2024年全球固定收益计划会计假设调查（英）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The 2024 Global Survey of Accounting Assumptions for Defined Benefit Plans reflects data from 1,100 companies across 47 countries, focusing on economic assumptions that influence pension costs [3][21] - Key economic assumptions include discount rates, inflation, expected long-term rates of return on plan assets, and mortality assumptions [4][6] Summary by Sections Economic Assumptions - In 2023, there was a global decline in both corporate and government bond yields, with government bond yields decreasing in 33 out of 42 countries [6] - The main stock markets showed resilience despite economic uncertainties, maintaining levels close to the end of 2022 [6] - Year-on-year changes in expected rates of return assumptions ranged from -28 basis points to +58 basis points [6] Discount Rates - Discount rates are primarily based on AA-rated bonds, with ASC 715 and IAS 19 providing different guidelines for their calculation [7] - The average discount rates for benefit obligations at the end of 2023 showed a reversal in the upward trend, except in Japan [8][10] Inflation Assumptions - Long-term price inflation assumptions influence salary increases, pension increases, and social security parameters [9] - Inflation rates have diminished overall, except in Japan and Switzerland, with the average inflation assumption for 2024 showing slight decreases compared to 2023 [11] Expected Rates of Return - The expected rate of return on assets reflects the long-term earnings expectation of pension fund assets, with minor changes in asset allocations compared to the previous year [12][14] - The average expected rates of return for 2024 show slight increases in several countries, with the United States maintaining a rate of 6.23% [16] Mortality Assumptions - The report includes data on life expectancy assumptions, with most countries showing life expectancies between 20 and 30 years [17] Projected Benefit Security Ratio - The projected benefit security ratio, which compares the market value of plan assets to projected benefit obligations, showed a decrease in most major economies due to lower discount rates [18][20]