ING estimates it will have one million clients enrolled in its mandatory private pensions fund (the 2nd pillar) by Christmas, with the end-of-sales campaign target (January 17, 2008) now set at 1.1-1.2 million clients.
As a result, ING, the current leader of the mandatory pensions market, has increased its initial sales target of one million clients, set before it launched its campaign on September 17.
Allianz-Tiriac (ranked second in terms of number of clients) has revised its sales target downwards, from around one million clients to 800,000 at the end of the initial campaign of enrolment.
Therefore, the top two players intend to reach a total of two million clients, on a market estimated at 3-3.5 million people (estimates differ from one company to another).
The top two players, which have left behind the other 16 pension companies, have in total accumulated over 1.55 million signatures after the first 5 bimonthly reports (out of a total of 8). In all, 2.62 eligible Romanians have joined the 18 pension funds during this period. However, ING and Allianz-Tiriac have taken the lion's share, i.e. 59% of the number of participants.
"We hope we will be able to boast one million clients before Christmas, because during this period, people will be busy with other things and there will probably be fewer individuals who choose to join mandatory private pensions," Bram Boon, chairman of the Board of Directors of ING Fond de Pensii (ING Pension Fund), told ZF.
"The new target is 1.1-1.2 million clients and we estimate we will be able to push the market towards this value," added Boon.
As for the other company, Crinu Andanut, CEO of Allianz-Tiriac Pensii Private (Allianz-Tiriac Private Pensions), says his objective, from direct sales (before the lottery which starts in January 2008) is 800,000 clients, and that Allianz-Tiriac is "considering the one million client mark", which could be achieved after the lottery, if the market is large enough.
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