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4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Sberbank Rossii PAO    SBER   RU0009029540

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Sberbank Rossii OAO : Sberbank of Russia acquires 100% of OOO “Insurance Company Allianz Life”

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10/17/2011 | 05:35pm CET
Sberbank of Russia acquires 100% of OOO “Insurance Company Allianz Life”

17.10.11

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.

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Financials ( RUB)
Sales 2016 1 723 672 M
EBIT 2016 1 077 355 M
Net income 2016 518 937 M
Debt 2016 4 405 M
Yield 2016 2,73%
P/E ratio 2016 7,01
P/E ratio 2017 5,96
EV / Sales 2016 2,15x
EV / Sales 2017 2,02x
Capitalization 3 698 726 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 197  RUB
Spread / Average Target 19%
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Managers
NameTitle
Herman Oskarovich Gref Chairman-Management Board & CEO
Sergey Mikhaylovich Ignatiev Chairman-Supervisory Board
Nikolai Viktorovitch Tsekhomsky Director-Finance & Senior Vice President
Georgy Ivanovich Luntovsky Deputy Chairman-Supervisory Board
Nadezhda Yurievna Ivanova Member-Supervisory Board
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