To mark the 20th anniversary of non-state pension provision in Ukraine, the ICU investment group presented the results of the work of the non-state pension funds under its management.
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NPF market in Ukraine
As of June 30, 2025:
- the assets of all non-state pension funds amount to UAH 6.2 billion;
- The participants are over 887 thousand citizens, of whom 92 thousand have already received or continue to receive payments;
- the total amount of pension contributions is UAH 3.5 billion,
- pension payments — 2 billion UAH,
- investment income of all funds — over 5.3 billion UAH.
(NSSMC data: report for Q2 2025)
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ICU results
- The assets of 6 NPFs managed by ICU amount to UAH 1.17 billion, which is UAH 103 million (+10%) more than at the beginning of 2025.
- The number of participants in these funds exceeds 124 thousand people.
- ICU AMC also administers 5 NPFs with almost 81 thousand participants.
- ICU's market share reached 19% by asset size, including the NBU Pension Fund, or 32% excluding it.
Leading positions of funds managed by ICU
By asset volume, the ten largest non-profit pension funds in Ukraine include:
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- “Ukreximbank” – 4th place,
- “Dynasty” – 5th place,
- “Emerit-Ukraine” — 6th place.
By relative asset growth in 2025:
- “Care” – 1st place,
- “Dynasty” – 3rd place.
Profitability for participants
Since the beginning of ICU management, all 6 NPFs have provided net returns that exceed the growth of the official hryvnia exchange rate to the US dollar, and the results of 5 funds outpace inflation. This guarantees participants the preservation of purchasing power, reliability and security of pension savings.
“Our experience proves that pension savings can remain reliable and profitable even in conditions of an underdeveloped stock market, financial crises, and a limited range of financial instruments,” said Hryhoriy Ovcharenko, Director of Local Asset Management at the ICU investment group.
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Reference
ICU Group is an independent financial group providing brokerage, asset management and private equity services, as well as venture capital and fintech investments. The group's geography of interest is emerging markets.
For over 15 years, ICU has been the largest broker in Ukraine for trading government bonds. The group is also a leader in the asset management and pension savings market.
It was previously reported that ICU will allocate a million dollars to the development of the Kyiv School of Economics.
