Welcome to the website of GAC GmbH!

We would like to give you a general picture of the company in the following pages.


As a result of the further decline in the discount rate to 0.7%, the balance sheet pension obligations of the 80 DAX/MDAX companies increased to more than 530 billion euros in 2020. By contrast, plan assets increased by a good 2% to around 340 billion euros, resulting in a slightly lower funding ratio of 64%. The investment income generated will result in a performance of more than 5% in 2020. The asset allocation has remained relatively constant on average for all corporates: Bonds cover around 53%, the equity ratio continues to be just under 22%, real estate accounts for around 5% and alternatives 7%, with the remainder in insurance solutions, liquidity and other investments. At the level of individual companies, however, there were quite significant shifts in asset allocation in 2020.


According to banking statistics, the institutions' total assets grew strongly by 9% in each case in 2020: At the savings banks to almost 1.5 and at the cooperative banks to almost 1.1 trillion euros. Deposits with central banks almost doubled in the crisis year. However, the volume of "Depot A" also increased significantly, to around 290 billion euros at the savings banks and almost 232 billion euros at the cooperative banks. As in previous years, most of this capital went into special funds. In the case of the savings banks, the volume has increased by almost 30 billion euros over the past ten years to over 95 billion euros. Cooperative banks have expanded the volume of special funds by almost 60% to almost 65 billion euros over this period. Most recently, investments in real estate funds in particular have been stepped up.


The transformation of the asset allocation of pension funds for the liberal professions continues unabated. At the end of 2019, only a quarter of total assets were allocated in direct bond investments. Together with fund investments, bonds now cover less than half. The share of equities increased slightly to just under 18%. Real estate continued to expand significantly, now accounting for 20% of the total pie. The exposure of illiquid alternatives (mainly private equity, infrastructure and private debt) was also expanded to almost 13%. Net yield increased to around 3.8% in 2019. The market value yield averaged 7-8%.


Across all investor groups, the Gesellschaft für Analyse und Consulting (GAC) was able to identify more than 700 investors with a minimum investment volume of 500 million euros as of December 31, 2019. 468 of these manage at least one billion euros, including 144 insurance companies, significantly more than 100 Depot A investors, 98 corporates/pension funds, 44 pension funds for liberal professions, 23 municipal and church pension institutions, 18 SGB investors, 16 foundations, 9 dioceses and 2 radio stations. Together, they represent a capital investment volume of around 3.7 trillion euros.


In 2019 the investment volume of the 135 Pensionskassen in Germany is increased more than 5% to around 180 billion euros (market values 210 billion). The Pensionskassen achieved a net return of 3.9% (previous year 3.2%) and a market value return of around 9% (previous year 0.5%). In recent years, the share of direct bond investments has steadily decreased from over 60% to around 42% of the total capital. The equity ratio has risen to 10-11% and the real estate ratio to around 11%. Almost 7% are now covered by alternatives.

     Savings banks with significantly increased real estate investments

     Life insurance companies with very good performance 2019

     GAC in dpn: DAX/MDAX - Pension obligations and assets at the all-time high

     With God’s blessing – Church investors manage investments of over 100 billion euros

     GAC in TiAM: Company Pension Funds and Pension Funds for Liberal Professions

     GAC on the largest Depot A investors in dpn

     GAC in dpn: The largest insurance companies in the DACH region

     GAC in dpn: Asset Allocation fo pensions funds in Switzerland

     GAC with update 2019 on asset allocation and performance of life insurance companies

     GAC in IPE yearbook 2018: Equities- and real estates-exposure of 250 institutional investors

     GAC with ranking of the largest institutional investors on

     GAC discusses investments by churches in dpn-online

     GAC appears in dpn-online discussing investments by social security funds

     GAC with an update to pension funds of liberal professions (dpn)

     GAC appears in IPE addressing the structure and performance of proprietary securities account (Depot A)

     GAC in dpn: The 30 largest foundations in Germany

     GAC discusses institutional investors in sweden

     GAC discusses transition of the asset allocation (dpn)

     GAC appears in the IPE yerabook addressing asset allocation and performance of corporates

     GAC in Absolut Report: Asset Allocation and Performance of Company Pension Funds

     GAC in Absolut Report: Asset Allocation and Performance of Pension Funds of Liberal Professions