real estate, financial services, infrastructure

Insurance and Pension Fund Management

 

Insurance

 

TBIH Group is active in the fields of general and life insurance in the following markets:

Turkey – through a 84% stake in Ray Sigorta A.S., active in the non-life sector, with a 2.4% market share. Ukraine – through 100% stakes in Ukrainska Strakhova Grupa (UIG) and VAB Insurance, active in the non-life and life-sector, with a combined 5.5% market share.

Georgia: GPIH and IRAO, leading insurers, providing general, life, and health insurance with a combined 34% market share.

 

Pension

 

In addition to insurance, TBIH Group is active in the field of pension funds. The main operation in this field is in Bulgaria. TBIH Group is also active in Croatia, Georgia, Russia, and the Ukraine. The Romanian activity was sold to a subsidiary of the Austrian Erste Bank.

In Bulgaria, TBIH holds a controlling interest in Pension Assurance Company Doverie AD (Doverie), which manages mandatory and voluntary pension funds in Bulgaria, with EUR 542 million assets under management. Doverie is the largest pension fund in Bulgaria and has a market share of approximately 33%. All of the TBIH Group pension companies are defined contribution funds in which members’ pension payments are based on savings deposited and any returns accumulated on that amount prior to the pension being taken.

 

In July 2010 KFS signed an agreement with Vienna Insurance Group (VIG) , who holds 60% of TBIH, to sell its 40% shareholding in TBIH to VIG and to buy from VIG a transferable five year call option to purchase 92.6% of the shares of Doverie Pension Fund. The completion of the transaction is subject to conditions precedent, among others, regulatory approvals.

 

www.tbih.com