Allianz-Tiriac: 399m-euro budget for 2008

Allianz-Tiriac, the largest company on the Romanian insurance market, has budgeted a 399 million-euro turnover for next year, 360 million euros of which from general insurance, and 39 million euros from life insurance. Compared with this year’s budget, the company targets an approximately 13% increase. For this year, Allianz-Tiriac’s budget includes underwritten premiums worth 325 million euros from general insurance and 29 million euros from life insurance. The company estimates it will close this year with a 7 million-euro operating income. “In 2008, we have to reach a profit at least similar with this year’s. With all the measures we have taken, our profit has a chance to see an upward trend,” Cristian Constantinescu, general manager of Allianz-Tiriac, told ZF. He thinks the insurance market will continue to see losses next year, as well, as was the case in 2006, when the market posted net losses worth 20 million euros, and similar to the first 9 months of this year, when many insurers among the top 10 were in the red.