UNIQA to exit Russia

UNIQA Group is selling its 75% stake in Russian company Raiffeisen Life to Russian insurance company Renaissance Life. AO Raiffeisenbank, which belongs to Raiffeisen Bank International Group and owns the remaining 25% in the joint venture, is also selling its stake.

The transaction, which is expected to be completed in the next six months, will result in UNIQA exiting the Russian market.

“We largely halted any new business operations in Russia right after the war began and also refrained from making any further investments. Working together with our joint venture partner AO Raiffeisenbank, we examined all options in this environment last year, which is also a complex one from a legal point of view. We are now taking the final logical step by selling our Russian subsidiary, which is responsible for significantly less than one per cent of Group revenue and has therefore played a minor role in our portfolio. This means we are withdrawing from Russia.” – Wolfgang Kindl, UNIQA’s management board members.