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Renaissance Insurance Group increased its market share in motor and life insurance
22 March 2022

Renaissance Insurance Group PJSC (MOEX: RENI), a digital leader in the Russian insurance market, increased its market share in 2021. The company's premiums for non-life insurance increase by 26% to RUB 46.7 billion, while Russia’s non-life insurance market grew by 16% according to the Bank of Russia.

Insurance market growth was driven by the following factors:
- Growth in casualty insurance due to credit insurance expansion (greater volumes of individual mortgage and consumer lending).
- Growth in motor insurance due to greater volumes of car loans, increasing motor vehicle prices and higher demand in the corporate segment.
- Growth in volumes of voluntary health insurance (VHI) due to recovery of the demand for corporate insurance schemes to pre-pandemic levels.

The key drivers for Renaissance Insurance Group premiums in non-life insurance were:
- Motor insurance (34% YoY growth) on the back of strong growth in online sales.
- VMI (22% YoY growth) on the back of new customers acquisitions and high ratings of Renaissance Health and Budu applications.

Previously the company announced a 24% growth (1) in its life insurance business in 2021. Russia’s life insurance market for the same period increased by 22%.

Renaissance Insurance Group is now number seven largest universal insurance company in Russia and number four largest in life insurance.

The company plans to announce its 2021 results in accordance with the International Financial Reporting Standards (IFRS) by the end of March 2022.

Yulia Gadliba, CEO, Renaissance Insurance Group:
“We had a very successful 2021 as our digital platform allowed us to continue to grow our market share in both motor insurance and VHI; we scale up our business using our light structure with no additional costs growth. We did a lot last year to improve customer service and to anticipate needs of our customers and partners, and this is our primary focus for the current year despite all challenges we are currently facing.”

Company overview
Renaissance Insurance Group is a leading diversified independent insurance company operating in the Russian market for 25 years. The Group incorporates Renaissance Insurance, Renaissance Life, Budu and Sputnik Capital Management. In October 2021, the Group publicly offered its shares on the Moscow Exchange. The Company shares are enrolled in the first level quotation list and are traded under the RENI ticker.
The Group has a vast experience in launching new technologies and innovations creating a digital platform for all key insurance segments. The Company is rated number one in the online segment. The Group provides services to over 4 million clients.

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(1) According to the company’s management assessment. Gross insurance premiums for life insurance in 2021 under the IFRS may differ.
Renaissance Insurance Group

Leading independent all-purpose player in Russian insurance market

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