In 2024, the total sales volume of Allianz-Tiriac Asigurari reached RON3.7 billion, up 5.3% versus the 2023 level, and combined with Allianz-Tiriac Unit’s activity, Allianz-Tiriac’s subscriptions stood at RON3.8 billion by the end of 2024.
Total expenses for gross claims recorded by Allianz-Țiriac Asigurari neared RON2.5 billion in 2024, representing gross claims paid and the variation of the gross claims reserve approved and not approved. Of this amount, nearly RON1.6 billion were paid to insured clients and third-party claimants through claims paid in covered situations, up almost 24% versus 2023. In addition to the claims paid, Allianz-Tiriac Asigurari ended 2024 with over RON5.4 billion in technical reserves and a solvency rate of 128%, according to Solvency II, confirming the company’s financial stability and assuring clients of future payment commitments.
“2024 was a record year for Allianz-Tiriac. Our performance and contribution to supporting the economy show that we are the most Romanian and most connected multinational to local realities. We thank the team and partners for their effort and dedication. Through them, we help people and companies benefit from real and accessible financial protection and explain why insurance is the starting point of financial health. Without insurance, everything we accumulate in life, whether it is a home, savings, or investments, can become a sandcastle, vulnerable to any economic or personal surprise. For several years, we have mobilized resources and paid special attention to developing life and health insurance. Just in 2024, these insurances recorded a growth rate four times higher than the total growth rate of the company. We firmly believe that to reach the full local welfare potential, we must protect what we hold most precious – life and health. Therefore, we aim to reach as many people as possible with such insurance and exceed RON1 billion from life and health activities in the coming years.” said Virgil Soncutean, CEO of Allianz-Tiriac Asigurari.
The company reached a gross profit of over RON500 million in 2024, combined for insurance and pension entities, of which nearly 90% came from insurance activities after claims payments, establishing reserves, and deducting operational expenses and taxes and contributions to authorities and the state budget. Additionally, Allianz-Tiriac Asigurari generated a direct contribution to the state budget of RON232.6 million, representing expenses with taxes, fees, and other contributions (FGA, BAAR, ASF).
The Allianz-Tiriac home and liability insurance portfolio grew by over 10% in 2024, reaching RON252.3 million in subscriptions, signaling an increased interest from Romanians in such protection solutions. Meanwhile, in the auto insurance line, subscriptions increased at a responsible rate of 2.5%. The evolution confirms clients’ preference for Allianz-Tiriac’s offer, based on the principle of quality at a fair price.
By the end of 2024, more than 1.6 million people and companies had benefited from financial protection provided by Allianz-Tiriac Asigurari, of which over 235,000 clients held a life insurance, 23% more than in 2023. The solid reputation and high-quality services at competitive prices were key elements that attracted an increasing number of clients to Allianz-Tiriac.
At the same time, Allianz-Tiriac Pensii Private ended 2024 with over 1.7 million participants and net assets managed of RON31.5 billion in the Pillar II mandatory private pension fund and over 73,000 participants with net assets of over RON692 million in the two Pillar III voluntary private pension funds managed.
The company paid a total of roughly RON240 million to participants in the Pillar II fund and almost RON23 million to participants in the Pillar III funds who met the conditions to benefit from private pensions last year.