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March 2, 2021
BUSINESS

Allianz-Tiriac Asigurari: 11th consecutive quarter of profitable growth

Allianz-Tiriac Asigurari had a good start this year, registering solid results in terms of both revenues as well as profit. The first quarter of this year was the company’s 11th consecutive quarter of profitable growth.

Total subscriptions surpassed RON 299 M in the first three months of this year, thus marking a year-on-year growth of 9 percent. During the same period, the consolidated operating profit climbed to RON 26 M (RON 11 M more compared to Q1 of 2015).

“It is one of the best quarters in recent years. Revenues picked up speed, our activity progressively became more efficient, and this only serves to reconfirm the positive line taken by Allianz-Tiriac in the last 3 years,” Allianz-Tiriac Asigurari CEO Remi Vrignaud stated.

In 2012-2015, Allianz-Tiriac registered an almost tenfold growth in the efficiency of insurance activities: the operating profit’s rate in overall revenues reached almost 7 percent in 2015, compared to less than 0.8 percent in 2012.

Growth in overall revenues was mainly backed by the evolution of the general insurances segment, which registered a growth of 9.5 percent compared to 2015, reaching RON 269.7 M. General insurances thus bring in 90 percent of the company’s revenues, the other 10 percent stemming from life insurance sales.

In parallel, the efficiency of activities has improved, both the rate of expenditures and that of damages dropping compared to the same period last year.

Revenues from the sale of auto insurance policies (Casco and RCA) hold a share of a little under 70 percent in general insurance subscriptions. In Q1 of 2016, the auto segment generated revenues in excess of RON 188 M, while the value of damages stood at around RON 120 M during the same interval.

The general non-auto insurance activity registered a revenue growth of over 8 percent year-on-year, reaching a value of RON 81.4 M.

Revenues from the sale of life insurance policies registered, in their turn, a growth of 4.7 percent, to RON 29.5 M, the biggest share in revenues being generated by unit linked insurances and additional clauses.

Remi Vrignaud: “Our annual plans aim at a revenue hike of over 5 percentage points compared to the year before by the end of this year and maintaining the profit rate in overall revenues at above 7 percent.”

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