Contents

LEARNING OUTCOMES ........................................................................................................................................2
1 OVERVIEW......................................................................................................................................................2
2 PENSION FUNDS.............................................................................................................................................3
2.1 DEFINED-BENEFIT PLANS: BACKGROUND AND INVESTMENT SETTING .......................................................5
2.2 DEFINED-CONTRIBUTION PLANS: BACKGROUND AND INVESTMENT SETTING ..........................................17
2.3 HYBRID AND OTHER PLANS ......................................................................................................................22
3 FOUNDATIONS AND ENDOWMENTS......................................................................................................23
3.1 FOUNDATIONS: BACKGROUND AND INVESTMENT SETTING.......................................................................23
3.2 ENDOWMENTS: BACKGROUND AND INVESTMENT SETTING.......................................................................28
4 THE INSURANCE INDUSTRY.....................................................................................................................37
4.1 LIFE INSURANCE COMPANIES: BACKGROUND AND INVESTMENT SETTING................................................38
4.2 NON-LIFE INSURANCE COMPANIES: BACKGROUND AND INVESTMENT SETTING.......................................48
5 BANKS AND OTHER INSTITUTIONAL INVESTORS............................................................................57
5.1 BANKS: BACKGROUND AND INVESTMENT SETTING ..................................................................................57
5.2 OTHER INSTITUTIONAL INVESTORS: INVESTMENT INTERMEDIARIES.........................................................63
6 SUMMARY .....................................................................................................................................................64