January 04, 2007 07:21 ET

Fortis launches life insurance in Russia

BRUSSELS, BELGIUM -- (MARKET WIRE) -- January 4, 2007 --

Fortis today announced that it has launched a new life insurance company - Fortis Life Insurance - in Russia.

Fortis Life Insurance will focus primarily on three core products. These are Education Plans and Family Protection Plans aimed at individual customers - which will be sold over the internet and the telephone - and a Corporate Pension Plan distributed via large corporate clients to their employees.

Peer van Harten, CEO of Fortis Insurance, comments: "In line with our strategy of developing our insurance model internationally based on multi-channel distribution, thereby increasing our presence outside our domestic markets, the launch of our insurance activities in Russia is a major step forward in one of today's biggest and most promising markets. The Russian insurance market is indeed one of the fastest growing ones on the Eurasian continent, with a population that is clearly looking for solid, long-term savings solutions. We are very excited to be starting our greenfield operations and putting the Fortis brand on Russia's insurance map."

Maarten Pronk, Fortis Country Manager for Russia, continues: "Russian companies have long been acquainted with the Fortis brand through our activities in commodities, export and project finance. Today, we are launching yet another important segment of our business - insurance. Fortis is one of the largest insurers in a number of European and Asian countries, and we hope to achieve the same position in Russia."

Fortis expects to launch a marketing campaign at the beginning of 2007. Under the leadership of Erhard Joerchel, CEO of Fortis Life Insurance Russia, an experienced and motivated team is already fully operational, and working with a dedicated, state-of-the-art IT platform.

Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. With a market capitalisation of EUR 42.1 billion (31/12/2006), Fortis ranks among the twenty largest financial institutions in Europe. Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 59,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information is available on and

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