ERGO Group AG has agreed to sell its Russian life insurance business, ERGO Life, to Rosgosstrakh Insurance Co. (PJSC).

The deal is subject to regulatory approvals, and financial terms were not disclosed.

Rosgosstrakh will become the 100% owner of ERGO Life and will take complete control of the company, including staff, client portfolio and IT systems.

ERGO Group is the primary insurance business of Munich Re Co.