The Bundesbank has published the “Bezugszins” (10-year zero-coupon euro swap rate) for January 2026. It amounts to 2.894 %.
The “Referenzzins” for the calculation of the “Zinszusatzreserve (ZZR)” as of 31.12.2025 amounts to 1.57 %.
Assuming that the “Bezugszins” remains constant, the “Referenzzins” as at 31.12.2026 would be 1.57 %.
As of 31 December 2025, the “Referenzzins” for the calculation of the additional reserve requirement (“ZInsszusatzreserve” or “ZZR”) will again be 1.57%. With the publication of the “Bezugszins” (10-year zero-coupon euro swap rate) for September 2025 by the Bundesbank, the input values for calculating the reference interest rate are now complete. The calculation method of … Read more …
The new regulation to change the Deckungsrückstellungs-Verordnung and Pensionsfonds-Aufsichtsverordnung has been published in the edition of the Bundesgesetzblatt (Federal Law Gazette) of 22 October 2018. The new rules for calculating the additional interest reserve thus come into force just in time for their application on 31.12.2018. The regulation has again been slightly amended in comparison with the draft bill in order to clarify the calculation rules.
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.