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FMA Report on Corporate Provision Funds for Q3 2023: assets under management increased by +2.18% to € 17.8 bn; investment performance: -0.39 %

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The assets managed by the eight Austrian corporate provision funds (BVKs) stood at € 17.84 billion at the end of the 3nd Quarter of 2023. This was an increase by € 381.4 million or 2.18% in comparison to the 2nd Quarter and by +7.66% compared to the year-end 2022. The investment performance calculated by the Oesterreichische Kontrollbank stood at -0.39% in the 3rd Quarter of 2023, having stood at +0.96% in the 2nd Quarter. During the first nine months of this year, the performance stood at +1.22%. The average yield in the past ten years has been +1.27% per annum, the five year average +0.43% per annum, and the three year average -0.14%. The number of beneficiaries (entitled) (including multiple benefits of multiple BVKs) rose to 10.76 million during the reporting quarter to 10.68 million (+79,000 or +0.74%). As of 30.09.2023, the average amount of the entitlement stood at approximately € 1,659 (Q2-23: €1,636). These are the findings of the FMA’s report on the state of the corporate provision funds in the 3rd Quarter of 2023 (“FMA-Bericht zur Lage der Betrieblichen Vorsorgekassen im 3. Quartal 2023”), which was published today.

Conservative Investment Strategy

The obligatory capital guarantee combined with fluctuating payment requirements in line with the development of the employment market, also by law, require an investment policy that pays particular attention to security and liquidity. As of the end of the 3rd quarter of 2023, corporate provision funds primarily invested their assets managed in debt securities (63.87%), shares (13.01%), cash at banks (7.91%), real estate (6.59%) as well as loans and credits (4.83%), with the remaining amount (3.80%) in other assets. The portfolio structure was therefore by and large unchanged in comparison with the preceding quarter – there were only minor shifts.

BVKs are required to form a capital guarantee reserve to cover the guarantee prescribed under law on the paid-up capital. Their value fluctuated during the reporting quarter, depending on the BVK, by between 0.47% and 1.06% of the total amount of entitlements, or 0.79% on average (Q2-23: 0.77%).

The “Q3 2023 Report on Corporate Provision Funds” can be found on the FMA website (in German only) at:

Journalists may address further enquiries to:

Klaus Grubelnik (FMA Media Spokesperson)

+43 / (0) 1 / 24959-6006

+43 / (0) 676 / 88 249 516

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