2023 was marked for Alecta's share of the investments in three American banks and in Heimstaden Bostad, which also prompted the Financial Supervisory Authority to initiate two separate investigations, as well as the Prosecutor's Office to initiate a preliminary investigation into suspected corruption crimes.


Heimstaden Bostad, Alecta's largest single holding in which approximately SEK 50 billion (EUR 4.56 billion) has been invested, was negatively affected by the rise in interest rates. This led to a significant decline in value for Alecta's shareholding in the company.


The return in 2023 has been negatively affected by the losses in the American banks and a decline in the value of Alecta's shareholding in Heimstaden Bostad.


During the fourth quarter, the decline in value was SEK 8.7 billion (EUR 793 million) in Heimstaden Bostad, which corresponds to 18.8 percent of the holding's value. Of this, SEK 2.1 billion (EUR 191 million) was attributable to a reduced net asset value in Heimstaden Bostad of 4.5 percent and SEK 6.6 billion (EUR 601 million) to a discount of 15 percent on Alecta's shares based on an independent market valuation at the turn of the year.


Overall, the decline in value in Heimstaden Bostad is SEK 12.7 billion (EUR 1.16 billion), 25 percent of the holding's value, during 2023.