The outlooks are stable.
Fitch says the affirmation reflects the strategic importance of VTBI to its 100% owner Bank VTB ('BBB'/stable), the integration of VTBI's management, operations and distribution with Bank VTB, and Fitch's view that Bank VTB would provide support to VTBI if necessary.
Fitch views VTBI as an integrated business arm of Bank VTB, offering insurance services to bank customers, although VTBI also has its own distribution channels.
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RUSSIA: Fitch affirms VTB Insurance at 'BBB-'