Private pension market grows by 11 in early 2013

TIRANA, May 28 – Although in its initial stages, the private pension fund, with currently only three market operators, registered moderate growth in early 2013. Data published by the Albanian Financial Supervisory Authority show the private pension market rose by 11 percent to 314 million lek at the end of the first quarter of 2013. The number of contributors in the three currently operating companies, Sigal Life Pension, Raiffeisen Pensions, and Sicred Pensions rose to 7,289 , remaining almost the same compared to the final quarter of 2012. The Supervisory Authority says the three market operators posted a total net profit of 11.5 million lek in the first quarter of 2013 after posting a total profit of 34 million lek in 2012. While Raiffeisen continues posting positive net profits, Sigal-Life and Sicred registered negative growth rates.
Data published by the Albanian Financial Supervisory Authority show the private pension market rose by 83 percent to 283 million lek (Euro 2 million) at the end of 2012, up from 154 million lek at the end of 2011. The number of contributors in the three currently operating companies, Sigal Life Pension, Raiffeisen Pensions, and Sicred Pensions rose to 7,281 up 15.6 percent compared to 2011.