In 2021 PAC Doverie welcomed its first pensioners from the general pension fund, a key event both in the history of the Company and for the supplementary pension insurance market in Bulgaria.

During the year, the Company made all necessary changes in the internal regulations and organization of the processes related to the start of the phase of payment of pensions by GPF.

In September, the first contracts were signed with persons who have reached the required retirement age under Art. 68, para. 1 of CSR, which allows them to receive their funds from a general fund.

On 02.09.2021, the Management Board of PAC Doverie decided to establish a Fund for Deferred Payments Doverie (FDP), entered in the register under Art. 30, para. 1, item 13 of the Law on the Financial Supervision Commission with Decision № 667 - FDP of 09.09.2021 of the Financial Supervision Commission.

On 20.09.2021, the Management Board of PAC Doverie decided to establish a Fund for Life-long Pension Payments Doverie (FLPP), entered in the register under Art. 30, para. 1, item 13 of the Law on the Financial Supervision Commission with Decision № 712 – FPLP dated 28.09.2021. of the Financial Supervision Commission.

On the external site www.poc-doverie.bg, special calculators were developed and put into operation for calculating the age for acquiring the right to a pension from a general fund and for calculating the estimated amount of the first life-long pension, without additional conditions, from FLPP Doverie. To promote this service, in December, an information campaign was launched in over 40 national and regional online media.

The expansion of the network of the Company's partners continued, including Postbank, Tokuda Bank, TBI Bank, The Bulgarian Posts and others. In their offices, anyone who is interested can get information about the products that PAC Doverie offers on the market and transfer their funds from another pension fund to the respective one managed by the Company.

For another year, the Bulgarian Credit Rating Agency confirmed the rating A - (outlook: stable) of PAC Doverie AD and the supplementary pension assurance funds managed by it.

On 27.05.2021, the Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, the Bulgarian Association of Insurance Brokers, and the Bulgarian Association of Supplementary Pension Security Companies awarded PAC Doverie the pension award 2020 in the category "Supplementary mandatory pension insurance".

This was the tenth award for the Company, and it is the only winner since the establishment in 2010.

Despite the difficulties caused by the COVID pandemic, for the seventh consecutive year PAC Doverie is participating, albeit symbolically due to the measures to limit COVID-19, in the European No Elevators Day, which took place on April 28. In the field of corporate social responsibility, the Company again supported the "40 to 40" project of Darik Radio.

According to FSC data as of 31.12.2021, PАC Doverie pays 31.11% of the life-long pensions from the funds for life-long pension payments and 46% of the deferred payments from the funds for deferred payments, as well as 75% of the pensions from the voluntary pension funds.

The insured persons and the net assets under management in GPF, PPF, and VPF Doverie are, respectively, 1 208 625 people and BGN 4 825 625 thousand.

PAC Doverie took a symbolic part in the sixth edition of the initiative "Day without elevators". Due to the limitations of the fight against COVID-19, the organizers of the event still challenged to use the stairs when it is possible for people to think more about physical activity.

Miroslav Marinov, Executive Director of PAC Doverie, received the award "For overall contribution to the development of Bulgarian insurance" at the awards of the Prof. Dr. Veleslav Gavriyski Foundation.

PAC Doverie presented a unique virtual map showing where the savings for the second and third pensions of the company's clients are invested.

The data for the portfolios of GPF, PPF and VPF Doverie are shown in general in the following sections: Geographical location; Types of assets; Issuers; Industries; Currency exposure.

For the fifth year in a row, a charity March bazaar was held in the lobby of the Doverie Business Center. Martenitsas are made by parents and friends of children with disabilities, and the funds raised from their sale are intended to pay for rehabilitation procedures, current treatments and therapies for young patients.

PAC Doverie hosted a "virtual lesson" on insurance for students.In the form of three webinars was held the seventeenth edition of the educational program "Non-banking financial sector in Bulgaria", organized by the Financial Supervision Commission, Ministry of Education and Science and the "Atanas Burov" Foundation. The initiative is intended for students from vocational high schools in economics in the country and this year, due to the epidemic situation, was held online, between 2 and 16 October. 

The retired clients of the company received food packages from the employees of PaC Doverie. Voluntary Pension Fund Doverie sent food to all 793 pensioners. The gesture from the employees was aimed at enabling people from the most vulnerable group in society to stay at home for a longer period of time without having to go out to buy food.

As of the end of 2020, the insured persons in PAC Doverie in the three funds are total

1,197,814 people according to the Financial Supervision Commission (FSC) - http://www.fsc.bg/

For the 9-th consecutive year, PAC Doverie is announced as a pension insurance company of the year, in the category "Supplementary mandatory pension insurance" of annual awards for achievements in the field of insurance and insurance. Organizers of the event are the Higher School of Insurance and Finance, Association of Bulgarian Insurers, Prof. Dr. Veleslav Gavriyski Foundation, Bulgarian Association of Supplementary Pension Security Companies and Bulgarian Association of Brokers Insurance.

PAC Doverie joined for the 5-th time in a row in the European initiative "Day without elevators". The event, which took place on April 24, was attended by 90% of the employees of the Doverie Business Center.

The company hosted a practical "insurance" lesson for students. PAC Doverie joined the XVII edition of the educational program "Non-banking financial sector in Bulgaria" for students from high schools in economics in the country, organized by the Financial Supervision Commission, Ministry of Education and Science and Atanas Burov Foundation.

For the 4-th year in a row, a charity March bazaar was held in the lobby of the Doverie Business Center. The traditional products were made by parents and friends of children with disabilities. All funds raised are for the payment of rehabilitation procedures, current treatments and therapies for young patients.

As of the end of 2019, the insured persons in PAC Doverie in the three funds are total

1,199,364 people according to the Financial Supervision Commission (FSC) - http://www.fsc.bg/

Another reduction of the fees in the General and the Professional Fund Doverie came into force.

For another year, the Company's clients had the opportunity to benefit from preferential terms on the most sought-after products and services of Societe Generale Expressbank, under the ongoing partnership program of the two financial institutions.

The company once again supported the traditional charity bazaar of “martenitsi”, handmade by mothers of children with disabilities. The proceeds were used for the payment of rehabilitation procedures of young patients of the "Children with developmental problems" Medical Center in Studentski grad, Sofia. 

In April, Pension Assurance Company Doverie took part in the fourth edition of the European "No Elevators Day". In different buildings across Europe, including Bulgaria, some of the elevators and escalators were closed and people were asked not to use them. 

The company has added to its collection an eighth consecutive prize for Pension Insurance Company of the Year, in the category "Supplementary Mandatory Pension Insurance" at the Awarding Ceremony of Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers and the Bulgarian Association of Supplementary Pension Security Companies (BASPSC). 

At the fest of the town of Popovo, on June 10th, Mrs. Daniela Petkova, Chairperson of the Management Board of Pension Assurance Company Doverie received the Honorary Badge of Popovo Municipality. It was presented to her personally by the Mayor of the Municipality, Dr. Lyudmil Veselinov, marking the many years of cooperation and support that Mrs. Petkova and the Company she manages, provide for nationally significant events organized by the Municipality of Popovo.

The mandatory surveillance audit for compliance with the requirements of the ISO/IEC 27001:2013 standard was also successfully passed, certifying that the implemented  Information Security Management System (ISMS) was found to be in accordance with the requirements of the Standard.

For another year the Bulgarian Credit Rating Agency has confirmed the rating A - (outlook: stable) of Pension Assurance Company Doverie AD and the funds for supplementary pension insurance managed by it. 

On 9th November, the Company's employees planted trees and shrubs in the yard of the Home for Children Deprived of Parental Care Lyuben Karavelov in Sofia City. The initiative was part of the campaign "100 000 e-mail addresses for 1000 new trees", initiated by PAC Doverie to reduce the number of paper statements the Company sends to its customers every year. 

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 212 795 and the assets under management amounted to BGN 3 378 369 000 (according to the data of the FSC - http://www.fsc.bg/).

New, lower fees for insurance in the General and the Professional Pension Fund Doverie came into force. 

The Company's partnership program with Societe Generale Expressbank continued for another year. Thus, the clients of Pension Assurance Company Doverie had the opportunity to enjoy preferential terms and conditions on the most sought-after products and services of the Bank, such as consumer and housing loans in BGN and EUR, credit cards, as well as Internet and SMS banking. 

At the end of February, a charity bazaar of martenitsi handmade by mothers of children with developmental delays was held.

On 26th April, the Company, as well as the other companies tenants in the Doverie Business Centre, traditionally took part in the third edition of the European "No Elevators Day".

In May, Pension Assurance Company Doverie received its seventh consecutive award for Pension Insurance Company of the Year in the category "Supplementary Mandatory Pension Insurance" at the Awarding Ceremony of Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers and the Bulgarian Association of Supplementary Pension Security Companies.

Another surveillance audit for compliance with the requirements of ISO/IEC 27001:2013 was successfully passed. The certifying organization verified that the Information Security Management System (ISMS), implemented according to this standard, continues to function without any remarks.

The assessment of the Bulgarian Credit Rating Agency has confirmed the rating A - (outlook: stable) of Pension Assurance Company Doverie and the funds for supplementary pension insurance managed by it.

The Company closed the year supporting three valuable projects - one in the cultural sector and two in the educational one: the unique exhibition "Gold and Bronze. Metals, Technologies and Contacts in the Eastern Balkans in the Bronze Age", dedicated to the metals and resources in the Bronze Age, in the eastern parts of the Balkan Peninsula; the Junior Achievement Foundation's „Practical Finance“ project, aimed at developing a new educational course for lower secondary students to intruduce them  to topics such as: money management strategies, employment and income, budgeting, saving, credit and debt, consumer protection, prudent consumption, risk management, investing, etc. and the Fifth Edition of the “Favorite Teacher” Contest.

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 210 101 and the assets under management amounted to BGN 3 227 072 000 (according to the data of the FSC http://www.fsc.bg/).

The large-scale partnership programme with Societe Generale Expressbank continued. Within its framework, the Bank offered the clients of Pension Assurance Company Doverie preferential terms on the most sought-after products and services, such as consumer and housing loans in BGN and EUR, credit cards, Internet and SMS banking. 

The Financial Supervision Commission approved changes to the Rules of the funds managed by the Company, which resulted in another reduction of the fees for Doverie's clients.

For sixth consecutive year, the Company received the award for Pension Insurance Company of the Year in the category "Supplementary Mandatory Pension Insurance" at the Awarding Ceremony of Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers and the Bulgarian Association of Supplementary Pension Security Companies. At the same ceremony, Ms. Angelina Petrova - Executive Director and member of the Management Board, was awarded the special prize for her overall contribution in the field of pension ìnsurance in Bulgaria. 

On 13th May, Pension Assurance Company Doverie took part in the second edition of the European "No Elevators Day", on which in different buildings across Europe, including Bulgaria, some of the elevators and escalators were closed and people were invited not to use them.

The company passed the surveillance audit for compliance with the requirements of ISO/IEC 27001:2013. The certifying organization certified that the Information Security Management System (ISMS) implemented according to this standard continues to function without any remarks.

Following another ongoing assessment, the Bulgarian Credit Rating Agency has confirmed the A- (outlook: stable) rating of Pension Assurance Company Doverie and the supplementary pension funds managed by it.

The Company's branch network expansion programme continued during the year. Four new offices were opened, three in the capital city and one in Burgas, to provide  more accessable and better services to the customers. Sofia 7 regional office, located in Paradise Shopping Mall, is the first to be open without a day off, with extended opening hours from 10.00 to 21.00. 

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1,196,455 and the assets under management amounted to BGN 2,786,256,000 (according to the data of FSC - http://www.fsc.bg/).

Because of the increased public interest in the management of the insured persons' funds and with the aim to ensure even greater transparency, in January the Company started to present monthly graphical information on the structure of the investment portfolios of the General, the Professional and the Voluntary Fund managed by the Company. 

A partnership programme was launched with Societe Generale Expressbank. The bank offers the customers of Pension Assuarance Company Doverie preferential terms on the most sought-after products and services, such as consumer and housing loans in BGN and EUR, credit cards, and Internet and SMS banking. 

For the fifth year in a row, Pension Assurance Company Doverie was awarded the prize for Pension Insuarance Company of the Year in the category "Supplementary Mandatory Pension Insurance" at the awarding ceremony of Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers and the Bulgarian Association of Supplementary Pension Security Companies. The company has been a consistent winner and holder of the prestigious award in this category since its establishment in 2010. 

Pension Assurance Company Doverie took part in the European "No Elevators Day" - a new initiative that took place for the first time on June 5, 2015. On this day, in different buildings across Europe, including Bulgaria, some of the elevators and escalators were closed and people were asked not to use them and invited to take the stairs. 

The company successfully passed the recertification procedure for compliance with the new version of ISO/IEC 27001:2013 standard. The certifying organization verified that the Information Security Management System (ISMS) implemented in the company has been successfully updated according to the requirements of the new ISO/IEC 27001:2013.

Following another ongoing assessment, the Bulgarian Credit Rating Agency has confirmed the A- (outlook: stable) rating of Pension Assurance Company Doverie and the supplementary pension funds managed by it. 

In connection with the expansion of its activities and the creation of five new offices in Sofia, Plovdiv and Burgas, the Company announced 30 new job positions. 

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 187 772 and the assets under management amounted to BGN 2 478 550 000 (according to the data of the FSC - http://www.fsc.bg/).

In 2014 Pension Assurance Company Doverie celebrated its 20th anniversary. 

For the fourth time in a row, Pension Assurance Company Doverie won the award for Pension Insurance Company of the Year in the category "Additional Mandatory Pension Insurance". The company has been a consistent winner and holder of the prestigious award in this category since its establishment in 2010. 

Following another ongoing assessment, the Bulgarian Credit Rating Agency (BACR) has confirmed the A rating of Pension Assurance Company Doverie AD and the supplementary pension funds managed by it. The outlooks for the General, Professional, and Voluntary Pension Funds remain "stable". The outlook of the Company, which was placed "in development" last year, has been restored to "stable". Pension Assurance Company Doverie continued to be the only company in Bulgaria which independently and without any such legal requirements is subject to an annual procedure of awarding a credit rating.

At the beginning of July, Pension Assurance Company Doverie successfully passed the first supervisory audit for compliance of the implemented Information Security Management System (ISMS) with the requirements of the ISO/IEC 27001:2005 Standard.

The Company continued its approach fortransparency and regularily informed its clients and the public about the management of the supplementary pension funds. The company also plans to launch monthly disclosure on its website of graphical information about the investment portfolios of the managed funds. The graphics will show the volume and the structure of the investments,  presented by each asset type and issuer.

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 190 819, and the assets under management amounted to BGN 2 242 869 000 (according to the data of the Financial Supervision Commission http://www.fsc.bg/).

At the beginning of the year, the Management Board of Pension Assurance Company Doverie approved a decision to supplement the reserve for guaranteeing the minimum profitability in the Supplementary Mandatory Pension Assurance Funds by BGN 3 million above the minimum threshold required by law. As of 31.12.2013, the total accumulated funds in the reserve amounted to BGN 21 885 000.

One of the leading economic analysts in the world - Nouriel Roubini, visited our country in February at the invitation of Pension Assurance Company Doverie. The event was part of a socially responsible project of the Company, which aims to engage the attention and capacity of the world's leading economists with the different scenarios and prospects for the development of the global crisis and the Bulgarian economy in particular, in the conditions of this crisis, allowing the country's economic elite to get acquainted and to discuss their specific views and ideas on home soil.

For another year, the Company continued its policy of reducing the fees for insurance in the funds managed by it and became the first Company to reduce the fees in its GPF, including the investment fee. 

As part of its activities to increase the transparency and the awareness of the public about the pension fund management, Pension Assurance Company Doverie decided to publish on its website information about the volume and the structure of the investment portfolios by asset type and issuer of the pension funds managed by the Company. The information will be disclosed not once yearly, as required by law, but four times a year. 

At the beginning of July, Pension Assurance Company Doverie successfully completed the certification procedure for ISO/IEC 27001:2005, certifying that the Company has established and successfully implemented an Information Security Management System (ISMS) that meets all the requirements of the above international standard.

Following another ongoing assessment in August, the Bulgarian Credit Rating Agency (BACR) has confirmed the A- rating of Pension Assurance Company Doverie and the supplementary pension insurance funds managed by it.

In October, the savings for the second and third pensions of the insured persons in the pension funds managed by Pension Assurance Company Doverie exceeded BGN 2 billion.

For the third year in a row, Pension Assurance Company Doverie received the award for Pension Insurance Company of the Year in the category "Supplementary Mandatory Pension Insurance" at the Awarding Ceremony, organized by the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, Prof. Dr. Veleslav Gavryiski Foundation and the Bulgarian Association of Supplementary Pension Security Companies.

At the same ceremony, Daniela Petkova - Chairperson of the Management Board of Pension Assurance Company Doverie, received an award for her overall contribution to the development of the pension insurance  in Bulgaria.

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 229 378, and the assets under management amounted to BGN 2 009 459 000 (according to the data of the Financial Supervision Commission - http://www.fsc.bg/).

In 2012, Pension Assurance Company Doverie reduced once again the fees in PPF and VPF Doverie. It became the first and only pension company in Bulgaria to reduce the investment fee in a mandatory fund. It also does not charge an entry fee for newly insured persons in the VPF.

The program "Free Internet access in small towns and villages" continued with the opening of another Internet club - in Gaber village, Dragoman municipality. 

For the second year in a row, the Company was awarded Pension Assurance Company of the Year in the category "Additional Mandatory Pension Assurance" at the Awarding Ceremony for the awards, established by the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, Prof. Dr. Veleslav Gavriyski Foundation and the Bulgarian Association of Supplementary Pension Security Companies.

At the ceremony of awarding the traditional prizes of the Economics Magazine for contribution to the development of the economy - "Mr. and Ms. Economics", Daniela Petkova, Chairperson of the Management Board of the Pension Assurance Company Doverie, received the prize "For contribution to the development of the non-banking financial sector" for 2012. 

Following its corporate social responsibility commitments, the Company supported various charitable events, such as the Second World Deaf Volleyball Championships and the National Summer Reading Fun Campaign. A group of employees , volunteered in the archaeological excavations of the Voden Fortress near Asenovgrad.

The Management Board of Pension Assurance Company Doverie adopted the Policy of Pension Assurance Company Doverie against Corruption and Related Phenomena, which was another important step in the development of the principles laid down in the Company's Code of Ethics and the tenth principle of the United Nations Global Compact, which the Company joined and has been a full member since 2009.

At the end of the year, the number of insured persons in the funds managed by Pension Assurance Company Doverie amounted to 1 254 563, and the assets under management amounted to BGN 1 794 969 000 (according to the data of the Financial Supervision Commission http://www.fsc.bg/)

In 2011 PAC Doverie became the first pension assurance company in Bulgaria to reduce the management fees for its clients in the funds for supplementary mandatory pension insurance. The competition didn’t do so and thus the fees applied by Doverie are still the lowest on the market adding another benefit for our members.

PAC Doverie successfully accomplished a training project for all its employees in order to increase their competence in seven strategic areas (sales skills, presentation skills, negotiation, customer service skills, time and stress management, management skills and teamwork). The project was implemented with the financial support of the Operational Programme of the EU for Human Resources Development and included 40 training courses for more than 220 people.

In 2011 we have opened two internet clubs - part of our program Free internet access in small towns and villages – in Antonovo, Targovishte municipality, and Strumyani, Blagoevgrad municipality.

Following our Corporate Social Responsibility Policy we have also granted our financial support to numerous events like – The Beach volleyball tournament for children deprived of parental care, the 6-th National Festival for cinematography "Golden Eye" in Popovo, The Uniforms Parade in Koprivshtitsa etc.

For a second consecutive year PAC “Doverie” won the annual prize “Best pension insurance company” awarded by the “Banks, Investments, Money” Foundation. The Company also  received the prize “Pension Insurance Company of the Year 2010” in the category "Supplementary mandatory pension insurance" awarded by the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, Prof. Dr. Veleslav Gavriiski Foundation and the Bulgarian Association of Supplementary Pension Security Companies.

Daniela Petkova became the first manager of a Bulgarian non-banking financial institution to receive the “Burov” award in the category ‘Financial management”.

As of December 31, 2011 the number of persons insured in the pension funds managed by PAC Doverie is 1 261 867 and the AUM - 1 497 165 000 lv. (According to data of the Financial supervision commission).

The network of offices of the Company continued to expand. Another two were found in Sofia and thus the total number of offices of PAC Doverie reached 58 all over the country. Furthermore, the company's headquarters moved to a new, modern and functional building in Sofia, 13B Tintyava Street.

The Bulgarian Credit Rating Agency (BCRA) confirmed rating (A -) to PAC Doverie AD and the pension funds under its management, their outlook being raised from stable to positive.

As of September 2, 2010 Doverie Voluntary Pension Fund was included in the list of foreign pension schemes recognized by the laws of the respective state (Qualifying Recognized Overseas Pension Schemes). This list is maintained by Her Majesty's Revenue & Customs ("HMRC") for the purpose of transferring funds from a pension scheme registered in the UK into a similar pension scheme in another country that under English law has been approved by HMRC and the listing is a prerequisite for the transfer of funds.

In the sphere of corporate social responsibility PAC Doverie implemented the project "2060." It gave the opportunity to all Bulgarians to share on a special website their forecasts and expectations for the future and their vision of Bulgaria and the world after 50 years. Opinions published on the site were printed in a book that was closed in a "time capsule" placed in the National Library "St. St. Cyril and Methodius " to be open in the future 2060.

Furthermore PAC Doverie AD and the Konstantin Preslavsky University of Shumen signed an agreement for cooperation in the educational, scientific and information fields. The object of that agreement is raising the level of training of lecturers, students, graduates, postgraduates and the staff of the Konstantin Preslavsky University of Shumen and PAC Doverie AD in areas of mutual interest to both parties.

On October 6, 2010 PAC Doverie AD signed a contract for financial aid from the European Social Fund, through the Operational Programme for Human Resources Development 2007-2013. The main purpose of the contract is the implementation of the program Enhancing competitiveness by improving the core competencies of the staff of PAC Doverie AD.

PAC Doverie was awarded the prize "Pension Insurance Company of the Year" at the annual awards of the "Banks, Investments, Money" Foundation.

As of December 31, 2010 the number of members of the pension funds of the Company is 1,267,293, and the assets under management exceed BGN 1,323 million. http://www.fsc.bg/

PAC Doverie welcomed 2009, the year of its 15th anniversary, with an updated website http://www.poc-doverie.bg/. First on the market, the Company enabled every customer, after an easy and secure registration, to get access to extremely detailed information on the management of the assets of his/her pension fund or, in other words, how his/her money is managed.

Besides, another important step was made in the development and improvement of the system for effective bilateral communication with the insurance intermediaries - a new section was created just for insurance intermediaries, in which, after registration, they have access to on-line training, the possibility to check their knowledge in the area of pension insurance through interactive tests, individual information about their work and asking questions directly.

In line with the strategy to provide fully accessible, fast and quality service to insured persons in the past year 12 of the company offices in the country were gradually moved to more suitable and convenient places for people and considering the impressive market potential of the city Sofia, another two new offices were opened at the disposal of current and future customers in the capital.

In early February PAC Doverie was accepted as full-rights member to the UN Global Compact, a strategic policy initiative for businesses that are committed to aligning their operations and strategies with the ten universally accepted principles of corporate social responsibility.

In March, at the height of the economic crisis, the Company prooved its stability and made the next significant step towards improving the quality of service to its customers, increasing the number of employees by opening 54 new jobs.

PAC Doverie became again a general sponsor of the participation of the Bulgarian team in the All-Russian Olympiad, handing to the children an award of BGN 3,000, distributed between the winners in the Olympiad in the form of separate prizes. Besides, the Company provided to the National Team the amount of BGN 12,000 to cover the travel and all other expenses necessary for the children's stay in Russia.

In late summer the Company, in the person of the Chief Executive Officer, Mrs. Daniela Petkova, was elected among the ten finalists of the second national competition "Manager of the Year", organized by the Manager magazine with the assistance of the Deloitte international consulting company.

On the tenth edition of the Festival of the Advertising Agencies in Bulgaria, held in September, the advertisement of PAC Doverie, provisionally called "Beckham", the artistic development of which was made by our longtime partner - New moment, New ideas Agency, was awarded first place in the category "TV and Movie ads".

On the occasion of its 15-th anniversary and true to its traditional strive by all means to support the professional development of young people in Bulgaria, their improvement and successful realization in their homeland, the Company established a scholarship in the amount of EUR 15,000 annually to support the training of Bulgarian students in Bachelor's Degree Programs in certain specialties of the most prestigious universities in Europe and USA.

Following the policy of applying the best practices imposed by the European and world standards in corporate governance, in the middle of 2008 PAC Doverie AD adopted a Code of Ethics and Rules regarding private transactions in financial instruments. The principles underlying those two documents have always been of paramount importance for the Company and synthesizing them in writing was merely a symbolic act and further evidence of the Company's commitment to its customers and partners, to continuously improving the quality of our work and to provide better service. 

In the fall the Company made a symbolic gift to its customers and partners, becoming a general sponsor of the concert in Memoriam of Luciano Pavarotti A Life for the opera and its friends, organized by the "National Opera and Ballet" Foundation. The audience in the overcrowded Hall 1 of the National Palace of Culture was able to dip into the virtuoso performances of many famous Bulgarian and foreign artists who have joined the cause and sang their songs in memory of one of the greatest voices in the world.

True to our desire to put customer care first, always and regardless of any circumstances, on the eve of Christmas, the Company gave its contribution for the pensioners of Doverie VPF to spend bright and comfortable holidays even in the conditions of global financial crisis. All of them received a special Christmas benefit amounting to their monthly pension.

The yield achieved as a result of the financial crisis impairs to the fullest extent the interests of persons receiving pensions from a voluntary pension fund. That is why PAC Doverie took a decision, regardless of the yield achieved, to maintain the amount of the supplementary pensions paid by Doverie Voluntary Pension Fund in 2008. For this purpose, the Company transferred about BGN 600 000 from its own funds to the pension reserve.

Despite the extremely complicated situation in the global financial markets in 2008 the number of people insured in the funds managed by the PAC Doverie continued to grow and according to the FSC data as of 31.12.2008 (www.fsc.bg) exceeded 1,253,754, compared to 1,236,578 at the beginning of that year.

The Company started the first of its kind initiative for raising the legal and employment culture of the young people in the country, called Professional Guide.  

The fees charged for Doverie Voluntary Pension Fund were reduced. That step became possible thanks to the great number of insured persons in the three pension funds managed by the Company, already beyond 1,220,000.

A discharge of 15 per cent from the fee was introduced for persons who besides Doverie GPF or PPF have become members also of the Voluntary pension fund of the Company.

The reduction of the fees will result in an increase of the individual account accumulations of the insured persons and hence, of the amount of the pensions to be received in future.

The leading European Investment & Pensions Europe (IPE) magazine included PIC Doverie in its annual listing of the Top 1000 amongst over ten thousand pension funds in the Old Continent.

The total net assets of the three pension funds managed by the Company reached over BGN 700 million.

After the latest assessment of PIC Doverie AD and the pension funds managed by the Company, the Bulgarian Credit Rating Agency (BCRA) raised the A- rating perspective of Doverie from stable trend to positive trend and confirmed the A- (stable trend) rating of Doverie GPF, Doverie PPF and Doverie VPF.

The stable increase of the number of clients continued and as of the year end they exceeded 1,200,000. The assets of the pension funds under management neared BGN 500 million. BCRA raised the credit rating of the pension insurance company from BBB+ to A- (stable trend) and confirmed A- rating of Doverie GPF, PPF and VPF. The active information campaign with the municipalities continued, connected with the opportunities for financing municipality projects with the help of the pension funds, by applying for funds from the structural and cohesion funds of EU.

Daniela Petkova, Chief Executive Officer of Doverie Pension Assurance Company was distinguished by the American Biographic Institute for her achievements in the sphere of marketing and management for 2005 and was included in the list of the Great Women of the 21st Century. She is a winner of the traditional Business Woman of the Year Award for 2005, granted by the "We, the Women" newspaper. She was also elected Chairperson of the Controlling Board of the Confederation of Employers and Industrialists in Bulgaria (CEIBG).  

Doverie, jointly with United Bulgarian Bank, offered the members of Voluntary Pension Fund Doverie the opportunity to make their contributions for voluntary pension insurance by bancomat. The Company presented all citizens and guests of Sofia with renovated lighting of the garden in front of the National Theatre and Christmas decoration of the Vassil Levski Boulevard. 

The Company introduced two new services aiming at customer service improvement: 24-hour call center - Tel. 0 900 32 100 (0.18 BGN/min, non-inclusive of VAT, from allover the country) and check-up of the individual account for clients of M-Tel through SMS - Tel. 190001 (the price is according to the respective subscription plan).

The Company started also the New Horizons communication program, which is intended to inform the representatives of the local authorities about the possibilities for alternative financing and co-financing through issues of bond emissions of municipality projects with the help of the pension funds. The program is organized in cooperation with TBI Invest and during 2005 was realized in the towns of Bankya, Varna, Shoumen and Razgrad.

PAC Doverie invested over BGN 600,000 in a national information campaign to popularize supplementary voluntary pension insurance and the personal responsibility of each individual towards his own living standard after retirement.

The Bulgarian Credit Rating Agency (BCRA) confirmed the rating adjudged by BCRA and ICRA in 2004 to the Company and the pension funds under its management being respectively BBB+ for the Company and A- for Doverie GPF, PPF and VPF.

At the end of 2005 the assets under management of Doverie pension funds reached BGN 365,795,000 and the number of clients of the company became 1,129,695.

The Bulgarian Credit Rating Agency and Indian Credit Rating Agency adjudged to PAC Doverie BBB+ credit rating and A- to Doverie GPF, PPF and VPF. The AUM of Doverie pension funds exceeded BGN 260,000,000. 

The clients of PAC Doverie could choose among the full range of bank products and services at preferential prices offered to them by three leading banks. 

PAC Doverie was granted a special award for partnership and development of modern information technologies by Oracle Bulgaria and the Company Calendar for 2004 was rewarded a number of prizes and nominations at prestigious festivals in Bulgaria and abroad.

As a part of the developed overall integrated image of the companies of TBI Group PAC Doverie successfully introduced the new corporate image of the company by realizing a special advertising campaign which established also the new slogan of the company: Let's talk confidently about the future! PAC Doverie marked its 10th anniversary by presenting its clients with a unique fireworks show made from 6 different points of Sofia. 

Successful finalization of the procedures of merger between Bulgarian Pension Insurance Company and the funds under its management with PAC Doverie. The registered number of Doverie members according to data of the Financial Supervision Commission reaches over 1,000,000 and the market share of the Company - 43%. The sales network numbers 15,000 insurance agents and the assets of the pension funds as of December 31, 2003 are over BGN 160 million.

PAC Doverie is awarded the First Prize for financial product of 2003 and first prize in the Insurance and Security category of the Banks, Investments and Money Fair. The company is nominated and included into the short-list of the companies for the European pension funds Awards for Central and Eastern Europe of the Investment and Pensions Europe magazine - Holland.

The number of the insured with the pension funds managed by PAC Doverie exceeded 720,000 people. After the purchase of the majority packet of shares of Bulgarian Pension Insurance Company by TBIH the procedures of merging the forth-largest pension insurance company with PAC Doverie started. The capacity of the information system was also enlarged. The clients of the company were enabled to check the balance on their individual accounts on line.

PAC Doverie participated successfully in three big tenders for voluntary pension insurance conducted by Maritza Iztok Mines EAD, Umicore Med and DP RVD.

48 049 people working under the conditions of 1st and 2nd labor category chose Professional Pension Fund Doverie, which is 47% market share for the Company;

The Company increases its staff by 70 new employees; 

Doverie pays 1 300 supplementary pensions from Voluntary Pension Fund Doverie;

Doverie becomes a member of the Bulgarian Chamber of Commerce and Industry; 

471000 people born after December 31, 1959 chose General pension Fund Doverie - that is a market share of 40% which makes the company one of the leading financial institutions in the country.

PAC Doverie adopts a strategy for its next ten-year development until 2011; The Company is among the founders of the Bulgarian Employers Union; PAC Doverie receives License No 1; Voluntary, Professional and General pension funds Doverie are registered;

The registered capital is increased to BGN 10 000 000;

The number of members reaches 111 000; Contracts with employers - 620.

The European Bank for Reconstruction and Development (EBRD) joined the shareholders of TBIH - the majority owner of PAC Doverie.

37 offices were opened across the country, employing over 100 employees. The number of insured persons reached 96,586

Deutsche Bank acquired Banker's Trust and became a shareholder of TBIH, the major owner of PAC Doverie.

The assets of the pension fund grew to BGN 10,812,000. The Company paid 664 additional pensions.

PAC Doverie preserved the funds of insured persons during the financial crisis of 1996-1997. Bankers Trust - the 7th largest American bank, included in the list of the shareholders of TBIH - the majority owner of PAC Doverie.

Offices were opened in the 28 regional towns. The number of insured persons reached 69,888.

PAC "Doverie" paid the first supplementary pension in the Bulgaria.

The Company is a co-founder of the Bulgarian Assosiation of Supplementary Pension Security Companies.

Contracts were concluded with „Neftohim“, The copper production plant Pirdop, "Kremikovtsi" plant, Stomana Industry SA, "Eliseina" plant, etc.

The number of insured persons reached 25,403.

"TBI" and Confederation of Independent Trade Unions of Bulgaria establish PAC Doverie.

An integrated information system of the Voluntary Pension Fund Doverie is being built.

The first office of the company was opened in Burgas.

The first insurance contract was signed.