The insurance market in Russia boomed during 2021. Despite the impact of the COVID-19 pandemic, it reported growth, benefiting from the public’s growing financial literacy and an expansion of the financial products distribution network. The fact that life insurance products had not previously been particularly widespread in Russia and that unitlinked life insurance was gradually being replaced with classic whole-life insurance, which is savings linked, also played a role in this dynamism.
In 2021, PPF Life Insurance focused on life insurance policies with an average horizon of more than 20 years. The main sales channel for these products was the company’s own network of agents/financial advisers, which was one of the largest in the country with a presence in 65 cities across Russia. The company’s own distribution network was a guarantee of a high standard of service throughout the term of insurance contracts.
The total volume of premiums written by PPF Life Insurance in 2021 yielded an 10.2% year-on-year increase to RUB 4.8 billion (EUR 55 million). New business generated even higher growth of 12%. The number of PPF Life Insurance policyholders topped 230,000 last year.
Reflecting the focus of its insurance products, PPF Life Insurance supported financial literacy initiatives, cancer prevention, and specialised cancer treatment across Russia in 2021.