In line with the consolidated unaudited report for the first nine months of 2022, pension capital management company IPAS Indexo (hereinafter – INDEXO) in the past 12 months has attracted 30,176 new customers for its 2nd and 3rd pillar pension plans. The total number of INDEXO customers at the end of September was 91.2 thousand, which is 49% more than at the end of the third quarter of 2021. The total assets under management over the past 12 months have increased by 34%: from EUR 405.0 million at the end of September 2021 to EUR 540.9 million at the end of September 2022.

“Our goal today and in the medium term is to grow, and we have created a business model that finances our growth. We invest everything we earn in development – in the management of pensions and the new bank project,” said Valdis Siksnis, the board chairman and one of the founders of INDEXO. 

“This is an extremely volatile year in the global capital markets. Therefore, it is even more important that INDEXO pension management indicators are becoming stronger, namely, along with the number of customers we are also increasing the amount of monthly pension contributions, assets under management and the revenues. It proves resilience and potential of INDEXO business, which, in turn, ensures increase of long-term value for our shareholders,” said Siksnis.

In the first nine months of this year, like in the first six months, INDEXO saw the steepest rise in the number of new customers compared to other market players. While INDEXO attracted more than 23,950 new customers for its 2^nd pillar pension plans over the past 12 months, the fastest growing competitor attracted just 3,079 new customers in the said period, and the second fastest growing competitor – 1,393 customers.   

INDEXO market share measured by assets under management increased from 6% at the end of the third quarter of 2021 to 9% at the end of September 2022.

As the assets under management have increased, INDEXO revenues have grown by 46% from the respective period last year to EUR 1.6 million in the first nine months of this year. Operating income from the core activity before costs for customer acquisition increased to EUR 973.1 thousand or by 50% from the first nine months of 2021. INDEXO this year has invested EUR 1.251 million in attraction of new customers and the costs of the initial public offering (IPO) this summer reached EUR 235.3 thousand. The costs of INDEXO bank development project by the end of the third quarter accounted for EUR 369.9 thousand. As a result of investments in attraction of new customers, IPO costs and costs of the bank development, INDEXO closed the first nine months of this year with a loss of EUR 883.8 thousand. 

INDEXO priority at the end of this year will be to continue attraction of new customers to the 2nd and 3rd pillar pension plans, and continuation of the work on development of the new bank.

INDEXO is currently working on an application for a commercial bank licence issued by the European Central Bank after a recommendation by the Finance and Capital Market Commission.

About INDEXO 

INDEXO is an asset management company licensed by the Latvian Finance and Capital Market Commission, which offers modern 2nd and 3rd pillar pension saving plans in Latvia. INDEXO is the fastest growing pension management company in Latvia with more than 90 thousand customers and more than half billion euros total assets under management.

INDEXO was established in 2017 by a group of 30 experienced business representatives and managers with an aim to fight for a better financial environment in Latvia. INDEXO vision is to become a financial services group, offering modern and customized services that empower Latvian people to take care of their financial wellbeing.

More information is available at www.indexo.lv

Contact information: 
Ieva Margeviča 
IPAS “Indexo” 
Board member 
E-mail: ieva.margevica@indexo.lv 
Phone: + 371 28 636 789