PPF Group acquires insurance assets in Eastern Europe as part of agreement with Generali, rebranding them PPF Insurance
PPF Group today announces the acquisition of Generali PPF Holding's (“GPH”) insurance companies in Russia and other CIS countries. In line with the agreement previously announced regarding the sale of PPF Group's 49% stake in GPH to Generali Group, the sale of a 25% stake in GPH took place on 28 March, 2013. PPF Group has also acquired a 100% stake in each of the Russian insurance companies operating under the PPF Insurance brand (www.ppfinsurance.ru). In 2012, these Russian insurance companies doubled their gross written premiums (GWP) year-on-year to reach RUB 21 billion, while their overall assets grew to RUB 28 billion from RUB 15 billion. Furthermore, the life insurance business, which was founded in 2002 by PPF Group in Russia, has achieved a position among Russia’s Top-10 life insurers in less than ten years of operation.