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FMA Q4 2017 Report on Austrian Pensionskassen: Assets under Management € 22.3 bn; Investment Performance 2017 6.1%, market concentration continues to increase

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The assets managed by Austrian Pensionskassen (pension companies) stood at € 22.3 billion at the end of the 4th Quarter of 2017, corresponding to an increase of 1.9% compared to the previous quarter. This was an increase of +7.12% in comparison with year-end 2016. The combined amount of assets invested by all the Pensionskassen produced an investment result of 1.7% in Q4 2017, and of 6.1% for the year as a whole. In the last three, five and ten years, the average performance of the Pensionskassen was 4.2%, 5.1% and 3.2% respectively. As at year-end 2017 the number of beneficiaries (entitled and recipients) stood at approx. 924,000, an increase of 2.34% year-on-year. Around 98,000 persons or 10.6% of those in the system drew a pension from this form of company old-age provision. These findings have emerged from the Report on the Austrian Pensionskassen for the fourth quarter of 2017, which was published today by the Austrian Financial Market Authority (FMA).

Debt securities accounted for the largest share of the portfolio of Austrian Pensionskassen, making up 40.6% of total assets in the 4th Quarter of 2017. Equities made up 35.2%, while balances held at banks accounted for 9.8%. The remainder is in the form of real estate, loans and credits as well as other assets. After having taken currency hedge transactions into account, at the end of 2017 around 22% of the assets were invested in foreign currencies. 96.2% of the assets of the Pensionskassen are held indirectly via investment funds.

The trend that has been observed over many years that there is an increasing market concentration among the Austrian Pensionskassen also continued in 2017. In 2016 there were still twelve independent Pensionskassen that were active in the market, whereas at year-end 2017 there were only 10 (six multi-employer and four single-employer). In 2004/2005, there were still 21 Pensionskassen. This trend can in particular be attributed to the fact that single-employer Pensionskassen are withdrawing from the market and are transferring their business to multi-employer Pensionskassen.

The Quarterly Report can be found on the FMA website (in German only) at: https://www.fma.gv.at/pensionskassen/offenlegung/quartalsberichte/

Journalists may address further enquiries to:

Klaus Grubelnik (FMA Media Spokesperson)

+43/(0)1/24959-6006, or +43/(0)676/882 49 516

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