Insurer Allianz-Tiriac reports 12% decrease in premiums in Romania last year

Insurer Allianz-Tiriac Asigurari reported gross written premiums of EUR 214 million (RON 906 million) in 2011, down 12 percent over the previous year, according to the company. The company’s operational profit went up 5.4 percent, to a level of some EUR 1.8 million (RON 7.8 million), mainly due to the improved quality of its portfolio.

Last year, the bulk of gross written premiums came from the general insurance segment: EUR 192 million (RON 812 million), down about 13 percent over 2010. For life insurance, the company posted gross written premiums of EUR 22.3 million (RON 94.6 million). Sales of life insurance policies to individual customers grew 20 percent last year. “We remain rather careful regarding our expectations for 2012,’ said Rangam Bir, CEO Allianz-Tiriac Asigurari. Allianz is present in Romania through Allianz – Tiriac Asigurari, as well as Allianz Tiriac Pensii Private. Irina Popescu, irina.popescu@romania-insider.com