Insurer Allianz-Tiriac sees gross premiums down 17% in Q1

Local insurance company Allianz-Tiriac Asigurari posted EUR 68 million in gross subscribed premiums in the first quarter, which was down 17 percent compared to the same period of last year, the firm has announced. Last year's first quarter subscribed premiums amounted to EUR 82 million. The drop was due the decrease on the general insurances segment and was also influenced by the drop in the business volume generated by the partner car leasing companies. Life insurance brought a similar volume of subscribed premiums as last year in the first quarter, EUR 6 million. Allianz' total premiums exceeded EUR 1 billion in the first quarter of the year in Central and Eastern Europe. Total premiums in CEE grew by 8 percent and reached EUR 1.1 billion. Compared to EUR 1 billion in the first quarter of 2009 this reflects an increase of 1 percent, based on internal growth. Operating profit in the first quarter of 2010 amounted to EUR 66 million, compared to EUR 78 million in the same period of 2009.