Assicurazioni Generali SpA is to close its office in Moscow and is evaluating its business activity in Russia amid the invasion of Ukraine, the Italian insurer said in a statement on 3 February.
Generali will close its representative office in the country's capital and resign from positions held on the board of Russian peer Ingosstrakh Insurance Co., in which it holds a stake of 38.5%, it said.
Generali's Europ Assistance platform, meanwhile, will wind down operations in Russia.
"Since the start of the war in Ukraine, Generali has been closely monitoring the situation and implications for operations and financial markets.
"Generali's minor exposure to the Russian market in terms of investments and insurance business is also under constant evaluation and fully compliant with all applicable sanctions."
