First annual decline for Allianz-Tiriac turnover: 7%

Allianz-Tiriac, the biggest company on the insurance market, has fully felt the crisis fallout, witnessing the first annual turnover slump, of 7% in 2009. Thus, gross premiums underwritten by the market leader stood at 1.29bn RON (307m euros) in 2009, with the decline being triggered by comprehensive insurance, accounting for over 50% in the company’s total turnover, as well as by property and life insurance. Insurers were hurt by companies’ falling insurance budgets, but also by the shrinking wages and rising unemployment among individuals, which ate into insurance demand. While turnover dropped, the company saw its operating income improve. In late 2009, operating income stood at 46m RON (11m euros), down 10% from the previous year. In 2008, the company’s net income reached 23m RON. “As regards turnover growth outlooks, we do not have very high expectations from 2010. We will be satisfied if we manage to preserve our turnover,” stated Cristian Constantinescu, general manager of Allianz-Tiriac.