04.10.2024 |
The sale of the Moscow-based company Raiffeisen Life to the Russian insurance company Renaissance Life has been concluded. UNIQA owned 75 per cent of the former subsidiary Raiffeisen Life; the remaining 25 per cent was held by AO Raiffeisenbank Russia, which belongs to Raiffeisen Bank International.
“With the closing of this transaction, we are finally withdrawing from the Russian market. We thank all our former employees for their work over the past years and our former partner AO Raiffeisenbank Russia for the many years of partnership and cooperation. Above all, we would like to thank our former customers for the trust they placed in us”, says Wolfgang Kindl, Management Board Member for Customers & Markets International at UNIQA Insurance Group AG. Before the sale and due to the fact that new business was largely discontinued at the beginning of 2022, the subsidiary accounted for less than one per cent of the Group’s revenue.
The purchase agreement between UNIQA and Raiffeisenbank Russia (AO Raiffeisenbank) on the one hand, and the Russian insurer Renaissance Life on the other, was signed in August 2023. The closing of the transaction had to be approved by Russian authorities and took place in compliance with all sanction-related provisions. The parties have agreed not to disclose the purchase price.
Renaissance Life is a subsidiary of Renaissance Insurance Group PJSC.
The Renaissance Group is an independent insurance group that is publicly traded on the Moscow Exchange and is one of the leading insurance providers in Russia.