There was a lot of unrest in the financial markets in the first quarter of 2026, partly because of geopolitical tensions in the Middle East. Our policy coverage ratio rose to 126.8%. At the same time, the present coverage ratio fell to 127.7%. The investment return was -0.1% in the first quarter. Even so, Pensioenfonds PGB is still in a good financial position at the end of the day. And that is why we were able to increase pensions by 1.7% with effect from 1 January 2026.
The policy coverage ratio - the average over the past twelve months - was 126.8% at the end of March. This is an increase of 2.9 percentage points compared to the end of 2025.
The present UFR coverage ratio, which shows the situation at the end of the month, fell to 127.7% in the first quarter of 2026. This is a decrease of 3.8 percentage points compared to the end of 2025.
The investments to cover the interest rate risk (matching portfolio) have a return of +1.9% in the first quarter of 2026. The return portfolio, which mainly consists of equities, achieved a return of -1.6% in the first quarter of 2026.
The total invested assets of Pensioenfonds PGB amounted to €34.4 billion at the end of December.
Take a loot at the full quarterly report for the first quarter of 2026.