Sberbank of Russia acquires 100% of OOO “Insurance Company Allianz Life”
October 17, 2011, Moscow – Sberbank of Russia (“Sberbank”), the insurance company Allianz Life (“Allianz Life”) and ZAO “Insurance Shareholder Company “Allianz”” (“ISC “Allianz””) – signed the Key terms of the acquisition of OOO “Insurance Company Allianz Life” (“IC Allianz Life”). The transaction involves acquisition of 100% of share capital in IC Allianz Life. The current shareholder of the Company is ISC “Allianz”.
The parties agreed to close the transaction before the end of 2011. The price of the transaction is not disclosed.
“The key goal of the acquired Company will be the development of the savings and investment insurance market in Russia, – said the Senior Vice-President of Sberbank Denis Bugrov. – This is a difficult task that would require maximum effort primarily in establishing trust for the market of life insurance.”
Sberbank analyzed the rationale of entering the market of retail insurance during 2011. The Bank made its choice considering the significant potential of the life insurance market. According to industry experts, the savings life insurance market is estimated at 500-1000 bln RUB in terms of insurance collections.
IC Allianz Life does not have a sizable client portfolio and does not make Top-100 insurers in Russia in retail insurance. The development of the Company’s business has not been the priority of its original parent company Allianz Group as the latter focused on growing the business of Allianz ROSNO Life in Russia.