Heerlen/Amsterdam January 25, 2024. ABP's financial position in 2023 appears stable, with the current coverage ratio remaining almost unchanged at over 110% both at the beginning and end of the year. Nonetheless, significant changes unfolded throughout the year. The current coverage ratio rose in the intervening quarters but declined in the last quarter, partly due to the processing of the pension increase, reaching the level of the end of the previous year. After three quarters of rising interest rates, interest rates sharply declined in the last quarter. Financial markets rebounded, resulting in positive returns. Simultaneously, the value of all pensions increased by €68 billion due to decreased interest rates. The fourth quarter (+9.7%) contributed to a yearly return of +9.3%. Available assets increased from €459 billion to €502 billion by 2023. The policy coverage ratio decreased from 118.6% at the end of 2022 to 113.9% at the end of 2023.

Highlights

• Current coverage ratio at end 2023: 110.5% (end 2022: 110.9%) 
• Investment result 2023: +9.3% (+€42.6 billion) 
• Decision on 3.03% pension increase in November 
• Policy coverage ratio falls to 113.9% (end 2022: 118.6%) 

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