Investor Presentaiton
8
GOOD PROGRESS MADE IN POSITIONING TOWARDS NEW SAA
Investment Strategy
ā
Total assets under management decreased significantly, mainly due to the impact of higher interest
rates
In line with our Strategic Asset Allocation (SAA) asset redeployment into Private Credits and
Alternatives continued
Consistent with the SAA, we expect to further increase our investment into Alternatives, Private
Credits and Collateralized Loans which is intended to increase future investment income and capital
generation
6%
YE21 (EUR 38bn)
3% 1%
14%
18%
Amounts x EUR bn
SOVEREIGNS + MMF
2021 HY22
56,8% 43,7%
Sovereign AAA
22,4% 17,0%
Sovereign AA
6,1% 3,1%
ALTERNATIVES
Real Estate
Equity
2021 HY22
3,1%
5,5%
2,0% 3,4%
1,1% 2,1%
HY22 (EUR 31bn)
Sovereign A / BBB
2,5% 1,2%
6% 1%
Other sovereigns
3,4% 2,0%
CREDITS
18,4% 25,4%
Supranationals
Money Market Funds
16,0% 12,5%
6,3% 7,9%
Euro Financials
Euro Corp
16%
9,7% 12,1%
3,7% 5,2%
Asset Backed Securities
1,4% 1,4%
COLLATERALIZED LOANS
1,4%
0,9%
Covered bonds
Credits other
0,2% 0,2%
9%
3,3% 6,5%
MORTGAGES
13,8% 15,8%
PRIVATE CREDITS
6,4% 8,7%
25%
57%
43%View entire presentation