Author: DB

28 Aug New investment policies

Dear Customers,

We would like to inform you that “PAC DallBogg: Life and Health” has adopted new investment policies for the “DallBogg: Life and Health” Universal Pension Fund, the “DallBogg: Life and Health” Occupational Pension Fund and the “DallBogg: Life and Health” Voluntary Pension Fund.

The investment policy of the “DallBogg: Life and Health” Universal Pension Fund sets forth the requirements and basic principles for investing in the dynamic, balanced, and conservative subfunds. Detailed information regarding your right to choose how the funds in your individual account are invested can be found in the “News” section / “You Choose How Your Funds Are Invested.”

The new investment policies take effect on January 1, 2027. They are available in Bulgarian. You can read the full text here.

28 Aug YOU CHOOSE HOW YOUR FUNDS ARE INVESTED

Did you know that you are not just a passive participant, but actually have the power to determine how your second-pension funds are managed in a universal pension fund? The Social Security Code gives you the right to choose an investment profile that best suits your goals and your age as of January 1, 2027.

Three new subfunds are being created within the “DallBogg: Life and Health” Universal Pension Fund, each with a different strategy:

• Dynamic Subfund: for those seeking higher returns and willing to take on greater investment risk.
• Balanced Subfund: Suitable for those seeking a balance between potential returns and a moderate level of risk.
• Conservative Subfund: aimed at those who prefer a lower level of risk when investing their funds in order to maximize their preservation in the period leading up to retirement.

The period during which you can exercise your right to choose is from September 1 to November 30, 2026, by submitting a standard application form to select a specific subfund. Even if you are unable to do so within this timeframe, there is no need to worry, as the law provides for automatic allocation to a subfund based on your age:

• If you are 50 years old or younger, your funds will be managed in a dynamic subfund.
• If you are between 50 years old and 3 years away from retirement, you will be allocated to a balanced subfund.
• If you have 3 years or less until retirement, your funds will be transferred to a conservative subfund.

Your choice of subfund or your automatic allocation to one is not final. One year after your initial choice or allocation, you have the right to change your subfund or switch to the age-based automatic transfer system. An exception applies to individuals with less than 3 years remaining until retirement—for their security, the law requires that they participate exclusively in the conservative subfund.

Everyone has a different attitude toward risk, which is why the experts at “PAC DallBogg: Life and Health” will provide you with a personalized consultation to help you determine which profile is best suited for you.

If you have questions, need assistance, or would like more information about your rights, contact us today. Our experts are available to answer any additional questions and assist you with submitting your application.

Call us at 02 40 26 426 or email us at [email protected] to schedule your free consultation!

07 Aug Sustainability and growth in personal pension accounts

In the dynamic financial environment of recent years, insured persons are seeking not only security but also sustainable growth for their retirement savings. The latest data from the Financial Supervision Commission for the period 28 June 2024 – 30 June 2026 show that the supplementary mandatory pension funds managed by „PAC DallBogg: Life and Health“, provide predictability and added value for future pensioners.

The „DallBogg: Life and Health“ Occupational Pension Fund (OPF) has demonstrated high efficiency, achieving an annualized return of 6.72%. This result is particularly significant, as it not only exceeds the weighted average return for the entire market (6.14%) by 0.58 percentage points, but is also more than twice as high as the required minimum return for the period (3.14%). With a margin of 3.58 percentage points above the mandatory minimum threshold, the fund has delivered a positive return for workers in the first and second categories of labour, which is a convincing indicator of professional investment and risk management.

The „DallBogg: Life and Health“ Universal Pension Fund (UPF), which covers those born after 1959, demonstrates a stable strategy, achieving a return of 5.40% on an annual basis. Although the market environment is challenging, the fund maintains a comfortable margin of 2.02 percentage points above the sector’s minimum return (3.38%). This balanced approach aims to achieve sustainable growth in individual accounts, preserving the real value of money in the long term and providing peace of mind and financial confidence for future pensioners.

The results of the two funds reflect a flexible investment policy aimed at maintaining an optimal balance between regulatory requirements and generating returns for policyholders.

* These results are not indicative of future performance, and positive returns are not guaranteed. For the „DallBogg: Life and Health“ Occupational Pension Fund, there is no guarantee that the full amount of funds contributed to individual accounts will be preserved./ The Standard deviation and Sharpe ratio, calculated for the same period, are as follows: for the UPF 5.76% and 0.51, and for the OPF 5.95% and 0.72./ Nominal return – the return achieved through the management of the fund’s assets. It is calculated as the difference between the value of one unit of the fund, valid on the last working day of the relevant year, and the value of one unit of the fund, valid on the last working day of the previous year, divided by the value of one unit, valid on the last working day of the previous year./ Standard deviation – a statistical measure of the dispersion of the values of a random variable around its mean. Standard deviation is regarded as one of the key indicators for measuring the risk of an investment portfolio./ Sharpe ratio – a measure that compares the return achieved from managing an investment portfolio with the risk taken to achieve that return./ The methodology used to calculate returns and investment risk is in accordance with Annex No. 15 of Regulation No. 61 of 27 September 2018 of the Financial Supervision Commission./ You can find details of the fund’s return indicators, investment risk, calculation methodology and investment policies at www.dallbogg.bg under Investments/Returns and Risk./ A comparison with the data set out above can be made on the Financial Supervision Commission’s website at https://www.fsc.bg/, under the section Social Insurance Activities/ Statistics/ 2026.

31 Jul A strong start to 2026

Our security tomorrow depends on the informed decisions we make today. Below, we present an analysis of the performance of the „DallBogg: Life and Health“ Universal Pension Fund and the „DallBogg: Life and Health“ Occupational Pension Fund, based on official data from the Financial Supervision Commission for the first quarter of 2026. The analysis tracks market developments between December 2025 and March 2026, focusing on the two key indicators of stability and confidence: trends in the number of insured persons and in the value of net assets under management. The results are compared with those of other market participants, allowing for an objective comparison of the growth rates of the supplementary mandatory pension funds managed by „PAC DallBogg: Life and Health“.

„DallBogg: Life and Health“ Universal Pension Fund

In the first quarter of 2026, the „DallBogg: Life and Health“ Universal Pension Fund stood out with strong growth in both the number of insured persons and net assets. The number of members rose from 47 470 in December 2025 to 51 269 in March 2026. This growth of 8.00% was achieved in a highly competitive market environment and exceeded the growth rates of other universal funds during the period under review, during which some of them saw a decline in their customer base. In terms of financial indicators, the fund’s net assets increased from 94 140 thousand euros to 98 559 thousand euros. The 4.69% growth achieved by the „DallBogg: Life and Health“ Universal Pension Fund outperformed that of the other participants.

„DallBogg: Life and Health“ Occupational Pension Fund

„DallBogg: Life and Health“ Occupational Pension Fund shows similar trends in terms of attracting new insured individuals, reporting an increase from 5,849 to 6,002 members. With a growth rate of 2.62%, the fund outperforms the other occupational pension funds in this respect. Against the backdrop of the published results, where more than half of the occupational pension funds in the sector reported a decline in net assets, the „DallBogg: Life and Health“ OPF achieved positive growth of 1.73% , increasing its value from 11 882 thousand euros to 12 088 thousand euros.

During the first quarter of 2026, the supplementary mandatory pension funds managed by „PAC DallBogg: Life and Health“, demonstrated a sustained upward trend, maintaining a steady positive growth rate in both the number of insured persons and net assets.

A comparison with the data presented can be made on the Financial Supervision Commission’s website https://www.fsc.bg/, under the ‘Insurance Activities’ section / Statistics / 2026/ Final results of supplementary pension insurance activities for the first quarter of 2026. The results are not indicative of future performance and a positive return is not guaranteed. For the „DallBogg: Life and Health“ Occupational Pension Fund, there is no guarantee that the full amount of funds contributed to individual accounts will be preserved.

20 Jul „Pension Assurance Company DallBogg: Life and Health“ provides security through legal protection and professional management

In recent days, public attention has been focused on events related to „DallBogg: Life and Health Insurance Joint-Stock Company“. In such situations, it is only natural for people to seek greater clarity, especially when it comes to their personal savings for the future. In an age when the public sphere is saturated with information, it is important to make a clear distinction between different legal entities, their scope of activity, and the legal framework applicable to them. The existence of a common trade name – „DallBogg: Life and Health“—does not imply that their activities, licensing regimes, or legal statuses are identical.

The following is important in this case: „Pension Assurance Company DallBogg: Life and Health“ is a separate legal entity that conducts different business activities, holds a separate license, and operates under a regulatory regime distinct from that of the insurance sector. Pension insurance is a strictly regulated activity for which the law provides special mechanisms to protect the interests of insured persons; in this regard, the licensed „PAC DallBogg: Life and Health“ is subject to the same supervisory measures as the other nine companies in the sector.

A fundamental principle of the supplementary pension insurance system is that the funds of insured persons are segregated from the assets of the pension insurance company. The most important safeguard is that pension savings do not constitute a free financial resource for the company, they are not its property and cannot be used to cover its liabilities or to finance its operations. Social security contributions are accumulated in individual accounts, held in pension funds, and managed in accordance with regulatory requirements that prioritize the protection of the insured persons’ interests.

The activities of pension insurance companies, including those of „PAC DallBogg: Life and Health“, are subject to daily regulatory oversight by the Financial Supervision Commission, and the management of funds is carried out in compliance with strict requirements for security, transparency, and accountability. The law provides for a number of safeguards that ensure the stability of the pension system and the protection of accumulated funds.

That is why insured persons can rest assured that there is no reason to take hasty action to switch pension funds, driven solely by public reactions to events affecting another legal entity. „PAC DallBogg: Life and Health“ is a stable company that operates in compliance with all regulatory requirements and under the supervision of the regulatory authority. The company has a team of qualified experts with many years of professional experience in the field of supplemental pension insurance. Their knowledge and expertise are focused on applying best practices in pension fund management and on protecting the interests of policyholders while strictly complying with the law.

13 Jul MULTI-FUNDS – THE NEW MODEL FOR MANAGING PENSION SAVINGS

The new model for managing your assets in a universal pension fund will enable you to choose the investment strategy for your pension savings yourself. Members will be able to opt for a dynamic, balanced or conservative sub-fund depending on their age, investment horizon and willingness to take on investment risk.

Find out about the key benefits of contributing to a universal pension fund, the options for choosing a sub-fund, the deadlines and procedures for making this choice, and the inheritance of accumulated funds.

Transition to a multi-fund model

From 1 January 2027, a new model will be introduced for supplementary mandatory and supplementary voluntary pension schemes, which will give insured persons the opportunity to choose between different investment strategies within the universal pension fund.

Choice between three types of sub-funds according to risk profile

Those insured under a universal pension fund will be able to choose between three sub-funds depending on their investment horizon and their willingness to take on investment risk.

• Dynamic sub-fund – invests up to 90 percent of its assets in equity securities (e.g. shares) and is suitable for individuals up to the age of 50.
• Balanced sub-fund – invests up to 55 percent of its assets in equity securities (e.g. shares) and is intended for individuals aged over 50 up to three years before their retirement age.
• Conservative sub-fund – investments in equity securities (e.g. shares) are limited to 25% with the aim of preserving accumulated funds. The sub-fund has a low-risk investment profile and is aimed at individuals who have three years or less remaining until they reach retirement age.

Deadlines for selection and automatic allocation

Individuals who are already enrolled in a universal pension fund may submit an application to select a sub-fund between 1 September 2026 and 30 October 2026. Newly enrolled members have the option to make a selection within three months of the date on which their obligation to contribute arises.

If you have not chosen a sub-fund, you will be automatically allocated to one based on your age. Those aged up to 50 will be allocated to a dynamic sub-fund; those aged over 50 up to three years before reaching retirement age will be allocated to a balanced sub-fund; and during the final three years before retirement, they will be allocated to a conservative sub-fund.

The benefits of contributing to a universal pension fund

The multi-fund model offers the option to choose an investment strategy with the potential to achieve higher returns and accumulate more funds for your pension. Regardless of the sub-fund you choose, the funds in your individual account are your personal property and are not subject to enforcement proceedings. They are managed in accordance with strict regulatory requirements, are guaranteed up to the gross amount of the pension contributions paid, and are inherited in accordance with the Inheritance Act.

02 Jul Amendments to the investment policies of the funds managed by PAC DallBogg: Life and Health

On the basis of Article 175a, paragraph 4 of the Social Insurance Code, „PAC DallBogg: Life and Health“ informs the assured  persons that by the decision of the Board of Directors dated 25.06.2026, amendments have been made to the investment policies of the funds managed by the Company for supplementary pension assurance. The changes are related to amendments in the regulatory framework as well as to the refinement texts as following:

• „DallBogg: Life and Health“ UPF Investment Policy: art.14, par.2, item 17, art.14, par.4, art. 23, par.2, item б), art.24, par.1, (fourth indent), § 2 of the Additional Provisions, item 13 of Annex;
• „DallBogg: Life and Health“ OPF Investment Policy: art.14, par.2, item 17, art.14, par.4, art. 23, par.2, item б), art.24, par.1, (fourth indent), § 2 of the Additional Provisions, item 13 of Annex;
• „DallBogg: Life and Health“ VPF Investment Policy: art.14, par.2, item 11, art.14, par.4, art. 23, par.2, item б), art.24, par.1, (fourth indent), § 2 of the Additional Provisions, item 13 of Annex;

01 Dec BACR assigns a long-term credit rating of BBB- to PAC DallBogg: Life and Health and the funds it manages

On November 28, 2025, the Bulgarian Credit Rating Agency (BACR) assigned a long-term credit rating of BBB- to Pension Assurance Company DallBogg: Life and Health and the funds it manages – Universal Pension Fund DallBogg: Life and Health, Professional Pension Fund DallBogg: Life and Health and Health and Voluntary Pension Fund DallBogg: Life and Health.

The agency calculated the ratings based on a number of factors that reflect the overall financial condition and operational sustainability of the company. The stable outlook reflects the agency’s assessment that the company and the funds will maintain their current level over the next few years, provided that the macroeconomic environment and asset management results remain largely unchanged.

According to BACR, the rating reflects the company’s stable capital position and indicates that key factors such as liquidity, risk management, and investment strategies will remain stable and without significant changes. The consistent policy of achieving its goals and the stable position of the financial results of the managed funds in recent years have allowed the company to maintain a strong financial base and provide confidence and security for the future of the insured persons.

The report of the Bulgarian Credit Rating Agency is available in Bulgarian here.

24 Jul Amendments and additions to the Rules for the organization and activity of VPF „DallBogg: Life and Health“

On the basis of Art. 229, para. 5 of the Social Insurance Code, „PAC DallBogg: Life and Health“ announces amendments and additions to the Rules for the organization and activity of VPF „DallBogg: Life and Health“, as follows:

–  The title of Ordinance No 9 of 19.11.2003 of the FSC in the section „Abbreviations used“, Art.9, para.2; Art.12, para.9; Art.14, para.3; Art.18, para.2; Art.19, para.2, p.2; Art.24, para.2, p.1; Art.25, para.1, p.1, para.3, p.1, para.4, p.1-2, para.5; Art.26, para.6, para.7, p.1; Art.28, para.2, p.1, para.3, p.1, letter „а“, para.5-6; Art.35, para.1, p.1, letter„ d“-„e“, para.3; Art.37; Art.40, para.1, p.1; Art.44; Art.45, para.2, p.3; Art.46, para.2, 3, 5, 6, 8, 9, 11, 14; Art.47, para.1; Art.48, para.1-3, para.5-7; Art.52, para.6; Art.53, para.3-6, para.11, 13, 14, 16-19; Art.54, para.2; Art.56, para.13, p.1, para.14, p.3; Art.60, para.3; Art.63, para.3, p.1; § 1 of the Transitional and final provisions.

Announcements of changes shall be published in the Telegraf and Trud newspapers.

The current document is available in Bulgarian and can be found here.

31 Mar Information on the introduction of the euro in the Republic of Bulgaria

This information is intended for clients of the funds managed by „PAC DallBogg: Life and Health“ and aims to raise awareness about the process of introducing the euro in the country

In accordance with Regulation (EC) № 974/98 of the Council of the European Union, as of the date of introduction of the euro in the Republic of Bulgaria, the currency of the country is the euro.

On the date of introduction of the euro „PAC DallBogg: Life and Health“ will convert the amounts in levs into euros in the individual accounts of insured persons, in the analytical accounts of persons receiving deferred payments, in pensions granted, and in other payments.

Conversion rule

The conversion represents a change in the currency unit from levs to euros, applying the official exchange rate and the rounding rules established in the Law on the Introduction of the Euro in the Republic of Bulgaria.

The official exchange rate of the lev to the euro is the irrevocably fixed exchange rate of the lev to the euro (1 euro = 1.95583 levs), as defined in the Regulation of the Council of the European Union, adopted in accordance with the Treaty on the Functioning of the European Union.

The conversion from levs to euros is performed by dividing the numerical value in levs by the full numerical value of the official exchange rate, expressed in six digits with all five digits after the decimal point. The official exchange rate shall not be rounded or abbreviated when performing the conversion.

Rule for rounding shares

The value of one share in euros of a supplementary pension insurance fund, valid for the first working day from the date of introduction of the euro in the Republic of Bulgaria, shall be calculated by converting the net asset value of the fund in levs at the end of the previous working day in accordance with the conversion and rounding rules adopted in the Law on the Introduction of the Euro in the Republic of Bulgaria and dividing it by the total number of shares in the fund at the end of the same day. The values of the shares shall be rounded to the fifth decimal place in accordance with the following rules:

• when the sixth digit after the decimal point is less than five, the fifth digit after the decimal point remains unchanged;
• when the sixth digit after the decimal point is five or greater, the fifth digit after the decimal point is increased by one.

When using the values of a share in a supplementary pension insurance fund valid prior to the date of introduction of the euro in the Republic of Bulgaria, a conversion from levs to euros shall be performed by dividing the value of one share by the full numerical value of the official exchange rate and rounding the resulting value to the fifth digit after the decimal point.

Rule for rounding amounts

After conversion, amounts shall be rounded to the second decimal place based on the third decimal place in accordance with the following mathematical rounding rule:

• when the third digit after the decimal point is less than five, the second digit after the decimal point remains unchanged;
• when the third digit after the decimal point is five or greater, the second digit after the decimal point is increased by one.

When the National Revenue Agency transfers social security contributions for supplementary mandatory pension insurance to the pension insurance company, relating to months prior to the introduction of the euro in the Republic of Bulgaria, they shall be calculated in accordance with the provisions of the Social Security Code and converted in accordance with the Law on the Introduction of the Euro in the Republic of Bulgaria.

Obligation for dual display when providing financial services

„PAC DallBogg: Life and Health“ shall display dual currency in euros and levs:

• the funds available in the individual insurance accounts of insured persons, in supplementary pension insurance funds, as well as the funds in the analytical accounts of persons receiving payments from deferred payment funds, at the end of the calendar year prior to the date of introduction of the euro.
• The information shall be provided free of charge to persons by May 31 of the year of introduction of the euro in the Republic of Bulgaria.
• the amount of fees and deductions for the services provided by the funds – the period shall commence one month after the date of entry into force of the Decision on the adoption of the euro and shall end 12 months after the date of introduction of the euro in the Republic of Bulgaria.
• The information shall be published on the company’s official website and shall be provided free of charge to persons upon request.

Access to information

Within one year of the date of introduction of the euro in the Republic of Bulgaria, each client of the funds managed by „PAC DallBogg: Life and Health“ shall be entitled to receive information on the monetary values in levs of individual accounts, analytical accounts, as well as the amount of pensions and other payments as at the date of conversion. The information is provided free of charge within 7 days of the request, which you can submit at the company’s office or by email: [email protected].

Contractual relations

The introduction of the euro does not change the effect of contracts concluded with „PAC DallBogg: Life and Health“ with references to the lev or with references to the lev. The amounts specified in levs in existing legal instruments shall be considered amounts in euros when applying the official exchange rate and the rules for conversion and rounding.

The terms specified in the concluded contracts shall remain in force. The introduction of the euro shall not release any of the parties from their commitments, nor shall it provide grounds for unilateral amendment or termination of the contract.