In 2025, IPPs grossed 2.1 billion

Individual savings plans closed the annual accounts with positive net inflows of more than EUR 2 billion. It has been a progressive and constant path of positive figures ringed month after month, with the sole exception of March (-38 million). The peak, however, was reached in February when no less than EUR 414 million entered the system's coffers. The balance achieved in the last year is a far cry from the deficit of 471 million in 2024 or the deficit of 2 billion incurred in 2023. A clear turnaround that has bond Pir as its only denominator.

What marked the growth of the Pir system, in fact, was the growing consensus towards bond products, the only ones towards which investors' preferences were directed. Companies began to place so many of them within a short period of time, thus boosting the fortunes of the entire sector. The largest companies in terms of assets led the way, but this trend was gradually followed by the other market players. There has been a gradual shift of flows both from pir equities at the end of the five-year period required to take advantage of the tax exemption, and fresh capital coming instead from those who wanted to buy a bond product but without having to bear any capital gain charges after the five-year period had elapsed. If the subscriber had preferred to exit earlier, he would simply have had to pay the 26% tax rate on any gain. Through the Pir formula, however, he had a choice of two options. Just to get an idea of the success of these instruments, over the past year, a total of 2.5 billion lire has entered the bond coffers, while in the same time frame for flexible and equity instruments the balance has been negative for 209 and 180 million respectively. Balanced funds, on the other hand, showed a positive result of 60 million, the classic middle way that reduces the risk associated with exposure to the stock market.

On an annual basis, the market's big guns who have focused on bond products have obviously recorded the best results. Leading the ranking in terms of net inflows is Eurizon, which collected a total of EUR 697 million, while the second step of the podium is occupied by Mediolanum with a balance of EUR 524 million. The bronze medal went to Bcc Risparmio & Previdenza which, from May onwards, pushed on the accelerator thanks to the Bcc Obbligazionario Pir product and raked in a total of 490 million. Amundi, lastly, collected almost 230 million, while Arca Sgr posted a profit of 73 million.

In December, the Pir balance was a positive EUR 156 million, while assets stood at EUR 19.3 billion. On the company side, in the last month of the year, Mediolanum was the one that collected the most (50 million), followed by Eurizon (38.8 million), Bcc Risparmio & Previdenza (28.5 million) and Ersel (18.3 million). Amundi posted 8.3 million in the red.

On this front, the absolute best results were achieved by equities in both the medium and short term. From 2021 to date, the products that have revalued the most have recorded triple-digit returns and are Leadersel Pmi which gained 116.6%, Arca Azioni Italia up 114.3%, Eurizon Piano Azioni Italia up 103.6% and Sella Investimenti Azionari Italia Pir revalued 101.6%.