Zurich to take $300 million hit after selling Russian retail unit

ZURICH, July 3 Thu Jul 3, 2014 1:39am EDT

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ZURICH, July 3 (Reuters) - Zurich Insurance Group AG said it would take a hit of around $300 million to net income after selling its Russian retail business to the OLMA Group, part of the insurer's strategy to shed underperforming units.

The $30 million sale of the retail unit is expected to close in the third quarter of this year, and the loss will only have a small impact on shareholder equity, Zurich said in a statement on Thursday.

(Reporting by Alice Baghdjian; Editing by Prateek Chatterjee)