The amounts transferred by the National Social Security Institute to supplementary pension insurance funds total BGN 415.250 million, end-2004 data show. As much as BGN 230.433 million has been transferred to universal funds, BGN 179.725 million, to occupational funds. A total of 2,358,913 people were insured by December 31, 2004. Clients of universal funds numbered 2,179,188, of occupational funds, 179,725. Doverie's universal fund received most funds, BGN 96.324 million, as it insures 41.89% of the total number of universal fund clients. It was followed by Allianz Bulgaria (BGN 53.339 million and 20.32%), Saglasie (BGN 26.730 million and 11.52%) and ING (BGN 22.548 million). Doverie is also leader among occupational funds. It received BGN 77.519 million of the total funding, as it holds 40.48% of the market. Allianz Bulgaria got BGN 46.173 million (21.15% of the insured), Saglasie, BGN 32.074 million (17.18%).
Source: Pari (04.01.2005)

The return posted by the domestic pension insurance companies in 2004 ranged between 8.87% to 14.36% from outfit to outfit, the insurance supervision arm of the Financial Supervision Commission (FSC) said on Wednesday, January 12. The return spread of the universal pension funds, which manage the mandatory supplementary pension plans of some 2 mln Bulgarians born after end-1959, ranged between 9.79% (Rodina) and 13.69% (Doverie). The occupational pension insurance companies, which manage the mandatory supplementary pension plans of some 170,000 Bulgarians with hazardous professions, returned between 8.87% and 14.21% in 2004. Doverie is once again the segment's top performer while Saglasie was posted the lowest rate of return. The return at the supplementary voluntary pension insurance companies, managing the third pillar pension plans of some 550,000 Bulgarians, was as high as 14.36%, at Doverie, and as low as 9.23%, at Saglasie. The unit value of the pension accounts managed by the occupational insurers ranged from 0.03136 levs to 0.07251 levs in October 1, December 31, 2004, the FSC said. The spread among the universal funds was 0.02951-0.07939 levs and among the supplementary voluntary pension insurance companies was 0.02836-0.08018 levs. The assets of the nation's universal, supplementary and occupational pension companies were reported by the FSC at 682.4 mln levs by late September 2004, up 25% over the end of 2003, while the total number of Bulgarians with pension plans had risen to 2,636,090. The asset portfolio of the pension insurers is expected to breach 1 bln levs in 2005, increasing their clout on the financial market.
Source: Dnevnik (13.01.2005)

The transferred funds from National Social Security Institute GO – Sofia to the funds for the additional obligatory pension insurance are BGN 441.411 mln., shows the statistics of the Security Institute from March 11th, 2005. The amount has increased with BGN 31.253 mln. compared with the period to December 31st, 2004. BGN 249.524 mln. are transferred to the universal pension funds and BGN 191.887 to the professional ones. The number of the socially insured people is 2 399 244. The clients for the private section have increased with 40 331 compared with the end of 2004. To the universal funds the biggest transfers are made to Doverie - Pension Insurance Company JSC – BGN 103.153 mln. (41.30 percent). Afterwards is Allianz Bulgaria - Obligatory Universal Pension Fund JSC – Sofia with transfer of BGN 58.440 mln. (20.54 percent), followed by Saglasie JSC with BGN 28.694 mln. (11.52 percent). The total market share of the three companies is 73.36 percent. ING Pension Insurance Company SPJSC – Sofia is next with BGN 24.314 mln. Quick growth is assimilated by DZI - Pension Insurance JSC – the transfer is for BGN 1.771 mln. and the insurance people are 32 528.
Source: Pari (17.03.2005)

Pension Fund Saglasie posted a 56.48% year-on-year asset rise at the end of 2004 when the total volume of its assets came to BGN 76.5 million, it emerged on the fund's general shareholders' meeting of Friday. From the total sum, some BGN 30.42 million were accumulated in the universal pension fund, where the rise came to 112.98% on a yearly basis. The assets in Saglasie's occupational fund amounted to BGN 34.125 million, up by 29% compared to 2003. Saglasie's voluntary pension fund accumulated BGN 11.923 million, a jump of 19% year-on-year. The number of insured with the three funds came to 309,276. Saglasie generated a profit of BGN 185,727 for 2004.
Source: Pari (21.03.2005)

As much as BGN 528.833 million was transferred by the National Social Security Institute (NSSI) to private pension funds in Bulgaria by August 20, 2005. Of this sum, BGN 315.807 million was debited to universal and BGN 213.026 million to occupational funds. The biggest transfer to an universal fund was the the BGN 127.832 million transfer to Doverie, followed by Allianz Bulgaria (BGN 74.913 million) and Saglasie and ING (BGN 35.790 million and BGN 30.784 million). In regards to occupational funds, Doverie again tops the list with BGN 87.697 million, followed by Allianz Bulgaria with BGN 52.247 million and Saglasie with BGN 37.333 million. A total of 2,493,691 people have pension insurance accounts. Customers of universal funds are 2,308,203 people, another 185,488 have accounts with the occupational funds.
Source: Pari (22.08.2005)

Chimimport bought a 45.46% stake in Saglasie pension insurer from Orel-G-Holding on September 9, 2005, chairwoman of the Orel-G-Holding's board of directors, Daniela Konova said. Atanas Rakov, who up to now was CEO of Saglasie will leave the company and will remain in the structure of Orel-G-Holding, while the executive officer Lyudmila Vekova will most probably keep her position with Saglasie. The remaining shareholders in Saglasie are Bulgarian Industrial Association, which controls a 20.60% stake, and Vitosha insurer with 15%. In the structure of Chimimport, there is one more pension insurance company: CCB-Sila, which is owned through connected persons in CCB Group Asset Management. Saglasie Pension insurer is the third largest sector company in Bulgaria with 312,779 insured at the end of he first half of the year, and a net asset value of BGN 91.601 million.
Source: Pari (12.09.2005)

Doverie, the nation's biggest pension insurer, and Saglasie lost the biggest number of client accounts in the first half of '05, shows data of the Bulgarian insurance supervision authority. A total of 18,563 clients took their Doverie pension plans to another insurer in H1; the collective balance on the accounts stood at 5 mln levs. The biggest number of clients was lost by Doverie's universal pension insurance division. Another 8,627 clients opted out of their Saglasie pension schemes, taking with them accounts worth 2.8 mln levs; worst hit by the migration was the universal fund, losing 7,667 accounts.
Source: Dnevnik (20.09.2005)

All former members of the management of pension insurance company Saglasie will keep their posts. This decision was made by the new majority owner of the company Chimimport during the shareholders’ general meeting. The members of the board of directors are Mr. Bojidar Danev, Mr. Konstantin Trenchev, Ms. Lyudmila Vekova and Mr. Alexei Georgiev. Ms. Vekova will continue to act as CEO and Mr. Alexei Georgiev – as marketing director. The only person who was dismissed was Mr. Atanas Rakov, who resigned voluntarily.
Source: Pari (26.09.2005)

Competition Protection Commission (CPC) imposed a BGN 50 000 property sanction on PIC Doverie due to unfair client attraction practices. The procedure was launched following letter by the Financial Supervision Commission (FSC), redirecting signal sent by PIC Saglasie. PIC Doverie issued vouchers for free fuel aiming to attract workers and employees of Mines Maritza Iztok SP JSC, currently insured by other companies. According to CPC, this is an unfair method.
Source: Pari (30.09.2005)

Chimimport JSC, property of the Varna-Based Group TIM, acquired 59.11 per cent from Saglasie pension company. A legal lapse was detected in the Social Security Code, allowing connected persons to own more than one pension company. In other countries there is a restriction forbidding connected persons to own more than one company. Chairman of the Commission and Head of Social Security Supervision, Mr. Bisser Petkov comment.
Source: Dnevnik (06.10.2005)