UNIQA announced the withdrawal from Russia

28 August 2023 — Andrei VICTOR
UNIQA announced is selling its 75% share in the Russian company Raiffeisen Life to the Russian insurance company Renaissance Life, along with AO Raiffeisenbank, which belongs to the Raiffeisen Bank International Group and owns the remaining 25% of the shares.

“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”, said Wolfgang Kindl, Management Board Member for Customers & Markets International.

The sale is subject to the procedures and restrictions imposed by the Russian authorities and is also subject to all regulatory approvals. The parties have agreed to keep the acquisition price confidential.

In October 2022, REUTERS wrote quoting Andreas Brandstetter that UNIQA “is looking into the possibility of a complete exit from Russia”.

"We want out but this will take quite some time yet," Andreas Brandstetter said at the Gewinnmesse conference for shareholders in Vienna quoted by REUTERS.

1305 views