Romanian insurer Allianz-Tiriac ups revenues by 9% in Q1

Local insurer Allianz-Tiriac underwrote gross premiums totaling EUR 66.6 million in the first three months of the year (Q1 2016), up by 9% compared to the same period of 2015. The company’s operating profit amounted to EUR 5.8 million, up by EUR 2.4 million compared to the result in Q1 2015. “It is one of the best quarters in the last years,” said Rémi Vrignaud, Allianz-Tiriac Asigurari CEO. The operating profit margin went up almost eight times between 2012 and 2015, from 0.8% to 7%. On the general insurance segment, the company wrote gross premiums of EUR 60 million, up by 9.5% over Q1 2015. These policies bring 90% of the company’s revenues. The remaining 10% come from the life insurance business. The company is owned by the German group Allianz, which has a share of 52.16%, and by the local investor Ion Tiriac through a Cyprus-based company, with a share of 44.48%. editor@romania-insider.com