Assets of Bulgarian Retirement Funds Reached 2.3 Bln Leva At End of 2007

Assets of Bulgarian Retirement Funds Reached 2.3 Bln Leva At End of 2007

The Financial Supervision Commission has announced preliminary results of the activity of additional retirement schemes for 2007.

The net assets accumulated by the system of additional pension insurance stood at 2.318 bln leva (1.185 bln euros) at the end of December, which is 52.79% (800.967 mln leva) up from the same period 2006.

The average return on assets managed by the funds last year stood at 15.38% for universal pension funds, 15.57% for professional funds, and 16.55% for voluntary funds.

Total revenues of retirement funds in the country reached 84.034 mln leva (42.965 mln euros), which is 89.37% (39.658 mln leva) up from 2006 revenues.

The number of people insured by the funds totaled 3,440,814 at the end of 2007, which is 7.48% (3,440,814 people) up from 2006.

50.70% of the clients of universal pension funds are male, compared with 84.33% in professional funds, and 57.93% in voluntary funds. The average age of those insured by universal funds is 33.8 years, 41.9 years in professional funds, and 46.1 years in voluntary pension funds.

The FSC data is based on statistics provided in the preliminary reports submitted by Bulgaria's retirement funds.

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