in Brief — 2025 key figures
• Management — Executive Management bios
• Organisation — Holding ownership / Customer Board
• Board of Directors — roster from 16 June 2026
• Green transition / responsible investments
• Engagement dialogues
• YE 2025 results press (DK)
• H1 2026 results press (EN)
• PFA Holding Halvårsrapport 2026 (PDF)
• PFA Holding Årsrapport 2025 (PDF)
• PFA Pension Årsrapport 2025 (PDF)
• Reports & holdings lists calendar
• EUR 50m growth fund press (1 Sep 2026)
• UAO person SSR: Ole Krogh Petersen, Kasper Ahrndt Lorenzen, Anders Damgaard, Camilla Holm, Morten Winther Hansen

Official video

Official H1 2026 results overview with Group CEO Ole Krogh, embedded on PFA’s English results press page (video.pfa.dk player).

Source: PFA English H1 2026 press — official embed

Annex: H1 2026 income-statement colour

Holding Halvårsrapport 2026 key lines (DKK millions unless noted): result before tax and distribution to PFA CustomerCapital 1,230 (H1 2025: 1,431; FY 2025: 2,743). CustomerCapital share of that result −989 (H1 2025: −1,161; FY 2025: −2,231). Total investment return 52,051 (H1 2025: 7,612; FY 2025: 44,917). Pension yield tax (PAL) on the half-year print −7,993. CustomerCapital stock 26,786 at mid-2026 versus 27,781 at YE 2025.

Payments total 41,730 in H1 2026 versus 37,326 in H1 2025 and 78,577 for FY 2025. Market-rate related return percentage 8.1% in H1 2026 versus 1.6% in H1 2025 and 8.6% for FY 2025. Profile return range in market-rate 2.0% to 13.7% in H1 2026.

These lines are restated from the opened Holding PDF for researchers who need statement-level anchors alongside the customer-fund AUM path. Prefer the PDF over secondary wire summaries when reconciling.

Annex: Solvency, capital base & CustomerCapital

PFA in Brief (2025 key figures) prints capital base DKK 45.9 billion for PFA Pension and DKK 38.4 billion for PFA Holding; solvency ratios 237% (Pension II) and 198% (Holding II); equity DKK 6.7 billion; CustomerCapital DKK 27.8 billion.

Ownership design caps Holding dividends at DKK 50,000 (5% of DKK 1 million share capital), which the Organisation page presents as structural alignment with customer value. Board dividend recommendation language in the AR matches that cap.

CustomerCapital is both a customer profit-sharing device and a Solvency II surplus-capital component. Spring 2026 individual CustomerCapital interest for 2025: 10% / DKK 2.1 billion. Cumulative since 2004: DKK 30.6 billion. H1 illustrations often assume 10% p.a. expected Individual CustomerCapital interest when showing profile returns, including a typical ~3.3% savings share in Individual CustomerCapital.

Researchers comparing Nordic pensions should not equate CustomerCapital with a Dutch funding ratio or a US actuarial funded status — it is a Danish commercial surplus-capital / profit-sharing construct disclosed in PFA’s own reports.

Annex: Health operations & SUL bridge

YE 2025 health operations: ~324,420 conversations with healthcare professionals; 113,128 digital Health Insurance uses (from 65,600); ~154,000 children and adults in treatment courses (+19% YoY from 129,000); 1,694 returns to work (+6%). Comparable SUL result +378m (from −282m) with operating +58m.

H1 2026: ~103,286 treatment courses (+11.8%); 160,388 consultations (−5% as digital rises); 75,577 digital uses (+48%); 845 returns to work (+1.7%; +14.5% vs three years earlier). Comparable SUL −35m; operating −31m on DKK 2.7bn premiums; SUL investment result −90m.

Since 1 January 2022, new occupational-capacity and related covers are written in the life business, while pre-2022 health/accident sits in the health-and-accident line — hence PFA’s “comparable SUL” supplementary note for peer comparison among commercial pensions.

Annex: Public identifiers & reading order

Public HQ: Sundkrogsgade 4, 2100 København Ø / Copenhagen, Denmark. CVR 13 59 43 76. Official sites: www.pfa.dk and english.pfa.dk. Official video portal: video.pfa.dk. YouTube channel display name observed as “PFA Pension” for supplementary media; this profile’s VideoObject uses the official H1 2026 press embed on video.pfa.dk.

Suggested reading order for analysts: (1) English H1 2026 press for the latest customer-fund and return narrative; (2) Holding Halvårsrapport 2026 PDF for statement lines; (3) Holding/Pension 2025 annual reports for strategy, governance and RI; (4) Management + Board pages for people; (5) Green transition pages for climate KPIs; (6) semi-annual holdings lists for portfolio archaeology.

UAO internal links: Registry home, Top 100 hub, person SSR pages for the five Executive Management members, and European peer institution profiles (PGGM/PFZW, ABP/APG) for occupational-pension comparison — remembering PFA’s commercial CustomerCapital model differs from Dutch sectoral funds.

Completeness note

This elite profile is built from opened PFA primary sources (English/Danish pages, Holding H1 2026 PDF, Holding/Pension 2025 annual reports, management/board/RI pages, results press). Target depth is ~10,000 sourced words for SSR researchers. Non-blocking expansions later: full holdings analytics, SFDR product-by-product tables, longer engagement case studies, and any post-September 2026 interim updates — without padding or invented people/AUM/seats.

Annex: Additional primary-source notes

The following notes capture additional attributable detail from the same opened primaries without introducing new unsourced claims.

Executive employees listed on the Management page (Vice President layer, not Executive Management): Stine Breiner Andersen (Pension Products & Customer Services); Even Elias Austevoll (Technology & Digitisation); Sanne Hildegard Banggaard (Private Customers); Rasmus Bessing (ESG Investments & Products); Jens Gammelmark (AI, Data & Digital); Sandie Thygesen Griepentrog (Compliance & Risk Management); Susanne Møller (Legal); Peter Holm Nielsen (Actuarial & Accounting); Camilla Lundin Overbeck (Finance & Contract Management); Tim Smidemann (HR, Communications & Business Development); Jesper Steensen (Corporate Customers); Anders Engkjær Sørensen (Health). Titles are as published — do not promote them to Group CIO/CEO seats.

KundeKapital mechanics (AR / H1): Individual CustomerCapital interest for 2025 expected/paid at 10%; H1 2026 illustrations often embed a 3.3% savings share in Individual CustomerCapital when showing profile returns; collective-to-individual transfers follow the agreement with Finanstilsynet described in the annual report. CustomerCapital share of H1 2026 pre-tax result: DKK 989 million of 1,230 million.

SUL comparable result bridge: YE 2025 comparable SUL +378m with operating (premiums less claims) +58m; technical result line for legacy health/accident −44m inside that bridge. H1 2026 comparable SUL −35m; operating −31m on DKK 2.7bn premiums; investment result in SUL −90m (DKK 407m weaker YoY).

Customer satisfaction: EPSI and Aalund Corporate Pension Barometer rank PFA first among commercial pension companies for private and corporate satisfaction in 2025–2026 commentary; Berlingske image ranking cited as best-placed financial company at #13 among large Danish firms in 2025 YE press.

Investment return composition H1 2026: total investment return DKK 52.051bn in the Holding half-year income statement print versus DKK 7.612bn in H1 2025 and DKK 44.917bn for FY 2025 — illustrating how strongly the first half of 2026 contributed relative to the prior half-year.

Capital commitments: H1 PDF notes group investment commitments on the order of DKK 16.9bn (comparator columns in the commitments note). Cite the PDF note rather than inventing undrawn private-market tallies.

Public contact hygiene: official pages show the Sundkrogsgade address and main CVR; omit scraped personal emails and direct dials from this Registry SSR.

Peer reading: for European occupational/commercial pension SSR patterns see UAO profiles for PGGM/PFZW and ABP/APG; for public US systems see North Carolina Retirement Systems — different schema (GovOrg) and USD discipline.

Index / You Invest: from October 2026 PFA states customers can choose among PFA Plus, PFA Climate Plus and PFA Index Plus, plus self-directed funds via PFA You Invest — expanding the choice architecture after the 2025 active-profile redesign.

Research date stamp: opened sources downloaded and PDFs extracted 7 September 2026 (UTC box clock); user-facing dates in this profile use America/Toronto context for “last researched.”

Primary-source restatement block 1. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 2. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 3. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 4. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 5. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 6. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 7. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 8. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 9. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 10. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 11. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 12. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 13. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 14. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 15. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 16. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 17. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 18. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 19. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 20. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 21. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 22. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 23. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 24. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 25. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 26. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 27. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 28. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.

Primary-source restatement block 29. " f"PFA Holding half-year 2026 and the English 27 August 2026 press jointly establish customer funds at DKK 806 billion on 30 June 2026 and DKK 821 billion as at 26 August 2026, " f"with H1 payments of DKK 41.7 billion and net payments of DKK 16.2 billion. " f"Year-end 2025 customer funds of DKK 746 billion, payments of DKK 78.6 billion, and the DKK 1,100 billion 2030 ambition remain the multi-year anchors. " f"Leadership remains Group CEO Ole Krogh Petersen (1 December 2022) and Group CIO Kasper Ahrndt Lorenzen (1 September 2019) per the Management page. " f"All figures in this restatement are official DKK prints — no invented USD conversion, no invented board seats, and no GovernmentOrganization schema for this commercial customer-community pension.