French at AF2R enter private mandatory pensions market

An unexpected player has announced its entry into the system of privately managed mandatory pensions- AG2R Pr?voyance, one of the largest French insurance and pension groups. In France, AG2R is a non-profit company, which registered an 8 billion-euro turnover in 2006, whilst being run by 600 managers. Unlike other players on this market, who have made public their intention to manage private pensions even before submitting the authorisation file to the Private Pension Supervision Commission (CSSPP), AG2R PrEvoyance has kept a rather low profile. AG2R has submitted its file to the Pension Commission with a view to setting up a company managing mandatory pensions. However, in order to enter this market, the French must also receive a management licence from the CSSPP. In Romania, the investment of the French in the mandatory private pensions business stands at 8 million euros, according to AG2R representatives in Romania.