Allianz-Tiriac Subscribed Premiums Worth RON256.4M In 1Q, Down 7% On Year

05.16.2011 By Ioana Tudor

Romanian insurer Allianz-Triac Asigurari’s underwritten premiums decreased 7% in the first quarter of the year, to 256.4 million lei (about EUR63 million), from RON277 million in the same interval last year, and its profit before tax hit about RON3 million, the company said Monday.

On the general insurance segment, Allianz-Triac Asigurari reported underwritten premiums of RON231.7 million, down about 9% compared to the first quarter of 2010. Mandatory car insurance policies RCA and voluntary car insurance policies CASCO brought the company RON165.2 million, down RON31 million compared to the first three months of 2010.

On the life insurance segment, underwritten premiums increased by about 10%, to RON24.7 million.

In 2010, Allianz-Tiriac was ranked second on the local market by level of underwritten premiums.

Allianz-Tiriac Asigurari has a share capital of RON99.4 million and is 52.16% owned by Allianz Group and 44.48% by Cyprus-based Vesanio Trading Limited, held by Romanian businessman Ion Tiriac.

The local general and life insurance market dropped 6.6% in the first quarter, to RON2.14 billion, as underwritten premiums on the general insurance segment decreased by 8.8%, to RON1.71 billion, according to preliminary data released by insurance regulator CSA. (EUR1=RON4.1060)