Funded status for the pension plans of Eli Lilly & Co., Indianapolis, improved to a cumulative 95% for 2013, from 79% the previous year, according to the company's 10-K filing.
Lilly reported $9.48 billion in global defined benefit pension assets as of Dec. 31, up 14.4% from the end of 2012, on the strength of $1.14 billion in investment returns, according to the 10-K.
The company contributed $429 million to its global pension plans last year, down from $470 million in 2012. The filing did not state any expected pension funding for 2014.
Eli Lilly's pension funds increased their combined actual international equity allocation to 26.1% last year, from 23%. Hedge funds remained the largest asset class, at 30.6%, although the allocation was trimmed by two percentage points from 2012. Fixed income was cut to 15% from 17.8%; private equity was trimmed to 11.3% from 12%; real estate was 5.5%, down from 6.1%; U.S. equity was cut to 4.2% from 5.5%; and other investments were increased to 7.3% from 4.8%.
Susan Ridlen, assistant treasurer, said Lilly does not disclose how many pension plans it offers globally. According to Ms. Ridlen and the 10-K, 80% of Lilly's global pension assets are with U.S.- and Puerto Rico-based plans.
