Uniqa announced the sale of the Russian insurance company Raiffeisen Life

Austrian group Uniqa and Raiffeisen Bank International (RBI) will sell the Russian subsidiary Raiffeisen Life to the Renaissance Life insurance company, should from the Uniqa report for the first half of the year.

“Uniqa is selling its 75% stake in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life, together with JSC Raiffeisenbank, which is owned by the Raiffeisen Bank International group and owns the remaining 25% of the shares,” the company said in a statement.

Wolfgang Kindl, a member of the board of Uniqa for work with clients and international markets, noted that the company, after the start of a special operation in Ukraine, practically stopped new operations in Russia. Together with Raiffeisenbank, various options on this issue were studied. Kindle called the sale of the Russian subsidiary the “last logical step”, noting that it plays a minor role as it accounts for less than 1% of the group’s revenue. “This means that we are leaving Russia,” he said.

The sale of Raiffeisen Life will require permission from Russian regulatory authorities, the company stressed. The parties agreed to disclose its value.

In March, the Austrian RBI group announced its intention to minimize its presence in Russia, as well as the study of two scenarios for curtailing business – the sale of a “daughter” or the withdrawal of an asset from the group. Later, the group’s CEO Johann Strobl said that RBI expects to allocate Russian assets by the end of December. According to him, the option of selling the Russian business is also being studied – RBI has made more progress in this matter than in the option of spinning off the business.