Financial corp. Otkritie buying life insurance co.
MOSCOW. Feb 28 (Interfax) - Otkritie Financial Corporation is in the process of acquiring an unidentified life insurance company, the corporation's press service told Interfax.
"At the present time, the corporation is in the process of wrapping up the acquisition of a life insurance company," the press service said.
Otkritie plans to develop its business as a long-term life insurer, and will begin selling insurance products this year, the corporation source said. "This will make it possible to offer Otkritie clients the [broadest possible] range of insurance services, including investment and accumulative life insurance," the company representative said.
Otkritie did not name the company it is buying, nor the terms of the deal.
Meanwhile, an insurance market source told Interfax that the company is RSTK-Life, which was virtually idle last year. According to the Central Bank's Financial Markets Service, the company collected all of 211,000 rubles in premiums, and made no payouts.
Otkritie Financial Corporation was founded in 1995. Its main business operations are in investment banking, commercial banking, brokerage serves and asset management.
Otkritie Insurance - formerly OJSC Otechestvo (Fatherland) Insurance Company - has been part of the financial corporation since September of 2011. It is a universal insurer licensed to provide thirteen kinds of insurance and reinsurance. According to the Financial Markets Service, it collected premiums totaling 5.18 billion rubles in 2013. At the end of the year, Otkritie Insurance's charter capital was increased by 450 million to 1.1 billion rubles.
