Successful market entry in Russia

The UNIQA Group also set foot in the Russian market in 2009 as part of its expansion strategy. The newly founded Raiffeisen Life insurance company now offers custom-tailored life insurance policies in this country that were developed in cooperation with ZAO Raiffeisenbank. Thanks to the well-established “Raiffeisen” brand, which is strongly associated with trust, the strategic partnership with this leading Austrian bank group has proven itself exceptionally well here. There are 37 employees operationally active in Russia, and the UNIQA products are sold in over 200 bank offices throughout Russia. The bank assurance products have also been specially adapted to the country’s needs and opportunities.

The newly founded company profits equally from the product and sales experience out of Austria as well as in the Central and Eastern European subsidiaries thanks to its full integration within the UNIQA Group. The premium potential is exceptionally high – currently an average of only €183 in insurance premiums are paid per person per annum by the 142 million residents of Russia. In Austria, this figure is €1,935.