Subscription and demo access


 
About Interfax
Press Releases
Products & Services
Contact Us
Customer Login
 


Headlines
 

07/26 18:57   Donetsk People's Republic reports handover of MH17 crash victims' baggage to Dutch officials
 
07/26 18:33   Putin, Australia PM discuss MH17 crash, call for truce in Ukraine - Kremlin
 
07/26 18:15   PUTIN, AUSTRALIA PM AGREE THAT INVESTIGATORS NEED CEASEFIRE IN VICINITY OF MALAYSIAN JET CRASH SITE - KREMLIN
 
07/26 17:21   Ukraine may have secretly received Su-25 warplanes from another country - Russian Air Force commander
 
07/26 17:13   Militia command: Ukraine army forces attacking Debaltseve
 
07/26 16:57   Russian journalists barred from SS veterans' meeting in Estonia
 
07/26 16:54   Moscow slams U.S. White House spokesman's accusations concerning Ukraine plane crash
 
07/26 16:24   Crimean winemakers will not be harmed by EU sanctions as they are oriented toward Russian market - director
 
07/26 16:22   Donetsk rocked by cannonades between Friday night, Saturday morning - council
 
07/26 15:52   Russian Air Force to have 4 army aviation brigades, 10 independent helicopter regiments - Air Force commander
 




 

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

July 26, 2014
 
18:33
Putin, Australia PM discuss MH17 crash, call for truce in Ukraine - Kremlin
 
18:15
PUTIN, AUSTRALIA PM AGREE THAT INVESTIGATORS NEED CEASEFIRE IN VICINITY OF MALAYSIAN JET CRASH SITE - KREMLIN
 
17:21
Ukraine may have secretly received Su-25 warplanes from another country - Russian Air Force commander
 
17:13
Militia command: Ukraine army forces attacking Debaltseve
 
16:57
 
16:54
Moscow slams U.S. White House spokesman's accusations concerning Ukraine plane crash
 
16:24
Crimean winemakers will not be harmed by EU sanctions as they are oriented toward Russian market - director
 
16:22
Donetsk rocked by cannonades between Friday night, Saturday morning - council
 
15:52
Russian Air Force to have 4 army aviation brigades, 10 independent helicopter regiments - Air Force commander
 
15:42
Four Ukrainian armed forces troops killed, 20 wounded in action over past 24 hours - National Security and Defense Council
 
15:39
ESPO oil pipeline's enlargement will provide work for Rosneft's Eastern Petrochemical Company - Transneft head
 
15:29
Krasnodar Governor Tkachyov has no regrets about EU sanctions
 
15:19
Putin to visit Severomorsk on Navy Day
 
15:06
Fifteen civilians killed, some 60 wounded in mortar fire upon Luhansk Friday - commandant office
 
 more headlines 



Interviews
 

.
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
.
.
Greek Ambassador to Russia Danai-Magdalini Koumanakou has given an interview with Interfax in which she speaks about Russian-Greek interaction following the aggravation of relations between the European Union and Russia, her perception of EU sanctions against Russia and the upcoming high tourist season.

more
.
.
Peter Poptchev is a Bulgarian diplomat and recently served as adviser to the country’s minister of economy and energy. He was part of the Bulgarian negotiating team for both the South Stream and Nabucco intergovernmental agreements (IGAs). In this interview, he tells Interfax that Gazprom’s South Stream project will benefit from the EU’s Third Energy Package (TEP).

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