Romanian insurer Allianz-Tiriac Pensii Private boosts share capital eleven-fold to lei 350m

Insurer Allianz-Tiriac Pensii Private hiked the share capital more than eleven times and reached 350 million lei, after the pension market watchdog CSSPP authorized this move in a session on February 19, data published by CSSPP show.

The company had a share capital of 30 million lei before the increase.

The share capital increase will be completed by issuing 3.2 million shares at a face value of 100 lei, according to CSSPP.

Allianz-Tiriac Pensii Private is present on the mandatory pension market (Pillar II) through the AZT Viitorul Tau fund, which had a market share of 23.36 percent and net assets of 251.5 million lei at the end of February.

The company also manages two optional private pension funds (Pillar III), AZT Moderato and AZT Vivace, with 15.45 and 8.38 percent market shares and net assets of 15.48 million lei and respectively 8.4 million lei at the end of last month.

The private mandatory pension market (Pillar II) reached net assets of 1.076 billion lei at the end of February, advancing by 13.36 percent month-on-month, according to the data provided by CSSPP.

The ten funds on the optional private pension market (Pillar III) hiked their net assets by 8.15 percent in February, to 100.22 million lei as the total number of participants stood at 158,790 at the end of the month.

Romania's pension system was reformed in May 2007. Apart from the traditional state-collected pensions or Pillar I and the private pensions, Pillar III, a new type was created - the private mandatory pensions, or Pillar II.

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