This thesis, titled "Analysis of operations of pension insurance companies in the Republic of Croatia", aims to research the business operations of two pension insurance companies in the Republic of Croatia. The pension system in the Republic of Croatia counts two pension insurance companies, namely, Raiffeisen Pension Insurance Company ltd. and Croatian Pension Insurance Company ltd. The primary function of pension insurance companies is the payment of individual capitalized savings to citizens. The research of this thesis has been carried out through the analysis of secondary data collected from published and publicaly available annual financial reports of the two financial institutions under analysis. Using the secondary data from available annual financial reports, the calculations of selected financial indicators have been made for both pension insurance companies while the description of movement and changes of selected financialindicators has been provided, including the theoretical review of all the financial indicators. The analysis carried out in the thesis shows that the new stakeholder on the Croatian pensions insurance market has been performnig with a net loss, also that its assets have been growing simultaneously. On the other hand, Raiffeisen Pension Insurance Company has been present on the Croatian market for over 20 years and has shown positive business results, with the exception of 2022. when it achieved a negative business outcome.