DGAP-News

OVB posts good results for first half of year - concerns over the future of private pensions in Europe (news with additional features)

DGAP-News: OVB Holding AG / Key word(s): Half Year Results/Interim
Report
OVB posts good results for first half of year - concerns over the
future of private pensions in Europe (news with additional features)

14.08.2015 / 08:01

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OVB posts good results for first half of year - concerns over the future of
private pensions in Europe

- More clients, more financial advisors
- Sales growth of 6.9%
- Operating income up 28.2%

Cologne, 14 August 2015 - The European financial advisory group OVB
continued its success story in the first half of 2015. Total sales
increased by 6.9% to EUR110.9 million. A positive business development was
recorded on many national markets. "In June 2015 alone, OVB brokered around
60,000 new contracts throughout Europe - testifying to the strong demand
for our services," said Michael Rentmeister, CEO of OVB Holding AG, at the
presentation of the figures for the first half of the year. The Group
increased its operating income by 28.2% to EUR6.1 million.

However, the CEO of OVB is concerned about private pensions in Europe:
"More and more people are turning away from private pensions out of
uncertainty and also in light of the current low interest rates. Only a
very few are prepared to cut back today in order to set aside provisions
for old age. Our financial advisors are also observing this dangerous
development in their contact with clients. Here, the time factor works
against self-doubt, hesitation and people's tendency to put things off or
push them to the back of their minds. The need for qualified, comprehensive
advice from financial advisors is greater than ever."

OVB has been offering its clients this service at the highest level for
many years. For example, out of a total of 19,897 complaints filed with the
ombudsman in Germany in 2014, not a single one was directed against a
product brokered by OVB. In Austria, OVB's financial advisors emerged as
the winners ahead of all competitors in anonymous test consultations on
pension accounts conducted by the test magazine konsument.at this year.
"These are just two examples that confirm the scientifically proven
positive close-up picture of the relationship between clients and financial
advisors and lead to the conclusion that there is no need for further
inappropriate blanket restrictions - in spite of all the prophesies of doom
from politicians and consumer protection organisations," says Rentmeister,
explaining OVB's involvement in the topic of regulation. "Of course we know
that politicians do not tend to follow a business model of not making any
laws. But it is also clear that the effect of new laws cannot be seen until