Italy’s largest first-pillar pension funds delivered stronger-than-expected results in 2024, buoyed by robust investment returns and positive contribution balances, as they prepare for leadership transitions and long-term structural changes.
Enpam surpasses targets
Enpam, the first-pillar pension fund for doctors, reported a net profit of €1.11bn for 2024, with assets under management (AUM) of €27bn at book value and €29.3bn at market value. Investment activity was the key driver, generating nearly €1bn in profits and delivering a return of 7.65%, net of management costs and gross of tax.
The scheme had initially forecast a deficit for the year but instead recorded a €120m surplus from contributions over pension payouts. Net returns from invested assets amounted to approximately €826m. For 2025, Enpam is targeting €710m in net investment returns.
“I believe that the numbers speak for themselves. We are now preparing for the upcoming challenges,” Enpam’s president Alberto Oliveti said.
The 2024 results and 2025 outlook were the final approvals under the outgoing governance team. The incoming board will be tasked with safeguarding long-term financial sustainability, further diversifying the portfolio, and increasing exposure to innovative technologies in the healthcare sector and Italy’s real economy.
Cassa Forense posts double-digit returns
Cassa Forense, the pension fund for lawyers and Italy’s second-largest scheme by assets, reported an operating result of €1.85bn in 2024, up 32.1% year-on-year. The scheme generated a 10.6% investment return for the year, outperforming its 5.9% benchmark.
Net income from investments grew by 78% compared with 2023, reaching nearly €1bn. Contribution income also increased, rising from €2.29bn in 2023 to €2.35bn in 2024.
“The results confirm the solidity of our institution,” said Valter Militi, president of the scheme’s executive committee. He noted that strategic investments in Italy’s major companies – intended to positively impact the national economy – have contributed significantly to the performance of fund’s asset management.
Maria Annunziata was recently appointed as the new president of Cassa Forense, becoming the first woman to lead the fund. She will continue the strategic path laid out over the past four years, focused on financial sustainability and transitioning to a defined contribution (DC) model.
Inarcassa boosts private market exposure
Inarcassa, the pension fund for engineers and architects, channelled 43% of new investments in 2024 into private markets, targeting domestic SMEs and infrastructure projects, as part of its evolving governance and investment strategy.
The scheme achieved a 7.7% return for the year, in line with expectations. Contribution income exceeded pension outflows, generating a surplus of nearly €900m — up 19% compared with 2023.
“We leave a solid foundation to future governance,” said Giuseppe Santoro, outgoing president of Inarcassa, adding: “This path can only continue by preserving our management and financial independence.”
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