ERGO Life Russia becomes Rosgosstrakh Life

Thu, 11/04/2019

ERGO Life Russia becomes Rosgosstrakh Life

ERGO Life Russia has been the network partner for Insurope in Russia since 2006.  

In December 2018 a 100% of the participation interest of “IC ERGO Life” Ltd was acquired by Rosgosstrakh Insurance Company.

Rosgosstrakh will take over the whole company, including staff, client portfolio and IT-systems. The change in ownership of ERGO Life Russia will not affect in any way obligations to the current clients of ERGO.

Founded in 1921 as Russia’s domestic insurance monopoly provider, Rosgosstrakh is not only Russia’s oldest, but also it’s largest insurance company in terms of number of clients (> 8.5 millions), employees and agents (over 50,000) and branch network (1,500, serving all regions of Russia). 

Since 2017 Rosgosstrakh is part of Otkritie Group, one of the largest banking groups in Russia, which in turn is owned by the Central Bank of Russia.

Rosgosstrakh has Expert RA Russian rating of “ruA“, and S&P Global Rating “B+”. Year profit for 2018 was 6 bln RUB on a on a premium of 69 bln RUB. Rosgosstrakh is the leader in private property and motor and is among the top insurers for corporate lines of business and health.

“With Rosgosstrakh, we have found a suitable investor that has an impressive, long-standing history in the Russian insurance market”, underlines Alexander Ankel, Chief Operating Officer of ERGO International AG. “Our ERGO life business in Russia is a perfect match for Rosgosstrakh, paving the way in line with their new business strategy to return to the life insurance market. For us the agreement is another logical step to further driving our international business optimization strategy.”

"Based on our Strategy 2021 we have decided earlier this year to re-enter the Life insurance market as quickly as possible”, said Nikolaus Frei, CEO at Rosgosstrakh. “The purchase of ERGO Life enables us to accelerate our development and provide products to millions of our clients in Russia through the banks of Otkritie Group and through our own distribution channels.”

 

Press release in Russian can be downloaded HERE.

 

For more information please contact:

ERGO Media Relations, Ronny Winkler

Tel +49 (0) 211 477-3012