Insurer Allianz-Tiriac’s operational profit up 22% in H1 in Romania

Insurance company Allianz-Tiriac Asigurari ended the first half of this year with an operational profit of some EUR 2 million (RON 8.8 million), up 22.5 percent, while its net profit amounted to EUR 1.6 million (RON 7.2 million), according to the company. The insurer’s revenues from general and life insurance went up 1 percent in the first six months of 2013, compared to the first half of last year, to some EUR 147 million (RON 646 million). In the first six months of 2013, the value of the gross written premiums from the general insurance activity was some EUR 93 million (RON 409 million), while the operational profit generated by the general insurance business went up 30 percent. The sales of car insurance - Casco and RCA, went up 2 percent in the first half of this year, compared to the same period in 2012, according to Allianz-Tiriac Asigurari. In the life insurance segment, Allianz-Tiriac reported a year-on-year increase of 4 percent in the first half of this year, with sales of EUR 12.6 million (RON 55.2 million). The operational profit from the life insurance activity went up 10 percent year-on-year in the first six months of 2013, to EUR 684,000 (RON 3 million). Allianz Tiriac is majority owned by German insurance company Allianz, which has a 52 percent share in the firm. The rest is controlled by Romanian businessman and former tennis champion Ion Tiriac, via a Cyprus based company. Irina Popescu, irina.popescu@romania-insider.com