Allianz-Tiriac posts 25% growth

Germany’s largest insurer Allianz has already recouped its investment in Romania, where it bought 51% in Asigurari Ion Tiriac (Ion Tiriac Insurance), as the value of the new company, Allianz-Tiriac Asigurari has been posting steady growth ever since it was established, in 2000. “If you look at the value created, we already have more money here than we invested. This does not mean that we have recouped the investment from dividends, but that the company’s value has grown,” dr. Werner Zedelius, a member of the Allianz AG Board, in charge with Allianz operations on the developing markets, told Ziarul Financiar. “We logged 134 million euros ($151m) in gross underwritten premiums last year, up 25% in euros from 2002. Allianz-Tiriac has come to hold a fifth of the Romanian insurance market,” said Cristian Constantinescu, the company’s general manager. ZF