Generali, the number one insurance company in Italy, announced Thursday its gradual withdrawal from Russia, with the closure of its representation in Moscow and the next stoppage of the activity of its subsidiary of Europ Assistance.
The insurer follows the example of many multinationals who cut ties with Moscow after the invasion of Ukraine. The group has also withdrawn from the board of directors of Ingosstrakh, a Russian insurer in which it owns 38.5% and which also counts billionaire Oleg Deripaska among its shareholders. Ingosstrakh provides life and non-life products as well as mortgage loans and savings and retirement plans.
Earlier today, Bloomberg reported, citing unnamed sources, that the Italian group was also considering freezing its stake in Ingosstrakh. These sources clarified that Generali had no intention of trying to sell its stake in the short term.
“Since the start of the war in Ukraine, Generali has been closely monitoring the situation and the implications for operations and financial markets,” the Italian insurer said in a statement Thursday evening. Generali’s exposure to the Russian market is minor in terms of investments and insurance activities but it is also constantly assessed and fully respects international sanctions, he added.
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