Uniqa is discontinuing its operations in Russia.
Following the confrontation in Ukraine, the Austrian insurance titan Uniqa has practically wrapped up its operations in Russia. Now, the Vienna-based insurance titan can finalize the transfer of its Russian affiliate.
The Vienna-based insurance behemoth, Uniqa, has concluded the sale of its Russian subsidiary to Russian Renaissance Life. The specifics of the acquisition price were not disclosed by Uniqa.
More than a year past, Uniqa declared its intentions to sell its joint insurance subsidiary with Raiffeisen Bank International (RBI) to Russian life insurer Renaissance Life. "We've officially left the Russian market with the completion of this transaction," stated Uniqa board member Wolfgang Kindl.
After the Russian-Ukrainian conflict erupted, Uniqa mostly halted new business in Russia. The Russian subsidiary was co-owned by Uniqa (75%) and RBI (25%). According to Uniqa, this division made up less than 1% of the firm's overall revenue.
The decision to sell Uniqa's Russian subsidiary was made due to the economic impact of the Ukrainian crisis. With the sale completed, Uniqa's focus on its European operations within the economy is expected to strengthen.
