Allianz, Europe's biggest insurer, said Thursday its Moscow-based Rosno insurance unit plans to sell shares to the public in 2007 to finance growth.
Allianz, which owns 45 percent of Russia's fourth-biggest insurer, aims to more than double Rosno's premium income by the time of the IPO from $216 million in 2003, Rosno deputy head Hannes Chopra told Handelsblatt, comments confirmed by spokesman Christoph John.
The IPO proceeds will be used "to boost our distribution capacities," including hiring more people or selling new products, John said.
Rosno, which last year generated 95 percent of premium income from property and casualty insurance, reported a 2003 profit of $9 million. Aside from Allianz, which bought its stake in 2001, Russian conglomerate Sistema owns 47 percent and Rosno's management owns the rest.
Allianz aims to boost premium income at Rosno by 30 percent annually in the next few years, helped by higher demand for life insurance and pensions in Russia, according to Chopra.
Allianz, which owns 45 percent of Russia's fourth-biggest insurer, aims to more than double Rosno's premium income by the time of the IPO from $216 million in 2003, Rosno deputy head Hannes Chopra told Handelsblatt, comments confirmed by spokesman Christoph John.
The IPO proceeds will be used "to boost our distribution capacities," including hiring more people or selling new products, John said.
Rosno, which last year generated 95 percent of premium income from property and casualty insurance, reported a 2003 profit of $9 million. Aside from Allianz, which bought its stake in 2001, Russian conglomerate Sistema owns 47 percent and Rosno's management owns the rest.
Allianz aims to boost premium income at Rosno by 30 percent annually in the next few years, helped by higher demand for life insurance and pensions in Russia, according to Chopra.