Our financial position improved slightly in the first quarter of 2025. Our policy funding ratio increased by 1.0% to a healthy 117.2%. This was mainly due to the fact that interest rates rose. As a result, we need less money in cash for pensions now and in the future. The increase in interest rates offset the negative return on our investments in the first quarter. The return on the investments was -5.7% over the first quarter of 2025.
The financial situation of the past few months is reflected in the policy funding ratio, which is an average over 12 months. This ratio increased slightly in the first quarter from 116.2% on 31 December 2024 to 117.2% on 31 March 2025.
In the first quarter, the current coverage ratio rose from 116.7% on 31 December to 118.0% on 31 March 2025. 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 funding ratio.
The investments to hedge the interest rate risk (Matching) achieved a return of -8.3% over the first quarter. The investments to achieve an extra return, such as equities, achieved a return of -3.8% over the first quarter.
Then you accrue pension with us. Your pension does not depend on the coverage ratio. Your pension capital increases through the amount you pay together with your employer. And by the investment return on your pension capital.
The returns of our defined contribution schemes are positive for all age groups over the first quarter: -4.5% for participants aged up to 49, -4.9% for participants aged 50 to 55, -5.4% for participants aged 56 to 61. The return for participants aged 62 and over was -5.8% over the first quarter.