Bulgarian private pension companies have accumulated 11.75 billion euros

The assets managed by the private pension companies in Bulgaria grew by 20% in a year and by the end of 2023 are estimated at a record 11.75 billion euros. To a large extent, the increase in funds invested as a supplementary pension by Bulgarians born after 1959 is due to the recovery of the financial markets, which took a hit the previous year.

Data from the country’s Financial Supervision Commission (FSC) show that the market leader is POC Doverie. The company already manages 2.8 billion euros or about a quarter of all private pension company assets registered in Bulgaria. The increase in net assets for the past year was 18.4%.

On May 9, POC Doverie marked its 30th anniversary, and since its founding in 1994, it has established itself as one of the pioneers in the private pension insurance sector in Bulgaria.

POC Doverie is looking forward to the next 30 years of success and achievements, and our main mission is to be a reliable partner of our clients on their way to a peaceful and secure future", states Svetla Nestorova, Chairman of the POC Doverie Management Board.

In second and third place in terms of assets for 2023 are DSK-Rodina and Allianz Bulgaria, respectively, which manage about 2.3 billion euros each.

The total revenues of private pension funds in Bulgaria last year reached 153 million euros. POC Doverie is also the leader in this regard with 37.5 million euros.

The profit of the private pension companies reached 47.5 million euros, with POC Doverie once again in first place with 13 million euros.

The total number of people insured through private pension funds increased by 1.6% last year and exceeded 5 million in November. The POC Doverie customers number 1.25 million or about 25% of the total. They are followed by Allianz Bulgaria with 1 million customers and DSK-Rodina with nearly 990 thousand customers. The remaining funds have a significantly smaller share of customers.

Trends

The net assets of the universal pension funds continue to grow the fastest, reporting a growth of 20.5% on an annual basis. Assets also grew in the professional and voluntary funds - by 14.27% and 9.95%, respectively.

The average amount of pensions paid by the end of 2023 is about 115 euros, and the average amount for deferred payment – ​​208 euros. Compared to the previous year, the average amount of pensions paid grew by 9.2 euros or by 8.83%, and the average amount of deferred payment – with 32 euros or 18.25%.

Translated by Tzvetozar Vincent Iolov