(Bloomberg) -- Assicurazioni Generali SpA is winding down its Europ Assistance operations in Russia, quitting the board of Ingosstrakh Insurance Co. and closing its Moscow representative office.
“Since the start of the war in Ukraine, Generali has been closely monitoring the situation and implications for operations and financial markets,” the Italian insurer said late Thursday in a statement. Generali's minor exposure to the Russian market in terms of investments and insurance business is also under constant evaluation and fully compliant with all applicable sanctions, it said.
Generali owns a 38.5% stake in Ingosstrakh, a Russian-based insurer that has billionaire Oleg Deripaska as a shareholder. The insurer provides life and non-life products as well as mortgage loans and savings and retirement plans.
The Italian firm is also considering freeze its stake in the Ingosstrakh joint venture, people with knowledge of the matter said earlier today, asking not to be identified as the discussions are private. Generali isn't planning to try to sell its stake in the short term, the people said.
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