The Austria Financial Market Authority published its annual study on the market for state-sponsored retirement provision (PZV), finding the voluntary product continued to contract in 2024 and generated only limited new business, extending a decline that has persisted since the state premium was reduced in 2012. The number of PZV contracts dropped to around 782,000 in 2024, down from more than 1.6 million at the 2012 peak, while newly concluded contracts rose only marginally to 8,077 and remained insufficient to offset expiries and terminations. Annual premium inflows totalled approximately EUR 637 million, down 4.8% year on year, and assets under management fell 0.75% to EUR 8.69 billion. The report highlights a highly concentrated provider base: investment fund management companies have not sold new PZV contracts for over ten years and their contracts have since matured, while only four of the 19 insurers active during the product’s boom phase still offered new contracts in 2024, with a single insurance group receiving more than half of premium volume.
Austria Financial Market Authority 2025-07-24
Austria Financial Market Authority report finds state-sponsored retirement provision contracts fell to around 782,000 in 2024
The Austria Financial Market Authority's annual study on state-sponsored retirement provision (PZV) reveals continued contraction in 2024, with contracts dropping to 782,000 from over 1.6 million in 2012. New contracts rose slightly to 8,077 but failed to offset expiries, while annual premium inflows decreased by 4.8% to EUR 637 million. The market remains concentrated, with only four insurers offering new contracts and one group receiving over half of the premium volume.