EUR 212 million in H1 (+12%) and EUR 5 million profit for ALLIANZ-TIRIAC

Written premiums for ALLIAZ-TIRIAC increased by 12.1% in the first semester of this year to EUR 212 million, in comparison to EUR 189 million in June 2007, according to the results published by the ALLIANZ Group. The operational profit from the top of the Romanian insurance market grew from EUR 3 million to EUR 5 million, as a consequence of the life insurance segment. 

The gross written premiums for general insurance reached EUR 194 million, 21 million more than the first half of 2007. Regarding the operational profit after the first 6 months, it has been revolving around EUR 4 million for two years. This is due to the high claims ratio for auto insurance and will probably not be over EUR 10 million by the end of the year. 

At the same time, in life insurance, the company had a 12.5% increase in premiums, to EUR 18 million, in comparison to EUR 16 million in the same period of 2007. Last year the company registered a loss of EUR 1 million, but this year it made EUR 1 million in profit. Romania's ratio in the portfolio of ALLIANZ for Central and Eastern Europe increased from 9.7% to 11.2%, over the compared periods. 

Romania is the fifth important market for ALLIANZ in this region, after Hungary, Russia, Poland, and Slovakia, but in front of the Czech Republic, Croatia and Bulgaria.
The company's turnover in the region dropped by 2.8% in the first semester, reaching EUR 1.89 billion, compared to the first half of 2007.
The operational profit dropped by 36% in H1, to EUR 3.96 billion, and gross written premiums were 2.2% lower, reaching EUR 23.5 billion, according to the results presented by the German group.