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Romania's private mandatory pension sector reports losses of lei 859m for 2008Updated: 04-06-2009 |
Administrators of private mandatory pension funds (Pillar II) saw last year total losses of 859.04 million lei, three quarters of the amount being accounted for by Allianz, ING and Generali, informs a report published today by the pension market watchdog CSSPP.
Pillar II players reported losses of 164.8 million lei in 2007.
The highest losses were recorded by Allianz (44.4 percent), ING (18.5 percent) and Generali (10.8 percent), which stands at a total of 74 percent, reads the report.
The smallest losses were reached by BRD, OTP and Bancpost, which totaled at 0.8 percent.
According to CSSPP, only one administrator of all 14 scored profit last year. The achievement belongs to KD, with 1.37 million lei.
The report refers to the losses due to 2008 and also to those due to 2007, but made public in 2008.
ING and Allianz come first also when it comes to losses on the optional private pension segment (Pillar III). ING reported a 16.9 million lei gap, Allianz lost 10.8 million lei and Aviva some 3.4 million lei. At the opposite end, with the smallest losses, stood Raiffeisen and Aviva Concordia, which together made for 1 percent of the total 33.5 million lei scored by all Pillar III administrators.
The Romanian pension system was reformed in May 2007. Apart from the traditionally state-collected pensions (Pillar I) and the optional private ones (Pillar III), a new type appeared, the mandatory pensions privately managed (Pillar II).
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