Werner Zedelius: Russia is an attractive market for us. For Allianz, it is one of the three most important growth markets and has an enormous potential. We want to make the best of these opportunities. This is underlined by the ROSNO acquisition.
While other competitors are still trying to break into the market, we already have an excellent position which we will profit from.
"Allianz strengthens its position in the Russian insurance market"
Allianz.com News: Why has Allianz decided to strengthen its involvement in the Russian market?
Allianz board member Werner Zedelius
Since when is Allianz in Russia?
Werner Zedelius: We have been active in the region since 1990 with our subsidiary Allianz Russia, previously Ost-West Allianz, and were the first foreign insurance company to operate in Russia. In 2001 we formed a joint venture with Sistema. Together we developed ROSNO into a fast growing and profitable market-leading company.
With the transaction we become by far the most important foreign insurance company in Russia and assume a leading role in the market. We will continue to consistently strengthen our position.
Where did the decision for the ROSNO transaction come from?
Werner Zedelius: The acquisition of the remaining shares is a logical consequence of our successful activities in Russia and with our partner Sistema. We have managed to acquire a market-leading company which is profitable. Last year ROSNO achieved gross written premiums of more than 780 million US Dollars and is the market leader in health insurance.
After several months of intensive negotiations, we reached a satisfactory agreement with Sistema. Previous to the transaction Allianz held 47.4 percent. As the new majority shareholder we are pleased to hold 97 percent of the ROSNO shares.
Zedelius: "Germany is one of the most important trading partners for Russia"
How important is Germany for Russia?
Werner Zedelius: Germany is one of the most important trading partners for Russia with a foreign trade share of ten percent. In the future, Germany's role as a foreign trade partner for Russia will continue to grow and become more diversified. As an international provider of financial services, we are confident that Allianz will be a trusted advisor for our partners in Germany, Russia and internationally.
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