German pension fund BVV presented its annual results for 2024 at a general meeting in Berlin, revealing that earned premiums and net income both increased.

Earned premiums increased slightly from €688m to €694m, while net income rose from €124m to €136m.

Of this, approximately €55m will be allocated to the loss reserve, €1m will be distributed in the form of direct credits, and €80m will be allocated to the provision for premium refunds (RfB).

BVV also reported an equity ratio of 7.4 per cent in 2024, with a net return on investments of 3.0 per cent.

Both figures increased by 0.1 percentage points compared to the previous year.

BVV executive board member, Frank Egermann, said that 2024 was a positive year for BVV, and the fund was satisfied with the results.

He noted that the positive result was due, in part, to the fact that BVV's investments generated profits across all asset classes.

"This is a significant asset, especially in light of the global economic challenges, and distinguishes BVV as a reliable and trustworthy partner," he added.

This was Egermann's last general meeting as a member of the board of management, as he will retire at his own request on 31 December.

His successor, Axel-Rainer Hoffmann, will join the board of management on 1 September and will be responsible, in particular, for investments.

Hoffmann began his career at Munich Re in the Life Insurance and Corporate Finance divisions. He then worked for AXA for eight years, most recently as CIO on the board of management of AXA Belgium.

Before joining BVV, Hoffmann served on the board of Volkswohl Bund for ten years, where he was also responsible for investments.

In addition, executive board member, Marco Herrmann, will assume the newly created role of board chairman of the three pension providers BVV Versicherungsverein, BVV Versorgungskasse, and BVV Pensionsfonds, as well as the management board chairman of BVV Pension Management GmbH.

Together with Dr. Helmut Aden and Axel-Rainer Hoffmann, he will form the executive board and management following Egermann's departure from these companies.

Supervisory board chairman, Heinz Laber, paid tribute to Egermann, saying he had "significantly shaped" the development of BVV over many years.

"He deserves our thanks and recognition for his achievements and extraordinary commitment."

Looking ahead, he noted that Axel-Rainer Hoffmann had impressed the supervisory board both professionally and personally.

"We are confident that the transition phase will be smooth and that he will be a valuable asset to the BVV association," he continued.

"By introducing the role of chairman of the executive board, we are pursuing the goal of further sharpening the strategic management of BVV.

"Marco Herrmann will successfully fulfil this role with entrepreneurial vision, strong leadership, and a high degree of innovative and integrative power," added Laber.

Meanwhile, at the general meeting, delegates were also presented with a report on further developments in the pension fund business, which has already facilitated the launch of the social partner model for the financial sector.

The report proposed the implementation of the pure defined contribution (DC) plan in the banking industry, intending to provide employees with access to a company pension plan for the first time, while also offering employees already covered by the plan an attractive product offering for additional salary conversion.

The model has already been awarded the German bAV prize.

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