IFC acquires stake in VIG’s Bulgarian pension fund Doverie

Written by Michael Griffiths

22/12/2022

International Finance Corporation (IFC), a member of the World Bank Group, has acquired a 10% stake in Doverie, the pension fund in Bulgaria in which the Vienna Insurance Group (VIG) holds a majority stake.

VIG said the cooperation aims to strengthen and jointly further expand the Bulgarian pension insurance market.

The move will see IFC also support Doverie in the technical expansion of its planned digital business activities and the use of digital channels to attract new members.

VIG holds a stake of around 93% in Doverie, which has a market share of 25% in Bulgaria. As of mid-2022, assets of around €2.3bn were managed for around 1.2 million clients.

According to VIG, the pension and insurance business in Bulgaria represents an “important system” for ensuring social protection and preventing poverty in old age.

Member of the managing board of VIG and country manager for Bulgaria, Peter Höfinger, said: “As part of our VIG 25 strategy programme, we are intensifying our involvement in the pension fund business, where we still see great potential of growth.

“With IFC on board, which contributes its global expertise in this business segment, we can jointly contribute even more efficiently to the necessary strengthening of private pension provision in Bulgaria.”

Related Articles