Sberbank's subsidiary - SBERBANK Insurance increased its charter capital from RUB 2.7 to RUB 5.0 billion (~EUR 55.57 million*), the insurer said in a press release on March 26.

For active business development, as well as expansion of the corporate portfolio, SBERBANK Insurance gradually increases its charter capital, its own retention, strengthens reinsurance protection, including by improving the obligatory coverage for insurance of property of legal entities, liability, aviation, space and other special risks, the press release says.

In 2020, the company's GWP in corporate insurance increased by 34% to RUB 2.2 billion, and the increase of charter capital will contribute to further growth of the corporate portfolio, including by expanding opportunities for participation in tenders for insurance of large businesses.

SBERBANK Insurance is a subsidiary of Sberbank and is offering services in property and personal insurance, except for life insurance. The company is one of TOP-10 non-life insurers of Russia in terms of GWP and has a rating assigned by Expert RA at the level of ruAA.

* at the following exchange rate:

1 EUR = 89.9768 RUB (26.03.2021)