Sovcombank buys Kapital Life, will merge it with its own life insurer

MOSCOW. April 15 (Interfax) - Sovcombank has completed the acquisition of 100% of Kapital Life Insurance LLC (Kapital Life), the bank said in a statement.

At the first stage, Kapital Life will continue to operate as an independent company. All existing contracts are preserved, and customer service and work with agents and partners continue as normal.

Sovcombank plans to later merge Kapital Life with its subsidiary, Sovcombank Life Insurance.

"This is the largest deal in the history of Sovcombank's insurance group. The deal will have a positive impact on Sovcombank's consolidated profit and capital as early as 2026," the statement said.

Kapital Life is one of the leaders in the Russian long-term savings life insurance market. The company serves 2.5 million insured individuals (1.6 million active contracts). Insurance premiums for 2025 amounted to 29 billion rubles. The company's net profit to International Financial Reporting Standards (IFRS) in 2025 was 6 billion rubles, capital stood at 29 billion rubles and assets amounted to 90 billion rubles. The company is present in 77 regions of Russia.

The credit institution did not disclose from whom Sovcombank bought 100% of Kapital Life.

It is known that Yevgeny Giner's company Soyuz previously owned 9.9% of the insurer Kapital Life Insurance. Previously, this company was called RGS Life and belonged to Rosgosstrakh Group , but after the latter, along with Bank Otkrytie FC , came under bail-in in 2017, it turned out that since 2016 the ultimate beneficiary of RGS Life was Alkhas Sangulia (a partner of former Rosgosstrakh owner Danil Khachaturov). In the spring of 2018, Giner asserted his rights to ownership of the life insurer, emphasizing that he intended to formally take control of the company. Giner's Soyuz received just under 10% of Kapital Life and received approval from the Federal Antimonopoly Service (FAS) to increase its stake to 100%, but did not exercise it.

According to Soyuz's financial statements, all agreements with PSB Bank (dated 2022-2025) were terminated in 2025, in which the subject of pledge was a stake in the charter capital of Kapital Life. Thus, Soyuz's 9.9% stake in Kapital Life "was completely released from encumbrances."

The Soyuz company also owned 100% of Kapital Medical Insurance (KMS). At the end of December 2025, an option to conclude a purchase and sale agreement for 100% of KMS was signed, according to Soyuz. The acceptance of the option could be made by the buyer between February 5 and July 1, 2026. The potential buyer itself was not named in the document, nor were the parameters of the possible deal disclosed.

Sovcombank is quite active in mergers and acquisitions (M&A). Over ten years, it has integrated 27 large financial companies, including five insurance companies. In 2019, the group acquired Liberty Insurance, then Metlife, Siv Life, Inlife Life Insurance and Inlife Insurance. Currently, Sovcombank's insurance group includes Sovcombank Insurance and Sovcombank Life Insurance. The group's insurance premiums in 2025 amounted to 109 billion rubles.