Allianz-Țiriac: Car insurance sales, down 25%

Amid the plunging leasing market, Allianz-Țiriac, leader of the insurance market in 2009, saw its turnover shrink by 25% on the segment of comprehensive and auto liability insurance in the first half of this year.

“(…) The contraction of our car portfolio comes both amid the lack of new clients willing to buy cars in leasing, and amid the cancellation or ending of contracts sealed in previous years,” said Rangam Bir, the company’s general manager.
Allianz-Țiriac ended the first half underwritten premiums from auto liability and comprehensive insurance worth 382m RON (92m euros), around a quarter less than in 2009.
Car insurance accounts for 77% in the company’s portfolio. Overall, the company in the first half generated gross underwritten premium income of 538m RON (140.5m euros), 20% below the level in the first half of 2009. General insurance income reached 496m RON (120m euros), 21% lower.
The company’s operating income dropped from 18.3m RON in the first half of 2009, to 14.8m RON in first six months of 2010. On the life insurance segment, gross underwritten premium income hit 42.3m RON (10.2m euros) in the first half, down 11%. In the same period, operating profit from life insurance climbed by 3% from the first half of 2009, to 5m RON (1.2m euros).