Quarterly report Q2 2015

Rising interest rate improves ABP’s current financial position. Policy coverage ratio still inadequate.


•    Policy coverage ratio falls to 101.3%;
•    Current coverage ratio rises to 103.9%;
•    Q2 return -4.3%, -16.2 billion (for first half of 2015: +4.1%, +13.9 billion)
•    Interest rate rises, liabilities fall by 44 billion
•    Available assets 356 billion euros

Heerlen, July 17, 2015. ABP’s policy coverage ratio (12-month progressive average) declined by 1.3 percentage points in relation to the first quarter of 2015. This ratio was 101.3% at the end of the second quarter of 2015.

Chairman Corien Wortmann-Kool: 'The past two quarters have been exceptional. The first quarter saw a good return of 8.8%, the second saw a loss of 4.3%, but also a significant increase in the current coverage ratio which increased by 7.5 percentage points thanks to the higher interest rate. This favorable development during this quarter is not yet reflected in the policy coverage ratio (the average over the past 12 months), since that calculation still includes lower current coverage ratios from the previous months. This policy coverage ratio is still below the required level. This will not have any consequences for our participants at this time. Looking ahead: Much depends on what will happen on the financial markets. What are the implications of the Greek crisis? Will the economy continue to grow? And, also very important, will interest rates continue to rise? All of this impacts our financial position. At the moment, I think we must take into account that the policy coverage ratio will remain inadequate this year.'

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