Sberbank Insurance Subsidiaries Make Substantial Payouts in 2024
Sberbank’s insurance subsidiaries, Sberbank Life Insurance and Sberbank Insurance, disbursed a considerable 732 billion rubles to clients in 2024 to cover insurance claims, according to a recent announcement from the bank. This information was released with comments from Ruslan Westerovsky, Senior Vice President and head of the Wealth Management unit at Sberbank.
Sberbank Life Insurance saw a 284% surge in life insurance fees, totaling 1.1 trillion rubles for the year. Clients directed 762.9 billion rubles into the National Housing Association. Furthermore, fees for investment-linked life insurance products reached 303.8 billion rubles, while risky life insurance (including credit and mortgage) generated 38.1 billion rubles in fees. The company paid out 711.2 billion rubles to its customers, marking an increase of 300%. Of this sum, 451.9 billion rubles were allocated from NWF, 239.9 billion rubles from investment-linked life insurance, and 19.4 billion rubles from risky life insurance policies. In the previous year, the subsidiary secured 16 million new life insurance contracts. By the close of 2024, the assets under management by Sberbank Life Insurance reached 1.174 trillion rubles, reserves related to life insurance contracts were 915 billion rubles, and net profit stood at 57.6 billion rubles.
Sberbank Insurance experienced a fee increase of 20%, with fees totaling 77.2 billion rubles in 2024. Retail insurance dominated the fee structure, accounting for 52.9 billion rubles (+16%). Corporate insurance fees were 18.5 billion rubles, reflecting a 34% rise, while fees from medical insurance climbed to 5.7 billion rubles (+14%). The company made payments of 20.6 billion rubles to customers for insurance claims during the year, an increase of 68% compared to 2023.
Sberbank PJSC, officially known as Sberbank of Russia (TIN 7707083893), is recognized as the foremost financial institution in Russia, as well as in Central and Eastern Europe. It holds a predominant position as the primary lender within the Russian economy and maintains the largest share of the deposit market. Sberbank provides services to customers in 18 countries globally. It maintains a vast network of approximately 14,000 service points throughout Russia. Its international network consists of subsidiaries, branches and representative offices in several countries, including the UK, USA, CIS, Central and Eastern Europe, India, and China.
The authorized capital of Sberbank is 67.76 billion rubles, composed of 21,586,948,000 ordinary shares and one billion preferred shares, each with a nominal value of 3 rubles. The Russian Federation, represented by the Ministry of Finance, is the main shareholder of Sberbank PJSC, owning 50% of the authorized capital plus one voting share. The remaining 50% minus one voting share is held by both Russian and international investors.
