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Motor segment will become part of Generali PPF Holding’s business strategy in Russia. The transaction is still subject to the approvals of all relevant regulatory authorities.
Ladislav Bartoníček, CEO of Generali PPF Holding, said: “Russia is a strategic market for us, showing one of the highest growth ratios of insurance market in the world. Both [the] market and our companies has been showing double-digit growth rates in long term. The acquisition of Region enables us to expand our product portfolio into new market segments where we were not present up to now”. Bartoníček added: “Our nearest plan is to enter motor insurance market, especially for our corporate clients”.
Region is a small non-life and life insurance company based in Sankt Petersburg. It was established as one of the first private insurance companies in Russia back in 1993. From 2008 it has been operating as a subsidiary of Swedish company IF P&C Insurance Holding, and is well known for its high quality of customer services.
Russia is the fastest growing market for Generali PPF Holding. Generali PPF Russia insurance activities reported 32 per cent growth of GWP in 2011, while the market increased its volume by 19 per cent in the same period. Gross premium written of Generali PPF Russia companies reached RUB 10.7 billion in 2011, and Generali PPF Life Insurance ranks in the Top 10 in life insurance. The company is the market leader in accident and health insurance and in financial risk insurance. Last year, Generali PPF Russia expanded its business into the new market segments of voluntary medical insurance and corporate insurance.