Welcome to the website of GAC GmbH!

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


The investment volume of the 46 health insurance companies increased by 4% to around 360 billion euros at book values in 2023. As the hidden burdens halved, particularly in the area of bond investments, market values recovered significantly, resulting in a positive market value return of around 6% (previous year -18%). Although the volume of new investments in direct bonds increased significantly, the ratio continued to fall to around 50% due to maturing bonds. The overall ratio of fixed-interest investments fell further to around 78%. Despite the favourable market environment, the equity ratio fell somewhat surprisingly to around 5% in 2023. Real estate (7%) and alternatives (9%), on the other hand, continued to grow.


The investment volume of the life insurance companies fell by more than ten billion euros to around 1.03 trillion at book value in 2023. Market values recovered slightly, allowing hidden losses to be reduced by more than a quarter. The investment volume of unit-linked contracts rose to a new all-time high of a good 180 billion euros. Although direct bond investments have become more important again, the overall bond ratio has fallen slightly to around 77%. While the equity exposure was reduced by almost a sixth (ratio 4%), real estate (8%) and alternatives (10%) continued to increase slightly. At around 2.2%, net interest was roughly on a par with the previous year. The market value yield reached an average of around 6% (previous year -21%). 


In 2023, two run-off transactions were prepared through the spin-off of insurance portfolios: Almost EUR 15 billion in investments were spun off from AXA LV AG to Ager LV AG, while Zurich LV AG transferred almost EUR 20 billion to Zurich Life Legacy Versicherung AG. While Ager LV AG is to be taken over by the Athora Group in 2024, BaFin has halted the takeover of the Zurich portfolio by the Viridium Group. As run-off companies usually focus strongly on interest-bearing investments, illiquid investments in particular usually remain with the original company. This can result in a significant shift in asset allocation. For example, the proportion of alternatives at AXA LV AG has almost doubled to over 10%. As almost three quarters of the investments were transferred in the Zurich transaction, the real estate quota of Zurich LV AG has increased to over 30%. According to the annual report, the company intends to pay particular attention to reducing the ratio, while the equity ratio has already been almost completely reduced.


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%.

     Pension funds are once again focusing more on direct bond investments

     Life Insurance Companies: A quarter of a trillion less

     KVU: Decreasing bond and equity quota

     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