Sovcombank began to connect a new subsidiary to its insurer – Kommersant
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Sovcombank has begun the procedure for the legal merger of Inlife Insurance (formerly Uralsib Insurance) with the subsidiary Sovcombank Insurance, reported “Vedomosti” bank representative. The reorganization is scheduled to be completed in early summer 2024.
According to a bank representative, integration will allow Sovcombank to increase the insurance group’s client base by 40% and increase the volume of insurance collections by 10 billion rubles. in 2024, up to 21 billion rubles. The number of clients of the insurer is unknown. At the end of nine months of 2023, the total number of Sovcombank clients amounted to 14.8 million.
As Vedomosti notes, operating costs due to the transaction will be reduced by 1 billion per year due to a reduction in overhead costs, centralization of information technology and treasury functions with the Sovcombank group. In addition, the bank plans to optimize the IT systems of the two insurers and integrate the best of them.
On the purchase of the insurance company Sovcombank reported in November 2023, before the IPO. The name of the insurer was not specified. The deal for 6.8 billion rubles, as explained by the bank, was aimed at strengthening the group’s insurance business. Shortly before this, Sovcombank entered into the capital of Inlife Insurance: in early September it received 0.01% in the insurance company. In November, Inlife Insurance and Inlife Life Insurance were headed by the former CEO of Sovcombank Life Insurance, Gabriella Urssu.
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