Results of Private Pension Funds for 2021 – Main Indicators

The net assets of the Bulgarian private pension funds increased by 3.8% QoQ (+BGN 724m) and by 13.1% YoY (+BGN 2.3bn) to BGN 19.6bn as of end-2021, according to data released by the Financial Supervision Commission. The contributions during the quarter came to record high of BGN 536m while the total number of insured individuals in all 4 types of pension funds was 4.8m at end-2021, +0.5% QoQ and +0.6% YoY.

The amount of the investments grew by BGN 935m to BGN 17.7bn over the quarter while the uninvested cash declined by BGN 339m to BGN 1.7bn or 8.8% of the net assets. The investments in government bonds increased by BGN 637m after 2 consecutive quarters of declines and reached all-time high of BGN 9.2bn or 47.2% of the net assets while corporate bonds were down by BGN 114m to 7.9% of net assets. The growth of equity investments came to BGN 417m, reaching BGN 6.6bn and accounting for 34% of the net assets.

2021 revenue of the pension insurance companies rose 43.1% on annual basis to BGN 311.1m with income from fees and charges increasing 17.6% YoY. The net income improved by 30.2% YoY to BGN 75.2m.

The annual weighted-average nominal rate of return for the last 24 months period as of end-2021 came to 2.94% for UPF (+2.39% at end-September), +3.29% for PPF (+2.64% at end-September) and +4.34% for VPF (+3.46% at end-September).