In September 2013, Sberbank created a Wealth Management division responsible for the development of insurance and pension products, asset management, and custody services.
In 2013, more than 4.4 mn households used Sberbank insurance programmes, and 190,000 insurance contracts were signed with corporate customers.
During the year, the bank focused on promoting long-term life insurance products. Sberbank and Sberbank Premier clients acquired 20,000 long-term endowment and investment life insurance policies.
In 2013, Sberbank Insurance subsidiary company demonstrated a rapid growth and joined the top three life insurers in Russia. The company’s share in the new insurance premiums collected is 19.2%. The company is the leading seller of long-term insurance policies in Russia.
Private Pension Fund
In 2013, a record 1.9 mn of clients transferred their pension savings to Sberbank Private Pension Fund. Since Sberbank entered the bank insurance market, over 13 mn retail customers obtained insurance programmes, corporate customers acquired 310,000 insurance products, and 3 mn Russians became Sberbank Private Pension Fund customers5 .