RUSSIA: the local market will have a new biggest player after the merger of VTB and SOGAZ

The Head of SOGAZ Group, Andrei KOSTIN, and the Chairman of SOGAZ, Anton USTINOV, on May 25, 2018 signed an agreement of sale of 100% of VTB Insurance to SOGAZ, informed RBK news agency.

The new merged insurance company will work under SOGAZ brand, and VTB Insurance, besides the cost of the deal, will receive also 10% of the new merged company's share. According to the participants of the deal this will allow creation of the biggest insurer in the Russian history with maximal financial strength and balanced portfolio. The deal is expected to be closed during the third quarter of 2018 after all approval procedures, - said RBK.

As explained by Andrei KOSTIN, the new merged company will also have the merged management. Moreover, he believes that the merger will give VTB Insurance great opportunities for development, which are strongly bounded when overly dependent on the bank. In his turn, Anton USTINOV is sure that the merger will let significantly expand and enhance the portfolio; become the biggest insurer of compulsory health insurance and grow noteworthily in the life segment.

Based on 2017 results SOGAZ was the biggest local insurer with premiums of RUB 158 billion. VTB Insurance in 2017 took the fourth place with GWP in the amount of RUB 79.8 billion.

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