Zurich to take $300 million hit after selling Russian retail unit
ZURICH, July 3
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)