At the end of 2017, bond investments of Dutch pension funds stood at EUR 209 billion
As at 31 December 2017, Dutch Solvency II insurers subject to DNB's supervision had EUR 440 billion in invested capital, almost EUR 17 billion down on 31 December 2016. The decrease is due to a EUR 23 billion decline in their total liabilities over the course of 2017.
Figure 1 shows the breakdown of total invested capital into asset classes, both including and excluding the look-through to investment fund data. The breakdown that includes the look-through includes both direct investments and investment fund investments made on insurers' behalf. At year-end 2017, Dutch insurers had allocated a total amount of EUR 105 billion, or 23.5% or their total invested capital, to investment funds.
At EUR 209 billion, or almost 48%, in 2017, corporate and government bonds were by far the most popular investments among Dutch insurers. Direct bond investments took up the largest part of the bond portfolio, at EUR 175 billion, while investment funds accounted for EUR 34 billion. Overall, Dutch insurers hardly changed their asset allocation compared with year-end 2016.
Further information about insurers:
Dashboard for insurers
Insurer data tables
At end-2017, 80% of the bond portfolio comprised bonds issued in the top five countries: the Netherlands (26%), Germany (25%), France (14%), Austria (8%) and Belgium (7%).
In the corporate bond portfolio, bonds issued in the United States were the most popular (17%), followed by France (16%), the Netherlands (15%), the United Kingdom (11%) and Germany (7%).
Compared with end-2016, there were also no major shifts in geographical distribution of government or corporate bonds.