Slovenian pension fund has grown into one of the leading asset managers in the region
The EBRD has exited its engagement in Prva Group, one of the leading pension funds in Slovenia and one of the leading asset management providers in central and eastern Europe.
The Bank sold its 20 per cent stake to the majority shareholder DEJ Doo on 31 March 2017. The EBRD became a shareholder in the company in 2007 to support its market expansion and improve corporate governance. This mission has now been concluded successfully.
Today Prva Group has more than €735 million pension assets under management, nearly 400,000 policy-holders and €76 million in total collected premiums annually. Among the voluntary supplementary pension insurance providers in Slovenia, its subsidiary Prva Osebna zavarovalnica is the market leader with a 26.45 per cent market share.
Prva Group closed the financial year 2016 with a profit of €3.29 million, which represented an increase of 16 per cent in premiums of term life insurance and an increase of 48 per cent in premiums of unit-linked insurance.
Noel Edison, EBRD Director Insurance & Financial Services, said: “We are proud that we have been able to contribute to Prva’s success in the past 10 years as an active shareholder. In this period Prva has grown locally and internationally and today offers clients in four countries competitive pension asset management services. We are confident that Prva will continue its successful development with a stable shareholder base, competent management and strong corporate governance standards.”
As a shareholder the EBRD contributed to the establishment of a corporate governance structure at Prva in line with international best practice. Based on solid foundations and a sound business model the Group achieved continuous growth, positive financial results and growing brand recognition over the past 10 years with the EBRD as a shareholder.
This success also contributed to the development of capital markets in the region, one of the EBRD’s priorities to support sustainable and resilient growth. The EBRD’s new transition concept argues that a well-functioning market economy should be integrated, competitive, inclusive, well-governed, green and resilient.
The EBRD has been active in Slovenia since 1991 and has invested in all sectors of the economy. Since the beginning of its operations, the Bank has invested some €950 million in more than 75 projects in the country.