Development of obligations for account and risk participants<\/h3>\n
At the start of the fourth quarter of 2021, there were approximately \u20ac19.5 billion in liabilities in the PPI market. During the fourth quarter of 2021, these liabilities increased by approximately 11.4% to approximately \u20ac21.7 billion. This increase in liabilities is due to both premium contributions and positive investment results.<\/p>\n
The investment result in the fourth quarter was 6.1% on average.
\nWe will publish our annual report Lifecycle Pension 2022 again in May. In this report, we provide more insight into the lifecycle returns for the whole of 2021 for both younger and older participants.<\/p>\n
The figure below shows the development of the liabilities for account and risk participants of PPIs during the fourth quarter of 2021.<\/p>\n<\/div>
![](\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220325_ppi-performance-2021q4_fig_2jpeg.jpg\" "\\"220325_ppi-performance-2021q4_fig_2jpeg\\"")
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The premium was equal to \u20ac711 million in the fourth quarter of 2021. Converted this is approximately \u20ac 401 per active participant per month. In the third quarter of 2021, the premium was approximately \u20ac362 per active participant per month.<\/p>\n
investment mix<\/h3>\n
\n<\/strong>The figures published by DNB distinguish between assets under management in shares, fixed-income securities and other investments. The figure below shows the distribution of assets under management over the aforementioned three categories at the beginning and at the end of the fourth quarter of 2021. The percentages indicate what percentage of the assets under management is invested in the relevant category.<\/p>\n<\/div>![](\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220325_ppi-performance-2021q4_fig_3.jpg\" "\\"220325_ppi-performance-2021q4_fig_3\\"")
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