G1 Post-employment benefits (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Employee Benefits Expenses [Abstract]

Summary of Amount Recognized in the Consolidated Balance Sheet

Amount recognized in the Consolidated balance sheet



	Sweden		US		UK		Other		Total
2024

Defined benefit obligation (DBO)		49,423		5,340		10,473		21,362		86,598
Fair value of plan assets		31,191		5,153		11,195		16,820		64,359
Deficit/surplus (+/–)		18,232		187		–722		4,542		22,239

Plans with net surplus, excluding asset ceiling 1)		–		330		727		1,152		2,209
Provision for post-employment benefits 2)		18,232		517		5		5,694		24,448

2023

Defined benefit obligation (DBO)		50,043		5,073		10,595		19,824		85,535
Fair value of plan assets		29,627		4,815		12,410		15,741		62,593
Deficit/surplus (+/–)		20,416		258		–1,815		4,083		22,942

Plans with net surplus, excluding asset ceiling 1)		–		255		1,889		1,143		3,287
Provision for post-employment benefits 2)		20,416		513		74		5,226		26,229

1)	Plans with a net surplus, i.e., where plan assets exceed DBO, are reported as Other financial assets, non-current, see note F3 “Financial assets, non-current.”

The asset ceiling decreased during the year to SEK 635 (755) million.

2)	Plans with net liabilities are reported in the balance sheet as Post-employment benefits, non-current.

Summary of Pension Costs for Defined Contribution Plans and Defined Benefit Plans

Total pension cost recognized in the Consolidated income statement

The costs for post-employment benefits within the Company are distributed between defined contribution plans and defined benefit plans.



	Sweden		US		UK		Other		Total
2024

Pension cost for defined contribution plans		1,306		500		178		1,626		3,610
Pension cost for defined benefit plans 1)		1,624		79		–56		1,248		2,895
Total		2,930		579		122		2,874		6,505

Total pension cost expressed as a percentage of wages and salaries										8.3%

2023

Pension cost for defined contribution plans		1,223		522		148		1,571		3,464
Pension cost for defined benefit plans 1)		2,013		67		–67		1,166		3,179
Total		3,236		589		81		2,737		6,643

Total pension cost expressed as a percentage of wages and salaries										7.8%

2022

Pension cost for defined contribution plans		1,192		542		128		1,209		3,071
Pension cost for defined benefit plans 1)		2,144		160		–22		1,204		3,486
Total		3,336		702		106		2,413		6,557

Total pension cost expressed as a percentage of wages and salaries										8.9%

1)	For the UK plans, negative cost was due to interest income of SEK 624 million (SEK 626 million in 2023 and SEK 355 million in 2022) exceeding interest cost of SEK 532 million (SEK 514 million in 2023 and SEK 312 million in 2022) during the year.

Summary of Change in the Net Defined Benefit Obligation

Change in the net defined benefit obligation

2024

2023

Present value
of obligation

Fair value
of plan
assets

Total

Present value
of obligation

Fair value
of plan

assets

Total

Opening balance

85,535

–62,593

22,942

83,691

–60,480

23,211

Included in the income statement

Current service cost

2,210

–

2,210

2,291

–

2,291

Past service cost and gains and losses on settlements

–82

–

–82

179

–

179

Interest cost/income (+/–)

2,953

–2,377

576

2,839

–2,371

468

Taxes and administrative expenses

–

Other

108

–7

101

5,122

–2,291

2,831

5,417

–2,300

3,117

Remeasurements

Return on plan assets excluding amounts in interest expense/income

–

1,583

–

–663

Actuarial gains/losses (–/+) arising from changes in demographic assumptions

–229

–

–229

267

–

267

Actuarial gains/losses (–/+) arising from changes in financial assumptions

–4,958

–

–4,958

–943

–

–943

Experience-based gains/losses (–/+)

2,825

–

2,825

347

–

347

–2,362

1,583

–779

–329

–663

–992

Other changes

Translation difference

1,781

–1,760

–179

110

–69

Contributions and payments from:

Employers

–2,097

–682

–2,779

–1,737

–594

–2,331

Plan participants

362

–357

350

–342

Payments from plans:

Benefit payments

–1,825

1,825

–

–1,294

1,292

–2

Settlements

–

–488

488

–

Other

–84

–2

104

–104

–

Closing balance

86,598

–64,359

22,239

85,535

–62,593

22,942

1)	The weighted average duration of DBO is 16.8 (16.8) years.

2)	Excludes the impact of the asset ceiling of SEK 65 (62) million in 2024.

3)	The expected contribution to the plans during 2025 is SEK 2.8 billion.

Summary of Present Value of the Defined Benefit Obligation

Present value of the defined benefit obligation


	Sweden		US		UK		Other		Total
2024

DBO, closing balance		49,423		5,340		10,473		21,362		86,598
of which partially or fully funded		49,423		4,823		10,473		18,064		82,783
of which unfunded		–		517		–		3,298		3,815

2023

DBO, closing balance		50,043		5,073		10,595		19,824		85,535
of which partially or fully funded		50,043		4,560		10,595		16,702		81,900
of which unfunded		–		513		–		3,122		3,635

Summary of Asset Allocation by Asset Type and Geography


Asset allocation by asset type and geography 1)
	Sweden	US	UK	Other	Total	of which unquoted	2)

2024
Cash and cash equivalents	231	206	1,025	572	2,034	15%
Equity securities	8,557	431	914	1,920	11,822	24%
Debt securities	14,559	4,052	118	9,717	28,446	26%
Real estate	5,760	–	–	516	6,276	100%
Investment funds	2,139	792	308	2,120	5,359	68%
Assets held by insurance company	–	–	8,002	1,909	9,911	100%
Other	–55	–328	828	66	511	1%
Total	31,191	5,153	11,195	16,820	64,359
of which real estate occupied by the Company	–	–	–	–	–
of which securities issued by the Company	–	–	–	–	–

2023
Cash and cash equivalents	271	181	681	133	1,266	22%
Equity securities	7,311	361	769	1,873	10,314	27%
Debt securities	14,335	3,591	5,681	9,285	32,892	21%
Real estate	5,461	–	–	544	6,005	100%
Investment funds	2,016	834	2,346	1,829	7,025	69%
Assets held by insurance company	–	–	2,437	1,679	4,116	100%
Other	233	–152	496	398	975	38%
Total	29,627	4,815	12,410	15,741	62,593
of which real estate occupied by the Company	–	–	–	–	–
of which securities issued by the Company	–	–	–	–	–

1)	Asset class is presented based on the underlying exposure of the investment. This includes direct investment in securities or investment through pooled funds that invest in an asset class.

2)	Unquoted refers to assets classified as fair value level 2 and 3. Unquoted assets comprise mainly investments in pooled investment vehicles.

Summary of Financial and Demographic Actuarial Assumptions

Actuarial assumptions


	2024						2023
	Sweden		US		UK		Sweden		US		UK

Financial assumptions
Discount rate		2.4%		5.6%		5.6%		2.1%		5.0%		4.8%
Inflation rate		2.0%		2.5%		3.1%		2.0%		2.5%		3.0%
Salary increase rate		2.5%		4.0%		–		2.5%		4.0%		–

Demographic assumptions
Life expectancy after age 65 in years		23		22		23		23		23		23

Summary of Total Remeasurements in Other Comprehensive Income (Loss) Related to Post-Employment Benefits


Total remeasurements in Other comprehensive income related to post-employment benefits
	2024		2023

Actuarial gains and losses (+/–)		340		538
The effect of asset ceiling		99		–87
Swedish special payroll taxes		438		454
Total		877		905

Summary of Sensitivity Analysis of Significant Actuarial Assumptions

Sensitivity analysis of significant actuarial assumptions, SEK billion

Impact on the DBO of a change

in assumptions

Sweden

Financial assumptions

Discount rate –0.5%

5.3

0.2

0.7

Discount rate +0.5%

–4.7

–0.2

–0.6

Inflation rate –0.5%

–4.7

0.0

–0.5

Inflation rate +0.5%

5.3

0.0

0.5

Salary increase rate –0.5%

–1.4

0.0

–

Salary increase rate +0.5%

1.5

0.0

–

Demographic assumptions

Longevity – 1 year

–2.3

0.0

–0.2

Longevity + 1 year

2.3

0.1

0.2