Sovcombank has become the latest member of MAXIS Global Benefits Network after it acquired the business of MetLife in Russia in January 2021. Sovcombank was established in 1990, and is the third largest private Russian bank.
Operating under then new name Sovcombank Life, the insurer will provide life, accident, disability and medical coverage to our multinational clients. From 2017, the Russian insurer has reported an average return on equity (ROE) of 25% to the first nine months of 2020.
Sergey Khotimsky, 1st Deputy Chairman of the Board of Sovcombank said: “We would like to assure MAXIS GBN that we will have a continuous and strong commitment towards building a fantastic new relationship. We are confident that by joining the MAXIS global network it will allow Sovcombank to reach its future goals and have a positive impact on all parties involved. We look forward to working with MAXIS GBN’s clients and providing top quality services for some of the biggest multinationals operating in Russia."
David Watts, Director of Member Management at MAXIS GBN comments: “It’s always exciting to be growing our network, and I’m delighted to have the addition of Sovcombank to provide first-rate services to our multinational clients. The MAXIS GBN network is made up of high-performing companies in their local markets and it’s great to add Sovcombank to that list.”
PJSC “Sovcombank” — Russian fast-growing universal bank with total assets of 1,6 trln rubles — #3 privately-owned bank in Russia by total assets. Sovcombank is designated a systemically important credit institution by the Central Bank of Russia. With more than 2,400 offices, Sovcombank operates one of the largest (#3) retail distribution networks in Russia. Bank has vast experience and expertise in corporate and investment banking and long track-record of successful M&A deals on Russian financial market. Also, Bank is the issuer of “Halva” card that is the first installment card on Russian credit card market with more than 7 mln cardholders and 225 000 accredited merchants in partnership network. Sovcombank maintains the credit rankings according to 6 rating agencies, international scale: S&P — “BB/B “, outlook “positive”, Moody’s — “Вa1”, “stable”, Fitch — “ВB+”, “stable”. Credit ratings by national scale ACRA — “AА-”, “stable “, “RAEX” — “ruАA”, “stable”, “NCR” — “АА-”, “stable”.
About Sovcombank Life
JSC IC Sovcombank Life (sovcomlife.ru) is one of the leading life insurance companies in Russia, operating in the Russian insurance market since 1994. Since February 20, 2021, it has been part of the Sovcombank Group, the third largest private bank in the country by total assets. The company offers a wide range of life and health insurance programs to individuals and legal entities through a network of offices and partners operating throughout Russia. The main lines of business are life and health insurance, medical insurance, accumulative and pension insurance, and others. Financial reliability rating at the ruAА level with a stable outlook of the Expert RA rating agency. Bank of Russia licenses SZh№3256, SL№3256, PS№3256.
1 Joint Stock Company Insurance Company “Sovcombank Life”