Welcome to the website of GAC GmbH!
We would like to give you a general picture of the company in the following pages.
Having expanded by a fifth since 2011, the volume of Depot A securities held by the savings banks and cooperative banks rose by less than one billion to 530 billion euros in 2022 and still accounts for a fifth of total assets. At 180 billion euros, special funds cover a third. While savings banks kept the volume of special funds constant at EUR 105 billion, cooperative banks expanded it by EUR 4 billion at the expense of direct bonds. The strong growth of special funds thus almost came to a standstill in 2022, although the rising interest rate level did not lead to any active shift into direct bond investments.
Pension funds for liberal professions achieved an average net return of over 4% in 2021, although this was also due to the release of hidden reserves of individual investors. The transition of the asset allocation continued: In the meantime, only a good 20% is invested in direct bond investments, and another good 20% in bond funds. The share ratio was raised to almost 20% on average. Real estate investments account for almost 22% at the end of 2021, alternatives such as private equity, infrastructure or debt investments for around 16%. This means that almost 40% of the total assets are invested in illiquid asset classes.
After the youngest implementation channel of occupational pension provision in Germany did not gain the expected importance for a long time, the investment volume of pension funds has doubled to more than 60 billion euros in the last six years. Meanwhile, 26 pension funds manage assets worth billions, nine of them at least 2.5 billion euros. At around six percent, the institutions performed well in 2021. The results for the past year ranged from -0.8% to +15%, depending on the pension fund.
The investment volume of the company pension funds has risen to more than €195 billion in 2021. The equity ratio of the BPK has increased slightly to over 11% in capital-weighted terms. The real estate quota was further expanded to over 12%. Here, almost every third BPK has an allocation of at least 20%. The trend towards alternatives such as private equity, debt structures, renewable energies or infrastructure investments also continued, they now account for more than 7% of the total allocation. In the case of the mostly more broadly diversified BPK, the market value return in 2021 was predominantly in positive territory (mean +3.3%, median +2.6%). Here, the values ranged from -4.2 to +14.2% depending on the fund.
The investment capital of german life insurance companies grew by around 5% to more than EUR 1.2 trillion in 2021, with unit-linked life insurance accounting for a particularly strong 20% growth. By contrast, hidden reserves shrank by more than a quarter, with the result that life insurance companies had to report a negative market value return of almost -2% on average. Asset allocation trends continued: While the direct bond ratio shrank further to 41% and the total bond ratio to below 80%, equities (around 6%), real estate (around 7%) and alternatives (just under 7%) were further expanded.