GUS: The financial result of OFE amounted to minus PLN 3.5 billion in 2020

by   CIJ News iDesk III
2021-05-07   11:00
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The financial result of open pension funds (OFE) amounted to minus PLN 3.5 billion in 2020 compared to PLN 1.4 billion in profit a year earlier, the Central Statistical Office (GUS) reported. Total net assets of OFE at the end of 2020 amounted to PLN 148.6 billion, which means a decrease by PLN 6.2 billion during the year.

The operating income of open-ended pension funds in 2020 amounted to PLN 1.8 billion, compared to PLN 4.8 billion a year earlier. The revenues of the investment portfolio amounted to PLN 1.7 billion last year.

The main item was the income of the investment portfolio, which accounted for 95.6% of operating income. Due to the structure of the investment portfolio, the investment results of OFE are characterized by high volatility and are largely dependent on the economic situation on the stock markets and the level of interest rates on deposits and debt instruments , which directly translated into the financial result shown in 2020 in the amount of minus PLN 3.5 billion (loss). In addition, the funds noted the impact of the COVID-19 pandemic on their financial results.

Domestic equity instruments played a dominant role in OFE portfolios. The shares of companies listed on the regulated stock exchange dominated in the investment portfolio of open-ended pension funds - PLN 126.5 billion, and their share increased by 2.6 percentage points. during the year.

Stocks listed on the WSE by sector in OFE portfolios as at December 31, 2020 had the following value: for shares of financial macro-sector entities - PLN 39 billion, fuel and energy - PLN 18.9 billion, chemicals and and services - PLN 12.5 billion, consumer goods - PLN 10 billion.

The value of the managed net assets of open-ended pension funds at the end of 2020 amounted to PLN 148.6 billion (a decrease by PLN 6.2 billion y / y). The investment portfolio had the largest share in the assets - 99.1%.

The number of accounts operated by open pension funds as at December 31, 2020 amounted to 15.76 million, which means a decrease by 230.8 thousand per year.

According to the data of the Central Register of Members of Open Pension Funds kept by the Social Insurance Institution (ZUS), as at December 31, 2020, there were 15.4 million members of open-ended pension funds registered, i.e. 1.5% less than a year earlier.

The data includes 10 OFEs operating in 2019 and 2020.

Source: OFE and ISBnews