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Insurer Allianz-SP takes over pension

INSURANCE company Allianz-Slovenská poisťovňa bought 100 percent of the pension management company (DSS) Prvá dôchodková sporiteľňa (PDS), the SITA news agency wrote.

The agreement on the transaction was reached last week. The companies did not reveal any more details.

PDS was established in June 2004. As of December 2005, it managed Sk307.1 million (€8 million) in assets.

The pension management company Allianz-Slovenská dôchodková správcovská spoločnosť (Allianz-Slovenská DSS) originated as an affiliation of Allianz-Slovenská poisťovňa, which is the DSS' sole shareholder.

Allianz-Slovenská DSS managed Sk2 billion (€52 million) as od December, 2005, which represents 26.4 percent of the total volume of contributions managed by all pension management companies in Slovakia.

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