ERGO , a subsidiary of Russia , has sold its ERGO life insurance business to domestic company Rosgosstrakh. The deal will see the new owners take complete control of the company's shares, workforce, client portfolio and IT systems. ERGO Group AG, which is part of Munich Re, is saying goodbye to its life insurance business in Russia. In a statement, ERGO Group AG said it will continue to reassess the performance of its international businesses, which operate in over 30 countries, opening the possibility that further parts of its operation could be sold.
ERGO , a subsidiary of Russia , has sold its ERGO life insurance business to domestic company Rosgosstrakh. The deal will see the new owners take complete control of the company's shares, workforce, client portfolio and IT systems. In a statement, ERGO Group AG said it will continue to reassess the performance of its international businesses, which operate in over 30 countries, opening the possibility that further parts of its operation could be sold.