Czech pension fund Ceske pojistovny says profit falls 42% in Jan-Sept 2011.

By bne IntelliNews November 28, 2011
Ceske Pojistovny, the countrys largest pension fund by number of clients, said its profit fell by 42% on the year to CZK 655mn (EUR 25.1mn) in the first nine months of 2011, CTK newswire reported. Despite the lower profit, the company kept its leading position with 1.16mn clients. Ceske Pojistovnys assets declined by 7.5% y/y to CZK 58.6mn as of end-September 2011. The company is owned by PPF Holding, a 51/49 joint venture of Italian Generali and Czech PPF Group. The aggregate profit of all pension funds in the Czech Republic decreased by an annual 14% to CZK 3.2bn. The reason for the decrease is the weaker performance of the securities portfolio and the higher marketing costs connected to the planned pension reform, Broker Consulting analyst Jan Lener said.

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