KB Prvo

What KB Prvo does

KB Prvo пензиско друштво АД Скопје (KB Prvo Pension Company AD Skopje) is a North Macedonian licensed pension fund management company headquartered in Skopje and operating as a private joint-stock company (АД). It manages two regulated pension funds — the KB Prv open mandatory pension fund (second pillar) and the KB Prv open voluntary pension fund (third pillar) — under supervision by MAPAS (Agency for Supervision of Capital-Funded Pension Insurance) and a custodian bank. As of 31 May 2026 the mandatory fund had approximately 288,424 members and net assets of 99,145.42 million denars (unit value 320.563674), while the voluntary fund had 18,842 members and 2,526.81 million denars in net assets (unit value 259.598196). The mandatory fund delivered an average annual return of 5.74% nominal (0.40% real) and the voluntary fund 5.33% nominal (0.01% real) over the 31.03.2019–31.03.2026 period.

The company's revenue model is structurally fee-based on assets under management, with regulated and publicly disclosed fee schedules: the mandatory fund charges a 1.70% contribution fee (down from 2.50% in 2018) plus a 0.030% monthly fee on net fund assets, while the voluntary fund charges a 2.50% contribution fee plus a 0.075% monthly fee, with short-window transfer fees applying only within the first 720 days (mandatory) or 360 days (voluntary). Go-to-market is delivered through a broad network of trained agents, banking channel partners (including TTK Banka AD Skopje added in February 2026), a multilingual corporate website with educational content, a self-service member portal (mojasmetka.kbprvo.com.mk), and a calculator tool.

The ownership structure is a joint venture between Skupina Prva zavarovalniški holding d.d. Ljubljana (Slovenia), which contributes international pension fund management expertise, and Komercijalna Banka AD Skopje (North Macedonia), which provides local banking credibility and branch reach. Operating headcount is reported at 11–50 employees, and operating geographies are limited to North Macedonia.

Name

KB Prvo

Legal name

КБ Прво пензиско друштво АД Скопје

Website

https://kbprvo.com.mk

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

KB Prvo pension company AD Skopje manages North Macedonia's KB Prv open mandatory and voluntary pension funds under MAPAS supervision, serving roughly 307,000 individual members and earning regulated contribution and asset-based management fees.

Ownership category

akta.pro rank

Product category

Pension Fund Management

NAICS

Pension Funds (52511), Pension Funds (525110)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Pension fund management
• Mandatory pension insurance
• Voluntary pension savings
• Retirement planning
• Capital-funded pensions

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mandatory Pension Fund Management Fees: KB Prvo generates revenue through management fees charged on assets under management in the KB Prv open mandatory pension fund — including a 1.70% contribution fee and a 0.03% monthly fee on net fund assets.
2. Voluntary Pension Fund Management Fees: Revenue from the KB Prv open voluntary pension fund via a 2.50% contribution fee and a 0.075% monthly fee on net fund assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

KB Prvo Penzisko Drustvo AD Skopje manages the KB Prv open mandatory pension fund (second pillar) and the KB Prv open voluntary pension fund (third pillar) in the Republic of North Macedonia. The company collects pension contributions from employed citizens and voluntary savers, invests these pooled assets in regulated portfolios, and maintains individual capitalised accounts for each member. Operations are supported by an online member portal and pension calculator, with assets held under custody and oversight by MAPAS.

Product overview

KB Prvo Pension Company AD Skopje operates a unified platform managing two core pension fund products: the mandatory pension fund (second pillar) and the voluntary pension fund (third pillar), both offering capital-based retirement savings. The company provides complementary digital services including an online account management portal (Moja Smetka) and a calculator tool. The funds are supervised by MAPAS and backed by shareholders Skupina Prva (Slovenia) and Komercijalna Banka (North Macedonia).

Differentiator

Problem solved

Functional benefit

Brands

• КБ Прв отворен задолжителен пензиски фонд – Скопје: Mandatory pension fund managed by КБ Прво пензиско друштво АД Скопје with 288,424 members and net assets of 99,145.42 million denars as of May 2026.
• КБ Прв отворен доброволен пензиски фонд – Скопје

Products and services

• KB Prv Open Mandatory Pension Fund – Skopje (КБ Прв отворен задолжителен пензиски фонд – Скопје)

Quantifiable outcome

• 288,424 members in mandatory fund with net assets of 99,145.42 million denars as of May 2026
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• ТТК Банка АД Скопје (TTK Banka AD Skopje)minorChannel Partner/ Reseller/ Distributor · 1 February 2026TTK Banka AD Skopje became a new sales channel for KB Prvo's pension fund products in February 2026. The partnership aims to increase accessibility of pension services and enhance KB Prvo's market presence through the bank's branch network.
• Skupina Prva zavarovalniski holding d.d. LjubljanacoreStrategic or Co-development Partner · 1 January 2006Joint venture partner and co-founder of KB Prvo pension fund management company. Prva Group brings international pension fund management expertise and experience from Slovenia to the North Macedonian market.
• Комерцијална банка АД Скопје (Komercionalna Banka AD Skopje)coreStrategic or Co-development Partner · 1 January 2006Joint venture partner and co-founder of KB Prvo. Komercijalna Banka provides local banking credibility, extensive branch network, and deep understanding of the Macedonian market.
• Агенција за супервизија на капитално финансирано пензиско осигурување (МАПАС)coreOthersRegulatory agency supervising capital-funded pension insurance. MAPAS issues monthly bulletins with fund performance data and oversees compliance of pension fund management companies including KB Prvo.

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Generali: Global insurance and asset management group with significant CEE pension and life insurance operations. Comparable as a broad incumbent offering similar capital-funded pension products across multiple European markets, providing a scale benchmark.
• Skupina Prva (Prva Group): Slovenian insurance holding and KB Prvo's joint venture partner. Operates its own pension and insurance businesses across Slovenia and the region, making it both a parent and a comparable benchmark for pension fund management economics.
• Vienna Insurance Group (VIG): Major Austrian insurance group with extensive CEE operations including pension and life insurance products in the Western Balkans. Comparable as a regional incumbent with overlapping pension product offerings and similar JV-driven market entry strategies.
• Allianz: Global insurance and asset management giant operating pension products and Allianz Pension funds across CEE and globally. Comparable as a broad incumbent with established pension fund management capabilities and similar fee-driven revenue models.
• NN Group: Dutch insurance and asset management company with European pension business including CEE presence. Comparable as a broad incumbent in capital-funded retirement products, providing a benchmark for cross-border pension management operations.

Direct peers

• UNIQA Penziski Fond Skopje: Macedonian pension fund management subsidiary of UNIQA Insurance Group (Austria). Directly competes with KB Prvo in managing mandatory and voluntary pension funds for North Macedonian citizens under MAPAS supervision.
• NLB Nov Penziski Fond: Direct competitor in North Macedonia's mandatory and voluntary pension fund market, owned by NLB (Slovenian banking group). Operates under identical MAPAS regulation and competes head-to-head for the same pool of mandatory fund members and voluntary savers.
• SAVA Penziski Fond: Another of the licensed pension fund management companies in North Macedonia, owned by the SAVA Insurance Group (Slovenia). Competes directly with KB Prvo for mandatory second-pillar and voluntary third-pillar members under the same regulatory framework.

Others

• Komercijalna Banka AD Skopje: KB Prvo's co-owner and a major Macedonian commercial bank. While not a direct pension fund management competitor, it is the key strategic shareholder, distribution partner, and ecosystem participant whose network and brand underpin KB Prvo's market position.

Regional players

• Triglav Group: Leading Slovenian insurance and asset management group operating across the Balkans. Highly comparable to KB Prvo's parent shareholder Skupina Prva as a regional CEE pension and insurance operator, providing a benchmark for regional pension management business models.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/kbprvo
• LinkedInlinkedin.com/company/kbprvo

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KB Prvo