RBI and the insurance group UNIQA are parting ways with their Russian insurance subsidiary Raiffeisen Life. As the two companies announced on Thursday, an agreement on the sale of the joint venture had been reached with the Russian insurance company Renaissance Life. The deal is still subject to official approvals. It was agreed not to disclose the purchase price.
UNIQA is thus completing a complete exit from Russia. The company had stopped new business and investments there some time ago, and strategic options for the withdrawal were still being evaluated until the very end. “Legally, this was checked down to the last detail, also with regard to the sanctions lists,” said Wolfgang Kindl, responsible for international business at UNIQA, about the sale to APA.
Founded in 2009
According to the UNIQA board member, the separation is not expected to have any impact on the insurer’s annual result. At the end of last year, Raiffeisen Life generated less than 0.1 percent of total group sales.
The insurance company holds 75 percent of the shares in Raiffeisen Life, and RBI 25 percent. No information can be given about the specific purchase price. The sum will be divided according to the proportion of shares, explained Kindl.
Raiffeisen Life Versicherung was founded by the two companies in 2009. According to RBI, Raiffeisen Life only offered its products to Raiffeisenbank customers. It employed fewer than 70 people, the APA said.
Renaissance Life is active in life insurance business in Russia. She is part of the Russian Renaissance group.