The total amount of the assets of supplementary pension funds, which POK Suglasie manages, as of the end of 2003 is BGN 50.8 million. This amount is a growth of 63.34 per cent as compared to the previous year. The total number of the individual, who are insured in the company are 288 198 people. In the universal fund of the company are insured 224 000 people. During 2003 their number has grown with 48 000 people or with 33 per cent, show the data of Suglasie. The value of the assets, which were accumulated by the insured, is BGN 14.2 million.
Source: Dnevnik (30.03.2004)

Mr. Dobromir Gushterov resigned from he post Chairman of Orel – G Holding’s Board of Directors by his own request. The reason for his decision are his obligations related to the activity of the Bulgarian Private Entrepreneurs’ Union Vazrajdane and some other political activities, the group’s press center announced. In his position was elected Ms. Daniela Konova, and the other members of the Board of Directors are Mr. Hans Dieter Knugel, Mr. Atanas Rakov and Mr. Grigor Dimitrov.
Source: Dnevnik (30.04.2004)

Mr. Grigor Dimitrov, chief executive director of pension company Saglasie, has handed in his resignation and taken a leave. A June 4 general meeting of shareholders is expected to rubber-stamp the transition from one- to two-tier management system, Dnevnik learned from board of directors chairperson Ms. Daniela Konova. It is not yet know if Mr. Dimitrov will sit on the managing board, she added. Dimitrov will retain his seat on the Orel-G board. Mr. Dobromir Gushterov will take over the operative management of the company, Konova said. The outgoing CEO could not be reached for comment. The future managing board of the insurance company, Bulgaria's third biggest, will consist of three executive directors. Two of the appointees are already known: Mr. Atanas Rakov and Ms. Lyudmila Vekova. Saglasie, whose capital presently stands at 7 mln levs, is co-owned by Orel-G Holding (40.9%), Orel Invest (16.2%), the Bulgarian Industrial Association (20%), insurer Vitosha (15%) and Bulbank (6%). The assets of the supplementary pension insurance funds managed by Saglasie totalled BGN 50.8 mln at end-2003, the company said, while the overall number of pension accounts stood at 288,198. Over 224,000 Bulgarians born after 1960 make pension contributions to the universal fund of the company.
Source: Dnevnik (25.05.2004)

The former Chief Executive Director of Saglasie - Pension Insurance Company JSC – Sofia (part of the group of Orel G holding) Mr. Grigor Dimitrov was appointed as a Deputy Chief Executive Director of the biggest Bulgarian pension insurance company – Doverie. Mr. Dimitrov filed his resignation in Saglasie JSC during May. On his new position in Doverie pension insurance company Mr. Dimitrov will be responsible for the territorial structures of the company.
Source: Dnevnik (14.06.2004)

A total of 12 pension funds reported a negative yield for May, 2004, said Bulgaria's Commission for Financial Supervision. All the 24 pension funds generated an yield of BGN 836,000 for the fifth month of the year. Voluntary pension insurance funds marked a total yield of BGN 518,000, occupational funds generated BGN 179,000 and universal funds had a return of BGN 139,000. Through the investments carried out during the first five months of the year all the funds added BGN 16,500 to the already absorbed sums. Voluntary funds' assets increased by BGN 8.550 million, while the occupational funds' assets rose by BGN 4.212 million. The assets of the universal funds augmented by 596.445 million. Negative yield was registered by the three types of funds controlled by PIC Saglasie, PIC Allianz Bulgaria and PIJSC CCB-Sila, the voluntary and occupational funds of PIC DSK-Rodina, and the occupational fund of ING PIC.
Source: Pari (29.06.2004)

Social Insurance Supervision Division with the Financial Supervision Commission imposed mandatory measures on three pension funds – DSK Rodina, Allianz Bulgaria and Saglasie. These are practically some of the biggest companies, operating on the local market in this branch, and their total market share is some 45 per cent.
Source: Dnevnik (16.07.2004)

The National Social Security Institute (NSSI) has transferred a little over BGN 327,377 million to private funds for supplementary pension insurance in Bulgaria, statistics toward July 16 shows. Of this amount, over BGN 165,684 million has been allocated to universal funds and BGN 161,693 million, to occupational pension funds. In the case of universal funds, the biggest cash transfer was made toward Doverie: BGN 72,396 million. Allianz Bulgaria takes second place with BGN 38,108 million, followed by Saglasie and ING with BGN 19,892 million and BGN 15,837 million respectively. Doverie was also the top cash receiver in the group of occupational funds: BGN 68,138 million. It is followed by Allianz Bulgaria with BGN 41,176 million and Saglasie with BGN 28,956 million.
Source: Pari (20.07.2004)

The accounts managed by the pension companies of ING Bulgaria generated the biggest returns in July, show data of the monthly change in the unit value of the accounts managed by the eight local pension companies. The unit value of ING pension accounts rose by 0.01162 levs in July. The second-best account gains were posted by CCB-Sila (+0.00804), followed by DSK Rodina (+0.00686) and Saglasie (+0.00661). DZI Pension Insurance AD reported the smallest unit value increase - 0.00253 levs. All data is circa July 30, 2004. The unit value of the accounts in all eight pension funds was 1 lev on July 1, the date on which a system for daily valuation of the assets and liabilities of the pension companies was introduced. Also from July 1, the pension companies are obliged to provide information on the value of the accounts in units and in the local currency. The change in the value of the account unit reflects the return that the respective company has managed to generate from the management of its assets. Information on the fluctuations in the unit value of their accounts will be available to the account holders on a daily basis.
Source: Dnevnik (03.08.2004)

Pension insurance companies reported a current profit of BGN 376,000 for the first half of 2004, according to data provided by the Commission for Financial Supervision. Up to now the pension insurance sector have generated only losses, excluding Allianz Bulgaria that posted several profits in the last years. For the first six months this year there are three companies that registered profits: Allianz Bulgaria with BGN 1.155 million; Doverie with BGN 501,000; and Saglasie with 57,000. The entities that now post profits, have however uncovered losses from past periods, said Biser Petkov, deputy chairman of he Commission for Financial Supervision. Pension insurance sector in Bulgaria generated a total loss of BGN 853,000 for 2003, compared to a loss of BGN 5.55 million for 2002.
Source: Pari (06.08.2004)

Insurance company Orel raised the number of the directors' board members by three. Ms. Diana Mineva was appointed executive officer. Ms. Diana Konova keeps her position of chief executive officer with the company. Mr. Atanas Radkov (chief executive officer of the pension fund Saglasie) Mr. Plamen Budinov and Ms. Marina Milanova (chief executive officer of Orel Life) are the newly appointed members of the board of directors. Mr. Dobromir Gushterov resigns as a member of the company's board of directors, Mr. Gushterov will concentrate its efforts in other fields of the social and political life, company representatives said.
Source: Pari (26.08.2004)