Subscription and demo access


 
About Interfax
Press Releases
Products & Services
Contact us
Customer Login
 


Headlines
 

05/24 08:24   Results of forex trading on Moscow Exchange on May 23
 
05/24 05:00   Russia political and economic calendar: May 24
 
05/23 22:47   U.S.' refusal to coordinate activities in Syria with Russia plays into terrorists' hands - Federation Council member
 
05/23 22:37   Medvedev submits bill on status of veteran of combat actions to participants of special operation in Syria
 
05/23 22:36   Political solution to Venezuela problems rests with its citizens, interference from abroad unacceptable - Russian Foreign Ministry (Part 2)
 
05/23 22:29   Russia has special responsibility for enforcing cessation of hostilities in Syria - U.S. Department of State
 
05/23 22:22   Syrian army observing cessation of hostilities - Gen. Kuralenko (Part 2)
 
05/23 22:18   Jabhat al-Nusra ready to go into assault in Damascus area - Gen. Kuralenko
 
05/23 22:13   Poroshenko, Erdogan agree on training Ukrainian policemen in Turkey
 
05/23 22:11   Syrian army observing cessation of hostilities - Gen. Kuralenko
 




 

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:

May 24, 2016
 
08:24
Results of forex trading on Moscow Exchange on May 23
 
05:00
Russia political and economic calendar: May 24
 
May 23, 2016
 
22:47
U.S.' refusal to coordinate activities in Syria with Russia plays into terrorists' hands - Federation Council member
 
22:37
Medvedev submits bill on status of veteran of combat actions to participants of special operation in Syria
 
22:36
Political solution to Venezuela problems rests with its citizens, interference from abroad unacceptable - Russian Foreign Ministry (Part 2)
 
22:29
Russia has special responsibility for enforcing cessation of hostilities in Syria - U.S. Department of State
 
22:22
Syrian army observing cessation of hostilities - Gen. Kuralenko (Part 2)
 
22:18
Jabhat al-Nusra ready to go into assault in Damascus area - Gen. Kuralenko
 
22:13
Poroshenko, Erdogan agree on training Ukrainian policemen in Turkey
 
22:11
Syrian army observing cessation of hostilities - Gen. Kuralenko
 
22:08
Russia offers to introduce ceasefire regime in Eastern Ghouta, Daraya in Syria for three days from Tuesday - Gen. Kuralenko
 
22:04
Attacks in Syria's Jableh, Tartus are Jabhat al-Nusra's attempt to disrupt cessation - Gen. Kuralenko
 
22:01
Russia urges U.S. to prompt moderate Syrian opposition to join cessation in Syria - Gen. Kuralenko
 
22:00
Al-Nusra massing multi-thousand attack group outside Aleppo to block Syrian army - Russian Defense Ministry
 
 more headlines 



Interviews
 

.
U.S. Department of State Special Envoy and Coordinator for International Energy Affairs Amos Hochstein has given an interview to Interfax‘s special correspndent in the United States Ksenia Baygarova in which he speaks about why the United States has started to export oil and gas, how realistic the intention of oil producing countries to freeze oil production is, and how U.S. energy companies react to sanctions against Russia.

more
.
.
Newly appointed British Ambassador to Russia Laurie Bristow has given an interview to Interfax in which he speaks with about the current situation in British-Russian relations in the political, economic and cultural spheres, about LondonСs position on the crises in Syria and Ukraine and shares his opinion on the Yury Gagarin flight.

more
.
.
World Jewish Congress President Ronald Lauder has given an interview to Interfax in which he speaks about issues that he discussed at a meeting with Russian President Vladimir Putin, about how the inflow of immigrants has influenced the situation with anti-Semitism in Europe and about attempts to rewrite the WW II history.

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