Fortis to discontinue Russia insurance activities

BRUSSELS, Oct 28 (Reuters) - Belgian-based insurance group Fortis said on Wednesday it would discontinue its insurance activities in Russia, in line with its strategy of shedding fringe businesses.

The company said the move would have no material impact on its net result and solvency. Fortis employs about 70 people in Russia, a spokeswoman said.

Fortis, carved up a year ago and now just an insurance player, said in a strategic review published last month that businesses need to reach a critical size, make a meaningful contribution to its results and be able to generate returns that exceed the cost of equity.

Earlier this month, Fortis said it would sell its Luxembourg non-life activities to Luxembourg insurer La Baloise for 23 million euros ($34.1 million).

(Reporting by Philip Blenkinsop; Editing by David Holmes)

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