DOVERIE PENSION INSURANCE COMPANY ENTERED COMPETITION
Doverie Pension Insurance Company was established six years ago and its assets now amount to BGL20MN. For the period since its establishment, it has insured more than 110 thousand people, employed by more than 600 companies. The major customers of the insurer are Kremikovtsi, Union Miniere, United Bulgarian Bank (UBB), Lukoil Neftochim, Bulstrad Insurance and Reinsurance Company, etc. Profitability of the company operation reaches far beyond the inflation rate.
The investment activity of the company is carried out in accordance with the policy, approved by its Investment Committee. The major part of the company portfolio is formed by government securities. Their secondary market is well developed, they have high liquidity and could be regarded as low-risk investment.
Last year Doverie Insurance management adopted a flexible approach and made the first investments in the emerging market of municipal and corporate securities. They are denominated in Euro and their annual interest is 9.75%. Investment in this kind of securities is regarded by the company as an activity with long term return. We are focused on those sectors of the Bulgarian economy which are attractive for the foreign investors, explained for the Banker weekly Stoyan Toshev, the expert responsible for the investment policy of the company.
Doverie Pension Insurance Company was the first to obtain a licence and regards this fact as a challenge to its market position. The internal and external audit carried out by Arthur Andersen will guarantee the accuracy and transparency of its operation. Shareholders in the company are EBRD, Kardan-Talladium Group from Israel, Deutsche Bank and the Confederation of Independent Syndicates in Bulgaria (KNSB)
After respective regulations are available, the company intends to participate in the international financial markets. At the beginning it will be interested mainly in investments in debt instruments, and later on in equities, added Stoyan Toshev. Naturally, investment in various financial instruments will be aimed at reaching higher yield, said he.