Allianz-Tiriac, the biggest insurance company on the domestic market, saw operating losses worth one million euros on the life insurance segment in the first half of the year (H1), according to preliminary financial data announced by the Allianz group. In the first half of last year, the company had posted operating income worth one million euros on this segment. The losses occurred amid the marginal increase of gross underwritten premiums from life insurance, from 15 to 16 million euros.
On the segment of general insurance, Allianz-Tiriac only managed to maintain its operating income at the same level registered in the first half of last year (4 million euros). However, gross underwritten premiums increased by a little over 25%, to 173 million euros. Overall, the company handled gross underwritten premiums worth 189 million euros, a 24% increase on the first six months of 2006. The drop in profit comes as a continuation of last year's results, when the company posted net gains worth less than 9 million euros, against the 10 million-euro profit achieved in 2004 and 2005.
Contacted by ZF, Allianz-Tiriac Asigurari (Allianz-Tiriac Insurance) officials did not comment on the evolution of the company's financial indicators in the first half of the year.
According to group information, the life insurance division had a minimum profitability level in the second quarter of 2007 and registered zero profit. Gross premiums underwriting however rose by 40%, to 7 million euros.
On the general insurance segment, Allianz-Tiriac had a better evolution in the second quarter of the year, when it managed to increase its gains five times, to five million euros. At the same time, underwritten premiums climbed by almost 24%, to 83 million euros.
Financial information issued by the group indicates that the domestic branch contributed almost 13% of the gross premiums underwritten for general insurance in the first half of the year in the Central and Eastern European area (New Europe). As for the operating income, Allianz-Tiriac derived less than 3% of the incomes generated in New Europe.
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