History

In 2023, Pensions Assurance Company Doverie earned the award for Pension Assurance Company of the Year in the category “Supplementary mandatory pension insurance” for the 12th consecutive time. The awards are presented annually by the Prof. Dr. Veleslav Gavriyski Foundation, the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, the Bulgarian Association of Insurance Brokers (BAIB), and the Bulgarian Association of Supplementary Pension Security Companies (BASSPSC).

PAC Doverie increased all life-long pensions and deferred pension payments. From April 1, 2022, to March 31, 2023, the increase in life-long pensions was 14,26% year-on-year, and the increase in deferred payments was 8,5% year-on-year. 

For yet another year, PAC Doverie partnered with Darik Radio's social project "40 under 40", which aims to discover, encourage, and give publicity to young and successful Bulgarians and their achievements. The company has supported the cause for the sixth consecutive year.

The company was a partner of the 18th World Meeting of Bulgarian Media under the slogan "Media and Freedom," traditionally organized by the Bulgarian News Agency (BTA). The forum included journalists from 33 countries, with representatives from 40 Bulgarian media outlets from 16 countries.

As part of its annual "Social Active Day" initiative, the team of PAC Doverie cleaned and improved the area around the fishpond near Pancharevo Lake, as well as part of the alley between the “Kokalyane” Hydroelectric power station and the dam wall. The initiative, held under the slogan "Kindness is the only investment that never fails", is part of the company's corporate social responsibility policy and was conducted with the support of the local administration of the Pancharevo District. 

Thanks to the joint efforts of over 250 employees of the company and their relatives from across the country, the meadow known as "Pishmana Beach" was cleaned, and the concrete barriers around it, as well as the railings of the bridge to the main alley, were painted.

The company supported the 31st edition of the "Bank of the Year" award ceremony, organized by the "Bank of the Year" Association. 

PAC Doverie participated in an international conference organized by the European Confederation PensionsEurope (CEEC Forum) and the Bulgarian Association of Supplementary Pension Security Companies (BASSPSC).

Once again, employees of PAC Doverie collected several dozen kilograms of plastic caps in the 10th campaign of "Caps for the Future", held this month in several Bulgarian cities. 

PAC Doverie also participated in the 21st edition of the educational program “The Non-Banking Financial Sector in Bulgaria”, hosting 12 students from high schools specializing in economics and finance from different cities in the country. The event was organized by the Financial Supervision Commission, the Ministry of Education and Science, and the Atanas Burov Foundation. 

The company also took part in the prestigious INVESTOR FINANCE FORUM. "Bulgaria is a top destination for start-up projects. We can say that we are one of the white swans in Europe in this respect", stated Miroslav Marinov, Executive Director of PAC Doverie. According to him, despite its small size, our country can become an incubator for interesting initiatives, exemplified by the highly successful development of the internet network in the country in the past. 

Representatives of PAC Doverie participated in a Round Table on "General Purpose Financial and Accounting Reporting of Second and Third Pillar Pension Funds in Bulgaria. Draft National Accounting Standard", organized by the Bulgarian Association of Supplementary Pension Security Companies (BASSPSC). 

At the end of 2023, the company became a partner of the Association for stroke and aphasia, supporting the national campaign "Every Minute is Valuable! Learn the symptoms of a stroke". The initiative includes the distribution of free informational materials about risk factors and stroke symptoms, as well as the appropriate response when they are identified, throughout the country. A short video clip illustrating the symptoms of the condition was also disseminated.

In 2022, the International Finance Corporation (IFC), part of the World Bank, became a shareholder of PAC Doverie, with an almost 10% stake in the Company's capital. IFC is the largest global development institution focused on the private sector in emerging markets. The Corporation operates in more than 100 countries, using its capital, experience and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC has committed $32.8 billion to private companies and financial institutions in these countries, supporting the private sector to end extreme poverty and boost the prosperity as economies are struggling with the effects of global crises.

As a result of an update, made on 04/01/2022, the amount of life-long pensions granted by the Fund for Life-long Pension Payments Doverie (FLPP) and deferred payments from the Fund for Deferred Payments Doverie (FDP) were increased.

• The life-long pensions were increased by 50 percent of the excess of the realized, on an annual basis, Rate of return from the investment of the funds of the FLPP Doverie during the period from 04.10.2021 to 31.03.2022, which were even above the technical interest rate, on the basis of which the amount of granted life-long pensions was calculated.

• The deferred payments were increased by 50 percent of the realized, on an annual basis, Rate of return from the investment of the FDP Doverie during the period from 20.09.2021 to 31.03.2022, both inclusive.

The realized Rate of return from the management of the assets of the FLPP Doverie and the FDP Doverie during the period to which the update refers, was 19.58% and 28.79%, respectively, on an annual basis. 

PAC Doverie upgraded its corporate website, creating an English version (https://www.poc-doverie.bg/en). The implementation reflects the corporate policy for providing the most comprehensive and transparent information to foreign-language customers and partners.

On March 27th, employees of the Company took part in a volunteer initiative to plant a fruit forest in the Pernik village of Studena. The event, organized by Gorata.bg, was dedicated to the great Bulgarian artist Vladimir Dimitrov-Maistora (The Мaster).

Employees of PAC Doverie also participated in the "Caps for Future" campaign. The tenth edition of this noble initiative was held on April 16th and 17th. The funds raised were used to purchase and equip a second pediatric neonatal ambulance and the first mountain off-road ambulance.

The company participated in the IX Congress of the Confederation of Independent Trade Unions in Bulgaria (CITUB), which took place on May 10th-11th, in the "Inter Expo Center" - Sofia. During the event, delegates and guests had the opportunity to inform themselves of the products of PAC Doverie, as well as consult on topics related to supplementary pension insurance in general.

The company also supported the 30th edition of the "Bank of the Year" award ceremony, organized by the "Bank of the Year" Association. The event took place on July 6th, at the Millennium Grand Hotel, Sofia.

PAC Doverie was a partner of the social project of Darik Radio - "40 to 40", which aims to discover, encourage and give publicity to young and successful Bulgarians and their achievements. The Company supported the initiative for sixth consecutive year.

The company, following the traditions of highly valuing culture and art, supported the 11th film festival for cinematography "Golden Eye" in the city of Popovo, as well as the Latin Beach Boom 2022 in the Albena Resort Complex.

In September, the Company participated in the celebrations on the occasion of the 25th anniversary of the founding of the Bulgarian Association of Supplementary Pension Security Companies (BASPSC). BASPSC was established in 1997 and PAC Doverie was one of the founders.

On October 13th, the second edition of the financial forum "The Power of Investments" was held. PAC Doverie was an official partner of the event organized by Infostock.bg. Among the participants were leading experts in the field of economics and finance, who gave their comment on current topics and  various investment opportunities on the Bulgarian and international capital markets, as well as investments in real estate, cryptocurrencies and many other topics.

In 2022 PAC Doverie was the only Bulgarian company that submitted a Progress Report under the UN Global Compact on the new standards that were introduced experimentally by the world organization and which will become mandatory for all the members of the global initiative in 2023.

The Bulgarian Credit Rating Agency (BCRA) has once again awarded a credit rating of A- (outlook: stable) to PAC Doverie, as well as a credit rating of A - pf (outlook: stable) to the funds managed by it: General Pension Fund Doverie, Professional Pension Fund Doverie and Voluntary Pension Fund Doverie.

The company received the 11th consecutive award for best "Supplementary mandatory pension insurance" company at the annual awards, presented by 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. 

As of the end of 2022, the insured persons in the three funds managed by PAC Doverie are 1 247 605 people, and the net assets under management are BGN 4 754 894 thousand, according to data from the Financial Supervision Commission (FSC ) - http://www.fsc.bg/.

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/