Quarterly report 3rd quarter 2019 is published

The quarterly report for the third quarter of 2019 has been published. You can download the report via our website.

In the third quarter, the current coverage ratio fell from 113.0% at the end of June 2019 to 110.9% at the end of September 2019. The fall in the current coverage ratio was due to the fall in interest rates. The trade war between the China and the US held financial markets in their grip during the third quarter of this year. In addition, central banks indicated that monetary policy was relaxed. All this led to a sharp fall in interest rates. The portfolio with fixed-income securities benefited from the low interest rate and showed a positive return in the past quarter.

But the positive effect of this on the funding ratio was more than offset by an increase in pension liabilities. The fall in interest rates was therefore on balance negative for the development of the funding ratio. Aided by the prospect of a more flexible monetary policy, equity markets showed a modest return in the third quarter. However, this was not high enough to prevent the funding ratio from falling by 2.1 percentage points in the third quarter.