Renaissance Insurance Group has closed a deal to buy Raiffeisen Life from Raiffeisenbank and Austria’s Uniqa. This is demonstrated by the data from the Unified State Register of Legal Entities; Interfax caught their attention.
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As of October 3, 2024, Renaissance Life, part of the Renaissance Insurance group, received 100% of the shares of Raiffeisen Life. Before the transaction, the shares were distributed as follows: 75% belonged to Uniqa and 25% to Raiffeisenbank.
Uniqa and Raiffeisenbank announced plans to sell Raiffeisen Life to Renaissance Life in August 2023. Uniqa said it would leave Russia once the transaction is complete. The sale is carried out in strict compliance with regulatory procedures and requires the approval of all supervisory authorities, Raiffeisenbank stressed.
Renaissance Insurance Group then stated that they planned to complete the transaction by the end of 2023 after receiving the necessary approvals.
According to Raiffeisen Life’s own data, over the past year the company paid 1.3 billion rubles for insurance risks and 5.2 billion rubles for completed life insurance programs.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
