1. Homepage
  2. Equities
  3. France
  4. Euronext Paris
  5. Renault
  6. News
  7. Summary
    RNO   FR0000131906


Real-time Euronext Paris  -  11:35 2022-07-01 am EDT
24.36 EUR   +2.37%
09:35aRenault to invest $377 million in Brazil
02:46aRenault Group implements a liquidity and market surveillance contract for its ordinary shares
02:45aRenault Group implements a liquidity and market surveillance contract for its ordinary shares
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Zurich Insurance to exit Russia by selling business to local team

05/20/2022 | 04:15am EDT
The logo of Zurich Insurance is seen in Zurich

ZURICH (Reuters) - Zurich Insurance has agreed to sell its Russian business to members of the local team, it said on Friday, as the Swiss insurer became the latest Western firm to exit Russia.

It joins a list of companies that have quit the market in response to Russia's invasion of Ukraine, with some handing these businesses over to local partners. Those quitting range from McDonald's and Dutch brewer AB Inbev to carmaker Renault and French lender Societe General.

Finding a suitable exit plan has been a challenge, with some businesses saying they are maintaining their Russian businesses to keep assets out of the hands of the state.

Zurich Insurance said the sale, which remains subject to regulatory approval, would hand its rebranded Russian operations -- which accounts for a tiny fraction of its overall business -- to 11 members of the unit's team.

"Under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia," it said.

"The transaction will allow the new company to retain a professional team with accumulated insurance expertise and to continue serving the Russian market," Zurich Insurance said.

The Swiss insurance company, which conducts property and casualty insurance in Russia primarily for international customers, said it held about 0.3% of Russia's non-life insurance market.

Zurich, which has removed its Z logo from social media after the letter became a symbol of support in Russia for Moscow's invasion of Ukraine, said in March it no longer took on new domestic customers in Russia and would not renew existing local business.

It said when releasing first-quarter data this month that its direct exposure to Russia and Ukraine through its property and casualty operations and investment portfolio was expected to be "immaterial".

It had gross written premiums of roughly $34 million in Russia in 2021, it said on Friday, accounting for less than 0.1% of the $40.1 billion in gross written premiums its property and casualty business recorded for the year.

The vast majority of these were from international customers, it said, with only $3 million related to domestic Russian customers.

(Reporting by Brenna Hughes Neghaiwi; additional reporting by Michael Shields; Editing by Lisa Shumaker and Edmund Blair)

By Brenna Hughes Neghaiwi

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MCDONALD'S CORPORATION 1.59% 250.63 Delayed Quote.-7.58%
RENAULT 2.37% 24.355 Real-time Quote.-22.11%
SOCIÉTÉ GÉNÉRALE -0.41% 20.805 Real-time Quote.-30.84%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 2.31% 55.375 Delayed Quote.-30.64%
ZURICH INSURANCE GROUP LTD 1.13% 419.9 Delayed Quote.3.70%
All news about RENAULT
09:35aRenault to invest $377 million in Brazil
02:46aRenault Group implements a liquidity and market surveillance contract for its ordinary ..
02:45aRenault Group implements a liquidity and market surveillance contract for its ordinary ..
06/30RENAULT SA : Buy rating from JP Morgan
06/29Renault limited to 44% stake in Nissan under agreement, filing shows
06/28Renault, Atos Partner on Technology to Collect Manufacturing Data
06/28Renault teams up with Atos on data gathering, which Renault hopes will cut costs
06/28Proposal To Designate Renault As Parent Company Of Nissan Rejected By Shareholders
06/28Michelin, Nokian first tyre companies to quit Russia
06/23Cisco, Nike quit Russia, as pace of Western firms leaving speeds up
More news
Analyst Recommendations on RENAULT
More recommendations
Sales 2022 46 001 M 47 848 M 47 848 M
Net income 2022 -741 M -771 M -771 M
Net Debt 2022 767 M 798 M 798 M
P/E ratio 2022 -8,53x
Yield 2022 1,18%
Capitalization 6 465 M 6 759 M 6 725 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,12x
Nbr of Employees 160 000
Free-Float 53,7%
Duration : Period :
Renault Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends RENAULT
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 23,79 €
Average target price 36,65 €
Spread / Average Target 54,1%
EPS Revisions
Managers and Directors
Luca de Meo Chief Executive Officer
Thierry Pieton Chief Financial Officer & Senior Vice President
Jean-Dominique Senard Chairman
Luc Julia Chief Scientific Officer
Frédéric Vincent Chief Information Officer
Sector and Competitors
1st jan.Capi. (M$)
RENAULT-22.11%6 759
VOLKSWAGEN AG-28.21%81 111
BMW AG-16.99%50 427