The assembly of delegates of the Pension Fund for Accountants and Accounting Experts, presided over by Luigi Pagliuca and convened in Rome, approved by a large majority the financial statements for the year 2025, which closed with a gross profit before provisions and value adjustments of 191.07 million euros (net profit of 84.96 million).
Net profit stands at 84.96 million.
The actual results, compared to the revised budget of November 2024, were positively influenced by the performance of asset management, which saw an increase in value in the last quarter due to the growth of equity markets. Additionally, the increase in income and business volumes of members for 2024 led to an additional subjective contribution of 2.6 million and an extra supplementary contribution of 2.2 million compared to the adjusted budget.
Another positive contribution came from the revaluation of certain financial fixed assets by about 2.15 million, while the trend of financial markets in the last month of the 2025 quarter led to a devaluation of securities recorded in current assets of about 43 million, slightly up from the 2024 devaluation, which estimated a value adjustment of asset management for unrealized losses at 37.8 million euros.
Several factors had a positive impact.
Another factor that positively affected the result was the decrease in the devaluation of receivables from members, recorded at 51.9 million euros, an increase of about 12.4 million compared to the budget, due to higher recognition of penalties and interest for non-payment at year-end. The posted devaluation includes the remaining contribution receivables from 2013, totaling 17.9 million.
The allowance for doubtful receivables from members at the end of the year amounts to 326.05 million. The value of receivables from members for contributions, net of the allowance, amounts to 381.3 million euros, compared to 381.9 million in 2024. The performance of financial markets in the last quarter of 2025 maintained low volatility, resulting in a significant increase in the market value of the portfolio managed through asset management mandates, with a benchmark financial return of 7.02% compared to 9.04% in 2024.
Portfolios and real estate component
The GPM portfolio achieved a financial performance of 7.11%, outperforming the benchmark by 0.09%. The institution’s overall portfolio achieved a positive financial return of 4.90%, thanks to the positive contribution not only from asset management but also from investments in alternative funds and other direct investments. The directly managed real estate component achieved a gross return of 4.5%, up 0.2% from the previous year.
The items leading to the gross result of 191.07 million are attributable to value adjustments of receivables from members and tenants totaling about 52.1 million euros (down about 23.9 million from 2024, due to lower penalties and interest based on the new regulation and the volume of residual receivables from 2013), devaluation of financial fixed assets and securities in current assets for 56 million due to deemed permanent impairment, and the provision for the securities fluctuation fund for implicit losses, mitigated by the revaluation of securities recorded in fixed assets for 2.1 million.
Almost 26,000 members in the fund
Active and retired members of the fund number 25,903 (26,399 at the end of 2024), compared to the estimate of 27,054 used to forecast 2025 contribution income in the budget. The lower actual number of members resulted in lower recognized contributions at year-end, totaling 379.9 million compared to 401.8 million in 2024; this figure is affected by lower recognition of penalties and interest for late payment of contributions, amounting to 22.9 million.
The pensions paid, both direct and indirect, amounted to 12,487 benefits (11,985 in 2024, an increase of 502 benefits, or +4.02%), compared to the forecast estimate of 12,500; the ratio of members to pensioners is 1.72 versus 1.85 in 2024. The invested assets, at book value, amount to 2,576.2 million euros, compared to a market valuation of 2,737.2 million euros. The financial return of asset management portfolios was +7.11%, exceeding the strategic asset allocation, which closed 2025 at 7.02%.
Financial return of +55.58%
From the initial awarding of mandates to managers selected through a European tender, June 25, 2015 – December 31, 2025, the financial return stands at +55.58%, compared to the AAS benchmark return of +59.43% (data refer to the mandates of the four management companies whose mandate was confirmed in the European tender awarded on April 21, 2022). The new winning manager achieved, from the beginning of its mandate (June 30, 2022) to December 31, 2025 (three years and six months), a positive return of 24.32%, compared to an AAS return of +27.86% over the same period.
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