The value of gross premiums underwritten by Allianz-Tiriac Asigurari during the first three months of the year grew by over 30% to 57.4 million euros, compared with the same period last year.
More than 94.6% of this amount accounted for revenues from gross underwritten premiums on the general insurance segment, where the company is a market leader in Romania.
Non-life insurance in the first quarter amounted to around 54.3 million euros, 28% up on the January-March period in 2004.
According to the company, the growth on the general insurance segment was the result of “the on-target growth of sales of car insurance policies, mainly the comprehensive category”. The company”s sales of comprehensive policies exceeded 26.6 million euros, representing a 36% increase on the corresponding period of the last financial year.
Allianz-Tiriac is the market leader on this insurance segment with a third of all premiums among insurers for comprehensive-type policies and 25% of total premiums for general car insurance (comprehensive, liability and Green Card).
Building and goods insurance, which ranks second in terms of size in the non-life portfolio of the company, saw first-quarter revenues from gross premiums underwritten of 8.2 million euros.
Home and goods insurance for private customers surged by over 60% to reach 2.3 million euros.
Life insurance also rose in importance in the Allianz-Tiriac portfolio from 3.6% in the first three months of last year to 5.4% this year.
In terms of first-quarter gross premiums underwritten, life insurance grew 93.75% from 1.6 million euros last year to 3.1 million euros this year.
“As long as we can maintain this pace of growth, Allianz-Tiriac will probably have a market share of around 8 percent on the overall segment for life insurance at the end of 2005,” said Cristian Constantinescu, the company”s general manager.
Last year Allianz-Tiriac ranked fifth on the market with a market share of around 5.2%, representing a 2.3% increase year-on-year.
According to information released by the company, life insurance products linked to investments (unit-linked policies), were the driving force behind life insurance growth. For this year, Allianz-Tiriac is expecting revenues from insurance of over 200 million euros.