The third quarter of 2025 was favourable for the financial position of Pensioenfonds PGB. Our investments achieved a positive return and coverage ratios continued to rise.
The policy coverage ratio – the average over the past twelve months – stood at 120.3% at the end of September. This is an increase of 4.1 percentage points compared to the end of 2024.
The present UFR coverage ratio, which reflects the situation at the end of the month, rose to 128.7% in the third quarter of 2025.
The total return on our investments is +0.6% over the first three quarters of 2025. The investments to hedge the interest rate risk (matching portfolio) had a return of -10.0%. The investments intended to achieve additional returns (the return portfolio), such as shares, achieved a return of +8.8%.
After a weak start to the year, global stock markets showed a strong recovery in the third quarter. This resulted in a positive return of 2.8% in Q3.
The total invested assets of Pensioenfonds PGB amounted to €34.7 billion at the end of September.
Want to find out more about our financial situation and the underlying developments?
Click here for the full quarterly report for the third quarter of 2025.