CiV Life SiV Life Insurance Company

History

2021: Sovcombank bought Siv Life

On December 27, 2021, it became known about the sale of the Siv Life insurance company to Sovcombank. The value of the transaction, which is planned to be closed in the first quarter of 2022, is not called.

The fact that HDI International AG, a subsidiary of Talanx, sells its Russian life insurance division to Sovcombank, the Siv Life press service reports. She noted that until the registration of the transaction and after the change of ownership, all obligations to customers will continue to be fulfilled in full.

Sovcombank acquired Siv Life

This deal will strengthen our insurance business, we will improve our market positions in the life insurance segment. SiV Life employs professionals of the highest level with very important competencies for us. The entry of SiV Life into the group will realize the potential of the SiV Life team in our growing financial group at the federal level due to synergy with other business lines, "said Sergey Khotimsky, First Deputy Chairman of the Board of Sovcombank.

According to Interfax, SiV Life Insurance Company LLC, before the deal with Sovcombank, was a member of the international insurance group Talanx AG (Germany) and worked in the insurance market of the Russian Federation for 14 years. In terms of the volume of premiums received for the nine months of 2021, the company took 31st place among all insurers and 12th place among life insurers. In the structure of the insurer's portfolio, 96% of fees are for life insurance contracts, 2.1% for accident insurance contracts, 1.4% for voluntary medical insurance contracts.

SiV Life is not the first insurance company that Sovcombank bought in 2021. In January, the credit institution closed a deal to acquire MetLife JSC (the Russian insurance subsidiary of the American MetLife) for 3.9 billion rubles. Later, MetLife changed its name to Sovcombank Life^[1]

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