Subscription and demo access


 
About Interfax
Press Releases
Products & Services
Contact Us
Customer Login
 


Headlines
 

10/01 16:22   Aeroflot's new subsidiary applies for operating certificate
 
10/01 16:21   Russian duties on Ukrainian goods to run against trilateral agreement - Barroso letter to Putin (Part 2)
 
10/01 16:15   Over 150,000 Ukrainians granted asylum in Russia - Federal Migration Service deputy chief
 
10/01 16:15   IMF says Central Bank should continue to hike rates up to curb inflation
 
10/01 16:15   Russia will lawfully shut down extremist, xenophobic, terror, child porn websites - Putin
 
10/01 16:14   IMF keeps Russian 2014 GDP growth forecast at 0.2%, lowers 2015 to 0.5%
 
10/01 16:10   Russia will lawfully shut down extremist, xenophobic, terror, child porn websites - Putin
 
10/01 16:08   EU-Ukraine association agreement may be amended only by EU or Ukraine - Barroso
 
10/01 16:07   Weekly inflation in Russia stays at 0.2%, annual exceeds key rate
 
10/01 16:06   Over 150,000 Ukrainians granted asylum in Russia - Federal Migration Service deputy chief
 




 

Interfax.com  |  Interfax news  |  Zurich selling Russian retail business to Olma...


News headlines


July 03, 2014 13:34

Zurich selling Russian retail business to Olma Group

MOSCOW. July 3 (Interfax) - Zurich Insurance Group and the Olma Group have signed an agreement for Olma to acquire Zurich's general insurance retail business in Russia, the insurer said in a statement.

"The sales price amounts to 1 billion rubles (about $30 million). On disposal, unrealized currency translation adjustment (CTA) losses of approximately $265 million, currently reflected in shareholders' equity, will become realized. Mainly as a result of this accounting charge, the transaction is estimated to generate a loss through net income of about $300 million, but with only a small impact on the Group's shareholders' equity. The CTA loss recognized on disposal reflects the revaluation of investments made into the Russian retail business since the acquisition of Nasta Insurance Company in 2007 primarily due to the depreciation of the Russian Ruble versus the U.S. dollar. The exact amount of the CTA loss will be calculated at the closing of the transaction, which is expected to be in the third quarter of 2014," the statement reads.

Olma has announced its intentions to further develop its retail insurance business in Russia, as well as to create its own corporate insurance business by attracting its own client base.

Zurich will retain its corporate business, which is primarily focused on underwriting large Russian and multi-national commercial customers, energy business and financial lines. It has been an active player in the Russian corporate market since 1996.

"The transaction is a proof-point of our 2014-2016 strategy. While we invest in priority markets, we either turn around or exit those that are under-performing. When announcing our Annual Results 2013, we said that the Russian retail business had not developed according to our expectations and that we would explore options for it. We believe that the sale to OLMA is in the best interest of our customers, employees and shareholders," Zurich CEO Mike Kerner is quoted in the statement as saying.

Zurich acquired the insurance company NASTA in 2008. The company transferred its corporate business to NASTA, which was renamed Zurich Insurance Company.

The Olma investment firm has been in operation since 1992, and is currently a leading futures and options market maker in Russia.

Kh ak

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
 Subscription
You can access a demo version of, receive more information about or subscribe to Interfax publications by filling in and returning the form below. We also have dozens of reports in the Russian language, please indicate if you are interested.
Title:


Phone:


E-mail:


First name:


Company:


Country:
Last name:


Division:


City:
Products:
Central Asia & Caucasus Business Weekly
Central Asia General Newswire
Global Gas Analytics
Global Natural Gas Daily
Interfax Via Bloomberg Terminal
Kazakhstan General Newswire
Kazakhstan Mining Weekly
Kazakhstan Oil & Gas Weekly
Russia & CIS Announcements
Russia & CIS Banking and Finance Weekly
Russia & CIS Business and Financial Daily
Russia & CIS Business and Financial Newswire
Russia & CIS Business and Investment Weekly
Russia & CIS Business Law Weekly
Russia & CIS Business news
Russia & CIS Defense Industry Weekly
Russia & CIS Diplomatic Panorama
Russia & CIS Energy Daily
Russia & CIS Energy Newswire
Russia & CIS Events Calendar
Russia & CIS Food and Agriculture Weekly
Russia & CIS General Newswire
Russia & CIS Headline News
Russia & CIS Insurance Weekly
Russia & CIS IT and Telecom Weekly
Russia & CIS Metals and Mining Weekly
Russia & CIS Military Daily
Russia & CIS Military Newswire
Russia & CIS Military Weekly
Russia & CIS Oil and Gas Weekly
Russia & CIS Presidential Bulletin
Russia & CIS Statistics Weekly
Russia Health & Pharmaceuticals
Russia Market Roundup
Russia Press Review
Ukraine Business Daily
Ukraine Business Weekly
Ukraine General Newswire

October 01, 2014
 
16:10
Russia will lawfully shut down extremist, xenophobic, terror, child porn websites - Putin
 
16:08
EU-Ukraine association agreement may be amended only by EU or Ukraine - Barroso
 
16:07
Weekly inflation in Russia stays at 0.2%, annual exceeds key rate
 
16:06
Over 150,000 Ukrainians granted asylum in Russia - Federal Migration Service deputy chief
 
16:06
Official exchange rates for CIS and Baltic nations as of 01.10.2014
 
16:04
Russian govt develops measure to prevent disruptions of Russian Internet
 
16:04
IMF STILL FORECASTING 0.2% GDP GROWTH FOR RUSSIA IN 2014, LOWERS 2015 FORECAST TO 0.5% - MISSION HEAD
 
16:01
MICEX and RTS Indexes at 16:00 MSK
 
16:01
 
16:00
WEEKLY INFLATION IN RUSSIA STAYS AT 0.2%, ANNUAL INFLATION EXCEEDS CENTRAL BANK'S KEY LENDING RATE - ROSSTAT
 
15:51
Russian, Turkish energy ministers discuss cooperation
 
15:51
Putin stresses need to ensure stable, safe Runet (Part 2)
 
15:50
National Bank to sell FX direct to Naftogaz to redeem LPN (Part 2)
 
15:49
Putin stresses need to ensure stable, safe Runet (Part 2)
 
 more headlines 



Interviews
 

.
Pakistani Ambassador to Russian Zaheer Aslam Janjua has given an interview to Interfax in which he speaks about prospects for supplying more Pakistani food products to Russia, the quality of such products and invites Russian companies to implement infrastructural projects in Pakistan.

more
.
.
John Padilla, managing director of consultants IPD Latin America, talks to Interfax about Colombia’s investment climate.

more
.
.
Palestinian leader Mahmoud Abbas signals readiness for compromise and praises Russia’s role in settling conflict in Middle East in an exclusive interview with Interfax

more

 
  
 ©   1991—2014   Interfax Information Service. All rights reserved.
contact information   |   Interfax offices   |   made by web.finmarket

News and other data on this site are provided for information purposes only, and are not intended for republication or redistribution. Republication or redistribution of Interfax content, including by framing or similar means, is expressly prohibited without the prior written consent of Interfax.

Browse other Interfax sites:  Interfax.ru   |   IFX.RU   |   Interfax Group   Rambler's Top100