Talanx subsidiary, HDI International AG, is selling its Russian life insurance unit OOO Strakhovaya Kompaniya CiV Life (CiV Life) to Russian Sovcombank.
With this sale, the Talanx Group is streamlining the portfolio of its Retail International Division in Central and Eastern Europe and underscoring its focus on profitable growth in its core markets.
The Industrial Lines business of HDI Global SE in Russia will continue as normal.
CiV Life generated gross premium income equivalent to around EUR 83 million in 2020.
The transaction is expected to close in the first quarter of 2022 and is subject to regulatory approval.
Both parties have agreed not to disclose the purchase price.
