Romanian Private Pension Funds’ 2010 Net Profits Total RON448M, Up 61% On Year

04.28.2011 ZF English

Romania’s mandatory and voluntary private pension funds registered aggregated net profit of 448.1 million lei (EUR106 million) in 2010, up 61% on the year, according to data released by the Romanian Private Pension Association (APAPR).

Romania's mandatory and voluntary private pension funds registered aggregated net profit of 448.1 million lei (EUR106 million) in 2010, up 61% on the year, according to data released by the Romanian Private Pension Association (APAPR).

The association said in a press release Thursday that none of the 22 private pension funds registered losses in 2009 and 2010.

The country's nine mandatory private pension funds (Pillar II) registered net profit of RON422.4 million in 2010, up 63.5% compared to the previous year.

The three most profitable Pillar II pension funds were ING (administered by ING Pensii) - RON171.3 million (RON111.9 million in 2009), AZT Viitorul Tau (administered by Allianz-Tiriac Pensii) - RON102 million and Aripi (administered by Generali Pensii) - RON33.3 million.

The net profit of the 13 funds operating on the voluntary private pension segment (Pillar III) stood at RON25.7 million in 2010, up 25.8% compared to 2009.

ING Optim, administered by ING Asigurari de Viata, was the most cost-effective Pillar III fund with a net profit of RON7.5 million in 2010, from RON6.4 million in 2009. It was followed by AZT Moderato (administered by Allianz-Tiriac Pensii) - RON4.8 million, BCR Prudent (administered by BCR Pensii) - RON4 million and ING Activ - RON4 million.

The net assets of both mandatory and voluntary private pension funds stood at RON4.66 billion at the end of 2010, up 80% compared to December 2009, and represented 0.9% of the gross domestic product, according to data released by private pension system regulator CSSPP. (EUR1=RON4.0767)