January 18, 2018 / 11:22 AM / in 10 months

Russian insurer RESO considering IPO in 2018: sources

MOSCOW (Reuters) - Russian insurer RESO is considering an initial public offering (IPO) this year, three financial market sources told Reuters on Thursday.

RESO recorded a net profit of 12.6 billion rubles and had collected 72.4 billion rubles ($1.3 billion) in insurance contracts in the first nine months of 2017.

RESO is Russia’s third biggest insurer by the deal value, according to financial sector online service Banki.ru.

If the IPO goes ahead, the company would be Russia’s first publicly traded insurance company.

It is majority controlled by the Sarkisov family via a number of companies.

French insurer AXA (AXAF.PA) indirectly controls around a third of RESO, the Russian insurer’s documents show.

A RESO spokesman declined to comment. AXA did not reply to a Reuters request seeking immediate comment.

The sources could not say who would offer their stakes if the IPO goes ahead.

RESO works with private and corporate clients with focus on car and health insurance, according to its website.

Russian insurance market is led by SOGAZ and Sberbank (SBER.MM), Russia’s top bank.

Reporting by Olga Popova, Oksana Kobzeva and Tatiana Voronova; additional reporting by Maya Nikolayeva in PARIS; writing by Katya Golubkova; editing by Jason Neely

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