Modra zavarovalnica

What Modra zavarovalnica does

Modra zavarovalnica, d.d. is a Slovenia-based supplementary pension insurance provider operating in the country's second-pillar pension system. Founded in 1990 and headquartered at Dunajska cesta 119, Ljubljana, the company serves more than 321,246 individual savers and over 2,200 employer clients, with assets under management exceeding 2.2 billion EUR. Modra is one of a small set of authorized Slovenian providers offering tax-deductible supplementary pension contributions of up to 5.844% of gross salary (capped at 3,054.65 EUR annually for 2025), and operates under statutory oversight with management fees capped at 1%. The company holds the 'Družini prijazno podjetje' (Family-Friendly Company) certification for 13 consecutive years, indicating stable governance continuity.

The company's core product is the Modri krovni pokojninski sklad (umbrella pension fund) built around a life cycle investment strategy that automatically reallocates assets across three sub-funds: Dinamični (Dynamic, for savers under 50), Preudarni (Prudent, ages 50-60), and Zajamčeni (Guaranteed, 60+). Modra was the first Slovenian pension fund manager to introduce life cycle funds, launching them for the business sector in 2015 and extending to the public sector in 2017. Savers access products through the e.Modra web portal and m.Modra mobile application, supported by digital contract signing (e-sklenitev), tax and retirement calculators, and a contact center. On retirement, accumulated savings are paid out via Modra renta annuities with up to 20-year guaranteed periods. Additional offerings include the Prvi pokojninski sklad (PPS) with early-withdrawal options enabled from March 2026, and partner-distributed legal protection (ARAG) and travel (Vzajemna) insurance.

Modra's business model combines subscription-based recurring premium inflows from individual savers and employer collective contributions with asset management fees, the latter capped by statute at 1%. Go-to-market is hybrid: direct-to-consumer digital self-service for individuals and sales-led engagement with companies of 10+ employees for collective schemes. Distribution is extended through channel partnerships with Delavska hranilnica (Workers' Savings Bank), NKBM/OTP Bank, and product partnerships with ARAG and Vzajemna. Despite serving a large customer base, the company operates with a lean headcount of 11-50 employees, reflecting high automation through its digital platforms.

Name

Modra zavarovalnica

Legal name

Modra zavarovalnica, d.d.

Website

https://modra.si

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Modra zavarovalnica is a Slovenian supplementary pension insurance provider managing over 2.2 billion EUR for 321,000+ savers and 2,200+ employers through life cycle-based pension funds, digital self-service platforms, and partner distribution channels.

Ownership category

akta.pro rank

Product category

Supplementary Pension Insurance

NAICS

Pension Funds (52511), Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)

Keywords

• Supplementary pension insurance
• Pension fund management
• Collective pension schemes
• Retirement savings products
• Pension annuities

Headquarters

HQ city

Ljubljana

HQ country

Slovenia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Individual Premium Payments: Individual savers make regular premium payments into their pension accounts, which are invested in selected sub-funds (dynamic, prudent, or guaranteed). These payments form the primary revenue stream and are managed by Modra.
2. Employer Collective Contributions: Companies pay collective pension insurance premiums for their employees, either partially or fully funded. This represents a significant B2B revenue stream with recurring annual premiums.
3. Asset Management Fees: Modra charges management fees on assets under administration in pension funds. The maximum management fee is capped at 1% by law for pension funds.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Modra zavarovalnica provides supplementary (voluntary) pension insurance for Slovenian workers and employers, enabling tax-advantaged long-term retirement savings invested in life-cycle-based pension funds (Dynamic, Prudent, and Guaranteed sub-funds). It offers both individual policies (Dodatno pokojninsko zavarovanje) and collective employer-sponsored schemes (Kolektivno dodatno pokojninsko zavarovanje), with payouts handled through pension annuity products (Modra renta) and digital self-service via e.Modra and m.Modra.

Product overview

Modra zavarovalnica is a supplementary pension insurance company offering a comprehensive suite of retirement savings products. The core product is Dodatno pokojninsko zavarovanje (supplementary pension insurance) with tax benefits, managed through the Modri krovni pokojninski sklad (umbrella pension fund) with three life-cycle-based sub-funds: Dinamični (Dynamic, for savers under 50), Preudarni (Balanced, for ages 50-60), and Zajamčeni (Guaranteed, for those 60+). Upon retirement, accumulated savings are paid out through Modra renta (pension annuity) products. The company also offers Prvi pokojninski sklad (PPS) with early withdrawal options, and two partner insurance products (ARAG legal protection and Vzajemna travel insurance). Digital access is provided through the e.Modra web portal and m.Modra mobile application, supplemented by informative calculators. Services are segmented for individuals, public sector employees, and companies (collective insurance for employers with 10+ employees).

Differentiator

Problem solved

Functional benefit

Brands

• e.Modra: Digital platform for savers to monitor pension accounts, manage insurance, and access documents
• m.Modra
• Modra renta
• Modri krovni pokojninski sklad

Products and services

• Dodatno pokojninsko zavarovanje (Supplementary pension insurance) Supplementary (voluntary) pension insurance sold to individual Slovenian workers and self-employed persons, providing tax-deductible long-term retirement savings that are invested in life-cycle pension sub-funds and paid out as an annuity at retirement.
• Kolektivno dodatno pokojninsko zavarovanje (Collective supplementary pension insurance) Employer-sponsored collective supplementary pension insurance scheme for companies with 10+ employees in Slovenia, providing tax-deductible employer contributions, employee retention benefits, and delegated administration of retirement coverage.
• Modri krovni pokojninski sklad (Umbrella pension fund with life cycle strategy) Umbrella pension fund consisting of three sub-funds (Dynamic for savers under 50, Prudent for ages 50–60, and Guaranteed for 60+) that automatically rebalance allocation based on the saver's age, simplifying retirement investment decisions.
• Modra renta (Pension annuity payout products) Pension annuity payout products available to savers at retirement, offering 24 annuity forms with guaranteed payment periods of up to 20 years and favorable tax treatment on payouts.
• Prvi pokojninski sklad (PPS) Pension fund product enabling early withdrawal of accumulated surrender values starting 11 March 2026, with such payouts exempt from taxation and without additional costs to the policyholder.
• Zavarovanje pravne zaščite ARAG (ARAG legal protection insurance) Legal protection insurance covering attorney fees and court costs that would otherwise represent a significant financial burden, distributed through Modra as a sales channel in cooperation with insurance partner ARAG.
• Zavarovanje za tujino (Travel/abroad insurance via Vzajemna) Travel insurance providing protection against unexpected situations abroad, including a 24-hour assistance center, distributed through Modra as a sales channel in cooperation with insurance partner Vzajemna zdravstvena zavarovalnica.

Quantifiable outcome

• 10-year fund returns of +120% for Guaranteed sub-fund, +160% for Prudent sub-fund, +210% for Dynamic sub-fund
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor.

• Delavska hranilnicaminorChannel Partner/ Reseller/ Distributor · 22 April 2024Delavska hranilnica (Workers' Savings Bank) expanded its business network to include Modra supplementary pension insurance products, allowing customers to purchase pension coverage at additional locations.
• ARAGminorChannel Partner/ Reseller/ DistributorARAG provides legal protection insurance distributed through Modra. This partnership allows Modra to offer additional insurance products beyond pension savings.
• Vzajemna (Vzajemna zdravstvena zavarovalnica)minorChannel Partner/ Reseller/ DistributorModra offers travel insurance for abroad through its partner Vzajemna insurance company, providing comprehensive travel protection to Modra customers.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• NLB Skladi: NLB Skladi is the Slovenian asset management arm of NLB Group managing investment funds. Comparable as a domestic fund management competitor offering retirement-oriented investment products within the Slovenian market.

Direct peers

• Vzajemna zdravstvena zavarovalnica: Vzajemna is a Slovenian insurance mutual that partners with Modra on travel insurance but also operates in adjacent welfare/health insurance; it is comparable as a Slovenian insurance counterpart serving overlapping consumer segments.
• Adriatic Slovenica: Adriatic Slovenica is a major Slovenian insurer offering life and pension products to individuals and corporate clients. It is a direct competitor in Slovenia's supplementary pension insurance and group life/pension space.
• Generali zavarovalnica (Slovenia): Generali's Slovenian subsidiary offers life insurance and pension savings products, competing with Modra for supplementary pension and life insurance customers within Slovenia's regulatory framework.
• Vzajemna pokojninska družba (Skupna pokojninska družba): Skupna pokojninska družba is one of the authorized supplementary pension insurance providers in Slovenia and directly competes with Modra on individual and collective supplementary pension insurance.
• Pokojninska družba A: Pokojninska družba A is one of Slovenia's authorized supplementary pension insurance providers, directly competing with Modra on individual and collective schemes under the same tax-advantaged framework.
• Zavarovalnica Triglav: Triglav is the largest Slovenian insurance group and offers supplementary pension insurance products to individuals and employers. It competes head-to-head with Modra for the same Slovenian supplementary pension market and employer collective schemes.

Broad incumbents

• Allianz Slovenija: Allianz's Slovenian subsidiary offers life insurance, savings, and pension products as part of a global financial services group. Comparable as a broad incumbent operating in the same Slovenian life/pension category with deeper international backing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Modra_
• Facebookfacebook.com/ModraZav
• LinkedInlinkedin.com/company/modra-zavarovalnica-d-d-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 Modra zavarovalnica