Zurich closes sale of its Russian retail business

Zurich Insurance Group (Zurich) has successfully closed the sale of its general insurance retail business in Russia to OLMA Group.

Zurich Insurance Group (Zurich) has successfully closed the sale of its general insurance retail business in Russia to OLMA Group.

The transaction is a proof-point of Zurich’s 2014-2016 strategy to invest in priority markets, while either turning around or exiting those that are under-performing. The signing of the sale has already been announced on July 3, 2014.

The transaction generates a loss through net income on disposal which will be recorded in Zurich's fourth quarter results. This is mainly due to the realization of previously unrealized currency losses already reflected in shareholders’ equity. The loss is expected to be in line with what was announced in July.

Zurich will retain and further build on its Russian corporate business. It is primarily focused on underwriting risks for large Russian and multi-national commercial customers. Zurich has been an active player in the Russian corporate market since 1996.