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With a positive annual result for 2024, BVV once again demonstrates its performance and reaffirms its commitment to offering its member companies and beneficiaries attractive occupational pension plans, thus ensuring long-term stability and security. At the general meetings of BVV Versicherungsverein and BVV Versorgungskasse on June 27, delegates were presented with forward-looking topics: Under the leadership of Supervisory Board Chairman Heinz Laber, a report was presented on a further development of the pension fund business, thanks to which the successfully launched social partner model for the financial sector will also be open to companies outside the banking sector in the future. BVV also provided information on the organizational and personnel restructuring of the Executive Board.
Frank Egermann, member of the Executive Board, presented the annual results to the delegates at the general meeting in Berlin. “2024 was a positive year for BVV, and we can be satisfied with the results. Earned premiums increased slightly from €688 million to €694 million, bucking the demographic trend, and net income also rose year-on-year, from €124 million to €136 million,” said Egermann. Of this, approximately €55 million will be allocated to the loss reserve, approximately €1 million will be distributed in the form of direct credits, and €80 million will be allocated to the provision for premium refunds (RfB). With an equity ratio of 7.4 percent, BVV is once again significantly above the regulatory minimum capitalization of 4.5 percent. The net return on investments amounted to 3.0 percent despite the continued significant challenges on the capital markets. Both figures increased by 0.1 percentage points compared to the previous year. “The positive result is due, among other things, to the fact that BVV’s investments generated profits across all asset classes. This is a significant asset, especially in light of the global economic challenges, and distinguishes BVV as a reliable and trustworthy partner,” said Egermann.
Chairman of the Board of Management and new Chief Investment Officer
For Frank Egermann, this was his last general meeting as a member of the Board of Management. He will retire at his own request on December 31. His successor, Axel-Rainer Hoffmann, will join the Board of Management on September 1 and will be responsible in particular for investments. Hoffmann is a proven expert in the field: The mathematician began his career at Munich Re in the Life Insurance and Corporate Finance divisions. He then worked for AXA for eight years, most recently as CIO on the Board of Management of AXA Belgium. Before joining BVV, Hoffmann served on the Board of Volkswohl Bund for ten years, where he was also responsible for investments.
Effective July 1, Marco Herrmann, a member of the Executive Board, will assume the newly created role of Chairman of the Board of the three pension providers BVV Versicherungsverein, BVV Versorgungskasse, and BVV Pensionsfonds, as well as Chairman of the Management Board of BVV Pension Management GmbH. Together with Dr. Helmut Aden and Axel-Rainer Hoffmann, he will form the Executive Board and Management following the departure of Frank Egermann from these companies.
Chairman of the Supervisory Board, Heinz Laber, commented: “Frank Egermann has significantly shaped the development of BVV over many years. He deserves our thanks and recognition for his achievements and extraordinary commitment. Axel-Rainer Hoffmann has impressed the Supervisory Board both professionally and personally. We are confident that the transition phase will be smooth and that he will be a valuable asset to the BVV association. By introducing the role of Chairman of the Executive Board, we are pursuing the goal of further sharpening the strategic management of BVV. Marco Herrmann will successfully fulfill this role with entrepreneurial vision, strong leadership, and a high degree of innovative and integrative power.”
Social partnership model as a success story – significant further development initiated
The implementation of the pure defined contribution plan in the banking industry aims to provide employees with access to a company pension plan for the first time, and also to offer employees already covered by the plan an attractive product offering for additional salary conversion. In practice, the model has already been awarded the German bAV Prize.
The BVV will consistently drive forward the further development of this important business area and has created the conditions to enable the social partner model to be applied to companies outside the financial services sector as well.
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