(Bloomberg) — Zurich Insurance Group AG, the largest Swiss insurer, said the sale of its Russian retail unit will lead to an estimated loss of about $300 million.
The insurer said it is selling the business to Moscow-based Olma Group and intends to retain and build its Russian corporate business, according to a statement on its website today.
“While we invest in priority markets, we either turn around or exit those that are under-performing,” Mike Kerner, chief executive officer of general insurance at Zurich, said in the statement. “When announcing our annual results 2013, we said that the Russian retail business had not developed according to our expectations and that we would explore options for it.”
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