Quarterly report Q1 2022

21 april 2022

Heerlen/Amsterdam, April 21, 2022. In the first quarter of 2022, ABP’s latest coverage ratio will rise by 6.8% to 117.4%. This is a big plus point in a challenging and uncertain quarter. The increase is entirely due to the rise in interest rates, which means that the fund needs much less capital (-€47 billion) to pay out all current and future pensions. This more than mitigates the loss on investments (-€21 billion). As the latest coverage ratio increases, the policy coverage ratio also rises: to 106.5%. However, under the current rules, that is not yet enough for us to increase pensions.


  • Current coverage ratio increases to 117.4% (110.6% as at end 2021)
  • Return at -3.9% (-€21 billion)
  • Decrease in pension liabilities by €47 billion due to higher interest rates (+0.5%)
  • Policy coverage ratio rises to 106.5% (102.8 as at end 2021)

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