UNIQA CEO Konstantin Klien comments: "The Ukraine is one of the largest markets in the region and offers fantastic opportunities, while Credo-Classic is one of the best-known insurers in this rapidly growing market. Within the scope of the "preferred partnership", there is also the sales cooperation with the Raiffeisen International subsidiary, Raiffeisen Bank Aval – the second largest bank in the Ukraine with 1,300 branches and some 4 million customers. All in all, we have therefore created the best conditions for UNIQA to also participate in the prosperous development of the Ukrainian market with its 47 million inhabitants."

Concurrently with its entry into Credo-Classic in May 2006, the UNIQA Group took over significant management and control functions in the company, initiating a massive exchange of know-how on many levels and preparing the way for integration into the UNIQA Group. Large parts of the product range have already been modernised and a restructuring and expansion of the sales organisation started in recent months, in close cooperation with the strong, experienced local management team. In the near future, attention will focus above all on intensifying the cooperation with Raiffeisen Bank Aval and reinforcing the expansion of the retail business.

Credo-Classic and UNIQA Life

Credo-Classic was founded in 1994, is a pure non-life insurance company and achieved a premium volume of around €29 million in the 2006 financial year. The premium volume increased by 21% in the first three quarters of 2007.

UNIQA Life was jointly founded by UNIQA and Credo-Classic and offers retail and corporate life-insurance.

Both companies have their headquarters in Kiev, employ around 700 employees and have a national sales network of approximately 70 offices. In addition to having its own field staff, the sales division is above all also supported by the collaboration with Raiffeisen Bank Aval and the cooperation with numerous brokers and agencies. The good positioning in the growth area of automobile insurance will be reinforced through partnerships with car dealerships and automobile clubs.