Subscription and demo access


 
About Interfax
Press Releases
Products & Services
Contact us
Customer Login
 


Headlines
 

08/25 17:50   Poroshenko tells Stoltenberg about Donbas escalation
 
08/25 17:50   Sberbank improves 2016 retail deposit, loan forecasts to 'slightly better than market' (Part 2)
 
08/25 17:48   Russian national team in Rio proved that its successes have nothing to do with doping - Medvedev (Part 2)
 
08/25 17:43   Non-parliamentary parties can count on 20% of Russian voters - experts
 
08/25 17:38   Sberbank's Ukraine-related risks decline to 0.2% of assets in H1 - deputy CEO
 
08/25 17:32   State authorities to do everything to develop high performance sports - Medvedev
 
08/25 17:30   Russian Olympic medal winners get keys from Russian-assembled BMWs at Kremlin ceremony
 
08/25 17:26   Troops in southern Russia put on combat alert - Russia's Defense Ministry
 
08/25 17:25   SBERBANK'S UKRAINE-RELATED RISK CONTINUES TO EASE, DOWN TO JUST 0.2% OF ASSETS BY END-Q2 - MOROZOV
 
08/25 17:25   Sberbank improves 2016 core CAR guidance to 10.5%
 




 

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
Please enter the digits from picture in the box below:

August 25, 2016
 
17:38
Sberbank's Ukraine-related risks decline to 0.2% of assets in H1 - deputy CEO
 
17:32
State authorities to do everything to develop high performance sports - Medvedev
 
17:30
Russian Olympic medal winners get keys from Russian-assembled BMWs at Kremlin ceremony
 
17:26
Troops in southern Russia put on combat alert - Russia's Defense Ministry
 
17:25
SBERBANK'S UKRAINE-RELATED RISK CONTINUES TO EASE, DOWN TO JUST 0.2% OF ASSETS BY END-Q2 - MOROZOV
 
17:25
Sberbank improves 2016 core CAR guidance to 10.5%
 
17:23
Sberbank improves 2016 retail deposit, loan forecasts to 'slightly better than market'
 
17:18
Syria operations must be coordinated with Damascus - Russian Foreign Ministry
 
17:10
U.S.-S. Korean exercises may cause fire in Korean Peninsula - Russian Foreign Ministry (Part 2)
 
17:08
Moscow insists on investigating all facts of chemical weapons use - Russian Foreign Ministry (Part 2)
 
17:05
Lawyer for Islamic party designated as extremist in Tajikistan accused of disclosing state secret
 
17:03
 
17:00
Russia and CIS political and economic calendar: August 26 - September 19
 
17:00
MICEX and RTS Indexes at 17:00 MSK
 
 more headlines 



Interviews
 

.
NATO Secretary General Jens Stoltenberg has given an interview to Interfaxs correspondent Alexander Korzun ahead of the alliances summit in Warsaw due on July 8-9 in which he speaks about place of the Russian topic on the summits agenda and Russia-NATO relations in general.

more
.
.
Israeli Prime Minister Benjamin Netanyahu has given an interview to Interfax ahead of his visit to Russia in which he speaks about the influence that his personal relationship with Russian President Vladimir Putin have on the development of interstate ties, about Israels plans regarding new gas fields and said that Israel will into allow Syria to turn into a source of aggression. This will be Netanyahus third visit in under a year.

more
.
.
Indonesian Ambassador to Russia Wahid Supriyadi has given an interview with Interfax in which he speaks about the results of the Russia-ASEAN summit, prospects for achieving an agreement on oil production freeze in OPEC, Indonesian-Russian military and technological cooperation and the launch of direct air communication between Indonesia and Russia.

more

 
  
 ©   1991—2016   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