The consolidated operating profit from the insurance activity rose by over RON40 million at the end of 2017, to over RON130 million, due to a cost efficiency process which impacted the expense ratio within the company, reducing it to nearly 26%.
Allianz-Tiriac Asigurari had a solvency ratio of 129% at the end of 2017, according to Solvency II.
Underwritings on the general insurance segment exceeded RON1 billion, similar with the level registered at the end of 2016.
Voluntary insurance backed the positive dynamic on the automotive and non-automotive insurance segments.
Underwritings on the voluntary car insurance Casco segment rose by over RON12 million, compared with the level at the end of 2016, to over RON400 million. Gross premiums underwritten on the automobile liability insurance (RCA) segment saw a negative dynamic due to a decrease in the average premium, in the context of legislative changes.
On the non-automotive segment, the positive dynamic was backed by all business lines, with property and health insurance generating the bulk of revenue, in absolute values.
Underwritings on the property insurance segment exceeded RON200 million, higher by over RON19 million than in 2016. In 2017, Allianz-Țiriac paid damage claims of nearly RON60 million on this segment (over 66% higher than in 2016), due to harsh weather phenomena n western Romania, in the second half of 2017.
In line with the market dynamic, health insurance kept a positive growth rate. In 2017, Allianz-Tiriac saw an increase of over RON20 million in the volume of insurance premiums, compared with 2016, reaching underwritings of over RON60 million.
On the life insurance segment, Allianz-Tiriac saw an increase of over RON26 million in the volume of insurance premiums on the year in 2017, to over RON140 million.