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Germany's Ergo Group is exiting the insurance market in Belarus and is selling the shares of non-life insurance company Ergo Insurance Company.
Minskas, Baltarusija
Minskas, Baltarusija
© Shutterstock

The sale contract has been signed with Bulgaria's Euroins Insurance Group (EIG), one of the largest insurance companies in Central and Southeastern Europe, which is also buying Ergo insurance businesses in the Czech Republic and Romania. The transaction of undisclosed value still needs approval of market watchdogs, Ergo said.

The 2018 reports of Lithuania's Ergo Life Insurance and Estonia's Ergo Insurance state that negotiations on the sale of the Belarusian company were launched in December and the final price offer was received in February. The sale is due to be finished by July.

According to the Ergo Life Insurance report, the Belarusian company posted 9.334 million euros in revenue last year and earned 237,200 euros in profits. Its own capital stood at 5.221 million euros at the end of the last year.

Ergo entered the Belarusian insurance market last year when it bought 60 percent of Baso, later renamed into Ergo Insurance Company, and later increased its stake in the company to 92 percent.

Ergo Insurance Company is 61.5 percent owned by Ergo Group's enterprises operating in the Baltic states, and Germany's Ergo International controls 30.8 percent.

BNS
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