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Professional insurers use the U-yield particularly for pricing immediate annuities, but also as a measure of profit sharing.

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Niek Pilgram

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What is U-yield?

Each month, the Centre for Insurance Statistics calculates and publishes the U yields. These return measures are derived from the average effective return achieved on all guilder and euro bonds issued by the State of the Netherlands, which are continuously quoted in the Official Price List. The average remaining term for the U-yield is between two and ten years.

  2024  2023 2022  
January  2,85   2,24 -0,26  
February  2,59  2,33 -0,25  
March  2,43  2,43 -0,17  
April  2,48  2,62  0,00  
May    2,43  0,25  
June    2,67  0,48  
July    2,66  0,84  
August    2,72  1,12  
September    2,79  1,24  
October    2,85  1,38  
November    2,95  1,68  
December    2,98  2,08  
average  2,59  2,64  0,70  

Source: Association of Insurers:  Return measures (

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Answers to all your questions about U-Rating

What requirements does it have to meet?

Definition adjusted as at 1 June 2001; circular SL-L 2001/13

1. The U-yield is set monthly based on the effective yield of
       all guilder and euro bonds issued by the State of the Netherlands and
       meet each of the following requirements.

       Testing the loans against the size requirement, as defined in D and E, respectively,
       takes place at the end of each calendar year.

2. The U-yield is the average of six part-U yields. A part-U yield
       is determined 2 times per month and as of the 15th and end of the month. To determine
       of a partial-U return is based on the latest known at the dates mentioned
       effective yields of each loan, as published in the Official Price List.

       A part-U efficiency is equal to the sum of A 10 % of the arithmetic mean of
       The medians of the effective yields of all loans with average
       remaining term of 2-3 years, 3-4 years and 4-5 years.

       B 65 % of the arithmetic mean of the medians of the effective returns
       of all loans with an average remaining maturity of 5-6 years, 6-7 years, 7-8 years, 8-9
       years and 9-10 years, C 25 % of the median effective yields of all loans
       with an average remaining term of 10-15 years.

3. Once the Part-U return as of the 15th of a month is determined, the return for the
       next calendar month applicable U yield determined as the average of the six
       latest known part-U returns.

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