ATP sees little investment return in Q3 as Danish shares drop

first_imgATP said the result for the first three quarters of the year had been created by high investment returns in the first half of the year, while market conditions had become more difficult towards the end of Q3.“Difficult market conditions continued into Q4,” the pension fund said.For the third quarter alone, ATP reported an investment result before tax on pension savings returns and income tax of just DKK136m, compared with DKK8.73bn for the first three quarters put together.In the first three quarters, equity investments produced a DKK7.7bn return, up from the DKK6.9bn generated in the first two quarters alone. Within this, listed Danish equities produced DKK2.9bn, down from DKK3.2bn at the end of June, unlisted equities returned DKK3.4bn, up from DKK2.4bn, and listed global equities returned DKK1.5bn, up from DKK1.3bn.ATP said three out of the five risk classes in its investment portfolio – equities, interest rates and credit – had delivered positive returns in the first nine months of the year, while inflation commodities made losses overall. Within the inflation risk class, insurance strategies against interest rate increases lost money for ATP, and the commodities loss was due to a drop in oil prices, the pension fund said.With the vast majority of its assets belonging to its hedging portfolio – designed to safeguard the guaranteed pension promises it makes – ATP’s total assets grew to DKK666bn at the end of September, from DKK641bn at the end of June and from DKK592bn at the end of 2013.ATP said its hedging portfolio generated a return of DKK82bn before tax in the nine-month period, equivalent to DKK69.5bn after tax, and just undercutting the DKK70.7bn the pension fund provisioned for members’ guaranteed pension liabilities.As the hedging loss of DKK1.2bn equated to less than 0.25% of ATP’s guaranteed benefits of DKK 564.8bn, it was “considered to be satisfactory”, ATP said. Denmark’s ATP made only the slimmest of investment returns in the third quarter of this year, generating around 0.15% on its DKK100bn (€13.4bn) investment portfolio, due to “difficult market conditions”.The latest figures showed losses on domestic equities had been offset by gains on private equity.Reporting interim financial figures for January to September, statutory pension fund ATP posted an investment return of 9.6% before tax and expenses, or DKK9.2bn, up only marginally from the DKK8.9bn reported at the half-year stage.Carsten Stendevad, ATP’s chief executive, said: “After years with unusually stable returns across asset classes, the financial markets have now become more volatile. That reflects the significant challenges the global economy is facing.”last_img read more

THE YEAR IN PICTURES: Bucksport softball claims Class C North title

first_imgBucksport softball’s MaKenzie Smith (left) hugs teammate Darian Jellison after the team defeated Mattanawcook Academy to win the Class C North title June 14 in Brewer. It was the Golden Bucks’ fourth regional title in five seasons. ELLSWORTH AMERICAN PHOTO BY TAYLOR VORTHERMSThis is placeholder textThis is placeholder textlast_img

West Ham blow! Diafra Sakho to miss FA Cup replay, confirms Slaven Bilic

first_img Diafra Sakho’s knee injury has ruled him out of Wednesday’s FA Cup replay at Upton Park West Ham will be without striker Diafra Sakho for Wednesday’s FA Cup quarter-final replay against Manchester United.But manager Slaven Bilic insists it is through injury and not as a disciplinary measure after he didn’t turn up for the weekend’s game against Arsenal.Sakho withdrew from Saturday’s Premier League meeting against the Gunners, complaining of a knee injury after the final training session ahead of the weekend clash.However, reports claimed the Senegal international’s absence was over his annoyance of being dropped for Andy Carroll.Bilic was vindicated for his selection as Carroll hit a hat-trick in the thrilling 3-3 draw at Upton Park, but Sakho had already posted an early-morning message on social network Snapchat which read: “When I’m hated I don’t give a f***, I do everything to be more hated.”It has since been claimed the post was in no way related to Bilic’s squad choice, though the manager did reveal on Tuesday morning that the 26-year-old will not be involved against United on Wednesday.“The situation is very simple,” said the West Ham boss.“He reported an injury after training on Friday and then he was not in the squad, yesterday he had a scan and it reported a little bit of a problem.“He is out for hopefully one week, not more than that, but for this week he is definitely out and hopefully he will be back on Monday.” 1last_img read more

Ageas Completes The Acquisition Of The 40% Stake In Indian Non-Life Insurer RSGI

first_imgRSGI is a top 10 privately owned player in the Indian Non-Life market with strong positions in Motor and Health insurance. The company benefits from extended distribution capabilities with a nationwide network of more than 5,600 agents, 700 branches, and well-established relationships with banks and other distribution partners off- and online. For the first nine months of the current financial year that in India ends in March, RSGI reported EUR 12 million net profit. Between 2015 and 2018 RSGI realised an average annual growth rate of 55% in net profit.Read it at Globe News Wire Related Itemslast_img read more