In the first quarter of 2007, Dutch insurers and pension funds granted a net amount of EUR 1.6 billion worth of new residential mortgages to Dutch households. Of this amount, EUR 1.4 billion was accounted for by the largest three mortgage lenders in these sectors (ABP, Nationale Nederlanden and Aegon). At end-March 2007, all insurers and pension funds combined had EUR 33 billion worth of residential mortgages outstanding. This was about 6% of the total Dutch mortgage market, which has shown continuous growth, reaching EUR 536 billion at end-March.
The mortgage portfolios of the pension funds and insurers had, however, accounted for negative results in the quarters prior to the first quarter of 2007. This was due to securitisation of mortgage portfolios by ABP and Aegon, as well as to a (non-recurring) transfer of mortgage portfolios to Dutch banks. In the quarters concerned, the amounts involved in these two developments exceeded the amounts of new mortgages granted by these two sectors.