ING Life Insurance Russia

Location:

Russia

Project number:

36446

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

06 Feb 2007

Status:

Completed

PSD disclosed:

20 Dec 2006

Project Description

The proposed project envisages an equity investment to acquire 10% of the share capital in ING Life Insurance Russia, a newly established Russian subsidiary of ING Group. The investment will support further expansion of the Russian life assurance market.

Transition Impact

The proposed transaction will support the entry of a new strategic investor into Russia that has experience of successfully operating life insurance in other CEE countries. This will increase competition in the Russian emerging life insurance sector and support the development of it.

The company will focus on selling risk and savings based life insurance products to individual customers primarily via the establishment of a network of tied agents, initially concentrated in Moscow, St Petersburg and other large cities.

 

The Client

ING Continental Europe, the ING’s holding company for its Central and Easter Europe’s life insurance operations.

EBRD Finance

Equity investment of up to RUB 95 million (EUR 2.8 million) to subscribe for 10% of the shares in ING Life Insurance, Russia. It is expected that there will be follow-on investment opportunities over a period of 10 years which could bring the total investment to EUR 22.2 million.

Project Cost

EUR 222 million.

Environmental Impact

Environmental risks associated with ING’s life insurance operations will be low and primarily limited to the investment of assets which are subject to close regulatory control. ING will be required to adopt and implement EBRD’s Environmental Guidelines for the Insurance Sector.

Technical Cooperation

None.

Company Contact

Mr. Jaroslaw Bartkiewicz
Head of Business Development
Jaroslaw.Bartkiewicz@mail.ing.nl

Mr. Assad Ben Halima
Senior Business Manager
Assad.Ben.Halima@mail.ing.nl
Tel: +31 20 576 0845

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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