“We had a promising start in 2013. Quarterly revenues are above what we expected and we have registered growth both on general and life insurance,” company general manager Remi Vrignaud said in a press release Wednesday.
Allianz-Tiriac Asigurari underwrote general insurance premiums of RON213.2 million in the first quarter, up 3.3% compared to the first quarter of 2012. All general insurance segments, mandatory and voluntary car insurance, property insurance, contributed to the company’s growth on this segment.
Sales of voluntary car insurance policies generated a rise in underwritings to RON96.2 million, from RON94.5 million in the same period last year. Mandatory car insurance (RCA policies) brought revenues of RON55.1 million, up 7.4% on the year. Asset and property insurance revenues increased a slight 1.6% in the first quarter, to RON44.4 million.
On the life insurance segment, Allianz-Tiriac revenues increased nearly 20%, to RON28.3 million, of which 59% were unit-linked policies.
With a share capital of RON99.4 million, Allianz-Tiriac Asigurari is the third largest insurer on the Romanian market and is 52.16% owned by German insurance group Allianz and 44.48% by Cyprus-registered Vesanio Trading Limited, owned by Romanian businessman Ion Tiriac.