Austrian Insurance Company Uniqa Exits Russian Market

Insurance group Uniqa Insurance is selling its 75% stake in Russian company Raiffeisen Life to the local insurance company Renaissance Life. The remaining 25% owned by Raiffeisenbank, a part of the Raiffeisen Bank International group, will also be sold to the Russian company. This announcement comes from the company's press release.

Uniqa Insurance Group revealed that they practically ceased new business operations in Russia immediately after the beginning of the war in Ukraine and refrained from further investments.

"We are now taking the final logical step by selling our Russian subsidiary, which is responsible for significantly less than one per cent of Group revenue and has therefore played a minor role in our portfolio. This means we are withdrawing from Russia," the statement says.

The sale of the company is being conducted in accordance with procedures and limitations set by the Russian authorities and requires all necessary approvals from regulatory bodies. The agreement's price remains undisclosed.