By KYIV. Jan 16 (Interfax-Ukraine) – Euroins Insurance Group (EIG), a division of Eurohold Bulgaria, has sold its subsidiary in Belarus and 48.6% stake in Russian insurer Euroins LLC as part of its exit from Russia, the group said.
As of 2023, the group "will no longer consolidate their results in its financial statements," but EIG retains "its participation in insurance companies in the other countries in the region in which it operates – Ukraine and Georgia," the group said in a press release.
"The sale of the interest in both companies is part of our strategy to focus only on key markets with good growth potential," Eurohold CEO Kiril Boshov was quoted as saying in the press release.
EIG’s business in Belarus and Russia generated less than 1% of its total revenue, the group said.
Commenting on the sale of EIG’s stake, Euroins LLC told Interfax that the new owner is a "Russian legal entity affiliated with the Russian founders of the company and management." The new owner understands and is "very familiar" with the insurance business, the company said.
The timing of the closure of the deal depends on obtaining approvals from Russia’s Federal Antimonopoly Service (FAS) and Central Bank. "After all necessary procedures are completed, the deal will be completed as soon as possible," the company said.
EIG specializes in providing protection in the area of general, health and life insurance. The Bulgarian company operates in 12 European countries, and has more than 3 million customers and a staff of 3,000.
