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's activity report 2022

The year 2022 was diverse for Swedbank Investment Funds AS („SIF“ or „the company“), encompassing influences from both the external environment and within the company. The main keywords characterizing the year are changes in the product portfolio, market volatility, the invasion of Russian troops into Ukraine, and the Estonian pension reform.

The largest funds managed by SIF are the so-called second pillar funds of the Estonian pension system. Therefore, the company's activities are influenced by the return, fees, size of contributions, cyclical movement of clients between different funds, and the changes in the law affecting the mandatory funded pension adopted in 2020, or the so-called pension reform.

In the Estonian second pillar pension market, a large number of clients have historically accumulated their pension in funds with low equity risk. This has been a system from the beginning where equity risk was kept rather low and clients who did not make a conscious choice about the fund were drawn into conservative funds. Successive changes in the pension system have added flexibility and the sentiment in the market has also changed - historically, stock markets have shown the best return result over a long accumulation period and clients have also been made aware of risk-taking through the length of the accumulation period. In the 20-year history of the pension system, we have also seen that a large part of clients are not interested in often considering and delving into decisions affecting their pension. Wishing to offer the best solutions to our clients and making the decision-making process as simple and understandable as possible, SIF launched the first second pillar lifecycle funds in Estonia in May 2022. The idea of lifecycle funds is to offer the client accumulation throughout his life cycle, adjusting the equity risk in the portfolio accordingly.

The lifecycle funds were well received by clients.

The effects of the pension reform also continued as expected in 2022. In 2022, about 48.8 thousand people withdrew money from the second pillar. Swedbank's pension funds are liquid and the investments of those continuing in the second pillar are not endangered due to the pension reform. The impact of the reform and people's interest in withdrawing money from the second pillar has decreased over time, but we predict some impact to continue into the current year. People's awareness of their responsibility for accumulating for retirement improves every year and interest in additional accumulation opportunities is growing. More than 7,700 unit holders were added to Swedbank's third pillar pension funds during the year, which means that the number of unit holders has already grown to more than 63 thousand. In terms of developing the pension system, we cooperated under the umbrella of Finance Estonia and made several proposals to the Ministry of Finance and the Ministry of Social Affairs. The most successful theme line in improving the pension system was the opportunity to increase the personal contribution of the second pillar up to 6%, which will be available to clients from 2025. In addition, SIF made several proposals on the topic of employer pension. The employer pension was also highlighted as one of the key solutions in the pension system analysis prepared and published by the Ministry of Finance and the Ministry of Social Affairs.

In addition to pension funds, SIF's product portfolio also includes two regional equity funds, but the company wishes