Allianz-Tiriac Asigurari
financial results in Q1 2020

  • Solid operational performance, growth on all lines of business and care for clients, partners and community  
  • Life, health and property insurances, the most important contributions to sales growth
  • Over 192 million lei in claims paid to clients and injured third parties
  • Additional support for clients and community in the context of COVID-19

Allianz-Tiriac Asigurari started the year 2020 with solid results, the figures of the first quarter indicating sales growth on all lines of business and consolidation of operational profitability.

Life, health and property insurance segments had the most significant contributions to the total sales growth, which allowed for the process of balancing the portfolio to continue.

  • In terms of the entire business, sales advanced by 10% in the first quarter of 2020 year-over-year and exceeded RON 393 million.
Virgil Soncutean, CEO of Allianz-Tiriac: “The crisis we are confronted with confirms that our strategy of maintaining a balanced business mix is the right one. The balanced portfolio allows us to absorb more easily the shock generated by the novel coronavirus in the economy and the excellent results of the first quarter will contribute to reduce the impact that began to manifest at sales level, especially starting with the second quarter. We are not immune to this crisis; however, we are ready operationally and financially to overcome these challenges. Allianz-Tiriac Asigurari continues to remain strong for its clients, employees and partners. Our team is ready to stay by its clients even in adverse conditions.”

Non-motor insurance sales increased by 16% year-over-year in the first quarter of 2020 and came to represent 44% of the gross written premium in the non-life insurance segment. The motor insurance sales increased slightly.

Life and health insurance written premiums recorded an increase of 31% and 25%, respectively, underlining the efforts of the Allianz-Tiriac Asigurari team in the direction of closing the financial protection deficit at population level.

Cumulatively, non-motor and life and health insurances, two strategic lines of business for Allianz-Tiriac Asigurari, accounted for over 50% of total sales at the end of March 2020.

In the first quarter of 2020 Allianz-Tiriac Asigurari paid claims to clients and injured third parties of over RON 192 million, 4.4% more than during the same period of 2019. Starting with the end of March a decrease in claim reporting was noticed on the motor segments. This evolution is a result of a reduction in loss frequency due to lower traffic as well as to a possible postponement of damage assessment during the state of emergency. 

The combined ratio at entire company level improved in the first quarter of 2020 and was below 90%, on the background of a rigorous discipline of operational costs and due to the portfolio mix. These two factors allowed for an increase of over 43% year-over-year of the operating profit.

Adriana Matache, Deputy General Manager of Allianz-Tiriac: „Payments on the account of losses covered under our policies continued to grow, but we continued to streamline our business and succeeded in achieving a significant increase in operating income. However, we cannot ignore the unprecedented crisis we are going through, whose short-, medium-, and even long-term impact is difficult to quantify. What we can say for certain is that our financial robustness helps us successfully navigate this difficult market context and allows us to be prepared for the challenges we could face during the next period”.

Responsibility and care for people, at the forefront

During these hard times for many of our clients, employees and partners we cannot approach only results, even if they are the ones to give us confidence that we can move forward.

For Allianz-Tiriac Asigurari, taking responsibility, keeping promises and caring for people, either clients, employees or partners have been our main concerns during this period.

The Allianz-Tiriac Asigurari team mobilized quickly and acted as of the first moments to find solutions for clients, colleagues and communities. Starting March 25th, we chose to continue safely, exclusively online, while ensuring operationality of all services and support our clients are accustomed to.

However, during trying times, providing the usual level of assistance is not enough. Our clients and community are affected and we try to provide additional support:

  • We help current and future clients insured under health policies to take care of their health from home by providing free telemedicine services.
  • We provide flexibility to retail companies and clients and together we identify solutions to their specific problems.

We became involved in the development of medical infrastructure through donations both at company and individual level to support the fight against the novel coronavirus. Overall, Allianz-Tiriac Asigurari together with its employees, collaborators and partners donated over EUR 110,000 for the purchase of ATI equipment, medical supplies and equipment for hospitals in Bucharest and across the country and COVID-19 testing kits for medical staff. 

About Allianz-Tiriac Asigurari

Allianz-Tiriac is part of the German Allianz Group, one of the largest financial and insurance services providers and the most valuable insurance brand in the world according to the latest Interbrand assessment. In Romania, the company has enjoyed financial stability and clients’ trust for over 25 years.

Our role is to be there for people, to show them how to manage the unpredictable in their lives and to guide them so they can maintain and improve the quality of life, communities they are part of and their businesses. The success of Allianz-Tiriac lies in the team of over 4,000 professionals who are behind each company success.

Responsibility, cooperation, integrity and trust are the values that define us.

Press department
For additional information:
contact.presa@allianztiriac.ro
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