PENSION FUNDS SWING TO PROFIT IN 2009
The companies posted a BGN 16.6 million profit, compared with a BGN 7.4 million loss in 2008
Private pension funds returned to profit in 2009, preliminary data of the Financial Supervision Commission show. The companies posted a BGN 16.6 million profit, compared with a BGN 7.4 million loss in 2008. Doverie and Allianz Bulgaria were the best performers last year with a BGN 7.4 million and BGN 7 million total profit.
The income of the supplementary pension insurance funds stood at BGN 79.11 million at the end of December, up 10.68% from the previous year. Pension funds' assets grew 38% to BGN 3.17 billion due to an increase in the gross social security payments and the return achieved from asset management. The net assets of universal pension funds jumped 50% to BGN 2.17 billion in 2009.
The average age of the insured was 34.5 years for the universal funds, 42.6 years for the occupational funds and 46.6 years for the voluntary ones.
