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Linas Agro Group participates in ERGO pension accumulation program

May 04, 2015

The European company ERGO Life Insurance in Lithuania and AB Linas Agro, the subsidiary of the international agribusiness company AB Linas Agro Group, concluded the contract regarding the pension accumulation for employees of AB Linas Agro until the retirement age, 65 years.

As of 1 April 2015, employees of Linas Agro may participate in the pension accumulation program: to conclude individual contracts and their employer will allocate an analogical amount of premiums to employees, i.e. following the 50 / 50 principle of accumulation. The company will contribute to the financial stability of its employees from its funds by the pension program.

“The mission of our group of companies is not only to create value to our customers and shareholders but also to provide employees with professional development opportunities in the organization of high internal culture as employees are the ones who create that value. One of the key values of our group of companies is the long-term partnership. Therefore, we are interested not only in long-term relationships with customers, but also with our internal partners - our team. By contributing to the financial stability of employees, the company seeks the long-term benefit to its employees. If pension accumulation program becomes successful and is enjoyed by employees, we will implement it in the other companies of Linas Agro Group as well”,states Managing Director of AB Linas Agro Group Darius Zubas.

“While mostly foreign companies used to implement pension accumulation programs for their employees several years ago, we observe that more and more Lithuanian companies follow their example now. By signing a pension accumulation program for its employees, an employer reveals its aim to ensure the loyalty of its employees and its social responsibility. In addition, the economy growth from the economic crisis effects higher investments of business in their employees”, the Chairman of the Management Board of ERGO Insurance Companies in the Baltic States and the CEO of ERGO Life Insurance SE Dr. Kęstutis Bagdonavičius points out.

“We are glad that the company that is interested not only in business development, but also in the future of its employees, joined the pension accumulation program. We expect these programs to grow in popularity," says broker of the transaction Juozas Sargūnas, the Head of Motivation Programs Department of the insurance brokerage company BALTO LINK.

ERGO in the Baltic States

ERGO is one of the leading insurance companies in the Baltic States which offer non-life insurance, life and health insurance. The annual amount of premiums of ERGO totals at about EUR 163 million in the Baltic States. Customers are paid EUR 82 million per year on the average for insurance claims by ERGO in the Baltic States. ERGO is also present in Belarus offering services to customers in the non-life insurance sector. Over 550 thousand customers in the Baltic States trust the services, know-how and financial stability of ERGO Group.

ERGO companies operating in the Baltic States are part of the international ERGO Group, which is one of the largest insurance groups in Europe. ERGO is represented in more than 30 countries in Europe and Asia.

The main shareholder of ERGO is Munich Re, one of the world’s largest reinsurance groups.

For more information please contact: Lina Jakučionienė, Head of Corporate Communication at ERGO Insurance Group in the Baltic States, tel. (8 5) 268 3076, 8 652 68614.

About AB Linas Agro Group

AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff, poultry and poultry products, also agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų Centras KŪB (that manage 8 operating and two being built grain elevators), trading companies in Latvia and Denmark, group of agricultural land management companies ŽŪB Landvesta, holding of agricultural companies UAB Linas Agro Konsultacijos, agricultural inputs supplier UAB Dotnuvos Projektai, logistic company UAB Jungtinė Ekspedicija, Latvian poultry companies AS Putnu Fabrika Kekava and SIA Lielzeltini, also other companies. The financial year of the Group begins on 1 July.

From 17 February 2010 AB Linas Agro Group is included in the main list of companies of Nasdaq Vilnius stock exchange.

For more information please contact: Tomas Tumėnas, Finance director of AB Linas Agro Group, mob. +370 682 36 616, e-mail t.tumenas@linasagro.lt