Raiffeisen Life, SC

Limited Liability Company Raiffeisen Life Insurance Company has been operating in the insurance market since July 3, 2009.

Owners

As of June 2018, 75% of the authorized capital of SK Raiffeisen Life LLC belongs to the Austrian insurance group UNIQA, 25% to Raiffeisen Bank JSC.

The authorized capital of the company is 240 million rubles.

History

2023: Renaissance Life buys 75% of Raiffeisen Life

Renaissance Life buys 75% of Raiffeisen Life insurance company from the Austrian group Uniqa, which the latter announced on August 24, 2023 as part of the publication of its financial statements for the first half of the year. Its participants did not disclose the financial and other parameters of the transaction.

Uniqa sells its 75 percent stake in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life together with Raiffeisenbank JSC, which belongs to the Raiffeisen Bank International group and owns the remaining 25% of the shares, Uniqa said in its materials.

Renaissance Life buys 75% of Raiffeisen Life insurance company

As Wolfgang Kindle, a member of the board for work with international clients and markets, notes, the company in 2022 studied all possible options and decided to sell the Russian subsidiary, whose share accounts for significantly less than 1% of the group's revenue.

This means that we are leaving Russia, "he concludes.

As noted in the Uniqa report, the sale of the share is carried out in accordance with the procedures and restrictions imposed by the Russian authorities, and is subject to the approval of regulators, the company points out. At the same time, the parties agreed not to disclose the price of the transaction. The sale is expected to be completed within the next six months, subject to the necessary approvals, the group said on August 24, 2023.

Austrian Raiffeisen Bank International (RBI) in March 2023 announced that it would sell its business in Russia or withdraw Raiffeisenbank from the group's perimeter, as well as reduce business activity in the country. On May 5, the RBI announced that it had suspended all correspondent bank accounts from Russia, with the exception of its Russian subsidiary. At the same time, RBI CEO Johann Strobl said that the Austrian group hopes to complete the allocation of the Russian "daughter" from its perimeter by the end of the third quarter of 2023.^[1]

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