SWEDEN – AMF Pension made a total return of 10.8% in 2003, marking a shift from a negative 10.2% return a year before.

The figures take its capital under management to 197 billion crowns (21.3 billion euros) from 177 billion crowns a year ago.

Spokesman Conny Johanson, citing regulator Finansinspektionen, said the average return among large companies was on average 8.9%, although not all have released results yet.

AMF is 50-50 owned by the Confederation of Swedish Enterprise and the Swedish Trade Union Confederation and has around 2.8 million customers.

Premium income rose to 9.1 billion crowns from 7.4 billion crowns. The collective consolidation ratio rose to 105% from 97%. The solvency ratio, Johanson said, was now at 215%.

Late last year the company named AP4’s head of performance and risk control Sarah McPhee as chief investment officer. She would take over from AMF’ CIO Tor Marthin on his retirement.

Stockholm-based AMF has 160 employees and says it is the sixth largest owner on the Stockholm stock exchange.