The Dutch ING Group is to launch a Life Insurance Unit on Bulgarian market. The company awaits license from Bulgarian financial regulator in Sofia, Hotnews.ro writes, quoting the Bulgarian electronic journal Dnevnik.
The ING Group has been active in Bulgaria since 1994 with ING Bank, followed by ING Pension Unit, in control of 8 per cent of the market at the end of September 2005.
The company manages the pension plans of 240,000 Bulgarians, and ranks 4 in terms of controlled assets on this Bulgarian market segment. Last year, it reported a loss of 700 thousand Euros.
ING Bank Sofia managed assets worth 196 million Euros at the end of 2005. The Group reported a profit of approximately 2.5 million Euros last year.