Ukraine: Insurance Industry Response Round-Up

A general round up of insurance brand responses to the crisis in Ukraine. Email any press info to editorial@insurance-edge.net for inclusion. Updated regularly.

TIETOEVERY

Software and `insurance brand in a box’ specialist Tietoevry has decided to exit its operations in Russia. The company sees that in light of the ongoing military activity and the humanitarian crisis in Ukraine, the continuation of business in Russia is ethically unsustainable. The exit process begins immediately, says the company, with due considerations towards employees and customers. The company today employs around 100 professionals in Moscow and St. Petersburg, serving local and international customers in Russia.

“We all have been shocked by the tragic situation in Ukraine, which insults modern societies and human values. Our top priority in this difficult situation is the safety of our people. In light of the recent developments, we have decided to initiate exiting our business in Russia. We hope nothing more than the violence and sufferings in Ukraine to end the soonest,” comments President and CEO Kimmo Alkio.

Tietoevry continues to do the utmost to actively support our approximately 2000 employees and their families in Ukraine, including efforts to evacuate them to safer areas and providing necessities and advance salary payments.

These actions are not expected to have any material impact on Group financials. Tietoevry Russia accounts for approximately 0.4% of Group revenues.

AVIVA

Meanwhile Aviva sold its Russian subsidiary, here’s the latest from the company website;

Aviva plc (“Aviva”) announces the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35 million. The consideration is payable in cash and represents a modest premium to IFRS book value. This transaction is consistent with Aviva’s strategy to narrow the Group’s focus to businesses and markets where Aviva has leadership positions.

The transaction, which is subject to the approval of the Federal Antimonopoly Service of the Russian Federation, is expected to complete in the first half of 2013.

Mark Wilson, Chief Executive Officer of Aviva plc, said: “We are pleased to have agreed the sale of our life and pensions operations in Russia to Blagosostoyanie. This transaction builds on the progress we have made to narrow Aviva’s focus.”

GOODBYE MEERKATS?

The famous Meerkats have been temporarily told to get in the bin, reports The Guardian, as Ukraine is attacked by Putin’s war machine. CompareThe Market/BGL has wisely decided that TV viewers would complain about oligarch style puppets with Russian accents, selling insurance right now.

Even if some sort of peace treaty is worked out in the next few weeks in Ukraine, it’s hard to see how the Meerkats can make their back onto TV screens. Maybe that’s a good thing for the Compare brand, as fresh thinking could give them a new direction after the end of price walking in home and motor?

About alastair walker 8709 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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