Årsrapport 2022 godkendt 7. marts 2023 (eng) - Flipbook - Side 11
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2022
Industriens Pension has active portfolio
management with a high proportion of unlisted
investments. This strategy entails relatively
higher costs than a strategy with passively
managed, listed assets. For Industriens Pension,
this strategy has historically resulted in high and
relatively stable returns.
INVESTMENT ACTIVITIES
Investment assets
Investment assets valued for accounting
purposes fell from DKK 233 bn. at the end of
2021 to DKK 225 bn. at the end of 2022.
If derivative financial instruments with a negative
value and outstanding transactions and interest
receivable are included, the net exposures to
investment assets amounted to DKK 217 bn. at
the end of 2022, against exposures of DKK 234
bn. at the end of 2021.
Go to www.industrienspension.dk/Aktiver for a
list of investments made by Industriens Pension.
Investment assets are split into two subportfolios: an offensive portfolio and a defensive
portfolio, and the percentage for the individual
member depends on the age of the member.
Members up to 51 have their entire savings
placed in the offensive portfolio with higher risk.
After this, the percentage is reduced gradually
as the members become older.
Returns for members
All members who were not receiving a pension
on 1 June 2012 have their savings placed in a
lifecycle product on market-rate terms.
The lifecycle product means that the investment
risk of the individual member is reduced in line
with the member's age.
Figure 2 Allocation of risk by age
Table 9 By type of assets
100%
Exposures carried
forward 2021
Asset type
Exposures carried
forward 2022
DKK mill.
%
DKK mill.
%
Gilt-edged bonds
27,587
11.8
28,936
13.4
Other credit
11,543
4.9
14,872
6.9
Emerging-market bonds
22,433
9.6
19,932
9.2
High-yield bonds
13,094
5.6
8,658
4.0
Investment-grade bonds
8,861
3.8
6,668
3.1
Danish shares
18,194
7.8
16,285
7.5
Foreign shares
56,686
24.2
48,070
22.2
Unlisted shares
33,523
14.3
31,741
14.7
Properties
11,015
4.7
10,746
5.0
Infrastructure
19,269
8.2
24,603
11.4
682
0.3
1,139
0.5
10,565
4.5
5,643
2.6
763
0.3
-689
-0.3
234,214
100.0
216,604
100.0
Other strategies
Money market*
Strategic hedging
Total
80%
60%
40%
20%
0%
20 år
30 år
40 år
50 år
Offensiv portefølje
60 år
70 år
80 år
90 år
Defensiv portefølje
*Calculated as bank deposits + market value of derivative financial instruments
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