The Bundesbank has published the “Bezugszins” (10-year zero-coupon euro swap rate) for June 2025. It amounts to 2.599 %.
The “Referenzzins” for the calculation of the “Zinszusatzreserve (ZZR)” as of 31.12.2024 amounts to 1.57 %.
Assuming that the “Bezugszins” remains constant, the “Referenzzins” as at 31.12.2025 would be 1.57 %.
With the publication of the “Bezugszins” interest rate (10-year zero-coupon euro swap rate) for September 2022 by the Bundesbank, the (“Referenzzins”) reference interest rate for the calculation of the “ZInszusatzreserve” (ZZR) is fixed as of 31 December 2022. It is 1.57%, as in the previous year.
Finally, after a long wait, the Federal Ministry of Finance presented a draft bill dated 14.9.2018 on the amendment of the “Regulation on the Principles Underlying the Calculation of the Premium Reserve” for life insurers and pension funds. It is intended that the new version will come into force this year in order to enable the calculation of the actuarial reserve as at 31.12.2018 according to the new methodology.