Fortis to launch Russian business

5 January 2007

Global insurance company Fortis has announced that it is to set up a life insurance business in Russia.

According to the company, the focus will be on providing education plans and family protection plans, which will be offered via the internet and telephone, and corporate pension plans, distributed through large corporate clients.

Commenting on the plans, Fortis chief executive Peer van Harten said: "The launch of our insurance activities in Russia is a major step forward in one of today's biggest and most promising markets.

"The Russian insurance market is indeed one of the fastest growing ones on the Eurasian continent."

The company added that the expansion into Russia was in line with its strategy of developing its insurance model at an international level, based on multi-channel distribution.

"Fortis is one of the largest insurers in a number of European and Asian countries, and we hope to achieve the same position in Russia," commented Maarten Pronk, Fortis country manager for Russia.

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