Achmea is selling Russian Oranta to Companion insurance group
MOSCOW. Sept 10 (Interfax) - Achmea is selling Oranta, a Russian insurance company, to Companion insurance group, the insurer said in a statement.
The sale of the insurer was approved by the Russian Federal Antimonopoly Service (FAS). The sum of the deal was not disclosed.
In the middle of August, the European Achmea Group announced that it was reviewing its strategy for operations in Central and Eastern Europe and reclassified the Russian insurer as an asset for sale.
In 2013, Oranta increased its losses to International Financial Reporting Standards (IFRS) in comparison with 2012 by 50%, from 590.7 million rubles to 902.6 million rubles. According to the company report, the management of the company took measures directed at strengthening the financial position of the company, and only a single participant in the company mentioned the intention to render financial aid.
Oranta has belonged to the Achmea since 2008, it earlier was known by the brand Eureko. In terms of fees, Oranta is among the 40 largest insurers in the Russia.
