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

2024:100% Raiffeisen Life transferred to Renaissance Life

On October 4, 2024, the Renaissance Insurance Group closed the deal to buy the Raiffeisen Life insurance company from Raiffeisen Bank and Austrian Uniqa. Thus, Uniqa finally leaves Russia, which is due to the formed geopolitical situation. The parties agreed not to disclose the value of the asset.

Previously, the Austrian company owned 75% of Raiffeisen Life, while the remaining 25% belonged to Raiffeisen Bank. After the transaction, 100% of the shares are owned by Renaissance Life. The sale was carried out in strict accordance with the established procedures and restrictions.

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Freepik

With the closure of this transaction, we are finally leaving the Russian market. We thank all our former employees for their work over the past years and our former partner Raiffeisen Bank Russia for many years of cooperation, "says Wolfgang Kindl, member of the board of Uniqa Insurance Group AG.

The portfolio of LLC SK Raiffeisen Life consists of long-term products of accumulative, investment, risk and credit insurance. The acquired company will become part of Renaissance Life, part of the Renaissance Insurance group. As of the end of the first half of 2024, the investment portfolio of the entire group reached 192.4 billion rubles. For customers of SK Raiffeisen Life LLC, the deal will be held while maintaining the current terms of contracts, terms and obligations.

The successful closing of the deal with Raiffeisen Life demonstrates our long-term ambition to build a leader in the Russian life insurance market. Taking into account another transaction - the transfer of the VSK - Life Line portfolio to Renaissance Life, only through acquisitions the group's investment portfolio increases by about 30 billion rubles. We will continue to adhere to a profitable growth strategy, one of which is the constant search for opportunities for growth through mergers and acquisitions in key areas for us: Health, Mobility and Welfare, says Yulia Gadliba, CEO of Renaissance Insurance Group.[1]

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.^[2]

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