· Fund capital stood at SEK 214,106 million at 31 December, a decrease of SEK 6,723 million from the prior year. The change in fund capital includes payments of SEK 1,240 million to the pension system.
· AP3 recorded a loss of SEK 5,483 million (profit: 18,331) in 2011.
· The total return was -2.4% before expenses and -2.5% after expenses.
· The year was marked by the debt crisis in Europe, political turmoil in North Africa and the Middle East, the earthquake in Japan and slower economic growth in the United States. These factors combined to create uncertainty and weakness on financial markets.
· Since inception in 2001, AP3 has generated a nominal annual return of 3.4%. This is higher than the increase in the income index (3.1%), which is used as the basis for pension indexation. The real annual return (minus inflation) during this period stands at 1.7%.

-          AP3 has contributed positively to the pension system since inception 2001, but we cannot be satisfied because we...