Sovcombank bought an insurance company for almost 6.8 billion rubles “to strengthen the group’s insurance business and strengthen market positions in the segment,” the organization reported. The bank does not specify what type of company it is, according to RBC sources, we are talking about Inlife, which previously belonged to Uralsib.
As evident from the bank’s message, the transaction was completed on August 31. And now the bank is preparing for an IPO, during which it hopes to raise 10 billion rubles.
According to RBC sources in the financial market, the deal included Inlife Insurance (formerly Uralsib Insurance), as well as the related Inlife Life Insurance (formerly Uralsib Life), owned by PSK JSC.
Until 2021, PSK was called Uralsib Insurance Group. In 2021, the group surrendered its licenses and its insurance business became part of Uralsib Insurance. In August of this year, the company received a new name – “Inlife Insurance”.
At the end of the first half of the year, the company made a net profit of one billion rubles.
Sovcombank is pursuing the deal ahead of its IPO, which could be the first bank IPO in Russia since 2015. Before the placement, the bank was valued at approximately 200 billion rubles, corresponding to 0.9-1 capital . Previously Sovcombank had already acquired projects in the insurance sector. In 2021 it acquired CIV Life from HDI International AG and in 2020 it acquired Metlife.
Since March 2022, Sovcombank has been under US sanctions.
Author:
Natalia Gormaleva
Source: RB
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