Talanx dumps Russian life unit in deal with Sovcombank to "streamline" CEE line-up
Talanx will sell its Russian life insurance unit OOO Strakhovaya Kompaniya CiV Life (CiV Life) to privately held Russian bank Sovcombank for an undisclosed sum.
Talanx calls the move a "streamlining" of its retail operations in central and eastern Europe "underscoring [ Talanx's] focus on profitable growth in its core markets," management said in the press release.
Talanx will retain its industrial lines business of HDI Global SE in Russia.
CiV Life generated gross premium income equivalent of around €83 million in 2020.
The transaction is expected to close in the first quarter of 2022 and is subject to regulatory approval. Parties agreed not to disclose the purchase price.
In central and eastern Europe, Talanx retains life insurance units in Hungary and Poland, the 2020 annual report showed. Across all lines, central and eastern Europe, including Turkey, accounted for 7% of gross written premium in the group in 2020, down a point from the four-year run rate.
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