UNIQA Insurance Group has completed the sale of its Moscow-based subsidiary, Raiffeisen Life, to the Russian company Renaissance Life. UNIQA previously owned 75% of Raiffeisen Life, while the remaining 25% belonged to AO Raiffeisenbank Russia, a part of Raiffeisen Bank International, according to UNIQA.
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
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.
by Yana Keller