Romanian insurer Allianz-Tiriac sees only slight decline in revenues in H1, despite restrictions

Allianz-Tiriac, one of the biggest insurance companies in Romania, controlled by German group Allianz and local businessman Ion Tiriac, recorded a revenue decline of only 1.6% in the first half of this year compared to the same period of 2019, despite the restrictions under the state of emergency.

The company recorded gross premiums underwritten of RON 688 mln (EUR 143 mln). The compensations paid to policyholders in the same period amounted to RON 338 mln (EUR 70 mln).

The company recorded a 14% year-on-year increase in gross premiums underwritten on the life insurance segment, and 7% increase on the house insurance segment. On the car insurance segment, the sales contracted by 3.7%, due to lower demand for optional car insurance (CASCO) amid declining car sales.

The online sales totaled RON 10 mln (EUR 2.05 mln), which represents less than 1.5% of the total revenues.

"Undoubtedly 2020 is a year of profound changes both in lifestyle and in business models. However, our strategy of focusing on balanced growth, without excessive exposure to any line of business, allows us to be in a strong position today, despite the volatile environment,” said Alliant-Tiriac general manager Virgil Soncutean.

(Photo source: the company)