Allianz-Tiriac reports 9-month premium income of 971 mln lei

Allianz-Tiriac Asigurari, Romania’s largest insurance company, said its income from gross premiums written fell 6% in the nine months through September 30, to 971 million lei (€229.6 million) compared to the same period of last year.

The general insurance segment has been the Q1-Q3 profit driver, and accounted for 93% of the insurer’s total revenues. Gross premiums written for general unit totaled 905 million lei, 46 million lei less than the same period of last year, according to own statements.

The 5% decline in general insurance business reflects the decline in sales for Casco policies designed for cars bought in leasing system, as new car sales suffered a sharp fall this year.

“Revenue decline driven by the trimming process for Casco policies had a positive effect over the profitability of this insurance category”, said the managing director of the company, Cristian Constantinescu (photo).

GPW for Casco unit totaled 547 million lei in the first nine months, 33 million lei less from the same period of last year, which accounts for 60% of general insurance portfolio, while RCA segment sales totaled 166 million lei, up 12% from a year earlier.

The group said its nine-month pre-tax general insurance profit stood at 18 million lei (€4.25 million), while the life and health unit swung to 8million lei (€1.89 million) profit, up 25% year-on-year.

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