The Canada Pension Plan Investment Board (CPP Investments) reported $699.6 billion in net assets, as of Dec. 31, 2024. The figure represents a $24.5-billion rise relative to the previous quarter. The pension fund manager earned $26 billion in net income, and delivered $1.5 billion in member payments.
“Returns were strong this quarter,” said John Graham, president & CEO of CPP Investments in a news release. “Our investment teams were very active with more than 40 transactions signed or closed in the last three months of the calendar year.”
The fund delivered a net return of 3.8% during the quarter. Its 10-year annualized net return is 9.2%.
CPP Investments said it will hit the $700-billion mark “five years ahead” of projections by the Office of the Chief Actuary of Canada.
“Even with considerable uncertainty on a global scale as 2025 begins, we continue to seek out the best opportunities to deliver steady, long-term investment returns for the fund,” Graham said.
CPP Investments closed out calendar 2024 with $646.2 billion in the base CPP account (up from $626.1 billion at the end of the previous quarter) and $53.4 billion in the additional CPP account (up from $49 billion at the end of the previous quarter). The pension fund manager delivered net quarterly returns of 3.9% and 2.8% respectively.
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