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Report: Rosgosstrakh divests life insurance biz

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Report: Rosgosstrakh divests life insurance biz

Russia's Rosgosstrakh Group off-loaded its profit-making life insurance company Rosgosstrakh Zhizn to OOO Redvans, a company controlled by Alhas Sangulia, the former business partner of Danil Khachaturov, who owns the group and insurer PAO Rosgosstrakh, Banki.ru reported Dec. 22.

Redvans recently launched the placement of three bond series totaling 17 billion Russian rubles, which could be linked to the takeover deal, the news report noted. The placement will be completed Dec. 23.

Rosgosstrakh's sale of the life insurer could be part of an asset reshuffle at the group ahead of its potential merger with Otkritie Holding JSC, according to the news reports.

As of Dec. 21, US$1 was equivalent to 60.99 Russian rubles.