Welcome to the website of GAC GmbH!

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


With interest rates falling slightly, the balance sheet pension obligations of all DAX/MDAX companies in 2023 grew slightly faster than the plan assets provided to finance them. As a result, the funding ratio at the end of 2023 is capital-weighted at just over 77%, almost one percent lower than at the end of the previous year. With plan assets of just under EUR 300 billion, an average return of 6-7% was achieved in 2023. At the end of the year, almost 50% of the assets were invested in bonds and around 21% in equities. Real estate and alternatives accounted for around 7% and 8% respectively. The remainder is invested in insurance solutions, derivatives, liquidity and other investments.


Since 2004, the capital stock of all 92 pension funds for the liberal professions has tripled to 270 billion euros. In the course of the rise in interest rates in 2022/23, the reduction in bond investments has slowed down and direct investments are once again gaining in importance. At the end of 2022, the total bond ratio was around 40%, a good half of which was in direct investments. The equity allocation decreased significantly to around 17%, while real estate (23%) and alternatives (18%) were further expanded. The net interest rate fell below 3% on average, with values between minus and plus 5% being observed. Examples of market value returns ranged between -7% and -1%.


At around EUR 5 billion, the investment volume of "Pensionskassen" grew significantly more slowly in 2022 than in previous years. Market values even fell well below EUR 200 billion. The long-lasting transition phase of declining direct bond investments reversed in 2022 in the wake of rising interest rates, with the ratio rising slightly again for the first time (chart). However, real estate (13%) and alternatives (10%) in particular were further expanded, while the equity ratio fell slightly to just over 10%. While the "Nettoverzinsung" fell significantly to just over 2% in 2022, the market value return was in the negative double-digit range with an enormous spread of -43% to + 1.5%.


While the investment volume of life insurance companies still increased slightly by €6-7 billion (+0.6%) at book value in 2022, it fell by around €275 billion at fair value. Thus, in the environment of rising interest rates, life insurance companies had to report a historically low market value return of around -21%. Direct bond investments regained importance in 2022, but continued to lose volume in absolute terms. While the share quota decreased from six to five percent, real estates (8%) and above all alternatives (9%) were further expanded. The "Zinszusatzreserve" fell for the first time by 3-4 billion euros.


The capital volume of the 46 health insurance companies increased by 13 billion euros to 346 billion euros at book value in 2022. However, while the KVUs were still able to report hidden reserves of almost €50 billion at the end of the previous year, the market values of all investments were more than €20 billion below the book values at the end of 2022. On average, this led to a historically low market value yield of -18%.
The meltdown of the direct bond investments weakened in 2022, with its share still at just under 52%. The total bond share fell below 75%, the share of equities decreased by one seventh to 6%. In contrast, real estate (7%) and alternatives (8%) continued to gain in importance, and their share at market value increased even more significantly.

     Highly dispersed investment results 2022

     CH: More than 1,000 pension funds manage over one trillion CHF

     Corporates: Coverage ratio rises despite lower investment return than in 2008

     Volume of Depot A securities remains at 530 billion euros in 2022

     Pension funds for liberal professions with 4% net return and almost 40% illiquid assets

     Pension funds continue to grow strongly

     Pensionskassen - Investment volume grows by more than eight billion euros

     LVU 2021 with negative market value yield, AA slowly becomes more colorful

     380 billion euros with increasingly shares, real estate and alternatives

      Corporates - Coverage ratio increases significantly

     Depot A - Funds volume at record level

     Pension Funds for liberal Professions: 45% Bonds, 18% Equities, 35% Real Estate/Alternatives

     GAC with the largest investors in Private Banking Magazine

     LI in pandemic year with 5.6% return, less equities and more real estate / alternatives

     DAX/MDAX: 5% return on plan assets of 340 billion euros

     Savings banks and cooperative banks increase special funds volume by almost 12 billion euros

     Pension funds for liberal professions: less than half fixed-income, one-third illiquid assets

     GAC in dpn: The 100 largest investors in Germany

     Pensionskassen with higher ratios for equities, real estates and 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