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MUNICH, Germany Munich Re Life Reinsurance Eastern Europe/Central Asia, part of Munich Re Group, has obtained a license from the Russian Federal Service for Insurance Supervision to conduct life reinsurance business in the Commonwealth of Independent Sates and specifically in Russia, Ukraine, Kazakhstan and Azerbaijan.
Munich Re's subsidiary in Moscow is the first foreign company to receive a license to conduct life reinsurance business in the region, according to the Munich-based reinsurance company.
According to Nikolaus von Bomhard, chairman of Munich Re's board of management said in a statement: "We seek to take advantage of the highly promising economic situation in the CIS States to further grow our life reinsurance business organically and profitably."
According to Munich Re, life insurers in the CIS states have recorded annual premium growth of more than 100% in the past four years. There is "huge potential for developing pension provision in Eastern Europe and Central Asia", Munich Re said in its statement. Adding that, with a local subsidiary, Munich Re can for the first time offer reinsurance solutions on a rouble basis.