NPF Safmar

NPF Safmar is a member of the Safmar industrial and financial group of Mikhail Gutseriev. The Fund is a 100% subsidiary of Safmar Financial Investments PJSC (SFIN). Safmar Financial Investments is Russia's first public diversified investment holding with a focus on the financial sector of the economy. The holding is part of SAFMAR GROUP JSC, one of the industrial and financial groups in Russia, which includes financial sector assets (insurance, leasing, non-state pension funds), commercial real estate and development, oil and gas companies, as well as other non-financial assets.

The Fund carries out activities on compulsory pension insurance and non-state pension provision. He is a participant in the system of guaranteeing the rights of insured persons. Member of the Association of Non-State Pension Funds (ANPF), Association of European Business (AEB), Franco-Russian and American Chambers of Commerce.

The Fund carries out activities on compulsory pension insurance and non-state pension support, is a participant in the system of guaranteeing the rights of insured persons.

Performance indicators

2018: Yield on pension savings

History

2021: Region Group buys Safmar NPF

On February 9, 2021, it became known about the sale of the largest private non-state pension fund (NPF) Samfar to the Region group. Relevant documents are filed with the FAS of Russia.

According to Kommersant, the buyer of the pension asset of Safmar Financial Investments Holding (SFI) will be the Leningrad Adagio IC owned by the majority shareholder of the Region Sergey Sudarikov.

By February 2021, NPF Safmar in terms of assets (more than 270 billion rubles) ranks ninth. The clients of the compulsory pension insurance fund are 3.8 million people. The pension division of the Region - Rossium group includes six non-state pension funds (including two of the top 10 - Evolution and Future) with total assets of 610 billion rubles. After the transaction, the assets of the pension division of the Region - Rossium group will be able to approach the mark of 900 billion rubles. This will bring him to second place in the pension system of the Russian Federation.

Region Group acquires Safmar NPF

The general director of the consulting company "Pension Partner" Sergey Okolesnov in a conversation with the publication called the upcoming deal the largest in the history of the Russian system of non-state pension funds. He noted that the purchase of Safmar actually means the completion of the process of transferring pension funds from private owners to owners close to the state.

SFI and the Region group do not disclose the cost of the transaction for the sale of Safmar NPFs. Kommersant writes that earlier the SFI wanted to sell NPFs for 25-30 billion rubles (or about 10% of the assets). According to a newspaper source close to the failed buyer, during the negotiations a possible reduction in the price to 20-22 billion rubles was discussed. An informant of the publication, close to the buyer, claims that it was possible to conduct a deal on the bottom line, since with due diligence some assets did not suit the Region group - Rossium^[1]

2020: Avet Mirakyan replaces Mikhail Gutseriev as Chairman of the Board of Directors of NPF Safmar

On October 1, 2020, it became known that Mikhail Gutseriev, the main shareholder of the Safmar industrial and financial group (PFG), resigned as chairman of the board of directors of Safmar, which he headed for more than three years. The collective body was headed by the general director of the holding company Safmar Financial Investments (SFI, it includes NPF Safmar) Avet Mirakyan. This follows from the information posted on the fund's website.

Roman Tyan and Olga Prozorovskaya also left the board of directors. Instead, it included the general director of the NPF Denis Sivachev and Svetlana Sagaidak (two years ago she worked in Promsvyazbank). Thus, the total composition of the collective body was reduced by one person, to five places. Also, Mr. Gutseriev left the board of directors of another NPF owned by the SFI, Mospromstroy Foundation, whose collegial body was also headed by Mr. Mirakyan. Ms. Sagaidak also joined the board of directors of this fund.

Earlier it became known that the SFI is looking for buyers of Safmar NPF, which is one of the ten largest pension funds. Kommersant's interlocutors called Promsvyazbank applicants for this asset. Also, according to them, consultations on the possible sale of the fund were held with Sberbank and VTB. According to several people familiar with the state of affairs at PFG Safmar, before the possible sale of NPFs, it should be expected to be renamed. NPF Safmar was named after the parents of Mr. Gutseriev.^[2]

2019

Dividend payment plan

Despite huge losses for pensioners (see below) in August 2019, NPF Safmar is preparing to pay dividends. Safmar's retained profit amounted to 4.4  billion rubles.

Bank of Russia stress tests

JSC NPF Safmar, which is part of the Safmar industrial and financial group of Mikhail Gutseriev, announced in April 2019 the completion of stress testing of the combined fund in the 1st quarter of 2019. According to pension savings and reserves, tests were passed in 99% of the tests. This indicates a high level of financial stability of Safmar NPF.

"Stress testing for non-state pension funds became mandatory in 2018. The scenarios that the Bank of Russia is preparing are tightening all the time, stress test models are subject to changes, but the fund shows high results at any values. This indicates the sustainability of the fund: Safmar NPF is ready to fulfill its obligations to customers in any negative situations that the regulator lays in stress tests, "said Denis Sivachev, general director of Safmar NPF.

Stress testing is mandatory for non-state pension funds - it is a prevention of the financial sustainability of NPFs. It consists in the fact that all funds regularly test the adequacy of their assets to fulfill all obligations to pay pensions to clients - insured persons, depositors and participants. Test scenarios are compiled by the Bank of Russia, changing them every six months or as necessary. As part of stress tests, the possible impact on the fund on the horizon of five years of critical changes in macroeconomic indicators, such as inflation, oil value, as well as the deterioration of the credit quality of the fund's assets is considered - market, credit, operational and liquidity risks are checked

Stress testing is considered passed if, in 50% of the tests conducted for each scenario, the fund has shown that it has enough assets to fulfill all obligations to customers. From July 1, 2019, this figure will increase to 75%. Currently, NPF Safmar undergoes stress tests at the level of 99%, which significantly exceeds the regulatory threshold of 75%.

NPF Trust joined NPF Safmar in March 2019. The obligations of the joint fund under compulsory pension insurance contracts amounted to 241.6 billion rubles at the end of 2018, under non-state pension agreements - 7.6 billion rubles. The number of insured persons is 3.98 million people, participants - 81.33 thousand people.

2018: Worst Return Fund

For several years, the Safmar Foundation was the worst in the industry in terms of profitability. In 2018, he brought a loss of 11% to pensioners , while the profit of the state management company VEB amounted to 6.1%.

A year earlier, the return on investment of pension savings of Safmar NPF amounted to 1.8%. This is again one of the worst results in the industry. Other funds earned 3 times more.

For two years, the Gutseriev Foundation lost to state-owned VEB and other NPFs more than 20%.

2017: Mikhail Shishkhanov, brother and son of Mikhail Gutseriev leave the board of directors

According to the results of the first half of 2017, Safmar NPF ranks fifth in the market in terms of pension assets under management (202 billion rubles), serves more than 2 million people.

On November 10, 2017, it was announced that the main owner of the reinstated Central Bank, Binbank Mikail Shishkhanov, had left the board of directors of the Safmar non-state pension fund. Also, the new board of directors left the three first deputy chairman of the board of Binbank - Peter Morsin, Alexander Lukin and Alexandra Volchenko^[3]

According to the fund, the board of directors was reduced from 9 to 5 people, it included:

• Chairman of the Board of Directors of the Safmar Group Mikhail Gutseriev,
• Vice President of M.video Management Bilan Uzhakhov,
• General Director of Safmar Financial Investments PJSC Avet Mirakyan,
• Roman Tyan, Deputy General Director for Economics and Finance of Neftis Oil Company,
• CEO of Corporate Investments and Technologies Ilya Mikhailenko.

Tyan and Mikhailenko were not on the previous board of directors. In addition, the brother of Mikhail Gutseriev Sait-Salam and the son of Said Gutseriev left the board of directors.

2016: Accession of three NPFs

In September 2016, NPF Safmar announced the completion of the reorganization in the form of the accession of NPF European Pension Fund, NPF Regionfond and NPF Education and Science. The volume of pension assets under the management of the combined fund is 185.6 billion rubles.

Notes