Insurance and wealth management
Sberbank offers a wide range of insurance products both for its retail and corporate clients. The product range includes health and life insurance, insurance of the property provided as collateral under retail and corporate loans, financial risks and third party liability insurance of its corporate clients, savings and investment life insurance and other projects. Over 8.5 mn individuals used bank insurance programmes in 2014; the bank’s corporate clients received 192,000 insurance policies. Over 17 mn individuals used insurance programmes offered by Sberbank since the start of insurance products business in September 2009. Corporate clients purchased over 500,000 insurance products during that period.
Sberbank Life Insurance subsidiary strengthened its leadership in the life insurance market. The clients of Sberbank 1 and Sberbank Premier purchased 35,000 long-term savings and investment life insurance programmes. The new client count increased by 78% year-on-year, while related product proceeds more than doubled.
Over 3.4 mn customers transferred their pension savings to Sberbank Private Pension Fund (PPF), which was the best result in the market in 2014. All in all, Sberbank PPF services 5.2 mn Russian citizens.
As part of its Strategy 2018 goal implementation to expand the Group’s business in the insurance and pension markets, Sberbank registered and obtained licences for Sberbank Insurance and Sberbank Insurance Broker subsidiaries that successfully started their business in 2014.