In 2023−2024, Salute Advisory supported the Renaissance Insurance Group within the acquisition of the Russian operations of Raiffeisen Life from an Austrian insurance group UNIQA (75%) and AO "Raiffeisen Bank" (25%).
OOO "SK Raiffeisen Life" was a Top-20 life insurance companies in Russia by gross written premiums, and its investment portfolio reached RUB 20 bn by the end of 2023.
The work on the project started in 2023. The Salute Advisory team participated in negotiations on valuation, deal structure and main terms — with shifting regulation environment in the background. Also, we prepared materials for obtaining approvals from the Central Bank and the Government Commission for Monitoring Foreign Investments.
In view of the discount stated by Government Commission, the deal value was RUB 4.3 bn. In accordance with the tailored deal structure, a part of the payment was made in cash while the other represented an offset of liabilities.
The deal was closed in October 2024 upon receiving all necessary permissions.
OOO "SK Raiffeisen Life" was a Top-20 life insurance companies in Russia by gross written premiums, and its investment portfolio reached RUB 20 bn by the end of 2023.
The work on the project started in 2023. The Salute Advisory team participated in negotiations on valuation, deal structure and main terms — with shifting regulation environment in the background. Also, we prepared materials for obtaining approvals from the Central Bank and the Government Commission for Monitoring Foreign Investments.
In view of the discount stated by Government Commission, the deal value was RUB 4.3 bn. In accordance with the tailored deal structure, a part of the payment was made in cash while the other represented an offset of liabilities.
The deal was closed in October 2024 upon receiving all necessary permissions.