OREANDA-NEWS. October 12, 2012. Sberbank of Russia started to sell the insurance programs of its subsidiary "Sberbank Insurance". The first such product is life and health risk insurance program. In November, Sberbank will start to sell savings and investment life insurance products from its own insurance company. Long-term life insurance products will be available in more than 1300 Sberbank Premier Service areas, more than 150 Sberbank First offices and in Sberbank Private banking office, reported the press-centre of Sberbank.

"Currently, the bank is cooperating with major players in the insurance market, and sale volumes are already exceeding 500 agreements per month,” said Alexander Gazizov, Head of Banking Insurance Directorate, Sberbank of Russia. “Next year, the bar for the sales will be set much higher. We are entering the market with a strong brand, highly professional team and, in our opinion, the best product offer. We are trying to maximize on the synergies of Sberbank Group, so that the product becomes reliable, stable, highly profitable and innovative."

"Sberbank built the insurance company not only in order to put it on the first place in the market,” said Maxim Chernin, General Director of the company. “We see our mission in developing the life insurance market in Russia, reviving the culture of savings life insurance in our country and we do our best to become the player that sets trends and establishes fashion in this market segment."

Developing investment and savings insurance is a new area in Sberbank's activities, where at the end of 2011 the bank acquired Allianz Life LLC insurance company. In March 2012, Sberbank announced that Maxim Chernin, who previously worked as the General Director in Allianz ROSNO Life LLC insurance company, will take position of the General Director in the life insurance company owned by Sberbank. In September 2012, Allianz Life Insurance Company was renamed as Sberbank Insurance Company LLC.