According to an official statement, Zurich will no longer conduct business operations in Russia.
Zurich Insurance Group AG decided to leave Russia and agreed to sell its business in the country to 11 local team members.
Reporting from Bloomberg, Sunday (22/5/2022), the Swiss insurance company stated that its business in Russia will operate independently under a different brand.
Meanwhile, according to its official statement, Zurich will no longer conduct business operations in Russia.
Zurich added that the planned sale of its business in Russia must obtain approval from the relevant authorities.
Previously, Zurich stated that Russia's direct exposure to the wars between Russia and Ukraine to its property and casualty insurance business, as well as its investment portfolio, was not expected to be material.
Meanwhile, Zurich Russia controls about 0.3 percent of the non-life insurance market in Russia. Its main business has been supporting the activities of Zurich Russia's international customers. Last year, Zurich Russia recorded a gross premium of around US$ 34 million, including US$ 3 million from domestic customers.
In addition to Zurich, last month, Societe Generale SA, a French bank, also agreed to sell its entire stake in Rosbank and its insurance subsidiary in Russia to Vladimir Potanin's Interros Capital.
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