Romanian insurer Allianz-Tiriac ups operational profit by 16% in 2016

Romanian insurer Allianz-Tiriac ended 2016 with a 13.08% market share and a total gross written premiums (general, life and health) of over RON 1.2 billion (EUR 267 million), up 16% compared to 2015. The company’s consolidated operating profit went up by RON 12 million (EUR 2.67 million) compared to the previous year, or 15.8%. On the general insurance segment, the company reported grows underwritten premiums of RON 1.1 billion (EUR 244.4 million), up over 17% compared to the previous year. The growth was mainly supported by the auto insurance segment. The auto insurance brought in revenues worth RON 795.9 million (EUR 176.8 million), with the Casco insurance taking up 51% of this total. The value of damages paid on this segment totaled RON 400 million (EUR 88.8 million) last year. The company’s non-auto segment also grew last year, with non-auto written premiums reaching RON 322.9 million (EUR 71.7 million), up 13.5% year-on-year. This growth was supported by the retail and corporate insurance segments. Last year, the company entered the affinity segment through an agreement with local Apple reseller iStyle. It launched two insurance products for the clients of this reseller and sold in six months over 1,500 insurance policies attached to new equipment purchased in the iStyle network. In the health insurance segment, the company’s business went up by over 43% compared to 2015. Allianz-Tiriac paid over RON 23 million (EUR 5.1 million) to partner and non-partner clinics for services for clients having a health insurance sold by the company. Underwritings for goods and property insurances went up 5.7% to RON 181.2 million (EUR 40.2 million). In the life insurance segment, the insurer’s sales went up by almost 8% to RON 117.6 million (EUR 26 million), RON 8.4 million (EUR 1.8 million) more than in 2015. At the same time, the gross underwritten premiums in the unit linked segment stood at RON 53 million (EUR 11.7 million), 5% more than in 2015. “In 2017 we will continue to invest in simplifying the business model, reaction speed and in the Allianz –Tiriac team to offer successful experiences to our clients and partners,” said Virgil Şoncutean, CEO of Allianz-Tiriac Asigurari. Romanian insurer Allianz-Tiriac sees higher revenues in troubled market editor@romania-insider.com