According to GENERALI Group's CEO Philippe DONNET, the inauguration of the new representative office is a landmark step in the Group's expansion in Russia. "GENERALI observes with increasing interest and commitment the evolution and growth of a market which is expressing an increasingly sophisticated demand and requires new products and insurance solutions. We appreciate the efforts by the Russian government and authorities to provide strong and positive regulatory guidance to the insurance sector and look forward to GENERALI Russia's continuous success."
Luciano CIRINA, Austria, CEE & Russia Regional Officer and CEO of GENERALI CEE Holding added: "Our cooperation with INGOSSTRAKH reaches back to more than 30 years. Since then we have been supporting GENERALI customers in the former USSR and then Russia, meeting their needs in the area of corporate insurance and employee benefits. We strongly believe that we will continue in building a strong and mutually profitable relationship and intensify our industrial cooperation in Russia. GENERALI's Austria, CEE and Russia Region is in the DNA of GENERALI. In Austria and the CEE we serve more than 12 million customers, we are the leader in the region in terms of profitability and we are proud to contribute 9% to the GENERALI Group's total premiums and more than 15% to the Group's operating result."
GENERALI Group acquires a minority stake in INGOSSTRAKH Insurance, of 38.5%, in 2013. In 2017, GENERALI's Regional Office in Prague took over responsibility for the Russian business. One year later, it was registered GENERALI Russia & CIS and the Regional Office in Prague was renamed Austria, CEE & Russia Regional Office. In the autumn of 2018, unconfirmed market rumors said that the Italian Group is interested in raising its stake in INGOSSTRAKH to about 55%, thus getting the control package.
On the occasion of the opening ceremony GENERALI was the main partner of a breath-taking concert at the Great Hall of the Moscow Conservatory on 30 October 2018.