Allianz-Tiriac invests a further 27m euros in private pensions

Allianz-Tiriac Pensii Private (Allianz-Tiriac Private Pensions) will make another investment worth around 100 million-RON (around 27 million-euro), as part of an ongoing capital increase, Crinu Andanut, the company’s CEO, told ZF. The capital increase will include 10 million RON in subscribed and paid-up capital, as well as an issue premium worth 90 million RON, which will be used as working capital, the CEO added. The company’s share capital will therefore reach 30 million RON (8.1 million euros), with the overall investment being significantly higher, according to Andanut. Allianz-Tiriac is the second largest company on the mandatory pensions market (2nd pillar), which attracted an estimated 900,000 clients over the four-month campaign. Private pension companies have conducted several capital increases lately, which was the main source of funding for the massive investments operated when the system was launched. Overall, the 18 pension companies have a share capital of around 200 million euros. In comparison, the market leader, ING, boasts a share capital of around 66 million euros, and is the private pension company with the highest capitalisation on the market.