29 June 2021
– Net return on investment of 3.1 percent
– Equity ratio at the highest level in BVV history
– Change of management completed
– Developed sustainability strategy
– General meetings held again digitally
BVV Versicherungsverein des Bankgewerbes aG – the largest pension fund in Germany in terms of fixed assets – mastered the corona pandemic very well in the past financial year. This is expressed, among other things, in an annual surplus of 104 million euros, which is slightly lower than in the very good 2019, but higher than 2018. The loss reserve was increased by 103 million to a gratifying 1.8 billion euros. The balance sheet total rose by around EUR 700 million to EUR 31.4 billion, while the investment portfolio grew by almost EUR 800 million to EUR 31.0 billion. At 7.1 percent, BVV has the highest equity ratio since it was founded in 1909.
“In the difficult year 2020 we achieved a very good result thanks to many correct decisions. Despite massive turbulence on the capital markets, the figures developed very satisfactorily over the course of the year. Although the stock markets have never collapsed by more than 30 percent as quickly as in the period from February 19 to March 23, 2020, unprecedented monetary and financial policy measures in response to the corona pandemic have turned the markets around again. The fact that BVV increased the risk capital for equity investments immediately after the end of the crash and implemented a broad-based purchase program for the direct portfolio had a particularly positive effect and was thus able to benefit substantially from the recovery in the capital markets “, reported Rainer Jakubowski, member of the Management Board. at the BVV general assembly on June 25, 2021. Due to the corona pandemic, the events were held virtually as in the previous year. For the first time, a digital power of attorney procedure was used, with the help of which the members of the BVV could name their delegates online.
“In spite of Corona, ongoing business operations could be continued without restriction,” said Dr. Helmut Aden, member of the board, back to 2020. “Well more than half of the employees work mobile, so that we can offer our insured persons and pensioners as well as our member companies the usual service at all times,” says Aden. This is also reflected in the figures in the annual report: The premium income last year amounted to 709 million euros and is therefore at a stable level; in 2019 it was 733 million. The administrative expense ratio remains at a low 1.6 percent. The increase compared to 2019 (1.2 percent) is mainly due to the accelerated modernization activities.
With these positive business figures, Rainer Jakubowski said goodbye to his well-deserved retirement after more than 20 years on the BVV board. In 2001 Jakubowski joined BVV as a member of the board and since then has ensured a modern reorientation of the company, especially in the areas of finance and IT. The long-standing head of portfolio management, Frank Egermann, moved up to the board on April 1 and, together with Helmut Aden and Marco Herrmann, forms the BVV management trio.
As a member of the board of directors, Frank Egermann also controls the sustainability activities of BVV: “As a pension provider, BVV naturally pursues a long-term time horizon. The particularly pressing problem of climate change is therefore highly relevant in our sustainability strategy, ”says Egermann. BVV is aiming for climate neutrality for its own business operations by 2025, and all investments are to be climate neutral by 2050.
The modernization and digitization activities have picked up even more momentum in the wake of the corona pandemic. One example is the second virtual general meeting as well as digital customer events and a virtual conference on the day before the general meeting. The digital customer portal introduced in 2019 is already being used by more than 24,000 beneficiaries, and the trend is growing rapidly.
With BVV.MAXRENTE, BVV created a new product last year that optimally adapts the requirements of the pure contribution commitment from the Company Pension Strengthening Act to the needs of employees in the banking and financial services industry. It’s fund-based and the right answer to the ongoing low interest rate environment. “We are able to act as soon as BVV is requested by its member companies to deliver,” says Marco Herrmann, member of the board.Source: BVV
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