ACHMEA to sell RUSSIAN insurance business

18 September 2014 —
Dutch group ACHMEA agreed to sell its Russian insurance company ORANTA to COMPANION Insurance Group, due to the reviewing of its strategy of operations in Central and Eastern Europe, the insurer said in a statement. The sale was approved by the Russian Federal Antimonopoly Service (FAS). The sum involved was not disclosed.

In 2013, ORANTA's net loss according to the International Financial Reporting Standards (IFRS) widened by about 50% on the year from RUB 590.7 million, to RUB 902.6 billion.

According to the company report, the management of the company took measures directed at strengthening the financial position of the company, and only a single participant in the company mentioned the intention to render financial aid.

ORANTA has belonged to the ACHMEA since 2008, first operating under the brand EUREKO. In terms of GWP, ORANTA is among the 40 largest insurers in the Russia.

ACHMEA is a leading insurance company based in the Netherlands and operates in eight European countries besides Russia.

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