Efektywność pięciu powszechnych towarzystw emerytalnych z czołówki rynkowej
Efficiency of the market top-five public pension societies

Summary/Abstract: On the base of the top-five public pension societies the author makes the effi¬ciency analysis in two scientific perspectives – of the company and of the owners of capital. Research methods used by the author were ROE indicator method and NPV method, enriched by IRR method. In the summary the author concludes that in the case of ROE indicator four analysed companies (CU, ING, PZU and AIG) revealed in the last years very high efficiency − in 2008 on the level about 50% for CU and ING, and over 30% for AIG and PZU, and only AXA revealed in 2008 ROE value -5%. In the long-term owners perspective, measured by IRR, there is a great diversity between analysed projects. The highest marks on the level of over 26% were received by ING project, and the worst by AXA project (0.81%). CU project received the best mark in present perspective and ING project in the long-term owners per¬spective. In both perspectives, the worst effects were received by AXA project.

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