Romanian insurer Allianz-Tiriac ups profit by half on higher revenues

Insurance company Allianz-Tiriac Asigurari had revenues of EUR 110 million from the general and life insurance businesses, in the first half of this year, 6% higher compared to the same period of 2013. The company’s operational profit went up by almost half, to EUR 4.64 million, the company announced. Most of the profit, some EUR 3.9 million, came from the general insurance business, which is also the largest in terms of revenue. The gross premiums underwritten by Allianz-Tiriac on general insurance went up by almost 8%, to EUR 99 million. About three quarters of this sum came from auto insurance, which includes both mandatory civil insurance (RCA) and Casco. This segment grew by about 10% and was the main growth engine for the company’s business. On the life insurance segment the company posted an almost 5% drop in revenues, to EUR 11.8 million. This segment contributed EUR 0.74 million to the company’s operational profit. “Overall, our half-year results are according to estimates or even slightly above our projections at the beginning of this year. We are optimistic that 2014, which marks 20 years of activity for Allianz-Tiriac in Romania, will be a year with consistent results both in terms of revenues and profitability,” said Remi Vrignaud, CEO of Allianz-Tiriac. Allianz-Tiriac was the largest insurer in Romania by revenues in the first half of this year, surpassing last year’s leader Astra Asigurari. The company is controlled by German insurance group Allianz and Romanian businessman Ion Tiriac. Andrei Chirileasa, andrei@romania-insider.com