Allianz-Tiriac Asigurari, the largest insurance company in Romania, in 2004 posted 28% growth in the general insurance segment and a 100% surge in life insurance, according to the company.
Gross premiums underwritten for general insurance last year reached 169.2 million euros (6,860 billion ROL), as compared to 131.9 million euros (4,954.5 billion ROL) in 2003.
In 2003, the company held 31.4% of the general insurance market.
For life insurance, growth was three times higher than the increase posted for general insurance.
Gross premiums underwritten for such policies in 2004 stood at 9.6 million euros (391 billion ROL), 104% above the level registered at the end of the previous financial year.
According to the Insurance Supervision Commission, in 2003 Allianz-Tiriac reported gross premiums underwritten for life insurance worth 4.7 million euros (177.3 billion ROL).
Company officials have lately stated that the company is particularly focusing on life insurance, a segment where Allianz-Tiriac wants to strengthen its position in the top of the major five players on the market.
The company currently owns, in line with its own estimates for 2004, a share of about 5% of the life insurance market, about 2 percentage points higher than the percentage registered in 2003.
To the end of reaching its short-term target, namely growth, by an average of 2 percentage points, of its life insurance market share in 2005 and 2006, the company has operated a 1 million-euro (34.4 billion ROL) capital increase this year, by reinvesting part of the net profit obtained in 2003. The share capital of Allianz-Tiriac Asigurari reached 304.708 billion ROL (8.3 million euros) in the wake of the capital increase.
The insurer has not disclosed the net financial figures for 2004. For 2003, the company reported net profit worth 8.6 million euros (325.1 billion ROL).
The majority shareholders of the Romanian company are Allianz AG, owning 51.62% of the share capital, and Vesanio Trading, with a stake of 44.01%. ioana.leaua@zf.ro
