The Austrian insurance group UNIQA has completed the sale of its Russian subsidiary Raiffeisen Life to the Russian insurer Renaissance Life, fully exiting the Russian market. The insurance company announced this on Friday.
"The completion of this transaction means our definitive exit from the Russian market," said Wolfgang Kindl, a member of UNIQA’s board responsible for international business.
It is noted that the parties have agreed not to disclose the amount of the transaction.
UNIQA owned 75% of Raiffeisen Life, while the remaining 25% belonged to the Russian subsidiary of Raiffeisen Bank International (RBI).
In August 2023, it became known that the Austrian insurance company UNIQA was fully selling its Russian business and exiting the country.
After the onset of Russia's full-scale invasion of Ukraine, the company significantly reduced its operations in Russia. According to UNIQA, this business accounted for less than 1% of the group's total income.
