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Oslo Pensjonsforsikring return slips to 5.1% on weak equities

first_imgInvestment returns at Oslo Pensjonsforsikring (OPF), the pension fund for city council staff in the Norwegian capital, slipped to 5.1% in 2015 from 7.5% the year before, but the organisation said it was able to increase its solvency coverage to 211%.Reporting its fourth quarter and full-year results, the pension fund, incorporated as an insurance company, blamed the fall in returns on members’ pension savings on lower interest rates, as well as weak equities markets.Åmund Lunde, chief executive at OPF, said: “Over many years, we have adjusted ourselves to lower interest rates by having strong solidity and a broad spread of investments.”In absolute terms, the pension fund doubled its profit on pension activities to NOK752m (€78.6m) in 2015, from NOK327m. The highest-performing asset sub-classes for OPF were infrastructure and private equity, producing returns of 13.2% and 16.2% for the full year, respectively, though it made a 6.1% loss on its holdings of high-yield bonds.The fixed income portfolio – which made up 51.5% of the overall collective portfolio at the end of the year – generated 2.8% overall during the year, while real assets produced 7%, and ended the year making up 22.8% of the collective portfolio.The equities portfolio returned 7.9%, and accounted for 25.6% of the collective portfolio.Noting that the new Solvency II regulatory regime had come into force on 1 January this year, OPF said that, at 211%, its solvency capital ratio ended last year at twice the minimum allowed, but it also pointed out that, under the transitional rules now in place, its coverage ratio was in fact 362%.Lunde said the pension fund had set itself the target of making the transition to the new solvency regime back in 2010.“Through good results and by building up capital systematically, we fulfil the capital requirements by a good margin,” he said.Total assets in OPF’s collective portfolio grew to NOK72bn by the end of December 2015 from NOK67.6bn a year before.last_img read more

Serena dumped out of US Open

first_imgRelatedPosts Live stream Premier League, La Liga, Serie A on Showmax Pro this weekend Thiem claims his first Grand Slam title after thrilling fightback in US Open Serena pulls out of Italian Open Victoria Azarenka got the better of old foe Serena Williams to reach her first grand slam final for seven years.Williams looked supreme in the first set as a US Open final rematch against Naomi Osaka beckoned but Azarenka fought back superbly to win 1-6 6-3 6-3.Williams was not helped by a jarred ankle early in the deciding set that required heavy strapping and her quest to equal Margaret Court’s record of 24 grand slam singles titles goes on.Instead it is two-time Australian Open champion Azarenka who will face Osaka in a quite remarkable story of resurgence.The 31-year-old had been a shadow of her former self since her stop-start return from maternity leave in 2017 and had almost been written off as a major contender prior to her victory on the same courts in the Western & Southern Open last month.A lengthy custody battle with her former partner over their three-year-old son, Leo, kept her away for several spells and took its toll on and off court, while her confidence ebbed away.This was the former world number one’s first slam semi-final since her second consecutive final against Williams in New York in 2013, both of which were high-quality, close affairs but both were won by the American.But this was every bit as good, with Azarenka continuing the form that saw her lose just one game against Elise Mertens in the quarter-finals.Williams, by contrast, had survived three-set battles against Sloane Stephens, Maria Sakkari and Tsvetana Pironkova but crushed any suggestion of vulnerability in a pulsating start.Azarenka helped her with a nervy first service game and Williams needed no second invitation to crush her opponent’s weaker second serve.In no time she was 4-0 up, and in just 34 minutes she wrapped up the opening set.It seemed a minor setback when Williams missed the chance to break for 2-0 in the second set, but that gave Azarenka a foothold and she grabbed it, playing a superb return game to move 3-2 in front.Azarenka’s backhand in particular was really firing now and she began to dictate from the middle of the court, marching to her chair after breaking for a second time to win the set.Suddenly it was Williams needing to change the momentum, and what she certainly did not need was an injury to her troublesome ankles.The 38-year-old clutched her left ankle as Azarenka made it deuce in the second game of the deciding set, and the Belarusian broke after a lengthy medical timeout.Williams threw everything she had at Azarenka as she tried to claw her way back into the match, her screams reverberating around the empty Arthur Ashe Stadium.But Azarenka held her nerve superbly and got the sweetest of rewards, sealing victory with an ace for her first win over Williams at a slam in 11 tries.Tags: Serena WilliamsUS OpenVictoria Azarenkalast_img read more