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As of 31 December 2022, the investment portfolio amounted to € 5.0 billion and the liquidity reserve was € 11.7 billion.
The investment portfolio’s average maturity was four years, comprised nearly 100% of investment grade rated securities, of
which 71% were rated in the single A category or higher. The portfolio had no direct exposure to China or Russia. Exposure
to Central Eastern Europe continues to be moderate and comprises shorter-term, liquid bonds of well-known issuers.

Geschäftsbericht 2022


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