Business of EUR 65 million and operating profit of EUR 1 million for ALLIANZ-TIRIAC in Q1
 ALLIANZ-TIRIAC ended the first quarter of this year with underwritings of EUR 65 million, down by 20.73% compared to same period in 2008, when the value of gross written premiums was EUR 82 million. Also, according to a report of the German group ALLIANZ, the insurance market leader in 2009 posted an operating profit of EUR 1 million in general insurance, the operating result correspondent to the non-life segment not having been stated.
On the non-life class, ALLIANZ-TIRIAC underwritings dropped 21% in the first three months, to EUR 60 million, compared to EUR 76 million in Q1/2009, while life insurance brought for the company a business volume worth EUR 5 million, compared to EUR 6 million a year ago.
In the first quarter of the year, ALLIANZ-TIRIAC was surpassed by ASTRA Asigurari, ranked third in the market at the end of 2009, which, due to a four times increase of the MTPL insurance segment, recorded underwritings of EUR 80 million, thus passing on the first place in the ranking.
However, considering the MTPL segment generally contributes more to the business of the insurers in the first quarter, the ranking of the companies will become more relevant after the first half of the year. Moreover, in the first quarter of last year, ALLIANZ-TIRIAC was surpassed in underwritings by its main rival, OMNIASIG, but recovered the first position by mid-year.
From May 1, current year, it started a new chapter in the history of the last years' leader of the Romanian insurance market, with the withdrawal of Cristian CONSTANTINESCU from the helm of the company, as the position of Chief Executive Officer was undertaken by the expat Rangam BIR, previously Vicepresident of ALLIANZ New Europe.
According to statements of the new CEO, ALLIANZ-TIRIAC aims to maintain the market position through a balanced view of business growth, while supporting the company's profitability.
Author: Andreea IONETE
on 17.05.2010
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