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Analysis of Mergers and Acquisitions in the Insurance Market

Student: Kievich Diana

Supervisor: Julia Tarasova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

Nowadays in modern conditions of increasing globalization mergers and acquisitions become one of the most important tools for the development of companies of different branches and ownership forms. Mergers and acquisitions could be described as an important source of companies’ growth and expansion. In the insurance market such development tool began to spread only in recent years. This work is devoted to the review of mergers and acquisitions in the Russian insurance market, evaluation of their effectiveness and identifying of factors, which affect it. The hypothesis about the positive impact of M&A on the performance of operating activities of Russian insurance companies was tested with the usage of the methods of regression analysis and analysis of the financial statements. As a measure of operating performance and the main independent variable we used EBITDA/Sales. Also there were selected indicators that have a great impact. They include an indicator of cross-border transactions, deal value and completed deal year (crisis year or not). The sample is consisted of data about 49 completed mergers and acquisitions in the Russian insurance market of during the period from 1999 to 2016. The resulting model confirmed the hypothesis about the positive impact of M&A on the performance of operating activities of Russian insurance companies. Conducted deals of mergers and acquisitions that we included in the analysis could be called effective for the integrated company. In conclusion, the Russian M&A market has significant potential for development, despite everything. The revealed dynamics of growth allows it to increase its attractiveness for both Russian and foreign investors.

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