Insurer Allianz-Tiriac’s revenues up 5% in Q1 in Romania

Insurance company Allianz-Ţiriac Asigurari ended the first quarter of this year with total revenues from general and life insurance of some EUR 55 million (RON 241 million), up 5 percent compared to the results from the same period in 2012, according to the company. The insurer’s operational profit was of EUR 1.4 million (RON 6.4 million) at the end of March this year. In the first three months of 2013, the value of the gross written premiums from the general insurance activity was some EUR 49 million (RON 213 million), up 3.3 percent over the same period last year. The upward trend was supported by all the major types of insurance - car insurance Casco and RCA, goods and property insurance. The sales of Casco insurance went up almost 2 percent over the first three months of 2012, while RCA insurance's sales value increased by 7.4 percent. In the case of property portfolio, the quarterly revenues went slightly up, by 1.6 percent. In the life insurance segment, Allianz-Tiriac reported a year-on-year increase of 20 percent in the first quarter of this year, with sales of some EUR 6.4 million (RON 28.3 million). Unit-linked policies generated 59 percent of the company’s revenues from life insurance, the remaining 41 percent representing sales of more traditional policies, according to the company. 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