STATISTICS:

TRIGLAV Group to enter pension insurance market in Croatia

Slovenia's largest insurance group - TRIGLAV said it is buying a majority stake in RAIFFEISEN Bank's Croatian pension business, RAIFFEISEN Mirovinsko osiguravajuce drustvo.

Thus, TRIGLAV Group through its subsidiary TRIGLAV INT, which manages the insurance subsidiaries of the Group outside Slovenia, signed an agreement with RAIFFEISEN Bank to purchase the majority stake (75% of all shares of the company minus one share) in the Croatian pension insurance company RAIFFEISEN Mirovinsko osiguravajuce drustvo. RAIFFEISEN will keep the remaining 25% plus one share in the company.

Through the acquisition, the TRIGLAV Group enters the Croatian pension insurance market, thereby "expanding its operations and strengthening its position in Croatia in accordance with its development and growth strategy. The new Group member is the only company that pays out pension insurance in Croatia, where it has successfully operated since 2002".

At the end of 2017, RAIFFEISEN Mirovinsko osiguravajuce drustvo managed the funds in the amount of around EUR 70 million on behalf of approximately 12 thousand beneficiaries.

The Croatian pension system is based on three pillars; upon the retirement or the fulfilment of certain conditions, the funds of the insured persons are transferred from the second and third pillars to the pension insurance company RAIFFEISEN Mirovinsko osiguravajuce drustvo. The latter manages these funds and pays out pension annuities. In view of the demographic trends and the confirmed system reforms in the coming years, a substantial increase in the number of new clients whose funds will be transferred from the second pillar is expected.

According to HANFA - Croatian Financial Services Supervisory Agency - on the local pension market, there were four voluntary and four mandatory pension companies owned by ALLIANZ, ERSTE, CROATIA osiguranje and RAIFFEISEN, and only one pension insurance company: RAIFFEISEN Mirovinsko osiguravajuce drustvo.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: CROATIA timeline 2008 - 2017: the MTPL prices liberalization was the event with the highest impact on the market evolution

Between 2008 and 2017, the Croatian insurance market saw an 8% decrease in business, in GWP terms. From an absolute value of EUR 1.32 billion recorded in 2008, GWP at the overall market level gradually decreased year by year, until 2015, when the market started to grow again. The positive trend seen in 2016 and 2017 was not strong enough to bring the market at the pre-crisis level.

2019-01-18

CROATIA osiguranje to absorb its credit insurance unit

The Central Depository and Clearing Company - SKDD announced that Croatia Osiguranje absorbed its credit insurance unit unit Croatia Osiguranje Kredita. "The corporate action of Acquisition of the Companies will be executed on 1 October 2018", as the institution announced in a statement.

2018-09-27

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all