June 16 (SeeNews) - Romanian insurer Allianz-Tiriac said on Thursday that its gross written premiums (GWP) more than doubled year-on-year in the first three months of 2022, reaching 820 million lei ($174 million/166 million euro).
Growth was supported by a fourfold increase in the number of customers, Allianz Tiriac said in a press release.
The company's three-month operating profit reached 43.5 million lei, slightly higher on the year, mostly due to a rigorous cost discipline.
"We had a short-term effect in the first quarter, determined by the situation in the RCA market and a structural effect, generated by our increased attention for the life insurance segment. We estimate that the first effect will be consumed by the end of 2022, while in the area of life and health insurance, we see a wide-ranging opportunity," Allianz-Tiriac general manager Virgil Soncutean said.
Premiums subscribed for life and home insurance each increased by 30% on the year in the first quarter of 2022.
In the auto segment, first-quarter premiums tripled year-on-year. This dynamics was influenced by a special context in the RCA market, which made almost half of the Romanian drivers to choose another insurer, Allianz said. In September, ASF revoked the the operating licence of the country's largest insurer City Insurance and started bankruptcy procedures.
Payments to clients in the form of compensations and allowances totalled 238 million lei in the first three months of 2022, up by an annual 30%.
Established over 28 years ago, Allianz-Tiriac is part of German group Allianz, a provider of financial and insurance services. Allianz holds a stake of 52.16% in Allianz-Tiriac, Cyprus-registered Vesanio Trading Limited owns 44.79%, while the remainder is held by individual investors, according to data published on the company's website.
Allianz-Țiriac ranked second biggest among Romanian insurers at the end of 2021, with a 14.3% market share, after Euroins Romania Asigurare Reasigurare, according to latest data published by the country's financial regulator ASF.
In November, Allianz-Tiriac said that it expects to complete the integration of local peer Gothaer Asigurari Reasigurari by the end of 2022. The transaction was announced by the two parties at the beginning of December 2020.
(1 euro = 4.9449 lei)