Alliance, Insurance Company

Since April 2012, JSC SC Alliance has been combining under its brand the insurance companies ROSNO, Progress-Garant and SAK Alliance. The best achievements and achievements of the three companies have become an additional advantage of Allianz and provide the best quality of service to our customers and partners. Together with the integration, the Company is also updated externally: now the single Allianz logo distinguishes our clients from the international company.

Also, the Allianz Group of Companies in Russia includes OJSC ROSNO-MS, SZAO Medexpress, OJSC My Clinic, OJSC Alliance Investments, NPF Alliance, SC Alliance ROSNO Life and Medical Center Progress-Med LLC.

History

2023

Union Apart bought out the assets of the German insurance group Allianz in St. Petersburg

The German insurance group Allianz sold its St. Petersburg subsidiary Medexpress. It was bought by Union Apart LLC. On the deal in early November 2023, the president of the CAO "Medexpress" Alexander Ivanov. At the same time, he did not become the financial terms of the contract. Read more here.

Loss of €435 million euros from the sale of control in the Russian business Allianz

The loss from the sale of Allianz's 50.1% stake in Russian business amounted to 435 million euros, follows from the report of the German insurance group, which was published in August 2023.

According to Allianz materials, most of the cash losses cited were covered by a reserve created by the group in the fourth quarter of 2022 under an "onerous contract." According to the documentation, in the first half of 2023, the release of reserve funds under the "burdensome agreement" amounted to 409 million euros. As a result, the statement for six months reflected a loss from the transaction in the amount of 27 million euros.

Allianz sold control in the insurance business in the Russian Federation, losing almost €0.5 billion

As the general director of Alliance and Alliance Life, as well as the adviser to Zetta Insurance Igor Fatyanov, said on May 22, 2023, the insurance company Allianz will cease to exist in Russia under its own name within three months. According to him, all existing contracts will continue to operate. The teams will continue to operate as usual, and the Zetta Insurance team will be partially localized in the former Allianz office.

The deal went at a discount in accordance with the general rules, Fatyanov specified, without revealing the absolute numbers. According to the rules, the sale of Russian business by a foreign company must be approved by the subcommittee of the government commission on foreign investment. There are general conditions for transactions. First: the "seller" must send a voluntary contribution to the federal budget in the amount of at least 10% of the transaction amount. The second point: the asset must be sold at a discount of at least 50% of the value, which is determined during an independent assessment.

Fatyanov did not rule out that Allianz could return to the Russian market. The company still holds a 49.9% stake in the combined company. Criteria and mandatory conditions for the return of the German insurance group under the previous brand to the market as part of the deal were not fixed for both parties, the CEO said.^[1]

Curtailment of activities in Russia

On May 18, 2023, it became known about the curtailment of Allianz's activities in Russia. This happened as part of a deal to sell control (50.1%) of Allianz's Russian business to Interholding.

As reported on the Zetta Insurance website (formerly Zürich IC, owned by Interholding), as a result of the transaction, Zetta Insurance LLC, Alliance SC and Alliance Life SC LLC will merge within Zetta Insurance, all their existing contracts will continue to operate, the company said. Allianz ceases to participate in the operating activities of its Russian business, Zetta Insurance added. At the same time, all existing contracts of acquired companies will continue to operate. The company intends to enter the top 10 largest insurance groups in Russia.

Russian business Allianz sold to Interholding

Zetta Insurance said that the group members will combine distribution channels and partner networks for further business development, and full continuity of business processes will be ensured for customers and partners.

Zetta Insurance already has a successful experience of integration with a foreign brand. After the purchase of IC Zurich in 2014, we managed to maintain all the best practices of the company, and it continued to develop successfully with a new name, "says Igor Fatyanov, CEO of Alliance and Alliance Life, adviser to Zetta Insurance. - Zetta Insurance expertise has been formed since 1993, since that time we have been constantly improving our technologies and always pay special attention to the quality of the service provided. Today, thanks to the mutual enrichment of companies with experience, technologies and ideas, the Group opens up new opportunities, including for our clients, for whom we always act as a reliable and competent financial partner.[2]

2022

Allianz sells Russian business to Interholding

On June 3, 2022, the German insurance group Allianz announced the sale of its Russian business to Interholding, which owns Zetta Insurance LLC. The value of the transaction was not disclosed.

According to the press service of Allianz, the company sells a controlling stake in the Russian subsidiary and will receive 49.9% of the combined company. It is noted that the agreement, which followed Allianz's decision to reduce its presence in Russia, is aimed at ensuring continuity for customers and employees of the Russian division. The deal still needs to be approved by regulators.

German insurance company Allianz sells Russian business

According to Allianz estimates, the deal will result in losses of about €400 million for it - mainly due to the "reclassification" of the negative impact of the difference in exchange rates on equity.

On May 12, 2022, Reuters reported that Allianz Chief Financial Officer Giulio Terzariol assessed the likelihood of the group's termination in Russia "as very high." The next day, Allianz called this statement incorrect, specifying that it was revising its portfolio in Russia and allowing different scenarios for the development of events.

As Forbes writes with reference to the data of the SPARK-Interfax system, Interholding LLC as of December 2019 was owned almost entirely by businessman Oleg Yachnik (99.9%). The remaining share of 0.10% belonged to his son, also Oleg. Interholding, in turn, is 100% owned by Zetta Insurance LLC (by June 2022), which has more than 120 points of sale throughout Russia, and the company's agency network exceeds 6,500 agents in more than 150 cities. The company, whose clients are over 1 million Russians, as well as corporate clients of small and medium-sized businesses, has partnerships with 350 car dealers and 30 commercial banks.^[3]

Statement on the continuation of work in Russia against the background of the conflict in Ukraine

Allianz Insurance Group intends to continue to fulfill its obligations to customers in Russia in any development of events, information about the termination of the company's work is not true, the company said on May 13, 2022.

2017: Alliance and Rostelecom will take care of insurance against cyber threats

Rostelecom and SC Alliance in early October 2017 signed a cooperation agreement with the aim of implementing and promoting cyber threat insurance services. The services are intended for customers of all levels - government customers, large companies, as well as for small and medium-sized businesses.

To implement the agreement, the companies intend to exchange information in the field of cybersecurity, and will also create working groups to coordinate activities to promote services in the field of cyber threat insurance. Read more here.

2007: Obtaining control at ROSNO IC

In July 2001, Allianz acquired a 45.47% stake in ROSNO, and in 2007 became its main shareholder, thereby significantly expanding its presence in the Russian market.

1990: Entering the Russian market

Allianz entered the Russian market in 1990, founding the East-West Alliance company and becoming one of the first foreign insurers in Russia.

Notes