The National Bank of Denmark reported that Danish insurance and pension companies have purchased DKK 109 billion of listed equities to date in 2025, making it the largest annual equity buying since 2015 and well above the prior peak of DKK 64 billion in 2018. The buying has been financed in part through bond sales and positive net contributions from pension customers. Equity purchases have focused mainly on US stocks, particularly from April onwards: after selling DKK 5 billion of US equities in the first quarter, the sector bought DKK 50 billion of US equities between January and July 2025. Named holdings among the largest US purchases include Amazon, Synopsys, Chevron, Coca-Cola and GE Vernova. European equity buying also rose, reaching a 10-year record, with cited purchases including Novo Nordisk, Novonesis, Siemens and BNP Paribas.
National Bank of Denmark 2025-09-01
National Bank of Denmark reports Danish insurers and pension firms bought DKK 109 billion in listed equities in 2025 to date
The National Bank of Denmark reported that Danish insurance and pension companies have purchased DKK 109 billion in listed equities in 2025, marking the largest annual equity buying since 2015. This activity, financed partly by bond sales and pension contributions, focused on US stocks, with significant purchases of Amazon, Synopsys, and Chevron. European equity buying also hit a 10-year high, including investments in Novo Nordisk and Siemens.