Raiffeisenbank and the Austrian insurance group Uniqa agreed to sell all shares of the life insurance company Raiffeisen Life to the Russian insurer Renaissance Life. Reports cited the companies’ press services as the source of the information.
Uniqa remains largely controlled through Raiffeisen Life, with 75 percent ownership, while Raiffeisenbank holds the remaining 25 percent. The consortium behind Uniqa has signaled plans to fully exit the Russian market after completing the asset sale, aligning with broader strategic adjustments in the region.
Renaissance Insurance confirmed that negotiations to acquire Raiffeisen Life are underway and that completion hinges on obtaining the required regulatory clearances, with expectations of finalizing the deal within a timeframe determined by approvals and procedural steps.
Industry sources indicate that Renaissance Insurance initially aimed to obtain 100 percent of Raiffeisen Life’s shares. The process could unfold in two stages, reflecting typical steps in cross-border acquisitions where regulatory review and integration planning shape the sequence and pacing of the deal.
In the Russian market, Raiffeisen Life is positioned around mid-table in a rating of local insurers by fee-related metrics, while Renaissance Life is positioned higher in the same ranking. This contrast informs the market’s perception of the transaction and the potential implications for policyholders and intermediaries alike, as rated by RBC analysts.
Earlier in the year, Raiffeisenbank signaled a strategic move to wind down its Russian operations, signaling a careful recalibration of its international footprint. This development follows previous policy discussions in legislative circles about state involvement in volunteering insurance programs, reflecting a broader policy and regulatory context that touches how foreign players operate in Russia’s insurance sector.