Annual report

The year 2022 was an extraordinary year. The aftermath of the COVID-19 pandemic and the outbreak of war in Ukraine led to rising inflation and interest rates. With remarkable consequences: higher coverage ratios on the one hand, which enabled our clients to index, but on the other hand, considerably lower returns due to losses on interest rate hedging and investments. The COVID-19 pandemic further put increasing pressure on the health and social care sector, in which our largest client PFZW operates. The adoption of the Future Pensions Act (Wtp) by the Dutch House of Representatives was a welcome conclusion to the year. This gives us a clear assignment for the coming years when dealing with issues on which many of our colleagues have contributed ideas.

Read the annual report here.

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By the end of 2023, PGGM Investments managed a total of over €240 billion in assets. We invest the collective pension assets under our management in pursuit of a high and stable return with an acceptable level of risk and, more and more, with a sharp eye on the sustainability of our investments.

2023 was the year in which we prepared our organisation for the realization of our joint strateic ambition with Stichting Pensioenfonds Zorg en Welzijn (PFZW) for 2030: creating long term value for people and the environment, in addition to good financial results.

In this report we reflect on the most important developments during 2023:
• Sustainable portfolio
• Sustainable investing
• Future proof organisation
• Exclusively for PFZW
• Financially stable

Read the integrated report here: PGGM Investments Integrated Report 2023