The second quarter of 2025 saw a turbulent start. President Trump's global import tariffs in April caused considerable unrest in the financial markets. Stock markets fell sharply as a result, which also affected our investments. However, they recovered during the second quarter. The return on our investments was -2.3% over the first six months of 2025. However, our financial situation improved thanks to rising interest rates.
The financial situation of the past few months is reflected in the policy coverage ratio, which is an average over 12 months. This ratio increased slightly in the second quarter from 117.2% on 31 March 2025 to 117.8% on 30 June.
In the second quarter, the present coverage ratio rose from 118.0% on 31 March 2025 to 123.7% at the end of June. This concerns the so-called UFR coverage ratio, which is a snapshot of the end of the month.
Click here to read more about the development of the UFR coverage ratio and the policy coverage ratio.
The investments to hedge the interest rate risk (Matching) achieved a return of -7.9% over the first two quarters. The investments to achieve an extra return, such as equities, achieved a return of +2.2% over the first two quarters.
The returns of our defined contribution schemes are positive for all age groups over the first two quarters: 0.7% for participants aged up to 49, -0.3% for participants aged 50 to 55, -1.3% for participants aged 56 to 61. The return for participants aged 62 and over was -2.3% over the first two quarters.
Want to find out more? Read our quarterly report.