UNIQA confirms withdrawal from Russia with Raiffeisen Life sale

Written by Michael Griffiths

04/10/2024

UNIQA has confirmed the sale of Moscow-based company, Raiffeisen Life, to Russian insurer, Renaissance Life.

The purchase agreement between UNIQA, Raiffeisen Bank Russia and Renaissance Life was signed in August 2023.

UNIQA owned 75% of the former subsidiary Raiffeisen Life, with the remaining 25% held by AO Raiffeisenbank Russia, which belongs to Raiffeisen Bank.

Before the sale and due to the fact that new business was largely discontinued at the beginning of 2022, when Russia invaded Ukraine, the subsidiary accounted for less than 1% of the group’s revenue.

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.

“With the closing of this transaction, we are finally withdrawing from the Russian market,” said management board member for customers and markets international at UNIQA, Wolfgang Kindl.

“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.”

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