Renaissance Insurance buys Raiffeisen Life from Raiffeisenbank and Austria's Uniqa
MOSCOW. Oct 4 (Interfax) - Renaissance Insurance Group has closed a deal to acquire insurer Raiffeisen Life from Raiffeisenbank and Austrian insurance group Uniqa.
Renaissance Life, a division of Renaissance Insurance Group, became the sole owner of Raiffeisen Life on October 3, Unified State Registry of Legal Entities (USRLE) data indicate. Uniqa previously owned 75% of Raiffeisen Life and Raiffeisenbank owned the remaining 25%.
The parties announced the sale of 100% of Raiffeisen Life to Renaissance Life in August 2023. The Austrian insurance group at the time said that it would exit Russia upon completion of the deal.
The sale is being completed in strict accordance with established procedures and restrictions and is subject to approval by regulators, Raiffeisenbank said at the time. Renaissance Insurance expected to close the deal before the end of 2023 after obtaining all necessary approvals.
"Upon closing the deal, Uniqa is finally exiting the Russian market," Uniqa said on Friday. The company said that the stake of the former subsidiary in Russia accounted for less than 1% of the group's revenue.
The parties have agreed not to disclose the amount of the deal, according to the statement.
Russia's Federal Anti-monopoly Service (FAS) on October 3 said that it had granted the petition of Renaissance Life LLC to acquire 58.64% of the assets in VSK Life Line Insurance LLC. Consequently, the insurance group is receiving a controlling stake in two more life insurers.
"The group is preparing to launch a new type of investment insurance for the Russian market, namely shared life insurance," a source in the life insurance market said.
"The key business indicators of our insurance business are growing steadily. We see an increase in premiums in both non-life and life, a rise in the client base, and improvement in operating efficiency. Successfully closing the deal with Raiffeisen Life demonstrates our long-term ambition to build a leader in Russia's life insurance market. Taking into account another deal, namely the transfer of the VSK Life Line Insurance portfolio to Renaissance Life, the Group's investment portfolio has grown by approximately 30 billion rubles through acquisitions alone," Renaissance Insurance Group CEO Yulia Gadliba said in the statement.
"We plan to continue pursuing a profitable growth strategy, one component of which is the ongoing search for growth opportunities through mergers and acquisitions in our key areas of Health, Mobility and Welfare," she said.