In Q1 2013, hedging-activity results produced a return of DKK 0.2bn.
Hedging-activity results for Q1 2013 in DKK million
The value of guaranteed benefits decreased by DKK 5.3bn. As a result of the rise in interest rates, the value of guaranteed benefits decreased by DKK 8.0bn. At the same time, benefits that members are guaranteed at the beginning of the year move three months closer to payout at the end of Q1, causing the value of guaranteed benefits to rise by DKK 2.7bn.
Conversely, the hedging generated a negative return of DKK 6.6bn due to both government bonds and interest rate swaps increasing during the quarter. As a result of the negative return, tax on pension-saving returns were a profit of DKK 1.0bn. Thus, the hedging portfolio produced a negative return after tax of DKK 5.6bn.
During the period from 2008 to Q1 2013, ATP's hedging portfolio achieved a return of DKK 275.8bn. The return after tax was DKK 234.3bn.