NN Penzijní společnost, a.s. is one of the eight Czech pension companies licensed to manage state-sponsored pension funds. The company was incorporated as Průmyslový penzijní fond (Industrial pension fund) in 1994. A few years later ING Group became the sole shareholder, and in 2000 the company was renamed to ING penzijní fond (ING pension fund).[3] In 2004 administrative expenses rose sharply, marketing expenses and personnel expenses were doubled.[4] Company's market share subsequently deteriorated from 12% at the end of 2004[5] to 8% at the end of September 2014.
References
- Financial statements of ING Penzijní fond, a.s. for calendar year 2000, page 1^
- Annual report of NN Penzijní společnost, a.s. for calendar year 2023^
- Commercial register at justice.cz, company ID (IČ) 63078074, NN Penzijní společnost, a.s.^
- Annual report of ING Penzijní fond, a.s. for 2004, page 15 (Marketing expenses increased by 115%, personnel expenses increased by 99 %. As the number of employees increased by 39 % y-o-y, rental expenses for office space increased by 65 %)^
- According to statistics of Association of Czech pension companies, there were 2,949,688 active participants, of which 355,337 had a contract with ING PF (12.05 %)^