Slovenia’s Triglav makes bid for pension fund manager

first_imgZavarovalnica Triglav, Slovenia’s biggest insurance company, has announced it intends to make a takeover bid for Skupna pokojninska družba, a major pensions provider within the country.Skupna deals exclusively in supplementary voluntary pension insurance, and manages €218m in assets on behalf of its 61,000 policyholders, giving it a 21% market share in Slovenia.            Triglav already holds 30% of Skupna’s shares.The other major shareholders are NLB Ljubljana – part of Slovenia’s largest international financial group – with 28%, and Gorenjska banka with 26%. The latter has agreed to sell its shares to Triglav under set conditions.Andrej Slapar, president of Triglav’s management board, said: “Our updated strategy focuses on the development of pension insurance products.“In view of demographic trends, we expect that, over time, the need for people to ensure their pension security will increase.“This means pension insurance will become more important in Slovenia and other countries.”Slapar added: “More active participation in the management of Skupna, as reflected by our takeover intention, is another step towards putting this strategy in place.”Last January, the Triglav Group, of which Zavarovalnica Triglav is the holding company, published its business strategy, amended to take into account the changing macroeconomic environment. The Triglav Group is planning further growth and development in key markets throughout Southeast Europe, to achieve a minimum 10% market share in all its foreign markets.The terms of the Skupna takeover must be published by 30 November.Slovenian brokerage Ilirika is acting as broker to the takeover.last_img