The quarterly report for the third quarter of 2020 has been published. You can download the report via our website.
In the third quarter, the current funding ratio rose from 108.1% at the end of June to 109.3% at the end of September. With this, the funding ratio recovered for the second quarter in a row after the funding ratio fell sharply in the first quarter as a result of the coronavirus outbreak. The main contribution to the further increase in the funding ratio was made by the equity markets. As the global economy recovered after the coronavirus downturn, stock markets showed positive returns in the third quarter.
Interest fell slightly in the third quarter. While the interest rate led to slightly positive returns on the fixed-income portfolio, the positive effect on the funding ratio was more than offset by the increase in pension liabilities. After all, a lower interest rate makes it more expensive to pay out the accrued pensions in the future. On balance, the current funding ratio rose by 1.2 percentage points in the third quarter.