LÍV chief vows to match Denmark’s pension returns

Rune Nørregaard, the new director of Faroese insurance company LÍV, says pension investment returns in the Faroe Islands should reach the same level as in Denmark, Kringvarp Føroya reports.

People in the Faroe Islands currently receive an average investment return of 3.2 per cent on their pension savings, compared with 6.8 per cent in Denmark. A study by the Insurance Authority found that the difference could amount to 4.1 million kroner over 40 years.

“Investment returns on pensions in the Faroe Islands must reach the same level as in Denmark,” Nørregaard said.

He has promised that LÍV customers will receive the same returns as people saving for retirement in Denmark. His responsibilities will include developing LÍV, strengthening its operations, delivering good and stable results, and setting a clear strategic direction for the group.

However, Nørregaard said it was too early to say exactly how LÍV would achieve higher returns on its investments.

He has more than 15 years of experience in the financial and insurance industries in Denmark, the Faroe Islands and the other Nordic countries. He is currently bank director and chief operating officer at Kompasbank, where he sits on the management alongside the founder and is responsible for areas including operations, sales and credit.

Nørregaard is a qualified lawyer with a law degree from Aarhus University. He also holds a Global Executive MBA from IE Business School and has completed board training for directors of insurance and pension companies at the Insurance Academy.

He has also worked as a senior legal adviser at Danske Bank and as a lawyer at Bech-Bruun.

Nørregaard has resigned from his positions at Kompasbank. His notice period is six months, but he hopes to reach an agreement that will allow him to leave earlier and take over the leadership of LÍV, which manages a large part of the savings held by the Faroese labour market and trade unions.