Romanian insurer Allianz-Tiriac sees more than 40% growth in operating profit

Romanian insurance company Allianz-Tiriac Asigurari posted 7 percent growth in revenues in the first quarter of this year, to EUR 58 million. The company’s operating profit was up 42 percent, to EUR 2.4 million. The growth came from the general insurance segment, which brings more than 90 percent of the company’s revenues and some 86 percent of its operating profit, according to data released by Allian-Tiriac. Remi Vrignaud, CEO of Allianz-Tiriac Asigurari said that these are some of the best quarterly results the company had in recent years. “They come to confirm the entry into a new cycle of profitable growth for the company’s business. It’s the third consecutive quarter that we register growth in revenues together with an improved profitability rate,” he mentioned. Allianz-Tiriac which is controlled by German financial group Allianz and Romanian businessman Ion Tiriac, makes 20 years this year. Andrei Chirileasa, andrei@romania-insider.com