In January 2021, Sovkombank acquired 100% of shares of the Russian insurance company MetLife for RUB 3.9 billion (~EUR 43.65 million*) - according to the information in the consolidated annual report of the Sovkombank Group under IFRS for 2020.

Previously, the parties did not disclose the amount of this transaction, reports ASN. According to the consolidated annual report, acquisition of the insurance company gives the Sovkombank group an opportunity to work in life insurance and expand the range of non-credit financial products.

An agreement between Sovkombank and MetLife, Inc. was concluded on December 2, 2020. After receiving the necessary approvals from the FAS (Federal Antimonopoly Service) and the Bank of Russia, the transaction was completed on January 19, 2021. After that, the Russian MetLife company was renamed into Sovkombank Life and Zhanna GONCHAROVA was appointed president.

Sovkombank is included in the list of systemically important credit institutions of the Bank of Russia, it has offices and branches in 76 regions of the country. MetLife, according to the results of 9 months of 2020, was among the TOP-50 insurers of Russia, having collected GWP in the amount of RUB 4.5 billion.

* at the following exchange rate:

EUR 1 = RUB 89.3304 (as of 19.01.2021)