The Insurance Company Raiffeisen Life has announced its results for 2010. The investment yield on the voluntary combined life insurance policy was 8% for policies denominated in roubles, and 5.3% for policies denominated in US dollars and euros. The life insurance premiums collected amounted to 462,275,000 roubles, and the payouts totalled 9,019,000 roubles.
Raiffeisen Life began operating in June 2009 and last year was the first full calendar year in which the company sold life insurance programmes. For such a short period of time the company has managed to achieve impressive results, and it is now one of the market leaders, up from 53rd place in 2009 to 15th in 2010 (according to official figures from the Federal Insurance Supervision Service).
One of the most significant events for Raiffeisen Life in 2010 was the completion and signing of agreements between ZAO Raiffeisenbank and the UNIQA group of companies, as a result of which Raiffeisenbank become a shareholder of Raiffeisen Life, with a 25% share in its equity capital.
Maxim Chumachenko, the Director General of Raiffeisen Life, said: «The company not only produced good sales results, gaining a 2.05% stake in Russia’s life insurance market in just a year and a half, but also achieved high investment returns for its clients.
Raiffeisen Life offers a full range of bank insurance services for clients of all Raiffeisenbank’s retail segments. The company’s programmes have become an integral part of Raiffeisenbank’s product line, neatly complementing it and successfully meeting customer demand for long-term savings and financial protection.
The Insurance Company Raiffeisen Life Ltd (license to carry out insurance number 4179 77 issued by the Federal Insurance Supervision Service on July 3, 2009, amended on February 1, 2010 and July 9, 2010). 75% of the company’s equity capital is owned by the Austrian insurance group UNIQA, and 25% by Russia’s Raiffeisenbank. The equity capital of the company is RUR 60 million. The company received the license from the FISS in July 2009, and on 1 October 2009 it launched the sale of its insurance products in Russian Raiffeisenbank’s branches.
The UNIQA Group is a leading insurance group in Central and Eastern Europe. The total value of premiums collected by the group in 2009 was 5.7 billion euros, with 35% of this amount earned outside of Austria. Across all of the companies of the group about 22,000 employees and exclusive partners are employed. Together they serve 7 million customers who have purchased 15.3 million insurance policies in 21 markets. The UNIQA Group includes 40 insurance companies in 21 countries. For many years, UNIQA has been assigned the stable rating of «A» by the agency Standard & Poor’s.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on Q1 2011 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of private deposits and 8th with regard to consumer lending.
Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. Around 60,000 employees service about 14 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.