Insurer Allianz-Tiriac ups operational profit despite revenue stagnation

Allianz-Tiriac, one of the biggest insurance companies in Romania, recorded revenues of over RON 1.2 billion (EUR 263 million) from the general and life insurance operations, similar to those registered in 2016. The company’s consolidated operational profit from the insurance business increased by over 44%, reaching RON 130 million (EUR 28.5 million), due to cost saving measures. Allianz-Tiriac paid close to RON 500 million (EUR 109 million) worth of compensations to its clients in 2017, up by about 14% compared to the previous year. The company’s general insurance business generated revenues of over RON 1 billion, similarly to 2016, with optional and mandatory car insurance contributing the most to its revenues, followed by property and health insurance. The life insurance business reached RON 140 million, up by 23% over 2016. Allianz-Tiriac is part of German insurance group Allianz and Romanian billionaire Ion Tiriac holds a minority stake in the company. editor@romania-insider.com