Axa secures stake in Russian insurer and agrees new venture

The group could take a larger shareholding in Reso by 2011 and it will work with the Russian p/c insurer to develop a life unit

AXA is to pay E810mn ($1,198mn) for a 36.7% stake in the Russian property and casualty insurer Reso Garantia (RESO). AXA will also have the option to buy out the remaining stakes in the company through calls scheduled for 2010 and 2011. AXA and RESO will also set up a joint venture in the Russian life and savings market.