The Assets Of The Superannuation Funding Business Surpass BGN 1.5 Billion
Some 250 000 individuals have chosen a superannuation funding company for the first time in 2006. Most of them have registered in the universal funds. That is what the preliminary report, of the
Financial Supervision Commission, on the additional insurance reads. In accordance with the accounts of the companies working in this field, 3 201 308 people were making superannuation deposits by
the end of 2006; i.e. there is an increase in the number of insured citizens, by 7.72%, as compared to 2005. Logically, more than 76% of the insured are clients of the universal funds- 2 442 701
people. The people making a third superannuation deposit are 17.67% of all- 565 782. 192 173 people are clients of the professional funds. The leaders, holding 62% of the market, are the companies
of "Doverie" and "Allianz". Doverie has a market share of 37.52%, and is the only company surpassing the limit of one million customers- 1 201 173 people. The market share of Allianz is of 24.80%.
Third comes the company of Saglasie, with a market share of 11.36%. Thus the group of the first three stood their leading positions. Changes are expected in 2007, in view of the newly registered
Toplina and the foreign investment interest. What is more, the insurance companies and the health care company of DZI were recently sold. The superannuation company of the group is expected to
attract attention as well.
The FSC released information about the superannuation funding reporting on the number of the individuals insured, as well as information about the employers' deposits in the additional funds. The
data analysis allows the possibility that one person is insured by more than one fund, as well being insured in more than one additional fund. The newly insured in 2006 number 248 776. 202 268
individuals, i.e. 81.35% of them, make deposits in the universal funds.
2006 was called to be the year of the additional superannuation by the insurance companies. New advertisement was launched, encouraging the people to save. 32 253 people have started to make a
third superannuation deposit. Allianz appeared to be the most attractive company for this kind of savings, where 9 713 people decided to deposit their money. Second comes Doverie with the
insignificant difference of 411- 9 302. 4 312 people have chosen DSK- Rodina. Third, However, is placed the company of Saglasie. In accordance with their contract of employment 416 555 people we
insured, by Dec 31st 2006; the accumulated amount comes to BGN 295 520 thousand. The managers are more probably displeased than pleased. The average share of the peoplе insured in the voluntary
funds came to 18.5% in 2005, and to 17.67% in 2006.
Half of the people with a third superannuation deposit have chosen Allianz, one third chose "Doverie". Starting 2007 the voluntary funds will augment their abilities by creating voluntary insurance
connected with professional activities. The first company to have expressed their its desire to open such a fund is Allianz Bulgaria. It is expected to be operational by the middle of the year.
Company officials say that certain legislative allowances should be made.
Another classification criterion is thе assets amount and the financial indices. The accumulated net assets, by the end of 2006, registered a rise of more than BGN 405 million, i.e. 36.44% more as
compared to the previous year and come to BGN 1 517 412 thousand. Some 50% are universal funds resources, some 32% - voluntary funds. The leaders of Doverie and Allianz hold 65% of the market and
the difference in the amount of their assets is under one per cent. Doverie accounted for BGN 500 000 million of assets. The one billion limit was passed on the second working day of the year.
Saglasie is placed third with a market share of assets coming to almost 11%.
The superannuation funding companies have concluded 2006 with incomes amount of BGN 44 371 thousand, registering a rise of BGN 11 442 thousand, i.e. 34.75% more as compared to the incomes for 2005.
The expenditures amount BGN 32 196 thousand. The financial results for 2006 are four times better amounting BGN 12 175 thousand.
A significant index is the achieved profitability of the funds, via assets management. The profitability range is vast. It is from 3.73% to 18.94% of the universal funds; from 3.23% to 17.01% of
the professional; from 4.96% to 16.51% of the voluntary funds. FSC explains this great range in view of the different stage of portfolio reformation of the companies and the superannuation funds
they manage after the liberalisation of the investment regime in February 2006.
