Insurer Allianz-Tiriac more than doubles operating profit in Romania

Insurer Allianz-Tiriac Asigurari underwrote last year gross premiums worth EUR 222 million, up 6.2% over 2013. This was due to a 7% increase in the insurance fund revenues, up to EUR 199 million, whereas life policies stagnated at EUR 23 million. The operating profit increased by over 150% to EUR 15.8 million, according to the German group Allianz, reports local Wall-street.ro. Broken down, the operating profit for the life insurance segment increased fourfold, to EUR 6.39 million. On the general insurance segment, Allianz-Tiriac Asigurari recorded an operating profit of EUR 9.45 million, compared to EUR 4.87 million at the end of 2013. The Romanian insurer is controlled by the German Group Allianz, which has a 52.16% share. The rest is owned by Romanian businessman Ion Tiriac. editor@romania-insider.com