3 Aug 2022 09:50

Generali writes off 138 mln of Russian investments, reclassifies them as assets for sale

MOSCOW. Aug 3 (Interfax) - Europe's third largest insurer, Generali has written off Russian investments in the amount of 138 million euros and reclassified them as assets for sale, the company reported.

This includes 41 million euros for a 38.5% stake in Russian insurance company Ingosstrakh and fixed-income instruments totalling 97 million euros.

Generali's net profit after the impairment of Russian assets fell 9% year-on-year to 1.4 billion euros in the first half of 2022.

Generali also confirmed the closure of its office in Moscow. Several directors have left the board of Ingosstrakh, so Generali no longer has an influence on the Russian business, the company said.

Generali also shut down the business of its Europ Assistance subsidiary in Russia on July 1. The company said it is continuing to assess its negligible Russian presence in terms of investment and the insurance business.