Инвестиционна политика на фондовете за допълнително задължително пенсионно осигуряване в България – тенденции и динамика
Investment Policy of Supplementary Compulsory Pension Insurance Funds in Bulgaria – Trends and Dynamics

Author(s): Atanaska Filipova-Slancheva
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Governance, Economic policy, Welfare systems, Accounting - Business Administration, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: pension insurance; investment policy; investments; accounting; Bulgaria
Summary/Abstract: Investments are an integral part of the pension insurance funds business model, as they have very high share in total asstes of supplementary compulsory pension insurance funds in Bulgaria – 93.13% as of end of 2023. The aim of the study is to review and analyze the investment portfolios of pension insurance funds in Bulgaria in view of the new regulatory requirements, actual investment trends. In the study Bulgarian pension insurance sector is examined – regulations and professional literature on investments of supllementary compulsory pension funds, their investment policy, type of investments, along with accounting approach and accounting standards. Data for pension insurance funds investments is obtained from publicly available sources and financial publications by Financial Supervision Commission (FSC) and Bulgarian National Bank (BNB), along with website of the respective pension companies. Findings show that there have been new specific trends for Bulgarian pension insurance funds, in terms of their investment portfolios, list of involved financial instruments throughout recent years. General conclusion is that investments of pension insurance funds are changing and rebalancing within specific asset class. Due to strict regulatory investment limits, conservative risk management approach, debt securities and other fixed-income securities (government bonds) are the asset class with highest share in total.

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