Moscow Exchange (MOEX) has acquired a 70% stake in INGURU, one of Russia’s leading car insurance marketplaces, for an undisclosed amount. MOEX’s stake in INGURU could rise to 100% within five years.
As followed by bne IntelliNews, since 2020 the exchange has been exploring new revenue streams.
INGURU’s monthly audience is estimated at 1mn, as it partners with 16 insurers. In addition to car insurance (KASKO and OSAGO), INGURU has also started offering banking products from its partners.
The new acquisition is likely to be integrated into MOEX’s Finuslugi retail financial services marketplace, which currently offers bank deposits from partner banks, Sova Capital suggested on May 11, while seeing the news as positive for MOEX shares.
"We view this acquisition as marginally positive for MOEX, as it should help MOEX expand the scope and scale of its marketplace (Finuslugi), as well as possibly create a network effect for MOEX in the retail financial services space," Sova analysts commented, while affirming a Buy call on the shares.
MOEX posted solid financial results throughout 2020, resulting in a record bottom line last year, supported by record-high commissions and trading volumes. In 1Q21 the exchange posted 16% year-on-year growth in profit for 1Q21 under IFRS to RUB6.8bn ($90mn), following the record-high trading volumes previously reported for March 2021 despite the high base.
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