Growth through the recovery of stock exchange prices
Pension funds and insurers invest a significant part of their assets in shares (24%) and bonds (37%), partly indirectly through participations in Dutch investment funds. Mainly due to the recovery of share and bond prices in the second and third quarters, invested capital reached a record high (Figure 1). The value of the equity portfolio increased by EUR 55 billion in the second quarter (up 17%) and by EUR 21 billion in the third quarter (up 5%). Pension funds in particular influenced this development due to their relatively large equity portfolio. Compared to pension funds, insurers invest relatively little in shares. Bonds also increased in value, by EUR 30 billion in the second quarter and EUR 22 billion in the third quarter. Incidentally, this increase does not automatically mean that the financial health of these institutional investors has also improved. This also depends, for example, on the development of their liabilities.