Insurance Company Blagosostoyanie owned by NPF Blagosostoyanie's entities since 2013 has signed an agreement with Home Credit B.V. (Netherlands) for the purchase of 100% of the shares in Public Stock Company PPF Insurance, IC Blagosostoyanie informed.
The transaction will be finalized once approved by Russia's Federal Antimonopoly Service.
The decision to sell the company is pursuant to PPF's strategy to further restructure its insurance business. PPF Group has preserved its two insurance arms in Russia, Home Credit Insurance LLC and PPF Life Insurance LLC, the statement emphasizes.
PPF Insurance (previously known as OJSC Generali PPF Insurance, Insurance OJSC Region) was taken by insurance holding Generali PPF in 2012 and became part of Home Credit B.V in 2013 resulting from a re-structuring of JV Generali PPF Holding's insurance business in Central and Eastern Europe, Russia and the CIS countries.
The target company is licensed to provide 17 kinds of insurance services including health and accident insurance, medical care insurance, corporate and personal property insurance, business risk insurance, insurance against business and financial risks, motor vehicle liability insurance services.
IC Blagosostoyanie provides insurance and pension coverage services. In 2013, the company's total insurance premiums were RUB 3.45 billion. As of July 1, 2013, the company had RUB 3.489 billion in assets, its equity capital reaching RUB 1.322 billion, authorized capital being RUB 240 million.