Date post: | 24-May-2015 |
Category: |
Documents |
Upload: | saida-gnpf |
View: | 290 times |
Download: | 3 times |
Sound investments into your future
The Republic of Kazakhstan is a transcontinental country in Central Asia and Eastern Europe, the vast majority of its territory being located in Central Asia. With its territory of 2,727,300 sq km (1,053,000 sq mi) ranked as the 9th largest country in the world, it is also the world's largest landlocked country. Kazakhstan is a member of the CIS.
Capital city – Astana; largest city – Almaty (former capital). National currency – Tenge (KZT).
Country Overview
Country Overview (continued)
Politics and Economy
The Republic of Kazakhstan
is a unitary state with
presidential regime
Main industry: Oil & Gas
(9th place in the world)
GDP: (Jan-Jun) 2012 – 105.6%
2011 – 107.5%, or $186.2 bn
2010 – 107.0%, or $148.05 bn 2009 – 101.2%, or $115.31 bn 2008 – 103.3%, or $133.44 bn 2007 – 108.9%, or $104.85 bn
Population
Population: 16.8 mln. people Age 0-15 – 10%
Structure 16-62(57) – 64%
(2012) 63(58) & older – 26%
Working population (APFs’ members)
(Feb. 2012): 8.5 mln. People
Average monthly income (Jul. 2012):
USD 712
Retirement age:
men – 63 women – 58
Longevity (2011):
average – 69.01 years
men – 64.23 women – 73.79 Natural population growth rate
increased from 6.22% (2003) to 13.79% (2011)
Pension System in Kazakhstan
1997 - reform of the pension system in Kazakhstan and establishment of the first “State Accumulative Pension Fund” (Gosudarstvenny Nakopitelny Pensionny Fond) which then became the APF “GNPF”, JSC
New pension system is based on the three pillars:
PAYG pillar, the former Soviet Union heritage based upon the “solidarity of generations” where the State budget is a source of pension distributions by means of taxes and other budgetary receipts. Pension distributions amount depends on the employment duration. Currently, this pillar covers those who had been employed for at least six months prior to January 1, 1998.
Compulsory defined contributions accumulative pension plan (99.81% of all accumulated pension assets as of 1 Oct 2012). Pension contributions fixed at 10% of the gross monthly income are paid by all employed citizens of Kazakhstan and foreign stateless individuals who established permanent residence in Kazakhstan, to their individual accounts in one of the APFs selected in contributors’ discretion. Contributors have the right to transfer their savings from one APF to another twice a year, but all savings of each member must be kept in one APF at a time.
Voluntary accumulative pension plan embracing voluntary and voluntary-occupational pension contributions. This pillar is less developed.
Currently there are 11 Accumulative Pension Funds (APF) operating in Kazakhstan. The APFs in Kazakhstan are licensed to act also as the Asset Management Companies (AMC). They manage pension assets of their members (contributors), and also have their own assets and capital that are accounted for separately (Chilean model).
Pension assets are accumulated and accounted for based on the Unit-Linked Plan, i.e. the cash value of pension contributions varies according to the current net asset value of the underlying investment assets. It allows protection and flexibility in investment.
The APFs have three income sources: 1. Monthly commission fee on accumulated pension assets
(≤0.05%, GNPF’s current fee is 0.0375%)2. Monthly commission fee on investments return (≤15%,
GNPF’s current fee is 12%)3. Return from investments of own assets
Pension System in Kazakhstan (continued)
Unit-Linked Plan
Accumulation of Pension Assets &
Asset Management
Income Structure
Pension Market Performance
Pension Assets 20 272 mln. USD (01.10.2012) 3 036 202 mln. KZT
Average annual growth rate for the last 3 years – 18%
Individual Contributors’ Accounts
Compulsory Voluntary Voluntary Occupational
1998 3 752 386 1999 2 994 513 2000 3 715 535 2001 4 630 205 22 071 2002 5 399 320 25 084 2003 6 164 316 27 364 2004 6 974 437 30 157 2 7642005 7 613 369 32 336 3 2972006 8 537 712 32 978 3 7522007 9 223 712 40 904 3 8482008 9 613 112 41 499 4 0302009* 7 732 128 41 682 4 0762010 7 989 782 39 534 4 0452011 8 137 395 38 318 4 102
01.10.2012 8 360 641 37 943 4 119
USD 1 = KZT 149.77 (average ForEx rate for September 2012)
Average Pension Savings Per 2 413 USD Contributor (01.10.2012) 361 ths. KZT
* Elimination of zero-balance and double accounts
Accumulated Net Investment 4 324 mln. USD Income (01.10.2012) 647 574 mln. KZT
1998
2000
2002
2004
2006
2008
2010
4118
3
0500,000
1,000,0001,500,0002,000,0002,500,0003,000,0003,500,000
0%20%40%60%80%100%120%140%160%
Pension assets, mln. KZT Pension assets growth rate, %
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
41183
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.110.13 0.15
0.240.28
0.320.36
Average Pension Savings Per Сontributor, mln. KZT
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
4118
3
0100,000200,000300,000400,000500,000600,000
-20%
0%
20%
40%
60%
80%
Net investment income, mln. KZT Net investment income growth rate, %
GNPF is the only APF with direct GRK participation through the National Bank’s share
GNPF Shareholder
The National Bank of the Republic of Kazakhstan
100%
NBRK intends to privatize GNPF and, therefore, is looking for a strategic investor that will acquire the control stock and help to further improve the Fund’s already strong position by:
improving the Fund’s corporate governance;
refining the existing risk management system;
bringing in know-how in investing pension assets; and
providing access to international capital markets
2009 2010 2011 01.10.2012Employees 436 658 823 1313Branches 18 18 18 18
Sales points 53 100 117 119Service centers 2 2 2
GNPF Network
Pension Assets 3 910 mln. USD (01.10.2012) 585 565 mln. KZTAverage annual growth rate for the last 3 years – 26%
USD 1 = KZT 149.77 (average ForEx rate for September 2012)
Average Pension Savings Per 1 993 USD Contributor (01.10.2012) 298 ths. KZT
Contributors
Compulsory VoluntaryVoluntary
professional1998 3 092 3741999 1 697 2922000 1 811 9912001 2 143 1042002 2 299 4162003 2 332 9002004 2 431 1252005 2 302 9662006 2 378 890 42
2007 2 439 137 752008 2 417 306 1022009* 1 742 157 119 52010 1 786 633 143 32011 1 810 993 178 3
01.10.2012 1 962 162 198 3* zero-balance and double accounts were eliminated
GNPF Performance
Accumulated Net Investment 1325mln. USD
Income (01.10.2012) 198 476 mln. KZT
1998199920002001200220032004200520062007200820092010201141183
0100,000200,000300,000400,000500,000600,000700,000
0%10%20%30%40%50%60%70%80%90%
Pension assets, mln. KZT Pension assets growth rate, %
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
41183
0.0000.0500.1000.1500.2000.2500.3000.350
0.01 0.02 0.02 0.03 0.03 0.04 0.04 0.05 0.07 0.08 0.10
0.170.21
0,260.30Average Pension Savings Per Сontributor, mln. KZT
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
201141183
020,00040,00060,00080,000
100,000120,000140,000160,000180,000
0%5%10%15%20%25%30%35%40%45%50%
Net investment income, mln. KZT Net investment income growth rate, %
2008 2009 2010 01 Aug.2011Employees 430 436 658 760Branches 18 18 18 18
Agent points 31 53 100 117Service centers 2 2
GNPF Market Share (01.10.2012)
GNPF ranks 2nd among the
Kazakhstan APFs
GNPF; 19% ($3 910 mln)
Pension Assets
GNPF; 23% (1 962k)
Members
GNPF; 25% ($1325 mln.)
Accumulated Net Investment Return
Investment Portfolios (01.10.2012)
Pension Assets $3 910 mln. Pension Assets Moderate Portfolio
Structure, %Pension Assets Conservative Portfolio
Structure, %
GRK Securities41.1%
Foreign Gov. Securities6.5%
IFO Securities1.9%
RK Corporate Bonds15.3%Foreign Cor-
porate Bonds 1.2%
Stocks and Depositary Receipts2.0%
Gold 9.2%
PPN2.4%
Deposits 19.2% REPO and Cash
1.0%
GRK Securities67.5%
Deposits20.74%
REPO and Cash11.88%
Investment Portfolios (01.10.2012)
Pension Assets $3 910 mln. Pension Assets Moderate Portfolio,
Currency Structure, %
GNPF Own Assets Portfolio $ 156 mln. (all denominated in KZT)
Pension Assets Conservative Portfolio, Currency Structure, %
KZT 100%KZT 73.6 %
USD 22.1%
EUR 0.4%RUB 3.2 %
MYR 0.5 %GBP 0.2 %
GRK Securities51.07 %
Deposits 45.59%
CAsh and REPO 3.35%
GNPF Basic Financial Indicators
2009 2010 2011 01.10.2012
Equity, mln. 98 14 473 121 17 888 139 20 327 156 23 419
Assets, mln. 101 14 899 125 18 369 146 21 363 162 24 330
Net income, mln. 22 3 215 22 3 291 15 2 154 21 3 144
ROA, % 24.9 19.8 11.3 11
ROE, % 25.5 20.3 10.8 13
EPS 3 370 3 379 1.7 248 2.4 362
Regulation
There are three main prudential regulations established and controlled by the Committee:
The APFs’ activity is licensed and regulated by the Committee of the National Bank of the Republic of Kazakhstan for Control and Supervision of the Financial Markets and Firms
K1 - minimum capital requirement
K2 - annual average weighted investment return benchmark for the last 60 months
Limits on pension assets investments
Foreign Investor: Legal Issues
be a legal entity have a minimum rating as set below:
Legal entity registered in an off-shore zone* or the one having affiliates registered in off-shore zones shall not act as a shareholder of any pension fund in Kazakhstan
*All restricted off-shore zones are listed in the Appendix A
Standard and Poors
Moody's Investors Service
FitchDominion
Bond Rating Service (DBRS)
Japan Credit Rating Agency
(JCR)
Rating and Investment Information
(R&І)
Capital Intelligence
ВВ- Ва3 ВВ- BBL BB- BB- BB-
Per the Law of the Republic of Kazakhstan On the Pension Provisions in the Republic of Kazakhstan (The Law), Article 36:
A non-resident investor shall:
THANK YOU
Call us at +7.727.259.7524, or +7.800.080.1177