ALLIANZ-TIRIAC profit increases with business in decline
The year 2009 has ended for the market leader ALLIANZ-TIRIAC with a 7% drop in business, slightly below RON 1.29 billion. Instead, the insurance business registered a positive evolution of operational profitability, both in terms of non-life operations and of life insurance ones, profit climbing to RON 46 million, from RON 41 million in 2008.
"Realizing relatively early that 2009 will be a year that will restrict opportunities of increasing business volume, we focused our attention to development programs that aim to improve quality of services and operational efficiency", said the General Manager of ALLIANZ-TIRIAC Asigurari, Cristian CONSTANTINESCU.
Underwritings from general insurance totaled RON 1.2 billion, 6% less compared to the previous year, the largest share in the portfolio structure being held by Motor Hull insurance, the class with a decline of 8%. Instead, the MTPL segment represented the insurance class that made the biggest increase in the portfolio of ALLIANZ-TIRIAC, of 18%, gross written premiums exceeding RON 225 million.
At the same time, revenues generated by sales of property insurance policies were of RON 180 million, marking a decline of 10% of underwritings, driven mainly by reducing the level of average quotes of premiums per policy.
Instead, the claims paid by ALLIANZ-TIRIAC in 2009 increased by 11%, to RON 906 million, increase generated in proportion of over 60% of continued registration of an extremely high growth rate of the claims volume on the MTPL insurance class, according to the company.
Operational profit made on the general insurance segment grew still, totaling RON 37 million, 14% more compared with the level of RON 33 million in 2008.
On the life segment, operational profit registered a slight increase of 3%, up to almost RON 9 million. Written premiums income fell by 17%, to RON 88 million, on the background of buy-backs and of reducing the volume of new-business on the unit-linked insurance line. Thus, products in this category have reduced their share in the life insurance portfolio to 55%, from 62% in 2008, while for traditional life insurance products, the sales were preserved in 2009, at the level of RON 40 million.
"In terms of business growth perspectives, we don't have very high expectations in 2010. Our estimates anticipate the decrease of the market on both insurance segments - non-life and life - and, in this context, we will be happy if, at the level of ALLIANZ -TIRIAC, we manage to preserve our business", said Cristian CONSTANTINESCU.
Author: Andreea IONETE
on 26.02.2010
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